Final Results

F&C Latin American Inv Trust PLC
2 March 2001



Date:          5 March 2001

Contact:


Emily McLaughlin Foreign & Colonial Emerging Markets           020 7628 8000
Louise Dolan     Financial Dynamics                            020 7831 3113





                   F&C LATIN AMERICAN INVESTMENT TRUST PLC

                  Unaudited Preliminary Statement of Results

                     for the year ended 31 December 2000





HIGHLIGHTS

  * The Company's undiluted net assets amounted to US$183.0 million.

  * The net asset value (NAV) per share was 245.55 cents, a fall of 21% over
    the year. This compares with the IFCG Latin American US$ Total Return
    Index which fell 13%.

  * Performance during 2000 was affected by rising US rates and slumping US
    stock markets causing volatility in the Latin American markets, and
    compares with a 79% increase in NAV per share and a 17% index
    outperformance during 1999.

  * Since the year-end, the NAV per share has risen 6% against a benchmark
    rise of 5% and the share price has risen 21% (20 February 2001).

  * Shares in the Company traded on a discount of 26% at the year-end. This
    has since narrowed to 13% (20 February 2001).

  * The Latin American markets are, by any historic measure, offering good
    value at 8 times projected 2001 earnings.

  * Launched in May 1990, the Company passed its tenth anniversary in 2000.
    The success of the Brazilian and Mexican economies are the best examples
    of the region's promise envisaged at the time of the Company's launch.





SUMMARY OF RESULTS
                                             31 December    31 December       %
                                                    2000           1999  Change

Net assets attributable to equity            US$ 183.0 m     US$ 224.7m -18.58%
shareholders
Net assets per share                        245.55 cents   309.37 cents -20.63%
Net assets per share (diluted)              227.73 cents   276.17 cents -17.54%
Share price                                 169.00 cents   217.50 cents -22.30%
Warrant price                                95.50 cents   136.00 cents -29.78%




Extracts from the Chairman's Statement

Dear Shareholder,

The year 2000 was volatile for Latin American stock markets. The crosscurrents
of rising US rates and slumping US stock markets undermined the strong
regional economic trends, and the Latin American markets generally retreated.
The region's markets rose until the end of March when the US NASDAQ market's
plunge undermined global confidence and the appetite for risk. The Latin
American markets then followed the NASDAQ's directional lead but with more
volatility.

At year-end your Company's undiluted net assets amounted to US$183.0 million
and the net asset value (NAV) per share was 245.55 cents, which represented a
fall of 21% over the year. This compares with the IFCG Latin American US$
Total Return Index which fell 13%. The NAV performance compares with a share
price fall of 22% over the year. Shares in the Company traded on a discount of
26% at year-end.

The past year's performance was disappointing after the excellent 79% increase
in NAV per share and 17 percentage point index outperformance in 1999.
However, since the year-end, the NAV performance of the Company has risen 6%
against a benchmark rise of 5% (20 February 2001). The share price has risen
from $1.69 to $2.05 or 21%. (20 February 2001), and the warrants have risen
from $0.955 to $1.12, a rise of 17% (20 February 2001). The discount has
narrowed to 13% (20 February 2001).

In the second half of the year, the Company drew down a further US$6 million
under its committed loan facility, which was drip-fed into the markets,
predominantly Brazil, leaving the Company with gearing of 15% on a fully
invested basis at the year-end. The gearing which caused some underperformance
last year is helping the Company to outperform the index so far this year.


Previous periods of falling US interest rates have produced strong Latin
American market performance. The economic linkages Latin America has developed
with the global economy may outweigh the financial impact of lower US rates,
at least in the near term. The Latin American markets have received a boost
from the US rate cuts, signalling a turn in the global interest rate cycle.
The catalyst for sustained Latin American markets performance may come when
growth expectations are revised upwards, as the current undemanding valuations
can support higher market levels. The Latin American markets are, by any
historic measure, offering good value at 8 times projected 2001 earnings,
although improvements in performance are likely in the near term to hinge on
the outlook for a recovery in corporate profits and a rebound in the US
economy.

Ten Year Latin American Perspective

The F&C Latin American Investment Trust was the first specialist regional
investment trust to be launched for Latin America and has remained the largest
and most liquid amongst its peer group. Launched in May 1990, it passed its
tenth anniversary in 2000. The success of the Brazilian and Mexican economies
are the best examples of the region's promise envisaged at the time of the
Company's launch.


