NPORT-EX 2 EEA_09.30.25_SOI_html.htm SOI
Schedule
of
Investments
as
of
September
30,
2025
(Unaudited)
The
European
Equity
Fund,
Inc.
Shares
Value
($)
Common
Stocks
91.4%
Germany
28.9%
Aerospace
&
Defense
4.4%
MTU
Aero
Engines
AG
2,883
1,324,071
Rheinmetall
AG
1,002
2,336,252
3,660,323
Automobiles
1.3%
Bayerische
Motoren
Werke
AG
10,646
1,068,682
Electrical
Equipment
3.0%
Siemens
Energy
AG*
22,010
2,570,956
Health
Care
Providers
&
Services
2.2%
Fresenius
SE
&
Co
KGaA
33,105
1,843,626
Industrial
Conglomerates
1.7%
Siemens
AG
(Registered)
5,257
1,415,642
Insurance
1.5%
Allianz
SE
(Registered)
3,047
1,279,464
Machinery
2.7%
KION
Group
AG
17,380
1,173,115
RENK
Group
AG
10,358
1,066,180
2,239,295
Multi-Utilities
2.3%
E.ON
SE
101,509
1,909,996
Pharmaceuticals
0.8%
Bayer
AG
(Registered)
19,979
662,652
Semiconductors
&
Semiconductor
Equipment
1.4%
Infineon
Technologies
AG
30,076
1,173,165
Software
5.7%
Nemetschek
SE
8,199
1,067,337
SAP
SE
13,872
3,714,363
4,781,700
Textiles,
Apparel
&
Luxury
Goods
1.9%
adidas
AG
7,838
1,652,071
Total
Germany
(Cost
$20,055,717)
24,257,572
France
19.5%
Banks
1.8%
Societe
Generale
SA
22,396
1,483,004
Shares
Value
($)
Chemicals
2.0%
Air
Liquide
SA
7,974
1,656,940
Construction
&
Engineering
2.2%
Vinci
SA
13,416
1,859,182
Diversified
Telecommunication
Services
2.0%
Orange
SA
104,071
1,688,590
Health
Care
Equipment
&
Supplies
1.5%
EssilorLuxottica
SA
3,849
1,248,125
Insurance
5.1%
AXA
SA
46,003
2,196,548
SCOR
SE
60,000
2,114,820
4,311,368
Media
1.5%
Publicis
Groupe
SA
12,750
1,223,564
Personal
Care
Products
1.5%
L'Oreal
SA
2,872
1,243,434
Textiles,
Apparel
&
Luxury
Goods
1.9%
Hermes
International
SCA
662
1,620,124
Total
France
(Cost
$13,739,029)
16,334,331
Netherlands
11.9%
Aerospace
&
Defense
3.2%
Airbus
SE
11,706
2,714,917
Banks
3.7%
ABN
AMRO
Bank
NV
(CVA)
144A
67,370
2,156,920
ING
Groep
NV
33,777
876,037
3,032,957
Professional
Services
1.5%
Wolters
Kluwer
NV
9,458
1,290,683
Semiconductors
&
Semiconductor
Equipment
3.5%
ASML
Holding
NV
3,003
2,921,723
Total
Netherlands
(Cost
$6,933,887)
9,960,280
United
Kingdom
10.9%
Banks
3.5%
HSBC
Holdings
PLC
207,075
2,912,871
Electric
Utilities
2.5%
SSE
PLC
90,064
2,111,310
Media
1.0%
Informa
PLC
67,813
837,614
Shares
Value
($)
Metals
&
Mining
1.0%
Anglo
American
PLC
23,825
893,173
Oil,
Gas
&
Consumable
Fuels
1.0%
Shell
PLC
22,737
809,995
Pharmaceuticals
1.9%
AstraZeneca
PLC
10,638
1,601,241
Total
United
Kingdom
(Cost
$6,168,643)
9,166,204
Italy
8.7%
Automobiles
0.8%
Ferrari
NV
1,294
625,764
Banks
4.6%
Intesa
Sanpaolo
SpA
309,588
2,042,008
UniCredit
SpA
24,590
1,862,589
3,904,597
Electrical
Equipment
3.3%
Prysmian
SpA
27,946
2,763,946
Total
Italy
(Cost
$5,437,813)
7,294,307
Spain
3.9%
Banks
2.7%
