| CurrencySharesSM Euro Trust |
| Sponsored by Rydex Specialized Products LLC, |
| d/b/a Rydex Investments |
| (Exact name of registrant as specified in its charter) |
| NEW YORK | 001-32694 | 20-3613421 |
(State or other jurisdiction |
(Commission File Number) | (IRS Employer |
| of incorporation) | Identification No.) |
| 9601 BLACKWELL ROAD, SUITE 500 | 20850 |
| ROCKVILLE, MARYLAND | |
| (Address of principal executive offices) | (Zip Code) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425) |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) On January 16, 2007, the Audit Committee of Rydex Specialized Products LLC (the “Sponsor”), sponsor of CurrencySharesSM EuroTrust (the “Trust”), concluded that the Trust will amend its previously filed reports for the quarterly periods ended January 31, 2006, April 30, 2006 and July 31, 2006 (the “Quarterly Reports”). The Sponsor intends to amend the Quarterly Reports to correct inaccuracies resulting from an error in accounting for the portion of euro received in basket creations and paid out in basket redemptions that related to accrued interest. These payments were included in the calculation of interest income of the Trust, rather than redeemable capital shares. In the interim, investors should no longer rely on the financial statements currently on file with the Securities and Exchange Commission for the periods indicated above.
This error did not affect the reported net asset value of the Trust or distributions made to holders of the Trust’s shares.
The estimated earnings impact is as set forth below:
| Interest Income | Interest Income | |
| Fiscal Period | as Previously Reported | as Restated |
| Inception to Date January 31, 2006 | $289,141 | $250,591 |
| Inception to Date April 30, 2006 | $2,475,099 | $2,112,495 |
| Three Months Ending April 30, 2006 | $2,188,028 | $1,863,408 |
| Inception to Date July 31, 2006 | $6,629,978 | $6,297,625 |
| Three Months Ending July 31, 2006 | $4,236,055 | $4,275,226 |
| Earnings Per Share | Earnings Per Share | |
| Fiscal Period | as Previously Reported | as Restated |
| Inception to Date January 31, 2006 | $0.35 | $0.29 |
| Inception to Date April 30, 2006 | $1.03 | $0.86 |
| Three Months to Ending April 30, 2006 | $0.64 | $0.53 |
| Inception to Date July 31, 2006 | $1.66 | $1.56 |
| Three Months Ending July 31, 2006 | $0.65 | $0.66 |
The Sponsor’s management and a representative of the Audit Committee have discussed the matters disclosed above with PricewaterhouseCoopers LLP, the Trust’s independent registered public accounting firm.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CURRENCYSHARESSM | |
| EURO TRUST | |
| By: Rydex Specialized Products LLC | |
| Sponsor of the CurrencySharesSM | |
| Euro Trust | |
January 19, 2007 |
By: /s/ Carl G. Verboncoeur |
| Carl G. Verboncoeur | |
| CEO and Treasurer |
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