Monthly Report-Apr 2000,etc

Morgan Grenfell Lat Amer Co Tst PLC
11 May 2000


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                      REPORT FOR THE MONTH OF APRIL 2000

SUMMARY

During  the month of April, the MSCI Latin America Free Index fell by 9.1%  in
sterling  terms  in  a sell-off initiated by a significant correction  in  the
technology-heavy  NASDAQ in the US, down over 17% during the  period.   Within
Latin  America, the main impact was felt in the telecoms, media and technology
stocks  which  had been beneficiaries of the NASDAQ rally, and in  the  larger
markets  of  Brazil (down 11.6%) and Mexico (down 9.3%).  Other world  markets
were  hard hit in April, with the global MSCI Emerging Markets index off  7.9%
and the developed markets of MSCI World down 2.5%.

Our  NAV  fell  by  10.5%,  underperforming the index;  we  were  hit  by  our
overweights in the Brazilian market and by our exposure to CTC in Chile.   The
share  price declined by 13% as the discount widened from 16% to  20%  due  to
increased volatility.

Apart  from  overvaluation on NASDAQ, investor sentiment has been affected  by
the stronger than expected growth in the US and signs of building inflationary
pressures,  which  have  increased the likelihood of the  US  Federal  Reserve
raising  rates more aggressively in the near term.  While we acknowledge  that
Latin American markets will be unable to make much progress in the face  of  a
volatile  US  market,  particularly  if the  hoped-for  soft  landing  is  not
achieved,  we  believe  that  absent a major  US  slowdown  the  region's  own
fundamentals  are  extremely  positive  for  2000  and  beyond,  which  should
ultimately be reflected in valuations.

BRAZIL

The Brazilian market was the major casualty of the April sell-off, affected by
the high concentration of telecoms stocks in the index.  The real also lost 4%
against the dollar as a consequence of the NASDAQ-related turbulence.   Brazil
was  hit  hard  mid-month  as  the  Supreme  Court  initiated  a  ruling  on a
potentially    large   but  obscure   fiscal   liability  (FGTS,  relating  to
adjustments  to workers'  accounts from  the 1980's), which spooked the market
considerably.  However, the Supreme Court  has postponed considering the issue
further  for  another   month,  leaving  time   we  hope  for  some  political
compromise  to  be  found.  Other  news  in  April was  highly positive.  IPCA
inflation for March was as low as 0.22%, or  6.92% annualised;  we  have since
seen even more encouraging inflation  figures  for  April  relating to the Sao
Paulo area.  The Q1 2000 consolidated public  surplus  was  well above the IMF
target.  Industrial  production  grew 16.3%  in  February, led  by  orders for
durable and capital goods, and car sales rose   by  4.3%  in March  in further
evidence of the domestic  recovery.  Trade  figures have  also been  good  due
to  a  stronger export performance.  The  Central  Bank  left overnight  rates
unchanged at 18.5% for April in  the  light  of  inflation concerns in the US.

In specific stock-related news, we have seen good Q1 2000 results from many of
the  companies  in our Brazilian portfolio.  Steelmaker Gerdau expects  demand
for  its long steel products, used in construction and infrastructure, to grow
by  7%  this  year. Brazil's leading brewer, Brahma saw its merger with  rival
Antartica  approved to create Ambev, the world's 3rd largest brewer with  over
75% market share.  And in an indication that Latin America is still a favoured
destination  for  international companies, US  power  company  AES,  with  its
partner EdF of France, has offered to buy out stakes in power distribution and
generating  companies  in Brazil which they already control  for  a  total  of
US$1.35 bn.

Our  performance  during the month was hurt by adding aggressively  to  Brazil
just   before  the  market  crumbled.   Our  big  telecoms  overweights   were
particularly  affected,  as were our holdings in Unibanco  and  CSN,  although
Brahma, Banco Itau, CVRD and Gerdau held up well.

MEXICO

Continued evidence of a strong domestic recovery came through in Mexico, where
retail  sales  rose 16.5% in February.  Industrial production  showed  a  9.7%
expansion that month and the Central Bank announced it is expecting GDP growth
of  between 6% and 7% for Q1 2000.  Inflation for April came in at 0.57%,  the
lowest since 1994 and finally showing twelve month inflation in single digits,
at 9.73%.

