The European Equity Fund, Inc.
| Schedule of Investments | as of September 30, 2022 (Unaudited) |
| | Shares | Value ($) |
| Common Stocks 93.4% | | |
| France 24.9% | | |
| Banks 2.1% | | |
| BNP Paribas SA | 13,551 | 578,837 |
| Credit Agricole SA | 62,675 | 513,520 |
| | | 1,092,357 |
| Beverages 1.5% | | |
| Pernod Ricard SA | 4,349 | 804,554 |
| | | |
| Building Products 1.5% | | |
| Cie de Saint-Gobain | 22,296 | 809,215 |
| | | |
| Construction & Engineering 1.7% | | |
| Vinci SA | 11,305 | 921,056 |
| | | |
| Insurance 2.6% | | |
| AXA SA | 62,101 | 1,367,247 |
| | | |
| IT Services 2.4% | | |
| Capgemini SE | 3,948 | 640,065 |
| Worldline SA 144A* | 16,049 | 639,555 |
| | | 1,279,620 |
| Media 1.4% | | |
| Vivendi SE | 93,165 | 727,560 |
| | | |
| Oil, Gas & Consumable Fuels 3.6% | | |
| TotalEnergies SE | 40,222 | 1,902,106 |
| | | |
| Personal Products 1.2% | | |
| L'Oreal SA | 1,926 | 623,086 |
| | | |
| Pharmaceuticals 2.1% | | |
| Sanofi | 14,538 | 1,116,528 |
| | | |
| Professional Services 3.1% | | |
| Bureau Veritas SA | 24,231 | 545,469 |
| Teleperformance | 4,382 | 1,119,941 |
| | | 1,665,410 |
| Textiles, Apparel & Luxury Goods 1.7% | | |
| LVMH Moet Hennessy Louis Vuitton SE | 1,510 | 902,901 |
| | | |
| Total France (Cost $17,619,645) | | 13,211,640 |
| | | |
| Germany 16.0% | | |
| Air Freight & Logistics 1.7% | | |
| Deutsche Post AG (Registered) | 30,253 | 922,119 |
| | | |
| Capital Markets 1.3% | | |
| Deutsche Boerse AG | 4,157 | 685,147 |
| | | |
| Diversified Telecommunication Services 1.7% | | |
| Deutsche Telekom AG (Registered) | 52,349 | 897,009 |
| | | |
| Insurance 2.7% | | |
| Allianz SE (Registered) | 8,894 | 1,409,693 |
| | | |
| Interactive Media & Services 0.8% | | |
| Scout24 SE 144A | 7,923 | 401,418 |
| | | |
| Pharmaceuticals 2.4% | | |
| Merck KGaA | 7,788 | 1,272,538 |
| | | |
| Semiconductors & Semiconductor Equipment 1.7% | | |
| Infineon Technologies AG | 41,192 | 916,387 |
| | | |
| | | |
| | Shares | Value ($) |
| Software 1.3% | | |
| SAP SE | 8,403 | 692,440 |
| | | |
| Textiles, Apparel & Luxury Goods 0.7% | | |
| adidas AG | 3,033 | 353,208 |
| | | |
| Trading Companies & Distributors 1.7% | | |
| Brenntag SE | 14,828 | 906,101 |
| | | |
| Total Germany (Cost $10,449,174) | | 8,456,060 |
| | | |
| United Kingdom 14.4% | | |
| Banks 3.3% | | |
| HSBC Holdings PLC | 332,329 | 1,733,740 |
| | | |
| Commercial Services & Supplies 1.2% | | |
| Rentokil Initial PLC† | 115,540 | 615,922 |
| | | |
| Hotels, Restaurants & Leisure 2.6% | | |
| Compass Group PLC | 67,024 | 1,350,602 |
| | | |
| Media 1.4% | | |
| Informa PLC | 130,977 | 759,188 |
| | | |
| Oil, Gas & Consumable Fuels 1.7% | | |
| Shell PLC | 36,870 | 924,697 |
| | | |
| Pharmaceuticals 1.8% | | |
| AstraZeneca PLC | 8,552 | 949,399 |
| | | |
| Professional Services 1.5% | | |
| RELX PLC | 33,069 | 812,939 |
| | | |
| Trading Companies & Distributors 0.9% | | |
| Ashtead Group PLC | 10,049 | 458,396 |
| | | |
| Total United Kingdom (Cost $8,144,275) | | 7,604,883 |
| | | |
| Switzerland 14.0% | | |
| Chemicals 1.5% | | |
| Sika AG (Registered) | 3,834 | 781,678 |
| | | |
| Containers & Packaging 0.6% | | |
| SIG Combibloc Group AG* | 16,262 | 333,368 |
| | | |
| Food Products 3.9% | | |
| Nestle SA (Registered) | 18,952 | 2,061,540 |
| | | |
| Health Care Equipment & Supplies 1.0% | | |
| Straumann Holding AG (Registered) | 5,467 | 510,046 |
| | | |
| Life Sciences Tools & Services 1.7% | | |
| Lonza Group AG (Registered) | 1,787 | 882,789 |
| | | |
| Pharmaceuticals 3.4% | | |
| Roche Holding AG | 5,563 | 1,827,867 |
| | | |
| Semiconductors & Semiconductor Equipment 1.9% | | |
| STMicroelectronics NV | 32,878 | 1,038,524 |
| | | |
| Total Switzerland (Cost $8,714,566) | | 7,435,812 |
| | | |
| Netherlands 8.9% | | |
| Automobiles 1.0% | | |
| Stellantis NV | 43,160 | 518,855 |
| | | |
| Banks 2.6% | | |
| ING Groep NV | 160,058 | 1,388,871 |
| | | |
| | | |
| | Shares | Value ($) |
| Chemicals 1.6% | | |
| Koninklijke DSM NV | 7,615 | 876,136 |
| | | |
| Entertainment 1.3% | | |
| Universal Music Group NV | 35,928 | 680,180 |
| | | |
| Semiconductors & Semiconductor Equipment 2.4% | | |
| ASML Holding NV | 2,940 | 1,248,778 |
