Monthly Report-Mar 2000,etc.

Morgan Grenfell Lat Amer Co Tst PLC
11 April 2000


                      REPORT FOR THE MONTH OF MARCH 2000

SUMMARY

Latin  American markets had a weak March, declining by 0.31% in sterling terms
according to the MSCI Latin America Free Index as they succumbed to  the  bout
of  volatility  that hit many world stock markets during the  month.   Various
global  events  created nervousness in Latin America: the US  Federal  Reserve
raised  rates again in its fifth upwards move since June 1999, NASDAQ suffered
heavy  slides at the end of the month, and the oil price was highly  volatile,
falling  20%  from  its  peak  after  OPEC  members  agreed  production  cuts.
Nevertheless,  our  favoured  markets, Brazil and  Mexico  both  did  well  on
fundamentals, up 2.60% and 1.27% respectively.  Mexico was awarded  a  coveted
investment  grade  rating by Moody's, which carried all the  regional  markets
higher  early in the month.  Later in March, Brazil cut its overnight rate  to
18.5%  from  19% in what we expect to be the first of a series of rate-cutting
moves.   For  the first quarter, MSCI Latin America Free is now  up  4.31%  in
sterling terms against a MSCI World Index up only 2.14%.

Our  relative  performance was good during the month; our NAV rose  by  0.20%,
ahead  of  the  index,  as  our  overweights in  the  best-performing  markets
supported us during a volatile period.  Our share price fell to 83.5p, a  drop
of 0.9%, as the discount widened out in line with the whole sector.

MEXICO

As  we  commented  above,  Mexico  had  a  good  run  in  March.   Mexico  has
outperformed the rest of the region (including Brazil) since October due to  a
combination  of  positive factors: falling inflation (well below  the  Central
Bank's forecast) and lower interest rates; US economic growth, which continued
unabated;  the  rising oil price; the major banks' decision  to  significantly
increase  loan loss coverage, and BBV's acquisition of Bancomer,  raising  the
prospects  for further consolidation; a re-rating of Mexico's telecoms,  media
and  technology-proxy stocks (including banks and retailers) which  are  major
index  weights; strong GDP growth in Q499 and prospects of growth near  7%  in
Q100;  and Moody's upgrade of Mexico's debt rating to investment grade.  These
factors  have  led  real interest rates to fall to around  2.5%  (taking  into
account 12-month inflation rates as low as 10.11% in March).  We believe  that
this  is as far as the broad market can run in the near term, though there  is
still  room  for  individual stocks to rise.  We trimmed  our  interest  rate-
sensitive  exposure  in  Mexico towards the end  of  the  month,  specifically
Banamex, which is now at a neutral weighting after its strong rally.  We  have
also  reduced our holding in Desc, which is encountering a difficult operating
environment  in  many  of its business divisions; we  do  not  anticipate  any
improvement  in  the  next six months.  Most of the cash raised  has  gone  to
Brazil,  but  we have also added to our weighting in Kimberley  Clark,  as  we
consider that consumer spending is likely to remain strong this year.

BRAZIL

We  are extremely positive about the Brazilian market for a number of reasons.
Inflation is falling faster than forecast by the Central Bank: latest  figures
show  12  month  inflation at 6.6% in March against 8.6% in  December.   As  a
result of this subdued inflation, the authorities cut interest rates in  March
by  50bp to 18.5%: we believe they can fall significantly further by the year-
end.  GDP growth is ahead of expectations: Q499 GDP growth was up 5.2% YOY and
16.9%  above the previous quarter.  Brazil's sovereign credit rating could  be
upgraded  as  the  fiscal deficit narrows; and as real  rates  fall,  domestic
savings will inevitably move from bonds to equities.

In  the stock market, consolidation within the banking and telecoms sectors is
likely, a theme which we have been emphasising for some time.

Over  the past month, we have added to our Brazil weighting, focusing  on  the
interest  rate-sensitive sectors of the economy: we added to Gerdau,  Brazil's
leading  manufacturer of long steel, with a successful international business.
Since  the month end we have increased our exposure to Unibanco, the  cheapest
of  the  three leading bank franchises, and added a new position in steelmaker
CSN,  which  should benefit from improving demand and prices in  the  domestic
market.

CHILE

The  Chilean  market  fell by 1.51% in March in sterling terms.   The  hawkish
Chilean  central bank, noting the strength of the economy (GDP  grew  4.9%  in
December  1999) and the likely inflationary impact of high oil prices,  raised
rates by 25bp to 5.25%.