Lower inflation translating into real wage gains is allowing Mexican producers
to  achieve  real  price increases in many segments.  This  was  confirmed  by
excellent  Q1  results  from Femsa, Modelo, Cemex and Kimberly-Clark.   Strong
aggregate  demand is also being met with real production increases.   However,
as we expected, interest rates have begun to rise, with 28 day Cetes now above
14%.

There was good news in the banking sector; Congress passed two key bills,  the
Bankruptcy  Law and the Guarantees Law, which should allow for  a  more  rapid
recovery  in banking assets in case of default by borrowers.  Banco  Santander
Central  Hispano  of Spain paid US$1.54 bn (or 1.6 x book  value)  to  acquire
Mexico's  third largest bank, Grupo Financiero Serfin, which was  nationalised
after  the  1995 banking crisis.  And in an interesting twist in  the  ongoing
consolidation process in Mexico, Banamex made a surprise offer for  its  rival
Bancomer, which is already subject to a bid from Spain's BBVA.

During  the  month, some of the weakest stocks were the major banks,  telecoms
and media companies, which had outperformed in previous periods.  As mentioned
in  last  month's newsletter, we had already cut back our exposure to  Banamex
and  we  also trimmed our holdings in Cemex and Desc early in April,  in  line
with our more cautious view on Mexico.

CHILE

The   Central  Bank  renewed  restrictions  on  the  Chilean  capital  account
(including  prohibiting foreign investors from investing locally) for  another
year,  contradicting  earlier  indications  that  they  would  be  eliminated.
However,  a law improving minority shareholder protection has now been  passed
which   was   one  of  the  Finance  Minister's  conditions  for  ending   the
restrictions.   The local market is convinced that they will  be  lifted  this
year.

The  domestic economy continues its recovery; IMACEC figures showed  that  the
Chilean economy grew 5.6% in February, industrial production rose 6% in March,
and retail sales grew by 3.3% in Q1 2000.

Annual  inflation  was  running  at 3.4% in March,  boosted  by  fuel  prices.
Interest rates stayed unchanged at 5.5% from the previous month.

The  Chilean  market overall was fairly defensive in April,  falling  by  only
5.4%, although the peso was weak.  However, our holding in telecoms major  CTC
was hard hit, in line with telecoms throughout the region.

ARGENTINA

The  Argentine  market  fell 7.3% in April.  Export and industrial  production
data  (up  4.1%  in  March, up 3.2% Q1 2000) were favourable,  but  they  were
overcome by the events in the US and other local data releases.  Credit to the
private  sector fell 8.9% YOY in March; unemployment looks likely to  rise  in
May  from  14.5%  last  year;  and  recent  figures  on  tax  collection  show
disappointing  results.   The Senate finally passed the  Labour  Reform  bill,
which   should  be  a  mild  positive  for  the  economy.   Telecom  Argentina
(controlled by France Telecom and Telecom Italia) placed $230m or  5%  of  its
shares previously owned by its employees in the market; we did not take  part,
as  our  conversations with management revealed that our pessimistic  earnings
outlook  for the company is more than justified.  We made no portfolio changes
during the month and remain underweight.

ANDEAN MARKETS

The Andean markets were relative outperformers during the month, mostly due to
a lack of liquidity.

Colombia  fell  4.9%;  economic  recovery is gradually  coming  through,  with
industrial  production  rising 5.5% in March and tax collection  up  12.5%  in
February.   However, inflation has surprised on the upside, reaching  5.4%  in
Q1.   Politics is again a concern, with President Pastrana's plan to  dissolve
Congress in order to root out corruption and restructure the political  system
causing great controversy.

Peru  declined by 2.9% in April.  The first round of the Presidential election
was extremely close, with President Fujimori gaining 49.8% of the vote and his
challenger  Alejandro  Toledo 40.3%.  Allegations of widespread  fraud  caused
extreme  popular discontent when the results were announced. The  Presidential
election  will  go  to  a second round on May 28 with the  outcome  uncertain,
although  most  polls show Fujimori with a slight lead. The President's  party
lost  its majority in Congress.  Despite concerns, central government spending
seems  to  have  been relatively contained going into the  election,  and  the
economy  grew about 8.5% in Q1 2000 after a 10% rise in March.   We  sold  our
entire  holding in Telefonica del Peru early in the month, which we reinvested
largely in Brazil.

