<SEC-DOCUMENT>0000088053-15-000931.txt : 20150824
<SEC-HEADER>0000088053-15-000931.hdr.sgml : 20150824
<ACCEPTANCE-DATETIME>20150824103258
ACCESSION NUMBER:		0000088053-15-000931
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150824
DATE AS OF CHANGE:		20150824
EFFECTIVENESS DATE:		20150824

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		151070234

	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-CSRS
<SEQUENCE>1
<FILENAME>sr63015eea.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
<TEXT>
<html>
<head>
    <title>sr63015eea.htm</title>
    <!--Licensed to: Deutsche Asset Management-->
    <!--Document Created using EDGARizer 2020 5.5.1.0-->
    <!--Copyright 1995 - 2015 Summit Financial Printing. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">UNITED STATES</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">SECURITIES AND EXCHANGE COMMISSION</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">WASHINGTON, D. C. 20549</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">FORM N-CSRS</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Investment Company Act file number:&#160;&#160;811-04632</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">The European Equity Fund, Inc.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;(Exact Name of Registrant as Specified in Charter)</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">345 Park Avenue</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">New York, NY 10154-0004</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;(Address of Principal Executive Offices) (Zip Code)</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Registrant&#8217;s Telephone Number, including Area Code: <font style="TEXT-DECORATION: underline; DISPLAY: inline">(212) 250-3220</font></font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Paul Schubert</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">60 Wall Street</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">New York, NY 10005</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;(Name and Address of Agent for Service)</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="21%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Date of fiscal year end:</font></div>
</td>
<td align="left" valign="top" width="53%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">12/31</font></div>
</td>
</tr><tr>
<td valign="top" width="21%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="53%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="21%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Date of reporting period:</font></div>
</td>
<td align="left" valign="top" width="53%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6/30/2015</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 1.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">REPORT TO STOCKHOLDERS</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left">
<div style="DISPLAY: block; LINE-HEIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><br>
</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><img src="deawm.jpg" alt=""></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">June 30, 2015</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 27.35pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Semiannual Report</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 24pt; FONT-WEIGHT: bold; DISPLAY: inline">to Shareholders</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">The European Equity Fund, Inc.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Ticker Symbol: EEA</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><img src="j14168231_aa001.jpg" alt=""></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Contents</font></font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="75%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#letter"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">3</font></a> Letter to the Shareholders</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#pmr"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">8</font></a> Outlook Interview with the Portfolio Manager</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#perfsum"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">9</font></a> Performance Summary</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#portfolio"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">10</font></a> Schedule of Investments</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#sal"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">15</font></a> Statement of Assets and Liabilities</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#sop"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">16</font></a> Statement of Operations</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#soc"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">17</font></a> Statement of Changes in Net Assets</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#high"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">18</font></a> Financial Highlights</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#notes"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">20</font></a> Notes to Financial Statements</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#smr"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">30</font></a> Report of Annual Meeting of Stockholders</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#bylaws"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">31</font></a> Amended and Restated Bylaws</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#addinfo"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">32</font></a> Additional Information</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><a href="#priv"><!--efplaceholder--><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">34</font></a> Privacy Notice</font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Fund seeks long-term capital appreciation primarily through investment in European equities.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investments in funds involve risks, including the loss of principal.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The shares of most closed-end funds, including the Fund, are not continuously offered. Once issued, shares of closed-end funds are bought and sold in the open market. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund's shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">This Fund is diversified and primarily focuses its investments in equity securities of issuers domiciled in countries that are members of the European Union, thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The European Union, the United States and other countries have imposed sanctions on Russia as a result of the Russian military intervention in Ukraine. These sanctions have adversely affected Russian individuals, issuers and the Russian economy, and Russia, in turn, has imposed sanctions targeting Western individuals, businesses and products including food products. The various sanctions have adversely affected, and may continue to adversely affect, not only the Russian economy but also the economies of many countries in Europe. Potential developments in Ukraine, and the continuation of current sanctions or the imposition of additional sanctions may materially adversely affect the value of the Fund&#8217;s portfolio.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Deutsche Asset &amp; Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DeAWM Distributors, Inc.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">NOT FDIC/NCUA INSURED&#8195;NO BANK GUARANTEE&#8195;MAY LOSE VALUE&#8195; NOT A DEPOSIT&#8195;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="letter"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Letter to the Shareholders </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(Unaudited)</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Dear Shareholder,</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">For the six months ended June 30, 2015, the European Equity Fund's total return in U.S. dollars (USD) was 1.26% based on net asset value and 4.59% based on market price. During the same period, the total return of the Fund's benchmark, the MSCI Europe Index, was 3.82%.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">1</font> In euro terms, returns were 10.16% for the Fund and 12.75% for the benchmark.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#160;</font>The Fund's discount to net asset value averaged 9.77% for the six months ended June 30, 2015, compared with 9.88% for the six months ended June 30, 2014.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Monetary policy, economic growth, the Greek debt crisis and company earnings were among the factors moving equity markets during the first half of 2015. The year started with a powerful rally in European equity markets driven by the European Central Bank's (ECB's) launch of its quantitative easing program, the weak euro and improving Eurozone economic data.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">2,3</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In January, the ECB decided to expand its asset purchase program and include government bonds, agencies and European institutional debt to a level of EUR 60 billion per month, starting in March. The intention is to continue at this pace until at least September 2016. The currency markets reacted with a significant further weakening of the euro in January and February. Two months later, the U.S. Federal Reserve Board (the Fed) contradicted investor expectations by not excluding the possibility of interest rate increases this year. This led to a strong sell-off in the bond markets. ECB President Mario Draghi then disappointed some investors with his assessment that there was no reason to adjust the ECB's policy, despite the volatility in credit markets.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Economic growth indicators generally improved in Europe during the period. Eurozone gross domestic product (GDP) gradually expanded, with Germany and Spain delivering the highest growth, while France accelerated in Q2.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">4</font> PMIs and the German Ifo index advanced further, with the Eurozone PMI reaching a new high for the year at 54.2.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">5,6</font> Consumer confidence was also up for the Eurozone as a whole. The spillover from low oil prices had a positive effect on consumer confidence. Lastly, overall credit growth continued to improve.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The two key growth drivers for European exporters continued to be the U.S. and China. The former delivered solid growth and lead indicators remained at expansionary levels. In China, economic activity has been weak since December, even with some fiscal as well as monetary support. In addition to the easing from the monetary policy side, the Chinese government introduced measures to support the housing market.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On the political front in Europe, some structural reforms were enforced in France. More important, Italy was able to pass controversial labor laws allowing for more flexibility. In the U.K., Prime Minister David Cameron's pro-business Conservatives won a further five years in power with an absolute majority. Unfortunately, these positive events were drowned out by political events in Greece. At the end of June, Greece became the first advanced economy to default on an International Monetary Fund (IMF) loan. Renegotiations of the Greek government debt are underway.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">While the macro picture turned mixed in Q2, two bottom-up trends continued to support equity markets. Merger &amp; acquisition (M&amp;A) activity picked up strongly in Europe and North America. Global M&amp;A rose by the fastest pace since 2007. A key driver of stock prices was the recovery of earnings; the Q1 earnings season reported in April/May was especially positive. Surprisingly, sales estimates were beaten by a wide margin despite the low economic growth path. Profits also exceeded estimates and led to further positive momentum in earnings revisions.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Given the above-described environment, a cyclical recovery seems likely. Portfolio changes were therefore aimed at reducing the defensive positioning. Within the cyclical consumer discretionary and industrial sectors we replaced a number of positions with stocks that offer more recovery potential. In addition, we further reduced our financials underweight by increasing the bank positions driven by the positive fallout from the ECB's QE program.<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">7 </font>This was sourced by reductions in the technology and health care sectors.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In terms of performance, the portfolio adaptation towards beneficiaries of a recovery helped to mitigate a stronger underperformance in the robust Q1 market rally. All three months delivered positive market returns, a challenging environment for a more defensive strategy in terms of relative performance. However, the portfolio was able to outperform the market in January and March, while lagging in February. In Q2, the portfolio lagged, as we chose not to chase the low-quality rally in April/May. Overall, our more defensive strategy will always result in a performance challenge in bull markets, while bear markets should be beneficial for relative performance.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><img src="eea_portsumfollowing0.jpg" alt=""></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Ten Largest Equity Holdings at June 30, 2015 </font><font style="FONT-SIZE: 10pt; DISPLAY: inline">(29.0% of Net Assets)</font></font></div>
</td>
<td align="left" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Country</font></font></div>
</td>
<td align="right" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Percent</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1. BNP Paribas S.A.</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">France</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3.2%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2. Societe BIC</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">France</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3.1%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3. Vodafone Group PLC</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">United Kingdom</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3.0%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">4. KBC Groep NV</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Belgium</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3.0%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">5. Orange S.A.</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">France</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2.9%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">6. Essilor International</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">France</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2.8%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">7. Smith &amp; Nephew</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">United Kingdom</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2.8%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8. Royal Dutch Shell</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Netherlands</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2.8%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9. GrandVision NV</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Netherlands</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2.7%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">10. Komercni banka as</font></font></div>
</td>
<td align="left" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Czech Republic</font></font></div>
</td>
<td align="right" valign="top" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2.7%</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="78%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Portfolio holdings and characteristics are subject to change and not indicative of future portfolio composition.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">For more details about the Fund's Schedule of Investments, see page </font><a href="#portfolio"><!--efplaceholder--><font style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; DISPLAY: inline">10</font></a><font style="FONT-SIZE: 10pt; DISPLAY: inline">. For additional information about the Fund, including performance, dividends, presentations, press releases, market updates, daily NAV and shareholder reports, please visit deutschefunds.com.</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Economic Outlook</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">While the Greek debt crisis will continue to be a factor in terms of uncertainty within the Eurozone, growth is likely to improve throughout the year. Structural reforms in other periphery economies should yield benefits, and oil prices and the euro are expected to remain supportive. In addition, investor sentiment towards Europe is improving as evidenced by capital flows.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">From a bottom-up point of view, the advantages of a weakened euro should increasingly be reflected in company earnings. While valuation levels are no longer inexpensive in price-to-earnings terms relative to history, the Q2 earnings season will be important for the direction of the market. With increasing earnings growth and an average dividend yield of 3.4%, European stocks are attractive relative to other asset classes.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Sincerely,</font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><img src="eea_team140.jpg" alt=""></div>
</td>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><img src="eea_team141.jpg" alt=""></div>
</td>
<td align="left" valign="middle" width="23%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><img src="eea_team142.jpg" alt=""></div>
</td>
</tr><tr>
<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Christian Strenger</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Chairman</font></font></div>
</td>
<td align="left" valign="top" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Gerd Kirsten</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Portfolio Manager</font></font></div>
</td>
<td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Brian Binder</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">President and Chief</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Executive Officer</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">The views expressed in the preceding discussion reflect those of the portfolio management team generally through the end of the period of the report as stated on the cover.</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> The management team's views are subject to change at any time based on market and other conditions and should not be construed as recommendations. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">1</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> The MSCI Europe Index tracks the performance of 16 developed markets in Europe. MSCI indices are calculated using closing local market prices and translate into U.S. dollars using the London close foreign exchange rates. Index returns assume reinvested dividends and the index does not reflect any fees or expenses. It is not possible to invest directly in the MSCI Europe Index.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">2</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Quantitative easing is a policy enacted by a central bank in an effort to stimulate the economy.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">3</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> The Eurozone refers to a currency union among the 19 members of the European Union states that have adopted the euro as their sole currency.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">4</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Gross domestic product (GDP) is the monetary value of goods and services produced within a country's borders in a specific time frame.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">5</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Maintained by the Institute for Supply Management (ISM), the PMI is a composite of information extracted from responses to surveys from more than 400 purchasing managers selected for their geographic and industry diversification. The survey measures responses to topics such as production levels, new orders from customers, supplier deliveries, inventories and employment levels.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">6</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> The Ifo Business Climate Index is a monthly survey that measures the business climate in Germany.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">7</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> "Underweight" means the Fund holds a lower weighting in a given sector or security than the benchmark. "Overweight" means the Fund holds a higher weighting in a given sector or security vs. the benchmark.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Outlook <a name="pmr"><!--EFPlaceholder--></a>Interview with the</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Portfolio Manager </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(Unaudited)</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Portfolio Manager</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Gerd Kirsten</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Question:</font> What will be the fallout for the Eurozone from the Greek debt crisis?</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Answer:</font> Greece now accounts for less than 2% of Eurozone GDP. A continuation of the economic recession would have a small impact on the Eurozone growth outlook. An orderly exit of Greece from the Eurozone could even pave the way for a more responsible monetary union of the Eurozone.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Question:</font> You were early in warning about China, but the slowdown now seems to be accelerating. Has your view changed in terms of exposure of European exporters?</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Answer:</font> The slowdown seems to be worse than even we had expected. The industrial side is being hit hardest, but now consumption is also affected. Luxury has been weak for a while due to the anticorruption drive, and at present demand for cars is hardest hit. We had already largely reduced our exposure and sold ball-bearing manufacturer SKF in Q2. There are no companies with more than 10% of revenues from China in the portfolio. Stock picking is key, as the auto sector shows. Volkswagen and BMW have dramatic declines in sales in China, while Daimler has much less exposure and is gaining market share. Only the latter is in the portfolio.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Question:</font> Which sectors should benefit most from a European recovery?</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Answer:</font> Given the structurally low growth environment, we do not anticipate a typical cyclical recovery for Europe. In fact, cyclical sectors such as materials, energy and industrials continue to underperform. We prefer consumer-related sectors as spending power is increasing due to wage growth and lower oil prices.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="perfsum"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Performance Summary </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">June 30, 2015 (Unaudited)</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">All performance shown is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit deutschefunds.com for The European Equity Fund, Inc.'s (the "Fund") most recent performance.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Fund specific data and performance are provided for information purposes only and are not intended for trading purposes.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="5" valign="bottom" width="70%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Average Annual Total Returns </font><font style="FONT-SIZE: 10pt; DISPLAY: inline">as of 6/30/15</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">6-Month</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold; DISPLAY: inline">&#8225;</font></font></div>
