The European Equity Fund Inc.

08/28/2026 | Press release | Distributed by Public on 08/28/2026 10:36

Semi-Annual Report by Investment Company (Form N-CSRS)

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

The European Equity Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

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

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end: 12/31
Date of reporting period: 6/30/2026
Item 1. Reports to Stockholders.
(a)
June
30,
2026
Semiannual
Report
to
Shareholders
The
European
Equity
Fund,
Inc.
Ticker
Symbol:
EEA
Contents
2
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
10
Performance
Summary
12
Schedule
of
Investments
19
Statement
of
Assets
and
Liabilities
20
Statement
of
Operations
21
Statements
of
Changes
in
Net
Assets
22
Financial
Highlights
24
Notes
to
Financial
Statements
32
Report
of
Annual
Meeting
of
Stockholders
33
Additional
Information
The
European
Equity
Fund,
Inc.
3
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.
Information
contained
in
or
otherwise
accessible
through
the
websites
mentioned
herein
does
not
form
part
of
this
report.
All
references
in
this
report
to
websites
are
inactive
textual
references
and
are
for
your
information
only.
Letter
to
the
Shareholders
(Unaudited)
4
The
European
Equity
Fund,
Inc.
Dear
Shareholder,
For
the
six-month
period
ended
June
30,
2026,
the
total
return
of
the
European
Equity
Fund,
Inc.
(the
"Fund")
in
U.S.
dollars
(USD)
was
12.51%
based
on
net
asset
value
and
8.95%
based
on
market
price.
During
the
same
period,
the
return
of
the
Fund's
benchmark,
the
MSCI
Europe
Index,
was
7.81%
1
.
The
Fund
traded
at
an
average
discount
to
NAV
of
14.74%
for
the
period
in
review,
compared
with
an
average
discount
of
16.48%
for
the
same
period
a
year
earlier.
The
first
quarter
of
2026
opened
on
a
promising
note
as
positive
macroeconomic
data
globally
supported
risk
assets.
However,
the
launch
of
the
U.S.-Iran
conflict
at
the
end
of
February
ushered
in
a
volatile
period
for
financial
markets.
The
closing
of
shipping
through
the
Strait
of
Hormuz
resulted
in
surging
prices
for
oil
and
other
key
commodities,
raising
expectations
for
accelerating
inflation.
The
result
was
a
strong
move
higher
in
government
bond
yields
and
negative
equity
performance
as
the
correlation
between
equity
performance
and
bond
yields
became
negative.
In
Europe,
the
macroeconomic
backdrop
was
characterized
by
divergence,
with
manufacturing
purchasing
manager
indexes
(PMIs)
recovering
from
their
December
lows
while
services
sentiment
continued
to
deteriorate.
The
improvement
in
manufacturing
sentiment
may
have
been
partly
attributable
to
pre-ordering
activity
amid
supply
chain
concerns
stemming
from
the
Middle
East
conflict.
The
second
quarter
opened
with
the
U.S.
and
Iran
agreeing
to
a
two-week
ceasefire.
While
shipping
through
the
Strait
of
Hormuz
did
not
normalize
immediately,
market
expectations
that
the
Middle
East
would
not
see
a
return
to
kinetic
military
activity
sent
the
Geopolitical
Risk
Index
on
the
way
to
one
of
its
largest
quarterly
declines
on
record.
Across
Europe,
defense
stocks
underwent
a
sharp
correction
as
the
geopolitical
risk
premium
faded.
The
memorandum
of
understanding
between
the
U.S.
and
Iran
ultimately
allowed
oil
flows
to
recover
sufficiently
to
send
Brent
Crude
oil
prices
38%
lower
over
the
quarter.
At
the
same
time,
the
macro
backdrop
remained
far
from
risk-free
as
U.S.
inflation
rose
to
the
highest
level
in
three
years
and
the
Federal
Reserve
The
European
Equity
Fund,
Inc.
5
turned
more
hawkish
under
new
Chair
Kevin
Warsh.
Markets
continued
to
be
highly
sensitive
to
inflation
expectations
and
policy
uncertainty.
A
major
market
theme
in
the
second
quarter
was
the
extraordinary
strength
of
semiconductor
and
AI
infrastructure
stocks.
The
strongest
gains
were
concentrated
in
the
areas
most
exposed
to
the
AI
bottlenecks,
most
notably
the
memory
segment,
which
saw
outsize
gains
in
the
quarter.
Importantly,
the
main
driver
of
the
rally
was
earnings,
supported
by
strong
pricing
revisions.
The
market
began
to
distinguish
more
clearly
between
hyperscalers
funding
the
AI
spending
boom,
semiconductor
suppliers
benefiting
from
that
spending,
and
software
companies
facing
growing
questions
around
AI
disintermediation
and
return
on
investment.
Investor
concerns
around
whether
the
unprecedented
build-out
of
AI
infrastructure