Perhaps the single most notable achievement over the decade has been the move
from high inflation to lower inflation levels. Without this starting point,
the platform of economic development would have been impossible. The election
in the late 1980s of Carlos Menem in Argentina, Fernando Collor de Mello in
Brazil and Carlos Salinas de Gortari in Mexico showed the desire for change
which swept through the region. Leaders were elected on free market platforms,
promising to cut bloated public sector spending and curtail inflation which
had reached hyperinflationary levels in Brazil and Argentina at its peak. Over
the course of several economic cycles, rampant inflation in most countries has
been tamed, reflecting a vast improvement in fiscal and monetary policy. The
opening of the region to global trade and capital flows and a greater
alignment with the world's economies has allowed Latin America to benefit from
its competitive labour rates and vast natural resources. The region's move to
a more democratic political model has not been without its setbacks and still
is not firmly entrenched in all countries. Democracy has taken root in Latin
America, although no one would argue that it is universal or perfectly
executed, but participation has generally broadened in most countries,
especially the larger ones. The possibility for military coups in the region
now seems remote.


The biggest success stories to emerge from the decade following the example
and leadership of Chile in the 1980s have been Mexico and Brazil, the region's
largest economies and most populated countries. The scale of achievements in
these countries is impressive, and their success overrides to a large extent
the back-sliding in some of the region's other economies.

Mexico has broken free of the embrace of the PRI party who had been in power
for over 70 years, and its 100 million citizens are now enjoying a democracy
of which they are rightly proud. Sound macroeconomic policies have been
demonstrated, replacing the cycle of devaluations and capital flight which
previously accompanied every six year presidential transition. The proof of
the success of this economic transformation is the rating upgrade to
investment grade by Moody's, the US rating agency. Fiscal reform remains to be
done, and is the cornerstone of President Fox's policy initiative which should
accompany large scale privatisations in the power sector and possibly even the
oil sector. Perhaps the most eloquent expression of approval in Mexico's
economic management and stability, is the secular wave of US corporations
shifting their manufacturing bases to Mexico as part of their globalisation
strategy. This trend drives not only investment, but the collateral benefits
of technology transfer and best business practices as well. A powerful
supporter of Mexico's future was General Electric corporation's Chief
Executive, Jack Welch, who remarked in 1995 that 'The future of GE lies in
Mexico' 1. It seems the future has arrived.

Brazil is the region's second success story. Brazil has overcome the inflation
which was spiralling out of control in the early 1990s. Before the plano Real,
financial assets were favoured over productive assets, and inflation
perpetuated itself, producing paralysis and confusion in an economy where no
one knew the true cost of anything. Brazil's expected inflation rate of 4% for
this year compares to the inflation of 2% a day witnessed in 1994. Brazil's
misguided 1988 constitution, the root cause of the fiscal problems, has been
substantially and painstakingly overhauled, curbing the most egregious clauses
and enshrining fiscal responsibility in law. Brazil's 19 political parties
have coalesced into five, and centre politics is the main plank of President
Cardoso's successful coalition government. Like Mexico, proof of Brazil's
successful economic transformation can be seen in the foreign direct
investment it attracts. Over the last eight years, Brazil, after China and
Mexico, is the third most favoured destination for investment in the
developing world.

Despite these obvious successes, there remains much to be done in the region.
Some countries have not firmly embraced economic reforms, such as Venezuela.
Others such as Argentina and Peru have made headway but found difficulties
preserving the reformist zeal after an ambitious start. Colombia remains mired
in the endless guerrilla conflict.

Latin America is still a net importer of capital and the region's business
cycle fluctuations can largely be told in terms of the ebb and flow of
capital. In addition, past excesses have left the region with too much debt
which requires faster GDP growth to grow out of. The region still suffers
generally from a low savings rate, but this has improved from earlier levels.
Governments will have to address the income inequality issues still rife in
most countries, and the attendant social strains this produces.

Given the major achievements, albeit often more slowly than hoped for, in the
principal countries of the region and the determination of their leaders and
electorate to extend and complete the processes of fundamental reform, we
believe that prospects for the decade are excellent. Low stock market
valuations, major companies which are increasingly well run by international
standards and the potential for economic growth rates well in excess of the
developed countries provides the prospect of relative outperformance of the
stockmarkets, particularly Mexico and Brazil.