</td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1-Year</font></font></div>
</td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">5-Year</font></font></div>
</td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">10-Year</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net Asset Value</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold; DISPLAY: inline">(a)</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1.26%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(6.19)%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9.26%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3.68%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Market Price</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold; DISPLAY: inline">(a)</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">4.59%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(4.46)%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">10.67%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">4.01%</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="26%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">MSCI Europe Index</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">(b)</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">3.82%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(7.65)%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">10.02%</font></font></div>
</td>
<td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">5.03%</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">a</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market value reflects changes in market value during each period. Each figure includes reinvestments of income and capital gain distributions, if any. Total returns based on net asset value and market price will differ depending upon the level of any discount from or premium to net asset value at which the Fund's shares trade during the period. Expenses of the Fund include investment advisory and administration fees and other fund expenses. Total returns shown take into account these fees and expenses. The annualized expense ratio of the Fund for the six months ended June 30, 2015 was 1.69%.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">b</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> The MSCI Europe Index tracks the performance of 16 developed markets in Europe. MSCI indices are calculated using closing local market prices and translate into U.S. dollars using the London close foreign exchange rates.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Index returns do not reflect any fees or expenses and it is not possible to invest directly in the MSCI Europe Index.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#8225;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Total returns shown for periods less than one year are not annualized.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net Asset Value and Market Price</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">As of 6/30/15</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">As of 12/31/14</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net Asset Value</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9.33</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9.32</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Market Price</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">8.51</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">8.23</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Prices and Net Asset Value fluctuate and are not guaranteed.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Distribution Information</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Per Share</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Six Months as of 6/30/15:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Income</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">0.10</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Capital Gains</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Distributions are historical, not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="portfolio"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Schedule of Investments</font>&#8232;<font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">as of June 30, 2015 (Unaudited)</font><br>
</font></font></div>

<font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><br>
</font>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Shares</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Value ($)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Common Stocks 99.1%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">France 20.5%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Aerospace &amp; Defense 0.8%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Zodiac Aerospace</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">19,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">617,659</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Banks 3.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">BNP Paribas S.A.</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">43,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,592,263</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Commercial Services &amp; Supplies 3.1%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Societe BIC</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">16,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,547,230</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Construction Materials 1.4%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Imerys</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">15,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,145,586</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Diversified Telecommunication Services 2.9%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Orange S.A.</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">152,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,336,950</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Health Care Equipment &amp; Supplies 2.8%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Essilor International</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">19,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,263,339</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Insurance 2.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">AXA</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">66,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,662,803</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Media 4.3%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Lagardere SCA</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">58,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,689,188</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Publicis Groupe</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">25,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,845,851</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3,535,039</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total France</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $15,219,211)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">16,700,869</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Germany 18.4%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Automobiles 2.5%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Daimler</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">22,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,999,576</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Chemicals 2.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Evonik Industries</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">48,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,828,929</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Diversified Telecommunication Services 2.4%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Telefonica Deutschland Holding</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">342,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,968,470</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Electrical Equipment 1.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">OSRAM Licht Group</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">21,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,004,258</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Insurance 2.5%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Allianz SE</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">12,902</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,006,623</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Multi-Utilities 1.7%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">E.ON SE</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">105,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,396,913</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Pharmaceuticals 1.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Merck</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">8,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">796,054</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Software 2.5%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">SAP SE</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">29,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,021,085</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Thrifts &amp; Mortgage Finance 2.4%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Aareal Bank</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">50,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,960,521</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Germany</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $15,306,802)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">14,982,429</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">United Kingdom 15.4%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Airlines 1.9%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">easyJet PLC</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">63,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,530,999</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Banks 2.6%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Lloyds Banking Group PLC</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,600,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,143,820</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Health Care Equipment &amp; Supplies 2.8%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Smith &amp; Nephew</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">134,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,262,216</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Household Products 2.7%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Reckitt Benckiser Group</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">25,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,156,647</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Media 2.4%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">ITV PLC</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">470,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,945,242</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Wireless Telecommunication Services 3.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Vodafone Group PLC</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">687,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,482,139</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total United Kingdom</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $11,096,688)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">12,521,063</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Netherlands 11.9%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Banks 2.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">ING Groep NV</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">98,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,615,821</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Construction &amp; Engineering 1.8%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Arcadis NV</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">52,700</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,447,411</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Oil, Gas &amp; Consumable Fuels 2.8%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Royal Dutch Shell</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">79,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,243,935</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Personal Products 1.5%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Unilever NV</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">29,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,206,032</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Semiconductors &amp; Semiconductor Equipment 1.1%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">ASML Holding NV</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">928,826</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Specialty Retail 2.7%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">GrandVision NV 144A*</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">90,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,220,366</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Netherlands</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $10,761,204)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9,662,391</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Switzerland 10.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Capital Markets 1.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Partners Group Holding</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">3,300</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">986,049</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Chemicals 2.5%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Syngenta</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">5,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,031,216</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Life Sciences Tools &amp; Services 2.3%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Lonza Group*</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">14,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,869,361</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Pharmaceuticals 2.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Novartis</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">16,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,576,224</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Specialty Retail 2.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Dufry*</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">13,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,809,493</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Switzerland</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $8,235,103)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8,272,343</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Spain 5.9%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Construction &amp; Engineering 2.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Ferrovial S.A.</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">83,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,797,256</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Electric Utilities 3.7%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Endesa S.A.</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">94,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,796,321</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Red Electrica</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">15,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,200,360</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,996,681</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Spain</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $4,320,248)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">4,793,937</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Belgium 4.6%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Banks 3.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">KBC Groep NV*</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">37,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,469,055</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Beverages 1.6%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Anheuser-Busch InBev NV</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">11,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,316,477</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Belgium</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $3,221,182)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3,785,532</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Sweden 3.9%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Household Products 2.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Svenska Cellulosa SCA</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">65,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,649,571</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Machinery 1.9%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Sandvik</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">140,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,544,713</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Sweden</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $3,354,242)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">3,194,284</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Denmark 3.6%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Chemicals 2.6%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Christian Hansen Holding</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">44,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,144,019</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Construction &amp; Engineering 1.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">FLSmidth &amp; Co.</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">17,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">816,954</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Denmark</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $2,820,028)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,960,973</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Czech Republic 2.7%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Banks 2.7%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Komercni banka as (Cost $2,207,705)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">10,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2,211,664</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Norway 2.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Diversified Telecommunication Services 2.0%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Telenor (Cost $1,764,518)</font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">75,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,635,775</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Common Stocks</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $78,306,931)</font></font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">80,721,260</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Cash Equivalents 0.2%</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Central Cash Management Fund, 0.09% (Cost $163,287)</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">&#160;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline">(a)</font></font></div>
</td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">163,287</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">163,287</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><br>
</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">% of Net Assets</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="right" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Value ($)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Investment Portfolio</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> (Cost $78,470,218)**</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">99.3</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">80,884,547</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Other Assets and Liabilities, Net</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">0.7</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">582,919</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net Assets</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">100.0</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">81,467,466</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">* Non-income producing security.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">** The cost for federal income tax purposes was $78,625,480. At June 30, 2015, net unrealized appreciation for all securities based on tax cost was $2,259,067. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $9,380,046 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,120,979.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(a) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">144A: Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">For purposes of its industry concentration policy, the Fund classifies issuers of portfolio securities at the industry sub-group level. Certain of the categories in the above Schedule of Investments consist of multiple industry sub-groups or industries.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Fair Value Measurements</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Various inputs are used in determining the value of the Fund&#8217;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&#8217;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following is a summary of the inputs used as of June 30, 2015 in valuing the Fund&#8217;s investments.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Assets</font></font></div>
