# UNITED
STATESSECURITIES 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 1934 For the quarterly
period ended April 30, 2007

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

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

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

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

Euro Currency Trust
(Former name, former address and former fiscal year, if changed since last report)

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.

---

# CURRENCYSHARESSM
EURO TRUST Index

|Caption                                                                                       | Page
|--------------------------------------------------------------------------------------------- | ----
|PART I FINANCIAL INFORMATION                                                                  |     
|Item 1. Financial Statements                                                                 
|Statements of Financial Condition at April 30, 2007 (unaudited) and October 31, 2006          | 2   
|Statements of Income and Comprehensive Income for the three months ended April 30,            | 3   
|2007 (unaudited), the six months ended April 30, 2007 (unaudited), the three months          
|ended April 30, 2006 and the period from December 5, 2005 (Date of Inception) to             
|April 30, 2006 (unaudited).                                                                  
|Statement of Changes in Shareholders' Equity for the six months ended April 30, 2007          | 4   
|(unaudited) and the period from December 5, 2005 (Date of Inception) to April 30, 2006.      
|Statement of Cash Flows for the six months ended April 30, 2007 (unaudited) and the           | 5   
|period from December 5, 2005 (Date of Inception) to October 31, 2006.                        
|Notes to Financial Statements (unaudited)                                                     | 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  
|Items 4. Controls and Procedures                                                              | 16  
|Part II OTHER INFORMATION                                                                    
|Item 1. Legal Proceedings                                                                     | 17  
|Item 1A. Risk Factors                                                                         | 17  
|Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                           | 17  
|Item 3. Defaults upon Senior Securities                                                       | 17  
|Item 4. Submission of Matters to a Vote of Security Holders                                   | 17  
|Item 5. Other Information                                                                     | 17  
|Item 6. Exhibits                                                                              | 18  
|SIGNATURES                                                                                   

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# Item 1. FINANCIAL
STATEMENTS

# CurrencySharesSMEuro
TrustStatements of Financial Condition

|                                                                                      | April 30,2007 (Unaudited) | October 31,2006
|------------------------------------------------------------------------------------- | ------------------------- | ---------------
|Assets                                                                                |                           |                
|Current Assets                                                                        |                           |                
|Euro deposits, interest bearing                                                       |                           |                
|Euro deposits, non-interest bearing                                                   |                           |                
|Receivable from accrued interest                                                      |                           |                
|                                                                                      |                           |                
|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, 17,000,000 authorized - |                           |                
|7,400,000 and 6,500,000 issued and outstanding, respectively                          |                           |                
|Shareholders Equity - Retained Earnings and Cumulative Translation Adjustment        |                           |                
|                                                                                      |                           |                
|Total Liabilities and Shareholders Equity                                            |                           |                
|                                                                                      |                           |                

See Notes to
Financial Statements.

2

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# CurrencySharesSM Euro
TrustStatements of Income and Comprehensive Income  (Unaudited)

|                                    | Three months ended April 30,
2007 | Six months ended
April 30, 2007 | Three months ended April
30, 2006 | December 5, 2005 [Date of Inception]
to April 30, 2006
|----------------------------------- | --------------------------------- | ------------------------------- | --------------------------------- | ------------------------------------------------------
|Income                              |                                   |                                 |                                   |                                                       
|Interest Income                     |                                   |                                 | $                                 | 8,090,245                                             
|                                    |                                   |                                 |                                   |                                                       
|Total Income                        |                                   |                                 |                                   | 8,090,245                                             
|Expenses                            |                                   |                                
|Sponsors fee                       |                                   |                                 |                                   | 931,829                                               
|                                    |                                   |                                 |                                   |                                                       
|Total Expenses                      |                                   |                                 |                                   | 931,829                                               
|Net Income                          |                                   |                                 | $                                 | 7,158,416                                             
|                                    |                                   |                                 |                                   |                                                       
|Other Comprehensive Income          |                                   |                                
|Currency translation adjustment     |                                   |                                 |                                   | 203,172                                               
|                                    |                                   |                                 |                                   |                                                       
|Total Comprehensive Income          |                                   |                                 | $                                 | 7,361,588                                             
|                                    |                                   |                                 |                                   |                                                       
|Earnings per share                  |                                   |                                 | $                                 | 1.00                                                  
|Weighted-average Shares Outstanding |                                   |                                 |                                   | 7,193,820                                             
|Cash Dividends per Share            |                                   |                                 | $                                 | 0.98                                                  

See Notes to
Financial Statements.

