<SEC-DOCUMENT>0000088053-17-001400.txt : 20170830
<SEC-HEADER>0000088053-17-001400.hdr.sgml : 20170830
<ACCEPTANCE-DATETIME>20170830155949
ACCESSION NUMBER:		0000088053-17-001400
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20170830
DATE AS OF CHANGE:		20170830
EFFECTIVENESS DATE:		20170830

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:		171060672

	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>sr63017eea.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
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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&rsquo;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">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">(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">
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    <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">12/31/2017</TD></TR>
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    <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">6/30/2017</TD></TR>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&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"><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>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_001.jpg" ALT="eea_covermask0" STYLE="height: 25px; width: 107px"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; text-align: center; color: #00128D">June 30, 2017</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><IMG SRC="image_002.jpg" ALT="eea_coversquare0" STYLE="height: 86px; width: 403px"></P>

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

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    <TD STYLE="width: 100%">
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>4</B></FONT>
        <FONT STYLE="font-size: 12pt">Letter to the Shareholders</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>16</B></FONT>
        <FONT STYLE="font-size: 12pt">Statement of Assets and Liabilities</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>17</B></FONT>
        <FONT STYLE="font-size: 12pt">Statement of Operations</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>18</B></FONT>
        <FONT STYLE="font-size: 12pt">Statements of Changes in Net Assets</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>19</B></FONT>
        <FONT STYLE="font-size: 12pt">Financial Highlights</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>20</B></FONT>
        <FONT STYLE="font-size: 12pt">Notes to Financial Statements</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>28</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: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>30</B></FONT>
        <FONT STYLE="font-size: 12pt">Additional Information</FONT></P>
        <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt; color: #00128D"><B>32</B></FONT>
        <FONT STYLE="font-size: 12pt">Privacy Notice</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund seeks long-term capital appreciation through investment
primarily in equity and equity-linked securities of issuers domiciled in Europe.</P>

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This Fund is diversified and primarily focuses its investments
in equity securities of issuers domiciled in Europe, thereby increasing its vulnerability to developments in that region. Investing
in foreign securities, particularly those of emerging markets, 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 or in a particular geographical
region will generally be more volatile than a fund that invests more broadly.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The European Union, the United States and other countries
have imposed sanctions on Russia as a result of the Russian military intervention in the Ukraine. These sanctions have adversely
affected Russian individuals, Russian issuers and the Russian economy. 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 the
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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In June 2016, citizens of the United Kingdom voted that
the United Kingdom should leave the European Union and in March 2017, the United Kingdom initiated its withdrawal from the European
Union, which is expected to take place by March 2019. 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.</P>

