# EDGAR Filing Document

**Accession Number:** 0000791718
**File Stem:** 0000088053-25-000791
**Filing Date:** 2025-9
**Character Count:** 110981
**Document Hash:** 608f261061fc878b667f8feb3e51ef79
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## Filing Content

## Filing Summary
**0000088053-25-000791.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000088053-25-000791

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EUROPEAN EQUITY FUND, INC / MD
- **CENTRAL INDEX KEY:** 0000791718

**ORGANIZATION NAME:**
- **EIN:** 260529973
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04632
- **FILM NUMBER:** 251293777

**BUSINESS ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225
- **BUSINESS PHONE:** 212-454-4500

**MAIL ADDRESS:**
- **STREET 1:** 875 THIRD AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022-6225

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GERMANY FUND INC
- **DATE OF NAME CHANGE:** 19920703

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04632

<u>The European Equity Fund, Inc.</u>

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

<u>New York, NY 10022-6225</u>

(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, including Area Code: <u>(212) 454-4500</u>

Diane Kenneally

100 Summer Street

<u>Boston, MA 02110</u>

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31 <br>Date of reporting period: 6/30/2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 1.** | &nbsp;&nbsp;**Reports to Stockholders.** |
|  | &nbsp;&nbsp;(a) Not applicable |

---

June

30,

2025

#### Semiannual

#### Report

#### to

#### Shareholders

#### The

#### European

#### Equity

#### Fund,

#### Inc.
Ticker

Symbol:

EEA

Contents

The

European

Equity

Fund,

Inc.

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.

NOT

FDIC/NCUA

INSURED

NO

BANK

GUARANTEE

MAY

LOSE

VALUE

NOT

A

DEPOSIT

NOT

INSURED

BY

ANY

FEDERAL

GOVERNMENT

AGENCY

#### 4
Letter

to

the

Shareholders

#### 9
Performance

Summary

#### 11
Schedule

of

Investments

#### 17
Statement

of

Assets

and

Liabilities

#### 18
Statement

of

Operations

#### 19
Statements

of

Changes

in

Net

Assets

#### 20
Financial

Highlights

#### 22
Notes

to

Financial

Statements

#### 30
Report

of

Annual

Meeting

of

Stockholders

#### 31
Additional

Information

The

European

Equity

Fund,

Inc.

The

Fund

seeks

long-term

capital

appreciation

through

investment

primarily

in

equity

and

equity-linked

securities

of

issuers

domiciled

in

Europe.

Investments

in

funds

involve

risks,

including

the

loss

of

principal.

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.

This

Fund

is

diversified

and

primarily

focuses

its

investments

in

equity

securities

of

issuers

domiciled

in

Europe,

thereby

increasing

its

vulnerability

to

developments

in

that

region.

Investing

in

foreign

securities,

particularly

those

of

emerging

markets,

presents

certain

risks,

such

as

currency

fluctuations,

political

and

economic

changes,

and

market

risks.

Any

fund

that

concentrates

in

a

particular

segment

of

the

market

or

in

a

particular

geographical

region

will

generally

be

more

volatile

than

a

fund

that

invests

more

broadly.

The

United

States,

the

European

Union

(EU),

the

United

Kingdom,

and

other

countries

have

imposed

sanctions

in

response

to

the

Russian

military

and

other

actions

in

recent

years.

Russia,

in

turn,

has

imposed

sanctions

targeting

Western

individuals,

businesses

and

products.

The

various

sanctions

have

adversely

affected,

and

may

continue

to

adversely

affect,

not

only

the

Russian

economy

but

also

the

economies

of

many

countries

in

Europe,

and

the

imposition

of

further

sanctions

may

materially

adversely

affect

the

value

of

securities

in

the

Fund's

portfolio.

War,

terrorism,

sanctions,

economic

uncertainty,

trade

disputes,

public

health

crises,

natural

disasters,

climate

change

and

related

geopolitical

events

have

led

and,

in

the

future,

may

lead

to

significant

disruptions

in

U.S.

and

world

economies

and

markets,

which

may

lead

to

increased

market

volatility

and

may

have

significant

adverse

effects

on

the

Fund

and

its

investments.

#### Letter

#### to

#### the

#### Shareholders
(Unaudited)

The

European

Equity

Fund,

Inc.

Dear

Shareholder,

For

the

six-month

period

ended

June

30,

2025,

the

total

return

of

the

European

Equity

Fund,

Inc.

(the

"Fund")

in

U.S.

dollars

(USD)

was

21.59%

based

on

net

asset

value

and

26.05%

based

on

market

price.

During

the

same

period,

the

return

of

the

Fund's

benchmark,

the

MSCI

Europe

Index,

was

23.05%.

The

Fund's

discount

to

net

asset

value

averaged

16.48%

for

the

period

from

January

1,

2025

to

June

30,

2025,

compared

with

17.19%

for

the

same

period

a

year

earlier.

The

first

quarter

saw

Europe

make

a

remarkable

pivot

towards

significantly

higher

defense

spending

following

the

late-February

German

elections

and

a

shift

in

European

Commission

policy

to

allow

increased

defense

spending

without

triggering

deficit

rules.

In

the

wake

of

Germany's

election,

chancellor-designee

Merz

proposed

a

German/European

investment

plan

with

the

focus

on

infrastructure

and

defense,

while

promising

to

reduce

Germany's

bureaucratic

burden.

March

saw

the

German

parliament

approve

a

€500

billion

infrastructure

fund,

leading

to

a

broad-based

improvement

in

expectations

for

economic

activity

across

Europe.

The

prospect

of

accelerated

growth

had

a

significant

impact

on

European

assets,

sending

both

the

region's

equities,

most

notably

aerospace

and

defense

stocks,

and

the

bellwether

10-year

German

bund

yield,

higher.

Sentiment

was

further

boosted

in

the

quarter

as

the

European

Central

Bank

(ECB)

delivered

quarter-point

rate

cuts

at

both

its

January

and

March

meetings,

taking

the

deposit

rate

down

to

2.50%.

The

second

quarter

was

tumultuous,

as

the

announcement

in

early

April

of

much

higher-than-expected

U.S.

tariffs

led

to

a

sharp

decline

across

global

equity

markets.

This

was

soon

followed

by

a

strong

rally

triggered

by

a

90-day

delay

in

the

implementation

of

planned

tariffs

to

provide

a

window

for

the

U.S.

to

negotiate

with

its

trading

partners.

Fears

of

a

U.S.

recession

eased

in

May

on

positive

employment

data

and

a

mutual

lowering

of

tariffs

between

the

U.S.

and

China.

Oil

prices

made

a

significant

move

higher

beginning

in

early

May

on

geopolitical

tensions

as

Israel

struck

Iranian

nuclear

facilities,

before

easing

late

in

the

quarter

on

Iran's

muted

response

to

the

U.S.

bombing

of

key

nuclear

sites.

Growing

concerns

about

the

U.S.

fiscal

situation,

reflected

in

the

downgrading

of

U.S.

debt

The

European

Equity

Fund,

Inc.

by

Moody's

Ratings,

pressured

long-term

bond

yields

higher

globally

while

the

euro

strengthened

significantly

against

the

U.S.

dollar.

Despite

the

backdrop

of

macroeconomic

and

geopolitical

uncertainty,

broadly

resilient

economic

data

in

both

the

U.S.

and

Europe

supported

positive

equity

market

performance

in

the

quarter.

The

ECB

once

again

implemented

a

pair

of

basis

point

rate

decreases

over

the

quarter,

leaving

the

deposit

rate

at

2.00%.

In

sector

terms,

positive

contributions

to

the

Fund's

performance

relative

to

the

benchmark

were

led

by

an

overweight

to,

and

stock

selection

within,

financials.

Most

notably,

exposure

to

European

banks,

which

benefited

from

a

steepening

of

the

yield

curve

and

which

were

trading

at

attractive

valuations

compared

to

their

global

peers,

proved

additive.

Conversely,

an

underweight

to

industrials

and

overweight

to

materials

weighed

most

heavily

on

relative

performance,

while

selection

within

both

sectors

also

detracted.

In

particular,

a

lack

of

exposure

to

defense

stocks

within

industrials

constrained

return.

On

an

individual

stock

level,

within

financials,

Dutch

bank

ABN

AMRO

Bank

NV

(2.3%)

and

French

bank

Societe

Generale

SA

(2.3%)

were

among

the

leading

contributors,

along

with

French

insurer

AXA

SA

(3.3%).

Sentiment

around

Fresenius

SE

&

Co

KGaA

(2.9%),

a

German

healthcare

conglomerate

with

a

leading

kidney

treatment

franchise,

has

been

boosted

by

successful

turnaround

initiatives

and

a

simplification

of

its

business

structure.

Finally,

Germany-based

Scout24

SE

(1.9%)

hosts

a

digital

real

estate

transaction

platform.

The

company

has

been

highly

innovative

in

#### Sector

#### Diversification
(As

a

%

of

Equity

Securities)

#### 6/30/25

#### 12/31/24
Financials

27%

23%

Industrials

17%

15%

Health

Care

13%

15%

Communication

Services

10%

9%

Information

Technology

7%

8%

Consumer

Discretionary

6%

11%

Materials

6%

8%

Utilities

6%

3%

Consumer

Staples

4%

4%

Energy

4%

4%

100%

100%

The

European

Equity

Fund,

Inc.

creating

an

ecosystem

addressing

renters,

home

buyers

and

commercial

real

estate

investors,

strengthening

its

pricing

power

along

the

way.

The

principal

negative

contributors

were

German

defense-related

names

such

as

Rheinmetall

AG\*

and

Rolls-Royce

Holdings

plc\*

in

which

the

Fund

was

not

invested,

along

with

a

lack

of

exposure

to

German

engineering

and

technology

conglomerate

Siemens

AG\*.

In

addition,

overweight

positions

in

German

athletic

wear

company

Puma

SE\*

and

Irish

paper-

based

packaging

manufacturer

Smurfit

Westrock

plc\*

detracted

following

profit

warnings

by

both

companies.

#### Market

#### Outlook
We

expect

that

trade

deals

to

be

negotiated

over

the

coming

months

will

moderate

the

eventual

tariff

burden

versus

the

announcements

of

early

April.

The

cost

of

re-shoring

the

production

of

drugs,

cars

and

semiconductors

to

the

U.S.

will

soon

become

visible

in

quarterly

earnings

reports.

There

is

the

potential

for

a

period

of

global

economic

stagnation

driven

by

heightened

uncertainty,

less-efficient

manufacturing,

higher

costs

across

global

supply

chains

and

rising

U.S.

inflation.

