Interim Results

Monks Investment Trust PLC
28 November 2000


THE MONKS INVESTMENT TRUST PLC
Results for the six months to 31 October 2000
28 November 2000  

Salient points

- NAV up 3.9% to 1,252.5p, compared with a rise of 2.6% in the FTSE World Index
  (in sterling terms). Over the last 12 months to 31 October 2000 NAV is up by
  22.7% against a rise of 14.5% in the index.
- US stock picking enhances result. The main positive factors contributing to
  the result were good stock picking in the US and strong return from US TIPS
  (index linked bonds).
- 2,802,811 shares bought back at an average discount of 15.6%, adding 0.6% to
  NAV per share.
- UK weighting cut from 28.5% to 24.6%. Monks has continued to reduce its UK
  weighting to reflect its stated objective of investing internationally to
  achieve capital growth. The main area of additional investment has been the
  United States, where the manager has made net purchases of £64 million,
  mainly in the shares of oil and natural gas production companies.
- Interim dividend reduced from 3.50p to 3.00p. The Company's reduced weighting
  in the UK and a more fully invested portfolio have led to a decline in
  earnings per share of 8%. The Board has therefore reduced the interim
  dividend and also expects to recommend a lower final dividend than the 6.20p
  paid last year.
- AITC 'its' campaign. The Company's marketing efforts in conjunction with the
  'its' campaign are showing signs of stimulating interest in investment trusts
  and stabilising the discount to asset value. The Board has supported the
  second year of the 'its' campaign and will continue to monitor developments
  to ensure adequate rewards for this expenditure.

The Monks Investment Trust PLC (Monks), with total assets of £923 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 over £22 billion funds under management and
advice.

For further information please contact:

Richard Burns, Manager
The Monks Investment Trust PLC      020 7379 4612

Gill Meekison, Director     
Baillie Gifford & Co.               020 7379 4612

Mike Lord, Director
Broadgate Marketing                 020 7726 6111


Baillie Gifford & Co. is regulated by IMRO. 


THE MONKS INVESTMENT TRUST PLC
Interim Report 31 October 2000

Over the six months to 31 October 2000, net asset value per share (NAV) rose
by 3.9%, from 1,205.2p to 1,252.5p. This compares with a rise of 2.6% in the
FTSE World Index in sterling. Over the last 12 months, NAV is up by 22.7%
against a rise of 14.5% in the index. Individual market performances have
varied over the six month period, with the USA producing a gain of 6.1% in
sterling terms and the UK rising by 2.5%; by contrast, Asian markets were
weak with Japan down by 10.8% and Asia Pacific by 5.6% (both figures in
sterling). Continental Europe rose marginally. The main positive factors
contributing to our result were good stock picking in the United States, the
strong returns from our US TIPS (index linked bonds), and the 0.6% uplift to
NAV from the buying in of 2,802,811 ordinary shares at a discount during the
half year.

Since the summer, evidence has begun to accumulate that economic growth is
starting to decelerate, particularly in the USA but also in Britain and
Continental Europe, which raises hopes that we may have seen the peak in
short term interest rates. The other notable features of the period have been
the strength of the dollar, not only against the Euro but also, helpfully for
us, against the pound, and the continued strength of the oil price, which has
confounded many observers by staying well above $30 since late summer. This
latter factor is likely to mean a squeeze on the profit margins of a wide
range of companies' over the next several months, with consequential
disappointing profits, but will obviously benefit energy producers, to which
we are well exposed.

We have continued the programme of reducing our UK equities, with net sales
of £48m during the half year; the UK weighting is now down to 24.6% compared
with 28.5% at the year-end and we expect it to be lower again in six months
time. The main area of additional investment has been the United States,
where we have invested £64m, much of it in the shares of oil and natural gas
production companies.

With our reducing exposure to the UK and a more fully invested portfolio,
earnings per share have, as expected, fallen. The figure for the six months
to 31 October 2000 is 3.99p, a decline of 8% on last year, and we are
currently expecting the full year's outcome to be around 81/2p. Although this
will be ahead of last year's earnings figure of 6.89p, it is well short of
the dividend of 9.70p which we have paid for the last few years. The Board is
therefore, as foreshadowed in the Annual Report, reducing the interim
dividend from 3.50p to 3.00p and expects also to recommend a lower final
dividend than the 6.20p paid last year. The interim dividend will be paid on
1 February 2001.