During  the  month,  we  sold  our  position in  banking-to-food  conglomerate
Quinenco,  the Luksic group's main investment vehicle, in order to  invest  in
more mainstream opportunities: we added to our position in Telefonica de Chile
and  made a new investment in Enersis, the electrical utility owned by  Endesa
of Spain, which we believe to have good prospects as the economy recovers.

ARGENTINA

The Argentine market fell 11.46% in March, after a strong performance over the
first  two  months of the year.  This followed some very mixed  data  releases
which  provided no real evidence of the expected economic rebound.  On balance
we  believe that the economy is likely to stage a degree of economic expansion
in  2000 but that growth will be below consensus.  We therefore see no  reason
to alter our bearish outlook on the market and remain underweight.

We made no changes to our portfolio during the month.

ANDEAN MARKETS

The  Andean  markets performed poorly over the month; Peru fell by  10.85%  in
sterling  terms, Venezuela by 9.15% and Colombia by 2.83%.  After the euphoria
following Telefonica de Espana's bid for TDP, the Peruvian market sold off  in
line  with  Telefonica  itself,  reflecting  the  de-rating  of  its  internet
subsidiary,  Terra  Networks; the prospect of an  election  win  for  populist
Presidential candidate Alejandro Toledo also unsettled  the  market.  Colombia
was  weak  despite  the  successful completion  of  a  $176m new capital issue
by the leading  bank, Bancolombia, placed with both domestic and international
investors.  Venezuela  performed poorly  largely  in  line with the oil price.
 During the month,  we  added  a position  in  CANTV,  the Venezuelan telecoms
company, which  we  find  highly attractive due to its cheap valuation ($1100
per subscriber vs $1900 paid last month by Telmex for Conecel in Ecuador).


NET ASSET VALUE                                              
                                                  Fully diluted
                               31/03/00  29/02/00 31/03/00  29/02/00
                                 99.4p     99.2p    99.5p     99.3p

MID-MARKET SHARE PRICE               31/03/00   29/02/00
Ordinary Shares                       83.50p     84.25p
Warrants                              24.50p     26.75p


                                       Market exposure
                                     31/03/00   29/02/00
EQUITIES                                                 
                                                         
Argentina                               1.3           1.9
                                                         
Brazil                                 41.1          37.5
                                                         
Chile                                  10.2          10.0
                                                         
Colombia                                0.7           0.7
                                                         
Mexico                                 44.3          44.2
                                                         
Peru                                    1.6           3.2
                                                         
Venezuela                               1.6             -
                                                         
TOTAL PORTFOLIO                       100.8          97.5
                                                         
Net Current Assets                    (0.8)           2.5
                                     ------       -------
TOTAL                                 100.0         100.0
                                     ------       -------
                                        
Based on total assets less current liabilities of £58.4 million (£59.7
million).
                                                         
GEARING                                                  
Borrowings and Gearing at            31/03/00     29/02/00
                                      £000's       £000's
                                        NIL           NIL
                                       ====          ====
                                                         

LARGEST HOLDINGS (market value £50.4 million equal to 85.6% of total
portfolio)
                                                      
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          9,940       16.9
Tele Norte Leste             Brazil          3,321        5.6
Femsa                        Mexico          2,644        4.5
Tele Centro Sul              Brazil          2,397        4.1
Telecom de Chile             Chile           2,312        3.9
Petrobras                    Brazil          2,246        3.8
Banco Itau                   Brazil          2,210        3.8
Unibanco                     Brazil          2,189        3.7
Vale do Rio Doce             Brazil          2,124        3.6
Telesp                       Brazil          1,874        3.2
Brahma                       Brazil          1,662        2.8
Telesp Celular               Brazil          1,618        2.7
Soriana                      Mexico          1,580        2.7
Grupo Televisa               Mexico          1,547        2.6
Banamex                      Mexico          1,536        2.6
Embratel                     Brazil          1,414        2.4
Gerdau                       Brazil          1,404        2.4
Grupo Modelo                 Mexico          1,325        2.3
Alfa                         Mexico          1,288        2.2
Kimberly-Clark               Mexico          1,161        2.0
Cemex                        Mexico          1,111        1.9
Credicorp                    Peru              950        1.6
CANTV                        Venezuela         905        1.5
Gissa                        Mexico            821        1.4
Desc                         Mexico            815        1.4
                                                                

FINANCIAL CALENDAR                                              
Preliminary Results Announced                         26 April 2000



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