Report for MonthofAugust 2000

Deutsche Latin American Cos Tst PLC
13 September 2000


Deutsche Latin American Companies Trust




                      REPORT FOR THE MONTH OF AUGUST 2000



SUMMARY

August  was  a  better month for Latin American markets, with the  MSCI  Latin
America Free Index rising 5.3% in sterling terms.  Mexico and Brazil were  the
strongest markets, up 7% and 5.3% respectively.  Good economic news and higher
oil  prices  boosted the Mexican currency and stock market, while  Brazil  was
driven  by  news  of  a  likely rating upgrade from  Moody's,  the  successful
placement  of  a $5bn 40-year bond, and by positive economic data.   Argentina
and Colombia underperformed.

Latin  America  showed better performance than the rest  of  Emerging  Markets
although it lagged the developing markets: overall the MSCI EMF Index rose  by
3.3%  while  the  MSCI  World Index rose by 6.2% on strong  gains  in  the  US
markets, led by NASDAQ (+11.6% in USD).

Our performance during August was strong.  Our NAV rose by 7.7%, well ahead of
the  index, boosted by good stock selection.  Weak demand in the UK market for
Latin  American  trusts meant that our share price lagged  during  the  month,
rising  by only 0.9%.   For the half year ending 31 August, our NAV rose  5.1%
against an index up only 0.5%.

We  reiterate our overweight Brazil, neutral Mexico and Chile and  underweight
Argentina  stance,  although we recognise that consensus has  to  some  extent
moved  towards our views.  Our focus for the second half will be to  build  on
our improving track record in stock selection to add value for shareholders.

BRAZIL

The  Brazilian market rose by 5.3% over the month in sterling terms.  Although
there  was  an uptick in inflation, which dashed the local market's  hopes  of
another  interest  rate cut during the month, this was caused  by  a  rise  in
government-administered prices and seasonal rises in agricultural goods.  More
recent  data  shows inflation pressures moderating and we expect the  downward
trend in interest rates to resume this autumn.  The currency weakened slightly
on  inflation  concerns  and  on  worries over Argentina,  but  overall  local
economic news was positive.  Moody's confirmed that it placed Brazil on review
for  an  upgrade of its sovereign debt rating.   Q2 GDP growth was  3.9%  YOY,
ahead  of  Q1's figure of 3.8%, and driven by agriculture and services.   This
strong  economic growth together with a deterioration in the terms  of  trade,
the weak Euro and limited excess manufacturing capacity has meant  that  the 
trade accounts are now only showing a small surplus;  though exports  rose by
29% YOY in August, imports grew by almost 22% over  the  same period. 
However, higher growth and lower interest rates are transforming  the fiscal 
accounts:  for  the  12 months to June,  the  nominal  fiscal  deficit
(including  interest payments) was 3.9% of GDP (against 9% a year  ago)  while
the  primary  surplus rose to 3.6%.  Second-quarter results were, on  balance,
positive for the companies we follow, reflecting economic growth.  The month's
best  performing stocks included Petrobras, up 18% in USD since the  secondary
issue:  aircraft manufacturer Embraer, also well above its ADR listing  price;
retailer Pao de Acucar, on hopes of strong consumption and the resolution of a
stock  overhang;  and Banespa, on renewed privatisation hopes.   We  benefited
from  our overweight in Petrobras; Unibanco also did well on the news that  it
would  be  included in the MSCI Index from 1 September.  Steelmaker  CSN  also
performed  well,  as the cross-holding situation between  it  and  CVRD  moved
further  towards  resolution; strong rallies in Tele Norte Leste,  Gerdau  and
Itau also helped performance.

During  the month, we trimmed our overweight position in Brahma after a strong
run.   We  are meeting with management next week for the first time since  the
merger  with  Antartica was announced, and will question them closely  on  the
execution  risk of the deal as well as the likely upside from enhanced  market
power.   We  also added our holding in to Petrobras, which has  increased  its
weight in the MSCI Index as a result of the recent issue.

