Monthly Report

Deutsche Equity Income Trust PLC
11 December 2003

DEUTSCHE EQUITY INCOME TRUST PLC




                     REPORT FOR THE MONTH OF NOVEMBER 2003


MARKET BACKGROUND

The FTSE All-Share Index rose by another 1.0% in capital terms over the month,
continuing its recovery from very depressed levels earlier in the year. However,
there was a marked difference between the performance from larger companies
(with the FTSE 100 Index rising by 1.3%) and mid- and smaller companies (with
the FTSE Mid-250 Index falling by 0.2% and the FTSE Small Cap Index by 1.0%).
Conditions were also not particularly favourable for UK equity income investors
as the FTSE 350 Higher Yield Index underperformed the FTSE 350 Lower Yield Index
by 1.6%.

Nevertheless, we are pleased to report an increase in the company's net asset
value per share of 1.6% over the month, 0.6% ahead of the FTSE All-Share Index.
This outperformance was mainly due to our overweighting of shares in the
Tobacco, Electricity and Media sectors which all performed well over the month
as well as our large underweight position in Mining shares which underperformed.
Even more satisfactory was the 4.9% increase in the share price, with the shares
moving from a 3.0% discount at the beginning of the month to a modest premium to
net asset value at the month end.

Major purchases during the period included buying new holdings in Balfour
Beatty, Emap and Marks & Spencer. Holdings were sold in Pilkington, Standard
Chartered and Legal & General.



OUTLOOK

UK corporate news flow continues to be generally positive despite the negative
impact of a further weakening of the US$ against sterling for a number of
muti-national companies. However, although the economic indicators from the US
are currently pointing strongly upwards, Europe remains very depressed due a
lack of political will and effective structural reforms. In addition, the price
of many commodities (including oil) are now at very high levels and, if
maintained, will put a dampener on any longer-term global economic recovery and
hence corporate profitability and cash flow.

With this mixed outlook in mind, we continue to manage the company's assets on a
balanced and pragmatic basis which we believe will generate rewards for
shareholders over the longer-term.



                                                                                    30/11/03              31/10/03

NET ASSET VALUE                                                                       223.8p                220.2p

MID-MARKET SHARE PRICE                                                              30/11/03              31/10/03
Ordinary Shares                                                                       224.0p                213.5p
Dividend Yield (%)                                                                       3.6                   3.7

Discount/(Premium) (%)                                                                  (0.1)                  3.0

LARGEST HOLDINGS (market value £62.9 million equal to 69.7% of total portfolio)

                                                                                       £'000's         % of portfolio
HSBC Holdings                                                                              7,656           8.5

BP                                                                                         6,025           6.7

GlaxoSmithKline                                                                            5,637           6.2

AstraZeneca                                                                                3,877           4.3

Vodafone Group                                                                             3,853           4.3

Royal Bank of Scotland                                                                     3,434           3.8

Barclays                                                                                   3,346           3.7

Shell Transport and Trading                                                                3,237           3.6

Scottish & Southern Energy                                                                 2,710           3.0

BT Group                                                                                   2,483           2.8

Tate & Lyle                                                                                2,117           2.3

Imperial Tobacco                                                                           1,787           2.0

Gallaher                                                                                   1,680           1.9

Lloyds TSB Group                                                                           1,646           1.8

HBOS                                                                                       1,432           1.6

National Grid Transco                                                                      1,385           1.5

Morrison (W) Supermarkets                                                                  1,373           1.5

Viridian Group                                                                             1,364           1.5

BPB                                                                                        1,267           1.4

GUS                                                                                        1,260           1.4

British Sky Broadcasting                                                                   1,179           1.3

Associated British Foods                                                                   1,075           1.2

Northern Rock                                                                              1,064           1.2

Provident Financial                                                                        1,024           1.1

Bunzl                                                                                        994           1.1
FINANCIAL CALENDAR

Annual General Meeting

Dividend pay date                                                                         17 December 2003

                                                                                          30 December 2003

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 Plan (a plan 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 Investment Trust Managers website located at
www.deutsche-its.co.uk.

Issued by Deutsche Equity Income Trust PLC and approved by Deutsche Investment
Trust Managers Limited authorised and 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, the
price of shares and the income from them may 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