| | | |
| Total Netherlands (Cost $4,838,748) | | 4,712,820 |
| | | |
| Denmark 6.1% | | |
| Air Freight & Logistics 1.6% | | |
| DSV A/S | 7,182 | 847,824 |
| | | |
| Electric Utilities 1.0% | | |
| Orsted A/S 144A | 6,567 | 525,613 |
| | | |
| Pharmaceuticals 3.5% | | |
| Novo Nordisk A/S ''B'' | 18,535 | 1,859,336 |
| | | |
| Total Denmark (Cost $3,015,480) | | 3,232,773 |
| | | |
| Ireland 3.7% | | |
| Construction Materials 2.3% | | |
| CRH PLC | 37,229 | 1,206,047 |
| | | |
| Containers & Packaging 1.4% | | |
| Smurfit Kappa Group PLC | 26,343 | 756,879 |
| | | |
| Total Ireland (Cost $3,298,822) | | 1,962,926 |
| | | |
| Sweden 3.3% | | |
| Banks 2.1% | | |
| Swedbank AB ''A'' | 85,000 | 1,124,993 |
| | | |
| Machinery 1.2% | | |
| Atlas Copco AB ''A'' | 68,091 | 643,144 |
| | | |
| Total Sweden (Cost $2,024,768) | | 1,768,137 |
| | | |
| Australia 2.1% | | |
| Metals & Mining 2.1% | | |
| BHP Group Ltd. (Cost $641,041) (a) | 44,336 | 1,126,793 |
| Total Common Stocks (Cost $58,746,519) | | 50,932,164 |
| | | |
| | | |
| Preferred Stocks 2.7% | | |
| Germany 2.7% | | |
| Automobiles 2.7% | | |
| Porsche Automobil Holding SE | 12,572 | 716,271 |
| Volkswagen AG | 5,686 | 704,049 |
| | | 1,420,320 |
| Total Germany (Cost $2,520,052) | | 1,420,320 |
| Total Preferred Stocks (Cost $2,520,052) | | 1,420,320 |
| | | |
| Securities Lending Collateral 1.2% | | |
| DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 2.79% (Cost 629,112) (b) (c) | 629,112 | 629,112 |
| | | |
| Cash Equivalents 3.2% | | |
| DWS Central Cash Management Government Fund, 2.84% (Cost $1,717,174) (c) | 1,717,182 | 1,717,174 |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | % of Net | |
| | Assets | Value ($) |
| Total Investment Portfolio (Cost $63,612,857) | 100.5 | 53,278,450 |
| Other Assets and Liabilities, Net | (0.5) | (281,902) |
| Net Assets | 100.0 | 52,996,548 |
| | | |
| For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements. |
| |
| A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2022 are as follows: |
| Value ($) at 12/31/2021 | Purchases Cost
($) | Sales Proceeds
($) | Net
Realized
Gain/
(Loss)
($) | Net
Change in
Unrealized
Appreciation/
(Depreciation)
($) | Income
($) | Capital
Gain
Distributions
($) | Number
of Shares
at
9/30/2022 | Value ($)
at
9/30/2022 |
| Securities Lending Collateral 1.2% | | | | |
| DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 2.79% (b) (c) |
| – | 629,112(d) | – | – | – | 14,791 | – | 629,112 | 629,112 |
| Cash Equivalents 3.2% | | | | |
| DWS Central Cash Management Government Fund, 2.84% (c) | | | | |
| 2,841,887 | 18,110,434 | 19,235,147 | – | – | 11,668 | – | 1,717,182 | 1,717,174 |
| 2,841,887 | 18,739,546 | 19,235,147 | �� | – | 26,459 | – | 2,346,294 | 2,346,286 |
| |
| * | | Non-income producing security. |
| † | | All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2022 amounted to $609,759, which is 1.2% of net assets. |
| (a) | | BHP Group PLC is domiciled in Australia and is listed on the London Stock Exchange. |
| (b) | | Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. |
| (c) | | Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end. |
| (d) | | Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended September 30, 2022. |
| 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 September 30, 2022 in valuing the Fund’s investments. |
| | | | | |
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks and/or Other Equity Investments (e) | |
| France | $ | 13,211,640 | $ | — | $ | — | $ | 13,211,640 |
| Germany | | 9,876,380 | | — | | — | | 9,876,380 |
| United Kingdom | | 7,604,883 | | — | | — | | 7,604,883 |
| Switzerland | | 7,435,812 | | — | | — | | 7,435,812 |
| Netherlands | | 4,712,820 | | — | | — | | 4,712,820 |
| Denmark | | 3,232,773 | | — | | — | | 3,232,773 |
| Ireland | | 1,962,926 | | — | | — | | 1,962,926 |
| Sweden | | 1,768,137 | | — | | — | | 1,768,137 |
| Australia | | 1,126,793 | | — | | — | | 1,126,793 |
| Short-Term Instruments (e) | | 2,346,286 | | — | | — | | 2,346,286 |
| Total | $ | 53,278,450 | $ | — | $ | — | $ | 53,278,450 |
| | | | | |
| (e) 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-PH3
R-080548-1 (1/23)
