Director Shareholding

F&C PEP & ISA Investment Trust PLC
01 August 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

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 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 & Mrs G. Ross Russell's
behalf by the Administrator thereof, Cogent

7) Number of shares/amount of
stock acquired

9,588

8) Percentage of issued class

0.02%

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

£1.45

13) Date of transaction

1st August 2002

14) Date company informed

1st August 2002

15) Total holding following this notification

67,010

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

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

S.A. Cox
Tel: [phone]

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

S.A. Cox
For and on behalf of F&C Management Limited, Secretary

Date of Notification

1st August 2002




                      This information is provided by RNS
            The company news service from the London Stock Exchange