Monthly Report - April 2001

Deutsche Latin American Cos Tst PLC
10 May 2001


                      REPORT FOR THE MONTH OF APRIL 2001

SUMMARY

The  month of April saw a more positive tone to Latin American equity  markets
after  the weakness of February and March.  The MSCI Latin American Free Index
rose  by  5.1% in sterling terms, led by strong rises in Mexico and Venezuela,
which  appreciated  by  8.6% and 9.6% respectively.  Argentina  still  cast  a
shadow over the Southern Cone but the Brazilian market was able to rise at the
month  end after more positive developments in its neighbour, ending the month
up  by  a  modest  3.2%.  The weakest market was Peru, which fell  9.6%  after
former  President Alan Garcia unexpectedly secured a place in the  runoff  for
June's Presidential elections.  Overall the Latin American region outperformed
the broader MSCI Global Emerging Markets Free Index (+4.0% in April) which was
held back by weakness in Asia, but lagged behind the developed markets of MSCI
World (+6.6%) which responded positively to another Fed rate cut.

Our  performance was significantly better in April, as our NAV rose  by  6.5%,
ahead  of  the  benchmark  index due to a strong rally  in  some  of  our  key
overweight stocks, particularly those in Brazil.  Our share price lagged  this
improvement, rising by only 2.8% as the discount widened slightly to 18.4%.

Recently returned from a positive and interesting trip to Mexico, where we met
with  top management of most of the country's largest companies, we have added
to our Mexican weighting and cut back some of our more significant overweights
in  Brazil,  in  order  to  reduce exposure to the ongoing  volatility  there.
However  we  remain  somewhat cautious on committing any additional  money  to
Mexico given the recent strength of the exchange rate and the significant drop
in  local interest rates, such that the equity market may be vulnerable to any
disappointments.

BRAZIL

The  MSCI  Brazil Free Index rose 3.2% in April.  Over the month,  the  equity
market  was  weak,  with  confidence  eroded  by  ongoing  domestic  political
developments  (including  a Senate scandal over voting  secrecy),  turmoil  in
neighbouring  Argentina  and  concerns over the  inflationary  impact  of  the
weakening  currency.   This  last factor caused  the  Central  Bank  to  raise
interest  rates for a second time this year to 16.25%.  Year-to-year inflation
was  running  at 6.44% at the end of March, above the government's  target  of
4.5%.  The currency has weakened considerably against the dollar, down over 2%
during  the  month  and over 10% over the last three months.   We  cannot  yet
assume  that the cycle of interest rate rises has ended, nor what  impact  the
weaker  currency and higher rates will have on company earnings, which is  why
we  have  recently reduced our overweight position.  However, we  continue  to
believe that once the situation stabilises the equity market offers good value
at these levels and that downside should be limited.

We  benefited  from  our significant positions in some of the  best-performing
stocks over the month, including Unibanco, Brasil Telecom, Petrobras, and Tele
Norte Leste.

MEXICO

The Mexican stock market performed strongly in April with the MSCI Mexico Free
Index  rising by 8.6% in sterling terms, driven by a 2.3% appreciation of  the
peso  against the dollar over the month (due to strong inflows to the  capital
account)  and significant rises seen in some of its key stocks, many of  which
reported  better-than-expected Q1 results.  Short  term  interest  rates  also
declined over the month from  15% to 13%, as Mexico was seen as somewhat of  a
safe haven for investors in the region.

A  slowdown is already evident in the manufacturing and export segments of the
economy,  caused  by  growing  weakness in demand  from  the  US.   Industrial
production  fell  by  3.7%  YOY in February and manufacturers  report  slowing
orders and plants operating below full capacity.  The strength of the peso  is
exacerbating the slowdown for exporters, which also continue to suffer from  a
tight  labour market.  The part of the economy driven by domestic demand still
seems  relatively  robust,  although  there  are  signs  that  consumption  is
beginning  to moderate.  The Fox administration has made progress  in  passing
the  indigenous rights bill and some key bills on financial sector reform  and
corporate governance.  However, uncertainty still exists as to when the  long-
awaited fiscal reform bill will be discussed.  If passed, this bill would pave
the  way for a formal upgrade of the country's debt rating to investment grade
by  S&P,  and  allow  other  key reforms to be put forward,  including  a  new
electricity  law, which would increase investment in Mexico  and  enhance  the
country's efficiency of production.