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

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

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

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">For its most recent semiannual period ended June 30, 2017,
the total return of The European Equity Fund Inc. (the &quot;Fund&quot;) in U.S. dollars (USD) was 16.96% based on net asset value
and 19.43% based on market price. During the same period, the total return of the Fund&rsquo;s benchmark, the MSCI Europe Index,
was 15.36%.<SUP>1</SUP> In euro terms, the MSCI Europe Index had a total return of 6.68%. The Fund&rsquo;s discount to net asset
value averaged 11.07% for the first six months of 2017, compared with 11.65% for the first six months of 2016.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Positive momentum in European equity markets from the second
half of 2016 carried well into 2017. Both the first and second quarter of 2017 showed positive returns in EUR. These returns were
substantially enhanced for USD-based investors due to the strong appreciation of the euro vs. the USD. The continuing rise in economic
leading indicators continued to offer a tailwind for equity markets. The Eurozone Purchasing Managers Index (&quot;PMI&quot;) rose
to a six-year high in February and maintained this high level in the second quarter.<SUP>2</SUP> The unemployment rate in the Eurozone
dropped to the lowest level since May 2009.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Political stress in the Eurozone receded during the first
half of 2017. On March 29, the U.K. formally triggered Article 50 to exit the European Union. In France, Emmanuel Macron won the
presidency against Marine Le Pen in May, and in the following parliamentary election, Macron&rsquo;s &quot;En Marche!&quot; won
319 of 577 seats. In the UK, Prime Minister Theresa May called for early elections, but the Conservative Party lost its majority
in the House of Commons in the election. Investors expect the election outcome to lower the chances of a &quot;hard&quot; Brexit.
At the end of June, Britain began negotiations to leave the European Union.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Markets began to discuss a less expansionary European Central
Bank (ECB) policy during the period. However, so far the ECB has pledged to keep its substantial stimulus in place until the end
of the year. The ECB upgraded its 2017 and 2018 growth and inflation forecasts and said there was no longer any urgency to take
further action to counter deflation. The ECB also signaled an end to its rate-cut cycle at its June meeting.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Europe&rsquo;s two key export markets, the United States
and China, demonstrated signs of strength. The bulk of U.S. economic data remained robust but lost momentum in the second quarter.
The ISM index dropped but remained at high levels.<SUP>3</SUP> The U.S. Federal Reserve Board (the Fed) continued its less expansionary
policy and hiked its target rate by 25 basis points successively to reach 1.25% by the end of June.<SUP>4</SUP> In China, the official
PMI rose to a five-year high and China's first-quarter GDP growth was slightly stronger than expected, at 6.9% year-over-year.
China&rsquo;s foreign reserves fell to a six-year low below $3,000bn at the beginning of the year as the pressure on the yuan continued,
but they steadily improved in line with better trade data in the following five months. Demand for European products remained high.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Following a strong fourth-quarter 2016 performance, the
first half of 2017 also delivered excellent returns but with differing sector leadership. The best sector returns came from technology
(+11%) and industrials (+10%). Companies within both sectors delivered well above-average positive surprises during earnings season.
Technology stocks are benefiting from three core trends: 1) corporate spending on big data solutions and cloud adaptation; 2) consumer
spending including a new smartphone cycle with higher ASPs (average selling price); and 3) industrial spending on the so-called
&quot;Internet of things,&quot; i.e., the intelligent communication between machines. On the other hand, energy, the leading performer
for the fourth quarter, was the only sector to post meaningful losses, with a 13% decline. This was largely due to downward pressure
on crude oil prices in&nbsp;March.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Due to the favorable earnings season, analysts&rsquo; revisions
are clearly in positive territory, which has not happened in Europe since 2010-2011. Remarkably, growth in export earnings is switching
back from U.S.-exposed stocks to emerging market-exposed stocks as the negative effect of the recessions in Brazil and Russia has
now subsided, while exports to Asia are growing. In&nbsp;addition, domestic demand is also supportive for earnings.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Given the Fund portfolio's defensive strategy, the relative
performance of the Fund held up well, with the portfolio clearly outperforming despite the continued bull market. The Fund&rsquo;s
more cyclical&nbsp;positioning paid off, despite the fact that the starting beta of the&nbsp;portfolio was only 90%.<SUP>5</SUP>
Our timely reduction of quality growth stocks&nbsp;in favor of value recovery stocks was driven by signals from our&nbsp;investment
phase model. This model analyzes which factors, such as growth, value or quality, determine the return of stocks according to a
given phase of the investment cycle.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">This also resulted in some sector shifts. Consumer discretionary
was reduced with the sale of two holdings, while health care and financials holdings were increased. In the health care sector,
the Fund&rsquo;s position in Actelion Ltd.,* a Swiss biopharmaceutical firm, was successfully acquired at a premium. We therefore
increased the Fund&rsquo;s health care holdings and added a steadily growing health care provider, Fresenius Medical Care. The
increase in the Fund&rsquo;s financials position was driven by increases in existing positions and the relative outperformance
of Fund holdings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Not held in the portfolio as of June 30, 2017.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-bottom: black 1pt solid; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Sector Diversification </B>(As a % of Equity Securities)</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6/30/17</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>12/31/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Industrials</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Financials</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Health Care</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consumer Staples</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consumer Discretionary</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Materials</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Telecommunication Services</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information Technology</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4%</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Utilities</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100%</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: 70%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ten Largest Equity Holdings at June 30, 2017 </B>(32.0%&nbsp;of Net Assets)</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Country</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Percent </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1. Heineken NV</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>2. Allianz SE</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>3. SAP SE</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>4. Merck KGaA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5. Reckitt Benckiser Group PLC</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United Kingdom</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6. Dufry AG</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Switzerland</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>7. ING Groep NV</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>8. AXA SA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9. Lagardere SCA</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10. KBC Groep NV</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Belgium</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>3.0%</B></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Portfolio holdings and characteristics are subject to change
        and not indicative of future portfolio composition.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Economic Outlook</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Given the supportive levels of lead indicators in most key
economies, it looks likely that the global economy will maintain its growth path in the second half of this year.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">In terms of market sentiment and positioning, much of the
hype surrounding global reflation and growth has receded. Judging by feedback from our numerous company meetings, we would expect
revenue momentum to continue in Europe. Operating leverage should then also lead to margin expansion. There currently still is
a large gap in profit margins in comparison to previous peak margins and to the United States. In addition, financial leverage
remains at historical lows after years of deleveraging. We may well see some releveraging in line with further ECB comments regarding
tapering.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Mergers and acquisitions deal momentum is picking up in
Europe, while in the United States it is slowing down at high levels. This new trend should not be a surprise given the fact that
European valuations, as measured by price-to-book, are at a 34% discount to U.S. levels, although the gap is beginning to close.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Market risk is expected to arise mainly from political events/developments
and the geopolitical situation (e.g., growing potential U.S. trade protectionism and unfavorable geopolitical developments).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Potential risks for the second half of the year include
the danger of U.S. protectionism, a lack of U.S. tax reform and China&rsquo;s Party Congress in October/November. The issue of
Eurozone coherence is unlikely to resurface until 2018. On the other hand, should economic activity surprise positively, overshooting
inflation and interest rates could become a risk in the United States.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: bottom"><IMG SRC="image_003.jpg" ALT="eea_TEAM150" STYLE="height: 56px; width: 103px"></TD>
    <TD STYLE="vertical-align: bottom"><IMG SRC="image_004.jpg" ALT="eea_TEAM151" STYLE="height: 56px; width: 125px"></TD>
    <TD><IMG SRC="image_005.jpg" ALT="eea_TEAM152" 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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Christian Strenger<BR>
        Chairman</P>
        <P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 35%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Gerd Kirsten</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Portfolio Manager</FONT></TD>
    <TD STYLE="width: 34%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Brian Binder</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">President and Chief</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Executive Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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. Index returns assume reinvested dividends and the index does not reflect any fees
or expenses. It is not possible to invest directly in an index.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>2</SUP> Maintained by the Institute for Supply Management
(ISM), the PMI is a composite of information extracted from responses to surveys from more than 400 purchasing managers selected
for their geographic and industry diversification. The survey measures responses to topics such as production levels, new orders
from customers, supplier deliveries, inventories and employment levels.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>3 </SUP>The Institute of Supply Management (ISM) Manufacturing
Index tracks U.S. manufacturing activity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>4</SUP> A basis point is equal to one hundredth of
a percentage point and is often used to illustrate differences and changes in fixed-income yields.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>5</SUP> Beta measures a security&rsquo;s sensitivity
to the movements of the fund&rsquo;s benchmark or the market as a whole.</P>

