Director Shareholding

Foreign & Colonial PEP&ISA Inv Tst
23 July 2001



                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

FOREIGN & COLONIAL PEP AND ISA INVESTMENT TRUST PLC


2)  NAME OF DIRECTOR

GRAHAM ROSS RUSSELL


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 an non-beneficial interest

(1) BENEFICIAL
(2) 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 PEP SCHEME MADE ON MR & MRS ROSS RUSSELL'S
BEHALF BY THE ADMINISTRATOR THEREOF, COGENT


7)  Number of shares/amount of
    stock acquired

(1)  9
(2) 10

8)   ((1) 0.00002%)
     ((2) 0.00002%)
    of issued Class



9)  Number of shares/amount
    of stock disposed



10)  (     %)
    of issued Class



11) Class of security

ORDINARY SHARES OF 25p


12) Price per share

£1.72



13) Date of transaction

23 JULY 2001


14) Date company informed

23 JULY 2001


15) Total holding following this notification

48,299


16) Total percentage holding of issued class following this notification

0.1%

     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



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



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



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



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



23) Any additional information



24) Name of contact and telephone number for queries

MISS S. COX - TEL: [phone]


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

    Date of Notification      23 JULY 2001