<SEC-DOCUMENT>0000088053-18-000682.txt : 20180529
<SEC-HEADER>0000088053-18-000682.hdr.sgml : 20180529
<ACCEPTANCE-DATETIME>20180529165004
ACCESSION NUMBER:		0000088053-18-000682
CONFORMED SUBMISSION TYPE:	N-Q/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180331
FILED AS OF DATE:		20180529
DATE AS OF CHANGE:		20180529
EFFECTIVENESS DATE:		20180529

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-Q/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04632
		FILM NUMBER:		18865188

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GERMANY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q/A
<SEQUENCE>1
<FILENAME>nq033118eef.htm
<DESCRIPTION>THE EUROPEAN EQUITY FUND, INC.
<TEXT>
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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, DC 20549</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM N-Q</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________________ </B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Investment Company Act file number: 811-04632</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified
in charter)</P>

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

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">345 Park Avenue<BR>
<U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices)
(Zip code)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Paul Schubert</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">345 Park Avenue</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10154-0004</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Registrant's telephone number, including area code:
<U>(212) 250-3220</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of fiscal year end: <U>12/31</U></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of reporting period: <U>3/31/2018</U></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 1.</B></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SCHEDULE OF INVESTMENTS</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The European Equity Fund, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Schedule of Investments &#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as of March 31, 2018 (Unaudited)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="padding-left: 12.2pt; text-indent: -12.2pt"><FONT STYLE="font-size: 8pt"><B>Common Stocks&nbsp;&nbsp;98.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Germany&nbsp;&nbsp;20.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Aerospace &amp; Defense 1.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">MTU Aero Engines AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,682,093</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Capital Markets 3.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Deutsche Boerse AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,719,875</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Chemicals 2.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Evonik Industries AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">48,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,690,356</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Health Care Providers &amp; Services 2.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Fresenius SE &amp; Co KGaA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,441,887</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Insurance 2.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Allianz SE (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,029,578</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Internet &amp; Direct Marketing Retail 2.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Zalando SE 144A*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">39,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,123,421</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Personal Products 2.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Beiersdorf AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">18,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,036,660</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Software 3.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">SAP SE</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,716,457</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Germany</B> (Cost $14,908,082)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;17,440,327</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Sweden&nbsp;&nbsp;13.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Commercial Services &amp; Supplies 2.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Securitas AB &quot;B&quot;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">147,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,487,941</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electronic Equipment, Instruments &amp; Components 0.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Hexagon AB &quot;B&quot;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>651,439</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Household Products 2.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Essity AB &quot;B&quot;*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">74,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,037,467</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Machinery 6.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Alfa Laval AB</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">76,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,788,999</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">SKF AB &quot;B&quot;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">105,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,137,535</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Volvo AB &quot;B&quot;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">88,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,599,704</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>5,526,238</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels 1.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Lundin Petroleum AB</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">38,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>950,987</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Sweden</B> (Cost $10,357,768)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;11,654,072</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Netherlands&nbsp;&nbsp;10.5%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 2.8% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">ING Groep NV</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">141,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,375,218</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Beverages 3.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Heineken NV</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,683,602</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Oil, Gas &amp; Consumable Fuels 3.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Royal Dutch Shell PLC &quot;B&quot;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">82,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,619,224</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Semiconductors &amp; Semiconductor Equipment 1.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">ASML Holding NV</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,378,443</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Netherlands</B> (Cost $7,049,950)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;9,056,487</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>France&nbsp;&nbsp;10.1%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Aerospace &amp; Defense 1.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Thales SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>973,253</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 70%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Commercial Services &amp; Supplies 2.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Edenred</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,083,434</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Construction &amp; Engineering 2.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Vinci SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,964,901</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Health Care Equipment &amp; Supplies 4.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">BioMerieux</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,500</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">947,407</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Essilor International SA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,695,283</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>3,642,690</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total France</B> (Cost $6,874,161)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;8,664,278</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Switzerland&nbsp;&nbsp;9.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Building Products 2.1% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Geberit AG (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,764,043</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Capital Markets 2.4% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Partners Group Holding AG</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,841</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,105,983</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Life Sciences Tools &amp; Services 1.