<SEC-DOCUMENT>0000088053-16-002450.txt : 20160822
<SEC-HEADER>0000088053-16-002450.hdr.sgml : 20160822
<ACCEPTANCE-DATETIME>20160822143838
ACCESSION NUMBER:		0000088053-16-002450
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20160630
FILED AS OF DATE:		20160822
DATE AS OF CHANGE:		20160822
EFFECTIVENESS DATE:		20160822

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:		161845021

	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>sr063016eea.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">WASHINGTON, D. C. 20549</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">FORM N-CSRS</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">Investment Company Act file number: 811-04632</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 12pt 0 0; text-align: center"><U>The European Equity Fund, Inc.</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">345 Park Avenue</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Address of Principal Executive Offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Registrant&#8217;s Telephone Number, including Area
Code: <U>(212) 250-3220</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">60 Wall Street</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center"><U>New York, NY 10005</U></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 126.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date of fiscal year end:</TD>
    <TD STYLE="width: 315.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">12/31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">6/30/2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 1.</B></TD>
    <TD STYLE="width: 370.55pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>REPORT TO STOCKHOLDERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_009.jpg" ALT="eea_covermask0" STYLE="height: 25px; width: 107px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">June 30,
2016</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 24pt; color: #00128D"><B>Semiannual
Report</B></FONT><BR>
<FONT STYLE="font-size: 24pt; color: #00128D"><B>to Shareholders</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>The
European Equity Fund, Inc.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="color: #00128D">Ticker Symbol:
EEA</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_010.jpg" ALT="eea_coversquare0" STYLE="height: 86px; width: 403px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Contents</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>3</B></FONT><FONT STYLE="font-size: 12pt">
        Letter to the Shareholders </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>8</B></FONT><FONT STYLE="font-size: 12pt">
        Outlook Interview with the Portfolio Manager </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>9</B></FONT><FONT STYLE="font-size: 12pt">
        Performance Summary </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>10</B></FONT><FONT STYLE="font-size: 12pt">
        Schedule of Investments </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>15</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Assets and Liabilities </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>16</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Operations </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>17</B></FONT><FONT STYLE="font-size: 12pt">
        Statement of Changes in Net Assets </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>18</B></FONT><FONT STYLE="font-size: 12pt">
        Financial Highlights </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>19</B></FONT><FONT STYLE="font-size: 12pt">
        Notes to Financial Statements </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>26</B></FONT><FONT STYLE="font-size: 12pt">
        Report of Annual Meeting of&nbsp;Stockholders </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>27</B></FONT><FONT STYLE="font-size: 12pt">
        Additional Information </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>29</B></FONT><FONT STYLE="font-size: 12pt">
        Privacy Notice </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund seeks long-term capital appreciation primarily through
investment in European equities.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments in funds involve
risks, including the loss of principal.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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 STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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 STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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&rsquo;s portfolio.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">In June 2016, citizens of the
United Kingdom voted that the United Kingdom should leave the European Union. Significant uncertainty exists regarding the timing
and terms of the United Kingdom's anticipated withdrawal from the European Union and the effects such withdrawal may have on the
United Kingdom, other European countries and the global economy.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche Asset Management represents
the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">NOT FDIC/NCUA INSURED&emsp;NO
BANK GUARANTEE&emsp;MAY LOSE VALUE&emsp; NOT&nbsp;A&nbsp;DEPOSIT&emsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Letter
to the Shareholders </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Dear Shareholder,</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">For the six months ended June 30, 2016, the European Equity
Fund&rsquo;s total return in U.S. dollars (USD) was &ndash;3.09% based on net asset value and &ndash;3.60% based on market price.
During the same period, the total return of the Fund&rsquo;s benchmark, the MSCI Europe Index, was &ndash;5.13%. In euro terms,
returns were &ndash;5.24% for the Fund and &ndash;7.29% for the benchmark.<SUP>1 </SUP>The Fund's discount to net asset value averaged
11.65% for the six months ended June 30, 2016, compared with 9.77% for the six months ended June 30, 2015.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">This year equity markets experienced an unusually volatile
first quarter. The initial downturn was driven by fears of credit contagion. With oil prices dropping below $30 per barrel, the
largely debt-financed U.S. shale gas boom caused stress in the U.S. high-yield bond market. At the same time, persistently weak
economic data from China brought fears of a large expansion in bad debt. In contrast, European lead indicators avoided a similar
deterioration by staying in expansionary territory.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">From mid-February to May, equity markets rebounded sharply
and recouped most of the previous losses. The European Central Bank (ECB) increased its monthly asset-buying program and, in a
surprise move, announced its intention to purchase corporate bonds. Other major central banks also adopted more expansionary monetary
policies.<SUP>2</SUP></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Europe&rsquo;s two key export markets, the U.S. and China,
are showing diverging trends. Support came from the U.S. with positive labor market and car sales data. Signals from China remained
mixed. House prices in Tier 1 cities experienced a powerful rise, but data from industrial output, exports, GDP and leading Purchasing
Managers Indices (PMIs) all disappointed. In addition, further devaluations of the yuan and the pace of&nbsp;deterioration of currency
reserves caused concern. <SUP>3,4</SUP></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The U.K. referendum on EU membership triggered high volatility
in equity markets toward the end of the quarter. The weeks before the vote showed volatility in both directions. At the end of
June, the surprising &quot;out&quot; vote resulted in a setback for European equity markets and the British pound reaching a 30-year
low vs. the U.S. dollar. Concerns over EU&nbsp;political cohesion on the European continent increased.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Bottom-up trends were again more favorable than the macro
events would suggest. Companies are generating high cash balances. Merger and acquisition activity, as well as buybacks and dividend
increases, supported market valuations. Early 2016 earnings reports had a generally cautious tone, which led to downgrades by analysts,
but improved in Q2, with many public companies reporting better-than-expected results. The positive reversal was strongest in the
energy and material sectors, while consumer discretionary stocks reversed in the other direction.<SUP>5</SUP> Banks were again
weak as falling interest rates continued to push profitability down further.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Accordingly, we observed a large spread in sector performance.
