Market Overview

Deutsche High Income Trust Announces Additional Details Regarding Its Liquidation


Deutsche High Income Trust (NYSE: KHI) (the "Fund") announced today that its Board of Trustees has approved a Plan of Liquidation and Termination for the Fund (the "Plan") related to the previously approved liquidation of the Fund to occur on or before November 30, 2016. As further described below, pursuant to the Plan, a final liquidating distribution is expected to be made on or about November 11, 2016.

Under the terms of the Plan, the "Cessation Date" for the Fund's planned liquidation is expected to occur on or about November 4, 2016. As provided in the Plan, at the close of business on the Cessation Date, the Fund will cease to engage in any business activities, except for the purpose of liquidating and winding up its affairs, and the books of the Fund will be closed. Effective the business day following the Cessation Date, the Fund's shares will not be transferable (except for the settlement of prior transactions), and it is anticipated that trading in the Fund's shares on the New York Stock Exchange will cease. The Fund will subsequently seek to reduce all remaining portfolio securities to cash or cash equivalents and make a final liquidating distribution to shareholders on or about November 11, 2016. All Fund shareholders as of the close of business on the Cessation Date will be entitled to receive a liquidating distribution. The Cessation Date may be extended if necessary or appropriate in connection with the orderly liquidation of the Fund or to protect the interests of Fund shareholders.

Prior to the Cessation Date, the Fund intends to reduce and eliminate its financial leverage by paying back its bank line of credit. It is anticipated that the Fund's de-levering will occur in stages over time and, subject to portfolio management's discretion, may be completed as early as mid to late August. In addition, prior to the Cessation Date and subject to portfolio management's discretion, the Fund intends to begin the process of converting its portfolio securities to more liquid investments, including cash or cash equivalents. As the Fund de-levers and begins to transition its portfolio to more liquid investments, its net investment income may decline, which, in turn, may reduce its remaining regular monthly dividends. The Fund's last anticipated regular monthly dividend will be for the month of October. The Fund does not expect to pay its regular November monthly dividend. Any net investment income earned in November would consequently be included as part of the Fund's final liquidating distribution to shareholders.

Important Information

Deutsche 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 gains or losses. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks.

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. The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the effects of adverse changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties.


Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset 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-047319-1 7/16)

For additional information:
Deutsche Bank Press Office, 212-250-7171
Shareholder Account Information, 800-294-4366
Deutsche Closed-End Funds, 800-349-4281

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