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

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

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

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT> <FONT STYLE="font-size: 12pt">Is
Europe still trading at a value discount to the United States after the recent period of outperformance?</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT> <FONT STYLE="font-size: 12pt">Yes,
on a number of accounts. First of all, current price/earnings ratios with 12-month forward expected earnings are 14.9x for Europe
versus 17.5x for the United States.<SUP>1</SUP> Using a more long-term measure, price-to-book, the historical average discount
for Europe has been 18% over the last 20 years. Now, it is still over 30%. Finally, while in the United States corporate bond yields
exceed dividend yields, in Europe dividend yields on equities have now grown to a&nbsp;historically large gap over comparable corporate
bond yields.<SUP>2</SUP> This is especially true for the Eurozone, where corporate bond yields are down to&nbsp;1.2%, while the
average dividend yield is 3.6%.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT> <FONT STYLE="font-size: 12pt">Do
you see risks to European earnings growth due to the recent largely unexpected rise of the euro?</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT> <FONT STYLE="font-size: 12pt">No,
not at this point. The rise of the euro versus the U.S. dollar in the first half of 2017 was not caused by interest rate policies,
as the relative tightening of the Fed versus the ECB should have kept a strong USD. The strength of the euro can therefore be explained
by a renewed confidence of global investors in the recovery of Europe. Strong inflows into European equity funds support this.
For the first time in years, earnings growth in Europe could exceed that of the United States. While the windfall for European
exporters from a weaker euro is now gone, they can operate with healthy profit margins at these levels, which are still at the
lower end of historical ranges.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Question:</B></FONT> <FONT STYLE="font-size: 12pt">From
which sectors in Europe will earnings growth come in this&nbsp;year?</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Answer:</B></FONT> <FONT STYLE="font-size: 12pt">It
is a healthy mix of sectors. Some are rebounding from depressed 2016 levels, like energy and mining; some are steadily recovering,
like banks and capital goods; and others are continuing their growth path, like pharmaceuticals and foods and beverages. We had
increased positions in industrials and financials already in the second half of 2016 and at the beginning of this year, in order
to benefit from these earning trends.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>1</SUP> Price-to-earnings ratio is a formula that compares
a company&rsquo;s current share price with its per-share earnings.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>2</SUP> The yield of an investment is the expected
income return derived from accrued interest or dividends. Yield is expressed as an annual percentage rate.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Performance
Summary </B></FONT><B><FONT STYLE="font-size: 10pt">June 30, 2017 (Unaudited)</FONT></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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 most recent performance of the
Fund.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Fund specific data and performance are provided for information
purposes only and are not intended for trading purposes.</B></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: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Average Annual Total Returns </B>as of 6/30/17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>6-Month<SUP>&Dagger;</SUP></B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>1-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>5-Year</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>10-Year</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>16.96%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>18.85%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.54%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.49)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market Price<SUP>(a)</SUP></B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19.43%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>19.79%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>9.97%</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>(0.73)%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MSCI Europe Index<SUP>(b)</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.36%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.11%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.82%</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.62%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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, 2017 was 1.48%.</P>

