Interim Results - 6 Months to 31 March 2000

Foreign & Colonial Eurotrust PLC
15 May 2000


     Contact:  Stephen White            Claire Barry
               Foreign & Colonial       Financial Dynamics
               020 7628 8000            020 7831 3113



                       FOREIGN & COLONIAL  EUROTRUST PLC
                  Unaudited Preliminary Statement of Results
                      for the half-year to 31 March 2000

Highlights


- 12.2% outperformance of the Index :
  In  the  six months to 31 March 2000, the net asset value per share rose  by
  33.2% compared with a rise of 21.0% in the FT-A Europe Index, excluding  the
  UK, and adjusted to sterling;
  
  
- During the past six months the Company's portfolio has outperformed  its
  benchmark by a satisfactory margin, helped by the gearing in place and 
  through being overweight in telecommunications, media and technology stocks;


- Outlook: Inflationary pressures are modest and the outlook for corporate
  earnings remains favourable given the recovery in the domestic economies and
  the weakness of the currency. Furthermore, the pace of corporate
  restructuring looks set to continue.


FOREIGN & COLONIAL EUROTRUST PLC
Unaudited Preliminary Statement of Results
for the half-year to 31 March 2000

SUMMARY
                           6 months          6        12 months
                             ended     months            ended
                          31 March      ended     30 September
                              2000         31             1999
                                        March
                                         1999
                                             
                                                              
    Net assets             £519.53m   £381.48m         £390.02m
                                           
                                                              
    Net asset value per    690.44p    506.98p          518.32p
    share
    
    Earnings per share     (3.22)p    (2.46)p            2.07p
                                                              
    Share price            659.00p    461.50p          495.00p


Chairman's Statement
Between the year-end at 30 September 1999 and 31 March 2000, the net assets
per share rose from 518.32p to 690.44p, a gain of 33.2%. This compares
favourably with a gain of 21.0% over the same period in the FT-A Europe Index
which excludes the United Kingdom and is adjusted for the movement in sterling
against the European currencies.

Review of Markets
The Continental European markets performed well over the period, rising by
almost a third in local currency terms. For UK investors, however, part of
this was eroded by sterling's strength against the euro over the period. Most
of the markets' gains, however, occurred in November and December, driven by
a heavy wave of buying by both private and institutional investors seeking to
reduce cash levels that had built up over the summer months. The leading
sectors in the rise were telecoms and technology, while the laggards were more
defensive areas such as the utilities and foods and drinks companies. After a
bout of profit-taking in January, the markets resumed their upward trend in
February. This was despite the central banks in both Europe and the US raising
interest rates. Again, the markets were driven by a wave of both private and
institutional buying, this time even more intense, of so-called 'new economy'
stocks in the technology, media and telecommunications industries. Not
surprisingly, this upsurge was followed by a correction towards the end of
March.



FOREIGN & COLONIAL EUROTRUST PLC
Unaudited Preliminary Statement of Results
for the half-year to 31 March 2000

Portfolio Strategy
We made only a few changes to the portfolio over the past six months. The most
important of these was to add initially to the technology and
telecommunications sectors, financing this through selling some of our smaller
holdings and companies in areas such as retailing and foods, where we
considered the earnings outlook unexciting. Only towards the end of the period
did we start to rebuild our exposure to the financials as we felt that their
long period of underperformance was coming to an end. Over the period, the
portfolio outperformed the benchmark by an encouraging margin. This was due
both to the gearing in place and to the overweighting of the
telecommunications and technology stocks, in particular in the first part of
the period.

Unaudited Figures
The revenue account for the period, as is usually the case at the interim
stage, shows a loss due to the fact that most European companies declare their
annual dividend in the summer months. The interim figures should thus not be
taken as indicative of the revenue for the full year. The loss this year is
greater than that at the interim stage last year. The management fee is higher
due to the increase in the value of the portfolio. However, it is over
£200,000 lower than it would have been but for a revision of the formula last
year. The other expenses have also increased. This reflects not only the
growing success of our savings scheme, but also our contribution to the
current advertising campaign underway by the Association of Investment Trust
Companies (AITC.These factors are likely to lead to a lower net revenue for
the full year. However, the Board still expects to pay an unchanged dividend
of 1.7p.

