---

# UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

# Washington D.C. 20549

_________________

# FORM 10-Q

X QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly
period ended January 31, 2006

or

TRANSITION REPORT
PURSUANT TO SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934 For the
transition period from ____ to ____  Commission File Number 001-32694

Euro Currency Trust
Sponsored by Rydex Specialized Products LLC, d/b/a Rydex Investments (Exact name of
registrant as specified in its charter)

|New York                        | No. 20-3613421                   
|------------------------------- | ---------------------------------
|(State or other jurisdiction of | (IRS Employer Identification No.)
|incorporation or organization) 

|9601 Blackwell Road, Suite 500           |           
|---------------------------------------- | ----------
|Rockville, Maryland                      | 20850     
|(Address of principal executive offices) | (Zip Code)

(301) 296-5100
 (Registrants telephone number, including area code)

Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No .

Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.
See definition of accelerated filer and large accelerated filer in Rule 12b-2
of the Exchange Act. (Check one): Large accelerated filer  Accelerated filer   Non-accelerated filer X

Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
X.

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EURO CURRENCY TRUST

# Index

|Caption                                                                           |                                                                         | Page
|--------------------------------------------------------------------------------- | ----------------------------------------------------------------------- | ----
|PART I                                                                            | FINANCIAL INFORMATION                                                   |     
|Item 1.                                                                           | Financial Statements                                                    | 2   
|Statement of Financial Condition at January 31, 2006 (unaudited) and             
|December 5, 2005 (Date of Inception)                                              | 2                                                                      
|Statement of Income and Comprehensive Income for the period from December 5, 2005
|(Date of Inception) to January 31, 2006 (unaudited)                               | 3                                                                      
|Statement of Changes in Shareholders Equity for the period from                 
|December 5, 2005 (Date of Inception) to January 31, 2006 (unaudited)              | 4                                                                      
|Statement of Cash Flows for the period from December 5, 2005                     
|(Date of Inception) to January 31, 2006 (unaudited)                               | 5                                                                      
|Notes to Financial Statements                                                     | 6                                                                      
|Item 2.                                                                           | Managements Discussion and Analysis of Financial Condition and Results
|                                                                                  | of Operations                                                           | 11  
|Item 3.                                                                           | Quantitative and Qualitative Disclosures about Market Risk              | 15  
|Item 4.                                                                           | Controls and Procedures                                                 | 15  
|Part II                                                                           | OTHER INFORMATION                                                      
|Item 1.                                                                           | Legal Proceedings                                                       | 16  
|Item 1A.                                                                          | Risk Factors                                                            | 16  
|Item 2.                                                                           | Unregistered Sales of Equity Securities and Use of Proceeds             | 16  
|Item 3.                                                                           | Defaults upon Senior Securities                                         | 16  
|Item 4.                                                                           | Submission of Matters to a Vote of Security Holders                     | 16  
|Item 5.                                                                           | Other Information                                                       | 16  
|Item 6.                                                                           | Exhibits                                                                | 16  
|SIGNATURES                                                                        | 18                                                                     

1

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# Item 1.      FINANCIAL
STATEMENTS

# Euro Currency Trust

# Statement of Financial
Condition

# at January 31, 2006
(Unaudited) and  December 5, 2005 (Date of Inception)

|                                                                               | January 31, 2006 | December 5, 2005
|------------------------------------------------------------------------------ | ---------------- | ----------------
|Assets                                                                         |                  |                 
|Current Assets                                                                 |                  |                 
|Euro deposits                                                                  |                  |                 
|Receivable from accrued interest                                               |                  |                 
|Receivable for redeemable capital shares sold                                  |                  |                 
|                                                                               |                  |                 
|Total Assets                                                                   |                  |                 
|                                                                               |                  |                 
|Liabilities and Shareholders Equity                                           |                  |                 
|Current Liabilities                                                            |                  |                 
|Accrued Sponsors fee                                                          |                  |                 
|                                                                               |                  |                 
|Total Liabilities                                                              |                  |                 
|Commitments and Contingent Liabilities (note 7)                                |                  |                 
|Redeemable Capital Shares, at redemption value, no par value,                  |                  |                 
|8,500,000 authorized - 850,000 issued and outstanding                          |                  |                 
|Shareholders Equity - Retained Earnings and Cumulative Translation Adjustment |                  |                 
|Total Liabilities and Shareholders Equity                                     |                  |                 
|                                                                               |                  |                 

See Notes to
Financial Statements.