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>&Dagger;</SUP> Total returns shown for periods less
than one year are not annualized.</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: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value and Market Price</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 6/30/17</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>As of 12/31/16</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net Asset Value</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 10.19</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 8.76</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Market Price</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 9.17</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 7.72</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Prices and Net Asset Value fluctuate and are not guaranteed.</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: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Distribution Information</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; padding: 4pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Per Share</B></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Six Months as of 6/30/17:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ .05</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capital Gains</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions are historical, not guaranteed and will fluctuate.
Distributions do not include return of capital or other non-income sources.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><FONT STYLE="font-size: 13.5pt"><B>Schedule
of Investments </B></FONT><B><BR>
<FONT STYLE="font-size: 10pt">as of June 30, 2017 (Unaudited)</FONT></B></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: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; 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: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Common Stocks 98.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Germany 24.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Aerospace &amp; Defense 2.8% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">MTU Aero Engines AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,253,035</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Capital Markets 2.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Deutsche Boerse AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">19,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,002,168</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Chemicals 2.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">LANXESS AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">22,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,662,845</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Construction &amp; Engineering 2.7% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">HOCHTIEF AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">12,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,194,657</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Health Care Providers &amp; Services 2.9% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Fresenius SE &amp; Co KGaA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">28,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,396,336</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Insurance 3.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Allianz SE (Registered)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">14,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,751,987</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Internet &amp; Direct Marketing Retail 2.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Zalando SE 144A*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">36,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,642,298</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Pharmaceuticals 3.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Merck KGaA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">22,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,652,675</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Software 3.3% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SAP SE</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">26,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,711,054</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Germany</B> (Cost $15,919,037)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>20,267,055</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Netherlands 13.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 3.1% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ING Groep NV</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">150,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,582,553</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Beverages 3.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Heineken NV</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">29,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,814,892</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Oil, Gas &amp; Consumable Fuels 2.7% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Royal Dutch Shell PLC &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">82,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,196,596</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Semiconductors &amp; Semiconductor Equipment 1.8% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">ASML Holding NV</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11,500</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,496,113</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Specialty Retail 2.5% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">GrandVision NV 144A</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">76,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,032,064</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Netherlands</B> (Cost $9,569,127)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>11,122,218</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Switzerland 13.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Building Products 2.3% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Geberit AG (Registered)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">4,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,867,223</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Capital Markets 2.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Partners Group Holding AG</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,841</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,763,021</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Life Sciences Tools &amp; Services 3.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lonza Group AG (Registered)*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">11,400</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,466,827</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Metals &amp; Mining 2.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Glencore PLC*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">530,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,976,981</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Specialty Retail 3.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dufry AG (Registered)*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,623,800</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Switzerland</B> (Cost $8,189,896)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>10,697,852</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>France 12.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Commercial Services &amp; Supplies 1.9% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Edenred</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">60,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,561,846</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Construction &amp; Engineering 2.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vinci SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">20,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,704,143</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Health Care Equipment &amp; Supplies 2.3% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Essilor International SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">15,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,905,274</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Insurance 3.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AXA SA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">93,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,539,625</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Media 3.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Lagardere SCA</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">80,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,522,122</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total France</B> (Cost $8,157,938)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>10,233,010</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>United Kingdom 10.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Aerospace &amp; Defense 1.9% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">BAE Systems PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">188,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,546,845</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Energy Equipment &amp; Services 0.9% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">TechnipFMC PLC*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">27,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>730,999</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Household Products 3.2% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Reckitt Benckiser Group PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">26,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,628,564</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Trading Companies &amp; Distributors 2.1% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ashtead Group PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">86,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,774,862</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Wireless Telecommunication Services 2.4% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Vodafone Group PLC</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">700,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,979,696</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total United Kingdom</B> (Cost $8,500,502)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>8,660,966</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 1pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Sweden 9.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Commercial Services &amp; Supplies 3.0% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Securitas AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">147,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,473,868</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Household Products 2.5% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Essity AB &quot;B&quot;*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">74,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,021,498</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Machinery 3.6% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">SKF AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">105,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,124,191</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Volvo AB &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">50,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">850,933</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 2.5pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,975,124</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Sweden</B> (Cost $6,244,289)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>7,470,490</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Denmark 5.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Chemicals 1.4% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Chr Hansen Holding A/S</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,161,945</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Marine 2.9% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">AP Moller &mdash; Maersk A/S &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">1,200</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,409,166</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Pharmaceuticals 1.0% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Novo Nordisk A/S &quot;B&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">19,241</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>822,747</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Denmark</B> (Cost $3,717,203)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>4,393,858</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Ireland 4.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Airlines 1.8% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Ryanair Holdings PLC*</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">71,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>1,457,176</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Food Products 2.5% </B></FONT></TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding: 5pt 2.9pt 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Kerry Group PLC &quot;A&quot;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">24,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,063,032</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Ireland</B> (Cost $3,043,390)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>3,520,208</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Belgium 3.0%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Banks 3.0% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">KBC Groep NV <B>(</B>Cost $1,908,100)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">33,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,498,782</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 3pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Italy 2.8%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Diversified Telecommunication Services 2.8% </B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Telecom Italia SpA* (Cost $2,111,308)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">2,500,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2,303,204</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Total Common Stocks</B> (Cost $67,360,790)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>81,167,643</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding: 9pt 2.9pt 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt; color: #00128D"><B>Cash Equivalents 0.7%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Deutsche Central Cash Management Government Fund, 1.02% (Cost&nbsp;$598,015) (a)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">598,015</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>598,015</B></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: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>% of Net Assets</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investment Portfolio</B> (Cost&nbsp;$67,958,805)**</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99.4</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>81,765,658</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">0.6</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>468,886</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>82,234,544</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">* Non-income producing security.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">** The cost for federal income tax purposes was $68,219,600.
At June 30, 2017, net unrealized appreciation for all securities based on tax cost was $13,546,058. This consisted of aggregate
gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $15,354,966 and aggregate
gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,808,908.</P>

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

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

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

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

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

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following is a summary of the inputs used as of June
30, 2017 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 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Assets</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="padding: 9pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="border-top: black 1pt solid; padding-right: 2.9pt; padding-bottom: 8pt; 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: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Common Stocks (b)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Germany</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 20,267,055</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ &mdash;</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 20,267,055</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Netherlands</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,122,218</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,122,218</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Switzerland</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,697,852</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,697,852</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">France</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,233,010</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,233,010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">United Kingdom</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,660,966</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,660,966</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Sweden</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,470,490</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,470,490</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Denmark</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,393,858</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,393,858</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Ireland</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,520,208</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3,520,208</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Belgium</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,498,782</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,498,782</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Italy</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,303,204</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2,303,204</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Short-Term Instruments (b)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">598,015</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">598,015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 81,765,658</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ &mdash;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 81,765,658</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There have been no transfers between fair value measurement
levels during the period ended June 30, 2017.</P>

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

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

<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Assets and Liabilities</B></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: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">as of June 30, 2017 (Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 80%; border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investments in non-affiliated securities, at value (cost $67,360,790)</FONT></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">$ 81,167,643</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment in Deutsche Central Cash Management Government Fund (cost&nbsp;$598,015)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">598,015</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total investments, at value (cost $67,958,805)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">81,765,658</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Foreign currency, at value (cost $325,799)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">332,718</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Cash</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">5,085</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Dividends receivable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">106,245</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Foreign taxes recoverable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">226,936</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Other assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">23,087</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total assets</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">82,459,729</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Liabilities</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Investment advisory fee payable</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">51,652</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">31,649</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Payable for Fund shares repurchased</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">16,574</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Administration fee payable </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">13,584</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accrued expenses and other liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">111,726</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Total liabilities</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">225,185</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 82,234,544</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Assets Consist of</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Undistributed net investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">730,696</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Accumulated net realized loss on investments and foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">(25,233,613)</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net unrealized appreciation (depreciation) on:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13,806,853</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9,591</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Paid-in capital</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92,921,017</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net assets</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 82,234,544</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net Asset Value</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net assets value</B> per share ($82,234,544</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt">&nbsp;&divide;&nbsp;</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,072,500 shares of common stock issued&nbsp;and&nbsp;outstanding, $.001 par value, 80,000,000 shares authorized)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 10.19</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the financial
statements.</P>

