Report for January 2001

Deutsche Latin American Cos Tst PLC
13 February 2001


                     REPORT FOR THE MONTH OF JANUARY 2001

SUMMARY

Latin  American  markets had a good start to the year,  with  the  MSCI  Latin
America  Free  Index  rising  by 16.3% in sterling  terms,  triggered  by  the
surprise Fed rate cut on 3 January and improving sentiment towards the  region
after the IMF-led package for Argentina.  The strongest regional markets  were
Argentina  (up  32.1% on lower interest rates) and Venezuela,  which  rose  by
26.5%  on  continued  corporate activity.  For the month, Mexico  outperformed
Brazil.

Our  NAV rose by 16.0% in January, in line with the index.  Although our  zero
weighting  in Argentina meant that we missed out on the sharp rally there,  we
benefited  from good performance from individual stocks in Mexico and  Brazil.
Our  share  price  rose  strongly, up 18.3% for the  month,  as  the  discount
narrowed to 14.4%.

As  we  commented last month, in a world of slower but still positive  growth,
with  lower  energy  costs and falling interest rates, the outlook  for  Latin
America  is relatively good.  Important factors to watch over the next  twelve
months are the direction of oil prices and the extent of a slowdown in the  US
economy.   Our  Brazil overweight reflects our belief that the Central  Bank's
ability to cut interest rates will be maintained, and that the strong domestic
economy  will support corporate earnings growth of above 30%.  Mexico  is  far
more  vulnerable  to  those negative factors, which is  why  we  maintain  our
neutral  weighting.  However, we are watching out for signs of an  improvement
in  the outlook for Mexico, as the authorities are well aware of the risks and
real rates are high.

BRAZIL

The Brazilian market rose by 13% over the month, driven by declining risk of a
default  in  Argentina and the two rate cuts which took  the  Selic  overnight
interest rate to 15.2% by the end of January.

Leading  indicators  showed evidence of a strong end to the  year:  industrial
production  rose by 7.3% in December, the jobless rate dropped  to  5.6%  from
6.8%  in  November  and car sales were strong.  Improving consumer  confidence
numbers  also  boosted  President Cardoso's approval ratings.   Good  economic
growth  pushed  the  primary fiscal surplus to R$38.2bn, well  above  the  IMF
target.   However,  as we have previously commented, the  downside  of  strong
growth  is  the deterioration of the trade balance, which led to a lower-than-
expected  improvement in the current account deficit.  The weakness  of  trade
numbers  in  comparison with the government's forecast has  led  to  a  recent
weakening in the currency past the R$2/US$1 level, and may mean that the rate-
cutting  cycle  needs to pause.  However, we believe that the  improvement  in
company  earnings  that we expect to see in the current  economic  environment
should allow the market a further re-rating.

The  main corporate news in January was the announcement that Portugal Telecom
and Telefonica de Espana plan to merge their $10bn mobile phone operations  in
Brazil,  subject  to  approval of the regulator,  to  create  Latin  America's
largest mobile operator with almost 9.5m subscribers.

MEXICO

The  Mexican  market  rose by 17.7% in January; early  currency  weakness  was
reversed  when the Central Bank tightened monetary policy further in  response
to inflationary pressures and the trade impact of the US slowdown.  Industrial
production figures for November (+4.4% YOY) have already started to show  some
cooling  off,  while weaker export growth led the December  trade  deficit  to
$1.5bn,  its  highest  level since 1994.  Official  GDP  growth  targets  were
lowered  from  4.5% to 4% for 2001.  Recent meetings with the  government  and
monetary  authorities lead us to believe that they are only too well aware  of
the risks posed to Mexico of a US recession and that they will attempt to slow
the  economy  by  both monetary and fiscal means in order  to  avoid  a  crash
landing.   With real interest rates already at levels of close to  10%,  there
will be more upside in the Mexican market if they can engineer a slowdown.

Good  Q400  results were released by leading Mexican bank Banacci, showing  an
improvement in core earnings and asset quality.  We believe that it and  rival
Bancomer,  now owned by BBVA of Spain, should be able to continue  to  show  a
high  return  in  a high interest rate environment.  At the  same  time  their
lending  exposure is relatively low, so that they look defensive in the  event
of  a US-driven slowdown.  Daimler Chrysler announced the partial shutdown  of
three  Mexican  plants  as part of its global restructuring  plan,  triggering
concerns over further margin pressure in the conglomerate sector.  We made  no
major changes to our portfolio during the month.

ARGENTINA

Argentina  was the region's strongest market in January, up 32.4% in  sterling
terms,  after  the IMF support package and the surprise US interest  rate  cut
allowed  local interest rates to fall.  There was also relatively  encouraging
news of a slight rise in soft commodity prices, stable oil prices and a weaker
US  dollar.   Local data releases were mixed, with preliminary indications  of
stronger  industrial  production  and  a  rise  in  construction  activity  in
December,  while consumer confidence rose in January.  However, poor  December
tax  revenues  reveal the continuing weakness of the domestic economy.   In  a
sign  of  the  improved  confidence  of financial  markets  in  Argentina  the
government  successfully carried out a US$4bn debt swap in the first  week  of
February  which  enabled  it  to  extend the overall  maturity  of  its  debt.
However,  we continue to believe that it will be necessary for the country  to
show  a  real  resumption  in  domestic growth this  year  together  with  the
political  will  to  press forward with structural reform in  order  to  avoid
another deterioration in confidence.

