Rprt for the Mnth of Oct 2000

Deutsche Latin American Cos Tst PLC
10 November 2000


                     REPORT FOR THE MONTH OF OCTOBER 2000


SUMMARY

October  was  another weak month for Latin American markets, as concerns  over
the  position of Argentina overwhelmed mainly positive earnings reports.   The
volatility seen in the US markets, particularly on any stock-specific earnings
disappointments, and the continuing strength of the oil price due to  conflict
in  the  Middle  East, weighed heavily on the region.  The MSCI Latin  America
Free  Index  fell by 1.8% in sterling terms, with the biggest  falls  seen  in
Argentina  and  Brazil, both down over 5% as a perception of  rising  risk  in
Argentina  caused bond spreads to widen out significantly over US  treasuries.
Venezuela fell by 10.7%, driven by a big drop in bellwether CANTV as  investor
concern mounted over potential competition.  Despite this weakness, the  Latin
American index was still a better performer than the broader Emerging  Markets
region, which fell 5.6% led by Asia.

Our  NAV fell by 3.25% during the month, underperforming the index.  This  was
mostly  due  to  our  overweight Brazil, neutral Mexico stance.   Although  we
benefited  from  being underweight Argentina, our holdings in Brazilian  banks
and telcos were hard hit, as were several of our Mexican stocks.

Towards  the end of the month, we took advantage of market weakness  and  drew
down  on  our  loan  facility to buy certain Latin  American  shares  that  we
believed to have been oversold.  We also used the facility to buy back some of
our  own  shares at a discount so that at the end of the month  we  were  7.8%
geared.

BRAZIL

The  Brazilian market fell 6.2% in sterling terms in October, as  rising  bond
yields  provoked  by the political crisis in Argentina weighed  on  investors.
The  currency also weakened in response to these worries. Despite the negative
impact  that an Argentine default would have on the emerging debt markets,  we
believe  that  the  actual  impact on Brazil should  be  limited  due  to  the
significant  progress that the country has made over the past 18  months.   In
recognition  of  Brazil's improving fundamentals, Moody's  raised  its  credit
rating during the month from B2 to B1.  Inflation was subdued in October;  the
government's primary surplus continues to be higher than expected; and  strong
industrial production figures confirm the ongoing recovery.  The one cloud  on
the  horizon  is the trade balance.  The higher price of imported oil,  rising
demand  for intermediate goods caused by the economic recovery and weak export
prices  for agricultural commodities have caused the cumulative trade  surplus
to  narrow  to  only $194m for the year to October, far from the  bumper  $5bn
surplus  some  predicted early in the year.  Manufacturers have also  diverted
products  away  from  the  export market to satisfy growing  domestic  demand.
However,  as  long as FDI flows continue to be strong this shortfall  will  be
financeable.

During  the month, Banestado, the state bank of Parana was sold to Banco  Itau
for  a price equivalent to 3.6 x book value.  Itau defended the price paid  by
saying  that  tax  credits and substantial merger benefits would  justify  the
acquisition.   All eyes are now on the forthcoming auction of  Banespa,  which
the  leading  Brazilian  banks  are expected to contest  fiercely  with  their
Spanish  rivals.   October  was  also  a  month  of  earnings  releases,  with
outstanding third quarter results coming from brewer Ambev (formerly  Brahma),
supermarket  chain CBD, Banco Itau and Tele Norte Leste.  We will be  visiting
Brazil this month in order to identify stocks which will benefit from the next
stage of consumer recovery.

Banks  Unibanco and Bradesco fell over 20% in USD during the month on concerns
that  they might overpay for Banespa (whose stock in contrast rose  16%).   We
were  also  hurt  by  falls in Gerdau and several of  our  telecoms  holdings,
although Ambev was a relative outperformer.

MEXICO

The  Mexican  market  held up well in October, rising 4%  in  sterling  terms,
boosted by good quarterly earnings releases from most major companies.  Growth
continues to be strong, with the August GDP figure showing a 7.7% rise.   This
rate  of  growth  has  produced a widening trade deficit, despite  higher  oil
prices;  in response, the Central Bank again tightened monetary policy  during
the month.  Interest rates are now at 17% against a forecast inflation rate of
about 9%, and we expect monetary policy to remain tight through the year end.

Results  from  companies focused on the domestic economy  have  been  positive
overall,  with  good  reports from Telmex, the banks, and  brewers  Femsa  and
Modelo,  although competitive pressures in retailing led to disappointment  at
Soriana  and  Comerci.  The weakest results were in the conglomerates  sector,
hit  by  high energy prices, a strong peso and little pricing power.  We  have
also  seen the first signs of a real slowdown in the US auto market  which  is
only  likely  to  continue  next year.  This has  important  implications  for
Mexican  autoparts suppliers in particular, and in a broader context  for  the
Mexican  economy  as a whole.  We also saw poor results for  homebuilder  Geo,
reflecting a slowdown in activity before the change in administration  of  the
principal  mortgage agency, which caused the shares to plunge.   However,  our
outlook  for  improving cash flow and earnings growth for  next  year  remains
intact and we maintain our holding in the company.

We  added a new position in retailer Wal-Mart de Mexico towards the end of the
month, increasing our exposure to the consumer recovery.

