Cholesteric and nematic liquid‐crystal electro‐optic cells are described which function as both UV shutters and as tunable fluorescent emitters ( shutter cells ). Two‐color displays of blue‐green, blue‐red, or green‐red are achieved in the double‐layered structure of the shutter cell with an external passive fluorescent element. Contrast ratios of about 5 in these two‐color pairs are achievable by electrically switching the shutter cell. Display characteristics for several fluorescent guest materials are measured and their dependence on various system parameters is discussed. Multicolor fluorescent displays are made by using a triple‐layered structure of shutter cells and passive elements.