Last year&rsquo;s worst sector, energy, was by far the best performer in the first half of 2016, with a positive return of 17%
in euro terms. Two other sectors had positive returns: consumer staples (+5%) and materials (+3%).<SUP>6 </SUP>Financials performed
worst (&ndash;23%); and consumer discretionary (&ndash;15%), telecommunication services (&ndash;11%) and information technology
(&ndash;9%) all suffered more than&nbsp;the norm.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund&rsquo;s portfolio did benefit from a timely reduction
in bank stocks, which resulted in a sector underweight and a preference for diversified financial companies over traditional banks.
The underweight in energy stocks hurt relative performance. From a bottom-up perspective, it is difficult to find stocks in that
sector that are not susceptible to macro risks. In addition, even with the oil price recovery, these stocks are vulnerable to dividend
cuts.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The biggest positive contribution from allocation came from
our underweight of the U.K. market and the British pound (GBP). Overall, stock selection again delivered relative outperformance.
The portfolio&rsquo;s bias toward quality growth stocks has helped in uncertain times. Many of these stocks &mdash; such as Reckitt
Benckiser Group PLC, Partners Group Holding AG and Heineken NV from our top 10 holdings &mdash; delivered good earnings news in
the first half of 2016.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Given market volatility caused by uncertainties around the
U.K. referendum, we reduced positions in some of the more cyclically exposed stocks both before and after the vote.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_011.jpg" ALT="eea_portsumfollowing0" STYLE="height: 151px; width: 343px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 69%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ten Largest Equity Holdings at June&nbsp;30,&nbsp;2016 </B>(32.6%&nbsp;of Net Assets)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Country</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Percent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1. Royal Dutch Shell PLC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>4.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2. Heineken NV</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3. Essilor International SA</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">France</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4. Merck KGaA</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5. Red Electrica Corp SA</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Spain</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6. Reckitt Benckiser Group PLC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">United Kingdom</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7. Securitas AB</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sweden</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>3.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8. Kerry Group PLC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ireland</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>9. Vodafone Group PLC</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">United Kingdom</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10. Partners Group Holding AG</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Switzerland</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>2.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Portfolio holdings and characteristics
        are subject to change and not indicative of future portfolio composition.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">For more details about the Fund's
        Schedule of Investments, see page 10. 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 STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Economic Outlook</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Despite current political events having a dampening effect
on European equities, markets have reacted quickly and efficiently with large flows from Europe to the U.S. Political risks will
likely keep the risk premium for the market at elevated levels.<SUP>7</SUP> However, we believe such a climate can create new opportunities,
as political events often have a short life as an influential force on equity markets. The underlying structural problems do warrant
attention, but are not dissimilar to those in the U.S. (indebtedness, income distribution, immigration, aging population).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In terms of positive catalysts, feedback from companies on
current trading and operational development has been constructive, and macroeconomic data had already been revised downward for
the U.K. and the Eurozone before the U.K. vote.<SUP>8</SUP> Expectations may have overshot to the downside. Also, monetary policy
remains very dovish, with strong ECB support. Finally, China's influence as a key driver of global growth appears not to be decreasing
any further.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">On the other hand, a slip into recession cannot be excluded
in Europe if companies continue to hold off on investment decisions and consumers continue to wait to spend. In that case, earnings
expectations would still be too high and valuations could be compressed further. And there are two additional macro risks: (1)
a potential domino effect around the EU following the outcome of the U.K. referendum, and (2) rising stress in the Italian banking
system.<SUP>9</SUP> Investors are increasingly searching for yield as it becomes more scarce and as interest rates fall further.
Dividend yields on equities are now at a historically high level in relation to comparable corporate bond yields. This is especially
true for the Eurozone, where corporate bond yields are down to 1.2%, while the average dividend yield&nbsp;is 3.6%.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Sincerely,</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; border-style: inset; border-width: 1pt"><IMG SRC="image_012.jpg" ALT="eea_TEAM130" STYLE="height: 56px; width: 103px"></TD>
    <TD STYLE="vertical-align: bottom; border-style: inset; border-width: 1pt"><IMG SRC="image_013.jpg" ALT="eea_TEAM131" STYLE="height: 56px; width: 125px"></TD>
    <TD STYLE="border-style: inset; border-width: 1pt"><IMG SRC="image_014.jpg" ALT="eea_TEAM132" STYLE="height: 42px; width: 119px"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Christian Strenger</FONT><BR>
        <FONT STYLE="font-size: 10pt">Chairman</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 0.5in"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>&nbsp;</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="width: 35%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Gerd Kirsten</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portfolio Manager</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 34%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Brian Binder</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">President and Chief</FONT><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Executive Officer</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>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.</B> 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 STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>1</SUP> 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. It is not possible to invest directly in the MSCI Europe
Index.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT><FONT STYLE="font-size: 12pt">
</FONT><FONT STYLE="font-size: 10pt">The European Central Bank (ECB) is the central bank for the Eurozone. </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>3</SUP> The gross domestic product (GDP) is the monetary
value of all the finished goods and services produced within a country's borders in a specific time period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>4</SUP> A Purchasing Managers Index (PMI) is an indicator
of the economic health of the manufacturing sector and is based on five major indicators: new orders, inventory levels, production,
supplier deliveries and the employment environment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><SUP>5</SUP> Consumer discretionary is a sector of the economy
that consists of businesses selling nonessential goods and services.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>6</SUP> Consumer staples
is a sector of the economy selling essential products.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>7</SUP> The risk premium
is the expected return on an investment minus the return that would be earned on a risk-free investment.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>8</SUP> The Eurozone, also
called the euro area, is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro as their
common currency.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>9</SUP> The European Union
(EU) is a unique economic and political partnership between 28 European countries covering much of the Continent, which developed
from the European Economic Community (EEC), created in 1958 by six countries.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Outlook
Interview with the</B></FONT><BR>
<FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Portfolio Manager </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>Portfolio Manager</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Gerd Kirsten</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
How did you react to the U.K. referendum on the EU? </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
Given our primarily bottom-up-driven investment approach, we do not favor equity markets that become dominated by macro themes
and single events. We therefore switched our U.K. holdings ahead of the vote, selling domestically exposed names such as ITV and
buying globally exposed names such as WPP LLC and Vodafone. The &quot;out&quot; vote came as a surprise and could become a major
issue for the EU going forward. We reduced our holdings beforehand in financials and in such cyclically exposed names as Daimler,
SKF and Kuehne + Nagel. We maintained our&nbsp;underweight in the U.K. and the GBP. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
Is Europe facing a persistent structural earnings growth gap vs. the U.S.? </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
No. Over the last five years, there has indeed been a clear gap in&nbsp;earnings growth measured in earnings per share in Europe
vs. the U.S. Much of this gap was caused by the financial sector assuming a larger percentage of market capitalization in Europe.