As  already  mentioned, during the month we added to two of  our  holdings  in
Mexico,  Walmex and BBVA Bancomer, on increased confidence that  the  earnings
outlook  for those companies was sustainable over the next twelve months.   We
also invested in a Mexican builder of low-income homes, Consorcio Ara, after a
series  of  meetings with management that left us convinced that  the  company
would  benefit  from  President Fox's ambitious targets for  growth  for  that
industry during his administration.  We further reduced our small position  in
retailer Soriana due to increased competition in its operating area and a lack
of  visibility for any improvement in its earnings outlook.  Our  holdings  in
brewers  Modelo and Femsa benefited from good Q1 results, helped by  a  strong
increase in volumes.

ARGENTINA

The  Argentine  market fell during April, declining by 3.3% in sterling  terms
after  a volatile month.  New Finance Minister Cavallo began his tenure  well,
securing  political support for a number of necessary reforms and a more  pro-
growth economic package.  However, he then began to air his plans to introduce
the  Euro  into  a currency basket with the dollar, thus changing  Argentina's
convertibility regime.  This created tremendous uncertainty in the market  and
the  spreads  soared on Argentina's external bonds as concerns rose  over  the
possibility  of a default.  These fears were increased by a dispute  with  the
Central  Bank  over  the easing of reserve requirements on deposits.   However
some  recovery  was  seen  at the end of the month as Cavallo  announced  more
orthodox measures to trim the budget deficit: higher expenditure cuts, an  end
to  VAT  exemptions  and  an  increase  in  the  rate  of  the  new  financial
transactions tax from 0.25% to 0.4%.  Rumours of a significant debt swap which
would  extend the maturity profile of Argentina's debt and so ease  short-term
liquidity  pressure also calmed the market.  The Central Bank President  Pedro
Pou  was  replaced by Roque Maccarone, the ex-President of Banco de la Nacion,
after congressional censure related to a money laundering scandal.

Our  view  on Argentina today is as follows.  Cavallo seems to have  retreated
from his earlier, more radical pro-growth policies and in order to secure  IMF
support  has announced an orthodox programme of spending cuts and  tax  rises.
While  this  combined with the debt exchange is likely to allow  Argentina  to
weather the storm in the financial markets near-term, it does not look like an
attractive  proposition for equity investors.  Economic data is already  weak,
with industrial production, construction and tax revenues all pointing towards
no  recovery  so far this year.  Receipts from the new financial  transactions
tax  were  below  target, which prompted the hike in rates.  We  believe  that
higher  tax  rates  are  likely to stall the recovery  further,  meaning  that
corporate earnings will remain subdued for the foreseeable future.   This  has
lessened  our interest in holding any Argentine equities, so that we sold  our
small position at the end of the month.

CHILE

The  Chilean market rose by 4.4% in sterling terms during April; although  the
Chilean  peso has been weak due to concerns over the situation in neighbouring
Argentina, where many Chilean companies have substantial investments, that was
offset  by  the  Central  Bank's surprise announcement  of  important  capital
markets  reforms,  including  the removal of capital  gains  tax  for  foreign
investors.   That  announcement provoked a strong rally in some  of  the  most
liquid names in the local market, anticipating the entry of foreign investors,
after  restrictions  on  capital inflows were eased.  Domestic  economic  data
though  is still far from showing a clear trend of recovery, with unemployment
rising  to  8.8%  in the period to March.  As a result, the Central  Bank  cut
interest rates still further to 3.75% (real), concerned also that the slowdown
in  the  global  economy  would put pressure on demand  for  Chilean  exports.
During  the  month we added modestly to our position in Chile by  buying  into
Banco Santander Chile, a highly-profitable domestic banking franchise, on  the
feeling  that  the  currency had become oversold and that  the  low  level  of
interest rates should begin to have some effect.

