Monthly Report- February 2001

Deutsche Latin American Cos Tst PLC
12 March 2001



Deutsche Latin American Companies Trust


                     REPORT FOR THE MONTH OF FEBRUARY 2001

SUMMARY

February was a weak month for Latin American markets as the MSCI Latin America
Free  Index  fell  by  7.9% in sterling terms.  The region  proved  unable  to
sustain its January rally, pressured by external factors including weakness in
international  technology  stocks and fears  of  contagion  from  the  Turkish
devaluation, as well as by domestic concerns.  The weakest regional market was
Argentina, which fell by 17.9%, under pressure after Turkey devalued and local
political  tensions worsened; Brazil was also affected by  the  more  negative
mood,  falling 9.2% as the Central Bank did not cut interest rates as expected
and  trade figures disappointed.  Colombia (+3%) and Peru (+1.6%) outperformed
due to an easing of political tensions in both markets.

It  was  a difficult month for investors in global markets too; the continuing
sell-off  in  technology  shares  left NASDAQ  down  over  20%  and  sentiment
deteriorated  further  in Japan, so that the MSCI World  Index  fell  7.4%  in
sterling  terms.   MSCI EMF was down 6.7%, pressured by  the  large  falls  in
Argentina and Turkey although Emerging Asia was relatively stable.

Our NAV fell by 8.7%, underperforming the index due to our geared position  in
weak markets.  We were hurt by our relative overweight in Brazil, although our
zero  weight in Argentina was a positive contributor to performance,  as  were
recoveries  in some of our other stocks such as Femsa.  Our share  price  fell
less steeply, by only 6.8%, as the discount narrowed.

BRAZIL

Brazil  retraced its January gains last month, as poor trade figures  weakened
the  currency  by 5% against the US dollar and prevented interest  rates  from
being  cut  further.   Inflation is still subdued  but  accelerating  economic
growth  is fuelling a trade deficit, raising concerns over balance of payments
financing  in  an environment of slowing global growth.  We believe  that  for
these  reasons  local interest rates are likely to stay on  hold  for  several
months.   Industrial production rose 7.5% YOY in December and auto sales  rose
by  17%  in  February,  showing the strength of the  economy  particularly  in
interest-rate  sensitive sectors.  Apart from concerns  over  the  economy  in
neighbouring Argentina, the other factor pressuring the Brazilian market  last
month  was  politics.   A  dispute within the  ruling  coalition  has  worried
investors,  concerned by the potential impact on the government's credibility.
We  view the political instability as temporary but the trade weakness  as  of
more  concern,  particularly in light of the market's expectation  of  further
interest  rate  cuts.   The  Q400  reporting  season  has  been  mixed,   with
disappointing  earnings  reports from banks Unibanco and  Bradesco  offsetting
stronger  figures from Tele Norte Leste.  We were also pleased  to  see  CSN's
announcement   of   a  special  dividend  of  over  US$900m   reflecting   the
restructuring of its cross--shareholdings with CVRD.

MEXICO

The Mexican index fell by 5.9% in sterling terms over February, driven down by
concerns over weaker US growth and poor corporate earnings releases.  With the
publication  of  disappointing  results  from  Televisa,  brewer  Femsa,   and
steelmaker  Hylsamex  we  have  begun  to see  earnings  expectations  revised
downwards  as  we  anticipated.  The manufacturing  side  of  the  economy  is
certainly  slowing  down, as industrial production  data  has  been  weak  and
unemployment  recently  showed a small rise.  However, still-buoyant  consumer
spending fuelled a $1.2bn trade deficit in January as consumer imports rose by
35%.   Inflation has been subdued as agricultural prices fell, allowing short-
term  interest  rates  to come down below 16% by the month  end  from  18%  in
January.

At  the  end of the month we added to our holding in Grupo Televisa which  had
fallen  by  over 20% after a disappointing (and poorly-communicated)  earnings
release.   The  stock has since recovered by around 10%.  In  other  corporate
news  Telmex  finally span off its mobile unit, America Moviles,  into  a  new
company that includes its growing business interests in Brazil.


ARGENTINA

The  Argentine market plunged by nearly 18% in sterling terms in February  due
to an ill-starred combination of weak economic data releases, rising political
tension,   a   money-  laundering  scandal  and  concerns  over  the   Turkish
devaluation.   Tax revenues are still disappointing, causing  a  $940m  budget
deficit in January, and industrial production has not turned around.  Interest
rates  rose, reflecting the contagion effect from Turkey, despite a successful
bond swap earlier in the month and the US$39bn support package arranged by the
IMF  only  months  earlier.   Since the end of  February,  in  a  response  to
plummeting  confidence  at  home and abroad, the Finance  Minister  Jose  Luis
Machinea was replaced in his post by respected former Defence Minister Ricardo
Lopez Murphy.  The Chicago-trained economist's greatest challenges will be  to
improve  consumer confidence in order to jump-start growth, and  to  stimulate
corporate investment.  Although we believe that this appointment is a positive
step,  we  remain underweight Argentina, where we expect the  recovery  to  be
slower  than  anticipated, the outlook for corporate  earnings  poor  and  the
reform agenda to be overshadowed by political risk.