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Level 1</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Level 2</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Level 3</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="16" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="16" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Common Stocks and/or Other Equity Investments (b)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">France</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">16,700,869</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">16,700,869</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Germany</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">14,982,429</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">14,982,429</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">United Kingdom</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">12,521,063</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">12,521,063</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Netherlands</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9,662,391</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9,662,391</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Switzerland</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">8,272,343</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">8,272,343</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Spain</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">4,793,937</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">4,793,937</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Belgium</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">3,785,532</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">3,785,532</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Norway</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">3,194,284</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">3,194,284</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Sweden</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">2,960,973</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">2,960,973</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Denmark</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">2,211,664</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">2,211,664</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Czech Republic</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,635,775</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,635,775</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Short-Term Instruments (b)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">163,287</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">163,287</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">80,884,547</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">80,884,547</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">There have been no transfers between fair value measurement levels during the period ended June 30, 2015.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(b) See Schedule of Investments for additional detailed categorizations.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The accompanying notes are an integral part of the financial statements.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="sal"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Statement of Assets and Liabilities</font></font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">as of June 30, 2015 (Unaudited)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Assets</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investments in non-affiliated securities, at value (cost $78,306,931)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">80,721,260</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investment in Central Cash Management Fund (cost $163,287)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">163,287</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Total investments, at value (cost $78,470,218)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">80,884,547</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Foreign currency, at value (cost $1,588,214)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,587,000</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Dividends receivable</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">124,105</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Foreign taxes recoverable</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">177,500</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Interest receivable</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">5,294</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Other assets</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">19,930</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Total assets</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">82,798,376</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Liabilities</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Payable for investments purchased</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,115,187</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Payable for Directors' fees and expenses</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">54,818</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investment advisory fee payable</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">54,311</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Payable for fund shares repurchased</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">25,730</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Administration fee payable</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">14,304</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Accrued expenses and other liabilities</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">66,560</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Total liabilities</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,330,910</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net assets</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">81,467,466</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net Assets Consist of</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Undistributed net investment income</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,110,131</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Accumulated net realized loss on investments and foreign currency</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(20,286,524</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net unrealized appreciation (depreciation) on:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investments</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">2,414,329</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Foreign currency</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(12,049</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Paid-in capital</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">98,241,579</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net assets</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">81,467,466</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net Asset Value</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net assets value</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> per share ($81,467,466</font> &#247; <font style="FONT-SIZE: 10pt; DISPLAY: inline">8,735,117 shares of common stock issued and outstanding, $.001 par value, 80,000,000 shares authorized)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9.33</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The accompanying notes are an integral part of the financial statements.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="sop"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Statement of Operations</font></font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">for the six months ended June 30, 2015 (Unaudited)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net Investment Income</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Income:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Dividends (net of foreign withholding taxes of $211,046)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,802,861</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Income distributions &#8212; Central Cash Management Fund</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">851</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Securities lending, including income from Daily Assets Fund Institutional, net of borrower rebates</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">37,121</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Total investment income</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,840,833</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Expenses:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investment advisory fee</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">319,356</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Administration fee</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">84,160</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Custodian fee</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">33,482</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Services to shareholders</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">11,680</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Reports to shareholders, shareholder meeting and tender offer expenses</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">43,038</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Directors' fees and expenses</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">78,601</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Legal fees</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">55,287</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Audit and tax fees</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">44,375</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">NYSE listing fee</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">11,771</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Insurance</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">7,931</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Miscellaneous</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">19,742</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net expenses</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">709,423</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net investment income</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,131,410</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="4" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Realized and Unrealized Gain (Loss)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net realized gain (loss) from:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investments</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">731,604</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Foreign currency</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(92,780</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Futures</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(427,004</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net realized gain (loss)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">211,820</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Change in net unrealized appreciation (depreciation) on:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Investments</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(343,294</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Foreign currency</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">2,450</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Change in net unrealized appreciation (depreciation)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(340,844</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Net gain (loss)</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(129,024</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net increase (decrease) in net assets resulting from operations</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">1,002,386</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The accompanying notes are an integral part of the financial statements.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="soc"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Statement of Changes in Net Assets</font></font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Increase (Decrease) in Net Assets</font></font></div>
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Six Months Ended June 30, 2015 (Unaudited)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Year Ended December 31, 2014</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Operations:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net investment income (loss)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,131,410</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">870,610</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Operations:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net investment income (loss)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,131,410</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">870,610</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net realized gain (loss)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">211,820</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">13,705,696</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Change in net unrealized appreciation (depreciation)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(340,844</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(18,328,181</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net increase (decrease) in net assets resulting from operations</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1,002,386</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(3,751,875</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Distributions to shareholders from:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net investment income</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(863,193</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(1,051,114</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Capital share share transactions:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net proceeds from reinvestment of dividends</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">272,212</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">302,016</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Shares accepted for tender</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(4,351,740</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Shares repurchased</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(241,974</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(4,317,420</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net increase (decrease) in net assets from capital share transactions</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(4,321,502</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(4,015,404</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total increase (decrease) in net assets</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(4,182,309</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(8,818,393</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net assets at beginning of period</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">85,649,775</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">94,468,168</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net assets at end of period (including undistributed net investment income of $1,110,131 and $841,914, as of June 30, 2015 and December 31, 2014, respectively)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">81,467,466</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">85,649,775</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="8" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Other Information</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Shares outstanding at beginning of period</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9,190,586</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9,652,610</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Shares reinvested</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">31,616</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">33,043</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Shares accepted for tender</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(459,529</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Shares repurchased</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(27,556</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(495,067</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="74%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Shares outstanding at end of period</font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">8,735,117</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">9,190,586</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The accompanying notes are an integral part of the financial statements.</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="high"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Financial Highlights</font></font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="18" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Years Ended December 31,</font></font></div>
</td>
<td nowrap valign="bottom" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Six Months Ended 6/30/15 (Unaudited)</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2014</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2013</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2012</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2011</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">2010</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="24" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Per Share Operating Performance</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net asset value, beginning of period</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9.32</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9.79</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">7.83</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">6.74</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8.18</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8.08</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; DISPLAY: inline">Income (loss) from investment operations:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net investment income (loss)</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">a</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.13</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.09</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.10</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.12</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.11</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.07</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net realized and unrealized gain (loss) on investments and foreign currency</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.03</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.50</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.84</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.23</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(1.57</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.06</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total from investment operations</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.10</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.41</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.94</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.35</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(1.46</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.13</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-STYLE: italic; DISPLAY: inline">Less distributions from:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net investment income</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.10</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.11</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.29</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.01</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.06</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Accretion resulting from tender offer</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.01</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.01</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.01</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Dilution in net asset value from dividend reinvestment</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.00</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">***</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.00</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">***</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.01</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.00</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">***</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">&#8212;</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(.01</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Increase resulting from share repurchases</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.00</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">***</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.05</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.03</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.02</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.02</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.04</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Net asset value, end of period</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9.33</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9.32</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">9.79</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">7.83</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">6.74</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8.18</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Market value, end of period</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8.51</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8.23</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">8.94</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">7.03</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">5.94</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">7.58</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="24" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total Investment Return for the Period</font><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; FONT-WEIGHT: bold; DISPLAY: inline">b</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Based upon market value (%)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">4.59</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">**</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(6.83</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">27.17</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">23.44</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(21.56</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">8.32</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Based upon net asset value (%)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.26</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">**</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(3.65</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">25.03</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">21.17</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(17.52</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">c</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.99</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">d</font></font></td>
