Interim Results - 6 Months to 31 March 2000

Foreign & Colonial PEP&ISA Inv Tst
27 April 2000


Date:          27 April 2000


Contact:     Julian Cane         Claire Barry
             Foreign & Colonial  Financial Dynamics
             Tel: [phone]  Tel: [phone]



              FOREIGN & COLONIAL PEP and ISA INVESTMENT TRUST PLC
                          Unaudited Interim Statement
                      for the half-year to 31 March 2000



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

- Net asset value per share increased by 5.5% over the six months to 31 March
2000;

- Interim dividend per share increased by 2.7% to 1.9p. Together with last
year's final dividend, this gives a yield of 3.0% on share price,
significantly higher than the yield of the FTSE All-Share index, which was
2.1% at 31 March 2000;

- In the six months to 31 March 2000 1,825,000 shares have been purchased for
cancellation, resulting in the addition of £0.6 million to net asset value.
The Company will continue the share buy-back programme, subject to it adding
value.



FOREIGN & COLONIAL PEP and ISA INVESTMENT TRUST PLC
Unaudited Interim Statement for the half-year to 31 March 2000

SUMMARY OF RESULTS

                                                                           
                                                                           
                               31 March        30 September      %
                                  2000           1999        Change
  
 Attributable to equity                                      
 Shareholders                   £103.83m       £101.89m       +1.9
                                                              
 Net Assets                                                   
 Net Asset value per share      201.69p        191.14p        +5.5
                                                              
 Share Price                    163.50p        171.50p        -4.7
                                                              
                                                              
                                6 months to    6 months to    %
                                31 March       31 March       Change
                                2000           1999
                                                              
  Earnings per share            1.89p          2.34p*         -19.2
                                                              
  Dividend per share                                          
 (payable 7 June 2000)          1.90p          1.85p          +2.7


* Restated to reflect change in accounting policy (see note (a))


ASSETS

                                                                           
                                                                           
                                      31 March       31 March  30 September
                                          2000           1999          1999
                                        £'000s         £'000s        £'000s
                                                                           
 Net Assets attributable to            103,833        113,572       101,887
 equity shareholders
                                                                           
 Net asset value per share             201.69p        194.04p       191.14p


Geographical distribution of total assets less current liabilities (excluding
loans) at 31 March 2000 was: United Kingdom 88.8%, Europe 11.2% (31 March 1999
- UK 90.4%, Europe 9.6%, 30 September 1999 - UK 89.9%, Europe 10.2%)




              FOREIGN & COLONIAL PEP and ISA INVESTMENT TRUST PLC
   Unaudited Statement of Total Return (incorporating the Revenue Account*)
             for the half-year to 31 March 2000 and 31 March 2000


          6 months to 31 March 2000         6 months to 31 March 1999         
                                                         (restated**)
           Revenue   Capital      Total      Revenue     Capital        Total
            £'000s    £'000s     £'000s       £'000s      £'000s       £'000s
                                                                              
   
Gains and                                                                     
Losses on      -     5,076      5,076            -      18,619       18,619
investments

Exchange
gains                                                                    
and losses   
on currency
balances     (3)      (13)       (16)          (1)           4            3


Income       1,205         -      1,205        1,577           -        1,577

Management
fee          (130)     (130)      (260)        (129)       (130)        (259)

Other 
expenses     (62)       (3)       (65)         (63)         (1)         (64)

Net return                                                                    
before finance                                                                
costs and      
taxation      1,010     4,930      5,940        1,384      18,492       19,876

Interest                                                                      
payable and     
similar
charges         (8)       (8)       (16)          (1)         (1)          (2)


                                                                              
   
Return on                                                                     
ordinary      
Activities
before
taxation      1,002     4,922      5,924        1,383      18,491       19,874



Taxation on                                                                   
ordinary  
activities      (3)         -        (3)          (5)           -          (5)

Return                                                                        
attributable        
to equity
shareholders    999     4,922      5,921        1,378      18,491       19,869

Dividend on                                                                   
ordinary          
shares
(equity)      (978)         -      (978)      (1,083)           -      (1,083)

Amount                                                                        
transferred to       
reserves         21     4,922      4,943          295      18,491       18,786

                                                                              
   
Return per        
ordinary 
share         1.89p     9.31p     11.20p        2.34p      31.39p       33.73p


*The revenue column of this statement is the profit and loss account of the
Company.
       
** Restated for a change in accounting policies for the following:
       

(a) Allocation of Expenses
Management fee and interest payable, together with the related tax saving, if
any, have been allocated 50% to capital reserve and 50% to revenue account, in
accordance with the board's expected long-term split of returns from the
investment portfolio of the Company. Previously, management fee and interest
payable were allocated 100% to revenue account. Prior periods have been
restated accordingly.

(b) Franked Income
Franked dividends are accounted for in accordance with Financial Reporting
Standard 16 (FRS16) 'Current Taxation' on the basis of the income actually
receivable, without adjustment for the tax credit attaching to the dividends.
Previously, franked dividends were accounted for inclusive of the tax credit
which, accordingly, formed part of the tax charge. Prior periods have been
restated.
       
Total return per ordinary share is based on a weighted average of 52,862,585
ordinary shares in issue during the period (31 March 1999 - 58,901,770 and 30
September 1999 - 57,060,754).

The dividend of 1.90p per ordinary share will be paid on 7 June 2000 to
shareholders registered on 12 May 2000.

The Interim Report will be posted to shareholders on or around 22 May 2000.
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
27 April 2000