Outlook
The European markets have made little net progress since the beginning of the
calendar year. This is due mainly to the upturn in interest rates in response
to the acceleration in economic activity worldwide. While  markets may remain
apprehensive in the short term, the prospects for Europe remain generally
positive. Inflationary pressures are modest and the outlook for corporate
earnings remains favourable given the recovery in the domestic economies and
the weakness of the currency. Furthermore, the pace of corporate restructuring
shows no sign of slackening.

Douglas McDougall
May 2000



FOREIGN & COLONIAL EUROTRUST PLC
Unaudited Preliminary Statement of Results
for the half-year to 31 March 2000

 ASSETS

                      31 March 2000   31 March 1999  30 Sept 1999
                                                          
                             £'000s          £'000s     £'000s
Total assets less                                             
current liabilities         576,679         418,728    438,554
(excluding loans)
                  
Foreign currency                                              
loans:                     (57,152)        (37,249)   (48,538)
Due within one year

Net assets                                                    
attributable to             519,527         381,479    390,016
ordinary
shareholders

Net asset value per         690.44p         506.98p    519.32p
share


Geographical distribution of investments:

France                   28.5%
Germany                  14.6%
Netherlands              11.1%
Finland                  9.4%
Italy                    8.6%
Sweden                   8.6%
Spain                    6.4%
Switzerland              5.0%
UK                       3.8%
Denmark                  1.7%
Norway                   1.2%
Portugal                 0.7%
Ireland                  0.4%



FOREIGN & COLONIAL EUROTRUST PLC
Unaudited Preliminary Statement of Results
Statement of Total Return  (incorporating the Revenue Account )*
for the half-year to 31 March 2000

                                     6 months ended 31 March 2000
                               Revenue       Capital        Total
                                £'000s        £'000s       £'000s

Gains on investments                 -        128,420     128,420

Exchange gains and                                               
losses on currency                (61)         3,522        3,461
balances

Income                           1,126             -        1,126

Management fee                 (2,239)             -      (2,239)

Other expenses                   (487)           (7)        (494)

Net return before                                                
finance costs and              (1,661)       131,935      130,274
taxation

Interest payable and                                             
similar charges                  (678)             -        (678)

Return on ordinary                                               
activities before              (2,339)        131,935     129,596
taxation

Taxation on ordinary              (85)              -        (85)
activities

Return attributable to                                           
equity shareholders            (2,424)        131,935     129,511

Dividends on ordinary                                            
shares (equity)                      -             -            -

Amount transferred                                               
(from)/to reserves             (2,424)        131,935     129,511

Return per ordinary                                              
share - pence                  (3.22)p        175.34p     172.12p



                                          Year ended 30 Sept 1999
                                                    (restated **)

                                Revenue       Capital       Total
                                £'000s         £'000s      £'000s

Gains on investments                 -         81,418      81,418

Exchange gains and                                               
losses on currency                (59)          1,476       1,417
balances

Income                           7,998              -       7,998

Management fee                 (3,691)              -     (3,691)

Other expenses                   (626)           (15)       (641)

Net return before                                                
finance costs and                3,622         82,879      86,501
taxation

Interest payable and                                             
similar charges                (1,057)              -     (1,057)

Return on ordinary                                               
activities before                2,565         82,879      85,444
taxation

Taxation on ordinary           (1,007)              -     (1,007)
activities

Return attributable to                                           
equity shareholders              1,558         82,879      84,437

Dividends on ordinary                                            
shares (equity)                (1,279)              -     (1,279)

Amount transferred                                               
(from)/to reserves                 279         82,879      83,158

Return per ordinary                                              
share - pence                    2.07p        110.14p     112.21p



 * The revenue column of this statement is the profit and loss account of the
Company.
 ** Restated to comply with FRS16 'Current Taxation'

Both the revenue and capital returns are based on 75,245,568 ordinary shares
in issue at the end of the period. (31 March 1999  and 30 September 1999 -
75,245,568)

Copies of the interim report will be posted to all shareholders on or around
24 May 2000. Copies may be obtained during normal business hours from the
Company's Registered Office, Exchange House, Primrose Street, London EC2A 2NY.

By order of the Board
Foreign & Colonial Management Limited - Secretary
12 May 2000