2

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# Euro Currency Trust

# Statement of Income and Comprehensive Income

# For the period from
December 5, 2005 (Date of Inception) to January 31, 2006
(Unaudited)

|                                                          | 
|--------------------------------------------------------- | 
|Income                                                    | 
|Interest Income                                           | 
|                                                          | 
|Total Income                                              | 
|Expenses                                                  | 
|Sponsors fee                                             | 
|                                                          | 
|Total Expenses                                            | 
|Net Income                                                | 
|                                                          | 
|Other Comprehensive IncomeCurrency Translation Adjustment | 
|                                                          | 
|Total Comprehensive Income                                | 
|                                                          | 
|Earnings per share                                        | 
|Weighted-average Shares Outstanding                       | 
|Cash Dividends per Share                                  | 

See Notes to
Financial Statements.

3

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# Euro Currency Trust

# Statement of Changes
in Shareholders Equity

# For the period from
December 5, 2005 (Date of Inception) to January 31, 2006
(Unaudited)

|                                                            | 
|----------------------------------------------------------- | 
|Retained Earnings Balance, Beginning of Period              | 
|Net Income                                                  | 
|Dividends from Net Investment Income                        | 
|Adjustment of redeemable capital shares to redemption value | 
|                                                            | 
|Retained Earnings Balance, End of Period                    | 
|                                                            | 
|Cumulative Translation Adjustment, Beginning of Period      | 
|Currency translation adjustment                             | 
|Adjustment of redeemable capital shares to redemption value | 
|                                                            | 
|Cumulative Translation Adjustment, End of Period            | 
|                                                            | 

See Notes to
Financial Statements.

4

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# Euro Currency Trust

# Statement of Cash Flows

# For the period from
December 5, 2005 (Date of Inception) to January 31, 2006
(Unaudited)

|                                                                                 | January 31,2006
|-------------------------------------------------------------------------------- | ---------------
|Cash flows from operating activities                                             |                
|Cash received for interest income                                                |                
|Cash paid for expenses                                                           |                
|                                                                                 |                
|Net cash provided by operating activities                                        |                
|Cash flows from financing activities                                             |                
|Cash received on issuance of redeemable shares                                   |                
|Cash paid to redeem redeemable shares                                            |                
|Cash paid for distributions                                                      |                
|                                                                                 |                
|Net cash provided by financing activities                                        |                
|Increase in cash                                                                 |                
|Cash at beginning of period                                                      |                
|                                                                                 |                
|Cash at end of period                                                            |                
|                                                                                 |                
|Reconciliation of net income to net cash provided by operating activities        |                
|Net income                                                                       |                
|Adjustments to reconcile net income to net cash provided by operating activities |                
|Increase in receivable from accrued interest                                     |                
|Increase in receivable for redeemable capital shares sold                        |                
|Currency translation adjustment                                                  |                
|Increase in accrued sponsor fee                                                  |                
|                                                                                 |                
|Net cash provided by operating activities                                        |                

See Notes to
Financial Statements.

5

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# Notes to Financial
Statement

# 1. Organization and
Description of the Trust

The
Euro Currency Trust (the Trust) was formed under the laws of the state of New
York on December 5, 2005 when Rydex Specialized Products LLC d/b/a Rydex
Investments (the Sponsor) deposited 100 euro in the Trusts primary
deposit account held by JPMorgan Chase Bank N.A., London Branch (the
Depository). The Sponsor is a Delaware limited liability company whose sole
member is PADCO Advisors II, Inc. (also d/b/a/ Rydex Investments). The Sponsor
is responsible for, among other things, overseeing the performance of the Bank of New York
(the Trustee) and the Trusts principal service providers, including the
preparation of financial statements. The Trustee is responsible for the day-to-day
administration of the Trust.

