DWS Global Commodities Stock Fund, Inc. Announcement
29 Enero 2010 - 5:02PM
Business Wire
DWS Global Commodities Stock Fund, Inc. (NYSE:GCS) today
announced clarification of the investment changes first announced
on January 20, 2010.
The Board of Directors has approved a change in the Fund’s
investment approach from a blended approach involving investments
in companies in commodities-related industries and direct commodity
investments to an actively-managed direct commodity strategy.
The Fund will invest under normal circumstances in
commodity-linked derivative instruments backed by a portfolio of
fixed income securities, including inflation-indexed securities, of
varying maturities issued by the US government, non-US governments,
their agencies or instrumentalities, and US and non-US corporations
and derivatives related to each of these types of securities. This
will replace the Fund’s current investment policy of investing
substantially all but not less than 80% of its total assets in
equity and commodities-linked securities of companies in
commodities-related industries or other issuers where the value of
the investment is linked to changes in commodity prices or a
commodities-related index. Other changes to the Fund’s investment
policies that will be made to facilitate implementation of its new
strategy will be described in its upcoming semi-annual report to
shareholders for the fiscal period ended December 31, 2009 and a
written notice that will be mailed to shareholders of the Fund.
Bill Chepolis, Matt MacDonald, and Darwei Kung will replace the
existing portfolio managers to manage the new strategy of the Fund.
The Dow Jones UBS Commodity Index will replace the current blended
benchmarks (40% MSCI World Energy Index, 40% MSCI World Material
Index and 20% S&P Goldman Sachs Commodity Index) as the Fund’s
benchmark index.
In connection with the implementation of the Fund’s new
strategy, the Fund’s name will be changed to DWS Enhanced Commodity
Strategy Fund, Inc.
The Fund's January 20, 2010 announcement incorrectly noted that
the Fund's investment objective would be changing. The Fund's
current investment objective of capital appreciation with total
return as a secondary objective will remain unchanged.
The strategy changes described above are anticipated to take
place on or about March 31, 2010. This clarification supersedes the
Fund's January 20, 2010 announcement in its entirety.
For more information about DWS Investments closed-end funds,
visit www.dws-investments.com or call (800) 349-4281.
IMPORTANT INFORMATION
DWS Global Commodities Stock Fund, Inc. (NYSE: GCS) is a
non-diversified, closed-end investment company currently invested
in equity and commodities-linked securities of companies in
commodities-related industries or issuers whose value is tied to
the price of certain commodities or commodities-related indexes or
parts of indices. The investment objective of the Fund is
capital appreciation with total return as a secondary
objective.
Investments in funds involve risk. The fund involves
additional risks due to its narrow focus. There are special risks
associated with investment in real estate, including credit risk,
interest rate fluctuations and the impact of varied economic
conditions.
Shares of common stock of closed-end funds, unlike open-end
funds, are not continuously offered. There is a one time public
offering and, once issued, shares of common stock of closed-end
funds are traded in the open market generally through a stock
exchange. Common shares of closed-end funds frequently trade at a
discount to net asset value. The price of common shares is
determined by a number of factors, several of which are beyond the
control of the fund. Therefore, the fund cannot predict whether its
common shares will trade at, below, or above net asset
value.
This press release shall not constitute an offer to sell or a
solicitation to buy, nor shall there be any sale of fund 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,” 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.
The following factors, among others, could cause actual
results to differ materially from forward-looking statements: (i)
the ability of DWS Investments and the Funds to execute the
proposed plan to restructure the Funds’ existing leverage; (ii) the
need to obtain any necessary regulatory approvals; (iii) the
effects of changes in market and economic conditions; (iv) other
legal and regulatory developments; and (v) other additional risks
and uncertainties.
DWS Investments is part of Deutsche Bank’s Asset Management
division and, within the US, represents the retail asset management
activities of Deutsche Bank AG, Deutsche Bank Trust Company
Americas, Deutsche Investment Management Americas Inc. and DWS
Trust Company.
(R-15953-1 1/10)
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