Report for Month of June 2000

Deutsche Latin American Cos Tst PLC
12 July 2000



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                       REPORT FOR THE MONTH OF JUNE 2000



SUMMARY

June  saw  a sharp rise in the Latin American markets as US data continued  to
indicate  the potential for a soft landing in that economy.  As expected,  the
US  Fed did not raise rates at its June meeting although it indicated that  it
would  remain  vigilant  for  signs  of inflationary  pressure.   This  calmer
backdrop allowed the regional index (MSCI Latin America Free) to rise by  7.4%
in  sterling  terms over the month, led by steep gains in Brazil  and  Mexico,
both  up  over  10.7%.   Brazil was driven by interest  rates  resuming  their
downward  path, as we had predicted.  Mexico initially lagged Brazil but  then
did well in the last week of the month, as election fears abated, the currency
strengthened and investors began to build positions ahead of the July 2  poll.
The   startling  outcome  of  the  election,  which  unexpectedly   gave   PAN
Presidential candidate Vincente Fox a clear margin of victory over the  ruling
PRI  and  a considerable bloc of seats in Congress, caused widespread euphoria
within  Mexico  and  was  greeted  with  resounding  approval  throughout  the
international community. Furthermore, the election was seen to be a  fair  and
transparent process with a high level of voter participation.  After 71  years
of PRI rule, Mexico is now entering a new stage in its history.

Our NAV rose by 10.1% during the month, outperforming the regional index by  a
wide margin as our Brazil overweight and good regional stock selection came to
the  fore.  For the second quarter, our NAV fell by 0.5% against an index fall
of 3.1%, again showing significant relative outperformance despite the fall in
absolute  terms.  In June our share price performance lagged the NAV rise,  up
by  only  8.4%, as towards the end of the month the discount widened  to  over
21.0%.   This  was principally due to a 4.0% fall in the stock  price  on  the
final day of the month on which we held our AGM: it has since recovered.

At  the  AGM, our shareholders voted that we should continue as an  investment
trust  for  another  twelve months.  We are grateful  for  their  support  and
undertake  to make every effort to improve returns over the coming  year.   We
should  also mention that shareholders voted to change the name of the company
to Deutsche Latin American Companies Trust PLC.

MEXICO

All  eyes  in the last few days have been on Mexico.  The enthusiasm generated
by  the unexpected Presidential election victory of Vicente Fox, with a margin
of around 7%, has been spectacular.  The transparent and orderly nature of the
process,  and the statesmanlike conduct of President Zedillo in conceding  the
PRI's defeat have delighted Mexicans and Mexico-watchers alike.

During  the period before the election the market made little progress: 28-day
interest rates rose as high as 17% from their low of 12.8% in early April, and
the currency weakened from P9.51 to P10.07 to the US dollar.  However, after a
26% fall in the index since March, a perception that concerns were exaggerated
led  investors to move back in the final days before the election, bringing  a
10% rally.  The purchase of 32% of Bancomer by BBV also strengthened the peso,
while the successful earlier placement of the $1.7bn Telmex secondary offering
had  removed  an  overhang from the market.  Once the  election  results  were
announced,  the  currency strengthened further and the  market  rose  sharply.
Interest rates have already fallen back to 14.3%.

We  are  extremely pleased with the election outcome for Mexico, but following
the  sharp rally we would sound a modestly cautious note: the two main factors
affecting Mexico's economic performance over the near to medium term  are  the
health  of  the US economy and the strength of the oil price, over neither  of
which President Fox will have control.  In addition, the defeat of the PRI may
cause some instability within that party which could potentially determine the
efficacy  of Fox's policy efforts. Importantly, he has announced his intention
to  cooperate with the outgoing government during the transition period before
he  takes  office in December.  On the economic front, Fox has already  stated
that  it  is his priority to reduce the fiscal deficit to 0.5% of GDP by  2001
and  to  increase  FDI  from $12bn to $20bn, potentially by  allowing  private
investment in the electricity and energy sectors.  He also intends to submit a
draft 2001 budget to Congress by 15 October.

During  the month, the Mexican Central bank tightened monetary policy  through
the  Corto  mechanism as a reaction to strong economic growth and a  weakening
peso.  Consumer spending grew 9.2% YOY in Q1, with retail sales surging by 11%
in  April.   We believe that monetary policy is likely to stay tight  for  the
rest of the year.

