Portfolio Update

Foreign & Colonial Eurotrust PLC
04 October 2004


AVS Security No:


The Stock Exchange
RNS
Old Broad Street
London
EC2N 1HP                                                       4 October 2004


Dear Sir

Foreign & Colonial Eurotrust PLC

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

Stock                                                     % of gross assets
Total                                                                   6.2
Novartis                                                                5.5
UBS                                                                     4.3
Telefonica                                                              4.2
Deutsche Telekom                                                        3.4
BNP Paribas                                                             3.4
ABN AMRO                                                                3.1
AXA                                                                     2.9
Societe Generale                                                        2.8
Siemens                                                                 2.8



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