ARGENTINA

As  already mentioned, concerns over Argentina had a significant and  negative
impact  on  the  rest  of  the  region in October.  The  recent  placement  of
Argentina's  credit  rating on review for a possible downgrade  by  S&P  is  a
vindication of our long-held bearish view on the market.  At the heart of  the
problem is the weakness of the ruling coalition led by Fernando de la Rua at a
time when it needs to pass key budget measures in order to maintain investors'
confidence  in  the  country's finances.  Growth has  disappointed  all  year,
meaning  that  the  government's room for manoeuvre is limited.   Next  year's
financing requirement is $20bn, a considerable proportion of which needs to be
rolled  over  with  foreign  investors.  We  believe  that  a  further   sharp
deterioration  in  sentiment will result in emergency cabinet  changes  and  a
shift  in policy towards fiscal stimulus.  We do however believe that  because
of  the  importance of Argentina as a creditor, the IMF will  provide  support
through  any  policy change.  We also expect that the effect  on  neighbouring
Brazil would be temporary.

In  October,  Brazilian long steel manufacturer Belgo Mineira, cash-rich  from
the  sale  of  its iron ore business to CVRD, announced the acquisition  of  a
stake  in  Argentine long steel maker Acindar, which it will recapitalize  and
restructure.

CHILE

The  Chilean  market was also weak in October, though to a lesser degree  than
its  Southern  Cone neighbours (-2.4% in sterling terms).  Data on  the  long-
awaited recovery of internal demand continues to be disappointing; August  GDP
figures  rose by 5.9% YOY, slower than July's 8.1% rise, industrial production
declined  in September and unemployment rose to 10.7%.  Earnings reports  from
the  major retailers also failed to show any real return of consumer
confidence.
As  expected,  inflation rose in September due to the  effect  of  higher  oil
prices.  We made no changes to our portfolio during the month.

ANDEAN MARKETS

The smaller markets were generally weak during October, with the exception  of
Colombia  which  outperformed  due  to low liquidity  and  signs  of  economic
recovery spurred by the high oil price and the now-competitive exchange  rate.
Third  quarter  GDP  growth  in  Colombia  was  3.7%  and  both  exports   and
manufacturing  have been robust.  In contrast Peru is actually moving  into  a
slowdown  in  growth due to stalled investment and low levels of domestic  and
international  confidence, stemming from considerable  political  uncertainty.
There have recently been signs of progress towards new elections in April, but
the  return  of  former security adviser Montesinos to the  country,  an  army
uprising  in  the south and a lack of alternatives to Fujimori mean  that  the
situation  is  likely  to  continue  to be  volatile  for  some  months.   S&P
downgraded its credit ratings for Peru's foreign currency debt from BB to  BB-
due  to  the  uncertain  political and economic  recovery.   We  have  already
mentioned  the  steep  fall in Venezuela's leading telecoms  operator,  CANTV,
during the month.  This was prompted by changes in the competitive environment
and  concerns  over a potential realignment of shareholder  interests  in  the
controlling consortium.  Otherwise Venezuelan economic activity seems to  have
picked  up  helped  by  the  government's spending of  the  oil  windfall  and
significant  new  oil  and  telecoms  investment  from  the  private   sector.
Inflation  is relatively subdued, thanks to the strength of the  bolivar.   We
made no changes to any of our Andean holdings during the month.

NET ASSET VALUE                                              
                                                    Fully diluted
                               31/10/00  30/09/00 31/10/00  30/09/00
                                 92.2p     95.3p    93.7p     96.2p

MID-MARKET SHARE PRICE               31/10/00   30/09/00
Ordinary Shares                       76.50p     78.50p
Warrants                              18.25p     20.25p


                                       Market exposure
                                     31/10/00   30/09/00
EQUITIES                                                 
                                                         
Argentina                               1.3           1.4
                                                         
Brazil                                 49.0          47.5
                                                         
Chile                                  11.7          11.1
                                                         
Colombia                                0.4           0.4
                                                         
Mexico                                 41.8          36.3
                                                         
Peru                                    0.4           0.6
                                                         
Venezuela                               1.4           1.5
                                                         
TOTAL PORTFOLIO                       106.0          98.8
                                                         
Net Current Assets                    (6.0)           1.2
                                     ------        ------
TOTAL                                 100.0         100.0
                                     ------        ------

Based on total assets less current liabilities of £46.8 million (£50.7
million).
                                                         
GEARING                                                  
Borrowings and Gearing at            31/10/00     30/09/00
                                      £000's       £000's
                                      3,365           NIL
                                       ====          ====
                                       7.8%           NIL
                                       ====          ====
Based  on net asset value of  £43.4 million.


LARGEST HOLDINGS (market value £44.2 million equal to 89.2% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          7,577       15.3
Petrobras                    Brazil          4,011        8.1
Tele Norte Leste             Brazil          3,219        6.5
Unibanco                     Brazil          2,278        4.6
Ambev                        Brazil          2,143        4.3
Banco Ita£                   Brazil          2,133        4.3
Femsa                        Mexico          2,071        4.2
Telecom de Chile             Chile           1,796        3.6
Gerdau                       Brazil          1,789        3.6
Brasil Telecom               Brazil          1,649        3.3
Grupo Modelo                 Mexico          1,569        3.2
Vale do Rio Doce             Brazil          1,545        3.1
Grupo Televisa               Mexico          1,539        3.1
Banamex                      Mexico          1,364        2.8
Telenordeste Celular         Brazil          1,112        2.2
Enersis                      Chile           1,012        2.0
Cemex                        Mexico            994        2.0
Soriana                      Mexico            909        1.8
D & S                        Chile             849        1.7
Kimberly-Clark de Mexico     Mexico            839        1.7
Wal-Mart de Mexico           Mexico            828        1.7
Telesp Celular               Brazil            817        1.7
Embratel                     Brazil            814        1.6
Sider Nacional               Brazil            698        1.4
Eletrobras                   Brazil            692        1.4
                                                                

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.