<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statement of Operations</B></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: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">for the six months ended June 30, 2017 (Unaudited)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net Investment Income</B></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Income:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Dividends (net of foreign withholding taxes of $150,273)</P></TD>
    <TD STYLE="width: 19%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 1,291,852</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income distributions &mdash; Deutsche Central Cash Management Government Fund</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,443</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Securities lending income, net&nbsp;of borrower rebates</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,292</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total investment income</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,307,587</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Expenses:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investment advisory fee</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">291,614</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Administration fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">76,234</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Custody and accounting fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,312</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Services to shareholders</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,127</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reports to shareholders and shareholder meeting expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,640</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Directors' fees and expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,770</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,025</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Audit and tax fees</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,445</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NYSE listing fee</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,134</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Insurance</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7,964</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Miscellaneous</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14,817</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net expenses</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">566,082</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net investment income</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>741,505</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Realized and Unrealized Gain (Loss)</B></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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net realized gain (loss) from:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">993,861</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,308</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments by affiliates (see Note H)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,016,584</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Change in net unrealized appreciation (depreciation) on:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Investments</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,027,468</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Foreign currency </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,887</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,054,355</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net gain (loss) </B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>11,070,939</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net increase (decrease) in net assets resulting from operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 11,812,444</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the financial
statements.</P>

