Schedule of Investments

as of March 31, 2025 (Unaudited)

The European Equity Fund, Inc.

Value ($)

Common Stocks 95.2%

France 20.2%

Banks 2.0%

Societe Generale SA

32,674

1,460,567

Building Products 1.5%

Cie de Saint-Gobain SA

11,146

1,103,855

Construction & Engineering 1.8%

Vinci SA

10,591

1,330,272

Diversified Telecommunication Services 1.1%

Orange SA

58,462

757,352

Electrical Equipment 1.9%

Schneider Electric SE

6,013

1,368,619

Entertainment 0.4%

Vivendi SE

85,716

255,225

Insurance 4.8%

AXA SA

54,014

2,298,404

SCOR SE

40,074

1,152,111

3,450,515

IT Services 0.6%

Capgemini SE

3,101

462,341

Oil, Gas & Consumable Fuels 1.8%

TotalEnergies SE

19,869

1,280,215

Personal Care Products 1.7%

L'Oreal SA

3,224

1,193,776

Pharmaceuticals 1.1%

Sanofi SA

7,452

820,269

Textiles, Apparel & Luxury Goods 1.5%

LVMH Moet Hennessy Louis Vuitton SE

1,769

1,092,244

Total France

(Cost $14,114,761)

14,575,250

Germany 19.6%

Diversified Telecommunication Services 1.1%

Deutsche Telekom AG (Registered)

22,175

819,535

Health Care Providers & Services 2.8%

Fresenius SE & Co KGaA*

48,383

2,057,226

Independent Power & Renewable Electricity Producers 0.9%

RWE AG

18,682

666,230

Value ($)

Insurance 2.7%

Allianz SE (Registered)

5,157

1,961,042

Interactive Media & Services 1.6%

Scout24 SE 144A

11,365

1,183,233

Machinery 2.2%

Daimler Truck Holding AG

17,444

699,323

Knorr-Bremse AG

9,357

844,319

1,543,642

Multi-Utilities 2.1%

E.ON SE

101,509

1,530,431

Passenger Airlines 1.0%

Deutsche Lufthansa AG (Registered)

103,843

750,959

Pharmaceuticals 1.0%

Merck KGaA

5,163

705,927

Software 2.6%

SAP SE

6,979

1,842,121

Textiles, Apparel & Luxury Goods 0.9%

adidas AG

2,769

648,046

Trading Companies & Distributors 0.7%

Brenntag SE

8,240

530,392

Total Germany

(Cost $11,087,373)

14,238,784

United Kingdom 19.6%

Banks 3.6%

HSBC Holdings PLC

232,688

2,624,791

Capital Markets 1.7%

London Stock Exchange Group PLC

8,144

1,204,707

Electric Utilities 1.0%

SSE PLC

36,127

743,326

Hotels, Restaurants & Leisure 2.9%

Compass Group PLC

63,078

2,078,680

Interactive Media & Services 0.9%

Auto Trader Group PLC 144A

69,757

670,095

Media 1.1%

Informa PLC

83,569

829,958

Oil, Gas & Consumable Fuels 2.7%

Shell PLC

54,481

1,986,655

Pharmaceuticals 2.6%

AstraZeneca PLC

12,683

1,842,416

Value ($)

Professional Services 2.2%

RELX PLC

31,571

1,578,319

Trading Companies & Distributors 0.9%

Ashtead Group PLC

11,543

617,742

Total United Kingdom

(Cost $10,412,246)

14,176,689

Switzerland 9.6%

Chemicals 2.2%

DSM-Firmenich AG

8,220

811,057

Sika AG (Registered)

3,153

760,000

1,571,057

Food Products 2.0%

Nestle SA (Registered)

13,981

1,412,168

Pharmaceuticals 4.6%

Novartis AG (Registered)

15,802

1,747,957

Roche Holding AG

4,948

1,625,092

3,373,049

Textiles, Apparel & Luxury Goods 0.8%

Cie Financiere Richemont SA ''A'' (Registered)

3,520

608,687

Total Switzerland

(Cost $7,574,631)

6,964,961

Netherlands 5.9%

Banks 2.0%

ABN AMRO Bank NV (CVA) 144A

67,370

1,408,626

Financial Services 0.8%

Adyen NV 144A*

380

577,022

Semiconductors & Semiconductor Equipment 3.1%

ASML Holding NV

3,463

2,266,464

Total Netherlands

(Cost $2,399,974)

