Report for month March 2001

Deutsche Latin American Cos Tst PLC
11 April 2001



                  REPORT FOR THE MONTH OF MARCH 2001




SUMMARY

March  was  another  month  of significant declines  in  global  equity
markets,  and Latin America mirrored their falls.  Over the  month  the
MSCI  Latin America Free Index fell by 5.5% in sterling terms, led down
by  Brazil.  The Brazilian market, which declined by 10.9% in sterling,
was hit by concerns over the situation in Argentina which led to severe
pressure on the currency.  In response Brazil raised interest rates, in
a  move  which  took the equity market by surprise.  In  contrast,  the
Argentine  market rebounded from its lows to end the month in  positive
territory.   Mexico stayed relatively firm as the currency  appreciated
against the dollar due to strong investment inflows.

Developed  markets fell by a similar amount to Latin America in  March;
however,  for  the  first quarter, Latin America has  been  a  relative
outperformer, with the index up by 1.4% in sterling terms  against  the
MSCI World Index down 8.7%.

Our  performance was weak over the month, as our NAV fell by 10.3%, due
to  our overweight Brazil allocation and geared exposure to banking and
telecoms stocks in that market which showed some of the heaviest  falls
over the period.  We also saw many of the more cyclical names in Mexico
outperform  while media, telecoms and most beverage stocks did  poorly.
Our share price declined by a similar proportion to the NAV so that the
discount stayed constant over the period.

We believe that the ability of Argentina's new Economy Minister Domingo
Cavallo  to build confidence in his economic plan will be key  for  the
region  in  the  short to medium term.  A reduction in  Argentine  risk
would allow interest rates to fall throughout the region and support in
particular the Brazilian and Chilean currencies.  If improved  domestic
confidence  in  Argentina  can boost growth and  investment,  then  the
region's  future  will look brighter.  Without growth,  Argentina  will
almost  certainly  need to default on its debt,  with  highly  negative
implications for the rest of the market.

BRAZIL

The  Brazilian market fell by 10.9% in March as concerns over Argentine
risk  caused the Real to weaken by 6% against the dollar.  As a result,
the  Brazilian  Central Bank raised interest rates by 50bps  to  15.75%
citing inflation concerns.  This surprised the equity market which  was
largely  expecting  a continued decline in rates this  year.   However,
these  expectations were further depressed when the Central Bank raised
its  year  end inflation forecast to 4.8%, recognising that the  weaker
currency  and strong economic growth were a threat to its 4%  inflation
target.   There  are  also  signs that foreign direct  investment  into
Brazil  seems  to  be slowing.  These economic concerns  met  continued
political  uncertainty to provoke a further market sell  off.   Further
gloom  was added by the news that Petrobras had lost one of its largest
offshore oil rigs in an explosion that killed 10 workers.

Since  the month end, the Brazilian currency has strengthened  and  the
equity  market rallied in response to more positive news in  Argentina.
We  believe that the long term economic outlook for Brazil is good  and
that  the  market has now discounted the fact that interest  rates  are
unlikely  to  fall  much this year, although we do need  to  watch  the
impact of a consumer boom on output, inflation and the trade balance.

MEXICO

Our  neutral stance in Mexico did not work well in March, as  both  the
equity  market  and the currency were relatively robust.   The  Mexican
index fell by only 2.2% in sterling terms over the month, outperforming
the  region.  Interest rates are still high, at 15.5%, while  inflation
has  been  benign  and  oil prices relatively supportive.   The  latest
inflation figures to the end of March show 12-month CPI at 7.2%,  still
above  the  Central Bank's 6.5% target for the year end, but there  are
now  definite signs of a slowdown in the economy that should bring this
target  within reach.  The peso has been supported by continued  strong
inflows  of  foreign investment including the purchase of a controlling
stake  in cellular operator Iusacell by Vodafone.  The introduction  of
fiscal  reform  legislation to Congress dominated the political  agenda
together with consideration of the situation in Chiapas.  Consensus now
seems  to be building for the fiscal reform project among the political
parties  although  questions remain over its likely depth  and  timing.
News  flow  is likely to be more positive in Mexico over the  next  few
months  though  the  main risk remains the trade balance,  affected  by
slowing US demand and by the oil price.

The  equity  market  saw  strong gains among  several  cyclical  stocks
including  conglomerate  Alfa  and construction  group  Ica.   However,
media, telecoms and banking stocks underperformed.