The discount on which Monks shares have traded has narrowed somewhat over the
last six months. During the six months 2,802,811 shares were bought in at an
average discount of 15.6%. We have authority to buy back a further 7,363,237
shares.

By order of the Board

Baillie Gifford & Co.

28 November 2000


The following is the interim statement for the six months ended 31 October
2000 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 2000. 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        
                                                     31 October 2000           
                                                 Revenue    Capital      Total
                                                   £'000      £'000      £'000

  Realised gains on investments                        -     41,756     41,756
  Unrealised (losses)/gains on                         -   (16,396)   (16,396)
  investments                                                                 
  Currency gains                                       -        623        623
  Income (note 1)                                 10,188          -     10,188
  Investment management fee                      (2,397)          -    (2,397)
  Other administrative expenses                    (489)          -      (489)
  Net return before finance                        7,302     25,983     33,285
  costs and taxation                                                          
  Finance costs of borrowings                    (4,249)          -    (4,249)
  Return on ordinary activities                    3,053     25,983     29,036
  before taxation                                                             
  Tax on ordinary activities                       (419)          -      (419)
  Return on ordinary activities                    2,634     25,983     28,617
  after taxation                                                              
  Dividends in respect of                        (1,916)          -    (1,916)
  equity shares                                                               
  Transfer to/(from) reserves                        718     25,983     26,701
  Return per ordinary share                        3.99p     39.32p     43.31p
  (note 2)                                                                    
  Dividend per Ordinary Share                      3.00p                      
  (note 3)                                                                    
 
 

                                                                              
                                                   for the six months ended     
                                                 31 October 1999 (restated+)   
                                                 Revenue    Capital      Total
                                                   £'000      £'000      £'000

  Realised gains on                                    -     35,056     35,056
  investments                                                                 
  Unrealised (losses)/gains                            -   (30,011)   (30,011)
  on investments                                                              
  Currency gains                                       -        129        129
  Income (note 1)                                  9,288          -      9,288
  Investment management fee                      (1,886)          -    (1,886)
  Other administrative                             (438)          -      (438)
  expenses                                                                    
  Net return before finance                        6,964      5,174     12,138
  costs and taxation                                                          
  Finance costs of borrowings                    (3,491)          -    (3,491)
  Return on ordinary                               3,473      5,174      8,647
  activities before taxation                                                  
  Tax on ordinary activities                       (201)          -      (201)
  Return on ordinary                               3,272      5,174      8,446
  activities after taxation                                                   
  Dividends in respect of                        (2,553)          -    (2,553)
  equity shares                                                               
  Transfer to/(from) reserves                        719      5,174      5,893
  Return per ordinary share                        4.33p      6.84p     11.17p
  (note 2)                                                                    
  Dividend per Ordinary Share                      3.50p                      
  (note 3)                                                                    
 
 
                                                       for the year ended 
                                                         30 April 2000   
                                                                              
                                                   Revenue   Capital     Total
                                                     £'000     £'000     £'000

  Realised gains on investments                          -    97,043    97,043
  Unrealised (losses)/gains on investments               -    32,750    32,750
  Currency gains                                         -       407       407
  Income (note 1)                                   17,560         -    17,560
  Investment management fee                        (4,075)         -   (4,075)
  Other administrative expenses                      (964)         -     (964)
  Net return before finance costs and taxation      12,521   130,200   142,721
  Finance costs of borrowings                      (7,065)         -   (7,065)
  Return on ordinary activities before taxation      5,456   130,200   135,656
  Tax on ordinary activities                         (386)         -     (386)
  Return on ordinary activities after taxation       5,070   130,200   135,270
  Dividends in respect of equity shares            (6,752)         -   (6,752)
  Transfer to/(from) reserves                      (1,682)   130,200   128,518
  Return per ordinary share (note 2)                 6.89p   176.84p   183.73p
  Dividend per Ordinary Share (note 3)               9.70p                    
 
 
* 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
operations. 