#### Ten

#### Largest

#### Equity

#### Holdings

#### at

#### June

#### 30,

#### 2025
(28.1%

of

Net

Assets)

#### Country

#### Percent

#### 1

#### .

#### HSBC

#### Holdings

#### PLC
United

Kingdom

#### 3.5%

#### 2

#### .

#### ASML

#### Holding

#### NV
Netherlands

#### 3.4%

#### 3

#### .

#### AXA

#### SA
France

#### 3.3%

#### 4

#### .

#### Fresenius

#### SE

#### &

#### Co

#### KGaA
Germany

#### 2.9%

#### 5

#### .

#### Novo

#### Nordisk

#### A/S
Denmark

#### 2.8%

#### 6

#### .

#### SAP

#### SE
Germany

#### 2.6%

#### 7

#### .

#### Allianz

#### SE
(Registered)

Germany

#### 2.6%

#### 8

#### .

#### Novartis

#### AG
Switzerland

2. #### 4

#### %

#### 9

#### .

#### Shell

#### PLC
United

Kingdom

#### 2.3%

#### 10

#### .

#### SSE

#### PLC
United

Kingdom

#### 2.3%
Portfolio

holdings

and

characteristics

are

subject

to

change

and

not

indicative

of

future

portfolio

composition.

For

more

details

about

the

Fund's

investments,

see

the

Schedule

of

Investments

commencing

on

page

11. For

additional

information

about

the

Fund,

including

performance,

dividends,

presentations,

press

releases,

market

updates,

daily

NAV

and

shareholder

reports,

please

visit

dws.com.

The

European

Equity

Fund,

Inc.

Our

base-case

scenario

is

that

investors

are

likely

to

look

past

a

quarter

or

two

of

weaker

earnings

as

long

as

the

expectation

remains

that

tariffs

will

be

negotiated

down

and

that

long-term

U.S.

Treasury

yields

will

not

move

sharply

higher.

European

equities

still

appear

attractively

valued

by

historical

standards

and

relative

to

other

markets.

In

addition,

the

region's

improving

purchasing

manager

indices

are

likely

to

attract

inflows

from

overseas

investors.

More

broadly,

we

expect

European

equities

to

trade

at

a

narrowing

discount

to

U.S.

equities

as

global

investors

look

for

alternatives

to

U.S.

assets.

The

Fund

is

diversified

across

structural

growth

narratives

trading

at

higher

multiples

and

attractively

valued

areas

of

the

market,

most

notably

banks

with

respect

to

the

latter

category.

While

European

banks

have

seen

sizable

outperformance

and

valuations

in

that

sector

are

somewhat

less

compelling

than

previously,

they

remain

less

expensive

than

their

global

peers

and

the

macro

environment

still

favors

the

sector.

The

Fund

remains

overweight

communication

services

as

we

expect

consolidation

and

declining

capital

expenditures

to

support

earnings

growth

and

free

cash

flow

in

the

sector.

We

have

reduced

exposure

to

consumer

discretionary

as

tariffs

may

weigh

on

global

growth

and

lead

to

higher

inflation,

with

a

negative

impact

on

consumer

confidence.

Lastly,

on

May

9,

2025,

Mr.

Christian

M. Zügel

retired

from

the

Fund's

Board.

The

Board

thanks

Mr.

Zügel

for

his

excellent

service

for

many

years

to

the

Fund.

Sincerely,

Juan

Barriobero

Portfolio

Manager

Hepsen

Uzcan

Interested

Director,

President

and

Chief

Executive

Officer

The

European

Equity

Fund,

Inc.

#### The

#### views

#### expressed

#### in

#### the

#### preceding

#### discussion

#### reflect

#### those

#### of

#### the

#### portfolio

#### management

#### team

#### generally

#### through

#### the

#### end

#### of

#### the

#### period

#### of

#### the

#### report

#### as

#### stated

#### on

#### the

#### cover

#### .
The

management

team's

views

are

subject

to

change

at

any

time

based

on

market

and

other

conditions

and

should

not

be

construed

as

recommendations.

Past

performance

is

no

guarantee

of

future

results.

Current

and

future

portfolio

holdings

are

subject

to

risk.

The

MSCI

Europe

Index

tracks

the

performance

of

developed

markets

in

Europe.

MSCI

indices

are

calculated

using

closing

local

market

prices

and

translate

into

U.S.

dollars

using

the

London

close

foreign

exchange

rates.

Index

returns

do

not

reflect

any

fees

or

expenses

and

it

is

not

possible

to

invest

directly

in

the

MSCI

Europe

Index.

Percentages

in

parentheses

are

based

on

the

Fund's

net

assets

as

of

June

30,

2025

.

\*

Not

held

at

June

30,

2025. #### Other

#### Information

#### -

#### Announcement

#### of

#### Portfolio

#### Manager

#### Change
As

previously

announced,

Hansjoerg

Pack

became

the

Fund's

portfolio

manager

on

July

1,

2025,

replacing

Juan

Barriobero,

who

became

the

Fund's

deputy

portfolio

manager

at

that

time,

replacing

Frank

Kuemmet.

Mr.

Pack

joined

DWS

in

1997

and

has

extensive

portfolio

management

experience,

including

multiple

global

equity

strategies

with

significant

exposure

to

European

markets.

He

also

has

experience

in

managing

funds

with

significant

allocations

to

German

small

and

mid-cap

equity

securities,

including

DWS

Aktien

Strategie

Deutschland

(with

current

net

assets

of

over

EUR

billion)

from

2016

to

the

present.

Mr.

Pack

received

a

BA

in

Business

Administration

from

Sheffield

Hallam

University;

a

Master's

Degree

in

Economics

("Diplom-Volkswirt")

from

University

of

Duisburg-

Essen;

and

is

a

CEFA

-

Certified

European

Financial

Analyst.

#### Performance

#### Summary

#### June

#### 30,

#### 2025
(Unaudited)

The

European

Equity

Fund,

Inc.

#### All

#### performance

#### shown

#### is

#### historical,

#### assumes

#### reinvestment

#### of

#### all

#### dividend

#### and

#### capital

#### gain

#### distributions,

#### and

#### does

#### not

#### guarantee

#### future

#### results.

#### Investment

#### return

#### and

#### net

#### asset

#### value

#### fluctuate

#### with

#### changing

#### market

#### conditions

#### so

#### that,

#### when

#### sold,

#### shares

#### may

#### be

#### worth

#### more

#### or

#### less

#### than

#### their

#### original

#### cost.

#### Current

#### performance

#### may

#### be

#### lower

#### or

#### higher

#### than

#### the

#### performance

#### data

#### quoted.

#### Please

#### visit

#### dws.com

#### for

#### the

#### most

#### recent

#### performance

#### of

#### the

#### Fund.

#### Fund

#### specific

#### data

#### and

#### performance

#### are

#### provided

#### for

#### informational

#### purposes

#### only

#### and

#### are

#### not

#### intended

#### for

#### trading

#### purposes.

#### Growth

#### of

#### an

#### Assumed

#### $10,000

#### Investment
Yearly

periods

ended

June

The

growth

of

$10,000

is

cumulative.

#### Average

#### Annual

#### Total

#### Returns
as

of

6/30/25

#### 6-Month

#### ‡

#### 1-Year

#### 5-Year

#### 10-Year

#### Net

#### Asset

#### Value
(a) #### 21.59%

#### 14.25%

#### 10.52%

#### 6.91%

#### Market

#### Price
(a) #### 26.05%

#### 16.11%

#### 10.81%

#### 6.15%
MSCI

Europe

Index

(b) 23.05%

18.38%

12.38%

6.78%

The

European

Equity

Fund,

Inc.

a

Total

return

based

on

net

asset

value

reflects

changes

in

the

Fund's

net

asset

value

during

each

period.

Total

return

based

on

market

value

reflects

changes

in

market

value

during

each

period.

Each

figure

includes

reinvestments

of

income

and

capital

gain

distributions,

if

any,

at

market

prices

pursuant

to

the

dividend

reinvestment

plan.

Total

returns

based

on

net

asset

value

and

market

price

will

differ

depending

upon

the

level

of

any

discount

from

or

premium

to

net

asset

value

at

which

the

Fund's

shares

trade

during

the

period.

Expenses

of

the

Fund

include

investment

advisory

and

administration

fees

and

other

fund

expenses.

Total

returns

shown

take

into

account

these

fees

and

expenses.

The

annualized

expense

ratio

of

the

Fund

for

the

six

months

ended

June

30,

2025

was

1.46%.

b

The

MSCI

Europe

Index

tracks

the

performance

of

developed

markets

in

Europe.

MSCI

indices

are

calculated

using

closing

local

market

prices

and

translate

into

U.S.

dollars

using

the

London

close

foreign

exchange

rates.

Index

returns

do

not

reflect

any

fees

or

expenses

and

it

is

not

possible

to

invest

directly

in

the

MSCI

Europe

Index.

‡

Total

returns

shown

for

periods

less

than

one

year

are

not

annualized.

#### Net

#### Asset

#### Value

#### and

#### Market

#### Price

#### As

#### of

#### 6/30/25

#### As

#### of

#### 12/31/24
Net

Asset

Value

$&nbsp;&nbsp;&nbsp;&nbsp;

12.05 $&nbsp;&nbsp;&nbsp;&nbsp;

9.94 Market

Price

$&nbsp;&nbsp;&nbsp;&nbsp;

10.23 $&nbsp;&nbsp;&nbsp;&nbsp;

8.14 Prices

and

Net

Asset

Value

fluctuate

and

are

not

guaranteed.

#### Distribution

#### Information

#### Per

#### Share
Six

Months

as

of

6/30/25:

Income

Distribution

$&nbsp;&nbsp;&nbsp;&nbsp;

0.03 Distributions

are

historical,

not

guaranteed

and

will

fluctuate.

Distributions

do

not

include

return

of

capital

or

other

non-income

sources.

