The European Equity Fund, Inc.

 

Schedule of Investments as of March 31, 2024 (Unaudited)

 

 

 

  Shares Value ($)
Common Stocks 95.0%    
Germany 20.8%    
Air Freight & Logistics 1.6%    
Deutsche Post AG 27,152 1,170,149
     
Diversified Telecommunication Services 2.2%    
Deutsche Telekom AG (Registered) 67,282 1,634,498
     
Health Care Providers & Services 0.9%    
Fresenius SE & Co KGaA 24,619 664,528
     
Independent Power & Renewable Electricity Producers 1.2%    
RWE AG 26,621 904,245
     
Insurance 3.4%    
Allianz SE (Registered) 8,402 2,520,101
     
Interactive Media & Services 1.3%    
Scout24 SE 144A 12,092 912,074
     
Multi-Utilities 1.3%    
E.ON SE 65,340 909,006
     
Passenger Airlines 0.9%    
Deutsche Lufthansa AG (Registered)* 81,593 641,427
     
Pharmaceuticals 1.6%    
Merck KGaA 6,583 1,162,814
     
Semiconductors & Semiconductor Equipment 1.2%    
Infineon Technologies AG 25,144 855,569
     
Software 1.7%    
SAP SE 6,495 1,265,503
     
Textiles, Apparel & Luxury Goods 1.9%    
adidas AG 3,033 677,869
Puma SE 16,346 741,602
    1,419,471
Trading Companies & Distributors 1.6%    
Brenntag SE 13,880 1,170,125
     
Total Germany (Cost $13,628,314)   15,229,510
     
France 18.3%    
Beverages 0.8%    
Pernod Ricard SA 3,677 595,310
     
Building Products 2.0%    
Cie de Saint-Gobain SA 19,060 1,480,253
     
Construction & Engineering 2.0%    
Vinci SA 11,305 1,449,586
     
Insurance 2.9%    
AXA SA 56,414 2,120,589
     
     
IT Services 0.9%    
Capgemini SE 3,101 714,160
     
Media 1.3%    
Vivendi SE 85,716 934,730
     
 
 

 

Oil, Gas & Consumable Fuels 2.8%    
TotalEnergies SE 30,148 2,065,999

 

 

 

 Shares Value ($)
Personal Care Products 1.5%    
L'Oreal SA 2,357 1,116,300
     
Pharmaceuticals 1.8%    
Sanofi SA 13,278 1,304,026
     
Textiles, Apparel & Luxury Goods 2.3%    
LVMH Moet Hennessy Louis Vuitton SE 1,862 1,676,072
     
Total France (Cost $11,422,498)   13,457,025
     
United Kingdom 13.8%    
Banks 2.8%    
HSBC Holdings PLC 267,427 2,090,736
     
Commercial Services & Supplies 0.9%    
Rentokil Initial PLC 115,540 688,338
     
Hotels, Restaurants & Leisure 2.7%    
Compass Group PLC 67,024 1,966,450
     
Media 1.3%    
Informa PLC 91,341 958,903
     
Oil, Gas & Consumable Fuels 1.7%    
Shell PLC 36,870 1,222,379
     
Pharmaceuticals 1.6%    
AstraZeneca PLC 8,552 1,153,349
     
Professional Services 2.0%    
RELX PLC 33,069 1,430,073
     
Trading Companies & Distributors 0.8%    
Ashtead Group PLC 8,718 621,011
     
Total United Kingdom (Cost $7,355,296)   10,131,239
     
Netherlands 11.0%    
Automobiles 1.4%    
Stellantis NV 36,346 1,033,851
     
Banks 3.8%    
ABN AMRO Bank NV (CVA) 144A 71,406 1,221,988
ING Groep NV 94,195 1,550,554
    2,772,542
Beverages 0.6%    
Heineken NV 4,300 414,780
     
Entertainment 1.2%    
Universal Music Group NV 30,562 919,978
     
Semiconductors & Semiconductor Equipment 4.0%    
ASML Holding NV 3,091 2,977,586
     
Total Netherlands (Cost $4,310,386)   8,118,737
     
Switzerland 8.6%    
Chemicals 2.9%    
DSM-Firmenich AG 9,121 1,037,973
Sika AG (Registered) 3,834 1,143,220
    2,181,193
Food Products 2.1%    
Nestle SA (Registered) 14,454 1,536,379
     
Pharmaceuticals 1.8%    
Roche Holding AG 5,062 1,290,788
 
 

 

 

 

 

 Shares Value ($)
Semiconductors & Semiconductor Equipment 1.1%    
STMicroelectronics NV 18,529 798,630
     
Textiles, Apparel & Luxury Goods 0.7%    
Cie Financiere Richemont SA ''A'' (Registered) 3,520 537,300
     