Future of your Company

The phenomenal changes witnessed in the region in the latter part of the 1980s
created a rush to launch similar investment trusts, and this is generally
regarded as having led to overcapacity in the sector. At the AGM last May,
shareholders overwhelmingly endorsed continuation in its present form for a
further two years, which was most gratifying to the Board and the Manager.
However, during the past six months shareholders in two of the six trusts
constituting our peer group, and representing about 25% of its market
capitalisation, have voted for liquidation. As the largest and most liquid
amongst this group, which has made more aggressive use of gearing than the
others and performed well in relative terms, it is hoped that your Company may
benefit from some reinvestment by former holders of the Scudder and Edinburgh
funds who wish to maintain a closed ended investment vehicle for the sector.
Your Board is very much aware of the continuing problem of the discount and
regularly review possible means of addressing this issue in relation to which
the reduced capacity amongst our peer group should be beneficial. While we
have not judged it advantageous to make use of the buy back facility over the
past year, we shall be asking shareholders to renew the relevant authority at
the year-end.

Restrictions on direct investment in Latin America have eased in recent years
and many of the large companies now also have ADR issues, but regular
communications with our major shareholders continue to lead us to believe
there is a significant ongoing demand for the diversified, closed ended
structure given the nature of volatility of the region's markets.


The current total expense ratio (TER) of 1.9% is competitive with the other
emerging market regional trusts. Since the Board wishes to ensure that this
remains so and to take full advantage of any growth in assets, the Board and
Manager have agreed to a tiered management fee on the following basis: 1.5% on
gross assets under management up to US$216 million and 1.0% thereafter. These
changes will take effect retrospectively from 1 January 2001. The breakpoint
of US$216 million was chosen as it represents the average value of the gross
assets of the Company over the last four years, a period that has included
major crises in emerging markets. The gross assets as at 20 February 2001 were
US$222 million. The Board and Manager agree that this management fee change
should ensure that the fee structure of the Company remains competitive, with
shareholders sharing the benefits in the growth of the Company's size.


Emily McLaughlin and her team have, in the Board's opinion, continued to
perform well in difficult circumstances over the past year. Nevertheless, in
line with previous practice, and to protect shareholder interests, we will
again issue 12 months' protective notice of termination of the management
contract one year ahead of the 2002 continuation vote.

Marketing initiatives

The Board have approved and supported the second year of the AITC 'its'
marketing campaign for the Company. The Company is also undertaking an active
campaign to broaden the shareholder base by focused marketing and
presentations to a wide range of retail intermediaries and IFAs.

Annual General Meeting

The AGM will be held on 2 May 2001 at the offices of Foreign & Colonial
Emerging Markets Limited. We hope that as many shareholders as possible will
attend. Following the AGM, Emily McLaughlin will again give a brief
presentation following which shareholders are invited to join the Board and
Managers at a buffet lunch.





P C D Burnell

March 2001







1 Business Week, 1995



Statement of Total Return (incorporating the Revenue Account) for the year
ended

31 December
                                                  2000                     1999
                              Revenue    Capital Total    Revenue Capital Total
                                        US$'000s         US$'000s
                              US$'000s            US$'000s            US$'000s
US$'000s
________________________________________________________________________________
(Losses)/gains on investments       -   (41,550) (41,550)     -  101,183 101,183
Exchange losses                   (38)      (28)     (66)    (2) (1,269) (1,271)
Income                          4,227          -   4,227  4,302       -   4,302
                                
Management fee                 (3,512)         -  (3,512)(2,647)      -  (2,647)
Other expenses                   (789)      (86)    (875)  (743)    (46)   (789)
                                
________________________________________________________________________________
Net return before finance        (112)  (41,664) (41,776)   910  99,868 100,778
costs and taxation
Interest payable and similar
charges                        (1,794)        -   (1,794)(1,123)     -   (1,123)
________________________________________________________________________________
Return on ordinary activities  (1,906)  (41,664) (43,570)  (213) 99,868 99,655
before taxation
Taxation on ordinary
activities                       (361)      307      (54)  (155)   (535)  (690)
________________________________________________________________________________
Return on ordinary activities  (2,267)  (41,357) (43,624)  (368) 99,333 98,965
after taxation
Dividend on ordinary shares         -          -     -        -       -     -
                                    
________________________________________________________________________________
Amount transferred (from)/to  (2,267)   (41,357) (43,624)  (368) 99,333 98,965
reserves
________________________________________________________________________________
Return per ordinary share      (3.10)    (56.47)  (59.57) (0.49) 133.51 133.02
(basic) - cents
________________________________________________________________________________
Return per ordinary share           +        +      +         +  124.16 123.70
(diluted) - cents
________________________________________________________________________________


  * The revenue column of this statement is the profit and loss account of
    the Company.