<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Statements of Changes in Net Assets</B></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 8pt; height: 13.8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Increase (Decrease) in Net Assets</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 8pt; height: 13.8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Six Months Ended June&nbsp;30,&nbsp;2017 (Unaudited)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: bottom; width: 19%; padding: 9pt 2.9pt 8pt; height: 13.8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Year Ended December&nbsp;31, 2016</B></FONT></TD>
    <TD STYLE="height: 18px">&nbsp;</TD></TR>
<TR STYLE="height: 20.4pt">
    <TD STYLE="height: 27px">&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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Operations:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income (loss)</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 741,505</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ 895,703</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized gain (loss)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,016,584</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4,209,129)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Change in net unrealized appreciation (depreciation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,054,355</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,628,842</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net increase (decrease) in net assets resulting from operations</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11,812,444</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,684,584)</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Distributions to shareholders from:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(408,020)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(624,500)</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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Capital share transactions:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Shares repurchased</P></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1,225,564)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3,169,561)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total increase (decrease) in net assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10,178,860</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(5,478,645)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at beginning of period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,055,684</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,534,329</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at end of period (including undistributed net&nbsp;investment income of $730,696 and $397,211 as&nbsp;of June 30, 2017 and December 31, 2016, respectively)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 82,234,544</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 72,055,684</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Other Information</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares outstanding at beginning of period</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,223,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 2.5pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,631,200</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares repurchased</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(150,500)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(408,200)</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shares outstanding at end of period </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,072,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8,223,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The accompanying notes are an integral part of the financial
statements.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="padding-bottom: 8pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" ROWSPAN="2" STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Six Months Ended 6/30/17 (Unaudited)</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-bottom: 8pt; text-align: center"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Years Ended December 31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2016</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2015</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2014</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>2012</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Per Share Operating Performance</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>Net asset value, beginning of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 8.76</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 8.98</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 9.32</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 9.79</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 7.83</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>$ 6.74</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Income (loss) from investment operations:</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income (loss)<SUP>a</SUP></P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.09</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.11</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.09</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.09</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.10</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net realized and unrealized gain&nbsp;(loss) on investments and foreign currency</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.37</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.30)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.28)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.50)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.84</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total from investment operations</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.46</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.19)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.41)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.94</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.35</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><I>Less distributions from:</I></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Net investment income</P></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.05)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.08)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.17)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.11)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.29)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accretion resulting from tender&nbsp;offer</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.01</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.01</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dilution in net asset value from dividend reinvestment</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>***</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>***</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.01)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.00)<SUP>***</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Increase resulting from share repurchases</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.02</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.05</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.01</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.05</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.03</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.02</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Net asset value, end of&nbsp;period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 10.19</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.76</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.98</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 9.32</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 9.79</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 7.83</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Market value, end of period</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 9.17</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 7.72</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.06</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.23</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 8.94</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>$ 7.03</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Total Investment Return for the Period<SUP>b</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based upon market value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.43<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.31)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(.03)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(6.83)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.17</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Based upon net asset value&nbsp;(%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.96<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.52)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1.65)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3.65)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.03</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding: 9pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Ratios to Average Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Total expenses (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.48<SUP>*</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.54</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.60</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.59</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.61</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.79</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net investment income (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.96<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.21</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.98</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.95</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.14</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.59</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Portfolio turnover (%)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23<SUP>**</SUP></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 2.1pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Net assets at end of period ($&nbsp;thousands)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">82,235</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72,056</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,534</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85,650</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94,468</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.1pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77,511</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="border-top: black 1pt solid; padding-top: 6pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>a</SUP> Based on average shares outstanding during
        the period.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><SUP>* </SUP>Annualized <SUP>**</SUP> Not annualized <SUP>***</SUP>
        Amount is less than $.005 per share.</P></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 26%">&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: 11%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 13.5pt; color: #00128D"><B>Notes
to Financial Statements </B></FONT><B><FONT STYLE="font-size: 10pt">(Unaudited)</FONT></B></P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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: 0pt 0 12pt">The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America (&quot;U.S.&nbsp;GAAP&quot;) 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 Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S.
GAAP. 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: 0pt 0 12pt"><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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt"><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: 0pt 0 12pt"><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 its securities lending agreement. During the term of the loans, the Fund continues to receive 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 securities lending agreement. During
the six months ended June 30, 2017, the Fund invested the cash collateral into a joint trading account in affiliated money market
funds including Deutsche Government &amp; Agency Securities Portfolio, managed by Deutsche Investment Management Americas Inc.
Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of June
30, 2017) on the cash collateral invested in Deutsche Government &amp; Agency Securities Portfolio. 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: 0pt 0 12pt">The Fund had no securities on loan at June 30, 2017.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt">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: 0pt 0 12pt">At June 30, 2017, the exchange rate was EUR &euro;1.00 to
USD $1.14.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt"><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: 0pt 0 12pt">Additionally, the Fund may be subject to taxes imposed by
the governments of countries in which it invests. Such taxes 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: 0pt 0 12pt">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: 0pt 0 12pt">At December 31, 2016, 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: 0pt 0 12pt">At December 31, 2016, the Fund had a net tax basis capital
loss carryforward of approximately $6,887,000, which may be applied against realized net taxable capital gains indefinitely, including
short-term losses ($4,482,000) and long-term losses ($2,405,000).</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Fund has reviewed the tax positions for the open tax
years as of December 31, 2016 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: 0pt 0 12pt"><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, 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: 0pt 0 12pt">The tax character of current year distributions will be
determined at the end of the current fiscal year.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 10pt"><B>Options.</B></FONT> <FONT STYLE="font-size: 12pt">An
option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium,
the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within
a specified period of time. Certain options, including options on indices and interest rate options, will require cash settlement
by the Fund if exercised. For the six months ended June 30, 2017, the Fund entered into options for hedging purposes. </FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">If the Fund writes a covered call option, the Fund foregoes,
in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying
security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the value of the underlying
security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet
the terms of their contracts. The Fund's maximum exposure to purchased options is limited to the premium initially paid. In addition,
certain risks may arise upon entering into option contracts, including the risk that an illiquid secondary market will limit the
Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract
may not correlate exactly with changes in the value of the securities hedged.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">There were no open option contracts as of June 30, 2017.
For the six months ended June 30, 2017, the investment in purchased option contracts had a total value generally indicative of
a range from $0 to approximately $160,000.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The following table summarizes the amount of realized gains
and losses on derivative instruments recognized in the Fund's earnings during the six months ended June 30, 2017, and the related
location in the accompanying Statement of Operations is summarized in the following table by primary underlying risk exposure:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 83%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Realized Gain (Loss)</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Purchased Options</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Equity Contracts (a) </FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">$ (229,319)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding-top: 6pt; padding-right: 2.9pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The above derivatives are located in the following Statement
        of Operations account:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">(a) Net realized gain (loss) from investments (includes
        purchased options)</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>B. Investment Advisory and Administration
Agreements</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">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: 0pt 0 12pt">Accordingly, for the six months ended June 30, 2017, the
fee pursuant to the Investment Advisory Agreement was equivalent to an annualized rate of 0.76% of the Fund's average daily net
assets.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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
functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended
June 30, 2017, the amount charged to the Fund by DSC aggregated $6,000, of which $1,000 is unpaid.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, 2017, the amount charged to the
Fund by DIMA included in the Statement of Operations under &quot;Reports to shareholders&quot; aggregated $5,611,all of which is
unpaid.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, 2017, Deutsche Bank did not receive brokerage commissions.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Purchases and sales of investment securities, excluding
short-term investments, for the six months ended June 30, 2017 were $17,726,949 and $18,658,436, respectively.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the six months ended June 30, 2017 and the year ended
December 31, 2016, the Fund purchased 150,500 and 408,200 of its shares of common stock on the open market at a total cost of $1,225,564
and $3,169,561 ($8.14 and $7.76 average per share), respectively. The average discount of these purchased shares comparing the
purchased price to the NAV at the time of purchase was 11.48% and 11.80%, respectively.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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 248,011 shares between August 1, 2015 and July 31, 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. The Fund repurchased
389,700 shares between August 1, 2016 and June&nbsp;30,&nbsp;2017. On July 31, 2017, the Fund announced that the Board of Directors
approved an extension of the current repurchase authorization permitting the Fund to repurchase up to 404,000 shares during the
period August 1, 2017 through July 31, 2018.</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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, 2017, there were three shareholders that held approximately 18%, 6% and 6%,
respectively, of the outstanding shares of the Fund.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>H. Payments by Affiliates</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">During the period ended June 30, 2017, the Advisor agreed
to reimburse the Fund $415 for losses incurred on trades executed incorrectly. The amount reimbursed was less than 0.01% of the
Fund's average net assets, thus having no impact on the Fund's total return.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>I. Change in Investment Objective and
Related Fundamental Investment Policy of the Fund</B></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">At the Annual Meeting of Stockholders initially called to
order and adjourned on June 27, 2017 and reconvened on June 30, 2017, stockholders voted to approve a proposal to change to the
Fund's investment objective from seeking &quot;long-term capital appreciation through investment primarily in equity or equity-linked
securities of issuers domiciled in countries that are members of the European Union&quot; to seeking &quot;long-term capital appreciation
through investment primarily in equity or equity-linked securities of issuers domiciled in countries in Europe;&quot; and to make
corresponding changes to the Fund's related fundamental investment policy to provide that, &quot;under normal circumstances, at
least 80% of the Fund's net assets (plus any assets funded with leverage) will be invested in equity or equity-linked securities
of issuers domiciled in countries in Europe.&quot;</P>