MEXICO

The Mexican market did well in August, up 7% in sterling terms as the currency
strengthened  to  a 5-month high of P9.2 against the dollar.   Interest  rates
fell  as lower inflation numbers (9.1% YOY for July) were helped by the strong
currency.   In  another  indication  of  its  improved  fundamentals,   Mexico
announced the prepayment of US$3bn in debt due to the IMF.  Q2 GDP growth  was
7.6%  and averaged 7.8% for H1 2000: growth was led by commerce, up 13%, while
manufacturing was also strong.  The high oil price has led to an 18% YOY  jump
in  oil revenues for the government, bringing a 0.4% fiscal surplus for  H100,
and  also  continues to flatter the trade figures, despite  strong  growth  in
consumer imports.

The  best performing stocks over the month included the major retailers, on  a
continued  uptick in consumption; Grupo Mexico, on stronger copper prices  and
firm plans for an ADR listing; and the blue chips Femsa, Banacci and Kimberley
Clark.   We  benefited from a 15% rise in the USD value of  northern  retailer
Soriana, which had lagged US-owned rival Wal-mex year to date; our holding  in
homebuilder Ara also did well.  However, steel processor Imsa fell 17% on poor
sentiment  for  exporters and steel stocks.  During the month we  reduced  our
holding  in  Gissa due to concerns over the impact on margins  of  the  strong
peso, slowing US growth and the tight Mexican labour market.

ARGENTINA

The  Argentine market was weak, down -0.5% in sterling terms, hit  by  renewed
investor concerns over the likelihood of Argentina reaching its fiscal targets
with  the  IMF.  The government has now publicly acknowledged that these  will
need  to  be  renegotiated,  mainly due to lower than  expected  growth.   The
official estimate for 2000 GDP growth was cut to 3% from 3.5% and the Ministry
of  Finance  has now started to talk about a figure of less than 2.5%.   There
have however been signs of an improvement in the external sector; exports grew
13%  in H100 while weak domestic demand meant that imports rose by only  1.9%.
A  bribery scandal hit Congress, further affecting investor confidence.  There
is no doubt that most foreign and domestic investors are underweight Argentine
equities,  and that as a result we should be alert to any signs of a bottoming
in   growth.   However,  we  remain  sceptical  of  the  market's  medium-term
prospects.  We made no change to our holdings during the month.

CHILE

The  Chilean  market rose by only 4.6% in August despite a rate  cut,  as  the
currency weakened substantially against the dollar.  The sluggish recovery  in
domestic  demand  prompted  the Central Bank to reverse  the  two  rate  rises
implemented  since the start of the year, taking rates back to  a  stimulative
5%.   This was clearly in response to disappointing data releases including  a
rise  in  unemployment  to  10.2% in July and slower-than-expected  industrial
production  figures.  Though headline inflation in July was 3.8%, affected  by
the  rising oil price, core inflation of 2.7% is still in line with the bank's
target.   It cited the low level of inflation and the government's responsible
fiscal stance as factors mitigating the risks of a rate cut.  At the same time
the  government  announced a package of measures to  tackle  unemployment  and
stimulate  internal  demand.  Utility Enersis announced  a  long-awaited  $1bn
capital  increase to reduce leverage.  This news sent Enersis stock  down  11%
for  the  month  in  USD.  However, we were helped by a  strong  rise  in  CTC
(+17.5%),  our  largest  holding, after its weak  performance  year  to  date.
During  the  month  we  trimmed our overweight in retailer  D&S  on  valuation
concerns given the weak outlook for retail sales.