3

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# CurrencySharesSM Euro
TrustStatements of Changes in Shareholders Equity

|                                                            | Six months ended April 30, 2007
(Unaudited) | December 5, 2005 [Date of
Inception] to October 31, 2006
|----------------------------------------------------------- | ------------------------------------------- | --------------------------------------------------------
|Retained Earnings Balance, Beginning of Period              |                                             |                                                         
|Net Income                                                  |                                             |                                                         
|Distributions Paid                                          |                                             |                                                         
|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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# CurrencySharesSM Euro
TrustStatements of Cash Flows  (Unaudited)

|                                                                                 | Six months ended April 30,2007 | December 5, 2005 [Date of Inception]
to April 30, 2006
|-------------------------------------------------------------------------------- | ------------------------------ | ------------------------------------------------------
|Cash flows from operating activities                                             |                                |                                                       
|Cash received for accrued income                                                 |                                |                                                       
|Cash paid for expenses                                                           |                                |                                                       
|                                                                                 |                                |                                                       
|Net cash provided by operating activities                                        |                                |                                                       
|Cash flows from financing activities                                             |                                |                                                       
|Cash received to purchase redeemable shares                                      |                                |                                                       
|Cash paid to redeem redeemable shares                                            |                                |                                                       
|Cash paid for distributions                                                      |                                |                                                       
|                                                                                 |                                |                                                       
|Net cash provided by financing activities                                        |                                |                                                       
|Adjustment to period cash flows due to currency movement                         |                                |                                                       
|                                                                                 |                                |                                                       
|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                                     |                                |                                                       
|Decrease in prior period receivable from accrued interest                        |                                |                                                       
|Currency translation adjustment                                                  |                                |                                                       
|Increase in accrued sponsor fee                                                  |                                |                                                       
|Decrease in prior period accrued sponsor fee                                     |                                |                                                       
|                                                                                 |                                |                                                       
|Net cash provided by operating activities                                        |                                |                                                       

See Notes to
Financial Statements.

5

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# Notes to Financial
Statements(Unaudited)

# 1. Organization and
Description of the Trust

The CurrencySharesSM Euro 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 the euro
plus accrued interest less Trusts expenses and liabilities. The Shares are intended
to provide investors with a simple, cost-effective means of gaining investment benefits
similar to those of holding euro. The Trusts assets primarily consist 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). The secondary account is
used 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 holders of Shares
(Shareholders) on a monthly basis.

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. 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 Trusts Annual Report on Form 10-K filed on January 29, 2007.

# 2. Significant
Accounting Policies

# A. 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, 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.

6

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# B. 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 USD.
The Noon Buying Rate on the last day of the period is used for translation in the
statements of financial condition. The average Noon Buying Rate for the period is used for
translation in the statement of income and comprehensive income and the statement of cash
flows. Any currency translation adjustment is included in comprehensive income.

# C. 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 Shareholders.

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. The
acquisition of Shares by a U.S. Shareholder as part of a creation of a Basket will not be
a taxable event to the Shareholder.

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.

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.

7

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# D. Revenue Recognition

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

# E. Dividends

To the extent that the interest earned
by the Trust exceeds the sum of the Sponsors fee for the prior month plus other
Trust expenses, if any, the Trust will distribute, as a dividend, the excess interest
earned in euro effective on the first business day of the subsequent month. The Trustee
will direct that the excess euro be converted into USD at the prevailing market rate and
the Trustee will distribute the USD as promptly as practicable to Shareholders on a pro
rata basis (in accordance with the number of Shares that they own). For the month of
April, 2007 an income distribution of $0.35912 per share was paid on May 8, 2007.

# 3. Euro Deposits

Euro principal deposits are held in a
euro-denominated, interest-bearing demand account. For the six months ending April 30,
2007, there were euro principal deposits of 145,000,000 and 55,000,000 euro principal
redemptions resulting in an ending euro principal balance of 740,000,000. This equates to
1,010,840,000 USD. For the period from December 5, 2005 (Date of Inception) to October 31,
2006, there were euro principal deposits of 820,000,000 and euro principal redemptions of
170,000,100 resulting in an ending euro principal balance of 650,000,000. This equated to
830,245,000 USD. In addition, net interest associated with creation and redemption
activity is held in a euro-denominated non-interest-bearing account, and any balance is
distributed in full as part of the monthly income distributions.

# 4. 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 in exchange for euro.
Individual investors cannot purchase or redeem Shares in direct transactions with the
Trust. Only Authorized Participants (as defined below) 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 Baskets.

Due to expected continuing creations
and redemptions of Baskets and the three-day period for settlement of each creation or
redemption, the Trust reflects Shares created 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:

8

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|                                            | Six months ended
April 30, 2007 | Period from December 5, 2005
[Date of Inception]
to October 31, 2006
|------------------------------------------- | ------------------------------- | --------------------------------------------------------------------
|Shares                                      | U.S. Dollar Amount              | Shares                                                              
|Opening balance                             |                                 |                                                                     
|Shares issued                               |                                 |                                                                     
|Shares redeemed                             |                                 |                                                                     
|Adjustment to period Shares due to currency |                                 |                                                                     
|movement and other                          |                                 |                                                                     
|                                            |                                 |                                                                     
|Ending redemption balance                   |                                 |                                                                     
|                                            |                                 |                                                                     

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 USD 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.

# 5. 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 other than those 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.