4,252,112

Denmark 4.3%

Air Freight & Logistics 1.2%

DSV A/S

4,543

876,348

Pharmaceuticals 3.1%

Novo Nordisk A/S ''B''

32,396

2,203,286

Total Denmark

(Cost $1,524,711)

3,079,634

Sweden 3.7%

Banks 1.2%

Swedbank AB ''A''

†

37,067

840,738

Value ($)

Entertainment 1.0%

Spotify Technology SA*

1,372

740,249

Machinery 1.5%

Atlas Copco AB ''A''

68,091

1,080,207

Total Sweden

(Cost $2,190,131)

2,661,194

Spain 3.4%

Banks 2.1%

Banco Santander SA

220,714

1,476,947

Specialty Retail 1.3%

Industria de Diseno Textil SA

19,366

958,966

Total Spain

(Cost $1,893,945)

2,435,913

Norway 3.2%

Banks 2.0%

DNB Bank ASA

55,589

1,452,711

Diversified Telecommunication Services 1.2%

Telenor ASA

62,407

890,920

Total Norway

(Cost $1,914,630)

2,343,631

Italy 2.2%

Banks

2.2%

Intesa Sanpaolo SpA (Cost $1,083,871)

309,588

1,582,837

United States 1.9%

Construction Materials

1.9%

CRH PLC (Cost $777,447) (a)

15,690

1,358,953

Ireland 1.6%

Containers & Packaging

1.6%

Smurfit WestRock PLC (Cost $1,428,553)

26,343

1,176,523

Total Common Stocks

(Cost $56,402,273)

68,846,481

Preferred Stocks 0.7%

Germany 0.7%

Automobiles

0.7%

Porsche Automobil Holding SE (Cost $1,267,155)

12,572

469,247

Value ($)

Securities Lending Collateral 1.7%

DWS Government & Agency Securities Portfolio ''DWS

Government Cash Institutional Shares'', 4.25%

(Cost 1,211,360) (b) (c)

1,211,360

Cash Equivalents 3.4%

DWS Central Cash Management Government Fund, 4.37%

(Cost $2,475,361) (b)

2,475,361

% of Net

Assets

Value ($)

Total Investment Portfolio

(Cost $61,356,149)

101.0

73,002,449

Other Assets and Liabilities, Net

(1.0)

(743,685)

Net Assets

100.0

72,258,764

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, 2025 are as follows:

Net

Change

Value ($) at

12/31/2024

Purchases

Cost

($)

Sales

Proceeds

($)

Net

Real-

ized

Gain/

(Loss)

($)

Unreal-

ized

Appreci-

ation/

(Depreci-

ation)

($)

Income

($)

Capital

Gain

Distri-

butions

($)

Number

of Shares

3/31/2025

Value ($)

3/31/2025

Securities Lending Collateral 1.7%

DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 4.25%

(b) (c)

263,920

947,440 (d)

–

5,777

–

1,211,360

Cash Equivalents 3.4%

DWS Central Cash Management Government Fund, 4.37% (b)

1,828,248

3,773,327

3,126,214

–

18,040

–

2,475,361

2,092,168

4,720,767

3,126,214

–

23,817

–

3,686,721

Non-income producing security.

†

All or a portion of these securities were on loan. In addition, “Other Assets and

Liabilities, Net” includes pending sales amounting to $184,469 that are also on loan.

The value of all securities loaned at March 31, 2025 amounted to $840,738, which is

1.2% of net assets.

(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 March 31, 2025.

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

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, 2025 in valuing the Fund’s

investments.

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

EEA-PH1

R-080548-3 (1/27)

Assets

Level 1

Level 2

Level 3

Total

Common Stocks and/or Other Equity Investments (e)

Germany

14,708,031

—

14,708,031

France

14,575,250

—

14,575,250

United Kingdom

14,176,689

—

14,176,689

Switzerland

6,964,961

—

6,964,961

Netherlands

4,252,112

—

4,252,112

Denmark

3,079,634

—

3,079,634

Sweden

2,661,194

—

2,661,194

Spain

2,435,913

—

2,435,913

Norway

2,343,631

—

2,343,631

Italy

1,582,837

—

1,582,837

United States

1,358,953

—

1,358,953

Ireland

1,176,523

—

1,176,523

Short-Term Instruments (e)

3,686,721

—

3,686,721

Total

73,002,449

—

73,002,449

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