Another reason is the prevalence of buybacks in the U.S. vs. dividends in Europe. Typically, as in&nbsp;previous global cycles,
Europe has caught up to any lag. In addition, Europe is a diverse market and always offers pockets of growth. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT><FONT STYLE="font-size: 12pt">
Where do you currently see such growth opportunities? </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT><FONT STYLE="font-size: 12pt">
We have a rigorous screening approach to identify new opportunities and compare them to existing holdings. We adapt the screening
criteria based on the phase of the investment cycle. Europe is still stuck in the &quot;slowdown&quot; phase, which means stocks
with high quality, high growth and good momentum should outperform. Our current portfolio displays a clear tilt toward companies
that can deliver structural growth despite the low growth environment. Such stocks can be found in many sectors. Current examples
include Kerry Group and GrandVision in consumer, Essilor and Lonza in health care, Geberit and Securitas in industrials, ASML and
SAP in information technology. </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">June 30, 2016 (Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>All performance shown is
historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment
return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than
their original cost. Current performance may be lower or higher than the performance data quoted. Please visit deutschefunds.com
for The European Equity Fund, Inc.'s (the &quot;Fund&quot;) most recent performance.</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fund specific data and performance
are provided for information purposes only and are not intended for trading purposes.</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Average Annual Total Returns </B>as of 6/30/16</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6-Month<SUP>&Dagger;</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>10-Year</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(3.09)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(5.87)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.38%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.34%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market Price<SUP>(a)</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(3.60)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(7.86)%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.17%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>0.27%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">MSCI Europe Index<SUP>(b)</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5.13)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(11.22)%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.02%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.52%</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>a</SUP> 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, 2016 was 1.58%.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>b</SUP> 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 STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Index returns do not reflect
any fees or expenses and it is not possible to invest directly in the MSCI Europe Index.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The Fund's benchmark was changed
as of July 1, 2014 from the MSCI EMU Index to the MSCI Europe Index as a result of the Fund changing its investment policy.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>&Dagger;</SUP> Total returns
shown for periods less than one year are not annualized.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value and Market Price</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 6/30/16</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>As of 12/31/15</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net Asset Value</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 8.68</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 8.98</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Market Price</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 7.75</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 8.06</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Prices and Net Asset Value fluctuate
and are not guaranteed.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Distribution Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Per Share</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Six Months as of 6/30/16:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ .02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Capital Gains</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Distributions are historical,
not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Schedule
of Investments</B></FONT><BR>
<FONT STYLE="font-size: 10pt; color: #00128D"><B>as of June 30, 2016 (Unaudited)</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Shares</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Common Stocks&nbsp;96.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Netherlands 15.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Banks 2.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ING Groep NV (CVA)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">150,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,528,992&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Beverages 3.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Heineken NV</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">29,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,665,567&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 4.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Royal Dutch Shell PLC &quot;B&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">124,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,419,571&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Semiconductors &amp; Semiconductor Equipment 2.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">ASML Holding NV</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,766,828&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Specialty Retail 2.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">GrandVision NV 144A</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">76,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,972,381&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Netherlands</B> (Cost $11,251,075)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11,353,339&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Germany 15.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Automobiles 1.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Daimler AG (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">15,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>891,510&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Chemicals 3.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Evonik Industries AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">29,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">861,148&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Wacker Chemie AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">18,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,568,337&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 2.5pt 2.9pt 10pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,429,485&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Construction &amp; Engineering 2.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">HOCHTIEF AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,541,818&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Financial Services 1.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche Boerse AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,600</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>702,329&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Insurance 1.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Allianz SE (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,277,297&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Pharmaceuticals 3.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Merck KGaA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">23,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,325,554&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Software 2.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SAP SE</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,088,273&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Germany</B> (Cost $11,342,194)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11,256,266&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Switzerland 15.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Biotechnology 2.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Actelion Ltd. (Registered)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,674,189&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Building Products 2.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Geberit AG (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,510,053&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Capital Markets 2.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Partners Group Holding AG</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,900</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,094,866&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Chemicals 2.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Syngenta AG*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,025</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,920,202&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Life Sciences Tools &amp; Services 2.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lonza Group AG (Registered)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">12,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,984,407&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Marine 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kuehne + Nagel International AG (Registered)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>838,326&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Specialty Retail 1.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dufry AG (Registered)*</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,073,759&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Switzerland</B> (Cost $10,090,068)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>11,095,802&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>France 11.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Construction &amp; Engineering 1.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vinci SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">20,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,414,555&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Diversified Telecommunication Services 2.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Orange SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">120,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,952,925&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Health Care Equipment &amp; Supplies 3.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Essilor International SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,507,676&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Insurance 1.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AXA SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">60,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,186,347&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Media 1.7%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lagardere SCA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">58,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,265,637&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total France</B> (Cost $7,665,750)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>8,327,140&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>United Kingdom 10.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Banks 1.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Lloyds Banking Group PLC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,800,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,301,397&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Household Products 3.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reckitt Benckiser Group PLC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">23,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,303,939&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Media 2.4%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">WPP PLC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">84,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,743,542&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 4pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Wireless Telecommunication Services 2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Vodafone Group PLC</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">700,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,131,214&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total United Kingdom</B> (Cost $8,270,933)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>7,480,092&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Denmark 8.