UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number 811-4632
The European Equity Fund (formerly, The Germany Fund)
(Exact name of registrant as specified in charter)
Two International Place
Boston, MA 02110
(Address of principal executive offices) (Zip code)
Paul Schubert
345 Park Avenue
New York, NY 10154
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
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Date of fiscal year end: 12/31
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Date of reporting period: 9/30/05
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Form N-Q is to be used by registered management investment companies, other than
small business investment companies registered on Form N-5 (ss.ss. 239.24 and
274.5 of this chapter), to file reports with the Commission, not later than 60
days after the close of the first and third fiscal quarters, pursuant to rule
30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The
Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS
THE GERMANY FUND, INC.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED)
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SHARES DESCRIPTION VALUE
------ ----------- -----
INVESTMENTS IN GERMAN SECURITIES -- 87.7%
COMMON STOCKS -- 83.0%
AIR FREIGHT &
LOGISTICS -- 2.5%
150,000 Deutsche Post ........................ $ 3,516,519
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AUTO COMPONENTS -- 2.9%
50,000 Continental .......................... 4,114,050
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AUTOMOBILES -- 5.5%
30,000 Bayerische Motoren Werke ............. 1,411,667
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120,000 DAIMLERCHRYSLER ...................... 6,381,055
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7,792,722
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CHEMICALS -- 14.7%
170,000 BASF ................................. 12,799,937
220,000 Bayer ................................ 8,080,887
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20,880,824
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CONSTRUCTION &
ENGINEERING -- 1.1%
30,000 Bilfinger Berger ..................... 1,611,889
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ELECTRIC UTILITIES -- 4.7%
73,000 E.ON ................................. 6,721,491
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INDUSTRIAL
CONGLOMERATES -- 13.6%
250,000 Siemens .............................. 19,305,317
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INSURANCE -- 12.4%
85,000 Allianz .............................. 11,503,560
53,000 Munchener Ruckversicherungs .......... 6,065,664
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17,569,224
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INTERNET SOFTWARE &
SERVICES -- 0.9%
40,000 United Internet ...................... 1,298,667
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MACHINERY -- 5.8%
120,000 MAN .................................. 6,169,992
30,000 Rheinmetall .......................... 1,987,755
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8,157,747
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MEDIA -- 0.8%
40,000 Premiere* ............................ 1,126,154
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SHARES DESCRIPTION VALUE
------ ----------- -----
MULTI-UTILITIES -- 2.8%
60,000 RWE .................................. $ 3,979,124
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PHARMACEUTICALS -- 0.6%
10,000 Merck KGaA ........................... 843,651
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REAL ESTATE -- 1.2%
35,000 Hypo Real Estate Holding ............. 1,773,439
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SOFTWARE -- 9.8%
80,000 SAP .................................. 13,858,869
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TEXTILES, APPAREL & LUXURY
GOODS -- 3.7%
30,000 Adidas Salomon ....................... 5,225,266
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Total Common Stocks
(cost $84,279,667) ................. 117,774,953
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PREFERRED STOCKS -- 4.7%
AUTOMOBILES -- 2.7%
20,000 Bayerische Motoren Werke+ ............ 799,198
4,000 Porsche .............................. 3,082,827
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3,882,025
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HEALTHCARE PROVIDERS &
SERVICES -- 1.0%
10,000 Fresenius ............................ 1,390,224
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TEXTILES, APPAREL & LUXURY
GOODS -- 1.0%
40,000 Hugo Boss ............................ 1,396,970
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Total Preferred Stocks
(cost $5,476,486) .................. 6,669,219
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Total Investments in
German Securities
(cost $89,756,153) ................. 124,444,172
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INVESTMENTS IN DUTCH
COMMON STOCK -- 1.0%
DIVERSIFIED FINANCIAL
SERVICES -- 1.0%
50,000 ING Groep
(Cost $1,155,163) .................. 1,492,623
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5
THE GERMANY FUND, INC.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2005 (UNAUDITED) (CONTINUED)
SHARES DESCRIPTION VALUE
------ ----------- -----
INVESTMENTS IN FRENCH
COMMON STOCKS -- 4.0%
INSURANCE -- 1.9%
100,000 Axa .................................. $ 2,751,535
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MULTI-UTILITIES -- 1.1%
55,000 Suez ................................. 1,593,517
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OIL, GAS & CONSUMABLE
FUELS -- 1.0%
5,000 Total ................................ 1,367,937
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Total Investments in French
Common Stocks
(cost $4,825,196) .................. 5,712,989
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INVESTMENTS IN SWISS
COMMON STOCK -- 2.2%
DIVERSIFIED FINANCIAL
SERVICES -- 2.2%
36,000 United Bank of Switzerland
(Cost $2,780,973) .................. 3,069,530
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SHARES DESCRIPTION VALUE
------ ----------- -----
INVESTMENTS IN SPANISH
COMMON STOCKS -- 2.7%
COMMERCIAL BANKS -- 1.8%
146,800 Banco Bilbao Vizcaya Argentaria ...... $ 2,580,241
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DIVERSIFIED TELECOMMUNICATION
SERVICES -- 0.9%
72,800 Telefonica ........................... 1,194,503
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Total Investments in Spanish
Common Stocks
(cost $3,588,987) .................. 3,774,744
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SECURITIES LENDING
COLLATERAL -- 0.1%
83,400 Scudder Daily Assets Fund
Institutional, 3.84%++
(cost $83,400) ..................... 83,400
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Total Investments--97.7%
(cost $102,189,872) ................ $138,577,458
Cash and other assets in excess
of liabilities--2.3% ............... 3,255,858
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NET ASSETS--100.0% ................... $141,833,316
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* Non-income producing security.
+ All or a portion of these securities were on loan. The value of all
securities loaned at September 30, 2005 amounted to $79,299 which is 0.1% of
the net assets.
++ Represents collateral held in connection with securities lending. Scudder
Daily Assets Fund Institutional, an affiliated fund, is managed by Deutsche
Asset Management, Inc. The rate shown is the annualized seven-day yield at
period end.
6
SIGNATURES
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.
Registrant: The European Equity Fund (formerly,
The Germany Fund)
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: November 22, 2005
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.
Registrant: The European Equity Fund (formerly,
The Germany Fund)
By: /s/Vincent J. Esposito
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Vincent J. Esposito
President
Date: November 22, 2005
By: /s/Paul Schubert
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Paul Schubert
Chief Financial Officer and Treasurer
Date: November 22, 2005