can
generate
attractive
long-term
returns
drove
sharp
rotations
within
technology
and
contributed
to
a
broader
market
leadership
shift
away
from
some
of
the
mega-cap
platform
companies
and
toward
semiconductors,
industrial
technology,
financials
and
other
cyclicals.
More
broadly,
lower
energy
prices
reduced
the
immediate
inflation
and
margin
pressure
that
dominated
the
first
quarter.
In
addition,
fiscal
initiatives
across
Europe,
particularly
in
Germany,
continued
to
support
the
outlook
for
industrial
activity
and
infrastructure
demand.
Balancing
these
supportive
factors
to
a
degree
was
a
hawkish
turn
from
the
European
Central
Bank
(ECB),
which
delivered
its
first
rate
hike
since
September
2023
on
concerns
around
rising
headline
and
core
inflation.
Sector
Diversification
(As
a
%
of
Equity
Securities)
6/30/26
12/31/25
Industrials
27%
23%
Financials
25%
26%
Health
Care
13%
16%
Information
Technology
11%
9%
Materials
6%
5%
Consumer
Discretionary
5%
7%
Utilities
5%
3%
Communication
Services
4%
7%
Consumer
Staples
3%
2%
Energy
1%
2%
100%
100%
6
The
European
Equity
Fund,
Inc.
In
sector
terms,
positive
contributions
to
the
Fund's
relative
performance
for
the
six-month
period
were
led
by
overweight
allocations
to
information
technology,
industrials
and
financials.
In
addition,
an
underweight
to
energy
proved
beneficial
during
the
second
quarter's
sharp
decline
in
oil
prices.
Security
selection
was
the
primary
driver
of
outperformance,
particularly
within
semiconductor,
industrial
technology
and
financial
stocks.
In
terms
of
individual
positions,
leading
contributors
included
semiconductor
manufacturer
Infineon
Technologies
AG
(3.0%),
semiconductor
equipment
provider
ASML
Holding
NV
(6.5%),
and
wafer
testing
technology
provider
Technoprobe
SpA
(0.5%),
as
these
holdings
benefited
from
the
strong
AI
infrastructure
cycle.
Electrical
cable
manufacturer
Prysmian
SpA
(2.0%)
was
another
standout
contributor
as
a
prime
beneficiary
of
efforts
globally
to
modernize
power
grids
in
support
of
a
shift
toward
renewable
energy
sources.
Within
financials,
holdings
of
pan-European
bank
UniCredit
SpA
(2.5%)
and
Italian
insurer
Generali
(2.3%)
were
notable
contributors.
On
the
downside,
positioning
in
both
communication
services
and
healthcare
detracted
modestly.
Individual
holdings
that
weighed
on
relative
performance
included
Italian
multinational
energy
company
Eni
SpA
(0.8%)
which
was
negatively
impacted
by
the
second
quarter's
sharp
reversal
in
oil
prices.
Shares
of
multinational
telecommunication
companies
Deutsche
Telekom
AG
(1.2%)
and
Orange
SA
(1.7%)
lagged
as
investors
rotated
out
of
defensive
sectors
in
the
second
quarter.
Finally,
shares
of
Thales
S.A.
*
,
a
French
multinational
aerospace
and
defense
corporation
specialising
in
electronics,
moved
lower
with
the
apparent
easing
of
the
U.S.-Iran
conflict.
Market
Outlook
We
remain
constructive
on
European
equities.
Valuations
in
Europe
remain
attractive
relative
to
the
U.S.
and
to
their
own
history,
and
there
is
the
potential
for
renewed
international
capital
flows
into
under-owned
European
equities.
The
broadening
of
market
leadership
away
from
a
very
narrow
group
of
U.S.
mega-cap
technology
stocks
holds
the
potential
to
support
European
performance
over
the
coming
quarters.
European
equity
markets
have
relatively
little
exposure
to
U.S.-style
platform
companies,
but
they
do
have
meaningful
exposure
to
critical
enablers
of
the
AI
and
electrification
buildout,
including
semiconductors,
electrical
The
European
Equity
Fund,
Inc.
7
equipment,
industrial
automation,
power
infrastructure
and
selected
capital
goods.
The
European
macro
backdrop
is
also
improving,
although
unevenly.
Lower
energy
prices
are
easing
pressure
on
corporate
margins
and
consumer
incomes,
supporting
favorable
earnings
revisions.
Fiscal
stimulus
programs
across
the
continent
are
increasingly
supporting
industrial
activity,
infrastructure
demand
and
defense
spending,
even
if
the
defense
equity
trade
has
become
more
selective.
In
Germany,
reform
measures
and
fiscal
initiatives
could
help
improve
confidence
after
a
long
period
of
stagnation.
More
broadly,
investors
are
beginning
to
reassess
whether
Europe
can
deliver
a
more
durable
earnings
recovery
after
years
of
under-allocation.
We
continue
to
favor
diversified
exposure
within
European
equities.
Our
preferred
areas
include
semiconductors,
electrical
equipment,
