Report for November 2000

Deutsche Latin American Cos Tst PLC
14 December 2000


                   REPORT FOR THE MONTH OF NOVEMBER 2000


SUMMARY

November  showed another big drop in Latin American markets;  the  MSCI  Latin
America  Free Index fell by 7% in sterling terms, down over 20% year to  date.
Global  uncertainties over a slowdown in company earnings, the outcome of  the
US  presidential elections, and still high energy prices, were  compounded  by
concerns  over  the situation in Argentina and a liquidity crisis  in  Turkey.
Our  largest markets, Brazil and Mexico, led the decline, down 9.1%  and  8.0%
respectively  in  sterling terms, with index-heavy telecoms and  media  stocks
falling hardest in line with those sectors' performance in world markets.

As  a  result of our geared position in these markets and our relatively  high
level  of telecoms exposure, our NAV fell by 9.8%, underperforming the  index.
Our  share price saw much less of a move, falling by only 2.9% as the discount
tightened  to 14.3% in line with a trend seen throughout the Emerging  Markets
investment  trust  sector.   During the month we  bought  back  an  additional
1,080,000 shares drawing down further on our loan facility, so that  at  month
end we were 9.3% geared.

Since the month end, however, we have seen more encouraging developments which
include an easing of concerns over Argentina and Turkey, a drop in oil  prices
and  indications  of  interest rate cuts in the US, which have  allowed  Latin
American markets, particularly Brazil, to begin to stage a recovery.  If these
factors  remain in place we would expect a sustained improvement in valuations
from the lows of recent weeks.


BRAZIL

The Brazilian market was the region's weakest performer in November, down 9.1%
in  sterling terms, as the poor sentiment over Argentina and high  oil  prices
led  to concerns that interest rate cuts may be delayed, holding back economic
growth next year.  An announcement that the minimum wage would rise by 19%  to
R180/month with effect from April 2001 also affected the market.

Despite the poor sentiment, we had several positive pieces of news during  the
month.   BSCH  paid US$3.5bn for a 30% stake in Sao Paulo state bank  Banespa,
beating off much lower bids from Unibanco and Bradesco.  With this acquisition
BSCH  becomes  the  third largest private sector bank in Brazil,  showing  its
determination to increase in scale in order to take advantage of  the  rapidly
growing  banking market.  Shares of the major Brazilian banks rallied strongly
on  relief  that they had not overpaid for Banespa and a perception that  BSCH
would  not  be  a strong competitor in the near term. On the day the  proceeds
were  received, the Brazilian Central Bank actually took action  to  avoid  an
appreciation  of the currency and therefore potential further erosion  in  the
trade balance.

GDP  growth  was  announced to have been 4.5% in Q3,  led  by  the  industrial
sector.   Despite lower forecasts for global growth, Central Bank head Arminio
Fraga is still forecasting growth of 4.5% for next year.  This growth combined
with  fiscal  discipline is allowing the primary surplus target to  be  easily
met.

Inflation  is still subdued, with recent fuel price increases offset  by  food
price  deflation after a good harvest.  IPCA inflation for the year to October
was  6.4%, comfortably within the government's target range of 6-8%.   Arminio
Fraga  recently reiterated his 4% inflation target for next year  despite  the
above-inflation  rise  in  the  minimum wage: we  are  comfortable  with  this
forecast due to the substantial excess capacity in the economy and the  labour
market.  The recent steep drop in the oil price has led to expectations  of  a
resumption of the interest rate cutting cycle, possibly before year-end.

The  only  obvious  weakness  today is the deteriorating  trade  deficit,  due
largely  to  the  rise  in  oil imports and surging  imports  of  capital  and
intermediate  goods.   We take this a sign of domestic recovery  and  are  not
overly concerned, particularly given the strong inflows of FDI.

During  the  month  the main underperformers were telecoms and  media  stocks.
Cyclical companies such as steel makers Gerdau and Usiminas and pulp and paper
makers  VCP  and  Aracruz  sold off on concerns over a  global  hard  landing.
Shares  in  Banespa rebounded after the sale of a controlling stake  to  BSCH,
although  minority  shareholders in the former will  be  unlikely  to  receive
anything  like the premium achieved by the government.  We suffered  from  the
sell-off  in telecoms and steel and the weakness of Unibanco.  We reduced  our
weighting  in  cellular  telecoms  early  in  the  month  with  the  sale   of
Telenordeste Celular and also sold down Eletrobras.  We remain confident  that
our Brazil overweight is justified from both a top down and a bottom up basis,
with earnings growth supportive of valuations.


