The European Equity Fund, Inc.
Schedule of Investments as of March 31, 2021 (Unaudited)
| | Shares | Value ($) |
| Common Stocks 98.0% | | |
| France 26.7% | | |
| Banks 3.5% | | |
| BNP Paribas SA* | 50,000 | 3,047,431 |
| | | |
| Building Products 4.0% | | |
| Cie de Saint-Gobain* | 59,290 | 3,504,984 |
| | | |
| Construction & Engineering 2.0% | | |
| Bouygues SA | 42,508 | 1,707,394 |
| | | |
| Electrical Equipment 1.3% | | |
| Schneider Electric SE | 7,540 | 1,153,753 |
| | | |
| Entertainment 2.1% | | |
| Vivendi SE | 56,000 | 1,842,086 |
| | | |
| Health Care Equipment & Supplies 0.9% | | |
| BioMerieux | 6,000 | 764,795 |
| | | |
| IT Services 2.5% | | |
| Worldline SA 144A* | 26,000 | 2,182,120 |
| | | |
| Machinery 1.4% | | |
| Alstom SA* | 24,172 | 1,207,452 |
| | | |
| Oil, Gas & Consumable Fuels 4.0% | | |
| Total SE | 73,871 | 3,451,820 |
| | | |
| Pharmaceuticals 2.3% | | |
| Sanofi | 20,000 | 1,979,538 |
| | | |
| Textiles, Apparel & Luxury Goods 2.7% | | |
| Kering SA | 3,400 | 2,351,057 |
| Total France (Cost $19,704,633) | | 23,192,430 |
| | | |
| Germany 21.2% | | |
| Air Freight & Logistics 5.0% | | |
| Deutsche Post AG (Registered) | 78,890 | 4,330,008 |
| | | |
| Capital Markets 1.9% | | |
| Deutsche Boerse AG | 10,000 | 1,664,691 |
| | | |
| Chemicals 4.0% | | |
| Evonik Industries AG | 48,000 | 1,700,735 |
| LANXESS AG | 24,000 | 1,772,350 |
| | | 3,473,085 |
| Health Care Providers & Services 1.6% | | |
| Fresenius Medical Care AG & Co. KGaA | 19,160 | 1,411,775 |
| | | |
| Insurance 2.7% | | |
| Allianz SE (Registered) | 9,200 | 2,345,911 |
| | | |
| Interactive Media & Services 1.6% | | |
| Scout24 AG 144A | 18,000 | 1,368,172 |
| | | |
| | | |
| | Shares | Value ($) |
| Pharmaceuticals 2.1% | | |
| Merck KGaA | 10,355 | 1,773,665 |
| | | |
| Specialty Retail 1.0% | | |
| Auto1 Group SE 144A* | 15,590 | 885,537 |
| | | |
| Textiles, Apparel & Luxury Goods 1.3% | | |
| adidas AG* | 3,713 | 1,161,173 |
| Total Germany (Cost $14,230,743) | | 18,414,017 |
| | | |
| United Kingdom 14.8% | | |
| Banks 1.9% | | |
| HSBC Holdings PLC | 281,529 | 1,642,745 |
| | | |
| Hotels, Restaurants & Leisure 3.1% | | |
| Compass Group PLC* | 131,924 | 2,658,422 |
| | | |
| Media 2.0% | | |
| Informa PLC* | 221,479 | 1,709,491 |
| | | |
| Pharmaceuticals 3.9% | | |
| AstraZeneca PLC | 34,000 | 3,397,335 |
| | | |
| Professional Services 1.3% | | |
| RELX PLC | 46,744 | 1,172,357 |
| | | |
| Tobacco 2.6% | | |
| British American Tobacco PLC | 60,000 | 2,294,875 |
| Total United Kingdom (Cost $12,015,128) | | 12,875,225 |
| | | |
| Switzerland 8.1% | | |
| Capital Markets 2.8% | | |
| Partners Group Holding AG | 1,900 | 2,436,053 |
| | | |
| Chemicals 2.7% | | |
| Sika AG (Registered) | 8,000 | 2,294,455 |
| | | |
| Food Products 2.6% | | |
| Barry Callebaut AG (Registered) | 1,000 | 2,268,961 |
| Total Switzerland (Cost $3,824,343) | | 6,999,469 |
| | | |
| Denmark 5.3% | | |
| Electrical Equipment 2.2% | | |
| Vestas Wind Systems A/S | 9,402 | 1,933,901 |
| | | |
| Pharmaceuticals 3.1% | | |
| Novo Nordisk A/S ''B'' | 40,000 | 2,715,683 |
| Total Denmark (Cost $2,694,835) | | 4,649,584 |
| | | |
| Netherlands 4.8% | | |
| Food & Staples Retailing 0.8% | | |
| Koninklijke Ahold Delhaize NV | 26,673 | 744,217 |
| | | |
| Semiconductors & Semiconductor Equipment 4.0% | | |
| ASML Holding NV | 5,700 | 3,462,018 |
| Total Netherlands (Cost $1,412,080) | | 4,206,235 |
| | | |
| Italy 3.9% | | |
| Electric Utilities 3.9% | | |