The
investment objective of the Trust is for the Trusts shares (the Shares)
to reflect the price of euro. The Trusts assets consist only of euro on demand
deposit in two deposit accounts maintained by the Depository: a primary deposit account
which earns interest and a secondary deposit account which does not earn interest. The
secondary deposit account is used only in connection with mid-month creations and
redemptions of blocks of 50,000 Shares (Baskets), to account for interest that
has been earned on the primary deposit account during the month but not yet paid and to
receive interest earned on the primary deposit account, pay Trust expenses and distribute
any excess interest to shareholders on a monthly basis. The Shares are intended to provide
investors with a simple, cost-effective means of gaining investment benefits similar to
those of holding euro. The accompanying unaudited financial statements were prepared in
accordance with accounting principles generally accepted in the United States of America
for interim financial information and with the instructions for Form 10-Q. The balance
sheet as of December 5, 2005 is derived from audited financial statements. In the opinion
of management, all material adjustments, consisting only of normal recurring adjustments,
considered necessary for a fair statement of the interim period financial statements have
been made. Interim period results are not necessarily indicative of results for a
full-year period. These financial statements and the notes thereto should be read in
conjunction with the Trusts financial statements included in the registration
statement on Form S-1 as filed on December 6, 2005.

# 2. Significant
Accounting Policies

# A. Euro Deposits

Euro
Deposits consists of a euro-denominated, interest-bearing demand account and a
euro-denominated, non-interest-bearing account.

|                                                      
|------------------------------------------------------
|Balance at the opening of business on December 5, 2005
|Currency value of Shares redeemed                     
|Currency value of Shares issued                       
|                                                      
|Balance at close of business on January 31, 2006      
|                                                      

6

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# B. Use of Estimates

The
preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of the assets and liabilities and disclosures
of contingent liabilities at the date of the financial statements and the reported amounts
of revenue and expenses during the period. Actual results could differ from those
estimates.

# C. Foreign Currency
Translation

The
Trustee calculates the Trusts net asset value (NAV) each business day,
as described in Note 3. For NAV calculation purposes, Euro Deposits (cash) are translated
at the Noon Buying Rate, which is the U.S. dollar (USD)/euro exchange rate as
determined and published by the Federal Reserve Bank of New York as of 12:00 PM (New York
time) on each day that the New York Stock Exchange (NYSE) is open for regular
trading.

The
functional currency of the Trust is the euro in accordance with Financial Accounting
Standard (FAS) 52, Foreign Currency Translation. For financial statement
reporting purposes, the U.S. dollar is the reporting currency. As a result, the financial statements
are translated from euro to U.S. dollars. Any currency translation adjustment is included in comprehensive income.

# D. Federal Income Taxes

The
Trust is treated as a grantor trust for federal income tax purposes and,
therefore, no provision for federal income taxes is required. Interest, gains and losses
are passed through to the holders of Shares of the Trust.

Shareholders
generally will be treated, for U.S. federal income tax purposes, as if they directly owned
a pro-rata share of the assets held in the Trust. Shareholders also will be treated as if
they directly received their respective pro-rata shares of the Trusts income, if
any, and as if they directly incurred their respective pro-rata shares of the Trusts
expenses. In the case of a U.S. Shareholder that acquires Shares as part of a creation of
a Basket, the delivery of euro to the Trust in exchange for the Shares will not be a
taxable event to the Shareholder. With respect to the increase in the amount of the U.S.
Shareholders share of the euro held in the Trust that results from such a delivery,
the Shareholders aggregate tax basis (as determined immediately after such delivery)
in those euro that are held in the Trust and that are attributable to such increase, and
the Shareholders aggregate tax basis in the Shares received upon such delivery, will
each be the same as the Shareholders aggregate tax basis (as determined immediately
prior to such delivery) in the euro that are delivered by the Shareholder to the Trust.

Any
Shares that are received by a U.S. Shareholder to evidence the Shareholders pro-rata
share of any interest earnings of the Trust generally will have a tax basis equal to the
USD-equivalent of the amount of the Shareholders pro-rata share of the interest
earnings.

The
Sponsors fee accrues daily and is payable monthly. For U.S. federal income tax
purposes, an accrual-basis U.S. Shareholder generally will be required to take into
account as an expense its allocable share of the USD-equivalent of the amount of the
Sponsors fee that is accrued on each day, with such USD-equivalent being determined
by the currency exchange rate that is in effect on the respective day. To the extent that
the currency exchange rate on the date of payment of the accrued amount of the
Sponsors fee differs from the currency exchange rate in effect on the day of
accrual, the U.S. Shareholder will recognize a currency gain or loss for U.S. federal
income tax purposes.