The  main corporate news was the buyout of the remaining minority shareholders
of  Banco  Frances by its controlling shareholder, Spain's BBVA.  The  premium
paid  for  the 32% stake led the stock up by 48% over the month in USD  terms,
and  values it at around 1.8 x book.  We made no change to our zero weight  in
Argentina over the month.

CHILE

The  Chilean  market underperformed the region, rising by  10.9%  in  sterling
terms,  despite  a  small  rate cut by the Central Bank  and  a  strengthening
currency.   After  November  GDP  data showed a  continued  slowdown  (+4.6%),
December  industrial production and retail sales figures  were  weak  and  the
trade  balance showed a surplus on weak import demand, a 25bp rate cut  seemed
justified.   In addition inflation figures are benign, with the core  rate  at
3.4% for the full year.  The Central Bank has indicated it has further room to
cut  rates  if necessary.  We believe that the lower level of rates at  4.75%,
falling  unemployment,  real wage stability and a  calmer  political  backdrop
should  boost  consumer confidence and contribute to stronger domestic  demand
this year.

US brewing group Anheuser Busch bought a 14% stake in Chilean beverage company
CCU,  part  of  the  Luksic  group, from local  minority  shareholders.   This
agreement  cements  AB's  distribution agreement  with  CCU  and  has  focused
attention once again on the strategy of rivals including Heineken and Ambev in
the  Southern Cone.  We believe that a return to growth in Chile and Argentina
will  benefit CCU but that increasing competition in its home market may limit
its effects on earnings.

ANDEAN MARKETS

The Andean markets were led in January by a 26.5% rise in Venezuela, driven by
the acquisition of food group Mavesa by brewer Polar and a rally in shares  of
telecoms  group CANTV on takeover speculation.  The strength of the oil  price
also helped the market.  Venezuelan GDP growth was 5.6% in Q400, and 3.2%  for
the  full year, lifted by increased government spending and investment in  the
telecommunications and oil sectors.  The Colombian market was boosted  by  the
announcement  that BBVA would buy out the remaining shares in Banco  Ganadero.
While economic growth is improving in Colombia, unemployment is still close to
20%  and  peace talks with the main guerrilla groups have shown only faltering
progress.   Peru  is  still  suffering from weak economic  growth,  caused  by
political  uncertainty.  Early polls ahead of the April elections show  former
presidential  challenger Alejandro Toledo in the lead, with not inconsiderable
support  for ex-President Alan Garcia.  The number of takeovers in the  Andean
markets in recent months leaves liquidity seriously diminished even if  growth
and political stability were to return.


NET ASSET VALUE                                              
                                                  Fully diluted
                               31/01/01  31/12/00 31/01/01  31/12/00
                                 98.0p     84.5p    98.4p     87.7p

MID-MARKET SHARE PRICE               31/01/01   31/12/00
Ordinary Shares                       84.25p     71.25p
Warrants                              20.75p     14.75p


NAV based on total assets less current liabilities of £48.5 million (£41.8
million).

                                       Market exposure
                                     31/01/01   31/12/00
EQUITIES                                                 
                                                         
Brazil                                 44.0          45.0
                                                         
Chile                                  10.1           9.9
                                                         
Colombia                                0.4           0.4
                                                         
Mexico                                 32.2          31.3
                                                         
Venezuela                               1.4           1.2
                                                         
TOTAL PORTFOLIO                        88.1          87.8
                                                         
Net Current Assets                     11.9          12.2
                                   --------      --------
TOTAL                                 100.0         100.0
                                   --------      --------

Based on total assets of £58.8 million (£51.8 million).
                                                         
GEARING                                                  
Borrowings and Gearing at            31/12/00   31/12/00
                                      21.2%         24.0%
                                       ====          ====


LARGEST HOLDINGS (market value £48.3 million equal to 93.4% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          7,577       14.6
Petrobras                    Brazil          3,879        7.5
Ambev                        Brazil          3,862        7.5
Banco Itau                   Brazil          3,672        7.1
Tele Norte Leste             Brazil          3,579        6.9
Unibanco                     Brazil          2,726        5.3
Sider Nacional               Brazil          2,010        3.9
Brasil Telecom               Brazil          1,924        3.7
Telecom de Chile             Chile           1,859        3.6
Vale do Rio Doce             Brazil          1,780        3.4
Femsa                        Mexico          1,719        3.3
Banamex                      Mexico          1,709        3.3
Grupo Modelo                 Mexico          1,614        3.1
Grupo Televisa               Mexico          1,512        2.9
Enersis                      Chile           1,127        2.2
Gerdau                       Brazil            916        1.8
Kimberly-Clark de Mexico     Mexico            864        1.7
Embratel                     Brazil            834        1.6
CANTV                        Venezuela         825        1.6
Wal-Mart de Mexico           Mexico            805        1.6
D & S                        Chile             802        1.5
Cemex                        Mexico            755        1.5
Soriana                      Mexico            750        1.5
Telesp Celular               Brazil            692        1.3
Grupo Carso                  Mexico            530        1.0
                                                                

FINANCIAL CALENDAR                                              
                                                                
Year End                                        28 February 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.