#### Schedule

#### of

#### Investments

#### as

#### of

#### June

#### 30,

#### 2025
(Unaudited)

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### Shares

#### Value

#### ($)

#### Common

#### Stocks

#### 97.4%

#### Germany

#### 23.2%

#### Aerospace

#### &

#### Defense

#### 1.7%
MTU

Aero

Engines

AG

3,124

#### 1,382,703

#### Diversified

#### Telecommunication

#### Services

#### 1.0%
Deutsche

Telekom

AG

(Registered)

22,175

#### 805,844

#### Electrical

#### Equipment

#### 1.8%
Siemens

Energy

AG\*

13,035

#### 1,499,854

#### Health

#### Care

#### Providers

#### &

#### Services

#### 2.9%
Fresenius

SE

&

Co

KGaA

46,685

#### 2,338,018

#### Independent

#### Power

#### &

#### Renewable

#### Electricity

#### Producers

#### 1.0%
RWE

AG

18,682

#### 776,677

#### Insurance

#### 2.6%
Allianz

SE

(Registered)

5,157

#### 2,082,226

#### Interactive

#### Media

#### &

#### Services

#### 1.9%
Scout24

SE

144A

11,365

#### 1,561,610

#### Machinery

#### 2.1%
Daimler

Truck

Holding

AG

17,444

822,231

Knorr-

Bremse

AG

9,357

900,868

#### 1,723,099

#### Multi-Utilities

#### 2.3%
E.ON

SE

101,509

#### 1,861,104

#### Passenger

#### Airlines

#### 1.1%
Deutsche

Lufthansa

AG

(Registered)

103,843

#### 874,879

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 1.3%
Infineon

Technologies

AG

24,189

#### 1,025,066

#### Software

#### 2.6%
SAP

SE

6,979

#### 2,114,031

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.9%
adidas

AG

3,261

#### 757,447

#### Total

#### Germany
(Cost

$13,160,997)

#### 18,802,558

#### France

#### 20.7%

#### Banks

#### 2.3%
Societe

Generale

SA

32,674

#### 1,861,391

#### Chemicals

#### 1.9%
Air

Liquide

SA

7,319

#### 1,504,122
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### Shares

#### Value

#### ($)

#### Construction

#### &

#### Engineering

#### 1.9%
Vinci

SA

10,591

#### 1,554,677

#### Diversified

#### Telecommunication

#### Services

#### 1.8%
Orange

SA

95,991

#### 1,454,692

#### Electrical

#### Equipment

#### 2.0%
Schneider

Electric

SE

6,013

#### 1,593,167

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.9%
Accor

SA

14,679

#### 763,555

#### Insurance

#### 4.9%
AXA

SA

54,014

2,641,046

SCOR

SE

40,074

1,317,580

#### 3,958,626

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 1.5%
TotalEnergies

SE

19,869

#### 1,214,675

#### Personal

#### Care

#### Products

#### 1.7%
L'Oreal

SA

3,224

#### 1,373,622

#### Pharmaceuticals

#### 0.9%
Sanofi

SA

7,452

#### 718,859

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.9%
Hermes

International

SCA

#### 755,341

#### Total

#### France
(Cost

$13,887,532)

#### 16,752,727

#### United

#### Kingdom

#### 17.7%

#### Banks

#### 3.5%
HSBC

Holdings

PLC

232,688

#### 2,811,230

#### Capital

#### Markets

#### 1.5%
London

Stock

Exchange

Group

PLC

8,144

#### 1,186,663

#### Electric

#### Utilities

#### 2.3%
SSE

PLC

75,132

#### 1,884,801

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.6%
Compass

Group

PLC

37,562

#### 1,269,610

#### Interactive

#### Media

#### &

#### Services

#### 1.2%
Auto

Trader

Group

PLC

144A

88,147

#### 995,630

#### Media

#### 1.1%
Informa

PLC

83,569

#### 922,624

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.3%
Shell

PLC

54,481

#### 1,906,045

#### Pharmaceuticals

#### 2.2%
AstraZeneca

PLC

12,683

#### 1,758,550
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### Shares

#### Value

#### ($)

#### Professional

#### Services

#### 2.0%
RELX

PLC

30,100

#### 1,623,619

#### Total

#### United

#### Kingdom
(Cost

$10,136,453)

#### 14,358,772

#### Switzerland

#### 9.1%

#### Chemicals

#### 2.1%
DSM-

Firmenich

AG

8,220

870,589

Sika

AG

(Registered)

3,153

853,104

#### 1,723,693

#### Food

#### Products

#### 1.6%
Nestle

SA

(Registered)

13,373

#### 1,324,198

#### Pharmaceuticals

#### 4.4%
Novartis

AG

(Registered)

15,802

1,908,904

Roche

Holding

AG

4,948

1,606,033

#### 3,514,937

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 1.0%
Cie

Financiere

Richemont

SA

''A''

(Registered)

4,396

#### 825,251

#### Total

#### Switzerland
(Cost

$7,650,095)

#### 7,388,079

#### Netherlands

#### 9.0%

#### Aerospace

#### &

#### Defense

#### 1.0%
Airbus

SE

3,854

#### 801,620

#### Banks

#### 3.4%
ABN

AMRO

Bank

NV

(CVA)

144A

67,370

1,837,168

ING

Groep

NV

39,554

864,482

#### 2,701,650

#### Financial

#### Services

#### 1.2%
Adyen

NV

144A\*

557

#### 1,018,545

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 3.4%
ASML

Holding

NV

3,463

#### 2,753,417

#### Total

#### Netherlands
(Cost

$4,248,480)

#### 7,275,232

#### Denmark

#### 4.1%

#### Air

#### Freight

#### &

#### Logistics

#### 1.3%
DSV

A/S

4,543

#### 1,087,434

#### Pharmaceuticals

#### 2.8%
Novo

Nordisk

A/S

''B''

32,396

#### 2,239,723

#### Total

#### Denmark
(Cost

$1,524,711)

#### 3,327,157
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### Shares

#### Value

#### ($)

#### Italy

#### 4.0%

#### Banks

#### 2.2%
Intesa

Sanpaolo

SpA

309,588

#### 1,776,938

#### Electrical

#### Equipment

#### 1.8%
Prysmian

SpA

20,331

#### 1,432,338

#### Total

#### Italy
(Cost

$2,394,805)

#### 3,209,276

#### Norway

#### 3.1%

#### Banks

#### 1.9%
DNB

Bank

ASA

55,589

#### 1,528,487

#### Diversified

#### Telecommunication

#### Services

#### 1.2%
Telenor

ASA

62,407

#### 965,149

#### Total

#### Norway
(Cost

$1,914,630)

#### 2,493,636

#### Sweden

#### 2.5%

#### Banks

#### 1.2%
Swedbank

AB

''A''

37,067

#### 973,239

#### Entertainment

#### 1.3%
Spotify

Technology

SA\*

1,372

#### 1,045,903

#### Total

#### Sweden
(Cost

$1,399,764)

#### 2,019,142

#### Spain

#### 2.2%

#### Banks

#### 2.2%
Banco

Santander

SA

(Cost

$929,050)

220,714

#### 1,819,893

#### United

#### States

#### 1.8%

#### Construction

#### Materials

#### 1.8%
CRH

PLC

(Cost

$777,447)

(a) 15,690

#### 1,442,870

#### Total

#### Common

#### Stocks
(Cost

$58,023,964)

#### 78,889,342

#### Preferred

#### Stocks

#### 0.6%

#### Germany

#### 0.6%

#### Automobiles

#### 0.6%
Porsche

Automobil

Holding

SE

(Cost

$1,267,155)

12,572

#### 496,994

#### Cash

#### Equivalents

#### 1.5%
DWS

Central

Cash

Management

Government

Fund,

4.37%

(Cost

$1,243,123)

(b) 1,243,123

#### 1,243,123
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### %

#### of

#### Net

#### Assets

#### Value

#### ($)

#### Total

#### Investment

#### Portfolio
(Cost

$60,534,242)

99.5 #### 80,629,459

#### Other

#### Assets

#### and

#### Liabilities,

#### Net
0.5 #### 423,241

#### Net

#### Assets
100.0 #### 81,052,700
A

summary

of

the

Fund's

transactions

with

affiliated

investments

during

the

period

ended

June

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

#### 6/30/2025

#### Value

#### ($)

#### at

#### 6/30/2025

#### Securities

#### Lending

#### Collateral

#### 0.0%
DWS

Government

&

Agency

Securities

Portfolio

''DWS

Government

Cash

Institutional

Shares'',

4.25%

(b) (c) 263,920

–

263,920

(d) –

–

7,545

–

–

–

#### Cash

#### Equivalents

#### 1.5%
DWS

Central

Cash

Management

Government

Fund,

4.37%

(b) 1,828,248

6,962,288

7,547,413

–

–

32,565

–

1,243,123

1,243,123

#### 2,092,168

#### 6,962,288

#### 7,811,333

#### –

#### 40,110

#### –

#### 1,243,123
\*

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

June

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.

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

(e) See

Schedule

of

Investments

for

additional

detailed

categorizations

.

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

includes

quoted

prices

in

active

markets

for

identical

securities.

Level

includes

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk).

Level

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

June

30,

2025

in

valuing

the

Fund's

investments.

For

information

on

the

Fund's

policy

regarding

the

valuation

of

investments,

please

refer

to

the

Security

Valuation

section

of

Note

A

in

the

accompanying

Notes

to

Financial

Statements.

#### Assets

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total
Common

Stocks

and/or

Other

Equity

Investments

(e) Germany

$

19,299,552

$

—

$

—

$

19,299,552

France

16,752,727

—

—

16,752,727

United

Kingdom

14,358,772

—

—

14,358,772

Switzerland

7,388,079

—

—

7,388,079

Netherlands

7,275,232

—

—

7,275,232

Denmark

3,327,157

—

—

3,327,157

Italy

3,209,276

—

—

3,209,276

Norway

2,493,636

—

—

2,493,636

Sweden

2,019,142

—

—

2,019,142

Spain

1,819,893

—

—

1,819,893

United

States

1,442,870

—

—

1,442,870

Short-Term

Instruments

(e) 1,243,123

—

—

1,243,123

#### $

#### 80,629,459

#### $

#### —

#### $

#### —

#### $

#### 80,629,459

#### Statement

#### of

#### Assets

#### and

#### Liabilities
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

as

of

June

30,

2025

(Unaudited)

#### Assets
Investments

in

non-affiliated

securities,

at

value

(cost

$59,291,119)

$

79,386,336

Investment

in

DWS

Central

Cash

Management

Government

Fund

(cost

$1,243,123)

1,243,123

Foreign

currency,

at

value

(cost

$166,738)

171,644

Dividends

receivable

41,067

Foreign

taxes

recoverable

331,682

Interest

receivable

4,385

Other

assets

26,515

Total

assets

81,204,752

#### Liabilities
Investment

advisory

fee

payable

42,714

Administration

fee

payable

13,148

Payable

for

Directors'

fees

and

expenses

Accrued

expenses

and

other

liabilities

95,878

Total

liabilities

152,052

#### Net

#### assets

#### $

#### 81,052,700

#### Net

#### Assets

#### Consist

#### of
Distributable

earnings

(gain)

19,973,276

Paid-in

capital

61,079,424

#### Net

#### assets

#### $

#### 81,052,700

#### Net

#### Asset

#### Value

#### Net

#### assets

#### value
per

share

($81,052,700

÷

6,725,724

shares

of

common

stock

issued

and

outstanding,

$.001

par

value,

80,000,000

shares

authorized)

#### $12.05 #### Statement

#### of

#### Operations
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

for

the

six

months

ended

June

30,

2025

(Unaudited)

#### Net

#### Investment

#### Income
Income:

Dividends

(net

of

foreign

withholding

taxes

of

$294,483)

$

1,676,407

Income

distributions

—

DWS

Central

Cash

Management

Government

Fund

32,565

Securities

lending

income,

net

of

borrower

rebates

7,545

Total

investment

income

1,716,517

Expenses:

