SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A
Under the Securities and Exchange Act of 1934
(Amendment No. 48)

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 Sully?s Trail
Pittsford, New York 14534
(585) 586-4680
(Name, Address, and Telephone Number of Person Authorized to Receive
Notices and Communications)

July 7, 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/A,
and is filing this schedule because of Rule 13d-1 (b) (3) or (4), check
the following box. [ ]

(Page 1 of 6 pages)
(There are no exhibits.)

Item 1.  Security and Issuer

Common Stock
Europe Fund Inc.
800 Scudders Mill Road
Plainsboro, New Jersey 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, Jo Ann
Van Degriff, Vice-President and Director, and Sophie Karpus, Director.

(b)  The address of KIM?s principal place of business and principal office is
183 Sully?s Trail, Pittsford, New York 14534.

(c) Principal business and occupation - Investment management for individuals,
pension plans, profit sharing plans, corporations, endowments, trusts and
others.

(d) None of George W. Karpus, Jo Ann Van Degriff or Sophie Karpus (the
?Principals?) or KIM has been convicted in the past 5 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 844,616 shares
of EF on behalf of accounts that are managed by KIM (the ?Accounts?)
under limited powers of attorney, which represents 8.39% of the outstanding
shares. All funds that have been utilized in making such purchases are from
such Accounts.


Item 4.  Purpose of Transaction

KIM has purchased Shares for the Accounts for investment purposes.
However, KIM reserves the right to contact management with regard
to concerns that they have with respect to the Fund.  This may include
letters to the Board and/or other communications with Fund
management. Being an independent registered investment advisor,
with a specialty focus in closed end funds, 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 represents beneficial
ownership of 844,616 shares, which represents 8.39% of the
outstanding shares.  George Karpus presently owns 9,725
shares purchased on September 12, 2005 at $11.69 per share
(2000 shares), February 24, 2006 at $11.58 per share (3275
shares) and on June 7, 2006 at $12.88 (4500 shares).  Mr.
Karpus sold 50 shares on May 8, 2006 at $13.09. Karpus
Investment Management Profit Sharing Plan presently owns
3,400 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
$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 (1550 shares), July15 at $9.04 (100 shares), July 22
at $8.29 (200 shares), July 29 at $8.40 (100shares), August
2, 2002 at $8.50 (400 shares), 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), February
8, 2006 at $11.13 (1000 shares) and on June 7, 2006 at
$12.87 (200 shares).  Shares were sold on June 9, 2004 at
$10.41 (200 shares), June 10 at $10.30 (200 shares), 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
26 at $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), February 28 at $ 11.60 (100 shares)
and May 8, 2006 at $13.09 (50 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 2,550 shares
purchased on July 21, 2003 at $8.20 per share, on February
23, 2006 at $11.45, 1,000 shares on March 20, 2006 at $12.09
and on June 7, 2006 at $12.88 (600 shares).  Ms. Van Degriff
sold shares on May 8, 2006 at $13.09 (50 shares). Sophie B.
Karpus presently owns 175 shares purchased on February 9,
2006 at $11.23 per share.  Kathy Crane presently owns 95
shares purchased on July 8, 2006 at $10.52 per share. Apogee
Partners, L.P. is a hedge fund managed by Karpus Investment
Management of which George W. Karpus owns 1.43%, Dana
R. Consler owns 0.67% and Cody B. Bartlett Jr. owns 0.46%.
Apogee Partners, L.P. owns 42,145 shares of EF. None of the
other Principals of KIM presently own shares of EF.

(b) KIM hass the sole power to dispose of and to vote all of such Shares
under limited powers of attorney.

(c) Below are the open market purchases in the last 60 days for the Accounts.
There have been no dispositions and no acquisition, other than by such
open market purchases, during such period.

Date
Shares
Price Per Share

Date
Shares
Price Per Share
5/1/2006
4000
12.52

6/7/2006
27500
12.88
5/5/2006
1000
13.06

6/8/2006
4500
12.55
5/8/2006
-5000
13.04

6/8/2006
-250
12.55
5/12/2006
1550
12.90

6/9/2006
1270
12.56
5/15/2006
100
12.66

6/12/2006
2670
12.51
5/16/2006
1145
12.63

6/14/2006
2555
12.15
5/18/2006
370
12.25

6/16/2006
7090
12.52
5/22/2006
-675
12.02

6/19/2006
6875
12.57
5/22/2006
800
11.99

6/22/2006
1500
12.68
5/23/2006
2000
12.17

6/23/2006
165
12.64
5/24/2006
275
11.96

6/26/2006
250
12.64




6/27/2006
430
12.67




6/28/2006
1115
12.65




6/30/2006
-165
13.12

The Accounts have the right to receive all dividends from, and any proceeds
from the sale of the 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 the 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.





By:
Name:  	Sharon L. Thornton
Title:  		Director of Personnel and Senior Analyst
Date:  		July 7, 2006