9

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# 6. 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 5.

# 7. 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 to USD exchange rate will have an
adverse effect on the value of the Shares. 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.

# 8. 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.

10

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# 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 the
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 statements 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 Rydex
Specialized Products LLC d/b/a Rydex Investments (the Sponsor) nor any other
person assumes responsibility for the accuracy or completeness of forward-looking
statements. Further, these forward-looking statements are made as of the date of this
report, and will not be revised or updated to reflect actual results or changes in the
Sponsors expectations or predictions.

# Trust Overview

The CurrencySharesSM Euro
Trust (the Trust) is a grantor trust that was formed on December 5, 2005. The
Trust issues shares (the Shares) in blocks of 50,000 (each, a
Basket) 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 the 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 began trading on the New
York Stock Exchange (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.

# Definition and
Calculation of Net Asset Value

The net asset value (NAV)
of the Trust is the aggregate value, expressed in U.S. Dollars (USD), of the
Trusts assets. To calculate the NAV, The Bank of New York (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.

11

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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 the Trusts website, www.currencyshares.com each day that the
NYSE is open for regular trading.

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

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# Liquidity

The Sponsor is not aware of any
trends, demands, conditions or events that are reasonably likely to result in material
changes to the Trusts liquidity needs. The Trusts Depository, JPMorgan Chase,
London branch, 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 and is paid monthly. The interest rate paid
as of April 30, 2007 was an annual nominal rate of 3.60%. The following chart provides the
daily rate paid by the Depository since the Shares began trading on the NYSE:



In exchange for a fee, the Sponsor
bears most of the expenses 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 and other Trust expenses. When interest
deposited exceeds the sum of the Sponsors fee for the prior month plus other Trust
expenses, if any, the Trustee converts the excess into USD at a prevailing market rate and
distributes 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:

13

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|       
|-------
|
|Date   
|4/2/07 
|3/1/07 
|2/1/07 
|1/3/07 
|12/1/06
|11/1/06
|10/2/06
|9/1/06 
|8/1/06 
|7/3/06 
|6/1/06 
|5/1/06 
|4/3/06 
|3/1/06 
|2/1/06 
|1/3/06 
|       

# Critical Accounting
Estimates

The preparation of financial
statements in conformity with accounting principles generally accepted in the United
States of America requires the Sponsors 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 covered by this report.

In addition to the description below,
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 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 52, Foreign Currency
Translation.

# Results of Operations

The Trust was formed on December 5,
2005, when the Sponsor deposited 100 euro with the Depository in exchange for one Share.
The Depository received 15,000,000 euro on behalf of the Trust in exchange for 150,000
Shares on December 8, 2005. Trading in the Shares of the Trust on the NYSE commenced on
December 12, 2005. Through April 30, 2007 an additional 9,500,000 Shares had been created
in exchange for 950,000,000 euro; in addition to the seed capital of 100 euro, 2,250,000
Shares were redeemed in exchange for 225,000,000 euro.

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As of April 30, 2007 the number of
euro owned by the Trust was 740,000,000, resulting in a value of $1,013,500,102 based on
the NAV on April 30, 2007.

# Movements in the Price
of Euro

The investment objective of the Trust
is for the Shares to reflect the price of the euro plus accrued interest, less the
expenses of the Trusts operations. 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 represents 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 USD during the
period from August 1, 2005 to April 30, 2007 and is based on the Noon Buying Rate as
determined by the Federal Reserve Bank of New York.



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

# Item 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK

15

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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 April 30, 2007. 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 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.

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# PART II  OTHER
INFORMATION

# Item 1. Legal Proceedings

None.

# Item 1A. Risk Factors

There have been no material changes
from the risk factors disclosed in the Risk Factors section of the
Trusts Annual Report on Form 10-K filed with the Securities and Exchange Commission
on January 29, 2007.

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

(a)    
          None.

(b)    
          Not applicable.

(c)    
          During the quarter ended April 30, 2007, 11 Baskets (550,000 Shares registered
          pursuant to Section 12 of the Securities Exchange Act of 1934) were redeemed by
          the Trust, as follows:

|Period                  | Total Number of RegisteredShares Redeemed | Average Price Per Share
|----------------------- | ----------------------------------------- | -----------------------
|02/01/2007 - 02/28/2007 | 250,000                                   | $129.38204             
|03/01/2007 - 03/31/2007 | 300,000                                   | $131.74063             
|04/01/2007 - 04/30/2007 | --                                        | --                     

# Item 3. Defaults upon
Senior Securities

None.

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

None.

# Item 5. Other Information

None.

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# 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
|---- | ------------------------------------------------------------------------------------------------------

|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
|---- | ------------------------------------------------------------------------------------------------------

18

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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 CURRENCYSHARESSM EURO TRUST
|Date:  June 11, 2007 | By:  /s/ Nick Bonos                   
|                     | Nick Bonos                            
|                     | Chief Financial Officer               
|                     | (principal financial officer)         

19