Investment

advisory

fee

236,924

Administration

fee

72,899

Custody

and

accounting

fee

25,208

Services

to

shareholders

8,262

Reports

to

shareholders

and

shareholder

meeting

expenses

22,863

Directors'

fees

and

expenses

48,308

Legal

fees

56,687

Audit

and

tax

fees

27,512

NYSE

listing

fee

11,771

Insurance

12,954

Miscellaneous

12,660

Net

expenses

536,048

#### Net

#### investment

#### income

#### 1,180,469

#### Realized

#### and

#### Unrealized

#### Gain
(Loss)

Net

realized

gain

(loss)

from:

Investments

1,207,500

Foreign

currency

15,455

Net

realized

gain

(loss)

1,222,955

Change

in

net

unrealized

appreciation

(depreciation)

on:

Investments

11,983,782

Foreign

currency

43,642

Change

in

net

unrealized

appreciation

(depreciation)

12,027,424

#### Net

#### gain
(loss)

#### 13,250,379

#### Net

#### increase
(decrease)

#### in

#### net

#### assets

#### resulting

#### from

#### operations

#### $

#### 14,430,848

#### Statements

#### of

#### Changes

#### in

#### Net

#### Assets
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### Increase
(Decrease)

#### in

#### Net

#### Assets

#### Six

#### Months

#### Ended

#### June

#### 30,

#### 2025
(Unaudited)

#### Year

#### Ended

#### December

#### 31,

#### 2024
Operations:

Net

investment

income

(loss)

&nbsp;&nbsp;&nbsp;&nbsp;$

1,180,469

&nbsp;&nbsp;&nbsp;&nbsp;$

1,232,994

Net

realized

gain

(loss)

1,222,955

1,965,023

Change

in

net

unrealized

appreciation

(depreciation)

12,027,424

(5,164,845)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

14,430,848

(1,966,828)

Distributions

to

shareholders

(199,754)

(1,198,572)

Fund

share

transactions:

Net

proceeds

from

reinvestment

of

distributions

221,984

270,954

Shares

repurchased

–

(1,282,114)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

221,984

(1,011,160)

#### Total

#### increase
(decrease)

#### in

#### net

#### assets
14,453,078

(4,176,560)

Net

assets

at

beginning

of

period

66,599,622

70,776,182

Net

assets

at

end

of

period

#### &nbsp;&nbsp;&nbsp;&nbsp; $

#### 81,052,700

#### &nbsp;&nbsp;&nbsp;&nbsp; $

#### 66,599,622

#### Other

#### Information
Shares

outstanding

at

beginning

of

period

6,700,209

6,813,832

Shares

issued

from

reinvestment

of

distributions

25,515

31,877

Shares

repurchased

–

(145,500)

Shares

outstanding

at

end

of

period

#### 6,725,724

#### 6,700,209

#### Financial

#### Highlights
The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### Six

#### Months&nbsp;&nbsp;&nbsp;&nbsp;

#### Ended

#### 6/30/25

#### Years

#### Ended

#### December

#### 31,
(Unaudited)

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Per

#### Share

#### Operating

#### Performance

#### Net

#### asset

#### value,

#### beginning

#### of

#### period

#### $9.94 10.39 8.81 11.95 12.09 10.73 *Income* 

(loss)

*from* 

*investment* 

*operations:*

Net

investment

income

(loss)

a

.

.18

.15

.16

.15

.10

Net

realized

and

unrealized

gain

(loss)

on

investments

and

foreign

currency

1.97 (.48)

1.58 (2.40)

1.11 1.38 #### Total

#### from

#### investment

#### operations
2.15 (.30)

1.73 (2.24)

1.26 1.48 *Less* 

*distributions* 

*from:*

Net

investment

income

(.03)

(.18)

(.17)

(.29)

(.11)

(.13)

Net

realized

gains

–

–

–

(.58)

(1.39)

(.07)

#### Total

#### distributions
(.03)

(.18)

(.17)

(.87)

(1.50)

(.20)

Dilution

in

net

asset

value

from

dividend

reinvestment

(.01)

(.01)

(.01)

(.10)

–

(.01)

Increase

resulting

from

share

repurchases

–

.04

.03

.07

.10

.09

#### Net

#### asset

#### value,

#### end

#### of

#### period

#### $12.05 9.94 10.39 8.81 11.95 12.09 #### Market

#### value,

#### end

#### of

#### period

#### $10.23 8.14 8.62 7.50 10.37 10.40 #### Total

#### Investment

#### Return

#### for

#### the

#### Period

#### b
Based

upon

market

value

(%)

26.05 \*\*

(3.64)

17.27 (19.12)

15.23 13.28 Based

upon

net

asset

value

(%)

21.59 \*\*

(2.38)

20.33 c

(17.55)

c

14.22 15.12 #### Financial

#### Highlights
(continued)

The

accompanying

notes

are

an

integral

part

of

the

financial

statements.

The

European

Equity

Fund,

Inc.

#### Six

#### Months&nbsp;&nbsp;&nbsp;&nbsp;

#### Ended

#### 6/30/25

#### Years

#### Ended

#### December

#### 31,
(Unaudited)

#### 2024

#### 2023

#### 2022

#### 2021

#### 2020

#### Ratios

#### to

#### Average

#### Net

#### Assets
Total

expenses

before

reductions

(%)

1.46 \*

1.49 1.55 1.57 1.28 1.30 Total

expenses

after

reductions

(%)

1.46 \*

1.49 1. 4

1. 4

1.28 1.30 Net

investment

income

(%)

1.60 \*\*

1.71 1.50 1.66 1.16 .93

Portfolio

turnover

(%)

\*\*

Net

assets

at

end

of

period

($

thousands)

81,053

66,600

70,776

60,818

81,109

87,186

a

Based

on

average

shares

outstanding

during

the

period.

b

Total

investment

return

based

on

net

asset

value

reflects

changes

in

the

Fund's

net

asset

value

during

each

period.

Total

return

based

on

market

value

reflects

changes

in

market

value

during

each

period.

Each

figure

includes

reinvestments

of

dividend

and

capital

gain

distributions,

if

any.

These

figures

will

differ

depending

upon

the

level

of

any

discount

from

or

premium

to

net

asset

value

at

which

the

Fund's

shares

trade

during

the

period.

c

Total

return

would

have

been

lower

had

certain

expenses

not

been

reduced.

\*

Annualized.

\*\*

Not

annualized.

The

European

Equity

Fund,

Inc.

#### Notes

#### to

#### Financial

#### Statements
(Unaudited)

A. #### Accounting

#### Policies
The

European

Equity

Fund,

Inc.

(the

"Fund")

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act")

and

was

incorporated

in

Delaware

on

April

8,

1986

as

a

diversified,

closed-end

management

investment

company.

Investment

operations

commenced

on

July

23,

1986. The

Fund

reincorporated

in

Maryland

on

August

29,

1990

and,

on

October

16,

1996,

the

Fund

changed

from

a

diversified

to

a

non-

diversified

company.

The

Fund

became

a

diversified

company

on

October

31,

2008. The

preparation

of

financial

statements

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP")

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

and

disclosures

in

the

financial

statements.

Actual

results

could

differ

from

those

estimates.

Subsequent

events,

if

any,

through

the

date

that

the

financial

statements

were

issued

have

been

evaluated

in

the

preparation

of

the

financial

statements.

The

Fund

qualifies

as

an

investment

company

under

Topic

946

of

Accounting

Standards

Codification

of

U.S.

GAAP.

The

following

is

a

summary

of

significant

accounting

policies

followed

by

the

Fund

in

the

preparation

of

its

financial

statements.

#### Operating

#### Segment.
The

Fund

adopted

FASB

Accounting

Standards

Update

2023-07,

Segment

Reporting

(Topic

280)

-

Improvements

to

Reportable

Segment

Disclosures

("ASU

2023-07").

ASU

2023-07

impacts

financial

statement

disclosures

only

and

does

not

affect

the

Fund's

financial

position

or

the

results

of

its

operations.

An

operating

segment

is

defined

in

Topic

as

a

component

of

a

public

entity

that

engages

in

business

activities

from

which

it

may

recognize

revenues

and

incur

expenses,

has

operating

results

that

are

regularly

reviewed

by

the

public

entity's

chief

operating

decision

maker

("CODM")

to

make

decisions

about

resources

to

be

allocated

to

the

segment

and

assess

its

performance,

and

has

discrete

financial

information

available.

The

President

and

Chief

Executive

Officer

acts

as

the

Fund's

CODM.

The

Fund

represents

a

single

operating

segment,

as

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole,

and

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

investment

objective,

investment

policies

and

principal

risks,

based

on

a

defined

investment

strategy

that

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

asset

(i.e.,

changes

in

net

assets

resulting

from

operations),

which

are

used

by

the

CODM

to

assess

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

The

European

Equity

Fund,

Inc.

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

accompanying

statement

of

assets

and

liabilities

as

"total

assets"

and

results

of

operations

and

significant

segment

expenses

are

listed

on

the

accompanying

statement

of

operations.

#### Security

#### Valuation.
The

Fund

calculates

its

net

asset

value

("NAV")

per

share

for

publication

at

the

close

of

regular

trading

on

Deutsche

Börse

XETRA,

normally

at

11:30

a.m.,

New

York

time.

The

Fund's

Board

has

designated

DWS

International

GmbH

(the

"Advisor")

as

the

valuation

designee

for

the

Fund

pursuant

to

Rule

2a-5

under

the

1940

Act.

The

Advisor's

Pricing

Committee

(the

"Pricing

Committee")

typically

values

securities

using

readily

available

market

quotations

or

prices

supplied

by

independent

pricing

services

(which

are

considered

fair

values

under

Rule

2a-5).

The

Advisor

has

adopted

fair

valuation

procedures

that

provide

methodologies

for

fair

valuing

securities.

Various

inputs

are

used

in

determining

the

value

of

the

Fund's

investments.

These

inputs

are

summarized

in

three

broad

levels.

Level

includes

quoted

prices

in

active

markets

for

identical

securities.

Level

includes

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

prepayment

speeds

and

credit

risk).

Level

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

or

liquidity

associated

with

investing

in

those

securities.

Equity

securities

are

valued

at

the

most

recent

sale

price

or

official

closing

price

reported

on

the

exchange

(U.S.

or

foreign)

or

over-the-counter

market

on

which

they

trade

prior

to

the

time

of

valuation.

Securities

for

which

no

sales

are

reported

are

valued

at

the

calculated

mean

between

the

most

recent

bid

and

asked

quotations

on

the

relevant

market

or,

if

a

mean

cannot

be

determined,

at

the

most

recent

bid

quotation.

