SCHEDULE 13D/A
DATE OF EVENT WHICH REQUIRES FILING OF THIS STATEMENT
7/10/15
1. NAME OF REPORTING PERSON
Bulldog Investors, LLC
2. CHECK THE BOX IF MEMBER OF A GROUP a[ ]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DE
___________________________________________________________
7. SOLE VOTING POWER
446,513
8. SHARED VOTING POWER
334,398
9. SOLE DISPOSITIVE POWER
446,513
_______________________________________________________
10. SHARED DISPOSITIVE POWER
334,398
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
780,911 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
12.04%
14. TYPE OF REPORTING PERSON
IA
___________________________________________________________
1. NAME OF REPORTING PERSON
Bulldog Investors Group of Funds
2. CHECK THE BOX IF MEMBER OF A GROUP a[x]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DE
___________________________________________________________
7. SOLE VOTING POWER
446,513
8. SHARED VOTING POWER
0
9. SOLE DISPOSITIVE POWER
446,513
_______________________________________________________
10. SHARED DISPOSITIVE POWER
0
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
446,513 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
6.88%
14. TYPE OF REPORTING PERSON
IC
___________________________________________________________
1. NAME OF REPORTING PERSON
Phillip Goldstein
2. CHECK THE BOX IF MEMBER OF A GROUP a[]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
446,513
8. SHARED VOTING POWER
334,398
9. SOLE DISPOSITIVE POWER
446,513
_______________________________________________________
10. SHARED DISPOSITIVE POWER
334,398
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
780,911 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
12.04%
14. TYPE OF REPORTING PERSON
IN
___________________________________________________________
1. NAME OF REPORTING PERSON
Andrew Dakos
2. CHECK THE BOX IF MEMBER OF A GROUP a[]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
446,513
8. SHARED VOTING POWER
334,398
9. SOLE DISPOSITIVE POWER
446,513
_______________________________________________________
10. SHARED DISPOSITIVE POWER
334,398
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
780,911 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
12.04%
14. TYPE OF REPORTING PERSON
IN
___________________________________________________________
1. NAME OF REPORTING PERSON
Steven Samuels
2. CHECK THE BOX IF MEMBER OF A GROUP a[]
b[]
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) AND 2(e) []
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
___________________________________________________________
7. SOLE VOTING POWER
446,513
8. SHARED VOTING POWER
334,398
9. SOLE DISPOSITIVE POWER
446,513
_______________________________________________________
10. SHARED DISPOSITIVE POWER
334,398
11. AGGREGATE AMOUNT OWNED BY EACH REPORTING PERSON
780,911 (Footnote 1)
12. CHECK IF THE AGGREGATE AMOUNT EXCLUDES CERTAIN SHARES
[]
___________________________________________________________
13. PERCENT OF CLASS REPRESENTED BY ROW 11
12.04%
14. TYPE OF REPORTING PERSON
IN
_______________________________________________________
Item 1. SECURITY AND ISSUER
This statement constitutes Amendment #6 to the schedule 13d
filed March 16, 2015. Except as specifically set forth
herein, the Schedule 13d remains unmodified.
ITEM 4. PURPOSE OF TRANSACTION
Bulldog Investors, LLC hereby withdraws, and will not solicit proxies in
connection with, its stockholder proposals and nominees for election as
directors in connection with the upcoming stockholder meeting, and does
not intend to conduct its conditional tender offer.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As per the N-CSRS filed on June 30, 2015, there were 6,483,604 shares of
common stock outstanding as of April 30, 2015. The percentages set forth
herein were derived using such number. Phillip Goldstein, Andrew Dakos and
Steven Samuels own Bulldog Investors, LLC, a registered investment advisor.
As of July 13, 2015, Bulldog Investors, LLC is deemed to be the beneficial
owner of 780,911 shares of LBF (representing 12.04% of LBFs outstanding
shares) solely by virtue of Bulldog Investors LLC's power to direct the vote
of,and dispose of, these shares. These 780,911 shares of LBF include 446,513
shares (representing 6.88% of LBF's outstanding shares) that are beneficially
owned by the following entities over which Messrs. Goldstein, Dakos and
Samuels exercise control: Opportunity Partners LP, Calapasas West Partners LP,
Full Value Special Situations Fund, LP, Full Value Offshore Fund, Ltd.,
Full Value Partners, LP, Opportinity Income Plus, LP and MCM Opportunity
Partners, LP (collectively, "Bulldog Investors Group of Funds"). Bulldog
Investors Group of Funds may be deemed to constitute a group. All other shares
included in the aforementioned 780,911 shares of LBF beneficially owned by
Bulldog Investors LLC (solely by virtue of its power to sell or direct the
vote of these shares) are also beneficially owned by clients of Bulldog
Investors, LLC who are not members of any group. The total number of these
"non-group" shares is 334,398 shares (representing 5.16% of LBF's outstanding
shares).