+ Restated for change in accounting policy (see note 7) 


                             THE MONKS INVESTMENT TRUST PLC
                                SUMMARISED BALANCE SHEET
                                   at 31 October 2000
                                     (unaudited)

                                                                              
                                               31 October 2000   30 April 2000
                                                         £'000           £'000
  NET ASSETS                                                                  
  Fixed asset investments                              900,489         879,964
  Net liquid assets                                     23,007          46,486
  Total assets (before                                 923,496         926,450
  deduction of loans and                                                      
  debentures)                                                                 
  Loans and debentures (note 4)                      (108,459)       (108,373)
                                                       815,037         818,077
  CAPITAL AND RESERVES                                                        
  Called-up share capital                               16,254          16,955
  Capital reserves                                     781,398         784,455
  Revenue reserve                                       17,385          16,667
  EQUITY SHAREHOLDERS' FUNDS                           815,037         818,077
  NET ASSET VALUE PER ORDINARY                                                
  SHARE                                                                       
  (after deducting prior                              1,252.5p        1,205.2p
  charges at par)                                                             
  Ordinary shares in issue                          65,016,059      67,818,870
  (note 5)                                                                    


THE MONKS INVESTMENT TRUST PLC
                                                      
                        SUMMARISED CASH FLOW STATEMENT 
                                 (unaudited)                    
 
                                      Six months to                    Year to
                                    31 October 2000              30 April 2000
                                   £'000      £'000           £'000      £'000

  NET CASH INFLOW FROM                        7,843                     12,276
  OPERATING ACTIVITIES                                                        
  NET CASH OUTFLOW                          (4,161)                    (6,976)
  FROM SERVICING OF                                                           
  FINANCE                                                                     
  TOTAL TAX PAID                              (389)                      (404)
  FINANCIAL INVESTMENT         (230,341)                  (535,501)           
  Acquisitions of                249,450                    579,826           
  investments                        693                        135           
  Disposals of                                                                
  investments                                                                 
  Realised currency                                                           
  profit                                                                      
  NET CASH INFLOW FROM                       19,802                     44,460
  FINANCIAL INVESTMENT                                                        
  EQUITY DIVIDENDS PAID                     (4,170)                    (7,311)
  NET CASH INFLOW                            18,925                     42,045
  BEFORE USE OF LIQUID                                                        
  RESOURCES AND                                                               
  FINANCING                                                                   
  NET CASH INFLOW FROM                            -                      5,000
  USE OF LIQUID                                                               
  RESOURCES                                                                   
  FINANCING                     (29,741)                   (86,508)           
  Shares purchased for                 -                     29,389           
  cancellation                                                                
  Loans drawn down                                                            
  NET CASH OUTFLOW                         (29,741)                   (57,119)
  FROM FINANCING                                                              
  DECREASE IN CASH                         (10,816)                   (10,074)
  RECONCILIATION OF                                                           
  NET CASH FLOW TO                                                            
  MOVEMENT IN NET DEBT                                                        
  Decrease in cash in           (10,816)                   (10,074)           
  the period                                                                  
  Decrease in liquid                   -                    (5,000)           
  resources                                                                   
  Loans drawn down                     -                   (29,389)           
  Exchange movement on              (70)                        272           
  loans                                                                       
  Other non-cash                    (16)                       (33)           
  changes                                                                     
  MOVEMENT IN NET DEBT                     (10,902)                   (44,224)
  IN THE PERIOD                                                               
  NET DEBT AT 1 MAY                        (65,964)                   (21,740)
  2000                                                                        
  NET DEBT AT 31                           (76,866)                   (65,964)
  OCTOBER 2000                                                                
 
 
 
 
 
THE MONKS INVESTMENT TRUST PLC

                                                                              
                            TWENTY LARGEST EQUITY HOLDINGS                      
                                  at 31 October 2000                            
                             

  Name                  Business                     Market value   % of total
                                                            £'000       assets