Equity

securities

are

generally

categorized

as

Level

1. Investments

in

open-end

investment

companies

are

valued

and

traded

at

their

NAV

each

business

day

and

are

categorized

as

Level

1. Purchased

options

are

generally

valued

at

the

settlement

prices

established

each

day

on

the

exchange

on

which

they

are

traded

and

are

categorized

as

Level

1. Securities

and

other

assets

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

in

a

manner

that

is

intended

to

reflect

their

fair

value

as

determined

in

accordance

with

procedures

approved

by

the

Board

and

are

generally

categorized

as

Level

3. In

accordance

with

the

Fund's

valuation

procedures,

factors

considered

in

determining

value

may

include,

but

are

not

limited

to,

the

type

of

the

security;

the

The

European

Equity

Fund,

Inc.

size

of

the

holding;

the

initial

cost

of

the

security;

the

existence

of

any

contractual

restrictions

on

the

security's

disposition;

the

price

and

extent

of

public

trading

in

similar

securities

of

the

issuer

or

of

comparable

companies;

quotations

or

evaluated

prices

from

broker-dealers

and/or

the

appropriate

stock

exchange

(for

exchange-traded

securities);

an

analysis

of

the

company's

or

issuer's

financial

statements;

an

evaluation

of

the

forces

that

influence

the

issuer

and

the

market(s)

in

which

the

security

is

purchased

and

sold;

and,

with

respect

to

debt

securities,

the

maturity,

coupon,

creditworthiness,

currency

denomination,

and

the

movement

of

the

market

in

which

the

security

is

normally

traded.

The

value

determined

under

these

procedures

may

differ

from

published

values

for

the

same

securities.

Disclosure

about

the

classification

of

the

fair

value

measurements

is

included

in

a

table

following

the

Fund's

Schedule

of

Investments.

#### Securities

#### Transactions

#### and

#### Investment

#### Income.
Investment

transactions

are

accounted

for

on

a

trade

date

plus

one

basis

for

daily

NAV

calculation.

However,

for

financial

reporting

purposes,

investment

security

transactions

are

reported

on

trade

date.

Interest

income

is

recorded

on

the

accrual

basis.

Dividend

income

is

recorded

on

the

ex-dividend

date

net

of

foreign

withholding

taxes.

Certain

dividends

from

foreign

securities

may

be

recorded

subsequent

to

the

ex-dividend

date

as

soon

as

the

Fund

is

informed

of

such

dividends.

Realized

gains

and

losses

from

investment

transactions

are

recorded

on

an

identified

cost

basis.

Proceeds

from

litigation

payments,

if

any,

are

included

in

net

realized

gain

(loss)

for

investments.

#### Securities

#### Lending.
National

Financial

Services

LLC

(Fidelity

Agency

Lending),

as

securities

lending

agent,

lends

securities

of

the

Fund

to

certain

financial

institutions

under

the

terms

of

its

securities

lending

agreement.

During

the

term

of

the

loans,

the

Fund

continues

to

receive

interest

and

dividends

generated

by

the

securities

and

to

participate

in

any

changes

in

their

market

value.

The

Fund

requires

the

borrowers

of

the

securities

to

maintain

collateral

with

the

Fund

consisting

of

cash

and/

or

securities

issued

or

guaranteed

by

the

U.S.

Government,

its

agencies

or

instrumentalities

having

a

value

at

least

equal

to

the

value

of

the

securities

loaned.

When

the

collateral

falls

below

specified

amounts,

the

securities

lending

agent

will

use

its

best

efforts

to

obtain

additional

collateral

on

the

next

business

day

to

meet

required

amounts

under

the

securities

lending

agreement.

During

the

six

months

ended

June

30,

2025,

the

Fund

invested

the

cash

collateral,

if

any,

into

a

joint

trading

account

in

affiliated

money

market

funds,

including

DWS

Government

&

Agency

Securities

Portfolio,

managed

by

DWS

Investment

Management

Americas,

Inc.

DWS

Investment

Management

Americas,

Inc.

receives

a

management/

administration

fee

(0.13%

annualized

effective

rate

as

of

June

30,

2025)

on

the

cash

collateral

invested

in

DWS

Government

&

Agency

Securities

The

European

Equity

Fund,

Inc.

Portfolio.

The

Fund

receives

compensation

for

lending

its

securities

either

in

the

form

of

fees

or

by

earning

interest

on

invested

cash

collateral

net

of

borrower

rebates

and

fees

paid

to

a

securities

lending

agent.

Either

the

Fund

or

the

borrower

may

terminate

the

loan

at

any

time,

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

a

standard

time

period.

There

may

be

risks

of

delay

and

costs

in

recovery

of

securities

or

even

loss

of

rights

in

the

collateral

should

the

borrower

of

the

securities

fail

financially.

If

the

Fund

is

not

able

to

recover

securities

lent,

the

Fund

may

sell

the

collateral

and

purchase

a

replacement

investment

in

the

market,

incurring

the

risk

that

the

value

of

the

replacement

security

is

greater

than

the

value

of

the

collateral.

The

Fund

is

also

subject

to

all

investment

risks

associated

with

the

reinvestment

of

any

cash

collateral

received,

including,

but

not

limited

to,

interest

rate,

credit

and

liquidity

risk

associated

with

such

investments.

As

of

June

30,

2025

the

Fund

had

no

securities

on

loan.

#### Foreign

#### Currency

#### Translation.
The

books

and

records

of

the

Fund

are

maintained

in

United

States

dollars.

Assets

and

liabilities

denominated

in

foreign

currency

are

translated

into

United

States

dollars

at

the

prevailing

exchange

rates

at

period

end.

Purchases

and

sales

of

investment

securities,

income

and

expenses

are

translated

at

the

rate

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Net

realized

and

unrealized

gains

and

losses

on

foreign

currency

transactions

represent

net

gains

and

losses

between

trade

and

settlement

dates

on

securities

transactions,

the

acquisition

and

disposition

of

foreign

currencies,

and

the

difference

between

the

amount

of

net

investment

income

accrued

and

the

U.S.

dollar

amount

actually

received.

The

portion

of

both

realized

and

unrealized

gains

and

losses

on

investments

that

results

from

fluctuations

in

foreign

currency

exchange

rates

is

not

separately

disclosed

but

is

included

with

net

realized

and

unrealized

gain/appreciation

and

loss/depreciation

on

investments.

At

June

30,

2025,

the

exchange

rate

was

EUR

€1.00

to

USD

$1.17.

#### Contingencies.
In

the

normal

course

of

business,

the

Fund

may

enter

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The

Fund's

maximum

exposure

under

these

arrangements

is

unknown,

as

this

would

involve

future

claims

that

may

be

made

against

the

Fund

that

have

not

yet

occurred.

However,

based

on

experience,

the

Fund

expects

the

risk

of

loss

to

be

remote.

#### Tax

#### Information.
The

Fund's

policy

is

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

which

are

applicable

to

regulated

investment

companies,

and

to

distribute

all

of

its

taxable

income

to

its

shareholders.

The

European

Equity

Fund,

Inc.

Additionally,

the

Fund

may

be

subject

to

taxes

imposed

by

the

governments

of

countries

in

which

it

invests.

Such

taxes

are

generally

based

on

income

and/or

capital

gains

earned

or

repatriated.

Estimated

tax

liabilities

on

certain

foreign

securities

are

recorded

on

an

accrual

basis

and

are

reflected

as

components

of

interest

income

or

net

change

in

unrealized

gain/loss

on

investments.

Tax

liabilities

realized

as

a

result

of

security

sales

are

reflected

as

a

component

of

net

realized

gain/loss

on

investments.

At

December

31,

2024,

the

Fund

had

a

net

tax

basis

capital

loss

carryforward

of

approximately

$1,990,000,

which

may

be

applied

against

realized

net

taxable

capital

gains

indefinitely,

including

short-term

losses

($1,639,000)

and

long-term

losses

($351,000).

At

June

30,

2025,

the

aggregate

cost

of

investments

for

federal

income

tax

purposes

was

$60,541,716.

The

net

unrealized

appreciation

for

all

investments

based

on

tax

cost

was

$20,087,743.

This

consisted

of

aggregate

gross

unrealized

appreciation

for

all

investments

for

which

there

was

an

excess

of

value

over

tax

cost

of

$23,757,296

and

aggregate

gross

unrealized

depreciation

for

all

investments

for

which

there

was

an

excess

of

tax

cost

over

value

of

$3,669,553.

The

Fund

files

tax

returns

with

the

Internal

Revenue

Service,

the

State

of

New

York,

and

various

other

states.

Specific

to

U.S.

federal

and

state

taxes,

generally,

each

of

the

tax

years

in

the

four-year

period

ended

December

31,

2024,

remains

subject

to

examination

by

taxing

authorities.

Specific

to

foreign

countries

in

which

the

Fund

invests,

all

open

tax

years

remain

subject

to

examination

by

taxing

authorities

in

the

respective

jurisdictions.

The

open

tax

years

vary

by

each

jurisdiction

in

which

the

Fund

invests.

#### Dividends

#### and

#### Distributions

#### to

#### Shareholders.
The

Fund

records

dividends

and

distributions

to

its

shareholders

on

the

ex-dividend

date.

The

timing

and

character

of

certain

income

and

capital

gain

distributions

are

determined

annually

in

accordance

with

United

States

federal

income

tax

regulations,

which

may

differ

from

accounting

principles

generally

accepted

in

the

United

States

of

America.

These

differences

primarily

relate

to

restructuring

of

certain

securities.

The

Fund

may

utilize

a

portion

of

the

proceeds

from

capital

share

repurchases

as

a

distribution

from

net

investment

income

and

realized

capital

gains.

As

a

result,

net

investment

income

(loss)

and

net

realized

gain

(loss)

on

investment

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

Accordingly,

the

Fund

may

periodically

make

reclassifications

among

certain

of

its

capital

accounts

without

impacting

the

NAV

of

the

Fund.

The

tax

character

of

current

year

distributions

will

be

determined

at

the

end

of

the

current

fiscal

year.

The

European

Equity

Fund,

Inc.

B. #### Investment

#### Advisory

#### and

#### Administration

#### Agreements
The

Fund

is

party

to

an

Investment

Advisory

Agreement

with

DWS

International

GmbH

("DWSI").

The

Fund

also

has

an

Administration

Agreement

with

DWS

Investment

Management

Americas,

Inc.

("DIMA").

DWSI

and

DIMA

are

affiliated

companies.

Under

the

Investment

Advisory

Agreement

with

DWSI,

DWSI

directs

the

investments

of

the

Fund

in

accordance

with

its

investment

objectives,

policies

and

restrictions.

DWSI

determines

the

securities,

instruments

and

other

contracts

relating

to

investments

to

be

purchased,

sold

or

entered

into

by

the

Fund.

The

Investment

Advisory

Agreement

provides

DWSI

with

a

fee,

computed

weekly

and

payable

monthly,

at

the

annual

rate

of

0.65%

of

the

Fund's

average

weekly

net

assets

up

to

and

including

$100

million,

and

0.60%

of

such

assets

in

excess

of

$100

million.

Accordingly,

for

the

six

months

ended

June

30,

2025,

the

fee

pursuant

to

the

Investment

Advisory

Agreement

was

equivalent

to

an

annualized

rate

of

0.65%

of

the

Fund's

average

weekly

net

assets.