(b)Bulldog Investors,LLC has sole power to dispose of and vote 446,513 shares.
Bulldog Investors, LLC has shared power to dispose of and vote 334,398 shares.
Certain of Bulldog Investors, LLC's clients (none of whom beneficially own more
than 5% of LBF's shares) share this power with Bulldog Investors, LLC. Messrs.
Goldstein, Dakos and Samuels are control persons of Bulldog Investors, LLC.
c) Since the last filing on 7/13/15 no shares of LBF were traded.
d) Clients of Bulldog Investors, LLC are entitled to receive any dividends or
sales proceeds.
e) N/A
ITEM 6. CONTRACTS,ARRANGEMENTS,UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER.
See attached Standstill Agreement.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
See exhibit A - Standstill Agreement
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this
statement is true, complete and correct.
Dated: 7/14/15
By: /S/ Phillip Goldstein
Name: Phillip Goldstein
By: /S/ Andrew Dakos
Name: Andrew Dakos
By: /S/ Steven Samuels
Name: Steven Samuels
Bulldog Investors, LLC
By: /s/ Andrew Dakos
Andrew Dakos, Member
Footnote 1: The reporting persons disclaim beneficial ownership except
to the extent of any pecuniary interest therein.
Exhibit A:
STANDSTILL AGREEMENT
This Standstill Agreement (the "Agreement") is made and entered into effective
as of the 9th day of July, 2015 by and among Deutsche Global High Income Fund,
Inc. ("LBF"), a Maryland corporation, Deutsche High Income Opportunities Fund,
Inc. ("DHG"), a Maryland corporation, Deutsche Investment Management Americas
Inc. ("DIMA"), a Delaware corporation having a place of business at 345 Park
Avenue, New York, New York, Bulldog Investors LLC, a New Jersey limited
liability company having a place of business at Park 80 West, 250 Pehle
Avenue, Suite 708, Saddle Brook, New Jersey, and its officers, directors,
partners, employees and "affiliated persons" (as that term is defined in the
Investment Company Act of 1940, as amended (the "1940 Act")) (collectively,
"Bulldog"). Any pooled investment vehicles or accounts managed or controlled
by Bulldog or its affiliated persons are referred to herein collectively as
"Bulldog Funds."
WHEREAS, DIMA is registered as an investment adviser with the Securities
and Exchange Commission under the Investment Advisers Act of 1940, as amended,
and acts pursuant to investment advisory or investment management contracts as
the investment adviser or investment manager, as applicable, to various
registered closed-end management investment companies, including LBF, DHG,
Deutsche High Income Trust ("KHI"), Deutsche Multi-Market Income Trust ("KMM"),
Deutsche Strategic Income Trust ("KST"), Deutsche Municipal Income Trust
("KTF") and Deutsche Strategic Municipal Income Trust ("KSM") (these seven
funds are collectively referred to herein as the "Deutsche Closed-End Funds");
WHEREAS, Bulldog and the Bulldog Funds are stockholders of LBF and DHG,
and have submitted, or have provided notice of their intention to submit,
stockholder proposals for consideration at the next annual meeting of
stockholders of LBF and DHG, have provided notice of their intention to solicit
proxies in support of Bulldog nominees for election as directors at that
meeting, and have announced their intention to conduct a self-tender for shares
of LBF and DHG subject to certain conditions (collectively, the "Current
Bulldog Proposals"):
WHEREAS, LBF, DHG, Bulldog and certain Bulldog Funds have entered into
a separate Letter Agreement dated May 19, 2015 regarding confidentiality and
other obligations with respect to discussions regarding the Current Bulldog
Proposals (the "Letter Agreement") and
HEREAS, the parties to this Agreement wish to resolve matters
concerning the Current Bulldog Proposals;
NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement, and for other good and valuable consideration,
and without any admission of liability, or inadequacy of claims, whatsoever
by any of the parties, the parties agree as follows:
1. Proposal to the Board. Promptly following the execution of this
Agreement, DIMA shall propose to the Boards of Directors and Boards of
Trustees of the Deutsche Closed-End Funds (collectively, the "Board")
undertaking the following measures:
(a) The Board should approve, and recommend that stockholders of DHG approve
at DHG's 2015 annual stockholders meeting ("DHG 2015 Meeting"), which DHG
2015 Meeting shall be convened on or prior to September 30, 2015, an
amendment to DHG's Articles of Incorporation requiring the liquidation
and dissolution of DHG effective as of a date no more than thirty
(30) months following the initial date of the DHG 2015 Meeting,
with the precise date to be established by the Board (the "DHG
Amendment").