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Chemicals 2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Chr Hansen Holding A/S</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">32,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,091,276&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Marine 2.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">AP Moeller &mdash; Maersk A/S &quot;B&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,558,965&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Pharmaceuticals 2.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Novo Nordisk A/S &quot;B&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,496,403&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Textiles, Apparel &amp; Luxury Goods 1.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Pandora A/S</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,353,610&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Denmark</B> (Cost $6,390,021)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>6,500,254&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Sweden 6.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Commercial Services &amp; Supplies 3.0%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Securitas AB &quot;B&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">147,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,240,663&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Household Products 2.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Svenska Cellulosa AB SCA &quot;B&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">65,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,061,230&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Machinery 1.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">SKF AB &quot;B&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">50,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>790,423&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Sweden</B> (Cost $4,654,321)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>5,092,316&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Spain 5.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Construction &amp; Engineering 2.6%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ferrovial SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,936,157&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Electric Utilities 3.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Red Electrica Corp SA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">26,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,314,748&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Spain</B> (Cost $4,028,600)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>4,250,905&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ireland 4.1%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Airlines 1.2%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ryanair Holdings PLC<SUP>*</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">71,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>900,415&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Food Products 2.9%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Kerry Group PLC &quot;A&quot;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">24,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,134,026&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Ireland</B> (Cost $3,043,390)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>3,034,441&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Belgium 1.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Banks 1.8%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">KBC Groep NV<SUP>*</SUP> (Cost $1,535,855)&nbsp;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">28,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,365,648&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Czech Republic 1.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Banks 1.5%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Komercni banka as (Cost $1,321,267)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30,000</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,117,387&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Common Stocks 96.2%</B> (Cost $69,593,474)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>70,873,590&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 5pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Cash Equivalents 3.3%</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche Central Cash Management Government Fund, 0.44% (Cost&nbsp;$2,429,906)&nbsp;(a)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,429,906</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2,429,906&nbsp;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>% of Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Value ($)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Portfolio</B> (Cost&nbsp;$72,023,380)**</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">99.5</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>73,303,496</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Assets and Liabilities, Net</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">0.5</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>347,969</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">100.0</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>73,651,465</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">* Non-income producing security.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">** The cost for federal income
tax purposes was $72,041,539. At June 30, 2016, net unrealized appreciation for all securities based on tax cost was $1,261,957.
This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost
of $7,869,351 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value
of $6,607,394.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(a) Affiliated fund managed
by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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 STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">CVA: Certificaten Van Aandelen
(Certificate of Stock).</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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 STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Fair Value Measurements</B></FONT><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Various inputs are used in determining
the value of the Fund&rsquo;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&rsquo;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 STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The following is a summary of the inputs used as of June 30,
2016 in valuing the Fund&rsquo;s investments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 1</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 2</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Level 3</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Common Stocks (b)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Netherlands</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 11,353,339</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ &mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 11,353,339</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Germany</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,256,266</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,256,266</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Switzerland</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,095,802</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,095,802</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">France</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,327,140</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,327,140</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">United Kingdom</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,480,092</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">7,480,092</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Denmark</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,500,254</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,500,254</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Sweden</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,092,316</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">5,092,316</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Spain</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,250,905</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,250,905</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ireland</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,034,441</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,034,441</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Belgium</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,365,648</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,365,648</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Czech Republic</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,117,387</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,117,387</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Short-Term Instruments (b)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,429,906</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,429,906</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 73,303,496</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ &mdash;</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 73,303,496</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">There have been no transfers
between fair value measurement levels during the period ended June 30, 2016.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">(b) See Schedule of Investments
for additional detailed categorizations.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes are an
integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Assets and Liabilities</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">as of June 30, 2016 (Unaudited)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investments in non-affiliated securities, at value (cost $69,593,474)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 70,873,590</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment in Deutsche Central Cash Management Government Fund (cost&nbsp;$2,429,906)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,429,906</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total investments, at value (cost $72,023,380)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">73,303,496</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency, at value (cost $345,918)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">347,109</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dividends receivable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">169,142</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign taxes recoverable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">196,770</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Interest receivable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,117</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Other assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">17,649</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total assets</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">74,036,283</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Liabilities</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Distributions payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">172,838</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Investment advisory fee payable</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">50,195</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for Directors' fees and expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">44,888</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Payable for Fund shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">19,074</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Administration fee payable </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">13,132</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accrued expenses and other liabilities</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">84,691</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total liabilities</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">384,818</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 73,651,465</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Assets Consist of</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Undistributed net investment income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,135,712</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accumulated net realized loss on investments and foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(24,916,416)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net unrealized appreciation
