- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

_______________________________

Investment Company Act file number: 811-04632

The European Equity Fund, Inc.

(Exact name of registrant as specified in charter)

345 Park Avenue

New York, NY 10154

(Address of principal executive offices) (Zip code)

Paul Schubert

60 Wall Street

New York, NY 10005

(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 250-3220

Date of fiscal year end: 12/31

Date of reporting period: 9/30/2012

ITEM 1.

SCHEDULE OF INVESTMENTS

THE EUROPEAN EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2012 (unaudited)

Shares		Description	Value (a)
INVESTMENTS IN GERMANY – 38.2%
		COMMON STOCKS – 34.0%
		AIRLINES – 1.3%
	70,000	Deutsche Lufthansa	$	949,933
		AUTO COMPONENTS – 1.2%
	9,000	Continental		882,145
		CHEMICALS – 2.5%
	11,000	Linde		1,896,006
		DIVERSIFIED TELECOMMUNICATION SERVICES – 1.3%
	80,000	Deutsche Telekom		985,306
		ELECTRIC UTILITIES – 3.1%
	100,000	E.ON		2,375,153
		HEALTH CARE PROVIDERS & SERVICES – 3.1%
	20,000	Fresenius SE & Co.		2,324,087
		INDUSTRIAL CONGLOMERATES – 1.3%
	10,000	Siemens		998,297
		INSURANCE – 4.3%
	19,000	Allianz		2,262,872
	15,000	Hannover Rueckversicherung		959,419
				3,222,291
		MEDIA – 2.3%
	40,000	Axel Springer		1,734,961
		METALS & MINING – 2.2%
	28,000	Aurubis		1,633,344
		PERSONAL PRODUCTS – 2.7%
	28,000	Beiersdorf		2,056,536
		PHARMACEUTICALS – 2.8%
	25,000	Bayer		2,149,086
		SOFTWARE – 3.9%
	45,000	PSI†		948,131
	28,000	SAP		1,984,864
				2,932,995
		SPECIALTY RETAIL – 2.0%
	16,000	Fielmann†		1,485,728
		Total Common Stocks (cost $23,033,346)		25,625,868

Shares		Description	Value (a)
		PREFERRED STOCKS – 4.2%
		AUTOMOBILES – 2.4%
	10,000	Volkswagen (cost $951,062)	$	1,825,903
		HOUSEHOLD PRODUCTS – 1.8%
	17,000	Henkel & Co. (cost $644,340)		1,353,355
		Total Preferred Stocks (cost $1,595,402)		3,179,258
		Total Investments in Germany (cost $24,628,748)		28,805,126
INVESTMENTS IN FRANCE – 19.3%
		BUILDING PRODUCTS – 1.3%
	28,000	Cie de St-Gobain		984,508
		COMMERCIAL SERVICES & SUPPLIES – 2.4%
	15,000	Societe BIC		1,814,069
		ELECTRICAL EQUIPMENT – 2.8%
	60,000	Alstom		2,105,802
		HEALTH CARE EQUIPMENT & SUPPLIES – 1.9%
	15,000	Essilor International		1,405,990
		INSURANCE – 2.4%
	120,000	AXA		1,788,986
		IT SERVICES – 1.9%
	21,000	AtoS		1,465,147
		OIL, GAS & CONSUMABLE FUELS – 2.6%
	40,000	Total		1,986,047
		PHARMACEUTICALS – 2.6%
	23,000	Sanofi		1,962,958
		TEXTILES, APPAREL & LUXURY GOODS – 1.4%
	7,000	LVMH Moet Hennessy Louis Vuitton		1,053,480
		Total Investments in France (cost $13,620,945)		14,566,987

THE EUROPEAN EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2012 (unaudited) (continued)

Shares			Description			Value (a)
INVESTMENTS IN SPAIN – 9.1%
			COMMERCIAL BANKS – 3.4%
	342,000		Banco Santander*			$	2,549,305
			DIVERSIFIED TELECOMMUNICATION SERVICES – 1.8%
	100,000		Telefonica				1,334,536
			INSURANCE – 2.0%
	540,000		Mapfre†				1,480,892
			OIL, GAS & CONSUMABLE FUELS – 1.9%
	76,000		Repsol YPF				1,475,180
			Total Investments in Spain (cost $6,754,203)				6,839,913
INVESTMENTS IN NETHERLANDS – 7.9%
			CHEMICALS – 1.2%
	18,000		Koninklijke DSM				898,352
			COMPUTERS & PERIPHERALS – 2.1%
	18,000		Gemalto				1,584,850
		DIVERSIFIED FINANCIAL SERVICES – 1.2%
	120,000		ING Groep*				949,135
			FOOD PRODUCTS – 2.2%
	22,000		Nutreco				1,631,131
			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 1.2%
	17,000		AS	ML	Holding		909,453
			Total Investments in Netherlands (cost $6,009,496)				5,972,921
INVESTMENTS IN UNITED KINGDOM – 7.8%
			COMMERCIAL SERVICES & SUPPLIES – 2.3%
	47,000		Aggreko				1,755,465
			HEALTH CARE EQUIPMENT & SUPPLIES – 2.3%
	160,000		Smith & Nephew				1,765,945
			MULTI-UTILITIES – 1.0%
	140,000		Centrica				741,064


