Interim Results

Deutsche Equity Income Trust PLC
23 May 2000

                                       
                      PRELIMINARY ANNOUNCEMENT OF RESULTS
                     FOR THE HALF YEAR ENDED 31 MARCH 2000
                                       
EXTRACT FROM THE CHAIRMAN'S STATEMENT

The  six  months to the 31 March 2000 was a particularly difficult period  for
income  funds as despite a rise in the value of the FT-SE All-Share  Index  of
some  10.1%,  much of this appreciation was a result of the strong performance
of  technology  and  related sectors. Stocks and sectors  with  above  average
yields  were friendless and many actually fell in value. Given this background
the  increase in our net asset value of 7.9% was satisfactory. Our share price
rose  2.3%, less than the asset value as the discount of share price to  asset
value  widened to 14.4%. Since the end of the period however the discount  has
narrowed  considerably, to approximately 6.0% as I write, as the stock  market
has  begun to lose some of its infatuation with the technology sector. January
31  was the final conversion date for our warrants and the remaining 1,439,969
still outstanding have now been exercised.

The revenue available to shareholders during the period has fallen by 15.7% as
we  increased our holdings in low yielding growth stocks. Recently however  we
have been moving back towards higher yielding shares and we do not expect  the
fall to be repeated in the second half of the financial year. We are paying an
unchanged interim dividend of 2.45p per share.
                                                                              
                                                            J. Leigh Pemberton
                                                                      Chairman

The  interim  dividend of 2.45p per share will be paid  on  26  June  2000  to
shareholders on the register at the close of business on 5 June 2000.

The financial information for the year ended 30 September 1999 is derived from
the statutory accounts for 1999 which have been delivered to the Registrar  of
Companies.  The Auditors have reported on the 1999 accounts; their report  was
unqualified and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985.

The  half-yearly  report will be sent to shareholders and will  also  be  made
available to the public at the Company's registered office.



By order of the Board                                    Registered Office:
P A Hogwood                                              One Appold Street
Secretary                                                London EC2A 2UU


For further information please contact:

Adrian Frost or James Fox, at Deutsche Asset Management Tel: [phone]


                                                                 
Net Asset Value per Ordinary Share
                          31 March 2000       30 September 1999  31 March 1999
Basic:                           258.9p                  245.1p         236.7p
Fully diluted:                        -                  239.9p         230.9p
                                                                  
Statement of total return (incorporating the revenue account*)
                                      Restated                Restated
             Six months to             Year to               Six months to
             31 March 2000        30 September 1999          31 March 1999
         Revenue Capital Total  Revenue Capital  Total Revenue Capital  Total
           £'000   £'000 £'000    £'000   £'000  £'000   £'000   £'000  £'000
Gains/(losses) 
on       
investments    -   7,583 7,583        -  22,238 22,238       -  18,693 18,693
                                                                  
**Income   1,552       - 1,552    4,004       -  4,004   1,596       -  1,596
Investment 
management 
fee         (460)      -  (460)    (808)      -   (808)   (379)      -   (379)
Other 
expenses    (107)      -  (107)    (132)      -   (132)    (51)      -    (51)
Net return 
before                                                 
finance 
costs and 
taxation     985   7,583 8,568    3,064  22,238 25,302   1,166  18,693 19,859
Interest 
payable      (13)      -   (13)     (26)      -    (26)    (13)      -    (13)
Return on 
ordinary                                                
activities
before tax   972   7,583 8,555    3,038  22,238 25,276   1,153  18,693 19,846
Tax on 
ordinary         
activities     -       -     -        -       -      -       -       -      -
Return on 
ordinary                                                
activities
after tax for 
the period 
attributable
to equity             
shareholders 972   7,583 8,555    3,038  22,238 25,276    1,153 18,693 19,846 
Dividends in 
respect of  
equity 
shares      (974)      -  (974)  (2,817)      - (2,817)    (939)     -   (939)
Cancellation 
of         
warrants       -       -     -        -    (660)  (660)       -   (353)  (353)
Exercise of 
warrants       -       -     -        -       -      -        -     44     44
Transfer  
(from)/to 
reserves                                             
after 
proposed
dividend of 
2.45p (1999     
- 2.45p)     (2)   7,583 7,581      221  21,578 21,799      214 18,384 18,598 
Return per 
ordinary                                               
share:
Basic      2.52p  19.62p 22.14p   7.94p  58.15p 66.09p     3.02p 48.99p 52.01p
Diluted       -       -      -    7.75p  56.71p 64.46p     2.96p 47.99p 50.95p
                                                       
*The revenue column of this statement is the profit and loss account of the
company.
                                                                  
** In accordance with Financial Reporting Statement 16 - Current Taxation,
franked investment income has been shown net of attributable tax (1999 figures
have been restated to reflect this change).
                                                                  
All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the period.
                                                                  
The statement of total return is unaudited. The comparative figures in respect
of the year to 30 September 1999 are derived from the full accounts which have
been delivered to the Registrar of Companies and which contain an unqualified
audit report.