Total Switzerland (Cost $6,949,595)   6,344,290
     
Denmark 7.3%    
Air Freight & Logistics 1.2%    
DSV A/S 5,609 911,095
     
Pharmaceuticals 6.1%    
Novo Nordisk A/S ''B'' 34,990 4,464,297
     
Total Denmark (Cost $1,766,731)   5,375,392
     
Ireland 5.2%    
Construction Materials 3.5%    
CRH PLC 30,037 2,590,320
     
Containers & Packaging 1.7%    
Smurfit Kappa Group PLC 26,343 1,202,266
     
Total Ireland (Cost $2,932,789)   3,792,586
     
Sweden 5.1%    
Banks 3.5%    
Svenska Handelsbanken AB ''A''† 90,776 918,940
Swedbank AB ''A'' 85,000 1,687,552
    2,606,492
Machinery 1.6%    
Atlas Copco AB ''A'' 68,091 1,151,268
     
Total Sweden (Cost $2,857,282)   3,757,760
     
Italy 2.6%    
Banks 1.5%    
Intesa Sanpaolo SpA 309,588 1,124,124
     
Beverages 1.1%    
Davide Campari-Milano NV 76,418 768,154
     
Total Italy (Cost $1,871,645)   1,892,278
     
Spain 2.3%    
Banks 2.3%    
Banco Santander SA (Cost $1,338,872) 345,506 1,686,713
Total Common Stocks (Cost $54,433,408)   69,785,530
     
Preferred Stocks 1.9%    
Germany 1.9%    
Automobiles 1.9%    
Porsche Automobil Holding SE 12,572 666,754
Volkswagen AG 5,686 754,136
    1,420,890
Total Germany (Cost $2,520,052)   1,420,890
Total Preferred Stocks (Cost $2,520,052)   1,420,890
     
Securities Lending Collateral 1.3%    
DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.26% (Cost $967,500) (a) (b) 967,500 967,500
     
Cash Equivalents 2.4%    
DWS Central Cash Management Government Fund, 5.36% (Cost $1,732,770) (b) 1,732,770 1,732,770

 

 

 

    
     
 
 

 

  % of Net  
  Assets Value ($)
Total Investment Portfolio (Cost $59,653,730) 100.6 73,906,690
Other Assets and Liabilities, Net (0.6) (439,114)
Net Assets 100.0 73,467,576
     
     

 

 

 
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, 2024 are as follows:
 

Value ($)

at 12/31/2023

 Purchases Cost
($)		 Sales
Proceeds
($)		 Net
Realized
Gain/
(Loss)
($)		 Net
Change in
Unrealized
Appreciation/
(Depreciation)
($)		 Income
($)		 Capital
Gain
Distributions
($)		 Number
of Shares
at
3/31/2024		 Value ($)
at
3/31/2024
Securities Lending Collateral 1.3%
DWS Government & Agency Securities Portfolio ''DWS Government Cash Institutional Shares'', 5.26% (a) (b)
          –  967,500 (c)           – – –   7,791 –  967,500    967,500
Cash Equivalents 2.4%
DWS Central Cash Management Government Fund, 5.36% (b)
1,250,300 2,780,608 2,298,138 – – 18,113 – 1,732,770 1,732,770
1,250,300 3,748,108 2,298,138 – – 25,904 – 2,700,270 2,700,270
 

 

 

 

     
*   Non-income producing security.
†   All or a portion of these securities were on loan. The value of all securities loaned at March 31, 2024 amounted to $911,085, which is 1.2% of net assets.
(a)   Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(b)   Affiliated fund managed by DWS Investment Management Americas, Inc. The rate shown is the annualized seven-day yield at period end.
(c)   Represents the net increase (purchases cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2024.
     
144A:   Security 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, 2024 in valuing the Fund’s investments.  
         
Assets Level 1 Level 2 Level 3 Total
  Common Stocks and/or Other Equity Investments (d)  
Germany  $ 16,650,400  $ —  $ —  $ 16,650,400
France   13,457,025   —   —   13,457,025
United Kingdom   10,131,239   —   —   10,131,239
Netherlands   8,118,737   —   —   8,118,737
Switzerland   6,344,290   —   —   6,344,290
Denmark   5,375,392   —   —   5,375,392
Ireland   3,792,586   —   —   3,792,586
Sweden   3,757,760   —   —   3,757,760
Italy   1,892,278   —   —   1,892,278
Spain   1,686,713   —   —   1,686,713
Short-Term Instruments(d) 2,700,270 — — 2,700,270
Total  $ 73,906,690  $ —  $ —  $ 73,906,690
(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

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-080548-2 (1/25)

 

 

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