ANDEAN MARKETS

Peru  was the weakest market in the region during April, pressured by investor
concerns over the re-emergence of ex-President Alan Garcia as a challenger  to
Alejandro  Toledo in the second round of Presidential elections due  in  early
June.  The outcome of those elections is still highly unpredictable as are the
economic policies to be followed by the winning candidate.  Meanwhile economic
data  has  been weak, with February GDP down 2.5% YOY and full-year  estimates
being  revised  downwards.  The Colombian market rose by only  0.8%  suffering
from  a  weak currency and continuing signs that growth has moved into reverse
gear.   We have heard that our only holding in Colombia, brewer Bavaria, plans
to  buy back up to 25% of its shares in a tender offer this month, which would
effectively  deprive  the  market  of its most  liquid  share.   Meanwhile  in
Venezuela, CANTV saw a significant rally, leading the whole market up by  9.6%
to  make  it the best performing index over the month.  Relative stability  in
oil prices and lower unemployment are positive for Venezuela and point towards
further economic recovery.

NET ASSET VALUE                                              
                                                  Fully diluted
                               30/04/01  31/03/01 30/04/01  31/03/01
                                 85.5p     80.3p    88.5p     84.4p

MID-MARKET SHARE PRICE               30/04/01   31/03/01
Ordinary Shares                       72.25p     70.25p
Warrants                              19.25p     17.00p


NAV based on total assets less current liabilities of £41.0 million (£38.7
million).

                                       Market exposure
                                   30/04/01       31/03/01
                                         %              %
EQUITIES                                                 
                                                         
Argentina                                 -           0.8
                                                         
Brazil                                 39.0          41.1
                                                         
Chile                                   9.4          10.1
                                                         
Colombia                                0.4           0.4
                                                         
Mexico                                 38.7          34.6
                                                         
Venezuela                               1.1           0.9
                                                         
TOTAL PORTFOLIO                        88.6          87.9
                                                         
Net Current Assets                     11.4          12.1
                                   --------      --------
                                         
TOTAL                                 100.0         100.0
                                   --------      --------
                                         
Based on total assets of £51.5 million (£49.3 million).
                                                         
GEARING                                                  
Gearing at                           30/04/01    31/03/01
                                      25.6%         27.2%
                                       ====          ====


LARGEST HOLDINGS (market value £41.4 million equal to 90.7% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          5,465       12.0
Petrobras                    Brazil          4,159        9.1
Ambev                        Brazil          3,288        7.2
Banco Itau                   Brazil          2,851        6.3
Femsa                        Mexico          2,102        4.6
Banamex                      Mexico          1,913        4.2
Wal-Mart de Mexico           Mexico          1,878        4.1
Unibanco                     Brazil          1,725        3.8
Sider Nacional               Brazil          1,710        3.8
Grupo Modelo                 Mexico          1,648        3.6
Vale do Rio Doce             Brazil          1,586        3.5
America Movil                Brazil          1,466        3.2
Eletrobras                   Brazil          1,345        3.0
G.F BBVA-Bancomer            Mexico          1,176        2.6
Tele Norte Leste             Brazil          1,152        2.5
Grupo Televisa               Mexico          1,124        2.5
Enersis                      Chile           1,007        2.2
Telecom de Chile             Chile             957        2.1
Kimberly-Clark de Mexico     Mexico            839        1.8
Cemex                        Mexico            836        1.8
Gerdau                       Brazil            798        1.7
D & S                        Chile             702        1.5
Brasil Telecom               Brazil            603        1.3
CANTV                        Venezuela         544        1.2
Consorcio Ara                Mexico            516        1.1
                                                                
FINANCIAL CALENDAR                                              
Annual General Meeting                                   29 June 2001
Subscription date for Warrants                           30 June 2001


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,  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 Latin American Companies Trust PLC and approved by Deutsche
Investment  Trust  Managers  Limited, regulated by the  Investment  Management
Regulatory Organisation and manager of Deutsche 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 Deutsche Latin  American
Companies  Trust  PLC  presents those risks associated with  emerging  markets
which may at times be illiquid and/or volatile.