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Lonza Group AG (Registered)*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,498</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>822,457</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Metals &amp; Mining 1.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Glencore PLC*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">330,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,637,825</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Technology Hardware, Storage &amp; Peripherals 2.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Logitech International SA (Registered)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">52,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,898,016</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Switzerland</B> (Cost $5,815,373)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;8,228,324</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Denmark&nbsp;&nbsp;8.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Chemicals 3.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Chr Hansen Holding A/S</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,750,247</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Electric Utilities 2.7% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Orsted A/S 144A</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,263,280</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Pharmaceuticals 3.0% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Novo Nordisk A/S &quot;B&quot;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">53,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,601,039</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Denmark</B> (Cost $7,017,143)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;7,614,566</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>United Kingdom&nbsp;&nbsp;6.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Metals &amp; Mining 2.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Randgold Resources Ltd (ADR)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,227,843</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Trading Companies &amp; Distributors 1.6% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Ashtead Group PLC</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">50,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,360,716</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Wireless Telecommunication Services 2.2% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Vodafone Group PLC</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">700,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,907,163</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total United Kingdom</B> (Cost $6,034,496)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;5,495,722</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Italy&nbsp;&nbsp;5.4%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 2.5% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Intesa Sanpaolo SpA</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,178,974</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Diversified Telecommunication Services 2.9% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Telecom Italia SpA*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,650,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,512,257</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Italy</B> (Cost $4,324,530)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;4,691,231</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt"><B>Ireland&nbsp;&nbsp;4.6%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Airlines 2.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Ryanair Holdings PLC*</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,968,590</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Food Products 2.3% </B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Kerry Group PLC &quot;A&quot;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,020,233</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Ireland</B> (Cost $3,291,343)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;3,988,823</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD></TD></TR>
</TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-size: 8pt"><B>Belgium 3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 3.3% </B></FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">KBC Group NV <B>(</B>Cost $1,908,100)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>2,869,591</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-size: 8pt"><B>Spain&nbsp;&nbsp;3.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Banks 1.0% </B></FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">Bankinter SA</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">84,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>863,061</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Hotels, Restaurants &amp; Leisure 2.3% </B></FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">NH Hotel Group SA</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">248,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,947,047</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Spain</B> (Cost $2,670,661)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;2,810,108</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-size: 8pt"><B>Luxembourg 2.2%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Multiline Retail 2.2% </B></FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">B&amp;M European Value Retail SA <B>(</B>Cost $1,684,234)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">340,000</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>1,866,313</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total Common Stocks</B> (Cost $71,935,841)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;84,379,842</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Contracts</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-size: 8pt"><B>Put Options Purchased 0.3%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-size: 8pt"><B>Exchange-Traded Index Options Contracts</B></FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 8pt">Deutsche Boerse AG German Stock Index, Counterparty RBS,</FONT><BR>
<FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiration Date 6/15/2018, Strike Price EUR 10,000,</FONT><BR>
<FONT STYLE="font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional Amount EUR 50,000,000 (Cost $358,804)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">1,000 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt"><B>246,535</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Shares</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents&nbsp;&nbsp;0.9%</B></FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">Deutsche Central Cash Management Government Fund, 1.64% (Cost $760,845) (a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt">760,845</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;760,845</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>%
    of Net<BR>
Assets</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Total Investment Portfolio</B> (Cost $73,055,490)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">99.4</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;85,387,222</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt"><B>Other Assets and Liabilities, Net</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.6</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;477,381</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Net Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">100.0</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&#9;85,864,603</B></FONT></TD></TR>
<TR>
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For information on the Fund&rsquo;s policies
regarding the valuation of investments and other significant accounting policies, please refer to the Fund&rsquo;s most recent
semi-annual or annual financial statements.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A summary of the Fund&rsquo;s transactions with
affiliated Underlying Deutsche Funds during the period ended March 31, 2018 are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>at</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>12/31/2017</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Purchases</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Cost</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Sales</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Proceeds</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Realized</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Gain/</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>(Loss)</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Net</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Change in</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Unrealized</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Appreciation</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>(Depreciation)</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Income</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capital</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Gain</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>Distributions</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>($)</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>of shares</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>at</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>3/31/2018</B></FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Value ($)</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>at</B></FONT><BR>
