Schedule
of
Investments
as
of
September
30,
2024
(Unaudited)
The
European
Equity
Fund,
Inc.
Shares
Value
($)
Common
Stocks
95.9%
Germany
24.2%
Air
Freight
&
Logistics
1.6%
Deutsche
Post
AG
26,298
1,174,613
Diversified
Telecommunication
Services
3.2%
Deutsche
Telekom
AG
(Registered)
83,257
2,451,582
Health
Care
Providers
&
Services
2.0%
Fresenius
SE
&
Co
KGaA*
40,019
1,528,479
Independent
Power
&
Renewable
Electricity
Producers
0.9%
RWE
AG
18,682
681,227
Insurance
3.3%
Allianz
SE
(Registered)
7,564
2,489,774
Interactive
Media
&
Services
1.4%
Scout24
SE
144A
12,092
1,042,277
Machinery
2.0%
Daimler
Truck
Holding
AG
17,444
654,575
Knorr-Bremse
AG
9,357
833,677
1,488,252
Multi-Utilities
1.3%
E.ON
SE
65,340
973,665
Passenger
Airlines
0.8%
Deutsche
Lufthansa
AG
(Registered)
81,593
599,053
Pharmaceuticals
1.5%
Merck
KGaA
6,583
1,160,559
Semiconductors
&
Semiconductor
Equipment
1.1%
Infineon
Technologies
AG
23,718
832,574
Software
2.1%
SAP
SE
6,979
1,591,697
Textiles,
Apparel
&
Luxury
Goods
2.0%
adidas
AG
3,033
805,106
Puma
SE
16,346
683,958
1,489,064
Trading
Companies
&
Distributors
1.0%
Brenntag
SE
10,610
792,952
Total
Germany
(Cost
$15,222,544)
18,295,768
Shares
Value
($)
France
17.3%
Building
Products
2.2%
Cie
de
Saint-Gobain
SA
18,311
1,669,655
Construction
&
Engineering
1.6%
Vinci
SA
10,591
1,240,240
Electrical
Equipment
0.2%
Schneider
Electric
SE
615
162,084
Insurance
3.8%
AXA
SA
56,414
2,173,551
SCOR
SE
28,500
637,914
2,811,465
IT
Services
0.9%
Capgemini
SE
3,101
671,086
Media
1.3%
Vivendi
SE
85,716
992,763
Oil,
Gas
&
Consumable
Fuels
1.7%
TotalEnergies
SE
19,869
1,296,935
Personal
Care
Products
1.9%
L'Oreal
SA
3,224
1,446,310
Pharmaceuticals
1.9%
Sanofi
SA
12,217
1,402,705
Textiles,
Apparel
&
Luxury
Goods
1.8%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,769
1,358,996
Total
France
(Cost
$11,297,884)
13,052,239
United
Kingdom
15.5%
Banks
3.6%
HSBC
Holdings
PLC
302,012
2,710,045
Commercial
Services
&
Supplies
0.7%
Rentokil
Initial
PLC
115,540
564,556
Electric
Utilities
0.2%
SSE
PLC
7,371
186,112
Hotels,
Restaurants
&
Leisure
2.7%
Compass
Group
PLC
63,078
2,024,876
Media
1.2%
Informa
PLC
83,569
919,097
Oil,
Gas
&
Consumable
Fuels
2.4%
Shell
PLC
54,481
1,771,549
Pharmaceuticals
1.8%
AstraZeneca
PLC
8,552
1,328,840
Shares
Value
($)
Professional
Services
2.0%
RELX
PLC
31,571
1,485,484
Trading
Companies
&
Distributors
0.9%
Ashtead
Group
PLC
8,718
676,381
Total
United
Kingdom
(Cost
$8,269,240)
11,666,940
Switzerland
