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DWS Closed-End Funds Announce Results of Annual Meeting of Shareholders
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Rhea-AI Sentiment
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Rhea-AI Summary
DWS Municipal Income Trust (NYSE: KTF) and DWS Strategic Municipal Income Trust (NYSE: KSM) held their 2021 Joint Annual Meeting of Shareholders on September 24, 2021. Both Funds reported a quorum, leading to the successful election of Class I Trustee nominees: Dr. Richard J. Herring and Mr. William N. Searcy, Jr., alongside preferred share Trustee nominees: Mr. Keith R. Fox and Ms. Dawn-Marie Driscoll. Investors are reminded that municipal bond investments carry various risks, including interest rate fluctuations and credit risks, impacting both Funds' market performance.
Positive
Quorum confirmed at the 2021 Joint Annual Meeting of Shareholders.
Successful election of Trustees enhances governance structure.
Negative
Investments in municipal bonds are subject to interest rate and credit risks.
Closed-end funds like KTF and KSM may trade at discounts to net asset value.
NEW YORK--(BUSINESS WIRE)--
DWS Municipal Income Trust (NYSE: KTF) andDWS Strategic Municipal Income Trust (NYSE: KSM) (each, a “Fund” and collectively, the “Funds”) announced today the results of the 2021 Joint Annual Meeting of Shareholders of the Funds held on September 24, 2021.
For each of KTF and KSM, a quorum was present and the Class I Trustee nominees (Dr. Richard J. Herring and Mr. William N. Searcy, Jr.) and preferred share Trustee nominees (Mr. Keith R. Fox and Ms. Dawn-Marie Driscoll) received a sufficient number of votes from the common shareholders and preferred shareholders, voting together as a single class, and from the preferred shareholders only, voting as a separate class, respectively, to be elected as Trustees.
For more information on the Funds, including their most recent month-end performance, visit dws.com or call (800) 349-4281.
Important Information
DWS Municipal Income Trust. 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. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. 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.
DWS Strategic Municipal Income Trust. 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. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. 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, the 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.
War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to US and world economies and markets and may have significant adverse effects on the funds and their investments.
NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services. (R-085542-1) (09/21)
For additional information:
DWS Press Office (212) 454-4500
Shareholder Account Information (800) 294-4366
DWS Closed-End Funds (800) 349-4281
Source: Deutsche Asset Management
FAQ
What were the outcomes of the 2021 Joint Annual Meeting for KTF and KSM?
The 2021 Joint Annual Meeting resulted in the successful election of Trustees for both KTF and KSM, with a quorum present.
What risks are associated with investing in DWS Municipal Income Trust (KTF) and DWS Strategic Municipal Income Trust (KSM)?
Investing in KTF and KSM involves risks such as interest rate fluctuations, credit risks, and potential trading at discounts to net asset value.
When was the Joint Annual Meeting of DWS Municipal Income Trust and DWS Strategic Municipal Income Trust held?
The Joint Annual Meeting was held on September 24, 2021.
Who were elected as Trustees for KTF and KSM during the 2021 meeting?
Dr. Richard J. Herring and Mr. William N. Searcy, Jr. were elected as Class I Trustees, while Mr. Keith R. Fox and Ms. Dawn-Marie Driscoll were elected as preferred share Trustees.
