Portfolio Update

Foreign & Colonial Eurotrust PLC
01 July 2004



AVS Security No:



The Stock Exchange

RNS

Old Broad Street

London

EC2N 1HP                                   1 July 2004

Dear Sir

F&C Eurotrust Plc

The top ten holdings and all holdings over 5% of gross assets as at 30 June 2004
were:


Stock                                                     % of gross assets

TotalFinaElf                                                            5.7
Novartis                                                                5.3
UBS                                                                     4.2
Telefonica                                                              4.1
BNP Paribas                                                             3.4
Deutsche Telekom                                                        3.2
AXA                                                                     3.1
ABN AMRO                                                                2.9
Societe Generale                                                        2.9
Nokia                                                                   2.8


                      This information is provided by RNS
            The company news service from the London Stock Exchange                 DFOK