Deutsche Global High Income Fund, Inc. (NYSE:LBF), Deutsche
High Income Opportunities Fund, Inc. (NYSE:DHG), Deutsche High
Income Trust (NYSE:KHI), Deutsche Multi-Market Income Trust
(NYSE:KMM), Deutsche Municipal Income Trust (NYSE:KTF), Deutsche
Strategic Income Trust (NYSE:KST) and Deutsche Strategic Municipal
Income Trust (NYSE:KSM) (each, a “Fund,” and, collectively, the
“Funds”) announced today that the recent settlements involving
Deutsche Bank AG and DB Group Services (UK) Ltd. (described below)
(the “Settlements”) do not involve the Funds, Deutsche Investment
Management Americas Inc., or its advisory or distribution
affiliates (the “DB Service Providers”). The DB Service Providers
have informed the Funds that, subject to the receipt of a permanent
exemptive order (described below), the DB Service Providers believe
the Settlements will not have any material impact on the Funds or
on the ability of the DB Service Providers to perform services for
the Funds.
Deutsche Investment Management Americas Inc. (the “Advisor”),
with headquarters at 345 Park Avenue, New York, NY 10154, is the
investment advisor for the Funds. The Advisor is an indirect wholly
owned subsidiary of Deutsche Bank AG.
On April 23, 2015, Deutsche Bank AG announced that it had
reached an agreement with the United States Department of Justice
to resolve an investigation concerning claims that its indirect
wholly owned subsidiary, DB Group Services (UK) Ltd., engaged in a
scheme to defraud counterparties to interest rate derivatives
trades executed on its behalf by manipulating benchmark interest
rates to which the profitability of those trades was tied. Pursuant
to its plea agreement (the “Plea Agreement”) with the Department of
Justice, DB Group Services (UK) Ltd. entered a plea of guilty to
one count of wire fraud in the U.S. District Court for the District
of Connecticut (the “District Court”) in violation of federal law
related to the conduct (the “Conduct”) described in the Plea
Agreement and agreed (i) to work with Deutsche Bank AG in
fulfilling the obligations described in the undertakings given by
Deutsche Bank AG in connection with resolving investigations by
certain other U.S. and non-U.S. regulatory agencies that have
addressed the Conduct; (ii) to continue to cooperate fully with the
Department of Justice and any other law enforcement or government
agency designated by the Department of Justice in a manner
consistent with applicable law and regulations; and (iii) to pay a
fine of $150 million. The DB Service Providers and DB Group
Services (UK) Ltd. expect that the District Court will enter a
judgment against DB Group Services (UK) Ltd. that will require
remedies that are materially the same as those set forth in the
Plea Agreement.
The events leading up to the guilty plea did not arise out of
the investment advisory or mutual fund management activities of
Deutsche Bank AG or its affiliates, including the Advisor.
In addition, Deutsche Bank AG entered into a deferred
prosecution agreement (the “Deferred Prosecution Agreement”) with
the Department of Justice on April 23, 2015 relating to submissions
of London Interbank Offered Rate for U.S. Dollar and certain other
benchmark interest rates. In the Deferred Prosecution Agreement,
Deutsche Bank AG has agreed, among other things, (i) to continue to
cooperate fully with the Department of Justice and any other law
enforcement or government agency designated by the Department of
Justice until the conclusion of all investigations and prosecutions
arising out of the conduct described in the Deferred Prosecution
Agreement; (ii) to retain an independent compliance monitor for
three years, subject to extension or, at the sole discretion of the
Department of Justice, early termination, to be selected by the
Department of Justice from among qualified candidates proposed by
Deutsche Bank AG; (iii) to further strengthen its internal controls
as recommended by the monitor as well as required by certain other
U.S. and non-U.S. regulatory agencies that have addressed the
misconduct described in the Deferred Prosecution Agreement; and
(iv) to the payment of $625 million. Deutsche Bank AG has also
agreed to settlement agreements with other U.S. and foreign
regulators relating to these matters.
As a result of the Plea Agreement, absent an order from the
Securities and Exchange Commission (the “SEC”), the Advisor and its
affiliates would not be able to continue to provide investment
advisory or underwriting services to the Deutsche Funds. The SEC
has granted a temporary order to permit the Advisor or its
affiliates to provide investment advisory and underwriting services
to registered investment companies. The Advisor and its affiliates
have submitted an application for a permanent order; however, there
is no assurance that the SEC will grant a permanent order.
For more information on the Funds, including their most recent
month-end performance, visit www.dws-investments.com or call (800)
349-4281.
Important Information
Deutsche Global High Income Fund, Inc. seeks high current
income with a secondary objective of capital appreciation.
Bond investments are subject to interest-rate, credit, liquidity
and market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest. Floating
rate loans tend to be rated below-investment-grade and may be more
vulnerable to economic or business changes than issuers with
investment-grade credit. Investing in foreign securities,
particularly those of emerging markets, presents certain risks,
such as currency fluctuations, political and economic changes, and
market risks. Leverage results in additional risks and can magnify
the effect of any gains or losses.
Deutsche High Income Opportunities Fund, Inc. seeks high
current income with a secondary objective of total return. The Fund
pursues its investment objectives by investing primarily in
securities designed to generate income, with the potential for
capital appreciation being a secondary consideration. The
Fund may invest in a broad range of income-producing securities,
including, but not limited to, domestic and foreign debt securities
of any credit quality or maturity (including below investment grade
debt securities and debt securities of issuers located in countries
with new or emerging securities markets), convertible securities
(including convertible bonds), dividend-paying common stocks,
preferred stocks, and securities of real estate investment trusts
(“REITS”), energy trusts and other investment companies. The
Fund may invest in debt securities not paying interest currently
and securities in default. In addition, the Fund may invest
in senior bank loans, including bank loan participations and
assignments. The Fund may buy or sell protection on credit exposure
and may also purchase securities on a when-issued basis and engage
in short sales. The Fund may invest in cash or money market
instruments in the event portfolio management determines that
securities meeting the Fund’s investment objectives are not readily
available for purchase. Future earnings of the Fund cannot be
guaranteed and the Fund's dividend policy is subject to change. Any
fund that concentrates in a particular segment of the market will
generally be more volatile than a fund that invests more broadly.