industrial
technology,
selected
financials
and
high-quality
cyclicals
that
should
benefit
from
lower
energy
prices
and
improving
industrial
demand.
At
the
same
time,
we
remain
mindful
of
crowded
positioning
in
parts
of
the
semiconductor
space,
valuation
risk
in
some
AI
beneficiaries,
renewed
rate
Ten
Largest
Equity
Holdings
at
June
30,
2026
(33.1%
of
Net
Assets)
Country
Percent
1
.
ASML
Holding
NV
Netherlands
6.4%
2
.
HSBC
Holdings
PLC
United
Kingdom
3.7%
3
.
Novartis
AG
Switzerland
3.2%
4
.
Airbus
SE
Netherlands
3.0%
5
.
Infineon
Technologies
AG
Germany
3.0%
6
.
Siemens
Energy
AG
Germany
3.0%
7
.
Schneider
Electric
SE
France
2.9%
8
.
Banco
Santander
SA
Spain
2.8%
9
.
AXA
SA
France
2.6%
10
.
UniCredit
SpA
Italy
2.5%
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
12.
For
additional
information
about
the
Fund,
including
performance,
dividends,
presentations,
press
releases,
market
updates,
daily
NAV
and
shareholder
reports,
please
visit
dws.com.
8
The
European
Equity
Fund,
Inc.
volatility,
and
the
possibility
that
geopolitical
risks
re-emerge
around
the
Middle
East
or
trade
policy.
Sincerely,
Hansjoerg
Pack
Portfolio
Manager
Hepsen
Uzcan
Interested
Director,
President
and
Chief
Executive
Officer
The
European
Equity
Fund,
Inc.
9
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.
1
The
MSCI
Europe
Index
tracks
the
performance
of
15
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,
202
6
.
*
Not
held
at
June
30,
202
6
.
Performance
Summary
June
30,
2026
(Unaudited)
10
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
30
The
growth
of
$10,000
is
cumulative.
Average
Annual
Total
Returns
as
of
6/30/26
6-Month
‡
1-Year
5-Year
10-Year
Net
Asset
Value
(a)
12.51%
18.31%
8.16%
9.39%
Market
Price
(a)
8.95%
17.20%
7.23%
8.73%
MSCI
Europe
Index
(b)
7.81%
18.64%
9.50%
9.92%
The
European
Equity
Fund,
Inc.
11
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,
2026
was
1.49
%.
b
The
MSCI
Europe
Index
tracks
the
performance
of
15
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
6/30/26
As
of
12/31/25
Net
Asset
Value
$
13.08
$
11.86
Market
Price
$
11.00
$
10.30
Prices
and
Net
Asset
Value
fluctuate
and
are
not
guaranteed.
Distribution
Information
Per
Share
Six
Months
as
of
6/30/26:
Income
Distribution
$
0.02
Capital
Gains
Distribution
$
0.20
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,
2026
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
12
The
European
Equity
Fund,
Inc.
Shares
Value
($)
Common
Stocks
98.3%
France
21.7%
Aerospace
&
Defense
2.4%
Safran
SA
5,448
2,148,149
Banks
2.3%
BNP
Paribas
SA
11,953
1,395,343
Societe
Generale
SA
7,569
669,298
2,064,641
Chemicals
2.1%
Air
Liquide
SA
9,435
1,868,524
Diversified
Telecommunication
Services
1.7%
Orange
SA
81,172
1,531,193
Electrical
Equipment
4.1%
Legrand
SA
6,201
1,046,768
Schneider
Electric
SE
7,834
2,555,323
3,602,091
Food
Products
1.5%
Danone
SA
16,917
1,387,053
Insurance
2.6%
AXA
SA
46,117
2,311,207
Media
0.7%
Publicis
Groupe
SA
6,636
655,737
Multi-Utilities
1.0%
Veolia
Environnement
SA
21,548
897,416
Personal
Care
Products
1.2%
L'Oreal
SA
2,543
1,115,038
Textiles,
Apparel
&
Luxury
Goods
2.1%
Hermes
International
SCA
453
827,338
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,881
1,040,716
1,868,054
Total
France
(Cost
$17,633,219)
19,449,103
Germany
14.8%
Air
Freight
&
Logistics
1.0%
Deutsche
Post
AG
15,264
926,342
Automobile
Components
0.8%
Continental
AG
8,091
667,278
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
European
Equity
Fund,
Inc.
13
Shares
Value
($)
Banks
1.2%
Commerzbank
AG†
25,874
1,100,943
Chemicals
0.8%
Symrise
AG
''A''
6,913
693,854
Diversified
Telecommunication
Services
1.3%
Deutsche
Telekom
AG
(Registered)
41,017
1,118,048
Electrical
Equipment
3.0%
Siemens
Energy
AG
14,158
2,682,839
Industrial
Conglomerates
2.3%
Siemens
AG
(Registered)
6,409
2,059,381
Insurance
0.1%
Talanx
AG
984
124,382
Pharmaceuticals
0.8%
Merck
KGaA
4,420
741,830
Semiconductors
&
Semiconductor
Equipment
3.0%
Infineon
Technologies
AG
28,871
2,694,838
Textiles,
Apparel
&
Luxury
Goods
0.5%
adidas
AG
2,179
446,774
Total
Germany
(Cost
$10,581,445)
13,256,509
Netherlands
14.1%
Aerospace
&
Defense
3.0%
Airbus
SE
12,254
2,724,552
Banks
2.8%
ABN
AMRO
Bank
NV
(CVA)
32,046
1,361,731
ING
Groep
NV
35,934
1,136,378
2,498,109
Biotechnology
0.6%
Argenx
SE*
550
509,665
Semiconductors
&
Semiconductor
Equipment
6.9%
ASML
Holding
NV
2,940
5,784,121
BE