7

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Redemption
of some or all of a U.S. Shareholders Shares in exchange for the underlying euro
represented by the Shares redeemed generally will not be a taxable event to the
Shareholder. The Shareholders tax basis for the euro received in the redemption
generally will be the same as the Shareholders tax basis for the portion of its pro
rata share of the euro held in the Trust immediately prior to the redemption that is
attributable to the Shares redeemed. In determining the portion of the U.S.
Shareholders total tax basis in the euro held in the Trust that is attributable to
the Shares redeemed, the U.S. Shareholder generally will be required to use the method, if
any, that it has used previously to determine the tax basis of nonfunctional currency
amounts withdrawn from accounts with a bank or other financial institution. A subsequent
sale of the euro received by the Shareholder will be a taxable event.

In
the case of a U.S. Shareholder that uses the U.S. dollar as its functional currency, any
gain or loss recognized by such U.S. Shareholder upon the sale of Shares, or upon the sale
of euro by the Trust, generally will be treated under Internal Revenue Code section 988 as
ordinary income or loss for U.S. federal income tax purposes. The share of any interest
income earned by the Trust that is allocable to a U.S. Shareholder will be treated as
ordinary income for U.S. federal income tax purposes.

The
Trust does not expect to generate taxable income except for gain (if any) upon the sale of
euro and interest income. A Non-U.S. Shareholder generally will not be subject to U.S.
federal income tax with respect to gain recognized upon the sale or other disposition of
Shares, or upon the sale of euro by the Trust, unless: (1) the Non-U.S. Shareholder is an
individual and is present in the United States for 183 days or more during the taxable
year of the sale or other disposition, and the gain is treated as being from United States
sources; or (2) the gain is effectively connected with the conduct by the Non-U.S.
Shareholder of a trade or business in the United States.

A
Non-U.S. Shareholders share of any interest income earned by the Trust generally
will not be subject to U.S. federal income tax unless the Shares owned by such Non-U.S.
Shareholder are effectively connected with the conduct by the Non-U.S. Shareholder of a
trade or business in the United States.

# E. Revenue Recognition

Interest
on the primary deposit account accrues daily as earned and is received on a monthly basis.

# F. Dividends

To
the extent that the interest earned by the Trust exceeds the Trusts expenses,
dividends will be paid monthly.

8

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# 3. Redeemable Capital
Shares

Shares
are classified as redeemable for financial statement purposes, since they are
subject to redemption. Shares are issued and redeemed continuously in Baskets of 50,000
Shares in exchange for euro. Individual investors cannot purchase or redeem Shares in
direct transactions with the Trust. Authorized Participants, as defined below, are the
only persons that may place orders to create and redeem Baskets. An Authorized Participant
is a DTC participant that is a registered broker-dealer or other institution eligible to
settle securities transactions though the book-entry facilities of the DTC and which has
entered into a contractual arrangement with the Trust and the Sponsor governing, among
other matters, the creation and redemption process. Authorized Participants may redeem
their Shares at any time in the prescribed aggregations of 50,000 Share Baskets.

Due
to expected continuing sales and redemption of capital stock and the three-day period for
settlement of the Shares, the Trust reflects Shares sold as a receivable. Shares redeemed
are reflected as a liability on the trade date. Outstanding Shares are reflected at a
redemption value, which is the NAV per Share at the period end date. Adjustments to redeemable capital shares at
redemption value are recorded against retained earnings, or in the absence of retained earnings,
by charges against the cumulative translation adjustment.

Activity
in redeemable capital Shares is as follows:

|                                                      
|------------------------------------------------------
|Balance at the opening of business on December 5, 2005
|Shared redeemed                                       
|Shares issued                                         
|Adjustment to redemption value                        
|                                                      
|Balance at close of business on January 31, 2006      
|                                                      

The
Trustee will calculate the Trusts NAV each business day. To calculate the NAV, the
Trustee will subtract the Sponsors accrued fee through the previous day from the
euro held by the Trust (including all unpaid interest accrued through the preceding day)
and calculate the value of the euro in U.S. dollars based upon the Noon Buying Rate. If,
on a particular evaluation day, the Noon Buying Rate has not been determined and announced
by 2:00 PM (New York time), then the most recent Federal Reserve Bank of New York
determination of the Noon Buying Rate shall be used to determine the NAV of the Trust
unless the Trustee, in consultation with the Sponsor, determines that such price is
inappropriate to use as the basis for such valuation. In the event that the Trustee and
the Sponsor determine that the most recent Federal Reserve Bank of New York determination
of the Noon Buying Rate is not an appropriate basis for valuation of the Trusts
euro, they shall determine an alternative basis for such evaluation to be employed by the
Trustee. The Trustee also determines the NAV per Share, which equals the NAV of the Trust
divided by the number of outstanding Shares. Shares deliverable under a purchase order are
considered outstanding for purposes of determining NAV per Share; Shares deliverable under
a redemption order are not considered outstanding for this purpose.