</tr><tr>
<td align="left" colspan="24" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Ratio to Average Net Assets</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Ratio of expenses before expense reductions (%)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.69</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">*</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.59</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.61</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.79</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.60</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.63</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Ratio of expenses after expense reductions (%)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.69</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">*</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.59</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.61</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.79</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.60</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.41</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Ratio of net investment income (%)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.33</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">**</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">.95</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.14</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.59</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.42</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">1.00</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Portfolio turnover (%)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">55</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">**</font></font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">107</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">77</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">87</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">73</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">67</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="22%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Net assets at end of period ($ thousands)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">81,467</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">85,650</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">94,468</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">77,511</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">72,021</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">94,080</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td colspan="24" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><br>
</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">a</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Based on average shares outstanding during the period.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">b</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Total investment return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market value reflects changes in market value during each period. Each figure includes reinvestments of dividend and capital gain distributions, if any. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund's shares trade during the period.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">c</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Includes a reimbursement from the Advisor for losses on investment guidelines. Excluding this reimbursement, total return would have been 0.37% lower.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">d</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Total return would have been lower had certain expenses not been reduced.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">*</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Annualized</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">**</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Not annualized</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top; DISPLAY: inline">***</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Amount is less than $.005 per share.</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="notes"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Notes to Financial Statements </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(Unaudited)</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">A. Accounting Policies</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The European Equity Fund, Inc. (the "Fund") was incorporated in Delaware on April 8, 1986 as a diversified, closed-end management investment company. Investment operations commenced on July 23, 1986. The Fund reincorporated in Maryland on August 29, 1990 and, on October 16, 1996, the Fund changed from a diversified to a non-diversified company. The Fund became a diversified fund on October 31, 2008.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Security Valuation.</font> The Fund calculates its net asset value ("NAV") per share for publication at 11:30 a.m., New York time.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade prior to the time of valuation. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Purchased options are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and, with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Disclosure about the classification of the fair value measurements is included in a table following the Fund's Schedule of Investments.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Securities Transactions and Investment Income.</font> Investment transactions are accounted for on a trade date plus one basis for daily NAV calculation. However, for financial reporting purposes, investment security transactions are reported on trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) for investments.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Securities Lending.</font> Brown Brothers Harriman &amp; Co., as lending agent, lends securities of the Fund to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains the benefit of owning the securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.12% annualized effective rate as of June 30, 2015) on the cash collateral invested in the affiliated money fund. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Fund had no securities on loan at June 30, 2015.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Foreign Currency Translation.</font> The books and records of the Fund are maintained in United States dollars.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Assets and liabilities denominated in foreign currency are translated into United States dollars at the 11:00 a.m. midpoint of the buying and selling spot rates quoted by the Federal Reserve Bank of New York. Purchases and sales of investment securities, income and expenses are translated at the rate of exchange prevailing on the respective dates of such transactions. Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">At June 30, 2015, the exchange rate was EUR &#8364;1.00 to USD $1.11.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Contingencies.</font> In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Taxes.</font> The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">At December 31, 2014, the Fund had a net tax basis capital loss carryforward of approximately $19,102,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until December 31, 2017 (the expiration date), whichever occurs first.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In addition, from November 1, 2014 through December 31, 2014, the Fund elects to defer qualified late year losses of approximately $1,241,000 of net short-term realized capital losses and treat them as arising in the fiscal year ending December 31, 2015.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Fund has reviewed the tax positions for the open tax years as of December 31, 2014 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examinations by the Internal Revenue Service.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Dividends and Distributions to Shareholders</font> The Fund records dividends and distributions to its shareholders on the ex-dividend date. The timing and character of certain income and capital gain distributions are determined annually in accordance with United States federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in foreign denominated investments, investments in foreign passive investment companies, recognition of certain foreign currency gains (losses) as ordinary income (loss) and certain securities sold at a loss. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the NAV of the Fund.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The tax character of current year distributions will be determined at the end of the current fiscal year.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Futures Contracts.</font> A futures contract is an agreement between a buyer or seller and an established futures exchange or its clearinghouse in which the buyer or seller agrees to take or make a delivery of a specific amount of a financial instrument at a specified price on a specific date (settlement date). For the six months ended June 30, 2015, the Fund used futures contracts for hedging purposes, for risk management and as a substitute for direct investment in a particular asset class.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Upon entering into a futures contract, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the face value indicated in the futures contract. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value and are recorded for financial reporting purposes as unrealized gains or losses by the Fund. Gains or losses are realized when the contract expires or is closed. Since all futures contracts are exchange traded, counterparty risk is minimized as the exchange's clearinghouse acts as the counterparty, and guarantees the futures against default.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Certain risks may arise upon entering into futures contracts, including the risk that an illiquid market will limit the Fund's ability to close out a futures contract prior to the settlement date and the risk that the futures contract is not well correlated with the security, index or currency in which it relates. Risk of loss may exceed amounts disclosed in the Statement of Assets and Liabilities.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">There were no open futures contracts as of June 30, 2015. For the period ended June 30, 2015, the investment in futures contracts sold had a notional value indicative of a range from $0 to approximately $9,169,000.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Options.</font> An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices and interest rate options, will require cash settlement by the Fund if exercised. For the six months ended June 30, 2015, the Fund entered into options for hedging purposes.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund's maximum exposure to purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts, including the risk that an illiquid secondary market will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities hedged.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">There were no open option contracts as of June 30, 2015. For the six months ended June 30, 2015, the investment in purchased option contracts had a total value indicative of a range from $0 to approximately $934,000.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The following table summarizes the amount of realized gains and losses on derivative instruments recognized in the Fund's earnings during the six months ended June 30, 2015, and the related location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:</font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Realized Gain (Loss)</font></font></div>
</td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Purchased Options</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Futures Contracts</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Total</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="61%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Equity Contracts (a) (b)</font></font></div>
</td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(576,418</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(427,004</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(1,003,422</font></font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">)</font></td>
</tr><tr>
<td align="left" colspan="12" valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The above derivatives are located in the following Statement of Operations accounts:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(a) Net realized gain (loss) from investments (includes purchased options)</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">(b) Net realized gain (loss) from futures</font></font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 1.5pt ridge; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">B. Investment Advisory and Administration Agreements</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Fund is party to an Investment Advisory Agreement with Deutsche Asset &amp; Wealth Management International GmbH ("DeAWMI"). The Fund also has an Administration Agreement with Deutsche Investment Management Americas Inc. ("DIMA"). DeAWMI and DIMA are affiliated companies.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Under the Investment Advisory Agreement with DeAWMI, DeAWMI directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. DeAWMI determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Investment Advisory Agreement provides DeAWMI with a fee, computed weekly and payable monthly, at the annual rate of 0.80% of the Fund's average weekly net assets up to and including $50 million, 0.70% of such assets in excess of $50 million and up to and including $100 million, and 0.60% of such assets in excess of $100 million.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Accordingly, for the six months ended June 30, 2015, the fee pursuant to the Investment Advisory Agreement was equivalent to an annualized rate of 0.76% of the Fund's average daily net assets.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Under the Administration Agreement with DIMA, DIMA provides all of the non-investment advisory services to the Fund. The Administration Agreement provides DIMA with a fee, computed weekly and payable monthly, of 0.20% of the Fund's average weekly net assets.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">C. Transactions with Affiliates</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">DeAWM Service Company ("DSC"), an affiliate of DIMA, is the transfer agent, dividend-paying agent and shareholder service agent of the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent and dividend-paying agent paying functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended June 30, 2015, the amount charged to the Fund by DSC aggregated $11,680, of which $2,735 is unpaid.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended June 30, 2015, the amount charged to the Fund by DIMA included in the Statements of Operations under "Reports to shareholders" aggregated $15,185, of which $7,375 is unpaid.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Deutsche Bank AG, the German parent of DIMA and DeAWMI, and its affiliates may receive brokerage commissions as a result of executing agency transactions in portfolio securities on behalf of the Fund, that the Board determined were effected in compliance with the Fund's Rule 17e-1 procedures. For the six months ended June 30, 2015, Deutsche Bank did not receive brokerage commissions.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Certain Officers of the Fund are also officers of DIMA or DeAWMI.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Fund pays each Director who is not an "interested person" of DIMA or DeAWMI retainer fees plus specified amounts for attended board and committee meetings.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Fund may invest cash balances in Central Cash Management Fund, which is managed by DIMA. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund. Central Cash Management Fund does not pay DIMA an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">D. Portfolio Securities</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Purchases and sales of investment securities, excluding short-term investments, for the six months ended June 30, 2015 were $45,235,956 and $48,603,628, respectively.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">E. Capital</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">During the six months ended June 30, 2015 and the year ended December 31, 2014, the Fund purchased 27,556 and 495,067 of its shares of common stock on the open market at a total cost of $241,974 and $4,317,420 ($8.78 and $8.72 average per share), respectively. The average discount of these purchased shares comparing the purchased price to the NAV at the time of purchase was 9.00% and 9.88%, respectively.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">During the six months ended June 30, 2015, the Fund accepted 459,529 tendered shares of common stock on the open market at a total cost of $4,351,740 at a repurchase price of $9.47 per share, which was equal to 98% of the NAV per share on February 23, 2015.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">During the six months ended June 30, 2015 and the year ended December 31, 2014, the Fund issued for dividend reinvestment 31,616 and 33,043 shares, respectively. The average discount of these issued shares comparing the issue price to the NAV at the time of issuance was 9.94% and 9.95%, respectively.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">F. Share Repurchases and Tender Offers</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On July 26, 2013, the Fund announced that the Board of Directors approved an extension of the repurchase authorization permitting the Fund to repurchase 550,000 shares during the period from August 1, 2013 through July 31, 2014. The Fund repurchased 460,147 shares between August 1, 2013 and July 31, 2014. On July 28, 2014, the Fund announced that the Board of Directors approved an extension of the repurchase authorization permitting the Fund to repurchase up to 950,000 shares during the period from August 1, 2014 through July 31, 2015. The Fund repurchased 235,849 shares between August 1, 2014 and June 30, 2015. On July 27, 2015, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 874,000 shares during the period from August 1, 2015 through July 31, 2016.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Repurchases will be made from time to time when they are believed to be in the best interests of the Fund. There can be no assurance that the Fund's repurchases or Discount Management Program will reduce the spread between the market price of the Fund's shares referred to below and its NAV per share.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Monthly updates concerning the Fund's repurchase program are available on its Web site at deutschefunds.com.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On January 31, 2012, the Fund announced that the Board of Directors approved a new Discount Management Program (the "New Program") on the same terms as the Fund's then current program. Pursuant to the New Program, the Fund's Board of Directors approved a new series of up to four consecutive semiannual tender offers, each for up to 5% of the Fund's outstanding shares at a price equal to 98% of NAV per share. The Fund will conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during the 12-week measurement period. During the fourth measurement period that commenced on April 7, 2014 and expired on June 27, 2014, the Fund's shares traded at an average discount to NAV of less than 10%. Therefore, the Fund was not required to conduct a tender offer.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On July 28, 2014, the Fund announced that the Board of Directors adopted a new Discount Management Program whereby the Fund would initiate one contingent tender offer during the period from August 1, 2014 through July 31, 2015 for up to 5% of the Fund's shares outstanding at 98% of the Fund's NAV per share. The terms of the Discount Management Program required the Fund to conduct a tender offer if its shares traded at an average discount to NAV of more than 10% during a 15-week measurement period determined by the Board of Directors. During the measurement period that commenced on September 2, 2014 and expired on December 12, 2014, the Fund's shares traded at an average discount to NAV of 10.93%. Therefore, the Fund conducted a tender offer which commenced on January 22, 2015 and expired on February 20, 2015. The Fund accepted 459,529 shares (which represent 5% of the Fund's outstanding shares of common stock) at a price equal to 98% of the NAV per share as of the close of the regular trading session of the New York Stock Exchange on February 23, 2015. Approximately 4,372,566 shares of common stock, or approximately 47.58% of the Fund's common shares outstanding, were tendered through the expiration date. Because the offer was oversubscribed, not all of the tendered shares were accepted for payment by the Fund. Under the final pro-ration calculation, approximately 10.51% of the tendered shares were accepted for payment. The shares accepted for payment received cash as a repurchase price of $9.47 per share, which was equal to 98% of the NAV per share on February 23, 2015.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">G. Concentration of Ownership</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At June 30, 2015, there were three shareholders that held approximately 12%, 8% and 5%, respectively, of the outstanding shares of the Fund.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Report of <a name="smr"><!--EFPlaceholder--></a>Annual Meeting</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">of Stockholders </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(Unaudited)</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">The Annual Meeting of Stockholders (the "Meeting") of The European Equity Fund, Inc. was held on June 26, 2015. At the close of business on May 12, 2015, the record date for the determination of stockholders entitled to vote at the Meeting, there were issued and outstanding 8,719,125 shares of the Fund&#8217;s common stock, each share being entitled to one vote, constituting all of the Fund&#8217;s outstanding voting securities. At the Meeting, the holders of 7,129,157 shares of the Fund&#8217;s common stock were represented in person or by proxy, constituting a quorum. At the Meeting, the following matters were voted upon by the stockholders. The resulting votes are presented below:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1. To elect three (3) Class I Directors, each to serve for a term of three years and until his successor is elected and qualifies.</font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="28%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="bottom" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Number of Votes:</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="28%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For</font></font></div>