Under

the

Administration

Agreement

with

DIMA,

DIMA

provides

certain

fund

administration

services

to

the

Fund.

The

Administration

Agreement

provides

DIMA

with

an

annual

fee,

computed

weekly

and

payable

monthly,

of

0.20%

of

the

Fund's

average

weekly

net

assets.

C. #### Transactions

#### with

#### Affiliates
DWS

Service

Company

("DSC"),

an

affiliate

of

DIMA,

is

the

transfer

agent,

dividend-paying

agent

and

shareholder

service

agent

of

the

Fund.

Pursuant

to

a

sub-transfer

agency

agreement

between

DSC

and

SS&C

GIDS,

Inc.

("SS&C"),

DSC

has

delegated

certain

transfer

agent

and

dividend-paying

agent

functions

to

SS&C.

DSC

compensates

SS&C

out

of

the

fee

it

receives

from

the

Fund.

For

the

six

months

ended

June

30,

2025,

the

amount

charged

to

the

Fund

by

DSC

included

in

the

Statement

of

Operations

under

"Services

to

shareholders"

aggregated

$5,962,

of

which

$1,962

is

unpaid.

Under

an

agreement

with

the

Fund,

DIMA

is

compensated

for

providing

certain

pre-press

and

regulatory

filing

services

to

the

Fund.

For

the

six

months

ended

June

30,

2025,

the

amount

charged

to

the

Fund

by

DIMA

included

in

the

Statement

of

Operations

under

"Reports

to

shareholders

and

shareholder

meeting

expenses"

aggregated

$834,

of

which

$284

is

unpaid.

Deutsche

Bank

AG,

the

majority

shareholder

in

the

DWS

Group,

and

its

affiliates

may

receive

brokerage

commissions

as

a

result

of

executing

agency

transactions

in

portfolio

securities

on

behalf

of

the

Fund,

that

the

The

European

Equity

Fund,

Inc.

Board

determined

were

effected

in

compliance

with

the

Fund's

Rule

17e-1

procedures.

For

the

six

months

ended

June

30,

2025,

Deutsche

Bank

did

not

receive

brokerage

commissions

from

the

Fund.

Certain

Officers

of

the

Fund

are

also

officers

of

DIMA.

The

Fund

pays

each

Director

who

is

not

an

"interested

person"

of

DIMA

or

DWS

International

GmbH

retainer

fees.

The

Fund

may

invest

cash

balances

in

DWS

Central

Cash

Management

Government

Fund,

which

is

managed

by

DIMA.

The

Fund

indirectly

bears

its

proportionate

share

of

the

expenses

of

DWS

Central

Cash

Management

Government

Fund.

DWS

Central

Cash

Management

Government

Fund

does

not

pay

DIMA

an

investment

management

fee.

DWS

Central

Cash

Management

Government

Fund

seeks

maximum

current

income

to

the

extent

consistent

with

stability

of

principal.

D. #### Portfolio

#### Securities
Purchases

and

sales

of

investment

securities,

excluding

short-term

investments,

for

the

six

months

ended

June

30,

2025

were

$18,253,525

and

$17,538,180,

respectively.

E. #### Capital
During

the

six

months

ended

June

30,

2025,

the

Fund

did

not

purchase

any

shares

of

its

common

stock.

During

the

year

ended

December

31,

2024,

the

Fund

purchased

145,500

of

its

shares

of

common

stock

on

the

open

market

at

a

total

cost

$1,282,114

($8.81

average

per

share).

The

average

discount

of

these

purchased

shares,

comparing

the

purchase

price

to

the

NAV

per

share

at

the

time

of

purchase,

was

16.89%.

During

the

six

months

ended

June

30,

2025

and

the

year

ended

December

31,

2024,

the

Fund

issued

for

dividend

reinvestment

25,515

and

31,877

shares,

respectively.

The

average

discount

of

these

issued

shares,

comparing

the

issue

price

to

the

NAV

per

share

at

the

time

of

issuance,

was

17.39%

and

17.28%,

respectively.

F. #### Share

#### Repurchases
On

July

28,

2023,

the

Fund

announced

that

the

Board

of

Directors

approved

an

extension

of

the

current

repurchase

authorization

permitting

the

Fund

to

repurchase

up

to

687,213

shares

during

the

period

from

August

1,

2023

through

July

31,

2024. The

Fund

repurchased

177,321

shares

between

August

1,

2023

and

July

31,

2024. On

July

25,

2024,

the

Fund

announced

that

the

Board

of

Directors

approved

an

extension

of

the

current

repurchase

authorization

permitting

the

Fund

to

continue

to

purchase

outstanding

shares

of

its

common

stock

in

open-market

The

European

Equity

Fund,

Inc.

transactions

over

the

twelve-month

period

from

August

1,

2024

through

July

31,

2025. The

Fund

repurchased

19,000

shares

between

August

1,

2024

and

June

30,

2025. On

July

25,

2025,

the

Fund

announced

that

the

Board

of

Directors

approved

an

extension

of

the

current

repurchase

authorization

permitting

the

Fund

to

continue

to

purchase

outstanding

shares

of

its

common

stock

in

open-market

transactions

over

the

twelve-

month

period

from

August

1,

2025

through

July

31,

2026. The

Fund

did

not

repurchase

shares

between

December

1,

2024

and

June

30,

2025. Repurchases

will

be

made

when

the

Fund's

shares

trade

at

a

discount

to

net

asset

value

("NAV")

and

such

purchases

are

deemed

to

be

in

the

best

interests

of

the

Fund.

The

amount

and

timing

of

the

repurchases

will

be

at

the

discretion

of

DIMA,

the

Funds'

administrator,

and

subject

to

market

conditions

and

investment

considerations.

There

can

be

no

assurance

that

the

Fund's

repurchases

will

reduce

the

spread

between

the

market

price

of

the

Fund's

shares

referred

to

below

and

its

NAV

per

share.

Monthly

updates

concerning

the

Fund's

repurchase

program

are

available

on

its

Web

site

at

dws.com

.

G. #### Concentration

#### of

#### Ownership
From

time

to

time,

the

Fund

may

have

a

concentration

of

several

shareholder

accounts

holding

a

significant

percentage

of

shares

outstanding.

Investment

activities

of

these

shareholders

could

have

a

material

impact

on

the

Fund.

At

June

30,

2025,

there

were

three

shareholders

that

held

approximately

26%,

10%

and

6%,

respectively,

of

the

outstanding

shares

of

the

Fund.

#### Report

#### of

#### Annual

#### Meeting

#### of

#### Stockholders
(Unaudited)

The

European

Equity

Fund,

Inc.

The

Annual

Meeting

of

Stockholders

(the

"Meeting")

of

The

European

Equity

Fund,

Inc.

was

held

on

June

30,

2025. At

the

close

of

business

on

May

16,

2025,

the

record

date

for

the

determination

of

stockholders

entitled

to

vote

at

the

Meeting,

there

were

issued

and

outstanding

6,725,724

shares

of

the

Fund's

common

stock,

each

share

being

entitled

to

one

vote,

constituting

all

of

the

Fund's

outstanding

voting

securities.

At

the

Meeting,

the

holders

of

5,274,402

shares

of

the

Fund's

common

stock

were

represented

in

person

or

by

proxy,

constituting

a

quorum.

At

the

Meeting,

the

following

matters

were

voted

upon

by

the

stockholders.

The

resulting

votes

are

presented

below:

1. To

elect

two

(2) Class

II

Directors,

each

to

serve

for

a

term

of

three

years

and

until

his

or

her

successor

is

elected

and

qualifies.

The

other

Directors

of

the

Fund

whose

terms

continued

after

the

Meeting

are

Mr.

Bernhard

Koepp,

Dr.

Wolfgang

Leoni

and

Ms.

Hepsen

Uzcan.

2. To

ratify

the

appointment

by

the

Audit

Committee

and

the

Board

of

Directors

of

Ernst

&

Young

LLP,

an

independent

public

accounting

firm,

as

independent

auditors

for

the

fiscal

year

ending

December

31,

2025. 3. To

adopt

Articles

of

Amendment

to

the

Fund's

charter

to

eliminate

the

classification

of

the

Board

of

Directors.

#### Number

#### of

#### Votes

#### For

#### Withheld
Ms.

Fiona

Flannery

5,016,825

257,574

Dr.

Holger

Hatje

5,074,113

200,285

#### Number

#### of

#### Votes

#### For

#### Against

#### Abstain
5,066,858

171,871

35,673

#### Number

#### of

#### Votes

#### For

#### Against

#### Abstain
3,712,536

131,594

22,294

#### Additional

#### Information
The

European

Equity

Fund,

Inc.

#### Automated

#### Information

#### Lines

#### DWS

#### Closed-End

#### Fund

#### Info

#### Line
(800) #### 349-4281

#### Web

#### Site

#### dws.com
Obtain

fact

sheets,

financial

reports,

press

releases

and

webcasts

when

available.

#### Written

#### Correspondence

#### DWS
Attn:

Secretary

of

the

DWS

Funds

Summer

Street

Boston,

MA

02110

#### Legal

#### Counsel

#### Sullivan

#### &

#### Cromwell

#### LLP

Broad

Street

New

York,

NY

10004

#### Dividend

#### Reinvestment

#### Plan Agent

#### SS&C

#### GIDS,

#### Inc.

W. 11th

Street,

5th

Floor

Kansas

City,

MO

64105

#### Shareholder

#### Service

#### Agent

#### and

#### Transfer

#### Agent

#### DWS

#### Service

#### Company
P.O.

Box

219066

Kansas

City,

MO

64121-9066

(800) #### 437-6269

#### Custodian

#### Brown

#### Brothers

#### Harriman

#### &

#### Company

Post

Office

Square

Boston,

MA

02110

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

#### Ernst

#### &

#### Young

#### LLP

Clarendon

Street

Boston,

MA

02116

#### Proxy

#### Voting
A

description

of

the

Fund's

policies

and

procedures

for

voting

proxies

for

portfolio

securities

and

information

about

how

the

Fund

voted

proxies

related

to

its

portfolio

securities

during

the

most

recent

12-month

period

ended

June

is

available

on

our

Web

site

—

dws.com/en-us/resources/proxy-voting

or

on

the

SEC's

Web

site

—

sec.gov.

To

obtain

a

written

copy

of

the

Fund's

policies

and

procedures

without

charge,

upon

request,

call

us

toll

free

at

(800) 437-6269.

The

European

Equity

Fund,

Inc.

#### Portfolio

#### Holdings
Following

the

Fund's

fiscal

first

and

third

quarter-end,

a

complete

portfolio

holdings

listing

is

posted

on

dws.com,

and

is

available

free

of

charge

by

contacting

your

financial

intermediary,

or

if

you

are

a

direct

investor,

by

calling

(800) 728-3337.

In

addition,

the

portfolio

holdings

listing

is

filed

with

the

SEC

on

the

Fund's

Form

N-PORT

and

will

be

available

on

the

SEC's

Web

site

at

sec.gov.