MEXICO

Mexico  fell  by  8%  during November in sterling terms.  As  in  Brazil,  the
weakness in the Mexican market can largely be attributed to global concerns as
well as to delays in the appointments to President Fox's cabinet.  In the end,
the  new team of Francisco Gil Diaz as Finance Minster and Luis Ernesto Derbez
as  Economy Minister, together with other key appointments were generally well
received  by the markets.  But it was concern over a possible hard landing  in
the US and fears of higher inflation in Mexico that caused short term interest
rates  to  rise to over 9% in real terms and sent media, telecoms and cyclical
stocks down by over 10% in dollars.

There  has so far been little sign of a real deceleration in growth in Mexico,
despite the slowdown visible in its northern neighbour.  Q300 GDP grew by  7%,
still  robust  although  below Q2's figure of 7.6%.  Inflation  was  0.86%  in
November,  higher  than 0.69% in October and running at  8.9%  year  on  year.
Companies  are  reporting  significant  wage  pressures  and  difficulties  in
recruiting and retaining staff. Consumption is strong and this is fuelling the
trade  deficit.   The  current strength of the oil  price  has  supported  the
currency  and  masked much of the deterioration in trade;  however  we  remain
concerned that Mexico is heavily exposed to a drop in US demand and a fall  in
oil prices.  We also feel that Mexican earnings growth has probably peaked.

The  only  stocks  showing  positive  returns  in  November  were  those  with
relatively poor liquidity.  Media, telecoms and cyclical stocks were the worst
performers, along with retailers.  We made no changes to our portfolio  during
the month and remain neutral in the market.


ARGENTINA

The  Argentine  market  was weak in November, down  7.3%  in  sterling  terms.
Expectations of an IMF package to secure next year's funding requirement  kept
the  market  volatile.   The main details of the  IMF  plan  seem  to  be  the
following:  a  short term fiscal easing, accompanied by a 5-  year  freeze  on
provincial   spending  which  seeks  to  make  the  provinces  more   fiscally
responsible,  and reforms to the pension and healthcare system, to  achieve  a
longer  term  tightening.   The Ministry of Economy has  recognised  that  the
fiscal deficits for 2000 and 2001 will be higher in absolute terms and instead
of  attempting an annual reduction, the deficit will now be kept at a level of
around  2.2% of GDP to 2002.  Importantly, for the first time the consolidated
fiscal  deficit is being targeted, which includes the provinces in the  fiscal
effort.   An agreement has already been reached with the provincial  governors
to  limit  spending and the 2001 budget was approved this week  in  the  Lower
House,  although disappointingly Congress is relying on the President to  take
the  blame for public sector salary cuts.  Pension and social security  reform
is  also  under  discussion.   The IMF is set to  announce  the  size  of  the
financial package, rumoured to contain both upfront cash and contingent credit
lines,  over the next few days.  This is a high risk strategy as  the  IMF  is
recognised  to  be  the  de-facto  lender  of  last  resort  to  Argentina  by
underwriting  the revised fiscal targets.  However, it seems  that  the  IMF's
involvement has improved the political climate and enabled the passage of  key
reforms.

We   considered  the  original  economic  plan  doomed  to  failure.    Fiscal
stimulation of the economy coincident with an economic recovery in Brazil  and
Chile  and  an improvement in some of the terms of trade may have a chance  of
success. However, a greater degree of political order is required to encourage
renewed  consumer  spending and private investment, and we cannot  bet  on  an
improvement in soft commodity prices and/or a weakening in the dollar  against
the  euro  to  turn around the balance of payments.  We therefore think  these
measures are still insufficient to solve the country's long term problems.

The weakest stock in November was Telecom Argentina (down 15% in USD) affected
by  both a de-rating in global telecoms stocks as well as by concerns over the
local  economy.  We sold our holding in energy group Perez Companc during  the
month  and currently have a zero weighting in the market, preferring  to  play
any upside through Brazil.


CHILE

The  Chilean market outperformed in November, rising by 2% in sterling  terms.
This  was due to tender offers being launched on several stocks in the utility
sector,  as  well as to the Chilean market's relatively defensive nature.   We
have  talked  for  some of the domestic economy lagging the  strength  of  the
export  sector.   Q3  GDP growth was 5.8%, still led by  exports  as  domestic
confidence weakened over the quarter.  However we have more recently seen  the
first signs of improvement in domestic demand, as October showed a rebound  in
industrial  production and a fall in unemployment.  Credit for the improvement
can  be  given to the Central Bank's rate cut and a recent government  package
designed to stimulate domestic demand.  Higher oil prices have however led  to
rising  inflation, with 12-month CPI running at 4.7%, above the Central Bank's
4.5% year end target.