Banco
Santander
SA
220,714
2,301,178
Transportation
Infrastructure
1.2%
Aena
SME
SA
144A
37,013
1,011,933
Total
Spain
(Cost
$1,942,713)
3,313,111
Sweden
2.5%
Banks
0.9%
Swedbank
AB
''A''
24,984
751,958
Entertainment
1.6%
Spotify
Technology
SA*
1,904
1,321,966
Total
Sweden
(Cost
$1,562,787)
2,073,924
United
States
2.0%
Construction
Materials
2.0%
CRH
PLC
(Cost
$1,108,618)
(a)
14,401
1,722,180
Ireland
1.6%
Passenger
Airlines
1.6%
Ryanair
Holdings
PLC
(Cost
$1,285,841)
45,306
1,314,781
Shares
Value
($)
Switzerland
1.5%
Pharmaceuticals
1.5%
Novartis
AG
(Registered)
(Cost
$1,048,898)
9,998
1,257,695
Total
Common
Stocks
(Cost
$59,283,946)
76,694,385
Cash
Equivalents
8.1%
DWS
Central
Cash
Management
Government
Fund,
4.18%
(Cost
$6,821,101)
(b)
6,821,101
6,821,101
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$66,105,047)
99.5
83,515,486
Other
Assets
and
Liabilities,
Net
0.5
392,667
Net
Assets
100.0
83,908,153
For
information
on
the
Fund’s
policies
regarding
the
valuation
of
investments
and
other
significant
accounting
policies,
please
refer
to
the
Fund’s
most
recent
semi-annual
or
annual
financial
statements.
A
summary
of
the
Fund’s
transactions
with
affiliated
investments
during
the
period
ended
September
30,
2025
are
as
follows:
Net
Change
Value
($)
at
12/31/2024
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
9/30/2025
Value
($)
at
9/30/2025
Securities
Lending
Collateral
0.0%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
4.05%
(b)
(c)
263,920
–
263,920
(d)
–
–
7,708
–
–
–
Cash
Equivalents
8.1%
DWS
Central
Cash
Management
Government
Fund,
4.18%
(b)
1,828,248
28,430,170
23,437,317
–
–
114,623
–
6,821,101
6,821,101
2,092,168
28,430,170
23,701,237
–
–
122,331
–
6,821,101
6,821,101
(e)
See
Schedule
of
Investments
for
additional
detailed
categorizations
.
*
Non-income
producing
security.
(a)
CRH
PLC
is
incorporated
in
Ireland
and
is
listed
on
the
New
York
Stock
Exchange
and
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,
2025.
144A:
Securities
exempt
from
registration
under
Rule
144A
under
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
September
30,
2025
in
valuing
the
Fund’s
investments.
Assets
Level
1
Level
2
Level
3
Total
Common
Stocks
(e)
Germany
$
24,257,572
$
—
$
—
$
24,257,572
France
16,334,331
—
—
16,334,331
Netherlands
9,960,280
—
—
9,960,280
United
Kingdom
9,166,204
—
—
9,166,204
Italy
7,294,307
—
—
7,294,307
Spain
3,313,111
—
—
3,313,111
Sweden
2,073,924
—
—
2,073,924
United
States
1,722,180
—
—
1,722,180
Ireland
1,314,781
—
—
1,314,781
Switzerland
1,257,695
—
—
1,257,695
Short-Term
Instruments
(e)
6,821,101
—
—
6,821,101
Total
$
83,515,486
$
—
$
—
$
83,515,486
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.
EEA-PH3