Monthly Report

Deutsche Latin American Cos Tst PLC
16 October 2003

                    Deutsche Latin American Companies Trust

                     REPORT FOR THE MONTH OF SEPTEMBER 2003



SUMMARY

The Latin American benchmark was down 1.8% in September, after five months of
positive performance as investors took a breather and profit taking ensued.
Argentina was the big winner for the month, up 7.0% in sterling, however its
representation in the index is insignificant, at 3.0%. Chile was also up
strongly, by 4.8%, and as it represents 11.3% of the index, is far more
important. Of the big markets, both Brazil and Mexico were down 3.1% which hurt
performance of the Trust as we are overweight in both of these markets. There
was no significant negative news in the big markets, however nearly all Latin
currencies declined against the pound sterling for the month. The Mexican peso
was off 4.5%, the Brazilian Real down 2.6% and the Argentine peso off 3.8%. The
Chilean peso was flat for the month.

The Trust underperformed the index for the month, with the NAV down 2.9%.
Country allocation was the biggest detractor, and stock selection was fairly
neutral (positive stock selection in Mexico, negative in Brazil). For the year
to date, the NAV for the Trust is up 28.9% versus the index of 32.3%.

BRAZIL

The Brazilian MSCI declined over 3% for the month with the currency weakening by
2.6% against sterling. The market was positively impacted by a further 2%
interest rate cut and by the lower house's passage of the tax reform bill.
Separately, the social security reform bill was approved at the committee level
in the Senate and is expected to go to vote in October. In addition, the Lula
administration circulated a draft proposal for a new regulatory framework, which
proposed diminishing the role of the agencies in charge of regulating
electricity, oil/gas and telecoms. The 12-month inflation rate declined to
15.1%, the lowest level since January. Industrial production figures continue to
show little improvement, with declines in durable, consumer and capital goods
production, indicating continued weakness in the internal economy. On a positive
note, strong export demand has propped up the external accounts and the country
should post its first current account surplus since the advent of the Real Plan
in 1994. Profit taking among investors after the market's 8 month rise led to
declines in several bell weather stocks such as Ambev, Brasil Telecom,
Petrobras, Bradesco, Itau, and Aracruz, all owned in the portfolio.

MEXICO

The Mexican market declined again for the month, falling 3.1%. Political noise
was high, but overall positive, with a well received State of the Union speech
by Fox and cabinet reshuffle. Fiscal and energy reform remain uncertain.
Economic data continues to be sluggish, and with unemployment rising, lower oil
prices (Mexico's chief export) and weaker USD, sentiment remains bearish. The
Peso recovered somewhat from oversold levels earlier in the month, but closed
down 4.5% against the pound. Our performance was hampered by the overweight
position in Mexico, however stock selection was mildly positive. Until the US
shows signs of economic recovery, Mexico will be hindered by its tie to US
industrial production. Our Mexican holdings have been pared down slightly, in
favour of increasing our holdings in Brazil and potential opportunities in
Chile.

On the corporate side, news was again light with the exception of America
Movil's news of further acquisitions in Central America, this after their much
larger acquisition in Brazil of BCP the end of August.

CHILE

The Chilean MSCI again outperformed the regional index for the month, up 4.8% in
sterling terms. In addition, the peso was the sole Latin currency to hold its
own against the pound. We continue to be underweight the index, at 4.6% versus
11.3%, however the manager has begun to add to positions and increase the
holdings in the past few weeks. The Chilean economy is being bolstered by
continued good outlook for its main export, copper, and signs of a pick up in
domestic demand. Moreover, historic low interest rates and continued support for
the currency create a more positive environment for equities.

ARGENTINA

The Argentine MSCI rose for the month, after Argentina reached a three year
agreement with the IMF. In its first proposal to the debt holders after having
defaulted on its debt, Argentina proposed a 75% haircut on its principle and
said that there will not be any interest accrual allowed since it went into
default in December 2001. Predictably, the proposal was rejected outright by the
investment community. Despite some signs of a stabilisation in the market, the
prospects for companies, given the yet to be restructured debt, gives us reason
to avoid Argentine equities.