8.6%
Chemicals
3.1%
DSM-Firmenich
AG
9,121
1,258,412
Sika
AG
(Registered)
3,153
1,047,013
2,305,425
Food
Products
1.9%
Nestle
SA
(Registered)
13,981
1,408,211
Pharmaceuticals
2.2%
Roche
Holding
AG
5,062
1,623,921
Semiconductors
&
Semiconductor
Equipment
0.7%
STMicroelectronics
NV
18,529
550,979
Textiles,
Apparel
&
Luxury
Goods
0.7%
Cie
Financiere
Richemont
SA
''A''
(Registered)
3,520
558,359
Total
Switzerland
(Cost
$6,801,141)
6,446,895
Netherlands
7.7%
Automobiles
0.7%
Stellantis
NV
36,346
503,205
Banks
3.2%
ABN
AMRO
Bank
NV
(CVA)
144A
67,370
1,218,153
ING
Groep
NV
65,131
1,182,683
2,400,836
Semiconductors
&
Semiconductor
Equipment
3.8%
ASML
Holding
NV
3,463
2,881,010
Total
Netherlands
(Cost
$3,105,812)
5,785,051
Denmark
6.6%
Air
Freight
&
Logistics
1.4%
DSV
A/S
5,317
1,100,280
Pharmaceuticals
5.2%
Novo
Nordisk
A/S
''B''
33,158
3,905,029
Total
Denmark
(Cost
$1,673,288)
5,005,309
Shares
Value
($)
Sweden
4.1%
Banks
2.4%
Swedbank
AB
''A''
85,000
1,805,887
Machinery
1.7%
Atlas
Copco
AB
''A''
68,091
1,319,987
Total
Sweden
(Cost
$2,024,768)
3,125,874
Spain
3.5%
Banks
2.4%
Banco
Santander
SA
345,506
1,773,565
Specialty
Retail
1.1%
Industria
de
Diseno
Textil
SA
14,554
862,959
Total
Spain
(Cost
$2,043,521)
2,636,524
United
States
3.3%
Construction
Materials
3.3%
CRH
PLC
(Cost
$1,354,353)
(a)
27,092
2,476,820
Italy
2.6%
Banks
1.7%
Intesa
Sanpaolo
SpA
309,588
1,325,619
Beverages
0.9%
Davide
Campari-Milano
NV
76,418
648,031
Total
Italy
(Cost
$1,871,645)
1,973,650
Ireland
1.8%
Containers
&
Packaging
1.8%
Smurfit
WestRock
PLC
(Cost
$1,428,553)
26,343
1,320,386
Norway
0.7%
Banks
0.7%
DNB
Bank
ASA
(Cost
$481,615)
24,076
494,589
Total
Common
Stocks
(Cost
$55,574,364)
72,280,045
Shares
Value
($)
Preferred
Stocks
1.6%
Germany
1.6%
Automobiles
1.6%
Porsche
Automobil
Holding
SE
12,572
576,264
Volkswagen
AG
5,686
603,737
1,180,001
Total
Germany
(Cost
$2,520,052)
1,180,001
Total
Preferred
Stocks
(Cost
$2,520,052)
1,180,001
Cash
Equivalents
2.2%
DWS
Central
Cash
Management
Government
Fund,
4.93%
(Cost
$1,630,527)
(b)
1,630,527
1,630,527
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$59,724,943)
99.7
75,090,573
Other
Assets
and
Liabilities,
Net
0.3
295,717
Net
Assets
100.0
75,386,290
For
purposes
of
its
industry
concentration
policy,
the
Fund
classifies
issuers
of
portfolio
securities
at
the
industry
sub-group
level. Certain
of
the
categories
in
the
above
Schedule
of
Investments
consist
of
multiple
industry
sub-groups
or
industries.