</td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Withheld</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Dr. Wilhem Bender</font></font></div>
</td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">6,231,003</font></font></div>
</td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">873,767</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Mr. Detlef Bierbaum</font></font></div>
</td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">6,242,662</font></font></div>
</td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">862,107</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="28%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Mr. Walter C. Dostmann</font></font></div>
</td>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">6,235,454</font></font></div>
</td>
<td valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">869,315</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">2. To ratify the appointment by the Audit Committee and the Board of Directors of PricewaterhouseCoopers LLP, an independent public accounting firm, as independent auditors for the fiscal year ending December 31, 2015.</font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="3" valign="bottom" width="32%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Number of Votes:</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Against</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Abstain</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">7,049,779</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">40,506</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">38,872</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">3. To approve a stockholder proposal asking the Fund to take steps to declassify the Board of Directors of the Fund.</font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="3" valign="bottom" width="32%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Number of Votes:</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Against</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Abstain</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="12%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">3,302,639</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">816,119</font></font></div>
</td>
<td valign="bottom" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">241,856</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In light of the vote on the stockholder proposal, which is an advisory proposal, the Board of Directors intends to carefully evaluate the declassification of the Fund's Board of Directors.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="bylaws"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Amended and Restated Bylaws </font><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(Unaudited)</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On May 1, 2015, the Fund announced that the Board had approved amended and restated bylaws of the Fund. The amended and restated bylaws reflect a number of changes, including changes to: (1) the period of time during which a stockholder's notice of director nominations or proposals of other business to be brought before an annual meeting of the Fund's stockholders must be submitted to the secretary of the Fund in order to be "timely"; (2) the requirements for provision of information by a stockholder with respect to stockholder proposals for nominations or other business to be considered at a stockholder meeting, and to the procedures for the verification and updating of such information by such stockholder upon the written request of the Secretary or Board of the Fund; and (3) the Fund's director qualification provisions. In addition, the amended and restated bylaws add an exclusive forum provision for certain actions against the Fund and its Directors, officers or employees (specifying that the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, would be the sole and exclusive forum for such actions).</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="addinfo"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Additional Information</font></font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td colspan="3" valign="top" width="100%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Automated Information Lines</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">Deutsche AWM Closed-End Fund Info Line</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(800) 349-4281</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Web Site</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">deutschefunds.com</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Obtain fact sheets, financial reports, press releases and webcasts when available.</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Written Correspondence</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Deutsche Asset &amp; Wealth Management</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Attn: Secretary of the Deutsche Funds</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">One Beacon Street</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Boston, MA 02108</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Legal Counsel</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Sullivan &amp; Cromwell LLP</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">125 Broad Street</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">New York, NY 10004</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Dividend Reinvestment Plan Agent</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">DST Systems, Inc.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">333 W. 11th Street, 5th Floor</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Kansas City, MO 64105</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Shareholder Service Agent and Transfer Agent</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">DeAWM Service Company</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">P.O. Box 219066</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Kansas City, MO 64121-9066</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">(800) 294-4366</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Custodian</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Brown Brothers Harriman &amp; Company</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">50 Post Office Square</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Boston, MA 02110</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Independent Registered Public Accounting Firm</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">PricewaterhouseCoopers LLP</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">125 High Street</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Boston, MA 02110</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Proxy Voting</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">A description of the Fund's policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 is available on our web site &#8212; deutschefunds.com or on the SEC's web site &#8212; sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800) 349-4281.</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Portfolio Holdings</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings as of the month-end are posted on deutschefunds.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on deutschefunds.com.</font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Investment Management</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Deutsche Asset &amp; Wealth Management International GmbH ("DeAWMI" or the "Advisor"), which is part of Deutsche Asset &amp; Wealth Management, is the investment advisor for the fund. DeAWMI provides a full range of investment advisory services to both institutional and retail clients.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">DeAWMI is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Deutsche Asset &amp; Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DeAWMI. Deutsche Asset &amp; Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.</font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Voluntary Cash Purchase Program and Dividend Reinvestment Plan</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The Fund offers shareholders a Voluntary Cash Purchase Program and Dividend Reinvestment Plan ("Plan") which provides for optional cash purchases and for the automatic reinvestment of dividends and distributions payable by the Fund in additional Fund shares. Plan participants may invest as little as $100 in any month and may invest up to $36,000 annually. The Plan allows current shareholders who are not already participants in the Plan and first time investors to enroll in the Plan by making an initial cash deposit of at least $250 with the plan agent. Share purchases are combined to receive a beneficial brokerage fee. A brochure is available by writing or telephoning the transfer agent:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">DeAWM Service Company</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">P.O. Box 219066</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Kansas City, MO 64105</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Tel.: 1-800-349-4281 (in the U.S.) or</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">00-800-2287-2750 (outside of the U.S.)</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">NYSE Symbol</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">EEA</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Nasdaq Symbol</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">XEEAX</font></font></div>
</td>
</tr><tr>
<td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">CUSIP Number</font></font></div>
</td>
<td align="left" valign="top" width="3%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="top" width="87%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">298768102</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="priv"><!--EFPlaceholder--></a><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Privacy Notice</font></font></font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">FACTS</font></font></div>
</td>
<td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="4" valign="bottom" width="23%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">What Does Deutsche Asset &amp; Wealth Management Do With Your Personal Information?</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Why?</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="4" valign="top" width="23%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">What?</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="4" valign="top" width="23%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The types of personal information we collect and share can include:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Social Security number</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font> Account balances</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Purchase and transaction history</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Bank account information</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> Contact information such as mailing address, e-mail address and telephone number</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">How?</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="4" valign="top" width="23%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset &amp; Wealth Management chooses to share and whether you can limit this sharing.</font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="bottom" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Reasons we can share your personal information</font></font></div>
</td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Does Deutsche Asset &amp; Wealth Management share?</font></font></div>
</td>
<td valign="bottom" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Can you limit this sharing?</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">For our everyday business purposes &#8212; </font>such as to process your transactions, maintain your account(s), respond to court orders or legal investigations</font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Yes</font></font></div>
</td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">No</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For our marketing purposes &#8212; </font><font style="FONT-SIZE: 10pt; DISPLAY: inline">to offer our products and services to you</font></font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Yes</font></font></div>
</td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">No</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For joint marketing with other financial companies</font></font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">No</font></font></div>
</td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">We do not share</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For our affiliates' everyday business purposes &#8212; </font><font style="FONT-SIZE: 10pt; DISPLAY: inline">information about your transactions and experiences</font></font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">No</font></font></div>
</td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">We do not share</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For our affiliates' everyday business purposes &#8212; </font><font style="FONT-SIZE: 10pt; DISPLAY: inline">information about your creditworthiness</font></font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">No</font></font></div>
</td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">We do not share</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="3" valign="top" width="24%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">For non-affiliates to market to you</font></font></div>
</td>
<td valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">No</font></font></div>
</td>
<td valign="top" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">We do not share</font></font></div>
</td>
</tr><tr>
<td align="left" valign="bottom" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Questions?</font></font></div>
</td>
<td align="left" valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="bottom" width="23%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Call (800) 728-3337 or e-mail us at service@db.com</font></font></div>
</td>
<td valign="bottom" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><br>
</font></div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="bottom" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" colspan="5" valign="bottom" width="79%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Who we are</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Who is providing this notice?</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">The European Equity Fund, Inc.</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="5" valign="bottom" width="79%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">What we do</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">How does Deutsche Asset &amp; Wealth Management protect my personal information?</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">How does Deutsche Asset &amp; Wealth Management collect my personal information?</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">We collect your personal information, for example. When you:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> open an account</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> give us your contact information</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> provide bank account information for ACH or wire transactions</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> tell us where to send money</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> seek advice about your investments</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Why can't I limit all sharing?</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Federal law gives you the right to limit only</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> sharing for affiliates' everyday business purposes &#8212; information about your creditworthiness</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> affiliates from using your information to market to you</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline"> sharing for non-affiliates to market to you</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">State laws and individual companies may give you additional rights to limit sharing.</font></font></div>
</td>
</tr><tr>
<td align="left" colspan="5" valign="bottom" width="79%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Definitions</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Affiliates</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.</font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Non-affiliates</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Companies not related by common ownership or control. They can be financial and non-financial companies.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.</font></font></div>
</td>
</tr><tr>
<td align="left" valign="top" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold; DISPLAY: inline">Joint marketing</font></font></div>
</td>
<td align="left" valign="top" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="3" valign="top" width="57%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset &amp; Wealth Management does not jointly market.</font></font></div>
</td>
</tr><tr>
<td valign="bottom" width="20%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="2%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td colspan="2" valign="bottom" width="38%" style="BORDER-BOTTOM: black 1.5pt ridge"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="right" valign="bottom" width="19%" style="BORDER-BOTTOM: black 1.5pt ridge">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Rev. 08/2014</font></font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Notes</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Notes</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 12pt; FONT-WEIGHT: bold; DISPLAY: inline">Notes</font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid; BORDER-BOTTOM: black 1px solid; PADDING-BOTTOM: 5px; PADDING-TOP: 5px; PADDING-LEFT: 5px; BORDER-LEFT: black 1px solid; PADDING-RIGHT: 5px; WIDTH: 100%" align="left">
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="78%" bgcolor="transparent" style="BORDER-TOP: black 1px; BORDER-RIGHT: black 1px; BORDER-BOTTOM: black 1px; PADDING-BOTTOM: 10px; TEXT-ALIGN: left; PADDING-TOP: 10px; PADDING-LEFT: 10px; BORDER-LEFT: black 1px; PADDING-RIGHT: 10px">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">There are three closed-end funds investing in European equities advised and administered by wholly owned subsidiaries of the Deutsche Bank Group:</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font> The Central Europe, Russia and Turkey Fund, Inc. &#8212; investing primarily in equity or equity-linked securities of issuers domiciled in Central Europe, Russia and Turkey (with normally at least 80% in securities of issuers in such countries).</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font> The European Equity Fund, Inc. &#8212; investing primarily in equity or equity-linked securities of companies domiciled in countries that are members of the European Union (with normally at least 80% in securities of issuers in such countries).</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-WEIGHT: bold; DISPLAY: inline">&#8212;</font> The New Germany Fund, Inc. &#8212; investing primarily in equity or equity-linked securities of middle market German companies with up to 20% in other Western European companies (with no more than 15% in any single country).</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Please consult your broker for advice on any of the above or call 1-800-349-4281 (in the U.S.) or 00-800-2287-2750 (outside of the U.S.) for shareholder reports.</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The European Equity Fund, Inc. is diversified and primarily focuses its investments in equity securities of issuers domiciled in countries that are members of the European Union, thereby increasing its vulnerability to developments in that region. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly.</font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><img src="eea_backcover0.jpg" alt=""></font></div>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 2.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">CODE OF ETHICS</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable.</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 3.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">AUDIT COMMITTEE FINANCIAL EXPERT</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 4.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">PRINCIPAL ACCOUNTANT FEES AND SERVICES</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 5.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">AUDIT COMMITTEE OF LISTED REGISTRANTS</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 6.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">SCHEDULE OF INVESTMENTS</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 7.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 8.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 9.</font></div>