PERU / VENEZUELA

The Peruvian market had another good month, up 1.0% in sterling however the New
Sol weakened over 5% against the pound. Our sole holding, Buenaventura,
contributed positively to performance as the Trust has an overweight position
and it was up for the month. The Peruvian economy is posting decent growth
figures this year on the back of strong mining activity.

Venezuela was also up strongly for the month, up 5.2%, however its
representation in the index is negligible. Economic activity declined over 9% in
the second quarter, continuing to reflect the impact of the general strike the
beginning of the year. For the first half of the year, the Venezuelan economy
contracted by over 18%. We continue to be uninvested in Venezuela given the
macroeconomic scenario and lack of quality companies.






NET ASSET VALUE
                                                                                                Fully diluted

                                                            30/09/03         31/08/03         30/09/03         31/08/03

                                                               73.1p            75.3p            78.8p            80.5p



MID-MARKET SHARE PRICE                                                                 30/09/03                 31/08/03

Ordinary Shares                                                                          64.00p                   62.30p

Warrants                                                                                 12.30p                   10.75p

Discount/(Premium) %                                                                       12.4                     17.3



NAV based on total assets less current liabilities of £35.0 million (£36.0 million).

                                                            Market exposure
                                                           30/09/03   31/08/03
                                                                 %          %
  EQUITIES                                                                    
  Brazil                                                       50.3       51.3
  Chile                                                         4.6        3.2
  Mexico                                                       41.8       43.7
  Peru                                                          2.2        2.1
  TOTAL PORTFOLIO                                              98.9      100.3
  Net Current Assets                                            1.1      (0.3)
                                                           --------   --------
  TOTAL                                                       100.0     100.0)
                                                           --------   --------
  Based on total assets of £38.0 million (£39.1 million).                     

  GEARING                                                                     
  Gearing at                                               30/09/03   31/08/03
                                                               8.6%       8.8%
                                                               ====       ====
                                                                              
  LARGEST HOLDINGS (market value £36.0 million equal to 95.7% of total        
  portfolio)                                                                  
                                         Country            £000's        % of
                                                                     portfolio

  Petrobras                               Brazil             4,313        11.5
  Vale do Rio Doce                        Brazil             3,235         8.6
  America Movil                           Mexico             3,046         8.1
  Wal-Mart de Mexico                      Mexico             2,860         7.6
  Telmex                                  Mexico             2,170         5.8
  Ambev                                   Brazil             1,995         5.3
  Cemex                                   Mexico             1,921         5.1
  Banco Itau                              Brazil             1,810         4.8
  G.F BBVA-Bancomer                       Mexico             1,775         4.7
  Grupo Televisa                          Mexico             1,746         4.7
  Tele Norte Leste                        Brazil             1,731         4.6
  Brasil Telecom                          Brazil             1,079         2.9
  Femsa                                   Mexico             1,060         2.8
  Sider Nacional                          Brazil               855         2.3
  Minas Buenaventura                        Peru               834         2.2
  Bco Bradesco                            Brazil               759         2.0
  Gerdau                                  Brazil               737         2.0
  Coca-Cola Femsa                         Mexico               629         1.7
  Pao de Acucar                           Brazil               527         1.4
  Telecom de Chile                         Chile               521         1.4
  Grupo Modelo                            Mexico               498         1.3
  Enersis                                  Chile               487         1.3
  Bco Santander                            Chile               485         1.3
  Cemig Cia                               Brazil               464         1.2
  Aracruz Celulose                        Brazil               422         1.1

                                                                              
Financial Calendar
Half-year results announced                                      22 October 2003


For further information, contact Mark Pope at Deutsche Investment Trust Managers
Limited on 020-7545-0520.

For additional copies, changes of address or details of our Private Investors'
Plan, low cost ISA 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: [e-mail]. Further details of Deutsche Latin American
Companies 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 Deutsche Latin American Companies Trust PLC and approved by Deutsche
Investment Trust Managers Limited, authorised and regulated by the Financial
Services Authority and manager of Deutsche Latin American Companies 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 may 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.


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