Report for Month of Sept.2000

Deutsche Latin American Cos Tst PLC
10 October 2000



Deutsche Latin American Companies Trust


                    REPORT FOR THE MONTH OF SEPTEMBER 2000



SUMMARY

September  was a weak month for equity markets around the world,  as  concerns
over  rising  oil  prices and weaker third quarter earnings hit  share  prices
hard,  particularly those in the technology, media and telecoms  sector.   The
Latin  American markets were no exception, with the MSCI Latin  American  Free
Index falling 7.5% in sterling terms over the month.  Even harder hit were the
Emerging Asian markets and the US NASDAQ Index due to their high weightings in
technology  stocks.  Within Latin America, telecoms stocks were generally  the
worst  performers over the month, in addition to companies exposed  to  rising
energy prices.  Peru was the weakest market in September, down 12% in sterling
terms  as  President Fujimori's announcement that he would stand down  plunged
the  country into political crisis.  The region's two largest markets,  Brazil
and  Mexico,  fell by 7.9% and 8.8% respectively.  However,  we  believe  that
although  volatility  will persist for a while, as earnings  expectations  are
readjusted  to  incorporate a scenario of likely higher commodity  prices  and
slower  growth, the fundamentals of Latin America looking ahead  to  2001  are
very attractive and should be recognised again.

Our  NAV  fell by 8% over the month, just behind the index, due to our  higher
weighting  in  the  hard-hit  Brazilian telecoms stocks  and  others  such  as
Credicorp in Peru which saw big falls.  However, other stocks in our portfolio
were actually up for the month, including Brazilian brewer Brahma (now Ambev),
CANTV  of  Venezuela and Telmex, which announced the spin-off of its  wireless
assets.   Chile  also  proved a relatively defensive market.   For  the  third
quarter, our NAV was down 3.7%, in line with the index.

MEXICO

The  Mexican market was no stranger to volatility in September, with the  peso
sliding  from  its peak despite the strong oil price, and big  moves  seen  in
individual  stocks.  Growth continues to be strong, with industrial production
up  5.8%  and retail sales rising 10.4% in July.  Inflation moved higher  than
expected in August, with the CPI figure up 0.6% after a 0.4% rise in July  due
to  price  increases in foodstuffs.  Nevertheless, the year-on-year  inflation
figure  is  9.1%,  still within the government's target.   The  most  negative
impact of this strong economic growth has been on the trade accounts.  Despite
the  high  oil  price,  the trade deficit has worsened significantly,  and  is
likely  to  continue to rise as the slowing US economy and  lower  oil  prices
bring down the value of exports, while consumer demand sucks in imports.  This
will  put pressure on the currency and result in higher interest rates.  As  a
result, we are growing more cautious on the Mexican market.

During  the  month,  Telmex  announced its decision  to  spin-off  its  mobile
telephony assets into a newly created vehicle, America Movil, to be listed  in
November.  This will contain not only its Mexican cellular business  but  also
its  Brazilian  wireless  licences and other international  assets.   Also  in
September, Mexican cement producer Cemex (the world's third largest) announced
the  acquisition  of  US  producer Southdown in a US$2.8bn  transaction  which
provides them with access to a relatively stable US$ cashflow and a lower cost
of funding.  Steelmaker Hylsamex, a subsidiary of conglomerate Alfa, confirmed
that  it  was  to  shut  down part of its production,  which  is  particularly
affected  by high natural gas prices.  The stock plunged in response  to  this
piece  of  news coming after continued concerns over the effect of the  strong
peso  on Alfa's export revenues.  During the month we added a position in low-
income homebuilder Geo, which we expect to benefit from a renewed emphasis  on
social  programmes  from  the Fox administration, as well  as  from  improving
cashflows due to debt reduction and its exit from a poorly-performing US joint
venture.  It is trading at a considerable discount to its peer, Consorcio Ara.

BRAZIL

The  Brazilian  market fell by 7.9% in sterling over the  month;  the  biggest
declines  were  posted  in  telecoms stocks, both  cellular  and  fixed  line.
Inflation  concerns,  largely due to the pass-through  of  higher  global  oil
prices,  prevented the Central Bank from cutting interest rates.   The  August
CPI  figure for Sao Paulo was 1.6%, higher than the July figure of 1.44%,  and
bringing YTD inflation to 3.9%.  Most of the uptick has been caused by  higher
food  prices.   However,  September's figures  released  this  week  showed  a
significant  improvement: the rate slowed to 0.3%.  Other  economic  data  was
broadly positive, confirming the ongoing recovery.  Industrial production rose
6.8%  YOY  in  July  and  7.7% in August, led by capital  goods  and  consumer
durables.   However, the strong recovery has led to a rise in  imports,  which
has meant that the year to date trade surplus has been eroded.  Imports are no
longer restricted to oil and intermediate goods, but now include consumer  and
capital goods as well.  Exports are still performing well, led by manufactured
goods.

The  fiscal performance of Brazil has been very strong; it recorded a  primary
surplus  of R6.5bn in August, some R2.2bn above the Q3 target.  In particular,
tax  collection has been rising due to the economic recovery, and  states  are
now  prevented  from  spending these revenues under the fiscal  responsibility
legislation.   As  a  result, the consolidated primary  surplus  should  reach
around  3.5% of GDP at YE2000, and the nominal deficit should fall to  between
3% and 4% of GDP.

