Interim Results

Monks Investment Trust PLC
28 November 2001


                        THE MONKS INVESTMENT TRUST PLC

                Results for the six months to 31 October 2001

                               28 November 2001


Monks outperformed the FTSE World Index during a period of difficult market
conditions. A defensive posture was maintained while markets were turbulent.
Following the recent strength of markets, the Manager, Richard Burns, while
looking for suitable equity buying opportunities, is sceptical about the
sustainability of a recovery.

     Capital performance - the net asset value per share (NAV) fell by 18.0%
     from 247.7p to 203.2p (after adjusting for 5 for 1 share split in July).
     This can be compared with an 18.4% fall in FTSE World Index in sterling
     over the same period. Over 12 months NAV fell by 18.9% compared with a
     26.3% fall in the index.

     Portfolio positioning - during the six month period, the portfolio was
     defensively positioned with equities representing marginally over 80% of
     gross assets, while the geographical distribution was almost unchanged. At
     31 October, US equities accounted for 34% of total assets and UK equities
     22%. Fixed interest holdings and cash accounted for 19% with the emphasis
     on European bonds. Borrowings amounted to 15% of total assets.

     Market commentary and outlook - after an initial rally in May, markets
     fell as economies decelerated and corporate profitability weakened,
     especially in the United States where it is expected that in 2001 profits
     will suffer their biggest annual fall since the Second World War. The
     terrorist attacks of 11 September further weakened markets, but dramatic
     cuts in interest rates, to their lowest levels for 40 years in the US and
     the UK, resulted in a strong recovery. It is not yet clear if the recovery
     in the economy and profits which is currently priced in to markets will
     occur.

     Earnings and dividend - both revenue and expenditure fell and earnings per
     share were 0.83p (0.80p). An unchanged interim dividend of 0.6p payable on
     1 February 2002 was declared.

     Discount and buybacks - apart from a brief dip in September, Monks' shares
     traded in a discount range of 10% to 13% for most of the period. Although
     authority to buy in up to 14.99% of the issued share capital was granted
     at the AGM in July, no shares were bought back during the period.



The Monks Investment Trust PLC (Monks), with total assets of £731 million,
invests internationally in order to achieve capital growth. An ISA and Share
Plan are available.

Monks is managed by Baillie Gifford & Co., the leading independent Edinburgh
based fund management group with around £21 billion funds under management and
advice.


For further information please contact:

Richard Burns, Manager

The Monks Investment Trust PLC     0131 222 4000

Robert O'Riordan

Baillie Gifford & Co. 0131 474 3267

Mike Lord, Director

Broadgate Marketing                                   020 7726 6111







                        THE MONKS INVESTMENT TRUST PLC


                        Interim Report 31 October 2001


The six months to 31 October 2001 was a difficult period for markets, with
indices falling by between fifteen and twenty five per cent. Over this period
Monks' net asset value per share (NAV) fell by 18.0%, from 247.7p to 203.2p
(the starting figure of 247.7p has been adjusted for the five for one share
split effected in July). This compares with a fall of 18.4% in the FTSE World
Index in sterling. Over the last 12 months our NAV has fallen by 18.9%, while
the index has fallen by 26.3%.

The main factors which influenced our performance positively were the
defensive posture of the portfolio, with equities representing only marginally
over 80% of gross assets during the period, and good results from UK and
Continental European stock selection. Our UK equities produced a negative
return of 11.5% against the All Share Index figure of
-14.2%, and in Continental Europe our return of -18.6% was also better than
the index figure of -20.8%. However, we underperformed the local indices in
America, Japan and Asia Pacific by similar margins, so that stock selection
was in aggregate a negative influence in the half year.

The period began with markets enjoying what turned out to be a bear market
rally, which petered out in mid-May as it became apparent that the interest
rate cuts that had been implemented were not proving enough to stop economic
deceleration and that corporate profits were proving far weaker than expected.
Although estimates for UK companies have not been reduced very much in
aggregate, this is not true elsewhere, above all in the United States, where
it now appears that profits in 2001 will suffer their biggest annual fall
since the Second World War. The terrorist attacks of 11 September produced a
further sharp fall after a long period of weakness, but markets bottomed only
ten days later and have risen quite strongly since. It remains to be seen how
much this rise is due simply to the dramatic cuts in short term interest rates
since 11 September (rates are now at their lowest for forty years in Britain
and America), and whether the economic and profits recovery in 2002 now being
priced in will actually come to pass.