(b) The Board should approve, and recommend that stockholders of LBF approve
at LBF's 2015 annual stockholders meeting ("LBF 2015 Meeting"), which
LBF 2015 Meeting shall be convened on or prior to September 30,
2015, an amendment to LBF's Articles of Incorporation requiring the
liquidation and dissolution of LBF effective as of a date no more than
twenty-four (24) months following the initial date of the LBF 2015
Meeting, with the precise date to be established by the Board
(the "LBF Amendment", and together with the DHG Amendment, the
"Amendments").
(c) DIMA, DHG (in the case of the DHG Amendment) and LBF (in the case of the
LBF Amendment) shall use customary and reasonable efforts to
solicit and obtain proxies in favor of approval of the Amendments.
(d) The Board should authorize the issuance of a press release to announce
its approval of the Amendments, that the DHG Amendment will be presented
to stockholders for approval at the DHG 2015 Meeting, and that
the LBF Amendment will be presented to stockholders for approval
at the LBF 2015 Meeting (the "Announcement"). This press release shall
be substantially in the form attached as Exhibit A to this Agreement,
subject to any non-material changes as may be approved by the
Board or its counsel, or to any other changes as may be agreed to by the
parties.
In the event the DHG Amendment or the LBF Amendment does not receive the
requisite stockholder approval at the 2015 Meetings, the parties agree to
work together in good faith toward an alternative liquidity event.
2. Bulldog Obligations. Provided that the Announcement is issued no later
than July 15, 2015, effective upon the Announcement, Bulldog and the
Bulldog Funds agree as follows:
(a) Bulldog and the Bulldog Funds shall be deemed to have withdrawn all
Current Bulldog Proposals (including all stockholder proposals,
proposed slates of nominees, self-tender offers or other proposals)
with regard to DHG and LBF, and shall promptly make any required
regulatory filings, including but not limited to amendments to Schedule
13D filings, affirming such withdrawal of the Current Bulldog Proposals.
Bulldog and the Bulldog Funds shall also discontinue any proxy
solicitation with respect to the Current Bulldog Proposals and neither
Bulldog nor the Bulldog Funds shall introduce any proposal or nomination
at either the DHG 2015 Meeting or the LBF 2015 Meeting.
(b) Bulldog and each Bulldog Fund shall, for so long as this Agreement
remains in effect or until the Release Date (as defined below) if earlier:
(i) refrain from directly or indirectly making, supporting or encouraging
any stockholder proposals concerning any Deutsche Closed-End Fund; (ii)
vote in accordance with the Board's recommendations on nominees for
election as Directors/Trustees of any Deutsche Closed-End Fund; (iii)
vote in accordance with the Board's recommendations on any other matters
affecting the Funds, including but not limited to the Amendments; (iV)
refrain from directly or indirectly soliciting or encouraging others to
vote against the Board's recommendations on any matters affecting any
Deutsche Closed-End Fund; (v) refrain from proposing any nominees for
election to the Board; (vi) refrain from directly proposing, or making
any filing with respect to, any form of business combination,
restructuring, recapitalization, dissolution or similar transaction
involving any Deutsche Closed-End Fund, including, without limitation,
a merger, tender or exchange offer, open-ending, share repurchase or
liquidation of a Deutsche Closed-End Fund's assets; (vii) refrain from
granting a proxy with respect to shares of any Deutsche Closed-End Fund
other than to officers of, or other persons named as proxies by, such
Deutsche Closed-End Fund; (viii) refrain from executing any written
consent with respect to any Deutsche Closed-End Fund shares other than
as may be solicited by such Deutsche Closed-End Fund; (ix) refrain from
joining or participating in a group concerning any Deutsche Closed-End
Fund; (x) refrain from seeking the removal of any member of the Board;
and (xi) refrain from seeking control or influence over the management
or policies of any Deutsche Closed-End Fund. For the purposes of this
Agreement, the "Release Date" will be the earliest of the following:
(a) June 30, 2019 or the day following the Closed-End Funds' 2019 annual
stockholders/shareholders meetings, whichever is later, or (b) such other
date as the parties may agree in writing.
Notwithstanding subparagraphs (b)(ii) and (b)(iii) above, with respect to any
Bulldog Fund operating pursuant to Section 12(d)(1)(E) of the 1940 Act and
therefore obligated to vote certain of its shares in accordance with one of
the methods prescribed in Section 12(d)(1)(E)(iii)(aa), any such shares may be
voted in accordance with Section 12(d)(1)(E)(iii)(aa).
