Final Results - Year to 30 September 1999

Foreign & Colonial PEP&ISA Inv Tst
24 November 1999


Contact:  Julian Cane
          Foreign & Colonial Management           0171 628 8000

          Andrew Waterworth
          Financial Dynamics                      0171 831 3113



               FOREIGN & COLONIAL PEP & ISA INVESTMENT TRUST PLC
         Unaudited preliminary statement of results for the year ended
                               30 September 1999



COMPANY OBJECTIVE
To secure long-term capital and income growth from a portfolio consisting
mainly of FTSE All-Share companies and leading European companies.


HIGHLIGHTS


-  Over the year to 30 September 1999 net asset value (NAV) per share and
   share price increased 18.1% and 19.9% respectively.

-  Share buy back programme has led to the purchase of 9.7% of the issued
   share capital of the Company - adding about 1.4% to NAV.

-  Total return, including dividends and the benefit of buying-in shares was
   20.6% - ahead of the AITC UK General peer group's average total return of
   20.1%.

-  Directors are recommending a final dividend of 2.95p (net) to give a
   total of 4.8p for the year, an increase of 3.2%.

               FOREIGN & COLONIAL PEP & ISA INVESTMENT TRUST PLC
         Unaudited preliminary statement of results for the year ended
                               30 September 1999



-  Directors seek to renew shareholders'approval of share buy back programme
   at AGM.



SUMMARY OF RESULTS

                                   30            30         %
                            September     September
                                 1999          1998    Change
Attributable to equity                                       
shareholders:
Net assets                   £101.89m       £95.58m      +6.6
Net asset value per           191.14p       161.91p          
share                                                   +18.1
Net revenue                    £2.71m        £2.79m      -2.9
Earnings per share              4.74p         4.72p      +0.4
Dividends per share             4.80p         4.65p      +3.2
Share price                   171.50p       143.00p     +19.9
                                                             


               FOREIGN & COLONIAL PEP & ISA INVESTMENT TRUST PLC
         Unaudited preliminary statement of results for the year ended
                               30 September 1999


 ASSETS


                          30 September  30 September
                                  1999          1998
                                £'000s        £'000s
                                        
Net assets attributable                             
to equity shareholders         101,887        95,576
Net asset value per share      191.14p       161.91p
- pence

Geographical distribution of total assets less current liabilities at 30
September 1999 was:
United Kingdom 89.8%; Europe 10.2%.



               FOREIGN & COLONIAL PEP & ISA INVESTMENT TRUST PLC
         Unaudited preliminary statement of results for the year ended
                               30 September 1999

Unaudited Statement of Total Return (incorporating the Revenue Account*) for
the year to 30 September
                                                                              
     
                              
                             30 September 1999           30 September 1998
                      Revenue Capital    Total  Revenue   Capital    Total
                       £'000s  £'000s   £'000s   £'000s    £'000s   £'000s
Gains/(losses) on           -  16,258   16,258        -   (7,511)  (7,511)
investments
Exchange losses           (3)       2      (1)        -      (13)     (13)
Income                  3,743       -    3,743                  -    3,931
                                                  3,931
Management fee          (513)       -    (513)    (502)         -    (502)
Other expenses          (115)     (2)    (117)    (118)       (9)    (127)
Net return before                                                         
finance costs and       3,112  16,258   19,370    3,311   (7,533)  (4,222)
taxation
Interest payable and                                                      
similar charges           (2)       -      (2)        -         -        -
Return on ordinary                                                        
Activities before       3,110  16,258   19,368    3,311   (7,533)  (4,222)
taxation
Taxation on ordinary    (404)       -             (526)         -    (526)
activities                               (404)
Return attributable                                                       
to equity               2,706  16,258   18,964    2,785   (7,533)  (4,748)
shareholders
Dividend on ordinary                                                      
shares (equity)       (2,581)       -  (2,581)  (2,746)         -  (2,746)
Amount transferred        125  16,258   16,383                            
to (from) reserves                                   39   (7,533)  (7,494)

               FOREIGN & COLONIAL PEP & ISA INVESTMENT TRUST PLC
         Unaudited preliminary statement of results for the year ended
                               30 September 1999



Return per ordinary                                                       
share - pence           4.74p  28.49p   33.23p    4.72p  (12.76p)  (8.04)p

*The revenue column of this statement is the profit and loss account
 of the Company

The proposed final ordinary dividend of 2.95p per share will be paid on 10
February 2000 to shareholders registered on 10 December 1999.
The Annual General Meeting will be held at 11:00 am on Wednesday 9 February
2000 at Exchange House, Primrose Street, London EC2A 2NY.
The Annual Report will be posted to shareholders on or around 8 January 1999.
Copies may be obtained during normal business hours from the Company's
Registered Office, Exchange House, Primrose Street, London EC2A 2NY.

                                                         By order of the Board
                             Foreign & Colonial Management Limited - Secretary
                                                              23 November 1999