We present a set of rate equations for the modal amplitudes and carrier-inversion moments that describe the deterministic multi-mode dynamics of a semiconductor laser due to spatial hole burning. Mutual interactions among the lasing modes, induced by high- frequency modulations of the carrier distribution, are included by carrier-inversion moments for which rate equations are given as well. We derive the Bogatov effect of asymmetric gain suppression in semiconductor lasers and illustrate the potential of the model for a two and three-mode laser by numerical and analytical methods.