Report for the Month of November 1999

Morgan Grenfell Lat Amer Co Tst PLC
14 December 1999


                     REPORT FOR THE MONTH OF NOVEMBER 1999
                                       

SUMMARY

November was a strong month for Latin American markets, which continued in the
more positive tone set by the last two weeks of October.  In sterling terms,
the MSCI Latin American Free Index rose by 16.02%, outperforming both the MSCI
World Index (up 5.94%) and MSCI Emerging Markets Free (up 12.26%) by a wide
margin during the month.  The largest markets, Mexico and Brazil, led the
region with significant gains (up 17.5% and 22.4% respectively).

Trading volumes are much improved in the larger markets and we have seen
buying by both local and international investors, including some global funds.
This was despite a 25bp rise in US interest rates and a pause in the rate-
cutting cycle in Brazil.  Though the positive trend has continued into early
December, we expect markets to be more subdued going into the year end.

During November our net asset value rose by 15.15%, just below the rise
recorded by the index.  However, our share price rose by 16.2%, outperforming
the index as the discount narrowed.  Overall, our market positioning was
correct, but we saw strong moves in some stocks we do not own in Brazil, Chile
and Mexico, which held back performance.

BRAZIL

Brazil's equity market put in a strong performance in November, although
uncertainty over the inflationary outlook meant that the COPOM monetary policy
committee decided to leave interest rates unchanged at 19% and to move to a
neutral from an easing bias.  Inflation was higher than expected in November
due to some one-off price hikes and seasonal pressures on food prices.  The
latest figures seem to show that inflationary pressures have eased in early
December, as might be expected given the weakness of overall demand in the
economy; we are looking for a year-end inflation figure of no more than 8%.
Fiscal performance has been on track, and the currency has strengthened albeit
with some Central Bank intervention.  Local investors were very active buyers
of the equity market, with exporters and other selected blue-chips their
favourite stocks.

During the month we reduced our position in fixed line telecoms company Telesp
on concerns over restructuring by its controlling shareholder, Telefonica
Internacional ('TISA').  Lack of transparency over TISA's intentions had made
the stock underperform in Q399; we reduced our position after it rallied in
November.  The proceeds were reinvested in our existing holdings.

MEXICO

As we mentioned last month, the political environment became substantially
more stable in Mexico following Francisco Labastida's overwhelming win in the
PRI Presidential primary election on 7 November.  Defeat was quickly
acknowledged by his rival, Roberto Madrazo, who has promised to remain within
the PRI, so avoiding a split in the ruling party ahead of next year's
Presidential election.  Mexico was also boosted by news of stronger than
expected Q399 GDP growth of 4.6%, and by indications of better consumer
demand.  Impressive growth in foreign direct investment (up 10% YOY for the
nine months to September 1999) and higher oil prices have kept the peso
strong.  The equity market rally was spearheaded by the banks and a narrow
group of blue chips, including Telmex, but broadened out during the month.  We
made no changes to the portfolio during the month.

ARGENTINA

Argentina lagged the rest of the region in November after optimism following
the election of President De La Rua became more guarded.  The new government
has not yet had its 2000 budget approved by Congress, as had been hoped, and
has had to do some tough negotiating with provincial governors over spending
cuts.

During the month, we cut back our weighting in Banco de Galicia, which had
performed well, to reflect our view that more profitable investments could be
found outside Argentina.  One of our holdings, energy conglomerate Perez
Companc, announced an exchange offer which was badly received by the market.
However, we have remained invested as we believe the new structure will be
fair to minority shareholders and reinforces the Perez Companc family's
commitment to the business.

CHILE

The Chilean market rose just under 13% in sterling terms in November; while it
underperformed the Latin American regional index this masks strong
appreciation in individual stocks, as well as increased interest in the market
by foreign investors looking for evidence of economic recovery.  Though GDP
growth for September was below expectations at 1.1% YOY this was the first
positive growth for twelve months; a fall in unemployment and improved export
performance also point towards better prospects for the market.  It is now
clear that since the 12 December Presidential election produced a virtual dead
heat for the two major candidates, the contest will go to a second round on 16
January.  After my recent visit to Chile, we will be making some changes to
our holdings, including those in local stocks, where we think a lifting of
capital controls on foreign investment in the first half of next year could
benefit the market.