        (depreciation) on:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,280,116</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(14,787)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Paid-in capital</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">96,166,840</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 73,651,465</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Asset Value</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net assets value</B> per share ($73,651,465</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif">&nbsp;&divide;&nbsp;</FONT><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,482,200 shares of common stock issued&nbsp;and&nbsp;outstanding, $.001 par value, 80,000,000 shares authorized)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.68</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes are an
integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Operations</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">for the six months ended June 30, 2016 (Unaudited)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net Investment Income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Income:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Dividends (net of foreign withholding
        taxes of $199,484)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 1,724,125</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Income distributions &mdash; Deutsche Central Cash Management Government Fund</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,736</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Securities lending income, including income from Daily Assets Fund net&nbsp;of borrower rebates</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,603</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total investment income</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1,735,464</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Expenses:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investment advisory fee</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">286,801</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Administration fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">74,839</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Custody and accounting fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">31,605</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Services to shareholders</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">10,560</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Reports to shareholders and shareholder meeting expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">29,969</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Directors' fees and expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">50,709</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Legal fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">30,502</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Audit and tax fees</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">41,149</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">NYSE listing fee</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">11,197</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Insurance</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,205</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Miscellaneous</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">14,394</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net expenses</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">589,930</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net investment income</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>1,145,534</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Realized and Unrealized Gain (Loss)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net realized gain (loss) from:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2,780,254)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(47,608)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Futures</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(61)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2,827,923)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Change in net unrealized appreciation
        (depreciation) on:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Investments</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(863,880)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4,038)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(867,918)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>(3,695,841)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net increase (decrease) in net assets resulting from operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ (2,550,307)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes are an
integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Statement
of Changes in Net Assets</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="height: 13.8pt">
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 60%; padding: 9pt 2.9pt 10pt; height: 13.8pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Increase (Decrease) in Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 10pt; height: 13.8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Six Months Ended June&nbsp;30,&nbsp;2016 (Unaudited)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 10pt; height: 13.8pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Year Ended December&nbsp;31, 2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR STYLE="height: 13.8pt">
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Operations:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income (loss)</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 1,145,534</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">$ 812,641</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized gain (loss)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2,827,923)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,668,614)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Change in net unrealized appreciation (depreciation)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(867,918)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(609,877)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets resulting from operations</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(2,550,307)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,465,850)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Distributions to shareholders
        from:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(172,838)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,467,412)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Capital share share transactions:</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net proceeds from reinvestment
        of dividends</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">272,212</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares accepted for tender</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(4,351,740)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,159,719)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,102,656)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net increase (decrease) in net assets from capital share transactions</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1,159,719)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(5,182,184)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total increase (decrease) in net assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3,882,864)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(8,115,446)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,534,329</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">85,649,775</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period (including undistributed net&nbsp;investment income of $1,135,712 and $163,016, as&nbsp;of June 30, 2016 and December&nbsp;31, 2015, respectively)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 73,651,465</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 77,534,329</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Other Information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at beginning of period</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,631,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">9,190,586</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares reinvested</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">31,616</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares accepted for tender</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(459,529)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares repurchased</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(149,000)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(131,473)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Shares outstanding at end of period </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,482,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">8,631,200</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The accompanying notes are an
integral part of the financial statements.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Financial
Highlights</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Six Months Ended 6/30/16 (Unaudited)</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 10pt; text-align: center"><BR>
<FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Years Ended December 31,</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2015</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2014</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2013</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2012</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>2011</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Per Share Operating Performance</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, beginning of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.98</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 9.32</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 9.79</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 7.83</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 6.74</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.18</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Income (loss) from investment
        operations:</I></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income (loss)<SUP>a</SUP></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.13</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.09</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.09</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.10</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.12</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.11</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net realized and unrealized gain&nbsp;(loss) on investments and foreign currency</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.43)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.28)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.50)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.84</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.23</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.57)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total from investment operations</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.30)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.19)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.41)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.94</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.35</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.46)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><I>Less distributions from:</I></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Net investment income</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.02)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.17)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.11)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.29)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Accretion resulting from tender&nbsp;offer</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.01</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.01</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.01</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Dilution in net asset value from dividend