Additional

portfolio

holdings

for

the

Fund

are

also

posted

on

dws.com

from

time

to

time.

Please

see

the

Fund's

current

prospectus

for

more

information.

#### Investment

#### Management
DWS

International

GmbH,

which

is

part

of

DWS

Group,

is

the

investment

advisor

for

the

Fund.

DWS

International

GmbH

provides

a

full

range

of

investment

advisory

services

to

both

institutional

and

retail

clients.

DWS

International

GmbH

is

a

direct,

wholly

owned

subsidiary

of

DWS

Group.

DWS

Group

is

a

global

organization

that

offers

a

wide

range

of

investing

expertise

and

resources,

including

hundreds

of

portfolio

managers

and

analysts

and

an

office

network

that

reaches

the

world's

major

investment

centers.

This

well-resourced

global

investment

platform

brings

together

a

wide

variety

of

experience

and

investment

insight

across

industries,

regions,

asset

classes

and

investing

styles.

#### Open

#### Market

#### Purchases

#### by

#### the

#### Fund
Notice

is

hereby

given

in

accordance

with

Section

23(c)

of

the

Investment

Company

Act

of

1940

that

the

Fund

may

purchase

at

market

prices

from

time

to

time

shares

of

its

common

stock

in

the

open

market.

#### Voluntary

#### Cash

#### Purchase

#### Program

#### and

#### Dividend

#### Reinvestment

#### Plan
The

Fund

offers

shareholders

a

Voluntary

Cash

Purchase

Program

and

Dividend

Reinvestment

Plan

("Plan")

which

provides

for

optional

cash

purchases

and

for

the

automatic

reinvestment

of

dividends

and

distributions

payable

by

the

Fund

in

additional

Fund

shares.

Plan

participants

may

invest

as

little

as

$100

in

any

month

and

may

invest

up

to

$36,000

annually.

The

Plan

allows

current

shareholders

who

are

not

already

participants

in

the

Plan

and

first

time

investors

to

enroll

in

the

Plan

by

making

an

initial

cash

deposit

of

at

least

$250

with

the

plan

agent.

Share

purchases

are

combined

to

receive

a

beneficial

brokerage

fee.

A

brochure

is

available

by

writing

or

telephoning

the

transfer

agent:

DWS

Service

Company

P.O.

Box

219066

Kansas

City,

MO

64105

Tel.:

1-800-437-6269

#### NYSE

#### Symbol
EEA

#### Nasdaq

#### Symbol
XEEAX

#### CUSIP

#### Number
298768102

Notes

#### There

#### are

#### three

#### closed-end

#### funds

#### investing

#### in

#### European

#### equities

#### advised

#### and

#### administered

#### by

#### wholly

#### owned

#### subsidiaries

#### of

#### the

#### DWS

#### Group:
The

Central

and

Eastern

Europe

Fund,

Inc.

—

investing

primarily

in

equity

or

equity-linked

securities

of

issuers

domiciled

in

Central

and

Eastern

Europe

(with

normally

at

least

80%

in

securities

of

issuers

domiciled

in

countries

in

Central

and

Eastern

Europe).

The

European

Equity

Fund,

Inc.

—

investing

primarily

in

equity

or

equity-linked

securities

of

issuers

domiciled

in

Europe

(with

normally

at

least

80%

in

securities

of

issuers

domiciled

in

Europe).

The

New

Germany

Fund,

Inc.

—

investing

primarily

in

equity

or

equity-linked

securities

of

middle

market

German

companies

with

up

to

20%

in

other

Western

European

companies

(with

no

more

than

15%

in

any

single

country).

Please

consult

your

broker

for

advice

on

any

of

the

above

or

call

1-800-437-6269

for

shareholder

reports.

875

Third

Avenue

New

York,

NY

10022

R-028303-14

(8/25)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;(b) Not applicable |
| &nbsp;&nbsp;**Item 2.** | &nbsp;&nbsp;**Code of Ethics.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 3.** | &nbsp;&nbsp;**Audit Committee Financial Expert.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**Principal Accountant Fees and Services.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**Audit Committee of Listed Registrants.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**Investments.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 8.** | &nbsp;&nbsp;**Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 9.** | &nbsp;&nbsp;**Proxy Disclosures for Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 10.** | &nbsp;&nbsp;**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 11.** | &nbsp;&nbsp;**Statement Regarding Basis for Approval of Investment Advisory Contract.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 12.** | &nbsp;&nbsp;**Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 13.** | &nbsp;&nbsp;**Portfolio Managers of Closed-End Management Investment Companies.** |

---

**Portfolio Manager Disclosure:** 

As of the date of this report, the following individual handles the day-to-day management of the Fund.

Juan Barriobero de la Pisa, CFA, CESGA, Director, Senior Portfolio Manager Equity and Portfolio Manager of the Fund

* DWS Head of Spanish Equities from 2007-2019 and Executive Member of the Board at DWS Spain 2016-2018.

* Joined DWS in 1999 and the Fund in 2020.

* Degree in European Economic Sciences (ICADE E4), University Pontificia de Comillas.

Hansjoerg Pack\*, Director, Senior Portfolio Manager Equity and Portfolio Manager of the Fund

&nbsp;&nbsp;&nbsp;&nbsp;· Joined DWS in 1997 and the Fund in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· BA in Business Administration from Sheffield Hallam University; Master's Degree in Economics ("Diplom-Volkswirt") from University of Duisburg-Essen; CEFA - Certified European Financial Analyst.

\* Hansjoerg Pack replaced Juan Barriobero de la Pisa as portfolio manager of the Fund effective July 1, 2025.

**Compensation of Portfolio Managers**

 ****

The Advisor and its affiliates are part of DWS. The brand DWS represents DWS Group GmbH & Co. KGaA ("DWS Group") and any of its subsidiaries such as DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. DWS seeks to offer its investment professionals competitive short-term and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short and long-term performance against industry and portfolio benchmarks. As employees of DWS, portfolio managers are paid on a total compensation basis, which includes Fixed Pay (base salary) and Variable Compensation, as set forth below. The compensation information below is provided as of the Fund's most recent semi-annual report dated June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Fixed Pay (**FP**) is the key and primary element of compensation for the majority of DWS employees and reflects the value of the individual's role and function within the organization. It rewards factors that an employee brings to the organization such as skills and experience, while reflecting regional and divisional (i.e. DWS) specifics. FP levels play a significant role in ensuring competitiveness of the Advisor and its affiliates in the labor market, thus benchmarking provides a valuable input when determining FP levels.

&nbsp;&nbsp;&nbsp;&nbsp;· Variable Compensation (**VC**) is a discretionary compensation element that enables DWS Group to provide additional reward to employees for their performance and behaviors, while reflecting DWS Group's affordability and financial situation. VC aims to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Recognize that every employee contributes to the DWS's success through the franchise component of Variable Compensation (**Franchise Component**), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Reflect individual performance, investment performance, behaviours and culture through discretionary individual VC (**Individual Component).** 

Employee seniority as well as divisional and regional specifics determine which VC elements are applicable for a given employee and the conditions under which they apply. Both Franchise and Individual Components may be awarded in shares or other share-based instruments and other deferral arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;· VC can be delivered via cash, restricted equity awards, and/or restricted incentive awards or restricted compensation. Restricted compensation may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notional fund investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o restricted equity, notional equity,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o restricted cash,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o or such other form as DWS may decide in its sole discretion

&nbsp;&nbsp;&nbsp;&nbsp;· VC comprises a greater proportion of total compensation as an employee's seniority and total compensation level increase. Proportion of VC delivered via a long-term incentive award, which is subject to performance conditions and forfeiture provisions, will increase significantly as the amount of the VC increases.

&nbsp;&nbsp;&nbsp;&nbsp;· Additional forfeiture and claw back provisions, including complete forfeiture and claw back of VC may apply in certain events if an employee is designated a Material Risk Taker.

&nbsp;&nbsp;&nbsp;&nbsp;· For key investment professionals, in particular, a portion of any long-term incentives will be in the form of notional investments aligned, where possible, to the funds they manage.

In general, each of the Advisor and its advisory affiliates seek to offer their investment professionals competitive short-term and long-term compensation based on continuous, above average, fund performance relative to the market. This includes measurement of short and long-term performance against industry and portfolio benchmarks. To evaluate their investment professionals in light of and consistent with the compensation principles set forth above, the Advisor and its affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar peer group universe with respect to a fund, iMoneyNet peer group with respect to a money market fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type. The ultimate goal of this process is to evaluate the degree to which investment professionals deliver investment performance that meets or exceeds their clients' risk and return objectives. When determining total compensation, the Advisor and its affiliates consider a number of quantitative, qualitative and other factors:

Quantitative measures (e.g. one-, three- and five-year pre-tax returns versus the appropriate Morningstar peer group universe for a fund, or versus the appropriate iMoneyNet peer group for a money market fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type, taking risk targets into account) are utilized to measure performance.

- Qualitative measures (e.g. adherence to, as well as contributions to, the enhancement of the investment process) are included in the performance review.

Other factors (e.g. non-investment related performance, teamwork, adherence to compliance rules, risk management and "living the values" of the Advisor and its affiliates) are included as part of a discretionary component of the review process, giving management the ability to consider additional markers of performance on a subjective basis.

Furthermore, it is important to note that DWS Group functions within a controlled environment based upon the risk limits established by DWS Group's Risk division, in conjunction with DWS Group management. Because risk consideration is inherent in all business activities, performance assessment factors in an employee's ability to assess and manage risk.

**Fund Ownership of Portfolio Managers**

The following table shows the dollar range of Fund shares owned beneficially and of record by each member of the Fund's portfolio management team as well as in all US registered Funds advised by DWS International GmbH as a group (the "Family of Funds"), including investments by their immediate family members sharing the same household and amounts invested through retirement and deferred compensation plans. This information is provided as of the Fund's most recent semi-annual report dated June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Name of <br> Portfolio Manager** | **Dollar Range of**<br> **Fund Shares Owned** | **Dollar Range of All in the Family of Funds Shares Owned** |
| Juan Barriobero de la Pisa | - | - |
| Hansjoerg Pack | - | $100001 - $500000 |

---

**Conflicts of Interest**

In addition to managing the assets of the Fund, the Fund's portfolio managers may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, for each portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations) managed by each portfolio manager. Total assets attributed to each portfolio manager in the tables below include total assets of each account managed by them, although the manager may only manage a portion of such account's assets. For Funds subadvised by subadvisors unaffiliated with DWS International GmbH, total assets of Funds managed may only include assets allocated to the portfolio manager and not the total assets of each Fund managed. The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of the Fund's most recent semi-annual report dated June 30, 2025.

