DWS Closed-End Funds Extend Share Repurchase Programs, The Central and Eastern Europe Fund Extends Advisory Fee Waiver

DWS Closed-End Funds have extended their share repurchase authorization for 12 months, while The Central and Eastern Europe Fund, Inc. has extended its minimum period for a partial advisory fee waiver until at least December 31, 2025. The funds may continue to purchase outstanding shares at a discount to net asset value and initiate tender offers during the extension period.

July 2, 2025

In a move to bolster investor confidence and potentially enhance shareholder value, DWS Investment Management Americas, Inc. has extended the share repurchase authorization for several closed-end funds. The Central and Eastern Europe Fund, Inc. (NYSE: CEE), The European Equity Fund, Inc. (NYSE: EEA), and The New Germany Fund, Inc. (NYSE: GF) have all approved an extension of their repurchase programs, allowing for open market share repurchases for an additional twelve-month period from August 1, 2025, through July 31, 2026 [1].

The repurchase programs are designed to be executed when the funds' shares trade at a discount to net asset value (NAV), a common occurrence for closed-end funds. These purchases are expected to be accretive to the funds' NAV, thereby potentially increasing shareholder value. The amount and timing of the repurchases will be determined by market conditions and investment considerations, at the discretion of DWS Investment Management Americas, Inc. [1].

In addition to the extended repurchase authorization, The Central and Eastern Europe Fund, Inc. has also extended its partial advisory fee waiver until at least December 31, 2025. Previously, the fee waiver was set to continue until September 30, 2025. This extension provides further financial relief to the fund, which has been impacted by geopolitical events, including Russia's invasion of Ukraine [1].

The decision to extend these programs follows the current repurchase programs, which commenced on August 1, 2024, and continue through July 31, 2025. The funds' boards have reserved the option to initiate a tender offer during the extended period, subject to regular consideration [1].

The closed-end funds market has seen significant growth, with a 17% increase in funds reaching over $1 billion in assets under management in the second quarter of 2025. This growth, driven by a surge in fund launches and a shift toward greater investor accessibility, reflects the market's positive trajectory [2].

References:
[1] https://www.stocktitan.net/news/CEE/certain-dws-closed-end-funds-announce-extension-of-share-repurchases-za9w9ybenmlp.html
[2] https://bluevaultpartners.com/interval-and-tender-offer-fund-market-experiences-accelerated-growth-surge-in-fund-launches-and-shift-toward-greater-investor-accessibility/