RNS Number:3748M
Anglo & Overseas Trust PLC
16 June 2003

                             Anglo & Overseas Trust

                        REPORT FOR THE MONTH OF MAY 2003

REVIEW

Equity markets have continued to rally as the war relief rally converts into a
reassessment of current valuations.

We continued to maintain our level of borrowings which has helped performance in
a rising market.

UK

The UK equity market continued to recover from the depressed levels achieved
earlier in the year, with the FTSE All-Share Index rising by 4.1% in capital
terms. Medium-sized and smaller companies continued to outperform, with the FTSE
Small Cap Index rising by 10.8%, the FTSE Mid 250 Index by 9.7% and the FTSE 100
Index by 3.1% in capital terms.

The best performing sectors over the month were Household Goods & Textiles and
the "TMT" areas of Software, IT Hardware, Media and Telecoms. "Cyclical" areas
such as Engineering and Forestry & Paper also outperformed, as did Insurance and
Real Estate. The worst performing sectors were the "defensive" areas of Food
Producers, Beverages, Pharmaceuticals and Utilities.

Major transactions during the period included adding to existing holdings in
Imperial Tobacco and establishing new holdings in Gallaher and Unilever.
Holdings were sold in both HBOS and Rank Group and reduced in BPB.

USA

The S&P 500 moved higher for its third straight month in a rally that has driven
the broad index up 20% since mid-March. In May, equity market gains seem to be
attributable to a pickup in investor optimism following generally
stronger-than-expected first quarter earnings and by the passage of a $350
billion stimulative tax plan.

Concerns over the weakening dollar and an increase in the terrorism threat
indicator put some downward pressure on equity markets, but not enough to
prevent them from moving higher. The US dollar sank to multi-year lows against
the euro and the Japanese yen amid what some saw as signs that Washington was
discarding its strong dollar policy. Treasury Secretary John Snow declared that
the value of the US dollar should be determined by market fundamentals and
public confidence. Many interpreted the statement to imply that the Bush
administration is indifferent to the weakening dollar and has no intention of
taking action to halt its decline. The perceived shift in policy raised fears
that further dollar declines would frighten foreign investors into withdrawing
from U.S. investments.

The tax package, which will cut taxes on dividends to 15%, understandably drove
up shares of some high yielding sectors such as utilities. Tobacco shares gained
after a court overturned a $145 billion verdict against several tobacco firms.
Pharmaceutical shares were weaker after an unfavourable court ruling related to
uninsured patients in Maine.

The broad market S&P 500 gained 5.1%, in USD terms, for the month. The utilities
and energy sectors were the biggest contributors to its performance.

Transactions during the period included purchases of Biovail, a specialty/
generic pharmaceutical company, Coca Cola and Hartford, shares of ConAgra were
sold.

Japan

The Japanese market rallied in May, primarily on the back of a stronger US
market and the inflow of foreign institutional money during the month. Short
covering of lower quality, low priced stocks in technology and related sectors
following the public injection of funds into Resona Bank also helped to push the
market higher. While Japanese macro economic announcements during the month
continued to point to a weak Japanese economy, corporate profitability for the
year ending March 2003 was strong with operating profits for non-financial
companies up 17.5% on last year, mainly due to cost cutting. During the month we
established a holding in Chubu Electric Power, whose dividend yield of 2.6%
looks secure and attractive relative to the market. We reduced the holding in
Japan Telecom and added further to the large holding in KDDI. We reduced the
holding in trading company Mitsui & Co in favour of Mitsubishi Corp. We sold our
position in Keyence following a good run, which left the share looking fully
valued.

EUROPE

Markets rose over the course of the month, as investor risk appetite increased
and optimism about monetary easing developed.

We were relatively active, with total sales of Metro (retailing), Danone (food
manufacturing), Fortum (utilities) and Tieto (technology). In addition we
reduced our large overweight in Telecom Italia after a strong performance.

On the buy side we established new positions in BNP (banks), BMW (cars),
Generali (insurance) and Henkel (consumer products.