  Baillie Gifford       Investment fund                    28,998          3.1
  Pacific Fund                                                                
  * EOG Resources       Natural gas exploration            23,862          2.6
                        and production                                        
  * Philip Morris       Tobacco, food and beer             20,178          2.2
  Vodafone Group        Mobile telecommunications          19,671          2.1
  * NTT DoCoMo          Mobile telecommunications          18,663          2.0
  Glaxo Wellcome        Pharmaceuticals                    17,856          1.9
  Royal Bank of         Banking                            17,221          1.9
  Scotland                                                                    
  * Amerada Hess        Oil and gas production             14,944          1.6
  BP Amoco              International oil                  14,320          1.6
  * Freddie Mac         Residential mortgage               12,396          1.3
                        investor                                              
  Cable & Wireless      Telecommunications                 11,143          1.2
  * Walgreen            Pharmacy chain                     10,997          1.2
  Shell Transport &     International oil                  10,536          1.1
  Trading                                                                     
  Baillie Gifford       Small company fund                 10,380          1.1
  British                                                                     
  Smaller Companies                                                           
  Fund                                                                        
  * Nokia               Telecommunications                 10,301          1.1
                        equipment                                             
  Lloyds TSB            Retail banking and                 10,249          1.1
                        insurance                                             
  AMVESCAP              Fund manager                       10,072          1.1
  * Total Fina Elf      Integrated oil                      9,859          1.1
  * Petrobras           Integrated oil                      9,267          1.0
  * Sun Microsystems    Corporate network                   9,163          1.0
                        computers                                             
                                                          290,076         31.3
* Primary listing outwith the UK


                                 DISTRIBUTION OF ASSETS
                                   at 31 October 2000
                                      (unaudited)

                                               31 October 2000   30 April 2000
                                                             %               %
  Equities:              United Kingdom                   24.6            28.5
                         Continental Europe               14.3            17.4
                         North America                    23.8            13.2
                         Latin America                     1.4             0.6
                         Japan                             9.6            11.8
                         Asia Pacific                      4.5             6.0
  Total equities                                          78.2            77.5
  United Kingdom bond                                      1.1             1.0
  European bonds                                           2.7             2.4
  North American bonds                                    15.6            14.1
  Net liquid assets                                        2.4             5.0
  Total assets (before loans and debentures)             100.0           100.0


THE MONKS INVESTMENT TRUST PLC

NOTES


                           31 October 2000   31 October 1999      30 April 2000
                         
                                     £'000        (restated)              £'000

                                                      £'000
 1. Income

    Income from investments and
    interest receivable            10,178                9,288           17,560

    Other income                     10                    Nil              Nil

Return per ordinary share

    Revenue return                  2,634                3,272            5,070
    
    Capital return                 25,983                5,174          130,200



Return per ordinary share is based on the above totals of revenue and capital
and on 66,079,499 (31 October 1999 - 75,642,681 and 30 April 2000 -
73,625,591) 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 2001 to all shareholders on
   the register at the close of business on 12 January 2001.

4. Loans and debentures include Euro50 million drawn down under short term
   multi-currency loan facilities (30 April 2000 - Euro50 million). Net asset
   value per share (after deducting prior charges at market value) was 1,231.1p
   (30 April 2000 - 1,178.3p). The market value of debenture stocks at 31
   October 2000 was £93,878,000 (30 April 2000 - £98,220,000).

5. The Company's authority to buy back its own ordinary shares was renewed at
   the EGM on 18 April 2000 in respect of 10,166,048 ordinary shares            
  (equivalent to 14.99% of its issued share capital at that date). In the six   
 months to 31 October 2000 a total of 2,802,811 ordinary shares with a          
nominal value of £701,000 were bought back at a total cost of £29,741,000.     
At 31 October 2000 the Company had authority to buy back a further 7,363,237   
ordinary shares.

6. The financial information for the year ended 30 April 2000 has been          
  extracted from the full accounts which have been filed with the Registrar of  
 Companies and which contain an unqualified Auditors' Report.

7. The accounting policies applied in calculating the interim figures are
   consistent with those used in the Annual Financial Statements. Franked
   dividends for the six months to 31 October 1999 have been restated and are
   accounted for in accordance with FRS16 'Current Tax', accounting for UK
   dividend income net of tax. This is consistent with the treatment adopted in
   the financial statements for the year ended 30 April 2000. The effect of the
   change in accounting policy is to reduce gross income and taxation equally   
  by £388,000 for the six months to 31 October 1999; the net effect has no      
 impact upon the revenue return attributable to equity shareholders.


   The Interim Report was approved by the Board on 28 November 2000.