Semiconductor
Industries
NV
1,240
406,877
6,190,998
Software
0.8%
Nebius
Group
NV
''A''*
2,624
741,254
Total
Netherlands
(Cost
$6,570,420)
12,664,578
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
14
The
European
Equity
Fund,
Inc.
Shares
Value
($)
Italy
12.1%
Banks
4.8%
Intesa
Sanpaolo
SpA
300,242
2,055,448
UniCredit
SpA
25,226
2,256,298
4,311,746
Electric
Utilities
1.7%
Enel
SpA
132,303
1,520,256
Electrical
Equipment
2.0%
Prysmian
SpA
10,679
1,782,544
Insurance
2.3%
Generali
41,804
2,035,812
Oil,
Gas
&
Consumable
Fuels
0.8%
Eni
SpA
31,632
745,459
Semiconductors
&
Semiconductor
Equipment
0.5%
Technoprobe
SpA
*
11,339
452,281
Total
Italy
(Cost
$7,996,173)
10,848,098
United
Kingdom
11.9%
Aerospace
&
Defense
2.2%
Rolls-Royce
Holdings
PLC
104,312
1,999,343
Banks
3.7%
HSBC
Holdings
PLC
173,040
3,284,966
Capital
Markets
1.0%
London
Stock
Exchange
Group
PLC
8,467
916,920
Electric
Utilities
1.2%
SSE
PLC
31,728
1,025,476
Metals
&
Mining
1.6%
Anglo
American
PLC
29,934
1,468,317
Pharmaceuticals
2.2%
AstraZeneca
PLC
10,390
1,943,749
Total
United
Kingdom
(Cost
$6,570,931)
10,638,771
Switzerland
11.1%
Capital
Markets
1.2%
UBS
Group
AG
(Registered)
21,081
1,046,474
Electrical
Equipment
1.3%
ABB
Ltd.
(Registered)
10,772
1,169,035
Life
Sciences
Tools
&
Services
1.2%
Lonza
Group
AG
(Registered)
1,622
1,097,011
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
European
Equity
Fund,
Inc.
15
Shares
Value
($)
Pharmaceuticals
6.8%
Novartis
AG
(Registered)
18,464
2,896,125
Roche
Holding
AG
(a)
4,686
1,932,467
Sandoz
Group
AG
13,483
1,221,657
6,050,249
Textiles,
Apparel
&
Luxury
Goods
0.6%
Cie
Financiere
Richemont
SA
''A''
(Registered)
2,462
569,128
Total
Switzerland
(Cost
$8,573,262)
9,931,897
Spain
3.7%
Banks
2.8%
Banco
Santander
SA
179,939
2,485,102
Specialty
Retail
0.9%
Industria
de
Diseno
Textil
SA
13,589
856,062
Total
Spain
(Cost
$1,566,455)
3,341,164
Ireland
2.8%
Construction
Materials
0.9%
CRH
PLC
7,303
786,752
Passenger
Airlines
1.9%
Ryanair
Holdings
PLC
53,782
1,681,135
Total
Ireland
(Cost
$1,876,850)
2,467,887
Sweden
2.6%
Machinery
2.6%
Atlas
Copco
AB
''A''
56,363
1,142,249
Sandvik
AB
29,358
1,212,988
Total
Sweden
(Cost
$2,066,561)
2,355,237
Denmark
2.3%
Air
Freight
&
Logistics
1.2%
DSV
A/S
4,456
1,055,598
Pharmaceuticals
1.1%
Novo
Nordisk
A/S
''B''
21,038
1,012,197
Total
Denmark
(Cost
$2,082,599)
2,067,795
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
16
The
European
Equity
Fund,
Inc.
Shares
Value
($)
Belgium
1.2%
Electric
Utilities
1.2%
Elia
Group
SA
''B''
(Cost
$1,047,815)
6,625
1,058,525
Total
Common
Stocks
(Cost
$66,565,730)
88,079,564
Securities
Lending
Collateral
1.2%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
3.54%
(Cost
1,111,250)
(a)
(b)
1,111,250
1,111,250
Cash
Equivalents
0.5%
DWS
Central
Cash
Management
Government
Fund,
3.66%
(Cost
$492,276)
(b)
492,276
492,276
%
of
Net
Assets
Value
($)
Total
Investment
Portfolio
(Cost
$68,169,256)
100.0
89,683,090
Other
Assets
and
Liabilities,
Net
0.0
(51,929)
Net
Assets
100.0
89,631,161
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
European
Equity
Fund,
Inc.
17
A
summary
of
the
Fund's
transactions
with
affiliated
investments
during
the
period
ended
June
30,
2026
are
as
follows:
Net
Change
Value
($)
at
12/31/2025
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
6/30/2026
Value
($)
at
6/30/2026
Securities
Lending
Collateral
1.2%
DWS
Government
&
Agency
Securities
Portfolio
''DWS
Government
Cash
Institutional
Shares'',
3.54%
(a)
(b)
-
1,111,250
(c)
-
-
-
6,564
-
1,111,250
1,111,250
Cash
Equivalents
0.5%
DWS
Central
Cash
Management
Government
Fund,
3.66%
(b)
367,369
24,977,420
24,852,513
-
-
23,896
-
492,276
492,276
367,369
26,088,670
24,852,513
-
-
30,460
-
1,603,526
1,603,526
*
Non-income
producing
security.
†
All
or
a
portion
of
these
securities
were
on
loan.
In
addition,
"Other
Assets
and
Liabilities,
Net"
may
include
pending
sales
that
are
also
on
loan.
The
value
of
all
securities
loaned
at
June
30,
2026
amounted
to
$1,063,754,
which
is
1.2%
of
net
assets.
(a)
Affiliated
fund
managed
by
DWS
Investment
Management
Americas,
Inc.
The
rate
shown
is
the
annualized
seven-day
yield
at
period
end.
(b)
Represents
cash
collateral
held
in
connection
with
securities
lending.
Income
earned
by
the
Fund
is
net
of
borrower
rebates.
(c)
Represents
the
net
increase
(purchases
cost)
or
decrease
(sales
proceeds)
in
the
amount
invested
in
cash
collateral