The  best  performing  stocks during the month were the  blue  chip  consumer-
sensitive  telecoms,  beverages, retailers and  Banacci.   The  conglomerates,
particularly Alfa, and miner Grupo Mexico underperformed.  During June we sold
down  our  weightings  in  Desc  and  Alfa to  neutral;  despite  considerable
underperformance  year  to  date  their  poor  earnings  outlook  means   that
valuations  are no longer compelling and we cannot identify a likely  catalyst
which  would  bring about a re-rating.  Those sales took our Mexico  weighting
below  the benchmark.  However, on any weakness we will be looking to  add  to
stocks with a brighter earnings outlook.

BRAZIL

The Brazilian market rose by 10.7% in sterling terms over the month.  The main
event  was  a  larger than expected cut in the benchmark Selic interest  rate,
which  was reduced by 100bp to 17.5%, with the committee announcing a move  to
an easing bias.  Rates were cut by another 50bp on Friday 7 July.  These moves
are  wholly justified given the rapid decline of inflation since the last 25bp
cut  in  February: we expect the year-end inflation figure to be 5.5% and  for
nominal  interest rates to end the year at 14.5%.  Fiscal results continue  to
beat  market expectations. Reserve requirements on demand deposits  were  also
cut  from  55%  to  45%  in  a further move by the Central  Bank  to  increase
liquidity  and  boost  economic  growth.  We are  already  seeing  a  cyclical
recovery  in  demand for durable goods, which should feed through into  better
economic growth and more job creation.

We  remain  strongly positive on Brazil, with an overweight position  of  over
8.5% against the benchmark.  Our favoured sectors continue to be telecoms  and
banking. The  month's best performers included cellular telecoms, Petrobras 
(which  is preparing  a  global  offering), utility Eletrobras and aircraft 
manufacturer Embraer.  Telesp underperformed going into the Telefonica stock
swap.   During the  month we added to our holdings in cellular company
Telenordeste  Celular, which  has  been  a strong performer, and steel company
CSN where  the  cross-ownership issues with CVRD are close to being resolved.

CHILE

The  Chilean  market fell by 5.0% in sterling terms during June.   The  larger
liquid  names,  including CTC and Enersis, underperformed.   This  followed  a
strong  rally in May when capital controls on foreign investment were removed.
In  a further measure to boost foreign interest in the local stock market, the
Finance  Minister announced that a bill would shortly be presented to Congress
to  abolish capital gains tax.  The economic recovery continues in Chile:  GDP
growth  was 6.4% in April.  However, inflation remains relatively subdued,  at
3.7%  for  the year to June, with the principal risk coming from the high  oil
price.  We made no changes to our Chilean portfolio during the month.

ARGENTINA

The  Argentine market rose by 4.8% in June, most of which was achieved in  the
last few days of the month when news flow turned slightly more positive.   The
June  tax  revenue  figure  (up 15.4%) lifted the market,  as  it  meant  that
Argentina had met the Q2 IMF fiscal target.  This improvement was largely  due
to  advance  payments  of this year's income tax and  the  success  of  a  tax
moratorium.  The April trade figures showed a strong 14.5% growth  in  exports
and  subdued  import growth.  However, we still believe that the rest  of  the
year's targets will be difficult to achieve given weak economic growth and the
effect of further budget cuts.  Unemployment has risen to 14.7% against  13.8%
last  October.  GDP grew by a weaker than expected 0.9% in Q100,  although  an
improvement from a 0.3% fall in Q499.  Construction activity fell 4.7% MOM  in
May, a stronger dip than April's 1.7% fall.

We  remain underweight in Argentina and sceptical about its economic recovery.
Our  only  holding,  energy conglomerate PC Holdings, outperformed  the  local
index with a 12% rise in dollar terms in June.  Telefonica Argentina fell, hit
by  selling pressure following the Telefonica share swap, and Banco de Galicia
continued  to  suffer the effects of its badly received capital  restructuring
proposal.

ANDEAN MARKETS

There  was a wide variation in performance between the smaller Andean  markets
last month, but they all underperformed the regional index.  Colombia fell  by
13% in sterling terms as political uncertainty continued, delaying the passage
of important fiscal reforms.  Planned privatisations have also been postponed.
However, the economy is showing some signs of recovery with GDP growth  rising
2.2%  in Q1: in another confidence-boosting measure, the US Senate approved  a
$1bn aid package to combat drug trafficking.  The Colombian peso has been very
weak, falling by 16% against the US dollar year to date.