We  have remained close to neutral in Chile, where the best performing  stocks
in  November were utility Gener, for which AES of the US launched  a  takeover
offer,  and  Chilectra,  in  the process of being bought  out  by  its  parent
Enersis.   Telecoms  and retail underperformed.  We made  no  changes  to  our
portfolio during the month.


ANDEAN MARKETS

The  smaller markets performed relatively well in November, mostly  due  to  a
lack  of  liquidity.    Colombia rose by 0.9% in sterling  terms,  while  both
Venezuela and Peru fell by 5.3%.  The main event was the resignation of Peru's
President  Fujimori while on a trip to Japan, and his replacement  by  interim
President  Valentin  Paniagua.  Peruvian growth  was  weak  in  September  and
October,  and S&P cut Peru's long-term foreign debt rating to BB-  citing  the
impact of political uncertainty on foreign investment, financing costs and the
economic reform agenda.  New elections are set for July 2001.

Elsewhere, we have seen a continued recovery in Colombia, where Q3 GDP rose by
3%  YOY,  led  by  exports  and manufacturing.   Retail  sales  grew  5.1%  in
September,  showing  some strength in consumer spending.   In  Venezuela,  the
government  announced  a  further  9% increase  in  spending  for  next  year,
including  a 10% pay increase for government employees, funded by  strong  oil
revenues.  The recent fiscal push has already begun to produce a strong short-
term  recovery in activity: Q3 growth was 3.3%, with a strong rise  in  retail
sales  and a fall in unemployment.  Inflation is still relatively subdued,  at
14.2% YOY in November.  We have recently seen a strong 25% rally in shares  of
Venezuelan telecoms company CANTV on speculation of a takeover bid.   We  made
no changes to our portfolio in these markets during the month.


NET ASSET VALUE                                              
                                                  Fully diluted
                               30/11/00  31/10/00 30/11/00  31/10/00
                                                       
                                83.2p    92.2p   86.7p    93.7p

MID-MARKET SHARE PRICE               30/11/00   31/10/00
Ordinary Shares                       74.25p     76.50p
Warrants                              16.75p     18.25p


                                       Market exposure
                                     30/11/00   31/10/00
EQUITIES                                                 
                                                         
Argentina                                 -           1.3
                                                         
Brazil                                 49.7          49.0
                                                         
Chile                                  13.0          11.7
                                                         
Colombia                                0.5           0.4
                                                         
Mexico                                 43.0          41.8
                                                         
Peru                                      -           0.4
                                                         
Venezuela                               1.4           1.4
                                                         
TOTAL PORTFOLIO                       107.6         106.0
                                                         
Net Current Assets                    (7.6)         (6.0)
                                     ------      --------
TOTAL                                 100.0         100.0
                                     ------      --------

Based on total assets less current liabilities of £41.3
million (£46.8 million).
                                                         
GEARING                                                  
Borrowings and Gearing at            30/11/00    31/10/00
                                      £000's       £000's
                                      3,503         3,365
                                       ====          ====
                                       9.3%          7.8%
                                       ====          ====


LARGEST HOLDINGS (market value £41.0 million equal to 92.3% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          6,746       15.2
Petrobras                    Brazil          3,640        8.2
Banco Ita£                   Brazil          3,056        6.9
Ambev                        Brazil          2,968        6.7
Tele Norte Leste             Brazil          2,702        6.1
Unibanco                     Brazil          2,056        4.6
Femsa                        Mexico          1,899        4.3
Telecom de Chile             Chile           1,734        3.9
Grupo Modelo                 Mexico          1,442        3.2
Vale do Rio Doce             Brazil          1,371        3.1
Brasil Telecom               Brazil          1,360        3.1
Grupo Televisa               Mexico          1,356        3.0
Gerdau                       Brazil          1,333        3.0
Banamex                      Mexico          1,254        2.8
Enersis                      Chile           1,007        2.3
Cemex                        Mexico            931        2.1
Kimberly-Clark de Mexico     Mexico            840        1.9
Soriana                      Mexico            836        1.9
D & S                        Chile             823        1.8
Wal-Mart de Mexico           Mexico            765        1.7
Sider Nacional               Brazil            674        1.5
Embratel                     Brazil            621        1.4
Telesp Celular               Brazil            561        1.3
CANTV                        Venezuela         551        1.2
Corp Geo                     Mexico            513        1.1
                                                                

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.