<FONT STYLE="font-size: 8pt"><B>3/31/2018</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="white-space: nowrap"><FONT STYLE="font-size: 8pt"><B>Cash Equivalents 0.9%</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Deutsche Central Cash Management Government Fund, 1.64% (a)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">271,114</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;10,521,944 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;10,032,213 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">6,887</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">760,845</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">760,845</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>271,114</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;10,521,944 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;&nbsp;10,032,213 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>6,887</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>760,845</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>760,845</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 8pt">*</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-size: 8pt">Non-income producing security.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">144A</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">ADR</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">American Depositary Receipt</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">RBS</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 8pt">:</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">The Royal Bank of Scotland Plc</FONT></TD></TR>
</TABLE>
<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; text-align: justify"><FONT STYLE="font-size: 8pt">For purposes of its industry concentration policy, the Fund classifies issuers of portfolio securities at the industry </FONT><BR>
<FONT STYLE="font-size: 8pt">sub-group level.&nbsp;&nbsp;Certain of the categories in the above Schedule of Investments consist of multiple industry sub-groups or industries. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt"><B>Fair Value Measurements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Various inputs are used in determining the value of the Fund&rsquo;s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund&rsquo;s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk associated with investing in those securities.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5"><FONT STYLE="font-size: 8pt">The following is a summary of the inputs used as of March 31, 2018 in valuing the Fund&rsquo;s investments.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7"><FONT STYLE="font-size: 8pt">&nbsp;&nbsp;Common Stocks (b) </FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in; width: 40%"><FONT STYLE="font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 3%"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 11%; text-align: right"><FONT STYLE="font-size: 8pt">&#9;17,440,327</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 3%"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 11%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 3%"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 11%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 3%"><FONT STYLE="font-size: 8pt">&#9;$</FONT></TD>
    <TD STYLE="padding-right: 0.05in; width: 11%; text-align: right"><FONT STYLE="font-size: 8pt">17,440,327</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Sweden</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">11,654,072</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">11,654,072</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Netherlands</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">9,056,487</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">9,056,487</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">France</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">8,664,278</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">8,664,278</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Switzerland</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">8,228,324</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">8,228,324</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Denmark</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">7,614,566</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">7,614,566</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">United Kingdom</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">5,495,722</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">5,495,722</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Italy</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">4,691,231</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">4,691,231</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Ireland</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">3,988,823</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">3,988,823</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Belgium</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">2,869,591</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">2,869,591</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Spain</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">2,810,108</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">2,810,108</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.5in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Luxembourg</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">1,866,313</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;&nbsp;&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">1,866,313</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 8pt">Short-Term Instruments (b)</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">760,845</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">760,845</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in"><FONT STYLE="font-size: 8pt">Derivatives (c)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.05in; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.05in; text-indent: 0.25in"><FONT STYLE="font-size: 8pt">Purchased Options</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">246,535</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 0.05in"><FONT STYLE="font-size: 8pt">&#9;</FONT></TD>
    <TD STYLE="padding-right: 0.05in; text-align: right"><FONT STYLE="font-size: 8pt">246,535</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;$&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>85,387,222&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;$</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>&mdash;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&#9;$&#9;</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt"><B>85,387,222&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%; padding-left: 0.05in"><FONT STYLE="font-size: 8pt">There have been no transfers between fair value measurement levels during the period ended March 31, 2018.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">(b) See Schedule of Investments for additional detailed categorizations.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">(c) Derivatives include value of options purchased.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Courier New, Courier, Monospace; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 2.</B></FONT></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>CONTROLS AND PROCEDURES</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a) &#9;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.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b) &#9;There have been no changes in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal controls over financial reporting.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ITEM 3.</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>EXHIBITS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Registrant:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The European Equity Fund, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">May 23, 2018</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">May 23, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Shubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Shubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">May 23, 2018</FONT></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0">CERTIFICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">I, Hepsen Uzcan, certify that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report on Form N-Q of The European Equity Fund, Inc.;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</TD></TR></TABLE>

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

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    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">May 23, 2018</FONT></TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-right: 0; margin-left: 0">CERTIFICATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">I, Paul Shubert, certify that:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>I have reviewed this report on Form N-Q of The European Equity Fund, Inc.;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments
of the registrant as of the end of the fiscal quarter for which the report is filed;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this
report, based on such evaluation; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the
registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Paul Shubert</U></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul Shubert</P>
        <P STYLE="font: 10pt Times New Roman, Times, 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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">May 23, 2018</FONT></TD></TR>
</TABLE>


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