ANDEAN MARKETS

The Andean markets have received little attention from investors in recent
months.  Venezuela underperformed the region substantially in November,
returning -5.6% in sterling terms despite the rising oil price.  Investor
concerns are mainly over the implications of the new constitution.  We
maintain our zero weight in the market, which despite some big gains has been
extremely volatile and year to date is now in negative territory.  Peru's
benchmark stock Telefonica del Peru outperformed the index (+6.6% in sterling)
as investors became more positive on the outlook for economic recovery; GDP
figures released showed growth of 2.2% in September.  Peru's fiscal position
has worsened due to the recession and various incentive programmes but the
government has announced plans to reduce the deficit to 2% of GDP next year
from 2.5% in 1999 and to set legal limits on spending and debt levels.
Colombia outperformed in November, up 18.3% in sterling terms; we have a small
position in brewer Bavaria which performed strongly.  Despite the rally, the
Colombian market is still down around 20% year to date.

We made no changes to the portfolio in these smaller markets during the month.


NET ASSET VALUE                                              
                                                     Fully diluted
                               30/11/99  31/10/99 30/11/99  31/10/99
                                 83.6p     72.6p    86.4p     77.3p

MID-MARKET SHARE PRICE               30/11/99   31/10/99
Ordinary Shares                       64.50p     55.50p
Warrants                              22.25p     19.75p


                                        Market exposure
                                     30/11/99    31/10/99
EQUITIES                                                 
                                                         
Argentina                               4.5           6.3
                                                         
Brazil                                 32.5          32.2
                                                         
Chile                                  10.0           9.3
                                                         
Colombia                                0.7           0.7
                                                         
Mexico                                 46.2          44.9
                                                         
Peru                                    3.7           3.9
                                                         
Other                                   1.2           1.3
                                                         
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 £51.8 million (£45.0
million).
                                                         
GEARING                                                  
Borrowings and Gearing at            30/11/99     31/10/99
                                      £000's       £000's
                                        NIL           NIL
                                       ====          ====
                                                         

LARGEST HOLDINGS (market value £41.5 million equal to 81.2% of total
portfolio)
                                                      
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          6,916       13.5
Tele Norte Leste             Brazil          2,416        4.7
Grupo Televisa               Mexico          2,329        4.6
Vale do Rio Doce             Brazil          2,271        4.4
Tele Centro Sul              Brazil          1,980        3.9
Petrobras                    Brazil          1,784        3.5
Grupo Modelo                 Mexico          1,761        3.4
Soriana                      Mexico          1,580        3.1
Banco Itau                   Brazil          1,534        3.0
Banco de Galicia             Argentina       1,483        2.9
Telesp                       Brazil          1,477        2.9
Cemex                        Mexico          1,470        2.9
Brahma                       Brazil          1,437        2.8
Alfa                         Mexico          1,434        2.8
Telecom de Chile             Chile           1,327        2.6
Femsa                        Mexico          1,296        2.5
Desc                         Mexico          1,202        2.4
Banamex                      Mexico          1,077        2.1
Kimberly-Clark               Mexico          1,032        2.0
Embratel                     Brazil          1,026        2.0
Gerdau                       Brazil            995        1.9
Gissa                        Mexico            988        1.9
Quinenco                     Chile             947        1.9
Cementos Lima                Peru              907        1.8
Grupo Carso                  Mexico            851        1.7
                                                                



For  further  information, contact Rosie Bichard at Deutsche Investment  Trust
Managers Limited on 0171-545-6000.

For additional copies, changes of address or details of our Private Investors'
Plan  and  low  cost ISA contact Mark Pope on 0171-545-0520,  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.