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

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The Annual Meeting of Stockholders (the &quot;Meeting&quot;)
of The European Equity Fund, Inc. was held on June 27, 2017. The Meeting was adjourned until, and reconvened on, June 30, 2017
to permit the solicitation of additional votes with respect to a proposal. At the close of business on May 15, 2017, the record
date for the determination of stockholders entitled to vote at the Meeting, there were issued and outstanding 8,079,560 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 6,074,727 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: 0pt 0 12pt">1. To elect three (3) Class III 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: 8pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Votes:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 2.5pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Withheld</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Mr. Christian H. Strenger</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,431,503</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">643,225</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dr. Wolfgang Leoni</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,467,746</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">606,982</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dr. Kenneth C. Froewiss</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,463,468</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">611,260</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">2. To elect one (1) Class II Director, to serve for a term
of two 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: 8pt; padding-left: 2.9pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-bottom: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Votes:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; padding: 2.5pt 2.9pt 8pt">&nbsp;</TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Withheld</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dr. Christopher Pleister</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5,467,661</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">607,067</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">3. 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, 2017.</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: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Votes:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Abstain</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6,047,927</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,258</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45,242</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">4. To change the Fund&rsquo;s investment objective from
seeking &quot;long-term capital appreciation through investment primarily in equity or equity-linked securities of issuers domiciled
in countries that are members of the European Union&quot; to seeking &quot;long-term capital appreciation through investment primarily
in equity or equity-linked securities of issuers domiciled in Europe;&quot; and to change the Fund&rsquo;s corresponding fundamental
investment policy to provide that,&quot; Under normal circumstances, at least 80% of the Fund's net assets (plus any assets funded
with leverage) will be invested in equity or equity-linked securities of issuers domiciled in Europe.&quot;</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: 8pt; padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Number of Votes:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Against</B></FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Abstain</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4,133,777</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">566,052</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 2.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40,842</FONT></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Additional Information</B></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: 8pt; 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 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Automated Information Lines</B></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: 0pt 0 12pt"><B>Deutsche AM Closed-End Fund Info Line </B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 349-4281</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Web Site</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>deutschefunds.com</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Obtain fact sheets, financial reports, press releases and
        webcasts when available.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Written Correspondence</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche Asset Management</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Attn: Secretary of the Deutsche Funds</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">One Beacon Street</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02108</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Legal Counsel</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Sullivan &amp; Cromwell LLP</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">125 Broad Street</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">New York, NY 10004</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Dividend Reinvestment Plan&nbsp;Agent</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>DST Systems, Inc.</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">333 W. 11th Street, 5th Floor</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Shareholder Service Agent and Transfer Agent</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Deutsche AM Service Company</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64121-9066</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>(800) 294-4366</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Custodian</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>Brown Brothers Harriman &amp; Company</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">50 Post Office Square</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02110</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Independent Registered Public Accounting Firm</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><B>PricewaterhouseCoopers LLP</B></P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">101 Seaport Boulevard, Suite 500</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Boston, MA 02210</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Proxy Voting</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 most recent 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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Portfolio Holdings</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Investment Management</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Voluntary Cash Purchase Program and Dividend Reinvestment Plan</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 2pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Deutsche AM Service Company</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">P.O. Box 219066</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Kansas City, MO 64105</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Tel.: 1-800-349-4281 (in the U.S.) or<BR>
        00-800-2287-2750 (outside of the U.S.)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>NYSE Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EEA</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Nasdaq Symbol</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">XEEAX</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>CUSIP Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 4.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298768102</FONT></TD></TR>
</TABLE>
<P STYLE="font: 13.5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt; color: #00128D"><B>Privacy Notice</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 12pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>FACTS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding: 12pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black"><B>What Does Deutsche Asset Management Do With Your Personal&nbsp;Information?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Why?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>What?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">The types of personal information we collect and share can
        include:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> Social
        Security number</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> Account
        balances</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> Purchase
        and transaction history</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> Bank
        account information</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> Contact
        information such as mailing address, e-mail address and telephone number</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>How?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Reasons we can share your personal information</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding-top: 12pt; padding-bottom: 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Does Deutsche Asset Management share?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Can you limit this&nbsp;sharing?</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><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 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our marketing purposes &mdash; </B>to offer our products and services to you</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For joint marketing with other financial companies</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your transactions&nbsp;and experiences</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For our affiliates' everyday business purposes&nbsp;&mdash; </B>information about your creditworthiness</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>For non-affiliates to market to you</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We do not share</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Questions?</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Call (800) 728-3337 or e-mail us at service@db.com</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 8pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Who we are</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Who is providing this&nbsp;notice?</B></FONT></TD>
    <TD STYLE="width: 74%; border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deutsche AM Distributors, Inc; Deutsche Investment Management Americas Inc.; Deutsche AM Investor Services, Inc.; Deutsche AM 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 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>What we do</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>How does Deutsche Asset Management protect&nbsp;my personal information?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>How does Deutsche Asset Management collect&nbsp;my personal information?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">We collect your personal information, for example, when
        you:</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> open
        an account</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> give
        us your contact information</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> provide
        bank account information for ACH or wire transactions</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> tell
        us where to send money</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> seek
        advice about your investments</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Why can't I limit all sharing?</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Federal law gives you the right to limit only</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> sharing
        for affiliates' everyday business purposes &mdash; information&nbsp;about your creditworthiness</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> affiliates
        from using your information to market to you</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> sharing
        for non-affiliates to market to you</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">State laws and individual companies may give you additional
        rights to limit sharing.</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #00128D"><B>Definitions</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Affiliates</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Non-affiliates</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 3pt">
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">Companies not related by common ownership or control. They
        can be financial and non-financial companies.</P>
        <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt">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.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Joint marketing</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; padding: 5.5pt 2.9pt 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; padding: 12pt 2.9pt 8pt; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rev. 05/2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-top-style: outset; border-left-style: outset; border-top-width: 1pt; border-left-width: 1pt; font-size: 10pt">
<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: 0pt 0 12pt"><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: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> The Central
        and Eastern Europe Fund, Inc. (formerly The Central Europe, Russia and Turkey Fund, Inc.) &mdash; investing primarily in equity
        or equity-linked securities of issuers domiciled in Central and Eastern Europe (with normally at least 80% in securities of issuers
        domiciled in countries in Central and Eastern Europe) and concentrating in the energy sector (with more than 25% of the fund&rsquo;s
        total assets in issuers conducting their principal activities in that sector).</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><FONT STYLE="color: #4C4C4C"><B>&mdash;</B></FONT> The European
        Equity Fund, Inc. &mdash; investing primarily in equity or equity-linked securities of issuers domiciled in Europe (with normally
        at least 80% in securities of issuers domiciled in Europe).</P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 12pt"><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: 0pt 0 12pt">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: 0pt 0 12pt">The European Equity Fund, Inc. is diversified and focuses
        its investments primarily in equity and equity-linked securities of issuers domiciled in Europe, 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 or in a particular geographical
        region 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: 0pt 0 12pt"><IMG SRC="image_006.jpg" ALT="eea_backcover0" STYLE="height: 628px; width: 403px"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;</P>