**Other SEC Registered Investment Companies Managed:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Portfolio Manager** | &nbsp;&nbsp;**Number of Registered Investment Companies** | &nbsp;&nbsp;**Total Assets of Registered Investment Companies** | &nbsp;&nbsp;**Number of Investment Company Accounts with Performance Based Fee** | &nbsp;&nbsp;**Total Assets of Performance- Based Fee Accounts** |
| &nbsp;&nbsp;Juan Barriobero de la Pisa | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Hansjoerg Pack | &nbsp;&nbsp;1 | &nbsp;&nbsp;$216329865 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

**Other Pooled Investment Vehicles Managed:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Portfolio Manager** | &nbsp;&nbsp;**Number of Pooled Investment Vehicles** | &nbsp;&nbsp;**Total Assets of Pooled Investment Vehicles** | &nbsp;&nbsp; **Number of Pooled Investment Vehicle Accounts with Performance-Based Fee** | &nbsp;&nbsp;**Total Assets of Performance- Based Fee Accounts** |
| &nbsp;&nbsp;Juan Barriobero de la Pisa | &nbsp;&nbsp;1 | &nbsp;&nbsp;$63661443 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Hansjoerg Pack | &nbsp;&nbsp;2 | &nbsp;&nbsp;$2611088747 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

**Other Accounts Managed:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Portfolio Manager** | &nbsp;&nbsp;**Number of Other Accounts** | &nbsp;&nbsp;**Total Assets of Other Accounts** | &nbsp;&nbsp;**Number of Other Accounts with Performance- Based Fee** | &nbsp;&nbsp;**Total Assets of Performance- Based Fee Accounts** |
| &nbsp;&nbsp;Juan Barriobero de la Pisa | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Hansjoerg Pack | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

In addition to the accounts above, an investment professional may manage accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds. The Advisor or Subadvisor, as applicable, has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions on the ability of portfolio managers and other "access persons" to invest in securities that may be recommended or traded in the Funds and other client accounts.

Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Certain investments may be appropriate for the Fund and also for other clients advised by the Advisor and their affiliates, including other client accounts managed by the Fund's portfolio management team. Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more than one but less than all clients. Likewise, because clients of the Advisor and their affiliates may have differing investment strategies, a particular security may be bought for one or more clients when one or more other clients are selling the security. The investment results achieved for the Fund may differ from the results achieved for other
clients of the Advisor and their affiliates. In addition, purchases or sales of the same security may be made for two or more clients on the same day. In such event, such transactions will be allocated among the clients in a manner believed by the Advisor and their affiliates to be most equitable to each client, generally utilizing a pro rata allocation methodology. In some cases, the allocation procedure could potentially have an adverse effect or positive effect on the price or amount of the securities purchased or sold by the Fund. Purchase and sale orders for the Fund may be combined with those of other clients of the Advisor and their affiliates in the interest of achieving the most favorable net results to the Fund and the other clients.

&nbsp;&nbsp;&nbsp;&nbsp;· To the extent that a portfolio manager has responsibilities for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The Advisor and their affiliates attempt to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing similar investment models across multiple client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;· In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it manages. The Advisor and its affiliates will not determine allocations based on whether it receives a performance-based fee from the client. Additionally, the Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts with like strategies.

&nbsp;&nbsp;&nbsp;&nbsp;· The Advisor and its affiliates and the investment team of each Fund may manage other mutual funds and separate accounts on a long only or a long-short basis. The simultaneous management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long positions (and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving opposing orders at the same time. The Advisor has adopted procedures that it believes are reasonably designed to mitigate these and other potential conflicts of interest. Included in these procedures are specific guidelines developed to provide fair and equitable treatment for all clients whose accounts are managed by each Fund's portfolio management team. The Advisor and the portfolio management team have established monitoring procedures, a protocol for supervisory reviews, as well as compliance
oversight to ensure that potential conflicts of interest relating to this type of activity are properly addressed.

The Advisor is owned by the DWS Group, a multinational global financial services firm that is a majority owned subsidiary of Deutsche Bank AG. Therefore, the Advisor is affiliated with a variety of entities that provide, and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment management services to institutional and individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees (the "Firm") are engaged in businesses and have interests in addition to managing asset management accounts, such wide ranging activities involve real, potential or apparent conflicts of interest. These interests and activities include potential advisory, transactional and financial activities and other interests in securities and companies that may be directly or indirectly purchased or sold by the Firm for its clients' advisory accounts. The Advisor may take investment positions in securities in which other clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor and its affiliates are purchasing or selling for their client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities in which the Firm is undertaking the same or differing strategy in other businesses or other client accounts. These are considerations of which advisory clients should be aware and which will cause conflicts that could be to the disadvantage of the Advisor and its affiliate's advisory clients, including the Fund. The Advisor has instituted business and compliance policies, procedures and disclosures that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to a Fund's Board.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 14.** | &nbsp;&nbsp;**Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Period | &nbsp;&nbsp; (a)<br> Total Number of<br> Shares Purchased | &nbsp;&nbsp; (b)<br> Average Price Paid<br> per Share | &nbsp;&nbsp; (c)<br> Total Number of<br> Shares Purchased as<br> Part of Publicly Announced<br> Plans or Programs | &nbsp;&nbsp; (d)<br> Maximum Number of<br> Shares that May Yet Be<br> Purchased Under the<br> Plans or Programs |
| &nbsp;&nbsp;January 1 through January 31 | &nbsp;&nbsp;0 | &nbsp;&nbsp; $- | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;February 1 through February 29 | &nbsp;&nbsp;0 | &nbsp;&nbsp; $- | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;March 1 through March 31 | &nbsp;&nbsp;0 | &nbsp;&nbsp; $- | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;April 1 through April 30 | &nbsp;&nbsp;0 | &nbsp;&nbsp; $- | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;May 1 through May 31 | &nbsp;&nbsp;0 | &nbsp;&nbsp; $- | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;June 1 through June 30 | &nbsp;&nbsp;0 | &nbsp;&nbsp; $- | &nbsp;&nbsp;0 | &nbsp;&nbsp;n/a |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;0 | &nbsp;&nbsp; $- | &nbsp;&nbsp;0 |  |
| &nbsp;&nbsp;On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025. | &nbsp;&nbsp;On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025. | &nbsp;&nbsp;On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025. | &nbsp;&nbsp;On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025. | &nbsp;&nbsp;On July 25, 2024, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2024 through July 31, 2025. |
| &nbsp;&nbsp;On July 25, 2025, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2025 through July 31, 2026. The Fund did not repurchase shares between December 1, 2024 and June 30, 2025. | &nbsp;&nbsp;On July 25, 2025, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2025 through July 31, 2026. The Fund did not repurchase shares between December 1, 2024 and June 30, 2025. | &nbsp;&nbsp;On July 25, 2025, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2025 through July 31, 2026. The Fund did not repurchase shares between December 1, 2024 and June 30, 2025. | &nbsp;&nbsp;On July 25, 2025, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2025 through July 31, 2026. The Fund did not repurchase shares between December 1, 2024 and June 30, 2025. | &nbsp;&nbsp;On July 25, 2025, the Fund announced that the Board of Directors approved an extension of the current repurchase authorization permitting the Fund to continue to purchase outstanding shares of its common stock in open-market transactions over the twelve-month period from August 1, 2025 through July 31, 2026. The Fund did not repurchase shares between December 1, 2024 and June 30, 2025. |
| &nbsp;&nbsp;Repurchases will be made when the Fund's shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund. | &nbsp;&nbsp;Repurchases will be made when the Fund's shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund. | &nbsp;&nbsp;Repurchases will be made when the Fund's shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund. | &nbsp;&nbsp;Repurchases will be made when the Fund's shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund. | &nbsp;&nbsp;Repurchases will be made when the Fund's shares trade at a discount to net asset value and such purchases are deemed to be in the best interests of the Fund. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Item 15.** | &nbsp;&nbsp;**Submission of Matters to a Vote of Security Holders.** |
|  | &nbsp;&nbsp;There were no material changes to the procedures by which stockholders may recommend nominees to the Fund's Board. The Nominating and Governance Committee will consider nominee candidates properly submitted by stockholders in accordance with applicable law, the Fund's Articles of Incorporation or By-laws, resolutions of the Board and the qualifications and procedures set forth in the Nominating and Governance Committee Charter and this proxy statement. The Nominating and Governance Committee's Charter requires that a stockholder or group of stockholders seeking to submit a nominee candidate (i) must have beneficially owned at least 5% of the Fund's common stock for at least two years, (ii) may submit only one nominee candidate for any particular meeting of stockholders, and (iii) may submit a nominee candidate for only an annual meeting or other meeting of stockholders at which directors will be elected. The stockholder or group of stockholders must provide notice of the proposed nominee pursuant to the requirements found in the Fund's By-laws. Generally, this notice must be received not less than 90 days nor more than 120 days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting. Such notice shall include the specific information required by the Fund's By-laws. The Nominating and Governance Committee will evaluate nominee candidates properly submitted by stockholders on the same basis as it considers and evaluates candidates recommended by other sources. |
| &nbsp;&nbsp;**Item 16.** | &nbsp;&nbsp;**Controls and Procedures.** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;The Chief Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;There have been no changes in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal controls over financial reporting. |
| &nbsp;&nbsp;**Item 17.** | &nbsp;&nbsp;**Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 18.** | &nbsp;&nbsp;**Recovery of Erroneously Awarded Compensation.** |
|  | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;**Item 19.** | &nbsp;&nbsp;**Exhibits** |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp; &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm) |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;[Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Registrant: | &nbsp;&nbsp;The European Equity Fund, Inc. |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/29/2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Hepsen Uzcan</u><br> Hepsen Uzcan<br> Principal Executive Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/29/2025 |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; <u>/s/Diane Kenneally</u><br> Diane Kenneally<br> Principal Financial Officer |
| &nbsp;&nbsp;Date: | &nbsp;&nbsp;8/29/2025 |

---

## Ex-99.Cert

**Principal Executive Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;8/29/2025 | &nbsp;&nbsp;/s/Hepsen Uzcan |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Form N-CSRS Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days of the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| &nbsp;&nbsp;8/29/2025 | &nbsp;&nbsp;/s/Diane Kenneally |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---

## Exhibit 99.906

**Principal Executive Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Hepsen Uzcan, certify that:

1. I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;8/29/2025 | &nbsp;&nbsp;/s/Hepsen Uzcan |
|  | &nbsp;&nbsp;Hepsen Uzcan |
|  | &nbsp;&nbsp;Principal Executive Officer |

---

**Principal Financial Officer**

**Section 906 Certification under Sarbanes Oxley Act**

I, Diane Kenneally, certify that:

1. I have reviewed this report, filed on behalf of The European Equity Fund, Inc., on Form N-CSRS;

2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the "Report") fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| &nbsp;&nbsp;8/29/2025 | &nbsp;&nbsp;/s/Diane Kenneally |
|  | &nbsp;&nbsp;Diane Kenneally |
|  | &nbsp;&nbsp;Principal Financial Officer |

---