The geographical distribution of our equities was almost unchanged over the
half year, but we have more than halved our holdings of US TIPS, and switched
the proceeds into euro denominated bonds. The TIPS have been a very successful
investment but they are not a natural long-term holding for us and we now feel
safer keeping more of our reserve buying power in euros than dollars.

As far as income is concerned, both revenue and expenditure have fallen to
approximately the same extent and earnings per share are little changed, with
the figure of 0.83p for the six months to October 2001 comparing with 0.80p
(adjusted) for the previous year. At this stage we expect full year earnings
to be slightly lower than last year and the Board has therefore declared an
unchanged interim dividend of 0.60p, which will be paid on 1 February 2002.

Monks' shares traded in a discount range of between 10% to 13% for most of the
period under review, except for a brief dip below 14% in September, and no
shares have been bought back. Authority to buy in up to 14.99% of the issued
share capital (45,739,031 shares) was granted at the AGM on 24 July, and this
remains the amount of the authority outstanding.


The following is the interim statement for the six months ended 31 October
2001 which has been neither reviewed nor audited by the auditors. This
statement is being printed and will be sent to all shareholders on 11 December
2001. Copies will be available for inspection at the Registered Office of the
Company or may be obtained on request from the Managers and Secretaries after
that date.



                        THE MONKS INVESTMENT TRUST PLC

                          STATEMENT OF TOTAL RETURN

              (unaudited and incorporating the revenue account*)

                  for the six months ended        for the six months ended
                       31 October 2001                31 October 2000
                 Revenue  Capital     Total    Revenue    Capital        Total
                  £'000     £'000     £'000      £'000      £'000        £'000

  Realised            -     1,258     1,258          -     41,756       41,756
  gains on                                                                    
  investments                                                                 

  Unrealised          -  (137,606) (137,606)         -   (16,396)     (16,396)
  losses on
  investments 

  Currency            -     (208)     (208)          -        623          623
  (losses)/gains

  Income (note 1) 9,305         -     9,305     10,188          -       10,188

  Investment     (1,839)        -   (1,839)    (2,397)          -      (2,397)
  management fee

  Other           (322)         -     (322)      (489)          -        (489)
  administrative
  expenses

  Net return      7,144  (136,556) (129,412)     7,302     25,983       33,285
  before finance
  costs and taxation 

  Finance        (4,276)        -   (4,276)    (4,249)          -      (4,249)
  costs of
  borrowings

  Return on       2,868  (136,556) (133,688)     3,053     25,983       29,036
  ordinary
  activities 
  before taxation

  Tax on          (334)         -     (334)      (419)          -        (419)
  ordinary  
  activities

  Return on       2,534  (136,556) (134,022)     2,634     25,983       28,617
  ordinary 
  activities
  after taxation

  Dividends in   (1,831)        -   (1,831)    (1,916)          -      (1,916)
  respect of 
  equity shares                                                               

  Transfer          703  (136,556) (135,853)       718     25,983       26,701
  to/(from) 
  reserves  

  Return per      0.83p  (44.75p)  (43.92p)    0.80p**   7.86p**     (8.66p)**
  ordinary share                                                                
  (note 2)                                                                    
  Dividend per    0.60p                        0.60p**                         
  ordinary                                                                    
  share (note 3)

 
                                                     for the year ended
                                                        30 April 2001
                                               Revenue     Capital       Total
                                                 £'000       £'000       £'000

  Realised gains on investments                      -      89,285      89,285

  Unrealised losses on                               -    (76,489)    (76,489)
  investments                                                                 

  Currency (losses)/gains                            -     (1,682)     (1,682)

  Income (note 1)                               20,758           -      20,758

  Investment management fee                    (4,581)           -     (4,581)

  Other administrative expenses                  (950)           -       (950)

  Net return before finance                     15,227      11,114      26,341
  costs and taxation                                                          

  Finance costs of borrowings                  (8,524)           -     (8,524)