reinvestment</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>***</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>***</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.01)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.00)<SUP>***</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&mdash;</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Increase resulting from share repurchases</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.01</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.05</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.03</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.02</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Net asset value, end of&nbsp;period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.68</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.98</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 9.32</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 9.79</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 7.83</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 6.74</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Market value, end of period</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 7.75</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.06</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.23</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 8.94</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 7.03</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>$ 5.94</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Total Investment Return for the Period<SUP>b</SUP></B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon market value&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.60)<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(.03)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(6.83)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">27.17</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">23.44</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(21.56)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Based upon net asset value&nbsp;(%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.09)<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(1.65)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(3.65)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">25.03</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">21.17</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">(17.52)<SUP>c</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Ratios to Average Net Assets</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Total expenses (%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.58<SUP>*</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.60</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.59</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.61</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.79</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.60</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net investment income (%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.53<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.98</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">.95</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.14</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.59</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">1.42</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Portfolio turnover (%)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">41<SUP>**</SUP></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">93</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">107</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">87</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 1.5pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">73</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Net assets at end of period ($&nbsp;thousands)</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">73,651</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,534</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">85,650</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">94,468</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">77,511</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">72,021</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>a</SUP> Based on average
        shares outstanding during the period.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>b</SUP> 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 STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>c</SUP> Includes a reimbursement
        from the Advisor for losses on investment guidelines. Excluding this reimbursement, total return would have been 0.37% lower.</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><SUP>* </SUP>Annualized <SUP>**</SUP>
        Not annualized <SUP>***</SUP> Amount is less than $.005 per share.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes to
Financial Statements </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt"> </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>A. Accounting Policies</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The European Equity Fund, Inc. (the &quot;Fund&quot;) 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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Security Valuation.</B></FONT><FONT STYLE="font-size: 12pt">
The Fund calculates its net asset value (&quot;NAV&quot;) per share for publication at the close of regular trading on Deutsche
B&ouml;rse XETRA, normally 11:30 a.m., New York time. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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&nbsp;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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Investments in open-end investment companies are valued and
traded at their NAV each business day and are categorized as Level 1.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Disclosure about the classification of the fair value measurements
is included in a table following the Fund's Schedule of Investments.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Securities Transactions and
Investment Income.</B></FONT><FONT STYLE="font-size: 12pt"> 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></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Securities Lending.</B></FONT><FONT STYLE="font-size: 12pt">
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. During the
period ended June&nbsp;30, 2016, the Fund invested the cash collateral in Daily Assets Fund, an affiliated money market fund managed
by Deutsche Investment Management Americas Inc. Deutsche Investment Management Americas Inc. receives a management/administration
fee (0.08% annualized effective rate as of June 30, 2016) on the cash collateral invested in Daily Assets 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 at any time and the borrower,
after notice, is required to return borrowed securities within a standard time period.. 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></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund had no securities on loan at June 30, 2016.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Foreign Currency Translation.</B></FONT><FONT STYLE="font-size: 12pt">
The books and records of the Fund are maintained in United States dollars. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Assets and liabilities denominated in foreign currency are
translated into United States dollars at the prevailing exchange rates at period end. 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. The 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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">At June 30, 2016, the exchange rate was EUR &euro;1.00 to
USD $1.11.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Contingencies.</B></FONT><FONT STYLE="font-size: 12pt">
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></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Taxes.</B></FONT><FONT STYLE="font-size: 12pt">
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></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">At December 31, 2015, 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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">In addition, from November 1, 2015 through December 31, 2015,
the Fund elects to defer qualified late year losses of approximately $2,968,000 of net short-term realized capital losses and treat
them as arising in the fiscal year ending December 31, 2016.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund has reviewed the tax positions for the open tax years
as of December 31, 2015 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.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Dividends and Distributions
to Shareholders</B></FONT><FONT STYLE="font-size: 12pt"> 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 currency 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></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The tax character of current year distributions will be determined
at the end of the current fiscal year.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>B. Investment Advisory and
Administration Agreements</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund is party to an Investment Advisory Agreement with
Deutsche Asset Management International GmbH (&quot;Deutsche AM International GmbH&quot;). The Fund also has an Administration
Agreement with Deutsche Investment Management Americas Inc. (&quot;DIMA&quot;). Deutsche AM International GmbH and DIMA are affiliated
companies.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Under the Investment Advisory Agreement with Deutsche AM International
GmbH, Deutsche AM International GmbH directs the investments of the Fund in accordance with its investment objectives, policies
and restrictions. Deutsche AM International GmbH determines the securities, instruments and other contracts relating to investments
to be purchased, sold or entered into by the Fund.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Investment Advisory Agreement provides Deutsche AM International
GmbH 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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Accordingly, for the six months ended June 30, 2016, the fee
pursuant to the Investment Advisory Agreement was equivalent to an annualized rate of 0.77% of the Fund's average daily net assets.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>C. Transactions with Affiliates</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche AM Service Company (&quot;DSC&quot;), 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. (&quot;DST&quot;), 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, 2016, the amount charged to the Fund by DSC aggregated $10,560, of which $2,383 is unpaid.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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, 2016, the amount charged to the
Fund by DIMA included in the Statements of Operations under &quot;Reports to shareholders&quot; aggregated $5,884, of which $5,523
is unpaid.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Bank AG, the German parent of DIMA and Deutsche AM
International GmbH, 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, 2016, Deutsche Bank did not receive brokerage commissions.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Certain Officers of the Fund are also officers of DIMA or
Deutsche AM International GmbH.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund pays each Director who is not an &quot;interested
person&quot; of DIMA or Deutsche AM International GmbH retainer fees plus specified amounts for attended board and committee meetings.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Fund may invest cash balances in Deutsche Central Cash
Management Government Fund, which is managed by DIMA. The Fund indirectly bears its proportionate share of the expenses of Deutsche
Central Cash Management Government Fund. Deutsche Central Cash Management Government Fund does not pay DIMA an investment management
fee. Deutsche Central Cash Management Government Fund seeks maximum current income to the extent consistent with stability of principal.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>D. Portfolio Securities</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Purchases and sales of investment securities, excluding short-term
investments, for the six months ended June 30, 2016 were $30,175,290 and $31,689,151, respectively.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>E. Capital</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the six months ended June 30, 2016 and the year ended
December&nbsp;31, 2015, the Fund purchased 149,000 and 131,473 of its shares of common stock on the open market at a total cost
of $1,159,719 and $1,102,656 ($7.78 and $8.39 average per share), respectively. The average discount of these purchased shares