</td>
<td align="left" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left">
<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(a)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(b)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(c)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(d)</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;Period</font></div>
</td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total Number of</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Shares Purchased</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Average Price Paid</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">per Share</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total Number of</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Shares Purchased as</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Part of Publicly Announced</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Plans or Programs</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Maximum Number of</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Shares that May Yet Be</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Purchased Under the</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Plans or Programs</font></div>
</td>
<td nowrap valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">January 1 through January 31</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">-</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">741,707</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">February 1 through February 28</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">459,259</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9.47</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">459,259</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">741,707</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">March 1 through March 31</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,833</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">8.73</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,833</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">734,874</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">April 1 through April 30</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,100</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">8.86</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">5,100</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">729,774</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">May 1 through May 31</font></div>
</td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,200</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">8.84</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">6,200</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">723,574</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 2px solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">June 1 through June 30</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,423</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">8.70</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9,423</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">714,151</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" valign="bottom" width="48%" style="BORDER-BOTTOM: black 0.5pt solid">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 13.7pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Total</font></div>
</td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">486,815</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">$</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">9.44</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">486,815</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td align="left" valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="16" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">On July 28, 2014, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 950,000 shares during the period from August 1, 2014 through July 31, 2015.&#160;Under this plan, the Fund repurchased 235,849 shares in open market transactions from August 1, 2014 to June 30, 2015.</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="16" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">On July 27, 2015, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 874,000 shares during the period from August 1, 2015 through July 31, 2016.</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td valign="bottom" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td valign="bottom" width="9%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
<td nowrap valign="bottom" width="2%" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr><tr>
<td align="left" colspan="16" valign="bottom">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">In addition, on July 28, 2014 the Fund announced that its Board adopted a new Discount Management Program whereby the Fund will initiate one contingent tender offer during the period from August 1, 2014 through July 31, 2015 for 5% of the Fund&#8217;s shares outstanding at 98% of net asset value (&#8220;NAV&#8221;).&#160;The terms of the Discount Management Program require the Fund to conduct a tender offer if its shares trade at an average discount to NAV of more than 10% during a fifteen-week measurement period that has been determined by the Fund&#8217;s Board of Directors.&#160;During the measurement period that commenced on September 2, 2014 and expired on December 12, 2014, the Fund's shares traded at an average discount to NAV of 10.93%.&#160;Therefore, the Fund conducted a tender offer which commenced on January 22, 2015 and expired on February 20, 2015.&#160;The Fund accepted 459,259 shares (which represented 5% of the Fund's outstanding common shares) at a price equal to 98% of NAV per shares as of the close of the regular trading session of the New York Stock Exchange on February 23, 2015.&#160;The shares accepted for payment received cash at a repurchase price of $9.47 per share.</font></div>
</td>
<td nowrap valign="bottom" style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160;</font></td>
</tr></table>
</div>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 10.</font></div>
</td>
<td align="left" colspan="2" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" colspan="2" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&#8217;s Board.&#160;&#160;The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws.&#160;&#160;Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources.</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 11.</font></div>
</td>
<td align="left" colspan="2" valign="top" width="62%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">CONTROLS AND PROCEDURES</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="6%">
<div style="MARGIN-LEFT: 36pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: -36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(a)</font></div>
</td>
<td align="left" valign="top" width="56%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The Chief Executive and Financial Officers concluded that the Registrant&#8217;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></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="6%">
<div style="MARGIN-LEFT: 36pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: -36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(b)</font></div>
</td>
<td align="left" valign="top" width="56%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">There have been no changes in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal controls over financial reporting.</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="12%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">ITEM 12.</font></div>
</td>
<td align="left" colspan="2" valign="top" width="62%">
<div style="MARGIN-LEFT: 36pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: -36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; DISPLAY: inline">EXHIBITS</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="6%">
<div style="MARGIN-LEFT: 36pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: -36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(a)(1)</font></div>
</td>
<td align="left" valign="top" width="56%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Not applicable</font></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="6%">
<div style="MARGIN-LEFT: 36pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: -36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(a)(2)</font></div>
</td>
<td align="left" valign="top" width="56%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">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></div>
</td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td colspan="2" valign="top" width="62%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="12%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="6%">
<div style="MARGIN-LEFT: 36pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: -36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">(b)</font></div>
</td>
<td align="left" valign="top" width="56%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">SIGNATURES</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Registrant:</font></div>
</td>
<td align="left" valign="top" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">The European Equity Fund, Inc.</font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">By:</font></div>
</td>
<td align="left" valign="top" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/Brian E. Binder</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Brian E. Binder</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">President</font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Date:</font></div>
</td>
<td align="left" valign="top" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">August 21, 2015</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">By:</font></div>
</td>
<td align="left" valign="top" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/Brian E. Binder</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Brian E. Binder</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">President</font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Date:</font></div>
</td>
<td align="left" valign="top" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">August 21, 2015</font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">By:</font></div>
</td>
<td align="left" valign="top" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/Paul Schubert</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Paul Schubert</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Chief Financial Officer and Treasurer</font></div>
</td>
</tr><tr>
<td valign="top" width="25%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
<td valign="top" width="48%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">&#160; </font></td>
</tr><tr>
<td align="left" valign="top" width="25%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">Date:</font></div>
</td>
<td align="left" valign="top" width="48%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline">August 21, 2015</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
    <title>ex99cert.htm</title>
    <!--Licensed to: DEUTSCHE ASSET MANAGEMENT-->
    <!--Document Created using EDGARizer 2020 5.5.1.0-->
    <!--Copyright 1995 - 2015 Summit Financial Printing. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
<div style="DISPLAY: block; LINE-HEIGHT: 0pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">President</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Form N-CSRS Certification under Sarbanes Oxley Act</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I, Brian E. Binder, certify that:</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">2.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">3.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">4.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(a)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(b)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(c)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(d)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">5.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(a)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(b)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="34%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">August 21, 2015</font></div>
</td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/Brian E. Binder</font></font></div>
</td>
</tr><tr>
<td valign="top" width="34%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Brian E. Binder</font></div>
</td>
</tr><tr>
<td valign="top" width="34%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">President</font></div>
</td>
</tr></table>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Chief Financial Officer and Treasurer</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Form N-CSRS Certification under Sarbanes Oxley Act</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I, Paul Schubert, certify that:</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">2.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">3.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">4.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(a)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(b)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(c)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(d)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">5.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(a)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 72pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(b)&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">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></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="35%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">August 21, 2015</font></div>
</td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/Paul Schubert</font></font></div>
</td>
</tr><tr>
<td valign="top" width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Paul Schubert</font></div>
</td>
</tr><tr>
<td valign="top" width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Chief Financial Officer and Treasurer</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 13.7pt; TEXT-INDENT: 0pt"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<html>
<head>
    <title>ex99906cert.htm</title>
    <!--Licensed to: DEUTSCHE ASSET MANAGEMENT-->
    <!--Document Created using EDGARizer 2020 5.5.1.0-->
    <!--Copyright 1995 - 2015 Summit Financial Printing. All rights reserved.-->
</head>
<body bgcolor="#ffffff" style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">President</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Section 906 Certification under Sarbanes Oxley Act</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I, Brian E. Binder, certify that:</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">2.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Based on my knowledge and pursuant to 18 U.S.C. &#167; 1350, the periodic report on Form N-CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &#167; 13 (a) or &#167; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="34%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="Table1"><!--EFPlaceholder--></a>August 21, 2015</font></div>
</td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/Brian E. Binder</font></font></div>
</td>
</tr><tr>
<td valign="top" width="34%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Brian E. Binder</font></div>
</td>
</tr><tr>
<td valign="top" width="34%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">President</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Chief Financial Officer and Treasurer</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">Section 906 Certification under Sarbanes Oxley Act</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I, Paul Schubert, certify that:</font></div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">1.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr valign="top">
<td align="right" style="WIDTH: 36pt">
<div><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">2.&#160;&#160;</font></div>
</td>
<td>
<div style="MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Based on my knowledge and pursuant to 18 U.S.C. &#167; 1350, the periodic report on Form N-CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &#167; 13 (a) or &#167; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">
<tr>
<td align="left" valign="top" width="34%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><a name="Table2"><!--EFPlaceholder--></a>August 21, 2015</font></div>
</td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="TEXT-DECORATION: underline; DISPLAY: inline">/s/Paul Schubert</font></font></div>
</td>
</tr><tr>
<td valign="top" width="34%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Paul Schubert</font></div>
</td>
</tr><tr>
<td valign="top" width="34%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160; </font></td>
<td align="left" valign="top" width="36%">
<div style="MARGIN-LEFT: 0pt; DISPLAY: block; LINE-HEIGHT: 11.4pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Chief Financial Officer and Treasurer</font></div>
</td>
</tr></table>
</div>

<div style="DISPLAY: block; LINE-HEIGHT: 11.4pt; TEXT-INDENT: 0pt"><br>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>eea_portsumfollowing0.jpg
<TEXT>
begin 644 eea_portsumfollowing0.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" #" ;@# 2(  A$! Q$!_\0
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MM,^P/YDDWD;5<P@;G'FY.<'DAN@S7J'G:Q_SXV/_ (&O_P#&J/.UC_GQL?\
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MO8VNL+>VE_-%K0U6[TO03</B<(66Z_TE6'W%(4@LO! :0XPSD@'JM(2%4LQ
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MS8966XC@MHQ!U#9,$@+A>,"0,YY*C [.@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH HQIIRZQ=W"/%_:!MX
MDN )<LL2M(8\KG@9:7!QSSUQQ2MF\.S^'9EM+VU?2;QYRTT%Y\CM*[-)MD#<
M$LS]#QVQBL+Q!HMS=7'C:.RL27U#P]%!$RH%$\W^EC&XX!;YDSSP"N>U3::D
MCQ:]K:07MO$VH_;;57LG$LBK9Q0M^Y(#Y)60 8!) (R#R =);6.G)?&[MDC$
MYB"9C?@(<8PH.!D(HSCD*!T J]7*^%8=4TV4:=>P';Y'FR3%2WSX0!?, "L
M,Q@!0<0AC]\5U5 !1110 4444 95U8Z+>7.J)<BWDFGLT@OHVEY^SYDV;ES\
MH^>7GC///'%/3XO#)\.7"V-_#-IEXSK-=+J#2F5B-IS.7+%L +G=D!0!C JK
M/8K%XE\2W#Z0]U:W&D6H>)(AB[8/=;TYPK-M*@@GHRYX-0:6LKVVN:P$OH\:
MBUY SV,@DG5;6./_ %# /V9 , DH#R#R =);6.G)?&[MDC$YB"9C?@(<8PH.
M!D(HSCD*!T HK#\*PZIILHTZ]@.WR/-DF*EOGP@"^8 %8 9C "@XA#'[XHH
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MSP, $NG> +ZQUJVU5]<6:XBG@D8213RAE1+E&4&6X=E)6Y./FP"N=IR11'X
MOK>TU[3K;6X5TW7KNYN;Y)+$M*//)#K$XD 7Y-J@LK<@MT.T=U10!S^F>&/[
M.U2WO?MGF>3_ &A\GE8S]JN5GZY_AV[??.>.E/G\-175EXEM)[E_)UUF+[%
M:)6MHX" 3G)Q'NSCOC''.[10!Q-GX&U#3,7>GZY''JS>>);F>WEN482K"I(6
M2<ON MXL%I&'WN,$ :J^%RNLC4#?%B-4_M$J8AD_Z%]EV9!_X'G'MCO70T4
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MM&MN(%60%I#]SEG)RWW,\C.YW.3NK;KE_">LS7T:0WOG&ZDB$@)SL"*J8'S
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M^!"?XT?V]H__ $%K'_P(3_&M"B@#/_M[1_\ H+6/_@0G^-']O:/_ -!:Q_\
M A/\:T** ,_^WM'_ .@M8_\ @0G^-']O:/\ ]!:Q_P# A/\ &M"B@#/_ +>T
M?_H+6/\ X$)_C1_;VC_]!:Q_\"$_QK0HH S_ .WM'_Z"UC_X$)_C1_;VC_\
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MDA5<.&#,!\P&/[K94^ZL.U:- &?_ &]H_P#T%K'_ ,"$_P :/[>T?_H+6/\
MX$)_C6A10!G_ -O:/_T%K'_P(3_&C^WM'_Z"UC_X$)_C6A67J6KOI^K:/9"T
M:2/4;AX#/Y@ B*PR2CCJ2?+([#W[$ D_M[1_^@M8_P#@0G^-5VOO#;6<UFUU
MI)M9M_FPF2/9)O)+[EZ'<6).>I)SUK(;QTL#:E+<Z<RV=K;WUQ#)',&DE6SD
M$<P9" $)8C;\S9')V]*O67B*ZG6:"XL;>#4(+W[%+$+HM%N\D3@K)L!(V,/X
M1SD=!D@&A;WNC7%_YEM=6$M[(FS='(C2,HR<9') Y.**-%UB+6[+[9;*/LY(
M57#A@S ?,!C^ZV5/NK#M10!HT5G_ -@Z/_T";'_P'3_"C^P='_Z!-C_X#I_A
M0!H45G_V#H__ $";'_P'3_"C^P='_P"@38_^ Z?X4 :%%9_]@Z/_ - FQ_\
M =/\*/[!T?\ Z!-C_P" Z?X4 :%%9_\ 8.C_ /0)L?\ P'3_  H_L'1_^@38
M_P#@.G^% &A16?\ V#H__0)L?_ =/\*/[!T?_H$V/_@.G^% &A16?_8.C_\
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M/_@.G^% &A16?_8.C_\ 0)L?_ =/\*/[!T?_ *!-C_X#I_A0!H45G_V#H_\
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' **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>eea_team140.jpg
<TEXT>
begin 644 eea_team140.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !( (4# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBB@ K-
MU7Q!IFBSV5O?W/EW%]+Y5M"D;222L!DX503@=SC R,D9J]//#:V\MQ<2QPP1
M(7DDD8*J*!DDD\  <YKC_"%O/X@U.3QMJ"E5NH?*TFW;(-O:DYWL-Q7?)\K$
MCHJJ,\D4 =I1110 4444 %%%% !1110 4444 %%%% !1110 445S_C/Q.GA'
MPY+J1MFNK@NL-M;(<&:5CA5SV'4D^@- &3XILQXVUA/">"='M6CN=:=9 N_J
MT5N",G)*J[?=(7;@_-7:JH50J@!0, #M7">#M5\/:!IFIV-YXBLYM5M+@3:[
M>22;(_M<V<_.0J=5*@+TV $ YJ:Q^*6@ZMXBTK2-,@U&Z&IB3R+W[*T4!V*6
M<!I-I8@ $[01\PY[4 =M1110 4444 %%>?\ A'7_ !)XQ\37.L(PLO!\!>.Q
M41KNU$Y*^8Q8;E48)  7J!S@UZ!0 4444 %%%% !1110 4444 %>/^(-4U?Q
MA\2DT;0=3TZ*'37DA^8&:6WE5%,EWLV[?D+^2N6SO+8XSCT#QOXC?PEX-U+7
M(X$GDM8U*1NVU2S,%&3]6''?IQ7-_";P#'X2\/IJ%_%OU_4$\VZFD&9(PV&\
MK)Y&, MZMGK@4 8OA3X9>&1X_P#$)N--M[JVTE;2SM8)XE9"?LR%Y)%QM=VW
M=2.N3U/'5V]O'JWQ8N;AVMVBT#3D@AB"!F26X)9GS_ 0D:KCN'/(!YW[/0+*
MPU_4]9M_-6YU)85N5,A*$Q@JK =CM(![?*.,Y)YG4+#Q#X:\3ZUKV@:)%KJZ
MQ]F\VV:^6VDA>)&3(W*592 O<$'/!'0 [JBN&M?%WC,2,=2^'%W!#MX:UU6W
MN&+9'&W*\=><_A4,_P 1]4L8X1>_#WQ0)G0,RVL"7"*>XW(WKZ@$^E '?UY7
M\6O&MW8Z!K%AHMQ<6DMDL:WEZD+?*T@&R&-N!O(96+?PKTRQ KN(M3U+6O"+
M7^EV$NGZE/"_V>WU9#$8GR5!D #$#C=CN,=,\>9:/:?VEXQ\/:-82*ND6LMQ
MJ5W+!\LU_<P2^6;B?(("M,&VJ&/ _APH4 Z_X?>(EN/"5Y+)I4FDZ/I#-:VZ
MSL6G$4*X8RH!E7&TY SR<<XR7Z=I5[XVA35/$R^7I<H#V6CQ2.JF,E6#W."/
M,8X'[LC:H)!!)XX6WOO[+_9TUK11?VUKK&FI<6U];LP=XM]RX*$ -]]6*JW3
M+9R,9'M=H\$EG ]J%%NT:F(*NT;<<8';CM0!'I^G66DV,=CI]K#:VL6=D,*!