for
the
period
ended
June
30,
2026.
CVA:
Credit
Valuation
Adjustment.
For
purposes
of
its
industry
concentration
policy,
the
Fund
classifies
issuers
of
portfolio
securities
at
the
industry
sub-group
level. Certain
of
the
categories
in
the
above
Schedule
of
Investments
consist
of
multiple
industry
sub-groups
or
industries.
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
18
The
European
Equity
Fund,
Inc.
(d)
See
Schedule
of
Investments
for
additional
detailed
categorizations.
Fair
Value
Measurements
Various
inputs
are
used
in
determining
the
value
of
the
Fund's
investments.
These
inputs
are
summarized
in
three
broad
levels.
Level
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
following
is
a
summary
of
the
inputs
used
as
of
June
30,
2026
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
(d)
France
$
19,449,103
$
-
$
-
$
19,449,103
Germany
13,256,509
-
-
13,256,509
Netherlands
12,664,578
-
-
12,664,578
Italy
10,848,098
-
-
10,848,098
United
Kingdom
10,638,771
-
-
10,638,771
Switzerland
9,931,897
-
-
9,931,897
Spain
3,341,164
-
-
3,341,164
Ireland
2,467,887
-
-
2,467,887
Sweden
2,355,237
-
-
2,355,237
Denmark
2,067,795
-
-
2,067,795
Belgium
1,058,525
-
-
1,058,525
Short-Term
Instruments
(d)
1,603,526
-
-
1,603,526
Total
$
89,683,090
$
-
$
-
$
89,683,090
Statement
of
Assets
and
Liabilities
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
European
Equity
Fund,
Inc.
19
as
of
June
30,
2026
(Unaudited)
Assets
Investments
in
non-affiliated
securities,
at
value
(cost
$66,565,730)
-
including
$1,063,754
of
securities
loaned
$
88,079,564
Investment
in
DWS
Central
Cash
Management
Government
Fund
(cost
$492,276)
492,276
Investment
in
DWS
Government
&
Agency
Securities
Portfolio
(cost
$1,111,250)
*
1,111,250
Foreign
currency,
at
value
(cost
$937,520)
937,396
Foreign
taxes
recoverable
347,064
Interest
receivable
1,808
Other
assets
24,467
Total
assets
90,993,825
Liabilities
Payable
upon
return
of
securities
loaned
1,111,250
Payable
for
investments
purchased
111,833
Investment
advisory
fee
payable
46,675
Administration
fee
payable
14,367
Payable
for
Directors'
fees
and
expenses
245
Accrued
expenses
and
other
liabilities
78,294
Total
liabilities
1,362,664
Net
assets
$
89,631,161
Net
Assets
Consist
of
Distributable
earnings
(gain)
27,169,110
Paid-in
capital
62,462,051
Net
assets
$
89,631,161
Net
Asset
Value
Net
assets
value
per
share
($89,631,161
÷
6,852,163
shares
of
common
stock
issued
and
outstanding,
$.001
par
value,
80,000,000
shares
authorized)
$
13.08
*
Represents
collateral
on
securities
loaned.
Statement
of
Operations
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
20
The
European
Equity
Fund,
Inc.
for
the
six
months
ended
June
30,
2026
(Unaudited)
Net
Investment
Income
Income:
Dividends
(net
of
foreign
withholding
taxes
of
$201,784)
$
1,398,962
Income
distributions
-
DWS
Central
Cash
Management
Government
Fund
23,896
Affiliated
securities
lending
income,
net
6,564
Total
income
1,429,422
Expenses:
Investment
advisory
fee
271,958
Administration
fee
83,680
Custody
and
accounting
fee
25,216
Services
to
shareholders
8,628
Reports
to
shareholders
and
shareholder
meeting
expenses
23,406
Directors'
fees
and
expenses
46,662
Legal
fees
110,545
Audit
and
tax
fees
22,512
NYSE
listing
fee
11,771
Insurance
11,227
Miscellaneous
7,066
Net
expenses
622,671
Net
investment
income
806,751
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from:
Investments
5,546,952
Foreign
currency
(9,226)
Net
realized
gain
(loss)
5,537,726
Change
in
net
unrealized
appreciation
(depreciation)
on:
Investments
3,638,266
Foreign
currency
(10,437)
Change
in
net
unrealized
appreciation
(depreciation)
3,627,829
Net
gain
(loss)
9,165,555
Net
increase
(decrease)
in
net
assets
resulting
from
operations
$
9,972,306
Statements
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
European
Equity
Fund,
Inc.
21
Increase
(Decrease)
in
Net
Assets
Six
Months
Ended
June
30,
2026
(Unaudited)
Year
Ended
December
31,
2025
Operations:
Net
investment
income
(loss)
$
806,751
$
1,243,727
Net
realized
gain
(loss)
5,537,726
7,140,195
Change
in
net
unrealized
appreciation
(depreciation)
3,627,829
9,803,905
Net
increase
(decrease)
in
net
assets
resulting
from
operations
9,972,306
18,187,827
Distributions
to
shareholders
(1,499,919)
(5,233,286)
Fund
share
transactions:
Net
proceeds
from
reinvestment
of
distributions
1,382,627
221,984