CHILE

Chile  fell  by 6.4% in sterling terms in February, outperforming  the  region
after a 25bp cut in interest rates mid-month from the Central Bank.  A further
50bp   cut  since  month-end  has  brought  rates  down  to  an  exceptionally
stimulative  4%, reflecting the authorities' concern over the  poor  state  of
domestic demand.  Unemployment remains at over 8% and growth is disappointing.
There  has  been  talk  of  a new package of tax cuts  to  stimulate  consumer
spending and encourage corporate investment.   Since the latest rate  cut  the
Chilean  peso  has fallen a further 5% against the dollar to a record  low  of
P590.  This level has prompted companies to hedge their dollar debt, weakening
the currency still further.  Results from telecoms major CTC and Banco Edwards
were  again  affected by bad debt provisions, reflecting the weakness  of  the
domestic  economy.   However, the Luksic group has seen  a  sudden  flurry  of
interest  from  both  Anheuser Busch and Heineken who  have  both  accumulated
stakes  in its CCU brewing and soft drinks unit.  Their involvement signals  a
new  stage  in the consolidation of the brewing industry in Latin  America  in
response  to  the competitive threat from Ambev.  We made no  changes  to  our
Chilean portfolio during the month.

ANDEAN MARKETS

As  previously mentioned, the Andean markets, particularly Peru and  Colombia,
outperformed  the region in February due to the improvement in  the  political
climate   at  a  time  of  rising  risks  elsewhere.   In  Peru's  forthcoming
Presidential election it seems increasingly likely that there will be a second
round  run-off  between  two more moderate candidates,  Alejandro  Toledo  and
conservative Lourdes Flores, rather than a win by discredited former President
Alan Garcia.  However, the economy is still weak and the path to recovery will
be  prolonged.  Political tensions were eased in Colombia with the  resumption
of  peace  talks with a major guerrilla group.  Although the economy  is  much
stronger  than 1999, with industrial production growth of over 10%  and  a  3%
rise in retail sales year on year in December, there have been recent signs of
a  slowdown.   Brewer Bavaria finally ended the strike that had  caused  major
disruption to its production in recent weeks.  In Venezuela, where the  market
fell by 5.4% in sterling terms, there has been little news now that the recent
frenzy  of  corporate activity has subsided.  Inflation is still contained  by
the  strength  of the currency and non-oil exports have shown  some  recovery.
However  there appears to be growing popular dissatisfaction with  the  Chavez
government  which  in turn is causing strains within the coalition.   Telecoms
major   CANTV  reported  results  that  were  weaker  than  anticipated  after
significant severance payments related to a corporate restructuring programme.
We  believe  that  the Andean region will continue to be supported  by  fairly
stable  oil  and  other commodity prices in 2001 but that  the  lack  of  real
progress on structural reform, and continuing political instability, will be a
key  risk  for  these  markets which already suffer from  severely  diminished
liquidity.

NET ASSET VALUE                                              
                                                  Fully diluted
                               28/02/01  31/01/01 28/02/01  31/01/01
                                 89.5p     98.0p    91.7p     98.4p

MID-MARKET SHARE PRICE               28/02/01   31/01/01
Ordinary Shares                       78.50p     84.25p
Warrants                              20.00p     20.75p


NAV based on total assets less current liabilities of £43.2 million (£48.5
million).

                                       Market exposure
                                     28/02/01   31/01/01
EQUITIES                                                 
                                                         
Brazil                                 43.0          44.0
                                                         
Chile                                  10.3          10.1
                                                         
Colombia                                0.4           0.4
                                                         
Mexico                                 32.8          32.2
                                                         
Venezuela                               1.4           1.4
                                                         
TOTAL PORTFOLIO                        87.9          88.1
                                                         
Net Current Assets                     12.1          11.9
                                     ------        ------
TOTAL                                 100.0         100.0
                                     ------        ------

Based on total assets of £53.6 million (£58.8 million).
                                                         
GEARING                                                  
Gearing at                           28/02/01   31/01/01
                                      24.1%         21.2%
                                       ====          ====


LARGEST HOLDINGS (market value £43.6 million equal to 92.5% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          4,563        9.7
Petrobras                    Brazil          3,964        8.4
Ambev                        Brazil          3,383        7.2
Tele Norte Leste             Brazil          3,179        6.7
Banco Itau                   Brazil          3,112        6.6
America Movil                Brazil          2,532        5.4
Unibanco                     Brazil          2,175        4.6
Sider Nacional               Brazil          1,848        3.9
Vale do Rio Doce             Brazil          1,736        3.7
Femsa                        Mexico          1,723        3.7
Telecom de Chile             Chile           1,720        3.7
Banamex                      Mexico          1,639        3.5
Brasil Telecom               Brazil          1,601        3.4
Grupo Modelo                 Mexico          1,497        3.2
Grupo Televisa               Mexico          1,419        3.0
Enersis                      Chile           1,024        2.2
Kimberly-Clark de Mexico     Mexico            862        1.8
Wal-Mart de Mexico           Mexico            818        1.7
Gerdau                       Brazil            796        1.7
Cemex                        Mexico            754        1.6
D & S                        Chile             753        1.6
CANTV                        Venezuela         732        1.6
Telesp Celular               Brazil            625        1.3
Embratel                     Brazil            612        1.3
Endesa                       Chile             489        1.0
                                                                
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.