Interim Results

Edinburgh Investment Trust PLC
24 October 2000

                                       
                      THE EDINBURGH INVESTMENT TRUST plc
            INTERIM RESULTS FOR SIX MONTHS ENDING 30 SEPTEMBER 2000


The  objectives  of The Edinburgh Investment Trust plc are the achievement  of
capital  growth  at a higher rate than the FTSE All-Share Index  and  dividend
growth above the rate of UK inflation.

   The company's capital performance beat its benchmark by 4.5%    
   Net asset value per share rose by 1.9% compared to a fall of 2.6% in the
   benchmark FTSE All-Share Index    
   Interim dividend has been increased by 2.6% to 4.0p per share
   Share price rose by 0.3%


For further information, please contact:

Mike Balfour,       Chief Investment Officer      0131 313 1000
                    Edinburgh Fund Managers plc

Ian Massie,         Director                      0131 313 1000
                    Edinburgh Fund Managers plc

Penny Clarke/Lucy Copeman
Polhill Communications                            020 7369 9333


Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as
rise.  Investors may not get back the amount they originally invested.
                               
Chairman's Review
                                       
                                       
The  six  months  to 30 September 2000 was another successful period  for  the
company  during  which the net asset value per share rose by 1.9%,  against  a
fall  of 2.6% in the FTSE All-Share Index. The share price rose by 0.3%.   The
interim dividend has been increased by 2.6% to 4.0p per share.

The UK Equity Market
During  the period, changing views on the future course of inflation, interest
rates  and  corporate earnings caused considerable volatility in world  equity
markets. The FTSE All-Share Index reached a low point of 2852 in the middle of
April  then rose to a peak of 3265 at the beginning of September only to  fall
back  to 3029 at the end of the month.  Thus, although the level of the market
did  not  change significantly during the period, the movement  from  peak  to
trough was no less than 14.5%.


Performance
Completion of the acquisition of Robert Fleming Holdings by Chase Manhattan at
a  price  significantly higher than the historic valuation added 3.3%  to  the
company's  net  asset  value per share and made a major  contribution  to  the
overall  performance of the portfolio. The Chase Manhattan shares received  by
the  company as part of the consideration were sold shortly after receipt  and
the proceeds have now been reinvested in the UK equity market.

The  manager's  stock  and  sector selection added  to  relative  performance,
despite  the  market's volatility. During the period the company  bought  back
8,591,000  shares (3.3% of issued capital) from holders, adding  0.5%  to  net
asset  value.  A detailed analysis of performance can be seen in the  attached
Appendix.


Interim Dividend
The  interim dividend of 4.0p per share, 2.6% higher than last year,  will  be
paid  on  1 December to shareholders on the register at 3 November  2000.   As
previously  announced,  the proportion of management fees  and  finance  costs
charged to capital has been increased from 50% to 70% to reflect estimates  of
the  sources  of future returns.  This change, along with the reinvestment  of
the  additional  sums  received from the sale of the Robert  Fleming  holding,
means that the revenue return attributable to shareholders for the whole  year
is  likely  to  be higher than last year.  Although part of this year's  total
dividend  is  likely to be paid from reserves, we expect at present  that  the
dividend will be fully covered in the following year.

Prospects
Many economic leading indicators suggest that the economies of the UK, the  US
and  Continental  Europe  will slow over the next six months,  possibly  quite
quickly,  due  to  the demand dampening effects of the higher  oil  price  and
higher  interest  rates.  Slower economic growth will  mean  slower  corporate
earnings growth but will also limit rises in interest rates, indeed they could
well fall in 2001.  The FTSE-All Share Index is unlikely to make much progress
whilst the rate of growth in corporate profits slows: conversely the Index  is
likely to improve in 2001 if interest rates begin to fall.