| Enel SpA (Cost $2,588,934) | 340,000 | 3,392,376 |
| | Shares | Value ($) |
| Sweden 3.8% | | |
| Banks 1.7% | | |
| Swedbank AB ''A'' | 85,000 | 1,500,103 |
| | | |
| Communications Equipment 2.1% | | |
| Telefonaktiebolaget LM Ericsson ''B'' | 134,387 | 1,780,700 |
| Total Sweden (Cost $2,855,281) | | 3,280,803 |
| | | |
| Ireland 2.9% | | |
| Food Products 2.9% | | |
| Kerry Group PLC ''A'' (Cost $1,727,468) | 20,000 | 2,507,023 |
| | | |
| Australia 2.4% | | |
| Metals & Mining 2.4% | | |
| BHP Group PLC (Cost $1,028,013) (a) | 71,100 | 2,053,295 |
| | | |
| Spain 2.3% | | |
| Construction & Engineering 2.3% | | |
| Ferrovial SA (Cost $1,694,774) | 75,750 | 1,978,272 |
| | | |
| Norway 1.8% | | |
| Chemicals 1.8% | | |
| Yara International ASA (Cost $1,335,264) | 29,537 | 1,538,793 |
| Total Common Stocks (Cost $65,111,496) | | 85,087,522 |
| | | |
| Cash Equivalents 1.5% | | |
| DWS Central Cash Management Government Fund, 0.04% (Cost $1,294,755) (b) | 1,294,755 | 1,294,755 |
| | | |
| | | |
| | % of Net | |
| | Assets | Value ($) |
| Total Investment Portfolio (Cost $66,406,251) | 99.5 | 86,382,277 |
| Other Assets and Liabilities, Net | 0.5 | 422,912 |
| Net Assets | 100.0 | 86,805,189 |
| | | |
| For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements. |
| | | |
| A summary of the Fund’s transactions with affiliated investments during the period ended March 31, 2021 are as follows: |
| Value ($) at 12/31/2020 | Purchases Cost
($) | Sales Proceeds
($) | Net
Realized
Gain/
(Loss)
($) | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | Income
($) | Capital
Gain
Distributions
($) | Number
of Shares
at
3/31/2021 | Value ($)
at
3/31/2021 |
| Securities Lending Collateral 0.0% | | | | |
| DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (b) (c) |
| – | – | – | – | – | 5,511 | – | – | – |
| Cash Equivalents 1.5% | | | | |
| DWS Central Cash Management Government Fund, 0.04% (b) |
| 2,367,115 | 1,870,449 | 2,942,809 | – | – | 164 | – | 1,294,755 | 1,294,755 |
| 2,367,115 | 1,870,449 | 2,942,809 | – | – | 5,675 | – | 1,294,755 | 1,294,755 |
| |
| * | | Non-income producing security. |
| (a) | | BHP Group PLC is domiciled in Australia 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. |
| 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, 2021 in valuing the Fund’s investments. |
| | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks (d) | |
| France | $ | 23,192,430 | $ | — | $ | — | $ | 23,192,430 |
| Germany | | 18,414,017 | | — | | — | | 18,414,017 |
| United Kingdom | | 12,875,225 | | — | | — | | 12,875,225 |
| Switzerland | | 6,999,469 | | — | | — | | 6,999,469 |
| Denmark | | 4,649,584 | | — | | — | | 4,649,584 |
| Netherlands | | 4,206,235 | | — | | — | | 4,206,235 |
| Italy | | 3,392,376 | | — | | — | | 3,392,376 |
| Sweden | | 3,280,803 | | — | | — | | 3,280,803 |
| Ireland | | 2,507,023 | | — | | — | | 2,507,023 |
| Australia | | 2,053,295 | | — | | — | | 2,053,295 |
| Spain | | 1,978,272 | | — | | — | | 1,978,272 |
| Norway | | 1,538,793 | | — | | — | | 1,538,793 |
| Short-Term Instruments | | 1,294,755 | | — | | — | | 1,294,755 |
| Total | $ | 86,382,277 | $ | — | $ | — | $ | 86,382,277 |
| | | | | |
| (d) See Schedule of Investments for additional detailed categorizations. |
| | | | | |
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
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. 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-080548-1 (1/23)
