Interim Results

Foreign & Colonial Eurotrust PLC
14 May 2001



Date:   14 May 2001



Contact:  Stephen White
          F&C Management Limited        020 7628 8000

          Helen Murray-Wells
          Financial Dynamics            020 7831 3113



                       FOREIGN & COLONIAL EUROTRUST PLC

      Unaudited Preliminary Statement of Results for the half-year 
                           ended 31 March 2001



Highlights



*       Net asset value: In the six months to 31 March 2001, the net asset
value per share fell by 13.8% compared with a fall of 11.0% in the FTSE World
Europe Index, excluding the UK and adjusted to sterling.



*       During the period the Company has reduced further its exposure to the
technology sector and further reduced its exposure to insurance companies. By
contrast it has added to banks and maintained its overweight positions in the
oil, foods and pharmaceutical sectors.



*       Outlook: There are grounds for optimism: inflationary pressures are
modest, interest rates are moving down and the financial community has now cut
back its expectations for corporate earnings, reflecting the slower pace of
economic growth world-wide.





SUMMARY OF RESULTS


                                           31 March      31 March      30 Sept.
                                               2001          2000          2000


Attributable to equity shareholders


Net assets                                 £448.10m      £519.53m      £519.60m


Net asset value per share                   595.52p       690.44p       690.54p


Share price                                 572.50p       659.00p       653.50p

                                           6 months      6 months     12 months
                                              ended         ended         ended
                                           31 March      31 March      30 Sept.
                                               2001          2000          2000

Earnings/(loss) per share                   (2.80)p       (3.22)p         1.02p




                       FOREIGN & COLONIAL EUROTRUST PLC

       Unaudited Preliminary Statement of Results for the half-year 
                            ended 31 March 2001



Chairman's Statement



Between the year end at 30 September 2000 and 31 March 2001, the net assets
per share fell from 690.5p to 595.5p, a decline of 13.8%. This compares with a
fall of 11.0% over the same period in the FTSE World Europe Index, which
excludes the United Kingdom and is adjusted for the movement in sterling
against the European currencies.



Review of Markets

The past six months were an unrewarding period for investors in continental
Europe, as in other parts of the world. Having appeared to find a floor in
December and January following the surprise decision of the US Federal Reserve
Board to cut interest rates by 50 basis points, the European stock markets
headed lower again in February and March. The decline was largely in sympathy
with trends seen elsewhere. Poor economic indicators in the US heightened
fears as to the extent of the slowdown underway there and the impact this
would have on growth in Europe. This prompted a further wave of profits'
warnings, from both US and European companies, coming initially from the
technology sector, but spreading subsequently to many other industries.
Although the declines in share prices in many cases were significant, volumes
were not high, suggesting that investors, both private and institutional,
preferred to sit on their hands, rather than add money to the markets or
change the structure of their portfolios. The worst performing sectors over
the period were technology, media and telecoms, which suffered the greatest
amount of earnings downgrades. By contrast, the better performers included,
not surprisingly, many of the more defensive areas such as the oils, foods and
pharmaceuticals.



Portfolio Strategy

We made some changes to the portfolio during the period, the principal aim
being to reduce the risk profile in a period of volatility. The most important
was to trim further our exposure to technology given the likelihood of further
earnings downgrades as the outlook for capital spending, particularly for the
telecom equipment suppliers, deteriorated, although we still remained
marginally overweight. We also reduced further our exposure to insurance
companies, concerned over the impact of the markets' decline on their
investment portfolios. By contrast, we added to the banks, which we viewed as
prime beneficiaries of the falls in short-term interest rates. We also
maintained our overweight positions in the oil, foods and pharmaceutical
sectors. Although we reduced our gearing, the fact we still had some
borrowings had a negative influence and this, coupled with the slight
overweighting of technology, was largely responsible for our underperformance
against the benchmark over the period.



                       FOREIGN & COLONIAL EUROTRUST PLC

       Unaudited Preliminary Statement of Results for the half-year 
                              ended 31 March 2001





Chairman's Statement (continued)


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 pay their
annual dividend in the summer months, while costs are incurred throughout the
year. The interim figures should thus not be taken as indicative of the
revenue for the full year. The loss this year is slightly lower than that at
the interim stage last year.



Outlook

There has been an improvement in markets since 31 March, since when our
unaudited net asset value per share has risen by 5.6% to 628.9p at 9 May.
There are grounds for optimism: inflationary pressures are modest, interest
rates are moving down and the financial community has now cut back its
expectations for corporate earnings, reflecting the slower pace of economic
growth world-wide.