comparing the purchased price to the NAV at the time of purchase was 11.71% and 10.37%, respectively.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the the year ended December 31, 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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">During the year ended December&nbsp;31, 2015, the Fund issued
for dividend reinvestment 31,616 shares. The average discount of these issued shares comparing the issue price to the NAV at the
time of issuance was 9.94%.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>F. Share Repurchases and Tender
Offers</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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 260,755 shares between August 1, 2014 and July 31, 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. The Fund repurchased 228,011
shares between August 1, 2015 and June 30, 2016. On July 25, 2016, the Fund announced that the Board of Directors approved an extension
of the current repurchase authorization permitting the Fund to repurchase up to 847,000 shares during the period August 1, 2016
through July 31, 2017.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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 will reduce the spread between the
market price of the Fund's shares referred to below and its NAV per share.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Monthly updates concerning the Fund's repurchase program are
available on its Web site at deutschefunds.com.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #00128D"><B>G. Concentration of Ownership</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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, 2016, there were three shareholders that held approximately 15%, 7% and 6%, respectively,
of the outstanding shares of the Fund.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Report
of Annual Meeting</B></FONT><BR>
<FONT STYLE="font-size: 13.5pt; color: #00128D"><B>of Stockholders </B></FONT><B><FONT STYLE="font-size: 10pt; color: #00128D">(Unaudited)</FONT></B><FONT STYLE="font-size: 12pt">
</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The Annual Meeting of Stockholders (the &quot;Meeting&quot;)
of The European Equity Fund, Inc. was held on June 30, 2016. At the close of business on May 17, 2016, the record date for the
determination of stockholders entitled to vote at the Meeting, there were issued and outstanding 8,514,200 shares of the Fund&rsquo;s
common stock, each share being entitled to one vote, constituting all of the Fund&rsquo;s outstanding voting securities. At the
Meeting, the holders of 7,089,885 shares of the Fund&rsquo;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:</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">1. To elect two (2) Class II Directors, each to serve for
a term of three years and until his successor is elected and qualifies.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of Votes:</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 2.5pt 2.9pt 10pt">&nbsp;</TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Withheld</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Ambassador Richard R. Burt</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">4,863,230</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">2,226,654</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Mr. Joachim Wagner</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,889,571</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">200,314</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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, 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of Votes:</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Against</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Abstain</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">6,897,969</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">81,555</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">151,607</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">3. To adopt Articles of Amendment to the Fund&rsquo;s charter
to eliminate the classification of the Board of Directors.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Number of Votes:</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Against</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Abstain</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">3,369,553</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">654,061</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">196,402</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">The adoption of the Articles of Amendment to the Fund&rsquo;s
charter required the affirmative vote of shareholders entitled to vote more than 50% of the 8,514,200 shares of the Fund&rsquo;s
common stock interest entitled to be cast on the matter (e.g., more than 4,257,100 shares).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">As the proposal to adopt the Articles of Amendment to the
Fund&rsquo;s charter was not approved, the Board will continue to operate under its classified structure.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Additional
Information</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Automated Information Lines</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>Deutsche AM Closed-End Fund Info Line </B></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 349-4281</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Web Site</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>deutschefunds.com</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Obtain fact sheets, financial
        reports, press releases and webcasts when available.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Written Correspondence</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Deutsche Asset Management</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Attn: Secretary of the Deutsche
        Funds</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">One Beacon Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02108</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Legal Counsel</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Sullivan &amp; Cromwell LLP</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">125 Broad Street</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">New York, NY 10004</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>DST Systems, Inc.</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">333 W. 11th Street, 5th Floor</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64105</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Deutsche AM Service Company</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 219066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64121-9066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>(800) 294-4366</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Custodian</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>Brown Brothers Harriman &amp;
        Company</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">50 Post Office Square</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02110</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt"><B>PricewaterhouseCoopers LLP</B></FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">101 Seaport Boulevard, Suite
        500</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Boston, MA 02210</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Proxy Voting</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 &mdash; deutschefunds.com or on the SEC's web site &mdash; sec.gov. To obtain a written copy of the Fund's policies and procedures without charge, upon request, call us toll free at (800)&nbsp;349-4281.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Portfolio Holdings</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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)&nbsp;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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Investment Management</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Asset Management International GmbH (&quot;Deutsche
        AM International GmbH&quot; or the&nbsp;&quot;Advisor&quot;), which is part of Deutsche Asset Management, is the investment advisor
        for the fund. Deutsche AM International GmbH provides a full range of investment advisory services to both institutional and retail
        clients.</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche AM International GmbH
        is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in&nbsp;a&nbsp;wide
        variety of financial services, including investment management, retail, private and commercial banking, investment banking and
        insurance.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Deutsche Asset Management is the retail brand name in&nbsp;the
        U.S. for the asset management activities of Deutsche Bank AG and Deutsche AM International GmbH. Deutsche Asset Management is committed
        to delivering the investing expertise, insight and resources of this global investment platform to American investors.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Voluntary Cash Purchase Program and Dividend Reinvestment Plan</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The Fund offers shareholders
        a Voluntary Cash Purchase Program and Dividend Reinvestment Plan (&quot;Plan&quot;) 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 STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Deutsche AM Service Company</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">P.O. Box 219066</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Kansas City, MO 64105</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Tel.: 1-800-349-4281 (in the
        U.S.) or</FONT><BR>
        <FONT STYLE="font-size: 10pt">00-800-2287-2750 (outside of the U.S.)</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>NYSE Symbol</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">EEA</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Nasdaq Symbol</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">XEEAX</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>CUSIP Number</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">298768102</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Privacy
Notice</B></FONT><FONT STYLE="font-size: 12pt"> </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 12pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>FACTS</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 12pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>What Does Deutsche Asset Management Do With Your Personal&nbsp;Information?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Why?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>What?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">The types of personal information
        we collect and share can include:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Social Security number</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> Account
        balances</P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Purchase and transaction history</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Bank account information</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        Contact information such as mailing address, e-mail address and telephone number</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>How?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 Management chooses to share and whether you can limit this sharing. </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Reasons we can share your personal information</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 12pt; padding-bottom: 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Does Deutsche Asset Management share?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Can you limit this&nbsp;sharing?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our everyday business purposes &mdash; </B>such&nbsp;as&nbsp;to process your transactions, maintain your&nbsp;account(s), respond to court orders or legal&nbsp;investigations </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Yes</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our marketing purposes &mdash; </B>to offer our products and services to you</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Yes</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For joint marketing with other financial companies</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your transactions&nbsp;and experiences</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your creditworthiness</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>For non-affiliates to market to you</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">No</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt; text-align: center"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">We do not share</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Questions?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Call (800) 728-3337 or e-mail us at service@db.com</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding: 12pt 2.9pt 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Who we are</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Who is providing this&nbsp;notice?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Deutsche AM Distributors, Inc.; Deutsche Investment Management Americas Inc.; Deutsche AM&nbsp;Trust Company; the Deutsche Funds </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>What we do</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>How does Deutsche Asset Management protect&nbsp;my personal information?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These&nbsp;measures include computer safeguards and secured files and&nbsp;buildings.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>How does Deutsche Asset Management collect&nbsp;my personal information?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">We collect your personal information,