In  company news, brewer Brahma became Ambev following its take-over of  rival
Antartica  and  listing  of the merged entity on  the  NYSE.   The  share  was
extremely  strong during the month (up 10% in USD) as the management  embarked
on an  international roadshow, explaining  to investors the  cost savings  and
top-line  enhancement  they  foresee for the merged company  as  a  result  of
its  considerable  market power.  Ambev also  benefited from its status  as  a
blue-chip  consumer  play.   Retailer  Pao de Acucar is  also  seeing positive
same-storesales growth, led by its Eletro white goods and consumer electronics
division.

We made no major changes to our portfolio during the month.

CHILE

The  Chilean market was relatively defensive in September, down only  3.8%  in
sterling terms despite continued weakness in the currency.  Copper prices have
held  firm.   July's Imacec, which measures GDP growth, rose 8.1%,  above  the
4.8%  registered  in June.  However, the Central Bank cut  its  forecasts  for
annual  GDP growth back to 5.6% for 2000 (from 5.9%) and 5.7% from 2001  (from
6.2%), reflecting the weakness of the domestic economy.  Retail sales fell  in
August, the first decline this year, showing the low level of consumer demand.
Inflation  rose  slightly in August as rising transport  costs  reflected  the
higher  oil  price.   Indications received from Chilean  companies  show  some
incipient  recovery in domestic consumption, and we believe  that  the  market
should  show  better performance as this is confirmed.  We also  believe  that
there  is  the  likelihood  of  corporate activity  as  Telefonica  de  Espana
consolidates its regional presence.

ARGENTINA

The  market  fell by 5.6% in sterling over the month as weak August industrial
production  data  (down 0.7% YOY) and poor Q2 GDP growth (0.8%)  continued  to
depress  expectations of recovery.  Exports are benefiting from the  high  oil
price, with imports subdued due to weak domestic demand.  Fiscal targets  have
now been renegotiated with the IMF; the futility of imposing further cuts (and
thus further undermining confidence and depressing tax receipts) seems to have
been  recognised.   This  change  may allow some  fiscal  stimulation  of  the
economy,  which when combined with recovery in neighbouring Brazil  and  Chile
and  an improvement in the terms of trade may have a chance of success.   This
is  however a high-risk strategy.  Valuations of Argentine stocks remain  high
and liquidity poor and we remain underweight.

ANDEAN MARKETS

The main focus during the month was in Peru where President Fujimori announced
that  he  would  step  down  after  early  elections  next  year.   After  his
controversial  re-election in May, he had seemed to want to press  ahead  with
policies  designed to tighten fiscal policy and stimulate increased investment
and  stronger  internal  demand.   However a  bribery  scandal  involving  his
security  adviser  Montesinos  made  both  their  positions  untenable.    The
respected  finance minister Carlos Bolona has committed to stay on during  the
transition  period, and the OAS are working with the government and opposition
to  prepare  the  elections.  However, this change  has  heightened  political
uncertainty  in  the country and makes it less likely that investors  will  be
willing  to commit funds to the relaunched privatisation process.   The  other
Andean markets performed relatively better, buoyed by the strong oil price and
indications of economic recovery.  We made no changes to our portfolio  during
the month.

NET ASSET VALUE                                              
                                                      Fully diluted
                               30/09/00  31/08/00 30/09/00  31/08/00
                                 95.3p    104.4p    96.2p    103.5p

MID-MARKET SHARE PRICE               30/09/00   31/08/00
Ordinary Shares                       78.50p     80.50p
Warrants                              20.25p     22.00p


                                         Market exposure
                                     30/09/00       31/08/00
EQUITIES                                                 
                                                         
Argentina                               1.4           1.3
                                                         
Brazil                                 47.5          47.9
                                                         
Chile                                  11.1          10.0
                                                         
Colombia                                0.4           0.4
                                                         
Mexico                                 36.3          36.5
                                                         
Peru                                    0.6           1.1
                                                         
Venezuela                               1.5           1.4
                                                         
TOTAL PORTFOLIO                        98.8          98.6
                                                         
Net Current Assets                      1.2           1.4
                                     ------       -------
TOTAL                                 100.0         100.0
                                     ------       -------

Based on total assets less current liabilities of £50.7 million (£55.6
million).
                                                         
GEARING                                                   
Borrowings and Gearing at            30/09/00     31/08/00
                                      £000's       £000's
                                        NIL           NIL
                                       ====          ====
                                                         

LARGEST HOLDINGS (market value £44.7 million equal to 89.2% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          7,339       14.6
Petrobras                    Brazil          3,895        7.8
Tele Norte Leste             Brazil          3,254        6.5
Unibanco                     Brazil          2,745        5.5
Banco Itau                   Brazil          2,273        4.5
Gerdau                       Brazil          2,063        4.1
Ambev                        Brazil          2,001        4.0
Telecom de Chile             Chile           1,951        3.9
Femsa                        Mexico          1,945        3.9
Brasil Telecom               Brazil          1,741        3.4
Vale do Rio Doce             Brazil          1,635        3.3
Grupo Televisa               Mexico          1,416        2.8
Banamex                      Mexico          1,341        2.7
Grupo Modelo                 Mexico          1,322        2.6
Telenordeste Celular         Brazil          1,254        2.5
Soriana                      Mexico          1,003        2.0
Enersis                      Chile             997        2.0
Cemex                        Mexico            927        1.9
Embratel                     Brazil            876        1.7
Kimberly-Clark de Mexico     Mexico            847        1.7
Telesp Celular               Brazil            836        1.7
CANTV                        Venezuela         777        1.6
CSN                          Brazil            769        1.5
D & S                        Chile             764        1.5
Eletrobras                   Brazil            745        1.5
                                                                
FINANCIAL CALENDAR                                              
Interim report posted                                          2 November 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:
[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.co.uk.

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.