DWS Global High Income Fund, Inc. (NYSE:LBF), DWS High Income
Trust (NYSE:KHI), DWS Multi-Market Income Trust (NYSE:KMM), DWS
Municipal Income Trust (NYSE:KTF), DWS Strategic Income Trust
(NYSE:KST), and DWS Strategic Municipal Income Trust (NYSE:KSM)
(each, a “Fund,” and collectively, the “Funds”) each announced
today that its respective Board of Directors or Board of Trustees,
as the case may be, has extended the Fund’s existing open market
share repurchase program for an additional sixteen-month period.
Each Fund may continue to purchase outstanding shares of common
stock in open-market transactions over the period from August 1,
2014 until November 30, 2015 when the Fund’s shares trade at a
discount to net asset value (“NAV”). The amount and timing of the
repurchases will be at the discretion of Deutsche Investment
Management Americas Inc. (“DIMA”), the Funds’ investment adviser,
and subject to market conditions and investment considerations.
DIMA will seek to purchase shares at prices that will be accretive
to each Fund’s NAV.
The authorization of the extension of the Funds’ repurchase
programs follows the previous repurchase programs, which commenced
on August 1, 2013 and run until July 31, 2014. The Board will
monitor the impact of each Fund’s share repurchase program on its
discount and may consider, from time to time, additional or
alternative measures to address the discount that may be
appropriate in the future. In doing so, it will also continue to
monitor the effects of the repurchase program and may consider the
potential impact of such other measures on the Fund’s expense
ratio, portfolio turnover, and ability to achieve its objectives.
Results of repurchases under each Fund’s program appear in the
Fund’s shareholder reports.
Important Information
DWS Global High Income Fund, Inc. seeks high current income
with a secondary objective of capital appreciation. The Fund is
subject to investment risk. Bond and loan 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. 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.
DWS 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 losses. Investing in
foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks.
DWS 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 US 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 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 losses. Investing in
foreign securities, particularly those of emerging markets,
presents certain risks, such as currency fluctuations, political
and economic changes, and market risks.
DWS 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 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. 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 losses. Although the fund seeks
income that is federally tax-free, a portion of the fund’s
distributions may be subject to federal, state and local taxes,
including the alternative minimum tax.
DWS 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 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 losses.
Investing in foreign securities, particularly those of emerging
markets, presents certain risks, such as currency fluctuations,
political and economic changes, and market risks.
DWS 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 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. 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 losses. Although the fund seeks
income that is federally tax-free, 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.
Certain statements contained in this release may be
forward-looking in nature. These include all statements relating to
plans, expectations, and other statements that are not historical
facts and typically use words like “expect,” “anticipate,”
“believe,” “intend,” and similar expressions. Such statements
represent management’s current beliefs, based upon information
available at the time the statements are made, with regard to the
matters addressed. All forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those expressed in, or implied by, such statements.
Management does not undertake any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
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-35379-1 7/14)
For additional
information:Deutsche Bank Press Office,
212-250-5536Shareholder Account Information,
800-294-4366DWS Closed-End Funds, 800-349-4281
Deutsche Strategic Income Trust (NYSE:KST)
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