Interim Statement

Matrix e-Ventures Fund VCT PLC
12 January 2001


Interim Statement
for the period ended 31 October 2000

Chairman's Statement

I  would  like  to  thank all shareholders for  supporting  Matrix  
e-Ventures Fund VCT plc since its commencement of trading in May 2000.

The public offer opened on 11 May 2000 with an initial closing date of
20  June  2000. By that date, the minimum subscription level had  been
achieved but the board of directors took the view that to meet further
demand  the  offer  period should be extended and  the  offer  finally
closed  on 22 December 2000. I am delighted to report that the Company
raised  £12,389,223,  after expenses amounting  to  6%  of  the  funds
raised.

In  the  period  from commencement of trading on 10  May  2000  to  31
October   2000  the  Company  had  made  four  investments   totalling
£1,550,000.  These  investments are in Sit-up.com  Limited,  Callserve
Communications   plc,  Clarity  Commerce  Solutions plc  and   e-go
systems.com  plc. You will have read about these four investments  and
two further investments made in November totalling £1,100,000 (e-Gas &
Power  plc  and  i-Desk  plc)  in  my letter  to  shareholders  during
November.

During  December  2000 a seventh investment of £750,000  was  made  in
ImageCom Limited bringing the total of investments to £3,400,000.

In  accordance  with BVCA guidelines these investments are  valued  at
cost,  except in the case of Clarity Commerce Solutions plc  which  is
valued at the mid market price on 31 October 2000.

In total, these seven investments represent 27% of net funds raised.
Shareholders will receive two newsletters in addition to  the  interim
and  annual  reports providing a regular update of the new investments
which we make.

I  am  also  pleased to report that the fund adviser,  Matrix  Private
Equity  (Managers)  Limited, continues to receive a  very  encouraging
flow of investment opportunities.

My next statement will be in respect of the period from 10 May 2000 to
30  April  2001. By that time I am optimistic that we will  have  made
further progress in investing the Company's funds.

Michael Cumming
Chairman, 12 January 2001


Fund Manager's Report

The  fund has been investing since the middle of 2000 post the  change
in  market sentiment towards technology stocks. The slower development
and   penetration  of  the  internet  has  been  reflected   in   more
conservative  financing structures and lower valuations  than  at  any
stage  in  the  last  18  months.  There  are  still  good  investment
opportunities available in the unquoted arena and the investment  team
has  been  exceptionally busy evaluating over 400 investment proposals
over  the  last  six  months. The vast majority  of  these  have  been
submitted   from   high  quality  sources  including   other   venture
capitalists, accountants, corporate finance departments and specialist
advisers.

The  fund completed four investments up to the end of October, details
of which are as follows:

Sit-up.com Limited Investment of £500,000
The company aims to create a range of programmes for digital TV and
the internet. Their first product is Bid-up.TV, the UK's first
interactive TV-based auction site. This has an experienced and focused
management team. Growth will be driven by the promising future for
home TV shopping with penetration of digital TV set to reach a
forecast of 15% of all households by end of 2000 and 43% by 2004.

Callserve Communications Plc Investment of £300,000
The  company is a global provider of telephony over the Internet. This
is  a business which gives consumers the opportunity to make worldwide
calls using microphone headsets attached to their PCs for the price of
a  local  call,  thereby  undercutting  the  prices  of  international
telephone providers. Callserve offers the service through high profile
partners such as NEC/Packard Bell, Lycos, Freeserve and Disney.

Clarity Commerce Solutions plc Investment of £250,000
Clarity  provides integrated solutions to the hospitality and  leisure
markets,  encompassing  site-based  hardware,  extensive  back  office
software  and  a  multi-functional head office  management  tool.  The
group's products address the pub, restaurant and nightclub markets but
it  also  supplies  hotels and fast food operators. Customers  include
Punch,  Bass,  Harry Ramsdens, Belgo and Whitbread.  The  company  was
listed on the Alternative Investment Market (AIM) in July 2000 and the
VCT's  investment has risen from 125p per share to 135.5p  per  share
(09/01/2001).

E-go systems.com plc Investment of £500,000
Provides   Unified  Messaging  services  to  multinational  companies.
Unified  messaging allows employees to receive their  voice  mail,  e-
mail,  fax,  and  mobile messages in one place of their  choice  (e.g.
their  mobile)  and  at the time of their choice. A strong  management
team  has been assembled from leading US companies such as Lucent  and
CISCO and e-go has substantial strategic partners such as Clarent Corp
and Comverse - NASDAQ-listed US corporations.