Venezuela  fell  by  only  0.27% although CANTV  was  harder  hit.   Political
concerns are rising ahead of the Presidential runoff on May 28; President Hugo
Chavez  remains the favourite but a stronger than expected challenge from  his
opponent  Francisco  Arias has forced him to increase his  populist  rhetoric.
Some  signs  of  improvement  are  evident  in  the  economy  with  industrial
production  growing  15%  in Q1 but we still have serious  concerns  over  the
government's economic management.  AES offered $860m for 51% of the shares  in
the  leading  electric utility, Electricidad de Caracas, which is  the  second
largest  stock in the index.  We made no changes to our portfolio  during  the
month.


NET ASSET VALUE                                              
                                                  Fully diluted
                               30/04/00  31/03/00 30/04/00  31/03/00
                                 88.9p     99.4p    90.9p     99.5p

MID-MARKET SHARE PRICE               30/04/00   31/03/00
Ordinary Shares                       72.50p     83.50p
Warrants                              22.50p     24.50p


                                       Market exposure
                                     30/04/00   31/03/00
EQUITIES                                                 
                                                         
Argentina                               1.3           1.3
                                                         
Brazil                                 37.9          41.1
                                                         
Chile                                  10.7          10.2
                                                         
Colombia                                0.6           0.7
                                                         
Mexico                                 45.7          44.3
                                                         
Peru                                    1.9           1.6
                                                         
Venezuela                               1.8           1.6
                                                         
TOTAL PORTFOLIO                        99.9         100.8
                                                         
Net Current Assets                      0.1         (0.8)
                                     ------       -------
TOTAL                                 100.0         100.0
                                     ------       -------

Based on total assets less current liabilities of £51.3 million (£58.4
million).
                                                         
GEARING                                                  
Borrowings and Gearing at            30/04/00     31/03/00
                                      £000's       £000's
                                        NIL           NIL
                                       ====          ====
                                                         

LARGEST HOLDINGS (market value £43.7 million equal to 85.3% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          8,945       17.5
Tele Norte Leste             Brazil          2,531        4.9
Femsa                        Mexico          2,471        4.8
Petrobras                    Brazil          2,018        3.9
Telecom de Chile             Chile           1,974        3.9
Vale do Rio Doce             Brazil          1,971        3.8
Tele Centro Sul              Brazil          1,923        3.8
Banco Itau                   Brazil          1,898        3.7
Unibanco                     Brazil          1,753        3.4
Brahma                       Brazil          1,558        3.0
Grupo Televisa               Mexico          1,471        2.9
Soriana                      Mexico          1,384        2.7
Grupo Modelo                 Mexico          1,340        2.6
Gerdau                       Brazil          1,326        2.6
Telesp Celular               Brazil          1,284        2.5
Embratel                     Brazil          1,265        2.5
Banamex                      Mexico          1,235        2.4
Kimberly-Clark               Mexico          1,109        2.2
Cemex                        Mexico          1,095        2.1
Alfa                         Mexico          1,061        2.1
Credicorp                    Peru              946        1.8
CANTV                        Venezuela         927        1.8
ICA 5% Conv. 15/03/04        Mexico            762        1.5
D & S                        Chile             752        1.5
Enersis                      Chile             714        1.4
                                                                
FINANCIAL CALENDAR                                              
Annual General Meeting                                       30 June 2000
Subscription   date   for warrants                           30 June 2000
Final dividend paid                                           4 July 2000

For  further  information, contact Rosie Bichard at Deutsche Investment  Trust
Managers Limited on 020-7545-6000.

For additional copies, changes of address or details of our Private Investors'
Plan  and  low  cost ISA contact Mark Pope on 020-7545-0520,  e-mail  address:
[e-mail].   Further  details of the  Morgan  Grenfell  Latin  American
Companies  Trust including the latest annual, interim and monthly reports  can
be found on the Deutsche Asset Management website located at www.deam.co.uk

Issued  by Morgan Grenfell Latin American Companies Trust PLC and approved  by
Deutsche  Investment  Trust  Managers Limited,  regulated  by  the  Investment
Management  Regulatory  Organisation and  manager  of  Morgan  Grenfell  Latin
American Companies 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.   Fluctuations  in
exchange  rates may also affect the value of your investment.   Investment  in
Morgan  Grenfell  Latin  American Companies Trust  PLC  presents  those  risks
associated  with  emerging  markets which may  at  times  be  illiquid  and/or
volatile.