M57)). /<D_C5JBB@ HHHH **** "BBB@#D_'>ERZ];:/HQBG?3[O4D_M 11A
MAY*(\@#$@[5,B1C/&>F>:ZRBB@ HHHH **** ,;Q=J+Z1X-UO48I$CEMK&:2
M)G.!O"':.HZG XYKE/AWI#0:_KEZM[-<V5K';:/9EHV2,BWB592@/;S=X^7C
M(;DYS76>+-*?7/"&LZ7%'&\UW92Q1"3[OF%"$)],-@Y[8JC\/])U/1?!5C:Z
MTRMJ;F6XNMN,"261I"..,C?@XXR#CB@!^N> ?"GB2[6[U;0[2XN0X<S!2CN0
M !O92"XP ,-D<5T,<:11K'&BHB *JJ,  = !3J* "BBB@ HHHH **** "BBB
H@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>eea_team141.jpg
<TEXT>
begin 644 eea_team141.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !( * # 2(  A$! Q$!_\0
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M*Q"K&2A^2,?Q,$5SN.6YDQM4[15NV^PV<VI:W?VME!'&%GD@^3S #(HS(?F
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M*R*/P8&KE H JV&FV&EVWV;3[*WM(,EO*MXEC7)[X  JUQVHI.N#S0 M%%%
M!1110 48QTHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>eea_team142.jpg
<TEXT>
begin 644 eea_team142.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  V )D# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#W^BBH+V\M
M].L+B^NI/+MK>)II7P3M1023@<G@'I0!/165X;\06GBG0+;6;&.:.WN-^Q9U
M <;7*'."1U4]ZU: "BBB@ HHHH ***STUJTEUZ31XB\EU##YTY1<I""0%5VZ
M!FR2%ZX4GIC(!H4444 %%%% !1110 4444 %%%% %74=1M-)T^>_OYT@M8%W
MR2-T _F3V ')) %>97%WJ/Q0\):W/<6,]E9V"311Z4C,9KB[1-R^;\H(56*8
M0#EA\V0 *[CQ=#!'HTVLSQK.^C0S7]M#*,Q^<D;;78=25&X#G'S$XR%(ROA5
MIK:3\/[.TEMU@NHY[A+@ +DR),Z')'!("@9] .U '3:*+!="T]=+&-.%M&+4
M?-_JMHV?>Y^[CKSZU>KBKJ]7X=O&IM8QX6N+ASO@B*_V8S?-@JNXNKREL<+M
M+;><JH[6@ HHHH *P?%6ORZ)IR1V$*7>M7C&'3[-C_KI.I)Q_"HRS$D# ZC(
MK>JIJE_%I6DWFHSJ[0VD#SNJ8W%44L0,D#/'<B@#SJR\:ZW<?"S2;J*5+CQ)
MJSS16["-3M"/(7E\M1DA(T)PJL2VT;6)P>A^&VE/9>$+2_O&6?5-3C6ZNKLR
M-(\P(_=[F;D[4*C'0'..I)H_"_33)X=L-?NHBEU/80VD$;P!#!!$"!M.-Q$C
M9D.>#N7TR>AT.W_L64Z D)2Q@B$EC++>>;)(A9MZ;2-RK%F-1R1M9!G((H W
M**** "BBB@ HHHH **** "BBB@##\8^(3X4\*WNM"U%T;;9^Y,GE[MSJOWL'
M'WL].U<%X&\97VD^#-/L;SPSXDN[ME:<WJVC302^<S2JYD0LQ!#@DA68'/!(
MQ7HOB+0K;Q+H5QI-W+-%!.4+/"5#C:X88W CJH[4FJZ!;ZGH\>FQ7-YIL46W
MR7TV<V[1!1@ ;>-N.-I!'MD @ XFYU*#QS,VBZ[JFEZ98"X@672Q+(EW=.#O
M"-YR1,BD^41L0EL$!A7I=<Z/#5U'ISV;:Y<:C&8TC2+6+>&XB&UE(9@JH[M\
MO4OU.3DUBKX=\4V&J6[V+:,+&W4>5#92SZ>@.\LP:'][$P(+ G:&.[(*E0:
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M** "BBB@ HHHH *3 ]*** %HHHH **** "BBB@ HHHH **** "BBB@ HHHH
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>eea_backcover0.jpg
<TEXT>
begin 644 eea_backcover0.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" ,E @4# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "LKQ'<ZG::%=3:3:_:+L
M(=JAL,O!^9000Q!P=O?Z\'5JKJ9N%TF\:T?R[D0.8GV%]K[3@[0"3SC@ Y]#
M0!@#5O%ES-!"?#/V*-IX_-N/M\4FR/>"_P N.<KD<<\\5U-<MIG]F?Z'_P C
M+Y_R?\?7VW[W'W_^6?7K_#U[5U- !1110 4444 %%%% !1110 4444 %%%%
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M)X?U&6V>1&-M;(TT2L@<!H';@,T>0Q&<C&<' !UM%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %5=3@N+G2;RWM)?*N98'2*3<5V.5(!R.1@XY%6JKWUO)=Z?<VT4[6\DL3
M1I,G6,D$!AR.1UZT <)Y5U>W,-M%HMCI<MQY26VZXA=+:2"29W>-4;+L-XX
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M#P[\9V[E(SCOUJU6+K]KJUUY*V%Q+';;)!<)!*D<S9VXV,R,,@;^Z<D?,,4
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MIU,,J[-^UN=Q5\8_@]JPO UT9]4@4>)M-U&X&GL=0BM=::]\ZXWJ/-2-N(D
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M0 4444 %%%% !1110 4444 %%%% %>[O;>QB$EQ)L#':B@%F=L$[54<L< \
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M;UH;2&-ANSY:1P2MM&3GD$D*-SL0*[BB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "O#_ /B]7]D?9_L5U]J^P>5YWVFS_P"/G[3O\S[W
M3R?W>/7MWKW"B@#E_'6BW&M:79K;VL5XUK=>>UK-:I<1S#RI$VLCRQ X+AA\
MW!4&E\!Z7=Z-X<2RO;5(9D*@O]FCA>;"*N^39+*'D.WE]PSZ<9/3T4 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?
"_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>j14168231_aa001.jpg
<TEXT>
begin 644 j14168231_aa001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ ?@"  P$1  (1 0,1 ?_$ :(    & @,!
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MWIKX=;PVOLC;_P &>JODWW[UAL^1,_0U>Y,!F=X?W6[ PU)@NLZS(X_*TL.
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MV]C-Y8[/9=Y328A%VAF\9F\5E<TD]6T5&WVLE2CS,L1!<@^Z]UN<_P#":_\
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MEG,WD*/$X;#8^LRN6RN1J(J3'XS&8ZFDK*_(5U7.R04M'1TL+R2R.P1$4DD
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(]U[W[KW7_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>deawm.jpg
<TEXT>
begin 644 deawm.jpg
M_]C_X  02D9)1@ ! 0$ E@"6  #_X0!F17AI9@  24DJ  @    $ !H!!0 !
M    /@   !L!!0 !    1@   "@! P !     @ ! 3$! @ 0    3@
M  "6     0   )8    !    4&%I;G0N3D54('8U+C P /_; $,  @$! 0$!