        for example. When you:</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        open an account</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        give us your contact information</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        provide bank account information for ACH or wire transactions</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        tell us where to send money</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        seek advice about your investments</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Why can't I limit all sharing?</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Federal law gives you the right
        to limit only</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        sharing for affiliates' everyday business purposes &mdash; information&nbsp;about your creditworthiness</FONT><FONT STYLE="font-size: 12pt">
        </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        affiliates from using your information to market to you</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt; color: #4C4C4C"><B>&mdash;</B></FONT><FONT STYLE="font-size: 10pt">
        sharing for non-affiliates to market to you</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">State laws and individual companies
        may give you additional rights to limit sharing.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #00128D"><B>Definitions</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Affiliates</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">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 (&quot;DB&quot;) name, such as DB AG Frankfurt and DB Alex Brown. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Non-affiliates</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">Companies not related by common
        ownership or control. They can be financial and non-financial companies.</FONT><FONT STYLE="font-size: 12pt"> </FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="font-size: 10pt">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 STYLE="font-size: 12pt"> </FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><B>Joint marketing</B></FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">A formal agreement between non-affiliated financial companies that&nbsp;together market financial products or services to you. Deutsche&nbsp;Asset Management does not jointly market.</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 10pt; text-align: right"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif">Rev. 08/2015</FONT><FONT STYLE="font: 12pt Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_015.jpg" ALT="eea_notes_blank0" STYLE="height: 56px; width: 403px"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-top: black 1pt solid; border-left: black 1pt solid; padding: 9pt">
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>There are three closed-end funds investing in European
        equities advised and administered by wholly owned subsidiaries of the Deutsche Bank Group:</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> The Central
        Europe, Russia and Turkey Fund, Inc. &mdash; 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).</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> The European
        Equity Fund, Inc. &mdash; 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).</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> The New
        Germany Fund, Inc. &mdash; 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).</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">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.</P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><IMG SRC="image_016.jpg" ALT="eea_backcover0" STYLE="height: 628px; width: 403px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>





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    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 370.55pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 2.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>CODE OF ETHICS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 3.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 4.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 5.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 6.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>SCHEDULE OF INVESTMENTS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 7.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 8.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 9.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; margin-left: 4.65pt; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Shares Purchased</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Average Price Paid</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">per Share</P></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Shares Purchased as</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Part of Publicly Announced Plans or Programs</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Maximum Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Shares that May Yet Be</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Purchased Under the</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">16,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">16,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">778,989</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">February 1 through February 28</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">18,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.39 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">18,400</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">760,589</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">38,665</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">38,665</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">721,924</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">32,135</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.98 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">32,135</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">689,789</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">21,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">21,300</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">668,489</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">22,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.84 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">22,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">645,989</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Total </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">149,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">149,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD COLSPAN="5" ROWSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; height: 11.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">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.&nbsp;&nbsp;Under this plan, the Fund repurchased 228,011 shares in open market transactions from August 1, 2015 to June 30, 2015.</FONT></TD>
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD COLSPAN="5" ROWSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; height: 11.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">On July 25, 2016, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 847,000 shares during the period from August 1, 2016 through July 31, 2017.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
<TR STYLE="height: 11.5pt">
    <TD STYLE="height: 15px">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 10.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New"><FONT STYLE="font-family: Times New Roman,serif">There were no material changes to the procedures by which stockholders may recommend nominees to the Fund&#8217;s Board.&nbsp;&nbsp;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.&nbsp;&nbsp;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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>ITEM 11.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><B>CONTROLS AND PROCEDURES</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-family: Times New Roman,serif; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 72.25pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 36.65pt; padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a) </TD>
    <TD STYLE="width: 333.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><BR CLEAR="ALL">
 <B>ITEM 12.</B></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt"><B>EXHIBITS</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a)(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-indent: -0.9pt">Not applicable</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-indent: -0.9pt">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.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; font-family: Times New Roman,serif; text-indent: -30.6pt">(b)&#9;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Registrant:</TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">The European Equity Fund, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">8/22/2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 148.5pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="width: 288.9pt; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Brian E. Binder</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Brian E. Binder</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">8/22/2016</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0"><U>/s/Paul Schubert</U></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Paul Schubert</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">8/22/2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">1)</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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.</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 41.4pt">&nbsp;</TD>
    <TD STYLE="width: 40.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.9pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">8/22/2016</TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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):</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">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</TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 45.9pt">&nbsp;</TD>
    <TD STYLE="width: 31.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 159.6pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 624px; margin-left: 0.9pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="width: 209.1pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">8/22/2016</TD>
    <TD STYLE="width: 262pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.05pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Brian E. Binder, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">8/22/2016</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Brian E. Binder</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Brian E. Binder</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">I, Paul Schubert, certify that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">1.</TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &#8220;Report&#8221;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 10pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">8/22/2016</TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif; text-decoration: underline"><U>/s/Paul Schubert</U></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="font: bold 14pt Times New Roman,serif; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Paul Schubert</TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-weight: bold; font-family: Verdana,sans-serif; color: #454545; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; font-family: Times New Roman,serif">Chief Financial Officer and Treasurer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;</P>


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end
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</SEC-DOCUMENT>