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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 10pt">
<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: 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>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 0px; margin-left: 5.4pt; border-collapse: collapse; font-size: 12pt">
<TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <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">Period</P></TD>
    <TD NOWRAP COLSPAN="2" STYLE="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; text-align: center"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-top: 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">(b)&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="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; text-align: center"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD NOWRAP STYLE="border-top: 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">(d)&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Shares Purchased</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Average Price Paid</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">per Share</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Total Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Shares Purchased as</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Part of Publicly Announced</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Plans or Programs</P></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Maximum Number of</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Shares that May Yet Be</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Purchased Under the</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: center">Plans or Programs</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: 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 NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="border-right: 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 NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="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 NOWRAP COLSPAN="2" STYLE="border-right: 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">40,300</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">40,300</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">567,500</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">February 1 through February 28</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">31,200</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 </FONT></TD>
    <TD NOWRAP STYLE="border-right: 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">31,200</FONT></TD>
    <TD NOWRAP STYLE="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">536,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="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 NOWRAP COLSPAN="2" STYLE="border-right: 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">50,000</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">50,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">486,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">19,300</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44 </FONT></TD>
    <TD NOWRAP STYLE="border-right: 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">19,300</FONT></TD>
    <TD NOWRAP STYLE="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">467,000</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="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 NOWRAP COLSPAN="2" STYLE="border-right: 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">6,400</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">6,400</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">460,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">June 1 through June 30</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">3,300</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.23 </FONT></TD>
    <TD NOWRAP STYLE="border-right: 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">3,300</FONT></TD>
    <TD NOWRAP STYLE="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">457,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: 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 NOWRAP COLSPAN="2" STYLE="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 NOWRAP COLSPAN="2" STYLE="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 NOWRAP STYLE="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 NOWRAP STYLE="border-right: 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></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: 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">Total </FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="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">150,500</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-right: 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"><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;8.14 </FONT></TD>
    <TD NOWRAP STYLE="border-right: 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"><FONT STYLE="font-size: 10pt">409,700</FONT></TD>
    <TD NOWRAP STYLE="border-right: 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2" STYLE="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;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><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;Under this plan, the Fund repurchased 389,700 shares in open market transactions from August 1, 2016 to June 30, 2017.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">On July 31, 2017, the Fund announced that the Board of Directors approved the extension of the current repurchase authorization permitting the Fund to repurchase up to 404,000 shares during the period from August 1, 2017 through July 31, 2018.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="height: 0px">
    <TD STYLE="width: 22.88%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="width: 22.26%">&nbsp;</TD>
    <TD STYLE="width: 17.26%">&nbsp;</TD>
    <TD STYLE="width: 15.02%">&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&rsquo;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&rsquo;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&rsquo;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&rsquo;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">8/29/2017</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">8/29/2017</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">8/29/2017</TD></TR>
</TABLE>


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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/normal Times New Roman,serif; margin: 0"><B>President</B></P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">1)</P>
        <P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></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/normal Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 0.9pt; border-collapse: collapse; font-size: 11pt">
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8/29/2017</FONT></TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Brian E. Binder</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Brian E. Binder</FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">3)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">4)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">d)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">5)</FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">a)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">b)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</FONT></TD></TR>
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    <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>
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    <TD STYLE="width: 211.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8/29/2017</FONT></TD>
    <TD STYLE="width: 265.5pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Paul Schubert</U></FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Paul Schubert </FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.05pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.05pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
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<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0"><B>President</B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="margin-left: 5.4pt; border-collapse: collapse; font-size: 11pt">
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    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8/29/2017</FONT></TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Brian E. Binder</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Brian E. Binder</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">President</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 396.9pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N&#45;CSRS;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></TD></TR>
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<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0">&nbsp;</P>

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

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    <TD STYLE="width: 207pt; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">8/29/2017</FONT></TD>
    <TD STYLE="width: 3in; padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt"><U>/s/Paul Schubert</U></FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Paul Schubert </FONT></TD></TR>
<TR STYLE="height: 16.5pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 8pt; padding-left: 5.4pt; height: 16.5pt; text-align: right; line-height: 107%; font-family: Calibri,sans-serif">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 16.5pt; line-height: 107%; font-family: Calibri,sans-serif"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt">Chief Financial Officer and Treasurer</FONT></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