9

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# 4. Sponsors Fee

The
Sponsors fee accrues daily at an annual nominal rate of 0.40% of the euro in the
Trust (including all unpaid interest but excluding unpaid fees, each as accrued through
the immediately preceding day) and is paid monthly.

The
Sponsor assumes and pays the following administrative and marketing expenses incurred by
the Trust: the Trustees monthly fee, NYSE listing fees, SEC registration fees,
typical maintenance and transaction fees of the Depository, printing and mailing costs,
audit fees and expenses, up to $100,000 per year in legal fees and expenses, and
applicable license fees. The Sponsor has also paid the costs of the Trusts
organization and the initial sales of the Shares, which were approximately $1,000,000 when
the Trust was formed.

In
certain exceptional cases the Trust will pay for some expenses in addition to the
Sponsors fee. These exceptions include expenses not assumed by the Sponsor (i.e.,
expenses identified in the preceding paragraph), taxes and governmental charges, expenses
and costs of any extraordinary services performed by the Trustee or the Sponsor on behalf
of the Trust or action taken by the Trustee or the Sponsor to protect the Trust or the
interests of Shareholders, indemnification of the Sponsor under the Depositary Trust
Agreement, and legal expenses in excess of $100,000 per year.

# 5. Related Parties

The
Sponsor is a related party of the Trust.  The Sponsor oversees the performance of the
Trustee and the Trusts principal service providers, including the preparation of
financial statements, but does not exercise day-to-day oversight over the Trustee or the
Trusts service providers.  The Sponsor has paid the costs of the Trusts organization
and the initial sales of the Shares, as described in Note 4.

# 6. Concentration Risk

All
of the Trusts assets are euro, which creates a concentration risk associated with
fluctuations in the price of euro. Accordingly, a decline in the price of euro will have
an adverse effect on the value of the Shares of the Trust. Factors that may have the
effect of causing a decline in the price of euro include national debt levels and trade
deficits, domestic and foreign inflation rates, domestic and foreign interest rates,
investment and trading activities of institutions and global or regional political,
economic or financial events and situations. Substantial sales of euro by the official
sector (central banks, other governmental agencies and related institutions that buy, sell
and hold euro as part of their reserve assets) could adversely affect an investment in the
Shares.

10

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# 7. Commitments and
Contingencies

Under
the Trusts organizational documents, the Sponsor is indemnified against any
liability or expense it incurs without negligence, bad faith or willful misconduct on its
part. The Trusts maximum exposure under these arrangements is unknown, as this would
involve future claims that may be made against the Trust that have not yet occurred.

# Item 2.  MANAGEMENT'S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

# Cautionary Statement
Regarding Forward-Looking Information and Risk Factors

This
report contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are predictions and actual events or
results may differ materially from those expressed in our forward-looking statements.
Risks and uncertainties may cause our actual results to differ materially from those
expressed in our forward-looking statements. These uncertainties and other factors
include, but are not limited to, the following:

The
value of the Shares relates directly to the value of the euro held by the Trust and
fluctuations in the price of euro could materially adversely affect an investment in the
Shares. Readers are urged to review the Risk Factors section contained in the
Prospectus for a description of other risks and uncertainties that may affect an
investment in the Shares.

The
discussion and analysis which follows may contain statement that relate to future events
or future performance. In some cases, such forward-looking statements can be identified by
terminology such as anticipate, expect, intend,
plan, believe, seek, outlook and
estimate as well as similar words and phrases that signify forward-looking
statements. Neither the Sponsor, nor any other person assumes responsibility for the
accuracy or completeness of forward-looking statements to conform such statements to
actual results or to a change in the Sponsors expectations or predictions.

# Trust Overview

Euro
Currency Trust is a grantor trust that was formed on December 5, 2005. The Trust issues
Baskets of Shares in exchange for deposits of euro and distributes euro in connection with
the redemption of Baskets.

The
Trust is a passive investment vehicle. The Trust does not have any officers, directors, or
employees. The investment objective of the Trust is for the Shares to reflect the price of
euro plus accrued interest, less the expenses of the Trusts operations. The Trust
does not engage in any activities designed to obtain profit from, or ameliorate losses
caused by, changes in the price of euro.