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period
ended
September
30,
2024
are
as
follows:
Net
Change
Value
($)
at
12/31/2023
Purchases
Cost
($)
Sales
Proceeds
($)
Net
Real-
ized
Gain/
(Loss)
($)
in
Unreal-
ized
Appreci-
ation/
(Depreci-
ation)
($)
Income
($)
Capital
Gain
Distri-
butions
($)
Number
of
Shares
at
9/30/2024
Value
($)
at
9/30/2024
Securities
Lending
Collateral
0.0%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.82%
(b)
(c)
–
0
(d)
–
–
–
10,586
–
–
–
Cash
Equivalents
2.2%
DWS
Central
Cash
Management
Government
Fund,
4.93%
(b)
1,250,300
7,107,746
6,727,519
–
–
62,439
–
1,630,527
1,630,527
1,250,300
7,107,746
6,727,519
–
–
73,025
–
1,630,527
1,630,527
*
Non-income
producing
security.
(a)
CRH
PLC
is
domiciled
in
United
States
and
is
listed
on
the
London
Stock
Exchange.
(b)
Affiliated
fund
managed
by
DWS
Investment
Management
Americas,
Inc.
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
(c)
Represents
cash
collateral
held
in
connection
with
securities
lending.
Income
earned
by
the
Fund
is
net
of
borrower
rebates.
(d)
Represents
the
net
increase
(purchases
cost)
or
decrease
(sales
proceeds)
in
the
amount
invested
in
cash
collateral
for
the
period
ended
September
30,
2024.
144A:
Securities
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
CVA:
Credit
Valuation
Adjustment
(e)
See
Schedule
of
Investments
for
additional
detailed
categorizations
.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
value
of
the
Fund’s
investments.
These
inputs
are
summarized
in
three
broad
levels.
Level
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
as
of
September
30,
2024
in
valuing
the
Fund’s
investments.
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
and/or
Other
Equity
Investments
(e)
Germany
$
19,475,769
$
—
$
—
$
19,475,769
France
13,052,239
—
—
13,052,239
United
Kingdom
11,666,940
—
—
11,666,940
Switzerland
6,446,895
—
—
6,446,895
Netherlands
5,785,051
—
—
5,785,051
Denmark
5,005,309
—
—
5,005,309
Sweden
3,125,874
—
—
3,125,874
Spain
2,636,524
—
—
2,636,524
United
States
2,476,820
—
—
2,476,820
Italy
1,973,650
—
—
1,973,650
Ireland
1,320,386
—
—
1,320,386
Norway
494,589
—
—
494,589
Short-Term
Instruments
(e)
1,630,527
—
—
1,630,527
Total
$
75,090,573
$
—
$
—
$
75,090,573
OBTAIN
AN
OPEN-END
FUND
PROSPECTUS
To
obtain
a
summary
prospectus,
if
available,
or
prospectus,
download
one
from
fundsus.dws.com,
talk
to
your
financial
representative
or
call
(800)
728-3337.
We
advise
you
to
carefully
consider
the
product's
objectives,
risks,
charges
and
expenses
before
investing.
The
summary
prospectus
and
prospectus
contain
this
and
other
important
information
about
the
investment
product.
Please
read
the
prospectus
carefully
before
you
invest
.
CLOSED-END
FUNDS
The
shares
of
most
closed-end
funds,
including
the
Fund,
are
not
continuously
offered.
Once
issued,
shares
of
closed-end
funds
are
bought
and
sold
in
the
open
market.
Shares
of
closed-end
funds
frequently
trade
at
a
discount
to
net
asset
value.
The
price
of
the
fund’s
shares
is
determined
by
a
number
of
factors,
several
of
which
are
beyond
the
control
of
the
fund.
Therefore,
the
fund
cannot
predict
whether
its
shares
will
trade
at,
below
or
above
net
asset
value.
The
brand
DWS
represents
DWS
Group
GmbH
&
Co.
KGaA
and
any
of
its
subsidiaries
such
as
DWS
Distributors,
Inc.,
which
offers
investment
products,
or
DWS
Investment
Management
Americas
Inc.
and
RREEF
America
L.L.C.,
which
offer
advisory
services.
NO
BANK
GUARANTEE
|
NOT
FDIC
INSURED
|
MAY
LOSE
VALUE
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