  Return on ordinary activities                  6,703      11,114      17,817
  before taxation                                                             

  Tax on ordinary activities                     (809)           -       (809)

  Return on ordinary activities                  5,894      11,114      17,008
  after taxation                                                              

  Dividends in respect of equity               (5,477)           -     (5,477)
  shares                                                                      

  Transfer to/(from) reserves                      417      11,114      11,531

  Return per ordinary share                    1.83p**     3.46p**     5.29p** 
  (note 2)                                                                    

  Dividend per ordinary share                  1.80p**                         
  (note 3)                                                                    

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

** Restated for five for one share split (see note 5).

All revenue and capital items in the above statement derive from continuing
operations.


                        THE MONKS INVESTMENT TRUST PLC

                           SUMMARISED BALANCE SHEET

                              at 31 October 2001

                                 (unaudited)


                                            31 October   31 October   30 April
                                                  2001         2000       2001
                                                 £'000        £'000      £'000
NET ASSETS
Fixed asset investments                        721,577      900,489    850,565
Net liquid assets                                9,331       23,007     16,194
Total assets (before deduction of loans        730,908      923,496    866,759
and debentures)
Loans and debentures (note 4)                 (110,271)    (108,459) (110,269)
                                               620,637      815,037    756,490
CAPITAL AND RESERVES
Called-up share capital                         15,257       16,254     15,257
Capital reserves                               587,593      781,398    724,149
Revenue reserve                                 17,787       17,385     17,084
EQUITY SHAREHOLDERS' FUNDS                     620,637      815,037    756,490
NET ASSET VALUE PER ORDINARY SHARE              203.2p      250.5p*    247.7p*
(after deducting prior charges at par)
Ordinary shares in issue (note 5)          305,130,295 325,080,295* 305,130,295*


*Restated for five for one share split (see note 5).



                            DISTRIBUTION OF ASSETS

                              at 31 October 2001

                                 (unaudited)


                                         31 October    31 October    30 April
                                            2001          2000         2001
                                              %             %            %

Equities:               United Kingdom      21.6          24.6          20.8
                        Continental Europe  10.6          14.3          10.9
                        North America       33.7          23.8          33.5
                        Latin America       1.3           1.4           1.4
                        Japan               7.7           9.6           9.2
                        Asia Pacific        5.8           4.5           4.5
Total equities                              80.7          78.2          80.3
Sterling bonds                              2.0           1.1           1.1
Euro bonds                                  9.9           2.7           2.9
US dollar bonds                             6.1           15.6          13.8
Net liquid assets                           1.3           2.4           1.9
Total assets (before deduction of loans     100.0         100.0         100.0
and debentures)



                        THE MONKS INVESTMENT TRUST PLC
                        SUMMARISED CASH FLOW STATEMENT

                                 (unaudited)

                                             Six months  Six months      Year 
                                                 to          to           to
                                             31 October  31 October   30 April  
                                                 2001        2000        2001
                                                £'000       £'000       £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES        8,170      7,843      14,477
NET CASH OUTFLOW FROM SERVICING OF FINANCE      (4,256)    (4,161)     (8,533)
TOTAL TAX PAID                                    (392)      (389)       (650)
FINANCIAL INVESTMENT
Acquisitions of investments                   (170,984)  (230,341)   (413,292)
Disposals of investments                       171,851    249,450     461,435
Realised currency (loss)/gain                     (222)       693        (104)
NET CASH INFLOW FROM FINANCIAL INVESTMENT          645     19,802      48,039
EQUITY DIVIDENDS PAID                           (3,661)    (4,170)     (6,021)
NET CASH INFLOW BEFORE FINANCING                   506     18,925      47,312

FINANCING

Shares purchased for cancellation                  -       (29,741)   (73,118)
Loans drawn down                                   -            -         286
NET CASH OUTFLOW FROM FINANCING                    -       (29,741)   (72,832)
INCREASE/(DECREASE) IN CASH                       506      (10,816)   (25,520)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET DEBT