NET ASSET VALUE                                                                          31/05/03               30/04/03

prior charges at nominal value                                                            202.16p                194.37p

prior charges at market value                                                             183.57p                177.80p

MID-MARKET SHARE PRICE

Ordinary Share                                                                            161.50p                156.50p

Dividend Yield (%)                                                                            2.4                    2.5


DISTRIBUTION OF ASSETS at market value                                                   31/05/03               30/04/03

                                                                                          Market exposure

                                                                                                %                      %
EQUITIES
United Kingdom                                                                               43.7                   43.5
U.S.A.                                                                                       32.7                   33.2
Latin America                                                                                 0.6                    0.6

Japan                                                                                         4.2                    4.2

Belgium                                                                                       0.4                    0.4
Denmark                                                                                       0.4                    0.4
Eire                                                                                          0.1                    0.1
Finland                                                                                       0.6                    0.9
France                                                                                        1.6                    1.6
Germany                                                                                       1.8                    1.8

Greece                                                                                        0.1                    0.1
Italy                                                                                         1.4                    1.4
Netherlands                                                                                   0.7                    0.7
Norway                                                                                        0.1                    0.1
Portugal                                                                                      0.4                    0.4
Spain                                                                                         1.0                    0.8
Sweden                                                                                        0.5                    0.6
Switzerland                                                                                   2.3                    2.3

TOTAL PORTFOLIO                                                                              92.6                   93.1

Net Current Assets                                                                            7.4                    6.9
                                                                                       ----------             ----------
TOTAL                                                                                      100.00                 100.00
                                                                                       ----------             ----------
Based on total assets less current liabilities of #279.9 million (#271.7 million).

GEARING

Borrowings and Gearing at                                                                31/05/03               30/04/03
                                                                                           #000's                 #000's

Debenture Stock 2020                                                                       34,405                 34,402
Debenture Stock 2012                                                                       33,708                 33,696
                                                                                      -----------            -----------
                                                                                           68,113                 68,098
                                                                                            =====                  =====
                                                                                            33.4%                  33.4%
                                                                                            =====                  =====
Based on net asset value of #211.8 million (#203.6 million).


LARGEST HOLDINGS (market value #105.5 million equal to 40.7% of total portfolio)


                                                                                        #'000's             % of
                                                                                                       portfolio

HSBC Holdings                                                                             9,755           3.8

Vodafone Group                                                                            9,008           3.5

GlaxoSmithKline                                                                           8,438           3.3

BP                                                                                        8,311           3.2

Royal Bank of Scotland                                                                    6,699           2.6

Shell Transport & Trading                                                                 5,841           2.2

AstraZeneca                                                                               5,777           2.2

BT Group                                                                                  3,689           1.4

Bank of America                                                                           3,533           1.4

Microsoft                                                                                 3,449           1.3

Citigroup                                                                                 3,440           1.3

Exxon Mobil                                                                               3,424           1.3

General Electric Co. of America                                                           3,115           1.2

Scottish and Southern Energy                                                              2,930           1.1

Pfizer                                                                                    2,906           1.1

Imperial Tobacco                                                                          2,883           1.1

United Technologies                                                                       2,737           1.1

Lloyds TSB                                                                                2,668           1.0

Johnson & Johnson                                                                         2,598           1.0

Cisco Systems                                                                             2,562           1.0

Tate & Lyle                                                                               2,537           1.0

Barclays                                                                                  2,424           0.9

Unilever                                                                                  2,318           0.9

Standard Chartered                                                                        2,213           0.9

3M Company                                                                                2,208           0.9


FINANCIAL CALENDAR                                                                               30 June 2003

Half-year end

For further information, contact Mark Pope 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, PEP Transfer and Dividend Reinvestment Plan (a plan 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: mark.pope@db.com. Further details of Anglo &
Overseas Trust including the latest annual, interim and monthly reports can be
found on the Deutsche Investment Trust Managers website located at
www.deutsche-its.co.uk.

Issued by Anglo & Overseas Trust PLC and approved by Deutsche Investment Trust
Managers Limited, authorised and regulated by the Financial Services Authority
and manager of Anglo & Overseas Trust PLC. Investors should be aware that past
performance is not necessarily a guide to future returns, the price of shares
and the income from them 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. Anglo & Overseas Trust PLC may invest in shares traded
in emerging markets which may at times be illiquid and/or volatile.


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