The
Shares of the Trust began trading on the NYSE under the ticker symbol FXE on
December 12, 2005. Investing in the Shares does not insulate the investor from certain
risks, including price volatility.

11

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# Definition of Net Asset
Value, Valuation of Euro

The
NAV of the Trust is the aggregate value, expressed in U.S. dollars, of the Trusts
assets. To calculate the NAV, the Trustee adds to the amount of euro in the Trust at the
end of the preceding business day accrued but unpaid interest, euro receivable under
pending purchase orders and the value of other Trust assets, and subtracts the accrued but
unpaid Sponsors fee, euro payable under pending redemption orders and other Trust
expenses and liabilities, if any.

The
NAV is expressed in USD based on the Noon Buying Rate as determined by the Federal Reserve
Bank of New York. If, on a particular evaluation day, the Noon Buying Rate has not been
determined and announced by 2:00 PM (New York time), then the most recent Federal Reserve
Bank of New York determination of the Noon Buying Rate shall be used to determine the NAV
of the Trust unless the Trustee, in consultation with the Sponsor, determines that such
price is inappropriate to use as the basis for such valuation. The Trustee also determines
the NAV per Share, which equals the NAV of the Trust divided by the number of outstanding
Shares.

The
Sponsor publishes the NAV and NAV per Share on each day that the NYSE is open for regular
trading on the Trusts website, www.currencyshares.com.

The
following chart illustrates the movement in the price of the Shares based on NAV per Share
and the bid and ask midpoint offered on the NYSE as of the Noon
Buying Rate versus the corresponding euro (expressed as a multiple of 100 euro  Noon
Buying Rate x 100):

12

---

# Liquidity

The
Sponsor is not aware of any trends, demands, conditions or events that are reasonable
likely to result in material changes to the Trusts liquidity needs. The Depository
maintains two deposit accounts for the Trust, a primary deposit account that earns
interest and a secondary deposit account that does not earn interest. Interest on the
primary deposit account accrues daily at an initial annual nominal rate of EONIA minus 27
basis points and is paid monthly. The following chart provides the daily rate paid by the
Depository since the Trusts Shares began trading on the NYSE:

In
exchange for a fee the Sponsor has agreed to assume most of the expense incurred by the
Trust. As a result, the only ordinary expense of the Trust during the period covered by
this report was the Sponsors fee. Each month the Depository deposits into the
secondary deposit account accrued but unpaid interest and the Trustee withdraws euro from
the secondary deposit account to pay the accrued Sponsors fee for the previous month
plus any other Trust expenses. In the event that the interest deposited exceeds the sum of
the Sponsors fee for the prior month plus other Trust expenses, if any, then the
Trustee will convert the excess into USD at a prevailing market rate and distribute the
USD as promptly as practicable to Shareholders on a pro rata basis (in accordance with the
number of Shares that they own). Historical distributions are as follows:

|           |               |           |       |      
|---------- | ------------- | --------- | ----- | -----
|
|
|12/30/2006 | $      0.1267 | $  118.56 | 0.11% | 1.60%
|1/31/2006  | $      0.1734 | $  121.75 | 0.14% | 1.65%
|           |               |           |       |      
|           | $      0.3002 | $  121.75 | 0.25% | 1.61%
|           |               |           |       |      

# Critical Accounting
Estimates

The
preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of the assets and liabilities and disclosures
of contingent liabilities at the date of the financial statements and the reported amounts
of revenue and expenses during the period.

13

---

In
addition to the description below and for further descriptions, please refer to Note 2 to
the consolidated financial statements for further discussion of our accounting policies.

The
Trustee calculates the Trusts NAV each business day. For NAV calculation purposes,
Euro Deposits (cash) are translated at the Noon Buying Rate, which is the U.S. dollar
(USD)/euro exchange rate as determined and published by the Federal Reserve
Bank of New York as of 12:00 PM (New York time) on each day that the NYSE is open for
regular trading.

The
functional currency of the Trust is the euro in accordance with Financial Accounting
Standard (FAS) 52, Foreign Currency Translation.

# Results of Operations

On
December 5, 2005, the date of formation of the Trust, the Depository received 15,000,000
euro on behalf of the Trust in exchange for 150,000 Shares. Trading in the Shares of the
Trust on the NYSE commenced on December 12, 2005. Through January 31, 2006 an additional
700,000 Shares were created in exchange for 70,000,000 euro, and the seed capital of 100
euro was redeemed.

