SC 13D/A 1 ef01-06.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities and Exchange Act of 1934 (Amendment No. 41) Europe Fund Inc. (EF) (Name of Issuer) Common Stock (Title of Class of Securities) 29874m103 (CUSIP Number) George W. Karpus, President Karpus Management, Inc. d/b/a Karpus Investment Management 183 Sullys Trail Pittsford, New York 14534 (585) 586-4680 (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications) January 9, 2006 (Date of Event which Requires Filing of this Statement) If the person has previously filed a statement on Schedule 13G to report the Acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check the following box. [ ] (Page 1 of 5 pages) There are no exhibits. ITEM 1 Security and Issuer Common Stock Europe Fund Inc. 800 Scudders Mill Road Plainsboro, NJ 08536 ITEM 2 Identity and Background a) Karpus Management, Inc. d/b/a Karpus Investment Management (?KIM?) George W. Karpus, President, Director and Controlling Stockholder JoAnn VanDegriff, Vice President and Director Sophie Karpus, Director b) 183 Sullys Trail Pittsford, New York 14534 c) Principal business and occupation - Investment Management for individuals, pension and profit sharing plans, corporations, endowments, trust and others, specializing in conservative asset management (i.e. fixed income investments). d) None of George W. Karpus, JoAnn VanDegriff, or Sophie Karpus (?the Principals?) or KIM has been convicted in the past five years of any criminal proceeding (excluding traffic violations). e) During the last five years none of the principals or KIM has been a party to a civil proceeding as a result of which any of them is subject to a judgment, decree or final order enjoining future violations of or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. f) Each of the Principals is a United States citizen. KIM is a New York corporation. ITEM 3 Source and Amount of Funds or Other Considerations KIM, an independent investment advisor, has accumulated shares of EF on behalf of accounts that are managed by KIM (?the Accounts?) under limited powers of attorney. All funds that have been utilized in making such purchases are from such Accounts. ITEM 4 Purpose of Transaction KIM has purchased Shares for investment purposes. Being primarily a fixed income manager, with a specialty focus in the closed end fund sector, the profile of EF fit the investment guidelines for various Accounts. Shares have been acquired since July 10, 1996. ITEM 5 Interest in Securities of the Issuer A) As of the date of this Report, KIM owns 566,466 shares, which represents 5.60 % of the outstanding Shares. George Karpus presently owns no shares purchased on May 20, 2004 at $9.22 per share. Karpus Investment Management Profit Sharing Plan presently owns 2050 shares purchased on January 16, 1998 at $15.97 (200 shares), August 28 at $16.00 (50 shares), April 5, 1999 at $16.69 (150 shares), April 20 at $16.69 (100 shares) and at $16.94 (100 shares), April 18, 2001 at $12.87 (100 shares), September 21 at $8.52 (550 shares), November 19 at $11.15 (100 shares) and at $11.14 (100 shares), July 8&9, 2002 at $9.60 (1550shs), July15 at $9.04 (100shs), July 22 at $8.29 (200shs), July 29 at $8.40 (100shs), August 2, 2002 at $ 8.50 (400shs), October 11, 2002 at $7.28 (100 shares), October 15 at $7.50 (100 shares), October 28 at $7.79 (100 shares), October 29 at $7.64 (50 shares), November 6 at $8.07 (50 shares), November 13 at $7.52 (50 shares), November 20 at $8.02 (50 shares), December 3, 2002 at $8.15 (50 shares),December 9 at $8.02 (100 shares), and May 20, 2003 at $7.58 (1000 shares) . Shares were sold on June 9, 2004 at $10.41 (200 shares), June 10 at $10.30 (200 hares),June 14 at $10.18 (200 shares), June 15 at $10.28 (100 shares), June 23 at $10.17 (100 shares), June 24 at $10.44 (300 shares), and June 28 at $10.50 (100 shares), July 6 at $10.45 (10 shares) and $10.55 (40 shares) July 7 at $10.53 and $10.55 (200 shares), July 9 at $10.29 (100 shares), and July 26at $9.86 (100 shares), August 25 at $9.62 (100 shares), November 30,2004 at $ 12.10 (50 shares), January19 at $ 10.75 (500 shares), February 7 & 8 at $11.21 & $11.26 (600 shares), February 9 & 10 at $ 11.10 (300 shares), February 11 & 18 at $ 11.23 & $11.34 (300 shares), February 22 & 25 at $ 11.41 & $11.58 (300 shares), and February 28 at $ 11.60 (100 shares). Dana R. Consler currently owns 735 shares purchased on March 29, 1999 at $16.75 (300 shares), April 5 at $16.69 (100 shares), February 14, 2002 at $10.14 (50 shares), March 5 at $10.22 (50 shares), and June 27 at $9.45 (50 shares), and November 6 at $ 8.07 (50 shares), December 3, 2002 at $ 8.15 ( 100 shares), and December 9 at $ 8.02 (50 shares), February 11, 2003 at $6.82 (200 shares). July 6 at $ 10.55 ( 10 shares), and January 10 & 11 at $ 10.82 & $10.87 (200 shares), January 13 at $ 10.90 (100 shares), and January 21 & 27 at $10.68 & $10.78 (105 shares). Jo Ann Van Degriff presently owns 500 shares purchased on July 21, 2003 at $8.20 per share. None of the other Principals of KIM presently owns shares of EF. b) KIM has the sole power to dispose of and to vote all of such Shares under limited powers of attorney. c) Open market purchases for the last 60 days for the Accounts. There have been no dispositions and no acquisitions, other than by such open market purchases, DATE SHARES PRICE PER DATE SHARES PRICE PER SHARE SHARE 11/2/2005 300 11.26 12/6/2005 4000 11.63 11/3/2005 1700 11.42 12/7/2005 1595 11.62 11/4/2005 350 11.52 12/9/2005 -1030 11.65 11/16/2005 375 11.24 12/13/2005 -150 11.74 11/17/2005 500 11.26 12/14/2005 -950 11.78 11/22/2005 -115 11.45 12/16/2005 -780 10.68 12/19/2005 -315 10.80 12/21/2005 -670 10.80 12/29/2005 -150 10.90 12/30/2005 2375 10.81 The Accounts have the right to receive all dividends from, any proceeds from the sale of the Shares. KIM reserves the right to further accumulate or sell shares. None of the Accounts has an interest in shares constituting more than 5% of the Shares outstanding. ITEM 6 Contracts, Arrangements, Understandings, or Relationships with Respect to Securities of the Issuer. Except as described above, there are no contracts, arrangements, understandings or relationships of any kind among the Principals and KIM and between any of them and any other person with respect to any of EF Securities. ITEM 7 Materials to be Filed as Exhibits Not applicable. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct. Karpus Management, Inc. January 9, 2006 By:________________________ Date Signature DANA R. CONSLER, SENIOR VICE PRESIDENT NAME/TITLE