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
1,382,627
221,984
Total
increase
(decrease)
in
net
assets
9,855,014
13,176,525
Net
assets
at
beginning
of
period
79,776,147
66,599,622
Net
assets
at
end
of
period
$
89,631,161
$
79,776,147
Other
Information
Shares
outstanding
at
beginning
of
period
6,725,724
6,700,209
Shares
issued
from
reinvestment
of
distributions
126,439
25,515
Shares
outstanding
at
end
of
period
6,852,163
6,725,724
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
22
The
European
Equity
Fund,
Inc.
Six
Months
Ended
6/30/26
Years
Ended
December
31,
(Unaudited)
2025
2024
2023
2022
2021
Per
Share
Operating
Performance
Net
asset
value,
beginning
of
period
$
11.86
$
9.94
$
10.39
$
8.81
$
11.95
$
12.09
Income
(loss)
from
investment
operations:
Net
investment
income
(loss)
a
.12
.18
.18
.15
.16
.15
Net
realized
and
unrealized
gain
(loss)
on
investments
and
foreign
currency
1.35
2.52
(.48)
1.58
(2.40)
1.11
Total
from
investment
operations
1.47
2.70
(.30)
1.73
(2.24)
1.26
Less
distributions
from:
Net
investment
income
(.02)
(.19)
(.18)
(.17)
(.29)
(.11)
Net
realized
gains
(.20)
(.58)
-
-
(.58)
(1.39)
Total
distributions
(.22)
(.77)
(.18)
(.17)
(.87)
(1.50)
Dilution
in
net
asset
value
from
dividend
reinvestment
(.03)
(.01)
(.01)
(.01)
(.10)
-
Increase
resulting
from
share
repurchases
-
-
.04
.03
.07
.10
Net
asset
value,
end
of
period
$
13.08
$
11.86
$
9.94
$
10.39
$
8.81
$
11.95
Market
value,
end
of
period
$
11.00
$
10.30
$
8.14
$
8.62
$
7.50
$
10.37
Total
Investment
Return
for
the
Period
b
Based
upon
market
value
(%)
8
.
95
**
35.58
(3.64)
17.27
(19.12)
15.23
Based
upon
net
asset
value
(%)
1
2
.
5
1
**
27.85
(2.38)
20.33
c
(17.55)
c
14.22
Financial
Highlights
(continued)
The
accompanying
notes
are
an
integral
part
of
the
financial
statements.
The
European
Equity
Fund,
Inc.
23
Six
Months
Ended
6/30/26
Years
Ended
December
31,
(Unaudited)
2025
2024
2023
2022
2021
Ratios
to
Average
Net
Assets
Total
expenses
before
expense
reductions
(%)
1.49
*
1.42
1.49
1.55
1.57
1.28
Total
expenses
after
expense
reductions
(%)
1.49
*
1.42
1.49
1.45
1.47
1.28
Net
investment
income
(%)
0.95
**
1.59
1.71
1.50
1.66
1.16
Portfolio
turnover
(%)
89
**
122
23
13
25
57
Net
assets
at
end
of
period
($
thousands)
89,631
79,776
66,600
70,776
60,818
81,109
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.
24
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
280
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.
25
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
of
Directors
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
1
includes
quoted
prices
in
active
markets
for
identical
securities.
Level
2
includes
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk).
Level
3
includes
significant
unobservable
inputs
(including
the
Fund's
own
assumptions
in
determining
the
fair
value
of
investments).
The
level
assigned
to
the
securities
valuations
may
not
be
an
indication
of
the
risk
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
Pricing
Committee
and
are
generally
categorized
as
Level
3.
In
accordance
with
the
Fund's
valuation
procedures,
factors
considered
in
determining
26
The
European
Equity
Fund,
Inc.
value
may
include,
but
are
not
limited
to,
the
type
of
the
security;
the
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,
2026,
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,
2026)
The
European
Equity
Fund,
Inc.
27
on
the
cash
collateral
invested
in
DWS
Government
&
Agency
Securities
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,
2026
the
Fund
had
securities
on
loan.
The
value
of
the
related
collateral
exceeded
the
value
of
the
securities
loaned
at
period
end.
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,
2026,
the
exchange
rate
was
EUR
€1.00
to
USD
$1.14.
Remaining
Contractual
Maturity
of
the
Agreements
as
of
June
30,
2026
Overnight
and
Continuous
<30
days
Between
30
&
90
days
>90
days
Total
Securities
Lending
Transactions
Common
Stocks
$
1,111,250
$
-
$
-
$
-
$
1,111,250
Gross
amount
of
recognized
liabilities
and
cash
collateral
for
securities
lending
transactions:
$
1,111,250
28
The
European
Equity
Fund,
Inc.
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.
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
June
30,
2026,
the
aggregate
cost
of
investments
for
federal
income
tax
purposes
was
$67,713,389.
The
net
unrealized
appreciation
for
all
investments
based
on
tax
cost
was
$21,969,701.
