Monthly Report

Deutsche Equity Income Trust PLC
16 May 2002

Deutsche Equity Income Trust PLC



                       REPORT FOR THE MONTH OF APRIL 2002


MARKET BACKGROUND

The UK equity market as measured by the FTSE All-Share index fell by 1.8% in
capital terms over the month. Our net asset value per share fell by 0.4% but the
share price rose by 6.5% over the same period as the shares moved from a 6.6%
discount to close to parity.

Conditions were once again generally favourable for equity income funds as the
FTSE 350 Higher Yield index outperformed the FTSE 350 Lower Yield index by 5.5%
in capital terms, continuing the trend since the end of last year. The FTSE 100
index (which fell by 2.0% in capital terms) underperformed both the FTSE 250
index (which fell by just 0.8%) and the FTSE Small Cap index (which rose by
0.9%). The best performing sectors over the month were the Banks and the
'defensive' areas of Food Producers & Processors, Water, Food & Drug Retailers
and Real Estate. The worst performing sectors were the 'TMT' areas of IT
Hardware, Software & Computer Services and Telecommunications.

Our purchases included buying new holdings in Standard Chartered and Friends
Ivory & Sime and adding to existing holdings in United Utilities. Holdings were
sold in CGNU, Associated British Foods and Boots and significantly reduced in
Enterprise Oil following the announcement of a cash bid from Shell.



OUTLOOK

There are some tentative signs that expectations for corporate profits are
stabilising which, combined with continued low inflation, should provide a
supportive backdrop for the UK equity market over the longer-term. However,
recent capital raising by companies looking to strengthen their balance sheets
and further switching from defined benefit to defined contribution pension
schemes have not been helpful to fund flows over the shorter-term. As ever, our
stock selection and our balanced approach to portfolio construction will
continue to be the key to rewarding our shareholders.





                                                                           30/04/02              31/03/02

NET ASSET VALUE                                                            253.1p                254.2p

MID-MARKET SHARE PRICE                                                     30/04/02              31/03/02

Ordinary Shares                                                            253.0p                237.5p
Dividend Yield (%)                                                         3.0                   3.2

LARGEST HOLDINGS (market value £63.9 million equal to 63.3% of total portfolio)

                                                                                         £'000's     % of portfolio
GlaxoSmithKline                                                                            7,813           7.7

BP                                                                                         7,187           7.1

HSBC Holdings                                                                              4,989           4.9

Royal Bank of Scotland                                                                     4,777           4.7

AstraZeneca                                                                                4,341           4.3

Barclays                                                                                   3,177           3.2

Shell Transport & Trading                                                                  2,738           2.7

Lloyds TSB                                                                                 2,374           2.4

Forth Ports                                                                                2,312           2.3

Vodafone Group                                                                             2,196           2.2

HBOS                                                                                       2,119           2.1

Diageo                                                                                     2,042           2.0

BT Group                                                                                   1,833           1.8

Centrica                                                                                   1,761           1.7

Legal & General                                                                            1,723           1.7

Scottish & Southern Energy                                                                 1,484           1.5

Morrison(W)Supermarket                                                                     1,382           1.4

Canary Wharf Group                                                                         1,364           1.4

United Utilities                                                                           1,303           1.2

3i Group                                                                                   1,209           1.2

BG Group                                                                                   1,192           1.2

Safeway                                                                                    1,166           1.2

Bunzl                                                                                      1,163           1.2

EMAP                                                                                       1,133           1.1

Senior                                                                                     1,132           1.1


FINANCIAL CALENDAR

Interim dividend announced                                                          22 May 2002

For further information, contact Graham Ashby at Deutsche Asset Management on
020-7545-6000.

For additional copies, changes of address or details of our Private Investors'
Plan, low cost ISA and Dividend Reinvestment Scheme (a recently established
scheme through which shareholders, who hold their shares on the Company's main
register, can use their dividends to purchase further shares) contact Mark Pope
on 020-7545-0520,
e-mail address: [e-mail]. Further details of Deutsche Equity Income
Trust including the latest annual, interim and monthly reports can be found on
the Deutsche Asset Management website located at www.deam-uk.com/uk/invest/.

Issued by Deutsche Equity Income Trust PLC and approved by Deutsche Investment
Trust Managers Limited, regulated by the Financial Services Authority and
manager of Deutsche Equity Income Trust PLC. Investors should be aware that past
performance is not necessarily a guide to future returns, values can fall as
well as rise and investors may not get back the amount they invested.



                      This information is provided by RNS
            The company news service from the London Stock Exchange