The European Equity Fund, Inc.

Schedule of Investments as of March 31, 2020 (Unaudited)

	Shares	Value ($)
Common Stocks  98.7%
France  22.9%
Banks 2.2%
BNP Paribas SA	46,000	1,388,716
Building Products 2.3%
Cie de Saint-Gobain	59,290	1,442,162
Construction & Engineering 2.6%
Bouygues SA	56,000	1,642,062
Electrical Equipment 1.0%
Schneider Electric SE	7,540	650,202
Entertainment 1.9%
Vivendi SA	56,000	1,199,897
Health Care Equipment & Supplies 1.1%
BioMerieux	6,000	675,560
IT Services 3.5%
Edenred	17,000	710,599
Worldline SA 144A*	26,000	1,532,190
		2,242,789
Machinery 2.7%
Alstom SA	41,000	1,716,048
Pharmaceuticals 2.8%
Sanofi	20,000	1,758,913
Textiles, Apparel & Luxury Goods 2.8%
Kering SA	3,400	1,775,659
Total France (Cost $17,991,268)		14,492,008
Germany  16.6%
Air Freight & Logistics 2.9%
Deutsche Post AG (Registered)	68,890	1,872,987
Capital Markets 2.2%
Deutsche Boerse AG	10,000	1,371,750
Chemicals 3.1%
Evonik Industries AG	48,000	1,004,516
LANXESS AG	24,000	959,215
		1,963,731
Insurance 2.5%
Allianz SE (Registered)	9,200	1,583,873
Interactive Media & Services 1.7%
Scout24 AG 144A	18,000	1,081,488
Pharmaceuticals 2.6%
Merck KGaA	16,000	1,643,817
Software 1.6%
SAP SE	9,000	1,015,315
Total Germany (Cost $11,378,860)		10,532,961
Switzerland  13.2%
Airlines 1.0%
Wizz Air Holdings PLC 144A*	22,600	645,992
Capital Markets 2.1%
Partners Group Holding AG	1,900	1,315,385
	Shares	Value ($)
Chemicals 2.1%
Sika AG (Registered)	8,000	1,322,994
Food Products 3.2%
Barry Callebaut AG (Registered)	1,000	2,005,790
Health Care Equipment & Supplies 1.7%
Straumann Holding AG (Registered)	1,500	1,118,797
Insurance 2.1%
Baloise Holding AG (Registered)	10,000	1,312,035
Technology Hardware, Storage & Peripherals 1.0%
Logitech International SA (Registered)	15,000	648,883
Total Switzerland (Cost $8,168,689)		8,369,876
United Kingdom  11.2%
Hotels, Restaurants & Leisure 1.5%
Compass Group PLC	62,000	970,979
Multiline Retail 1.6%
B&M European Value Retail SA	297,851	1,017,805
Pharmaceuticals 4.8%
AstraZeneca PLC	34,000	3,039,812
Tobacco 3.3%
British American Tobacco PLC	60,000	2,051,041
Total United Kingdom (Cost $7,791,997)		7,079,637
Netherlands  6.8%
Beverages 1.7%
Heineken NV	13,000	1,086,514
Professional Services 2.7%
Wolters Kluwer NV	24,000	1,690,347
Semiconductors & Semiconductor Equipment 2.4%
ASML Holding NV	5,700	1,516,568
Total Netherlands (Cost $3,368,303)		4,293,429
Finland  5.6%
Insurance 2.2%
Sampo OYJ ''A''	48,000	1,402,214
Oil, Gas & Consumable Fuels 3.4%
Neste OYJ	63,000	2,132,852
Total Finland (Cost $3,679,852)		3,535,066
Denmark  5.0%
Electrical Equipment 1.2%
Vestas Wind Systems A/S	9,402	764,174
Pharmaceuticals 3.8%
Novo Nordisk A/S ''B''	40,000	2,407,154
Total Denmark (Cost $2,694,835)		3,171,328
Sweden  4.0%
Banks 1.5%
Swedbank AB	85,000	951,877
Household Products 2.5%
Essity AB ''B''	50,000	1,545,673
Total Sweden (Cost $2,386,320)		2,497,550
	Shares	Value ($)
Italy 3.7%
Electric Utilities 3.7%
Enel SpA (Cost $2,588,934)	340,000	2,365,182
Ireland 3.6%
Food Products 3.6%
Kerry Group PLC ''A'' (Cost $1,727,468)	20,000	2,297,956
Spain 2.3%
Construction & Engineering 2.3%
Ferrovial SA (Cost $1,300,717)	60,000	1,440,008
Belgium 2.1%
Banks 2.1%
KBC Group NV (Cost $1,738,078)	29,000	1,337,270
Australia 1.7%
Metals & Mining 1.7%
BHP Group PLC (d) (Cost $1,028,013)	71,100	1,102,923
Total Common Stocks (Cost $65,843,334)		62,515,194
Cash Equivalents  0.7%
DWS Central Cash Management Government Fund, 0.32% (a) (Cost $467,539)	467,539	467,539
	% of Net
	Assets	Value ($)
Total Investment Portfolio (Cost $66,310,873)	99.4	62,982,733
Other Assets and Liabilities, Net	0.6	368,722
Net Assets	100.0	63,351,455

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 March 31, 2020 are as follows:

Value ($) at 12/31/2019	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/ (Loss) ($)	Net Change in Unrealized Appreciation/ (Depreciation) ($)	Income ($)	Capital Gain Distributions ($)	Number of Shares at 3/31/2020	Value ($) at 3/31/2020
Securities Lending Collateral 0.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.33% (a) (b)
1,808,469	–	1,808,469	(c)    –	–	239	–	–	–
Cash Equivalents 0.7%
DWS Central Cash Management Government Fund, 0.32% (a)
730,688	7,200,105	7,463,254	–	–	2,244	–	467,539	467,539
2,539,157	7,200,105	9,271,723	–	–	2,483	–	467,539	467,539

*	Non-income producing security.
(a)	Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(b)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(c)	Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2020.
(d)	BHP Group PLC is domiciled in Australia and is listed on the London Stock Exchange.

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.
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.

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 March 31, 2020 in valuing the Fund’s investments.  

Assets	Level 1		Level 2		Level 3		Total
Common Stocks (e)
France	$	14,492,008	$	—	$	—	$	14,492,008
Germany		10,532,961		—		—		10,532,961
Switzerland		8,369,876		—		—		8,369,876
United Kingdom		7,079,637		—		—		7,079,637
Netherlands		4,293,429		—		—		4,293,429
Finland		3,535,066		—		—		3,535,066
Denmark		3,171,328		—		—		3,171,328
Sweden		2,497,550		—		—		2,497,550
Italy		2,365,182		—		—		2,365,182
Ireland		2,297,956		—		—		2,297,956
Spain		1,440,008		—		—		1,440,008
Belgium		1,337,270		—		—		1,337,270
Australia		1,102,923		—		—		1,102,923
Short-Term Instruments		467,539		—		—		467,539
Total	$	62,982,733	$	—	$	—	$	62,982,733

(e) See Schedule of Investments for additional detailed categorizations.