This
consisted
of
aggregate
gross
unrealized
appreciation
for
all
investments
for
which
there
was
an
excess
of
value
over
tax
cost
of
$23,759,977
and
aggregate
gross
unrealized
depreciation
for
all
investments
for
which
there
was
an
excess
of
tax
cost
over
value
of
$1,790,276.
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,
2025,
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
certain
securities
sold
at
a
loss.
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
The
European
Equity
Fund,
Inc.
29
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.
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,
2026,
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,
2026,
the
amount
charged
to
the
Fund
by
DSC
included
in
the
Statement
of
Operations
under
"Services
to
shareholders"
aggregated
$5,962,
of
which
$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,
2026,
the
amount
charged
to
the
Fund
by
DIMA
30
The
European
Equity
Fund,
Inc.
included
in
the
Statement
of
Operations
under
"Reports
to
shareholders
and
shareholder
meeting
expenses"
aggregated
$834,
of
which
$294
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
Board
of
Directors
determined
were
effected
in
compliance
with
the
Fund's
Rule
17e-1
procedures.
For
the
six
months
ended
June
30,
2026,
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,
2026
were
$75,333,228
and
$80,574,119,
respectively.
E.
Capital
During
the
six
months
ended
June
30,
2026
and
the
year
ended
December
31,
2025,
the
Fund
did
not
purchase
any
shares
of
its
common
stock
on
the
open
market.
During
the
six
months
ended
June
30,
2026
and
the
year
ended
December
31,
2025,
the
Fund
issued
for
dividend
reinvestment
126,439
and
25,515
shares,
respectively.
The
average
discount
of
these
issued
shares,
comparing
the
issue
price
to
the
NAV
per
share
at
the
time
of
issuance,
was
14.27%
and
17.39%,
respectively.
F.
Share
Repurchases
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.
The
Fund
repurchased
19,000
shares
between
The
European
Equity
Fund,
Inc.
31
August
1,
2024
and
July
31,
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
August
1,
2025
and
June
30,
2026.
On
July
24,
2026,
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,
2026
through
July
31,
2027.
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,
2026,
there
were
three
shareholders
that
held
approximately
21%,
10%
and
7%,
respectively,
of
the
outstanding
shares
of
the
Fund.
Report
of
Annual
Meeting
of
Stockholders
(Unaudited)
32
The
European
Equity
Fund,
Inc.
The
Annual
Meeting
of
Stockholders
(the
"Meeting")
of
The
European
Equity
Fund,
Inc.
was
held
on
June
30,
2026.
At
the
close
of
business
on
May
15,
2026,
the
record
date
for
the
determination
of
stockholders
entitled
to
vote
at
the
Meeting,
there
were
issued
and
outstanding
6,820,915
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
5,432,102
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
III
Directors,
each
to
serve
for
a
term
of
one
year
and
until
his
or
her
successor
is
elected
and
qualifies.
The
other
Directors
of
the
Fund
whose
terms
continued
after
the
Meeting
are
Ms.
Fiona
Flannery,
Dr.
Holger
Hatje
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,
2026.
Number
of
Votes
For
Withheld
Mr.
Bernhard
Koepp
3,686,180
1,745,922
Dr.
Wolfgang
Leoni
3,686,706
1,745,396
Number
of
Votes
For
Against
Abstain
5,102,853
289,484
39,765
Additional
Information
The
European
Equity
Fund,
Inc.
33
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
100
Summer
Street
Boston,
MA
02110
Legal
Counsel
Sullivan
&
Cromwell
LLP
125
Broad
Street
New
York,
NY
10004
Dividend
Reinvestment
Plan Agent
SS&C
GIDS,
Inc.
333
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
50
Post
Office
Square
Boston,
MA
02110
Independent
Registered
Public
Accounting
Firm
Ernst
&
Young
LLP
200
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
30
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.
34
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
EEA-3
R-028303-15
(8/26)
(b) Not applicable
Item 2. Code of Ethics.
Not applicable
Item 3. Audit Committee Financial Expert.
Not applicable
Item 4. Principal Accountant Fees and Services.
Not applicable
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Not applicable
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Not applicable
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Period