  * + There is no dilution.
  * All revenue and capital items in the above statement derive from
    continuing operations.




Balance Sheet
                                                      31 December   31 December
                                                             2000
                                                                           1999
                                                         US$'000s
                                                                       US$'000s
Fixed assets
Investments                                               210,250       242,402
                                                   ______________ _____________
Current assets
Debtors                                                     1,340           848
Taxation recoverable                                          182           559
Short-term deposits                                             -         3,054
Cash at bank                                                1,227         2,079
                                                   ______________ ______________
                                                            2,749         6,540
                                                   ______________ ______________

Current liabilities
Creditors: amounts falling due within one year
Bank loans                                               (28,000)       (7,500)
Other                                                       (780)         (653)
                                                   ______________ ______________
                                                         (28,780)       (8,153)
                                                   ______________ ______________
                                                   ______________ ______________
Net current liabilities                                  (26,031)       (1,613)
                                                   ______________ ______________

Total assets less current liabilities                     184,219       240,789

Creditors: amounts falling due after more than
one year
Bank loans                                                      -      (14,500)
Provision for liabilities and charges                     (1,225)       (1,546)
                                                   ______________ ______________
                                                          (1,225)      (16,046)
                                                   ______________ ______________
                                                   ______________ ______________
Net assets                                                182,994       224,743
                                                   ______________ ______________
Capital and Reserves
Called up share capital:
including non-equity share capital                          7,475         7,288
Share premium                                              61,544        59,856
Capital redemption reserve                                    238           238
Warrant reserve                                             4,797         4,797
Capital reserves                                          113,078       154,435
Revenue reserve                                           (4,138)       (1,871)
                                                   ______________ ______________
Total shareholders' funds                                 182,994       224,743
                                                   ______________ ______________

Equity interests                                          182,970       224,719
Non-equity interests                                           24            24
                                                   ______________ ______________
Total shareholders' funds                                 182,994       224,743
                                                   ______________ ______________
Net asset value per ordinary share
Basic - cents                                              245.55        309.37
Diluted - cents                                            227.73        276.17
                                                  _________________ ____________

The geographical distribution of total assets less current liabilities
(excluding loans) at 31 December 2000 was: Brazil - 47.1%; Mexico - 41.4%;
Chile - 6.5%; Argentina - 2.5%; Peru - 0.8%;

Colombia - 0.7%; Other - 1.0%.

Cash Flow Statement for the year ended 31 December
                                                            2000           1999
                                                        US$'000s       US$'000s

Net cash (outflow)/inflow from operating                   (599)         1,917
activities
Servicing of finance                                     (1,710)        (1,097)
Taxation recovered/(paid)                                    68          (224)
Net cash outflow from financial investment               (9,512)        (2,788)
                                           ______________________ ______________
Net cash outflow before financing                       (11,753)        (2,192)
Management of liquid resources                            3,054         (2,283)
Net cash inflow from financing                            7,875          3,674
                                           ______________________ ______________
Decrease in cash                                           (824)          (801)
                                           _______________________ _____________

Notes

No dividend will be paid on the ordinary shares.

The above financial information comprises non-statutory accounts within the
meaning of Section 240 of the Companies Act 1985. The financial information
for the year ended 31 December 1999 has been extracted from published accounts
for the year ended 31 December 1999 that have been delivered to the Registrar
of Companies and on which the report of the auditors was unqualified.

The Audited Report and Accounts will be posted to shareholders on or around
Wednesday 28 March 2001. Copies may be obtained during normal business hours
from the Company's Registered Office, Exchange House, Primrose Street, London
EC2A 2NY.

The Annual General Meeting will be held at the Company's Registered Office,
Exchange House, Primrose Street, London EC2A 2NY, on Wednesday 2 May 2001, at
12:15 p.m.





By order of the Board

Foreign & Colonial Emerging Markets Limited, Secretary

2 March 2001