M @$! 0(" @("! ," @("!00$ P0&!08&!@4&!@8'"0@&!PD'!@8("P@)"@H*
M"@H&" L,"PH,"0H*"O_; $,! @(" @("!0,#!0H'!@<*"@H*"@H*"@H*"@H*
M"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"O_  !$( "0
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MN;K"P\3%QL?(R<K2T]35UM?8V=KBX^3EYN?HZ>KR\_3U]O?X^?K_V@ , P$
M A$#$0 _ /TN_9GTW]IW]J"\^)WB5?VR?%7AIO#7Q2U?0M&L;+2-/N+:."$Q
MM'N26'<^/,VXW<A1WYKK_@!^VOJOA/2/B;X*_;#\1:;;:S\)-5M[;5O$5A:M
M'%JMM<AOLLR0("?.?;CRT')9< <UQ?[+GC+XW?LO7GQ1\,:K^R#\0]?F\1?%
M;6-;T>[TFSMUM9K>8QI&3)+,NW/EELX( 8'GI7+?$#]AW]I'XA?"KQU\<_&'
MAQ8O'?B[XAZ3XCE\&:1JJ^;#IMAYJ1V:W'W/M&R8MD'&8D[G  /J'PG^VA\)
M/$FJ:CX?U;2/$WAO5-/T";6QI7BGP]-8W%WI\0)DG@5QB4+CE0=P[CK5S5_V
MO?@OHGP TO\ :7OM3OAX5UAK865PM@YF8SR^5'F/J/FZ^E?/OAWX'ZY\8/BS
M%K>A?#3XI6\&G>"]7LQXD^*VO2HUM=7EJ\ MK>W8L95.X%WX4;0020,\%XI\
M,?M+>)/V O#?[)=G^RIXQAU_POJ=C'K5[/!"+1X8+PN'MW$A-P3E3\JX4!B3
MP,@'O_AS]OVUUW]KG6/V>KKX6^(;32M+TN*0:M+H%T)1,TNUII@5"P6@4$B8
M_*W!! XKH_"/[??P&\9^(=#TK3H/$MOIOB?4FT_PSXHO_#D\&EZI<@E?*AG8
M<DE6 ) !((!KA=3\.?$_X?\ _!0?Q'\05^#&LZ[H/C/X?V6CV&IV5NLEG!<Q
MO\RW;9S%'QRV#P> :\O^&'P]^.7A/Q9X'TGX#?!OXD>!KF+Q<K^-?"&OW"WW
MA.QT_P QS/):33Y.\C#)Y1!RQX'4@'T/XL_X* ? ?PIJNMP"S\3ZII/AF^^Q
M^)O%&B^&Y[G2]*G! 9)IU&,J2-VP,%SS7G=K^VI)X0_;4^(?A+7M;U[Q%X:B
M\*:-?>$] \,:&^HR-YL"RS3QK A;80RL78[1N'/(%<[\#F^.O[)OP9\6?LV7
M/[+6O^,=??Q)?S^'-0ATY)]&UJ&YD#))=3EP(@ 3O5^< "O0?V=/A1\2O#G[
M;OQ"^)'C/X?Q:98ZEX%T"SM+RP@VV1N(K=!/!;D\[$9<8]%% ';Q_MQ_L[77
MP<TOXWZ=XJNKO2M;U+^S=(L;33)9+^[OMQ4VB6P7S#*"#D8QCG."#6]\'/VD
M?A]\:M6U?PMH=GK&DZ]H/E'5_#OB/2I+*]MDD!,<AC?[R, <,I(XKXHTS]DG
MX[Z9X%\,^.-1^'GBM$\)_&;Q#J6HZ)X>N1:ZK)IUX(ECN[0Y&YEV9"@Y8,0.
M]>^?LD_##4!^T%XE^,8^'/CS3=/D\.P:59:[\2-;D?4M1_>B1D%L^3%$A'#,
M026.!@G !U/[</Q8\=^$O"WAOX2?!K7SIOC?XA^)(-)T.^2)9&L801)=7>U@
M01'$IZC^,51_8F_:,USQ9\#M>L_CUX@C7Q5\--5O=*\;WMP%3(MRS+=,%  5
MHAG( !*-BN0\8_L__'+]H[]M/6/B=<>,?$/P^T7P#I,6E^"=6L]/MI'U"6<,
MUW/&MPCKMZ)NVY("X-<TG[./Q_\ V=_VGM9US1+75?BOH'Q2\'7=IXKEUBW@
MMH_[1AC86ZW!MT5$CD7$6_;G]XY/2@#VWX?_ +=?P2^(7BG0_#-I8^)=+C\4
MQ2R>%-6UWP[-:66LK&N]C;RN,'Y?F&X+D8QU%5] _P""@'P"\1Z[I5C8Q^(T
MTC7=:.DZ)XMN?#L\>DWU[N*"&.X88)+*RAB I(//%>"?!#P+\<_#?Q'\ :5\
M$?A;\2?#&CVTLH\>>$?'\HNM TR#808["XFW2$ELA3$2"""0!D5F^#_AU\=O
M"NO^&=+^ 7P3^(W@/6U\:+)XI\)ZE="_\&P67G,9IX)9\@%EPR^5A@20 " :
M /I/QE^WC\"_!NN:UILEOXDU.P\,7?V7Q1XBT7PY<76FZ/-QN2>=%P"N1NV[
MMO?%<MXA_P""@>G:?^U=H_P"T7X:>(-1T;4-#:];6[+0;F=[AFD58I+=47$E
MKM;<UP"5[<8KPG3/V=OB-\*_"_Q!^#OBKX7_ !?\0:CK'B+4KC0U\):ZT.@Z
MW;W;90W+JVVW."1+O&<#C->C_P#"LOB9\!OVI/A'X]MO@QKVKZ!I7PI'A:__
M .$<(OCIET9%(61G*LT2C \P@9 SCM0!]@4444 %%%% !1110 4444 ?(7QN
M_P""@?QC\"^+?B?=>#/!/@]= ^%%[86VK67B'4YXM3U=KG:0;94&Q <G9N#;
ML9]A]9Z)J1UG1K35VLY;8W5K',;>=</%N4-L8=F&<'W%?F!9W_@OQ]H6K_MB
M_%3XY^']'^/OA#Q7<7%YX+\:M"EH8+9F6+34M&4.W[O[DR!G#GJ"-P^JO^":
M/QX\0?'[2OB#XX\=^+[M=;O?&4LT?@F_OY'E\-V'EH((1'(%*JWSG*J%; Z$
M$  [G]F;]J'4OB[>?$K0/B-H-EH6I_#GQ;<Z9?1VT[-')9HNZ*Z);D!PLA],
M*#7*?L-?MTZ]^U;XH\1^&?%_P[A\.2V=E;ZKX;5)V=M1TN:26-9R&Z$%%!QQ
M\]>%_MR:YXF_9]_:<\?^%?!%M*)_V@_ 5AI>D"%3M.KBZCL&''0_9II'S_><
M=S76?MAQV?[ OB+X8_M ^#;1UTO1_ U]X%U+RDY<+9M-IV<?]/$1))[4 >X_
ML\_M86WQ<TCQWX\\9KH_AWPMX;\;7>AZ+K%WJ(C2]BMR UQ(\A"KN8X ![&O
M4M,\=^"=;\-GQEHOB_2[O2%1G;5;74(I+8*O4^:K%<#N<\5^>6J?"KQ)\']+
M_9F\)^+M5\-Z7H#Z'J&HWUWXZL)+C1UU^Z7[1BZ59(P9 )"L;.V RG'>J_BG
MQ/X4\#>$?BJAN_"7C+PYXJ\=^'M+U&'1-.N]-\)Z1?.KM)=^;%<.98QLB,RH
MP&_;DX(% 'W=XN^/G@6/X1>+?B9\,O&&A>)7\,:!>7[0Z9JT5Q&9(8'E6-VB
M9MN2F/7K7G_P]_;_ /A%J7AGX8K\2-;L=)\0_$;1Q>BQAO$\C3<6_GL9Y)&!
MB4@@)NY8D8'4U\NZQJFG6_[3GQ!TS0?B!X-UN&;]FC7([^Y\ Z,++3FE0,RQ
MD+/,LLB(5^?=D!@I QS'9:#\%/#TG['GC7XKZ'X<M-&O_"E[%XBU36[6%;>X
MVZ=&L"W$D@VL%)4+O/'&,4 ?6WP:_;!\/^-?&?Q(\/?$34-!\.6?@OQFVAZ7
M>W>K)$+]0FX.3*0-WLN:]EFOHCIS:C9R)*GD&2)T;*N,9!!'4&OB'X#?!'X.
M_$_QG^U+XA\9>!-*UJ2+Q5>V^GS7MJDPMXOLSN##N!\LD[3N7!^5>>!7M'_!
M-_4+[4_V / 5UJ%Y)/(/#\\8>1LD(D\R*N?0*H ]@* .=_8,_;\\2?M6>*M7
M\&?$+X?V/AV]BTM=3T#[%=/(NH68N)+>5_GZ%)4"D#U]J9\7?^"@'B7P1^V5
MH?[-GA#X?66I:-<:[I>CZ[K\]TZO:WEX'D$2*.&*Q*&.>YP:^>_A/=2? ?\
M95^"O[;NG6<LD7@WQ#JNE>+4MER\VCWM].C$COY<NU@/5ZVV\$ZUI&A_L^?%
M?QE:LGB/XD_'J/Q1K.\?,@N58P1?1(!& .V30!]UZM\6OA9H'B2+P;KOQ*\/
MV6L3%1#I5WK,$=S(6^Z!$S!CGMQ4^M?$?X?^&Y;F#Q'XYT;3WLHDEO$O=4BB
M,",<*SAF&T$]">#VK\V?C?X\\%?$+X!_&GQQ;'X>^%+^\\57<4OA6^L9K_Q1
M>74,R 3F66X#6W"EP(XBB*K>AKU_X'?#?P'\9_V^;W4/B?X:LO$*0? [P_=1
M0ZM;K<1--)'$IE9'!5FVLP!(.-Q]: /LR?QUX*MO#'_";7/B_2X]&\OS/[7?
M4(Q:[,XW>:6V8SWS3?"_Q \">.-)?7O!?C32=7L8V*R7NEZC%<1*0,D%XV(&
M![U^;_A#Q9X7\(_"J/X(ZKX5T%]%F_:4UFRT34O&%U.NB^'EMMCQ^='%(@E'
MSMLB=@A.XM5#Q]-XVUG5/VE_#_P<\6Z5KS3>%-"GO9_ 6E&SL[R&.=%NV@B2
M64,1%YJ.RN=V''J* /TCTSXP?";6U#Z+\3_#MX#>+: VNMP29N&SMA^5S\YP
M<+U.#Q4NL_%+X:>'/$,'A+Q#\0]"L-5NMOV;3+W5X8KB;/3;&S!FSVP*^#?C
MAXD_8Z\2^(_V;X_V:(-#DO;;XB:+'=MH%JJFWMCC$-V4 Q,7&563Y_EE(_B-
M<E96EO=_#7XU67QT^(OPPTC7Y_%NJKXA@\7>'9KKQ(,G_1GLF^TH67;M, C0
M@'U% 'Z2:W\1? 'AJ:XM_$?CC1]/DLX%FNX[W4XHF@C8X5W#,-JD\ G@FH;W
MXK?##3;.PU#4?B-H,$&J?\@R:;6(%2[YQ^Z8MB3G^[FOC?X$?"CPQ\1?V\+;
M2?C-HD?B>73OV?=&E;_A(M,P9KCS(XS/+;R%MLNUFR&R5+-WKD_A!\!/@_J?
M[%W[2VH:MX TV\N/#/BKQ;8^'+B[MQ))I=O:0^=;QV[-DPJDCL^%QDDDYH ^
M_O%OCOP1X!TY=8\<^,=*T6T=PB76K:A%;QLWH&D8 GVI#X[\%"PL-5/B_2Q:
MZK(L>F7/]H1^7=NWW5B;=B0G!P%R3BOSQ\+ZIXNUGXR?"G6OB9XR\$6.GR_
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M8%\T1YSLWXSMSSC.*R9_A3\+[NYEN[KX<:#++-(7EEDT>!F=CU8DIDD^M%%
#'__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