Increase/(decrease) in cash in the period         506     (10,816)   (25,520)
Loans drawn down                                   -            -       (286)
Exchange movement on loans                         14         (70)     (1,578)
Other non-cash changes                            (16)        (16)       (32)
MOVEMENT IN NET DEBT IN THE PERIOD                 504    (10,902)   (27,416)
NET DEBT AT 1 MAY 2001                         (93,380)    (65,964)   (65,964)
NET DEBT AT 31 OCTOBER 2001                    (92,876)    (76,866)   (93,380)




                        THE MONKS INVESTMENT TRUST PLC

                        TWENTY LARGEST EQUITY HOLDINGS

                              at 31 October 2001

                       
                                                                 Market    % of
  Name                 Business                                   value   total
                                                                  £'000  assets

* Philip Morris        Tobacco, food and beer                    25,744     3.5

  Baillie Gifford      Investment fund - Asia                    24,711     3.4
  Pacific Fund

* EOG Resources        Natural gas                               21,402     2.9

* Freddie Mac          Residential mortgage investor             18,654     2.5

* Pfizer               Pharmaceuticals                           16,422     2.2

* Amerada Hess         Integrated oil                            14,139     1.9

  GlaxoSmithKline      Pharmaceuticals                           12,584     1.7

  Royal Bank of        Banking                                   10,104     1.4
  Scotland

* Golden West          Residential mortgage lender               10,025     1.4
  Financial

* Walgreen             Pharmacy chain                            10,019     1.4

  Vodafone             Mobile telecommunications                 10,017     1.4

* Burlington Resources Natural gas                                9,221     1.3

  Diageo               Branded spirits                            8,925     1.2

* Marsh & McLennan     Insurance and fund management              7,983     1.1

  BP                   Integrated oil                             7,881     1.1

* State Street         Custodian bank                             7,515     1.0

  Wolseley             Distributor of building materials and      7,168     1.0
                       plumbing equipment

* Total Fina Elf       Integrated oil                             7,076     1.0

* Merck                Pharmaceuticals                            6,582     0.9

  Barclays             Banking                                    6,562     0.9

                                                                242,734    33.2

* Primary listing outwith the UK


                        THE MONKS INVESTMENT TRUST PLC

                                    NOTES
                                                         31        31       30 
                                                    October   October    April
                                                       2001      2000     2001
                                                      £'000     £'000    £'000
1. Income
   Income from investments and interest               9,305    10,178   20,743
   receivable
   Other income                                         Nil        10       15

2. Return per ordinary share
   Revenue return                                     2,534     2,634    5,894
   Capital return                                 (136,556)    25,983   11,114

   Return per ordinary share is based on the above totals of revenue and
   capital and on 305,130,295 (31 October 2000 - 330,397,495; 30 April 2001 -
   321,635,600) ordinary shares, being the weighted average number of ordinary
   shares in issue during the period.

3. The interim dividend will be paid on 1 February 2002 to all shareholders on
   the register at the close of business on 18 January 2002.

4. Loans and debentures include Euro50 million drawn down under short term
   multi-currency loan facilities (31 October 2000 and 30 April 2001 - Euro50
   million). The market value of debenture stocks at 31 October 2001 was 
   £96,712,000 (31 October 2000 - £93,878,000; 30 April 2001 - £92,148,000).

5. At the AGM in July 2001 shareholders approved a resolution to sub-divide
   each of the Company's ordinary shares of 25p each into five ordinary shares
   of 5p each, which increased the number of ordinary shares in issue from
   61,026,059 to 305,130,295. All per share figures for the prior periods have
   been restated.

6. At the AGM shareholders also approved the renewal of the Company's
   authority to buy back its own ordinary shares in respect of 45,739,031
   ordinary shares of 5p each (equivalent to 14.99% of its share capital to
   that date). No ordinary shares were bought back in the period under review
   and, therefore, at 31 October 2001 the Company's authority to buy back its
   own shares remained unchanged at 45,739,031 ordinary shares of 5p each.

7. The financial information for the year ended 30 April 2001 has been
   extracted from the statutory accounts, which have been filed with the
   Registrar of Companies and which contain an unqualified Auditor's Report.

8. The accounting policies applied in calculating the interim figures were
   consistent with those used in the Annual Financial Statements. The Interim
   Report was approved by the Board on 27 November 2001.