ANDEAN MARKETS

The  smaller  markets showed a divergent performance during  the  month,  with
Colombia  falling by 9.8%, giving back recent gains, Peru rising  on  optimism
over  a  conservative post-election fiscal package, and Venezuela up  by  only
1.6% despite the strength of the oil price.  The most notable events up during
the  month were announcements made in Peru by President Fujimori and  his  new
Finance Minister, Carlos Bolona.  They have reiterated their commitment to the
IMF  fiscal targets, which will mean real spending cuts in the second half  of
2000 to bring the fiscal deficit to 2.1% as agreed; by 2001 this figure should
narrow  to  1.4%  as  the  benefits of the relaunched privatisation  programme
should  become  evident.   It  is  hoped  that  privatisation  will  stimulate
investment  and  therefore support domestic demand.  Other confidence-boosting
measures included a scheme to reduce the debt burden on local companies.   The
government expects GDP growth of 5% in 2000 and 5.5% in 2001, after H1  growth
reached 6% driven by fishing and manufacturing.

During  the  month we reduced our weighting in Peru's leading bank, Credicorp,
which  has  suffered  from  ongoing asset quality problems,  weakness  in  its
insurance  subsidiary  and  the poor performance of its  Colombian  franchise.
However, the bank should eventually benefit from an upturn in the economy  and
it  may  also be a take-over candidate; it is trading well below its franchise
value and we are keeping it as a neutral weighting.

We  benefited  from  the  4% rise in the share price  of  Venezuelan  telecoms
company  CANTV  over  the month, as well as the 10% price  rise  in  Credicorp
(which  we used to reduce our weighting).  However, our other regional holding
brewer  Bavaria  in  Colombia fell by 8.5%, though it outperformed  the  local
market,  spooked by renewed guerrilla violence despite stronger economic  data
releases.

NET ASSET VALUE                                              
                                                    Fully diluted
                               31/08/00  31/07/00 31/08/00  31/07/00
                                 104.4p    96.9p   103.5p     97.5p

MID-MARKET SHARE PRICE               31/08/00   31/07/00
Ordinary Shares                       80.50p     79.75p
Warrants                              22.00p     22.00p


                                         Market exposure
                                     31/08/00     31/07/00
                                         %            %
EQUITIES                                                 
                                                         
Argentina                               1.3           1.4
                                                         
Brazil                                 47.9          47.6
                                                         
Chile                                  10.0           9.9
                                                         
Colombia                                0.4           0.4
                                                         
Mexico                                 36.5          36.4
                                                         
Peru                                    1.1           1.3
                                                         
Venezuela                               1.4           1.5
                                                         
TOTAL PORTFOLIO                        98.6          98.5
                                                         
Net Current Assets                      1.4           1.5
                                     ------       -------
TOTAL                                 100.0         100.0
                                     ------       -------

Based on total assets less current liabilities of £55.6 million (£51.6
million).
                                                         
GEARING                                                  
Borrowings and Gearing at            31/08/00   31/07/00
                                      £000's     £000's
                                        NIL         NIL
                                       ====        ====
                                                         

LARGEST HOLDINGS (market value £48.9 million equal to 89.2% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          7,745       14.1
Tele Norte Leste             Brazil          3,686        6.7
Petrobras                    Brazil          3,450        6.3
Unibanco                     Brazil          2,921        5.3
Banco Itau                   Brazil          2,550        4.7
Vale do Rio Doce             Brazil          2,351        4.3
Gerdau                       Brazil          2,345        4.3
Femsa                        Mexico          2,309        4.2
Brasil Telecom               Brazil          2,188        4.0
Telecom de Chile             Chile           2,011        3.7
Brahma                       Brazil          1,853        3.4
Telenordeste Celular         Brazil          1,644        3.0
Grupo Televisa               Mexico          1,615        2.9
Banamex                      Mexico          1,512        2.8
Grupo Modelo                 Mexico          1,431        2.6
Soriana                      Mexico          1,203        2.2
Cemex                        Mexico          1,101        2.0
Embratel                     Brazil          1,052        1.9
Kimberly-Clark de Mexico     Mexico          1,019        1.9
Telesp Celular               Brazil            948        1.7
Sider Nacional               Brazil            899        1.6
D & S                        Chile             819        1.5
CANTV                        Venezuela         795        1.5
Eletrobras                   Brazil            729        1.3
PC Holdings                  Argentina         719        1.3
                                                                
FINANCIAL CALENDAR                                              
Half year                                                       31 August 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.