As
of January 31, 2006 the amount of euro owned by the Trust was 85,000,000 resulting in a
value of $103,343,000, based on Noon Buying Rate on January 31, 2006.

# Movements in the Price
of Euro

The
investment objective of the Trust is for the Shares to reflect the price of the euro. The
Shares are intended to provide institutional and retail investors with a simple,
cost-effective means of gaining investment benefits similar to those of holding euro. Each
outstanding Share will represent a proportional interest in the euro held by the Trust.
The following chart provides recent trends on the price of euro. The chart illustrates
movements in the price of euro in US dollars per euro over the period from February 1,
2005 to January 31, 2006, and is based on the Noon Buying Rate as determined by the
Federal Reserve Bank of New York:

14

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Historical
values of the Noon Buying can be obtained at
http://www.ny.frb.org/markets/fxrates/noon.cfm.

# Item 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not
applicable.

# Item 4. CONTROLS AND
PROCEDURES

The
Trust maintains disclosure controls and procedures (as defined in Rules 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934) designed to ensure that material
information relating to the Trust is recorded, processed and disclosed on a timely basis.
The Trusts disclosure controls and procedures are designed by or under the
supervision of the Sponsors chief executive officer and chief financial officer who
exercise oversight over the Trust as the Trust has no officers. The chief executive
officer and chief financial officer of the Sponsor have evaluated the effectiveness of the
Trusts disclosure controls and procedures as of January 31, 2006. Based on that
evaluation, the chief executive officer and chief financial officer of the Sponsor have
concluded that the disclosure controls and procedures of the Trust were effective as of
the end of the period covered by this quarterly report. There were no changes in the
Trusts internal control over financial reporting that occurred during the
Trusts last fiscal quarter that have materially affected, or are reasonably likely
to materially affect, the Trusts internal control over financial reporting.

15

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# PART II  OTHER
INFORMATION

# Item 1. Legal Proceedings

None.

# Item 1A. Risk Factors

This
item requires disclosure of any material changes from the risk factors previously
disclosed in a registrants most recent Form 10-K. The Trust was formed on December
5, 2005 and has not filed a Form 10-K. There have been no material changes from the risk
factors disclosed in the Risk Factors section of the Trusts Registration
Statement on Form S-1/A filed with the Securities and Exchange Commission on December 6,
2005 (File No. 333-125581) (the Registration Statement).

# Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds

(a)                 On
December 5, 2005, the Sponsor deposited 100 euro in the Trusts primary
          deposit account in exchange for one Share solely for purposes of forming the
          Trust and preparing audited financial statements in the Registration Statement.
          As described in Item 2(c) below, the Sponsor redeemed the Share for 100 euro
          immediately after the Registration Statement was declared effective.

(b)                 Not
applicable.

(c)                 On
December 8, 2005, the Trusts Registration Statement was declared
          effective and the Sponsor redeemed for 100 euro the Share it received when it
          deposited 100 euro in the primary deposit account to form the Trust. No other
          Shares have been redeemed through January 31, 2006.

# Item 3. Defaults upon
Senior Securities

None.

# Item 4.  Submission of
Matters to a Vote of Security Holders

None.

# Item 5. Other Information

None.

# Item 6. Exhibits

| | Number | Description
of Exhibit
| | ------ | ----------------------

| | 31.1 | Certification
of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
| | ---- | ------------------------------------------------------------------------------------------------------

16

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| | 31.2 | Certification
of Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
| | ---- | ------------------------------------------------------------------------------------------------------

| | 32.1 | Certification
of Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
| | ---- | ------------------------------------------------------------------------------------------------------

| | 32.2 | Certification
of Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
| | ---- | ------------------------------------------------------------------------------------------------------

---

17

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# SIGNATURES

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 thereunto duly authorized.

|                     |                               
|-------------------- | ------------------------------
|
|                     | RYDEX SPECIALIZED PRODUCTS LLC
|                     | D/B/A RYDEX INVESTMENTS,      
|                     | SPONSOR OF EURO CURRENCY TRUST
|                     |                               
|Date: March 22, 2006 | By:  /s/ NICK BONOS           
|                     | Nick Bonos                    
|                     | Chief Financial Officer       
|                     | (principal financial officer) 

18