3. No Disparagement. For a period from the date hereof through the Release
Date, each party hereto shall refrain from directly or indirectly
disparaging, impugning or taking any action reasonably likely to damage
the reputation of any other party, their members, directors, officers,
employees or affiliates, or any of the members of the Board. The foregoing
shall not apply to any compelled testimony or production of information,
either by legal process or subpoena or in connection with a response to a
request for information from any governmental authority with jurisdiction
over the party from whom information is sought.
4. No Assignment. This Agreement shall be binding upon the parties and,
except as otherwise provided herein, upon their respective legal
successors. No party may assign this Agreement without the prior
written consent of each other party and any such attempted assignment
shall be void.
5. Third-Party Beneficiaries. The parties agree that the Deutsche Closed-End
Funds are intended as third-party beneficiaries of this Agreement, and
that any Deutsche Closed-End Fund is entitled to rely on and may
enforce the terms and provisions hereof directly as if it were a
party hereto.
6. Applicable Law. The validity of this Agreement, the construction and
enforcement of its terms, and the interpretations of the rights and duties
of the parties shall be governed by the laws of the State of New York,
without regard to conflicts-of-law principles.
7. Jurisdiction. The parties agree that the United States District Court for
the Southern District of New York (the "District Court") shall have
exclusive jurisdiction to hear and determine any suit, action or
proceeding arising under this Agreement. For such purpose, each of the
Parties irrevocably submits to the District Court's jurisdiction. If the
District Court lacks federal subject matter jurisdiction with respect to
any such suit, action or proceeding, each of the Parties irrevocably
agrees that any state court sitting in the City and County of New York
(the "State Court") shall have exclusive jurisdiction to hear and
determine any such suit, action or proceeding; and, for such purpose,
each of the Parties irrevocably submits to the State Court's jurisdiction
and agrees that the Parties will request any such case be assigned to the
State Court's Commercial Division.
8. Waiver of Jury Trial. To the fullest extent permitted by applicable law,
each of the parties hereto hereby irrevocably waives any and all right to
trial by jury in any suit, action or proceeding arising under this
Agreement.
9. Damages; Injunctive Relief. Each party acknowledges that a breach of its
obligations under this Agreement may result in irreparable harm to another
party for which monetary damages will not be sufficient. Each party hereto
agrees that, in the event of a breach or threatened breach by another
party of its obligations under this Agreement, each non-breaching party
shall be entitled, in addition to its other rights and remedies hereunder
or at law, to injunctive or other equitable relief, and such further
relief as may be proper from a court of competent jurisdiction, including
specific performance of the obligations of the breaching party under this
Agreement.
10. Modification. No modification, amendment, supplement to or waiver of this
Agreement of any of its provisions shall be binding upon the parties
hereto unless made in writing and duly signed by all parties.
11. Invalidity. In the event that any one or more of the provisions of this
Agreement shall for any reasons be held to be invalid, illegal or
unenforceable, the remaining provisions of this Agreement shall be
unimpaired, and the invalid, illegal or unenforceable provision or
provisions shall be replaced by a mutually acceptable provision, which
being valid, legal and enforceable, comes closest to the economic effect
and intent of the parties underlying the invalid, illegal or unenforceable
provision or provisions.
12. No Waiver. A waiver or breach or default under this Agreement shall not be
a waiver of any other or subsequent breach or default. The failure or
delay in enforcing compliance with any term or condition of this
Agreement shall not constitute a waiver of such term or condition unless
such term or condition is expressly waived in writing.
13. Counterparts. This Agreement may be executed in one or more counterparts
transmitted by facsimile or other electronic means, and each counterpart
shall have the effect of an original.
14. Term and Termination. This Agreement shall remain in effect until the
earliest of the following: (a) June 30, 2019 or the day following the
Closed-End Funds" 2019 annual stockholders/shareholders meetings,
whichever is later, or (b) such other date as the parties may agree
in writing.
15. Notices. Unless otherwise provided herein, all notices called for by this
Agreement shall be given in writing, or by facsimile transmission. Until
notice is given to the contrary in accordance with this Paragraph 15, all
notices to the respective parties shall be directed to:
If to DHG or LBF:
c/o Deutsche Investment Management Americas Inc.
One Beacon Street
Boston, Massachusetts 02108
Attention: Secretary of the Deutsche Funds
If to DIMA:
Deutsche Investment Management Americas Inc.