Douglas McDougall
May 2001





                       FOREIGN & COLONIAL EUROTRUST PLC

       Unaudited Preliminary Statement of Results for the half-year 
                            ended 31 March 2001

Statement of Total Return (incorporating the Revenue Account*)

                      6 months to 31 March 2001    6 months to 31 March 2000
                                                                            
                        Revenue   Capital     Total  Revenue  Capital    Total
                         £'000s    £'000s    £'000s   £'000s   £'000s   £'000s

  (Losses)/gains              -  (66,855)  (66,855)        -  128,420  128,420
  on                                                                        
  investments                                                                 
  Exchange                   20   (2,534)   (2,514)     (61)    3,522    3,461
  gains/(losses)                                                               
  Income                  1,577         -     1,577    1,126        -    1,126
  Management            (2,103)         -   (2,103)  (2,239)        -  (2,239)
  fee                                                                         
  Other                   (484)      (10)     (494)    (487)      (7)    (494)
  expenses                                                                    

  Net return              (990)  (69,399)  (70,389)  (1,661)  131,935  130,274
  before                                                                      
  finance                                                                     
  costs and                                                                   
  taxation                                                                    
  Interest                (976)         -     (976)    (678)        -    (678)
  payable and                                                                 
  similar                                                                     
  charges                                                                     

  Return on             (1,966)  (69,399)  (71,365)  (2,339)  131,935  129,596
  ordinary                                                                    
  Activities                                                                  
  before                                                                      
  taxation                                                                    
  Taxation on             (140)         -     (140)     (85)        -     (85)
  ordinary                                                                    
  activities                                                                  

  Return                (2,106)  (69,399)  (71,505)  (2,424)  131,935  129,511
  attributable                                                                
  to equity                                                                   
  shareholders                                                                
  Dividends on                -         -         -        -        -        -
  ordinary                                                                    
  shares                                                                      
  (equity)                                                                    

  Amount                (2,106)  (69,399)  (71,505)  (2,424)  131,935  129,511
  transferred                                                                 
  (from)/to                                                                   
  reserves                                                                    

  Return per             (2.80)   (92.23)   (95.03)   (3.22)   175.34   172.12
  ordinary                                                                    
  share - pence




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



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





                       FOREIGN & COLONIAL EUROTRUST PLC

       Unaudited Preliminary Statement of Results for the half-year 
                           ended 31 March 2001





Balance Sheet
                                                     at 31 March    at 30 Sept.
                                                            2001           2000
                                                          £'000s         £'000s
Fixed assets
Investments                                              474,013        561,976

Current assets
Debtors                                                    4,679          4,433
Taxation recoverable                                         773          1,080
Cash at bank and short-term deposits                      12,562          1,024
                                                          18,014          6,537

Current liabilities
Creditors: amounts falling due within one year
Foreign currency loans                                  (37,085)       (44,370)
Other                                                    (6,843)        (4,539)
                                                        (43,928)       (48,909)

Net current liabilities                                 (25,914)       (42,372)

Net assets                                               448,099        519,604

Capital and reserves
Called up equity share capital                            18,811         18,811
Share premium                                            123,749        123,749
Capital reserves                                         305,351        374,750
Revenue reserve                                              188          2,294
Total equity shareholders' funds                         448,099        519,604

Net asset value per ordinary share - pence                595.52         690.54






Geographical distribution of investments at 31 March 2001 was: France - 32.6%;
Germany - 11.7%; Netherlands - 11.1%; Italy - 10.8%; Switzerland - 10.4%;
Other - 23.4%.





                     FOREIGN & COLONIAL EUROTRUST PLC

 Unaudited Preliminary Statement of Results the half-year ended 31 March 2001





 Cash Flow Statement


                                                             6 months  6 months 
                                                                   to        to
                                                             31 March  31 March 
                                                                 2001      2000

                                                                £'000s   £'000s


Net cash outflow from operating activities                     (1,622)  (1,631)
Interest paid                                                  (1,035)    (668)
Total tax recovered                                                167      160
Net cash inflow/(outflow) from purchases and sales of
investments
                                                                25,126 (15,641)
Equity dividends paid                                          (1,279)  (1,279)
Net cash inflow/(outflow) before use of liquid resources
   and financing                                                21,357 (19,059)
(Increase)/decrease in short-term deposits                    (10,693)    4,277
Net cash (outflow)/inflow from financing                       (8,598)   12,501


Increase/(decrease) in cash during the period                    2,066  (2,281)



Copies of the Interim Report will be posted to all shareholders on or around
24 May 2001. 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
F&C Management Limited - Secretary
11 May 2001