Director Shareholding

F&C PEP & ISA Investment Trust PLC
19 March 2002

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

1) Name of company

F&C PEP and ISA Investment Trust PLC

2) Name of director

Peter Bernard Hardy

3) Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18 or in respect of a non-beneficial
interest

As in 2 and Spouse

4) Name of the registered holder(s) and, if more than one holder, the
number of shares held by each of them (if notified)

Henderson Nominees Limited

5) Please state whether notification relates to a person(s) connected
with the Director named in 2 above and identify the connected person(s)

As above

6) Please state the nature of the transaction. For PEP transactions
please indicate whether general/single co PEP and if discretionary/non
discretionary

Purchase of shares under the F&C ISA Scheme made on Mr and Mrs P.B. Hardy's
behalf by the Administrator thereof, Cogent

7) Number of shares/amount of
stock acquired

50

8) Percentage of issued class

0.0001%

9) Number of shares/amount
of stock disposed

n/a

10) Percentage of issued class

n/a

11) Class of security

Ordinary Shares of 25p

12) Price per share

£1.70

13) Date of transaction

18th March 2002

14) Date company informed

19th March 2002

15) Total holding following this notification

99,344

16) Total percentage holding of issued class following this notification

0.2%

If a director has been granted options by the company please complete the
following boxes

17) Date of grant

n/a

18) Period during which or date on which exercisable

n/a

19) Total amount paid (if any) for grant of the option

n/a

20) Description of shares or debentures involved: class, number

n/a

21) Exercise price (if fixed at time of grant) or indication that price
is to be fixed at time of exercise

n/a

22) Total number of shares or debentures over which options held
following this notification

n/a

23) Any additional information

n/a

24) Name of contact and telephone number for queries

Mrs R. Hostler - 020 7628 8000

25) Name and signature of authorised company official responsible for
making this notification

Mrs R. Hostler
For and on behalf of F&C Management Limited, Secretary


Date of Notification

19th March 2002




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