The net asset value (NAV) per share for DWS Global High Income
Fund, Inc. (NYSE: LBF), DWS High Income Trust (NYSE: KHI), DWS
Strategic Income Trust (NYSE: KST), DWS Strategic Municipal Income
Trust (NYSE: KSM), DWS High Income Opportunities Fund, Inc.* (NYSE:
DHG), and DWS RREEF World Real Estate Fund, Inc. (NYSE: DRP) were
misreported on December 29, 2010. NAV per share does not represent
the market prices at which an investor may trade shares of the
funds on the NYSE. The closing market prices on these dates remain
unchanged. The correct NAV per share on December 29, 2010 for the
Funds are as follows:
Fund
Ticker
Reported NAV
Correct NAV
DWS Global High Income Fund, Inc. LBF
$8.66 $8.53 DWS High Income Trust KHI $9.82
$9.57 DWS Strategic Income Trust KST $13.77 $13.56 DWS Strategic
Municipal Income Trust KSM $11.95 $11.89 DWS High Income
Opportunities Fund, Inc.* DHG $15.39 $15.16 DWS RREEF World Real
Estate Fund, Inc. DRP $20.52
$18.85
*formerly DWS Dreman Value Income Edge Fund, Inc.
DWS Global High Income Fund, Inc. (LBF) is subject to
investment risk. 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 foreign
securities, particularly those of emerging markets, presents
certain risks, such as currency fluctuations, political and
economic changes, and market risks. This fund is non-diversified
and can take larger positions in fewer issues, increasing its
potential risk. Leverage results in additional risks and can
magnify the effect of any losses.
DWS High Income Trust (KHI) and DWS Strategic Income Trust
(KST) are subject to investment risk. 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 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
increased 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 (KSM) is subject to
investment risk. 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 increased 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 High Income Opportunities Fund, Inc. (DHG) is a
non-diversified, closed-end investment company. The Fund's
investment objective is to seek high current income with a
secondary objective of total return. The Fund pursues its
investment objective 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. Its shares are
listed on the New York Stock Exchange under the symbol “DHG”.
Future earnings of the Fund can not 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 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 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 losses.
DWS RREEF World Real Estate Fund, Inc. (DRP) is subject to
investment risk. Any fund that concentrates in a particular segment
of the market will generally be more volatile than a fund that
invests more broadly. 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. 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. This fund is non-diversified
and can take larger positions in fewer issues, increasing its
potential risk. Future earnings of the Fund can not be guaranteed
and the Fund’s dividend policy is subject to change. The Fund has a
policy to make a level distribution each month to shareholders that
may be modified by the Board of Directors from time to time. It is
anticipated that a portion of the aggregate distribution made by
the Fund may constitute a return of capital. In addition, it
is anticipated that any realized capital gains for the Fund’s
fiscal year will be paid to shareholders in a separate distribution
at the end of such year. If the total distributions made in
any calendar year exceed investment company taxable income, net
tax-exempt income and net capital gain, such excess distributed
amount would be treated as ordinary dividend income to the extent
of the Fund’s current and accumulated earnings and profits.
Distributions in excess of the earnings and profits would first
be a tax-free return of capital to the extent of the adjusted tax
basis in the shares. After such adjusted tax basis is
reduced to zero, the distribution would constitute capital gain
(assuming the shares are held as capital assets). A return
of capital is not reflective of the Fund's investment performance
and should not be confused with income or yield.
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 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.
Past performance is no guarantee of future results.
Investments in funds involve risk. Some funds have more risk
than others. These include funds that allow exposure to or
otherwise concentrate investments in certain sectors, geographic
regions, security types, market capitalization or foreign
securities (e.g., political or economic instability, which can be
accentuated in emerging market countries).
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 GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY
FEDERAL GOVERNMENT AGENCY
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-20388-1 12/10)
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