ARGENTINA

The  Argentine market was the main focus of attention in March.   After
retracing  almost all its January gains, it rebounded at the month  end
to  close up 3.2% in sterling terms.  The appointment of Ricardo Lopez-
Murphy as economy minister lasted only a few days, as the social impact
of  his  new round of spending cuts was politically unpalatable to  the
ruling  coalition.  He was replaced by the architect of convertibility,
Domingo  Cavallo, who took over demanding special powers from  Congress
to  fast-track  approval of his new economic plan.  Cavallo,  a  master
politician as well as an economist, has launched a supply-side  package
designed  to  restore  Argentine  competitiveness,  for  which  he  has
gathered  significant political support.  He has also secured financing
for  Argentina's fiscal deficit from the local banks.  The debt  market
has  begun to respond more positively to the plan in recent days  which
has   allowed  equities  to  recover.   Although  we  remain  cautious,
convinced  that  this  is Argentina's last chance,  Cavallo's  policies
offer  the  possibility of a no-default escape  route  in  which  lower
rates,  higher investment and positive growth can build.  As a  result,
we have added a small position in two key stocks in order to reduce our
underweight.   However, we believe that our Brazil  overweight  already
reflects a significant degree of Argentine risk (as evidenced in March)
and therefore would be reluctant to add more in the short term.

CHILE

The  Chilean market was relatively defensive in March, falling by  only
1.6%  in  sterling although the currency was weak against  the  dollar,
influenced  by  concerns over Argentina (where many Chilean  businesses
have  substantial  investments) as well as by  the  stagnation  in  the
domestic economy which prompted the recent rate cut to 4%.  GDP  growth
numbers  for January disappointed, with only a 3.6% rise YOY,  and  the
unemployment  rate  is  flat  at  8.4%,  while  industrial   production
continues  weak.  Retailers were hurt in March by the poor outlook  for
consumer  demand,  evidenced  by disappointing  retail  sales  figures.
Telecoms major CTC also underperformed.

ANDEAN MARKETS

The  smaller markets underperformed during March with the exception  of
Peru,  which  remained in positive territory (+0.6%) on the expectation
of a market-friendly outcome to last weekend's first-round Presidential
elections.    However,   since  former  President   Alan   Garcia   has
unexpectedly  joined  Alejandro Toledo  in  the  second  round  runoff,
confidence has collapsed as fears of Peru reversing its recent economic
reform have grown.  Colombia fell by 10.7% as the currency weakened  on
lower  interest  rates  and signs of economic deceleration.   Venezuela
declined  7.6%,  led  by CANTV which followed the global  de-rating  of
telecoms  stocks.  Steel maker Sivensa also sold off on debt  concerns.
Domestic  economic  activity remains weak despite increased  government
spending.  We made no changes to our portfolio during the month.

NET ASSET VALUE                                              
                                                  Fully diluted
                               31/03/01  28/02/01 31/03/01  28/02/01
                                 80.3p     89.5p    84.4p     91.7p

MID-MARKET SHARE PRICE               31/03/01   28/02/01
Ordinary Shares                       70.25p     78.50p
Warrants                              17.00p     20.00p


NAV based on total assets less current liabilities of £38.7 million (£43.2
million).

                                       Market exposure
                                     31/03/01     28/02/01
                                         %            %
EQUITIES                                                 
                                                         
Argentina                               0.8             -
                                                         
Brazil                                 41.1          43.0
                                                         
Chile                                  10.1          10.3
                                                         
Colombia                                0.4           0.4
                                                         
Mexico                                 34.6          32.8
                                                         
Venezuela                               0.9           1.4
                                                         
TOTAL PORTFOLIO                        87.9          87.9
                                                         
Net Current Assets                     12.1          12.1
                                     ------        ------
                                         --
TOTAL                                 100.0         100.0
                                     ------        ------

Based on total assets of £49.3 million (£53.6 million).
                                                         
GEARING                                                  
Gearing at                           31/03/01   28/02/01
                                      27.2%         24.1%
                                      =====         =====


LARGEST HOLDINGS (market value £39.2 million equal to 90.4% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          4,526       10.4
Petrobras                    Brazil          3,355        7.7
Ambev                        Brazil          3,129        7.2
Banco Itau                   Brazil          2,743        6.3
Tele Norte Leste             Brazil          2,420        5.6
America Movil                Brazil          2,102        4.8
Femsa                        Mexico          1,967        4.5
Unibanco                     Brazil          1,716        4.0
Vale do Rio Doce             Brazil          1,674        3.9
Banamex                      Mexico          1,580        3.6
Electrobras Centrais         Brazil          1,548        3.6
Grupo Modelo                 Mexico          1,418        3.3
Telecom de Chile             Chile           1,370        3.2
Grupo Televisa               Mexico          1,205        2.8
Sider Nacional               Brazil          1,193        2.8
Enersis                      Chile             975        2.2
Kimberly-Clark de Mexico     Mexico            949        2.2
Brasil Telecom               Brazil            829        1.9
Wal-Mart de Mexico           Mexico            815        1.9
Cemex                        Mexico            781        1.8
Gerdau                       Brazil            761        1.8
D & S                        Chile             642        1.5
Endesa                       Chile             520        1.2
Embratel                     Brazil            478        1.1
CANTV                        Venezuela         465        1.1
                                                                
FINANCIAL CALENDAR                                              
                                                                
Preliminary Results Announced                             18 April 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  and low  cost ISA  contact  Mark Pope on 020-7545-0520, 
e-mail address: [e-mail]. Further details of the Deutsche 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-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.