Since October we have completed three further investments:

e-Gas & Power plc
Investment of £350,000
e-Gas & Power Plc is a major broker of natural gas and electricity  in
Europe  using  a  telephone-based  trading  set-up  with  deals  being
undertaken  with clients using data viewed on dedicated  screens.  The
company is expanding its operations by offering an e-B2B exchange  for
gas and electricity, first to UK customers and eventually to other  EU
countries.   Delivery  is  via  the  Internet  with  data,   including
contracts, being communicated by e-mail.

i-Desk plc
Investment of £750,000
i-Desk  is  a  provider of internet e-services to UK Internet  Service
Providers  and  telecom providers and over 2.5 million  end-users  are
currently  supported. The company is operating  in  the  fast  growing
technical  call  centre  market and is also  in  the  electronic  bill
payment and presentation market.

ImageCom Limited
Investment of £750,000
ImageCom  is a specialised video communications company providing  the
technology  to enable high quality live video images to be transmitted
over telephone networks by compressing and decompressing the images at
either  end.  The  Fund invested alongside Thompson Clive  to  provide
funds for expansion.

All the unquoted investments are valued at cost in accordance with the
British  Venture  Capital Association Guidelines.  The  investment  in
Clarity  Commerce Solutions is valued at the mid-market  price  on  31
October 2000.

We believe that we have many more suitable investment opportunities
under consideration and that valuations now prevalent reflect a more
realistic balance of risk and reward than has been the case for many
months. Unquoted venture capital companies typically take 3 years to
mature to a size where sale or flotation is appropriate. The spread of
investments listed above, together with those under consideration,
should provide a well-balanced portfolio of technology companies at
all stages of development.


UNAUDITED STATEMENT OF TOTAL RETURN
     Period from 10 May 2000 to 31 October 2000

                                   Revenue*     Capital      Total
                                          £           £          £
Unrealised gains and losses 
   on investments                     -           3,425      3,425
Income                              215,187         -      215,187
Investment management fees          (27,692)    (83,076)  (110,768)
Other expenses                     (126,184)        -     (126,184)

Return on ordinary activities 
   before taxation                   61,311     (79,651)   (18,340)
Tax on ordinary activities          (16,615)     16,615        -

Return attributable to equity 
   shareholders                      44,696     (63,036)   (18,340)
Dividends in respect of equity shares  -            -          -

Transfer to reserves                 44,696     (63,036)   (18,340)

Return per ordinary share:
Basic                                   0.5p       (0.7)p     (0.2)p

* The Revenue column of this Statement is the profit and loss account
of the Company.


Notes:
1.   There are no comparative figures for the equivalent period  in
     1999 as the Company was incorporated on 8 March 2000 and commenced
     trading on 10 May 2000.

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

3.   Basic  revenue return per Ordinary Share is based on  the  net
     revenue on ordinary activities after taxation. For the period from 30
     May 2000 (the date of the first allotment), this return was based on
     8,974,377 shares being the weighted average number of Ordinary Shares
     in issue during the period.

4.   In  accordance  with  the  policy  statement  published  under
     'Management  and Administration' in the Company's prospectus,  the
     directors have charged 75% of the investment management expenses to
     the capital reserve.

5.   Funds  raised  from the share issue as at 31 October  2000  of
     £12,571,800, before deduction of expenses of £721,858, are invested in
     accordance with the prospectus.

6.   The  financial information set out in this report has not been
     audited and does not comprise full financial statements within the
     meaning of Section 240 of the Companies Act 1985.

7.   Copies of this statement are being sent to all shareholders.
     Further copies are available free of charge from the Company's
     registered office.


BALANCE SHEET
as at 31 October 2000

                                     £            £               £

Fixed Assets
Equity Investments               1,569,999
Fixed Interest Securities        6,513,000
Monies held pending investments  3,410,994

                                                           11,493,993
Current Assets
Debtors and prepayments            340,795
Cash                               300,201

                                               640,996
Creditors: amounts falling due
within one year
Corporation tax                                  -
Other creditors                                 63,504
Accruals                                       239,883

                                              (303,387)

Net current assets                                            337,609

Net assets                                                 11,831,602

Capital and reserves
Called up share capital                                       126,042
Share premium account                                      11,723,900
Capital reserve - realised                                    (66,461)
Capital reserve - unrealised                                    3,425
Revenue reserves                                               44,696

                                                           11,831,602

Net asset value per share                                       93.87p