One Beacon Street
Boston, Massachusetts 02108
Attention: John Millette, Chief Legal Officer
Telephone: (617) 295-2572
Facsimile: (617) 295-4326
with a copy to:
Deutsche Investment Management Americas Inc.
One Beacon Street
Boston, Massachusetts 02108
Attention: Caroline Pearson, Esq.
Telephone: (617) 295-2565
Facsimile: (617) 443-7059
If to Bulldog or the Bulldog Funds:
Bulldog Investors, LLC
Park 80 West - Plaza Two
250 Pehle Ave., Suite 708
Saddle Brook, NJ 07663
Telephone: (201) 881-7100
Facsimile: (201) 556-0097
16. Letter Agreement. For sake of clarity, the Letter Agreement shall remain
in full force and effect in accordance with its terms following the
execution of this Agreement.
17. Entire Agreement. This Agreement together with any written agreement
entered into by the parties on or after the date of this Agreement shall
constitute the entire Agreement among the parties and shall supersede
all previous agreements, promises, proposals, representations,
understandings and negotiations, whether written or oral, among the
parties respecting the subject matter hereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.
DEUTSCHE GLOBAL HIGH INCOME FUND, INC.
By:/s/ Brian Binder
Name: Brian Binder
Title: President
DEUTSCHE HIGH INCOME OPPORTUNITIES FUND, INC.
BBy:/s/ Brian Binder
Name: Brian Binder
Title: President
DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC.
By:/s/ Caroline Pearson
Name: Caroline Pearson
Title: Managing Director
By:/s/John Milletto
Name: John Milletto
Title: Director
BULLDOG INVESTORS, LLC
By:/s/ Phillip Goldstein
Name: Phillip Goldstein
Title: Member
Deutsche Asset
& Wealth Management
Press Release
FOR IMMEDIATE RELEASE
For additional information:
Deutsche Bank Press Office (212) 250-5536
Shareholder Account Information (800) 294-4366
Deutsche Closed-End Funds (800) 349-4281
Certain Deutsche Closed-End Funds Announce Approval of Liquidation and
Dissolution Proposals
New York, NY, July 10, 2015 - Deutsche Global High Income Fund, Inc.
(NYSE: LBF) and Deutsche High Income Opportunities Fund, Inc. (NYSE: DHG)
(each, a "Fund," and, collectively, the "Funds") announced today that
each Fund's Board of Directors approved, subject to stockholder approval,
an amendment to the Fund's Articles of Incorporation requiring the
liquidation and dissolution of the Fund.
With respect to DHG, the Board approved, and recommends that stockholders
of DHG approve at the Fund's 2015 annual meeting of stockholders scheduled
to be held on September 30, 2015, an amendment to DHG's Articles of
Incorporation requiring the liquidation and dissolution of DHG effective
as of a date no more than thirty (30) months following the initial date of
the Fund's 2015 annual meeting of stockholders, with the precise date to be
established by the Board.
With respect to LBF, the Board approved, and recommends that stockholders
of LBF approve at the Fund's 2015 annual meeting of stockholders scheduled
to be held on September 30, 2015, an amendment to LBF's Articles of
Incorporation requiring the liquidation and dissolution of LBF effective as
of a date no more than twenty-four (24) months following the initial date
of the Fund's 2015 annual meeting of stockholders, with the precise date to
be established by the Board.
Details of the proposals will be set forth in the proxy statement for
each Fund's 2015 annual stockholders' meeting.
Deutsche Investment Management Americas Inc. ("DIMA"), each Fund's
investment adviser, proposed the amendments to each Fund's Articles of
Incorporation to the Board pursuant to the terms of a Standstill Agreement
that DIMA and the Funds have entered into with Bulldog Investors, LLC
("Bulldog"), a large stockholder in the Funds, and certain parties associated
with Bulldog. Under the terms of the Standstill Agreement, Bulldog has agreed,
among other things, to withdraw its stockholder proposals and director
nominations for each of DHG's and LBF's upcoming annual meetings of
stockholders. The Funds have been advised that Bulldog will file a copy of
the Standstill Agreement with the Securities and Exchange Commission as an
exhibit to its Schedule 13D. For more information on the Funds, including their
most recent month-end performance, visit www.deutschefunds.com or call
(800) 349-4281.
Important Information
Deutsche Global High Income Fund, Inc. seeks high current income with a
secondary objective of capital appreciation. 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. 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.
Deutsche High Income Opportunities Fund, Inc. seeks high current income with
a secondary objective of total return. The Fund pursues its investment
objectives 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.
Future earnings of the Fund cannot 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, 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. Investments in lower-quality ("junk bonds") 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 gains or losses.
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.
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-38946-1) (07/15)