Report to April 2001

Deutsche Equity Income Trust PLC
10 May 2001


Investment trusts
the easy way to invest on the stock market
                                       
                                       
                      REPORT FOR THE MONTH OF APRIL 2001
                                       
                                       
MARKET BACKGROUND

The UK equity market as measured by the FT-SE All-Share index rose by 5.8%  in
capital  terms over the month, retracing some of the fall experienced  in  the
first  three months of the year.  Our net asset value per share rose  by  5.1%
and the share price by 6.1% over the same period.

Conditions  were  generally  less favourable for income  funds  as  the  'TMT'
sectors which performed so poorly in the first quarter bounced along with  the
rally  in  the NASDAQ Composite index. By contrast, 'defensive' areas  of  the
market  such as Utilities and Pharmaceuticals fell in value as investors  took
profits following strong relative performance.

Our  purchases included both higher yielding shares such as Legal  &  General,
Lloyds  TSB, Imperial Tobacco and Forth Ports and some growth stocks  such  as
Bunzl and Morrison (Wm) Supermarkets.  Holdings were significantly reduced  in
Smiths  Group, Morgan Crucible and Northern Rock and were completely  sold  in
International Power, British Vita and Rio Tinto.

OUTLOOK

We  continue to believe that the market should respond positively  to  falling
interest  rates and continued low inflation.  However, profit forecasts  still
appear  to be too optimistic and corporate news flow is likely to remain  poor
for the next few months.



NET ASSET VALUE                      30/04/01   31/03/01
                                       269.1p     256.1p

MID-MARKET SHARE PRICE               30/04/01    31/03/01
Ordinary Shares                       260.0p     245.0p
Dividend Yield (%)                      2.8        3.0

LARGEST  HOLDINGS  (market value £66.0 million  equal  to 61.4% of total
portfolio)
                                               
                                                  % of
                                     £'000's   portfolio
GlaxoSmithKline                       8,791       8.2
BP Amoco                              6,853       6.4
HSBC Holdings                         4,755       4.4
Vodafone Group                        4,208       3.9
Shell Transport & Trading             3,748       3.5
AstraZeneca                           2,981       2.8
Royal Bank of Scotland                2,869       2.7
Lloyds TSB                            2,599       2.4
Cookson Group                         2,344       2.2
CGNU                                  2,330       2.2
EMAP                                  2,202       2.1
Allied Domecq                         2,154       2.0
Carlton Communications                1,875       1.7
Barclays                              1,762       1.6
Bunzl                                 1,650       1.5
Diageo                                1,645       1.5
BG Group                              1,634       1.5
Britannic                             1,614       1.5
British Telecom                       1,567       1.5
Reuters Group                         1,531       1.4
Whitbread                             1,438       1.3
Centrica                              1,435       1.3
Lonmin                                1,408       1.3
Mediaone Group 7% Exch 2002           1,350       1.3
Bank of Scotland                      1,303       1.2
                                                         
FINANCIAL CALENDAR                                       
Interim dividend announced                                        23 May 2001

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
Anglo & Overseas  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 Investment  Management  Regulatory
Organisation  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.