Bond investments are subject to interest-rate, credit, liquidity
and market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest.
Investments in lower-quality (“junk bonds”) and non-rated
securities present greater risk of loss than investments in
higher-quality securities. There are special risks associated with
an investment in real estate, including REITs. These risks include
credit risk, interest rate fluctuations and the impact of varied
economic conditions. Stocks may decline in value. Investing
in foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks. Investing in derivatives
entails special risks relating to liquidity, leverage and credit
that may reduce returns and/or increase volatility. Leverage
results in additional risks and can magnify the effect of any gains
or losses.
Deutsche High Income Trust seeks to provide the highest
current income obtainable, consistent with reasonable risk, with
capital gains secondary. Bond investments are subject to
interest-rate and credit risks. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest.
Investments in lower-quality (“junk bonds”) and non-rated
securities present greater risk of loss than investments in
higher-quality securities. Investing in derivatives entails special
risks relating to liquidity, leverage and credit that may reduce
returns and/or increase volatility. Leverage results in additional
risks and can magnify the effect of any gains or losses.
Investing in foreign securities, particularly those of emerging
markets, presents certain risks, such as currency fluctuations,
political and economic changes, and market risks.
Deutsche Multi-Market Income Trust seeks to provide high
income consistent with prudent total return. The fund invests in a
range of income-producing securities such as U.S. corporate
fixed-income securities and debt obligations of foreign
governments, their agencies and instrumentalities which may be
denominated in foreign currencies and may not be rated. Bond
investments are subject to interest-rate, credit, liquidity and
market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest.
Investments in lower-quality (“junk bonds”) and non-rated
securities present greater risk of loss than investments in
higher-quality securities. Investing in derivatives entails special
risks relating to liquidity, leverage and credit that may reduce
returns and/or increase volatility. Leverage results in additional
risks and can magnify the effect of any gains or losses. Investing
in foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks.
Deutsche Municipal Income Trust seeks to provide high current
income exempt from federal income tax by investing in a diversified
portfolio of investment-grade tax-exempt securities. Bond
investments are subject to interest-rate, credit, liquidity and
market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest. Investing
in derivatives entails special risks relating to liquidity,
leverage and credit that may reduce returns and/or increase
volatility. Leverage results in additional risks and can magnify
the effect of any gains or losses. Although the fund seeks income
that is exempt from federal income taxes, a portion of the fund’s
distributions may be subject to federal, state and local taxes,
including the alternative minimum tax.
Deutsche Strategic Income Trust seeks to provide high current
income by investing its assets in a combination of (a) lower-rated,
corporate fixed-income securities; (b) fixed-income securities of
emerging markets and other foreign issuers; and (c) fixed-income
securities of the US government and its agencies and
instrumentalities, and mortgage-backed issuers. Bond
investments are subject to interest-rate, credit, liquidity and
market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest.
Investments in lower-quality (“junk bonds”) and non-rated
securities present greater risk of loss than investments in
higher-quality securities. Investing in derivatives entails special
risks relating to liquidity, leverage and credit that may reduce
returns and/or increase volatility. Leverage results in additional
risks and can magnify the effect of any gains or losses. Investing
in foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks.
Deutsche Strategic Municipal Income Trust seeks a high level
of current income exempt from federal income tax. The fund will
invest at least 50 percent of its assets in investment-grade
municipal securities or unrated municipal securities of comparable
quality, and may invest up to 50 percent of its assets in
high-yield municipal securities that are below investment grade.
Bond investments are subject to interest-rate, credit, liquidity
and market risks to varying degrees. When interest rates rise, bond
prices generally fall. Credit risk refers to the ability of an
issuer to make timely payments of principal and interest. Investing
in derivatives entails special risks relating to liquidity,
leverage and credit that may reduce returns and/or increase
volatility. Leverage results in additional risks and can magnify
the effect of any gains or losses. Although the fund seeks income
that is exempt from federal income taxes, a portion of the fund’s
distributions may be subject to federal, state and local taxes,
including the alternative minimum tax.
Closed-end funds, unlike open-end funds, are not continuously
offered. There is a one-time public offering and once issued,
shares of closed-end funds are bought and sold in the open market
through a stock exchange. Shares of closed-end funds frequently
trade at a discount to the net asset value. The price of a fund’s
shares is determined by a number of factors, several of which are
beyond the control of the fund. Therefore, a fund cannot predict
whether its shares will trade at, below or above net asset
value.
Past performance is no guarantee of future results.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO
BANK GUARANTEENOT A DEPOSIT • NOT INSURED BY ANY FEDERAL
GOVERNMENT AGENCY
Deutsche Asset & Wealth Management represents the asset
management and wealth management activities conducted by Deutsche
Bank AG or any of its subsidiaries. Clients will be provided
Deutsche Asset & Wealth Management products or services by one
or more legal entities that will be identified to clients pursuant
to the contracts, agreements, offering materials or other
documentation relevant to such products or services. (R-38245-1)
(4/15)
For additional
information:Deutsche Bank Press Office,
212-250-5536Shareholder Account Information,
800-294-4366Deutsche Closed-End Funds, 800-349-4281
Deutsche High Income Trust (NYSE:KHI)
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