The internal conversion electron spectrum of transitions in the decay of (139 min) 165Dy to 165Ho has been studied using a high resolution iron-free double focusing /?-ray spectrometer. In addition to y rays previously reported eight new y rays, mostly in the low energy region, have been observed. A decay scheme involving 17 excited levels is proposed for 165Ho. Multipolarity data, obtained from the measurements of absolute or ratios of conversion coefficients of y rays, were utilized for assigning possible spins and parities to the levels of 165Ho. The experimental level structure is discussed in the light of nuclear models.