Shares		Description	Value (a)
		WIRELESS TELECOMMUNICATION SERVICES – 2.2%
	580,000	Vodafone Group	$	1,646,047
		Total Investments in United Kingdom (cost $5,052,230)		5,908,521
INVESTMENTS IN NORWAY – 4.7%
		CHEMICALS – 1.5%
	23,000	Yara International		1,152,812
		ENERGY EQUIPMENT & SERVICES – 3.2%
	24,000	Fred Olsen Energy		1,073,000
	40,000	TGS Nopec Geophysical		1,305,624
				2,378,624
		Total Investments in Norway (cost $2,888,068)		3,531,436
INVESTMENTS IN ITALY – 3.5%
		COMMERCIAL BANKS – 3.5%
	1,000,000	Intesa Sanpaolo		1,521,693
	260,000	UniCredit*		1,080,904
				2,602,597
		Total Investments in Italy (cost $2,790,054)		2,602,597
INVESTMENTS IN LUXEMBOURG – 2.9%
		MEDIA – 2.9%
	80,000	SES		2,177,963
		Total Investments in Luxembourg (cost $2,097,894)		2,177,963
INVESTMENTS IN FINLAND – 2.3%
		INSURANCE – 2.3%
	56,000	Sampo		1,743,914
		Total Investments in Finland (cost $1,417,011)		1,743,914

THE EUROPEAN EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2012 (unaudited) (continued)

Shares		Description		Value (a)
INVESTMENTS IN AUSTRIA – 1.4%
		MACHINERY – 1.4%
	18,000	Andritz		$		1,020,370
		Total Investments in Austria (cost $773,049)				1,020,370
INVESTMENTS IN SWITZERLAND – 1.2%
		CHEMICALS – 1.2%
	2,500	Syngenta				934,741
		Total Investments in Switzerland (cost $834,335)				934,741
INVESTMENTS IN DENMARK – 1.2%
		CONSTRUCTION & ENGINEERING – 1.2%
	15,000	FLSmidth & Co.				870,859
		Total Investments in Denmark (cost $1,140,720)				870,859
		Total Investments in Common and Preferred Stocks – 99.5% (cost $68,006,753)				74,975,348
SECURITIES LENDING COLLATERAL – 1.8%
	1,320,530	Daily Assets Fund Institutional, 0.23% (cost $1,320,530)(b)(c)				1,320,530
CASH EQUIVALENTS – 0.9%
	705,980	Central Cash Management Fund, 0.15% (cost $705,980)(c)				705,980
Number of contracts			Description		Value (a)
PUT OPTIONS PURCHASED – 0.3%
	500		DAX Index, Expiration: 12/21/2012 Exercise Price EUR 5,900 (cost $117,648)		$		86,182
	350		CAC 40 Index, Expiration: 12/21/2012 Exercise Price EUR 2,900 (cost $129,976)				132,360
			Total Investments in Purchased Options – 0.3% (cost $247,624)				218,542
			Total Investments – 102.5% (cost $70,280,887)**				77,220,400
			Other Assets and Liabilities, Net – (2.5%)				(1,892,796	)
			NET ASSETS – 100.0%		$		75,327,604

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

* Non-income producing security.

** The cost for federal income tax purposes was $70,402,036. At September 30, 2012, net unrealized appreciation for all securities based on tax cost was $6,818,364. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $10,649,672 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,831,308.

† All or a portion of these securities were on loan. The value of all securities loaned at September 30, 2012 amounted to $1,256,828, which is 1.7% of net assets.

(a) Value stated in U.S. dollars.

(b) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.

(c) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.

Currency Abbreviations

EUR – Euro

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 EUROPEAN EQUITY FUND, INC.

SCHEDULE OF INVESTMENTS — SEPTEMBER 30, 2012 (unaudited) (continued)

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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of September 30, 2012 in valuing the Fund's investments.

Category	Level 1		Level 2		Level 3		Total
Common Stocks and/or Other Equity Investments (1)
Germany	$	28,805,126	$	—	$	—	$	28,805,126
France		14,566,987		—		—		14,566,987
Spain		6,839,913		—		—		6,839,913
Netherlands		5,972,921		—		—		5,972,921
United Kingdom		5,908,521		—		—		5,908,521
Norway		3,531,436		—		—		3,531,436
Italy		2,602,597		—		—		2,602,597
Luxembourg		2,177,963		—		—		2,177,963
Finland		1,743,914		—		—		1,743,914
Austria		1,020,370		—		—		1,020,370
Switzerland		934,741		—		—		934,741
Denmark		870,859		—		—		870,859
Short-Term Instruments (1)		2,026,510		—		—		2,026,510
Purchased Options		218,542		—		—		218,542
Total	$	77,220,400	$	—	$	—	$	77,220,400

There have been no transfers between fair value measurement levels during the period ended September 30, 2012.

(1) See Schedule of Investments for additional detailed categorizations.

ITEM 2.	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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.	EXHIBITS

	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.

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/W. Douglas Beck W. Douglas Beck President

Date:	November 20, 2012

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/W. Douglas Beck W. Douglas Beck President

Date:	November 20, 2012



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	November 20, 2012