(a)

Total Number of

Shares Purchased

(b)

Average Price Paid

per Share

(c)

Total Number of

Shares Purchased as

Part of Publicly Announced

Plans or Programs

(d)

Maximum Number of

Shares that May Yet Be

Purchased Under the

Plans or Programs

January 1 through January 31 0 $ - 0 n/a
February 1 through February 28 0 $ - 0 n/a
March 1 through March 31 0 $ - 0 n/a
April 1 through April 30 0 $ - 0 n/a
May 1 through May 31 0 $ - 0 n/a
June 1 through June 30 0 $ - 0 n/a
Total 0 $ - 0
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 January 1, 2026 and June 30, 2026.
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.
Item 15. Submission of Matters to a Vote of Security Holders.
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.
Item 16. Controls and Procedures.
(a) 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.
(b) 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.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits
(a)(1) Not applicable
(a)(2) 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.
(b) 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.

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.

Registrant: The European Equity Fund, Inc.
By:

/s/Hepsen Uzcan

Hepsen Uzcan

Principal Executive Officer

Date: 8/28/2026

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.

By:

/s/Hepsen Uzcan

Hepsen Uzcan

Principal Executive Officer

Date: 8/28/2026
By:

/s/Diane Kenneally

Diane Kenneally

Principal Financial Officer

Date: 8/28/2026
The European Equity Fund Inc. published this content on August 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 28, 2026 at 16:36 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]