Peru  rose  by  1.5%  in  sterling terms, as the  market  recovered  from  the
controversial May Presidential elections: economic sanctions against Peru have
been ruled out by the Organisation of American States who are instead pursuing
an  agenda to strengthen democratic institutions in the country.  The  economy
grew  by  6.6%  in May, and by 6.2% over the January to May period,  with  the
strongest growth shown in fishing, agriculture and manufacturing.

Venezuela  fell  by 2.7% in June after the buyout of utility EDC  by  AES  was
successfully  concluded.  The stock has been dropped by the local  indices  as
trading   liquidity   has   now  been  dramatically  reduced.    Presidential,
congressional and gubernational elections, originally scheduled  for  May  28,
were  set  for  July 30:  President Chavez now seems likely  to  overcome  the
challenge  from  his  rival Arias.  BSCH announced  plans  to  purchase  Banco
Caracas,  the  country's fourth largest bank, through its Banco  de  Venezuela
subsidiary, to create Venezuela's largest financial institution.

As  for  stock  returns in these markets, Telefonica del  Peru  underperformed
(down  22.0% in dollar terms) on selling pressure before the stock  swap  with
TEF.   Credicorp  was a relative outperformer in Peru; however our  Venezuelan
telecoms holding, CANTV, underperformed.  We made no changes to these holdings
during the month.

NET ASSET VALUE                                              
                                                     Fully diluted
                               30/06/00  31/05/00 30/06/00  31/05/00
                                 98.9p     89.8p    99.1p     91.8p

MID-MARKET SHARE PRICE               30/06/00   31/05/00
Ordinary Shares                       77.25p     71.25p
Warrants                              22.25p     21.75p


                                         Market exposure
                                     30/06/00      31/05/00
EQUITIES                                                 
                                                         
Argentina                               1.4           1.4
                                                         
Brazil                                 46.3          43.0
                                                         
Chile                                  10.5          12.5
                                                         
Colombia                                0.4           0.5
                                                         
Mexico                                 36.4          38.0
                                                         
Peru                                    1.4           1.7
                                                         
Venezuela                               1.6           1.9
                                                         
TOTAL PORTFOLIO                        98.0          99.0
                                                         
Net Current Assets                      2.0           1.0
                                     ------       -------
TOTAL                                 100.0         100.0
                                     ------       -------
                                         
Based on total assets less current liabilities of £52.7 million (£48.4
million).
                                                         
GEARING                                                  
Borrowings and Gearing at            30/06/00    31/05/00
                                      £000's       £000's
                                        NIL           NIL
                                       ====          ====
                                                         

LARGEST HOLDINGS (market value £45.2 million equal to 87.5% of total
portfolio)
                                                      
                                                         % of
                            Country          £000's   portfolio
Telmex                       Mexico          7,811       15.1
Tele Norte Leste             Brazil          3,422        6.6
Petrobras                    Brazil          2,610        5.1
Vale do Rio Doce             Brazil          2,265        4.4
Unibanco                     Brazil          2,260        4.4
Banco Itau                   Brazil          2,252        4.4
Brasil Telecom               Brazil          2,181        4.2
Telecom de Chile             Chile           1,987        3.8
Femsa                        Mexico          1,955        3.8
Brahma                       Brazil          1,830        3.6
Telenordeste                 Brazil          1,620        3.1
Grupo Televisa               Mexico          1,425        2.8
Gerdau                       Brazil          1,377        2.7
Embratel                     Brazil          1,342        2.6
Telesp Celular               Brazil          1,320        2.6
Grupo Modelo                 Mexico          1,296        2.5
Banamex                      Mexico          1,253        2.4
Soriana                      Mexico          1,108        2.1
Cemex                        Mexico          1,055        2.0
Kimberly-Clark               Mexico            868        1.7
C A NAC Telefonos            Venezuela         844        1.6
Enersis                      Chile             790        1.5
Electrobras                  Brazil            767        1.5
Credicorp                    Peru              762        1.5
PC Holdings                  Argentina         753        1.5
                                                                
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.