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 GUARANTEE
NOT
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)
Copyright Business Wire 2014