The Earl of Eglinton and Winton, Chairman
                                                                      APPENDIX
                                                                              



Analysis of Outperformance


UK Equities                                +4.5
   -Stock Selection        +1.3
   -Sector Allocation      -0.1
   -Robert Fleming         +3.3

Borrowing                                  -0.3

Charges to capital                         -0.5

Retained revenue                           +0.3

Share buyback                              +0.5


STATEMENT OF TOTAL RETURN (for the six months to 30 September 2000)


                                 Revenue   Capital    Total
                                    £000      £000      £000
Realised gains on investments          -   125,041   125,041
Decrease in unrealised appreciation    -  (100,988) (100,988)
                                 _______   _______   _______
TOTAL CAPITAL GAINS ON
INVESTMENTS                            -    24,053    24,053
Currency gains                         -       873       873
Income from investments            18,920        -    18,920
Interest receivable on short 
term deposits                         764         -      764
Underwriting commission                38         -       38
Investment management fee            (948)   (2,213)  (3,161)
Other administrative expenses      (1,027)        -   (1,027)
Share buyback expenses                 -          -        -
                                 _______   _______   _______
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                      17,747    22,713    40,460
Interest payable and 
similar charges                   (2,944)   (6,870)   (9,814)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                   14,803    15,843    30,646
Taxation                               -         -         -
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                    14,803    15,843    30,646
Preference stock dividends - 
non-equity                             -         -         -
                                 _______   _______   _______
RETURN ATTRIBUTABLE TO EQUITY
SHAREHOLDERS                      14,803    15,843    30,646
Dividends in respect of 
equity shares                     (9,815)        -    (9,815)
                                 _______   _______   _______
Transfer to reserves               4,988    15,843    20,831
                                 _______   _______   _______


Return per ordinary share           5.73p     6.13p    11.86p

Interim dividend per ordinary share  4.00p
STATEMENT OF TOTAL RETURN (Cont'd) (for the six months to 30 September 1999)


                                 Revenue   Capital    Total
                                    £000      £000      £000
Realised gains on investments          -   102,421   102,421
Decrease in unrealised appreciation    -  (149,488) (149,488)
                                 _______   _______   _______
TOTAL CAPITAL LOSSES ON
INVESTMENTS                            -  (47,067)  (47,067)
Currency losses                        -       (4)       (4)
Income from investments           22,036         -   22,036
Interest receivable on short 
term deposits                        317         -      317
Underwriting commission               31         -       31
Investment management fee         (1,623)   (1,623)  (3,246)
Other administrative expenses       (640)      (29)    (669)
Share buyback expenses                 -         -        -
                                 _______   _______   _______
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                      20,121  (48,723)  (28,602)
Interest payable and 
similar charges                   (4,907)  (4,907)   (9,814)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                   15,214  (53,630)  (38,416)
Taxation                               -         -         -
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                    15,214  (53,630)  (38,416)
Preference stock dividends - 
non-equity                           (10)      -        (10)
                                 _______   _______   _______
RETURN ATTRIBUTABLE TO EQUITY
SHAREHOLDERS                      15,204  (53,630)  (38,426)
Dividends in respect of 
equity shares                    (11,062)       -   (11,062)
                                 _______   _______   _______
Transfer to/(from) reserves        4,142  (53,630)  (49,488)
                                 _______   _______   _______

Return per ordinary share            5.24p   (18.47p)  (13.23p)

Interim dividend per ordinary share  3.90p

STATEMENT OF TOTAL RETURN (Cont'd) (for the 12 months to 31 March 2000)

                                 Revenue   Capital    Total
                                    £000      £000      £000
Realised gains on investments          -   203,110   203,110
Decrease in unrealised appreciation    -   (37,117)  (37,117)
                                 _______   _______   _______
TOTAL CAPITAL GAINS ON
INVESTMENTS                            -   165,993   165,993
Currency gains                         -        13        13
Income from investments           39,707         -    39,707
Interest receivable on short 
term deposits                      1,010         -     1,010
Underwriting commission               62         -        62
Investment management fee         (3,232)   (3,232)   (6,464)
Other administrative expenses     (1,806)             (1,806)
Share buyback expenses                 -       (31)      (31)
                                 _______   _______   _______
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                      35,741   162,743   198,484
Interest payable and similar 
charges                           (9,751)   (9,751)  (19,502)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                   25,990   152,992   178,982
Taxation                              (1)        -        (1)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                    25,989   152,992   178,981
Preference stock dividends - 
non-equity                           (10)        -       (10)
                                 _______   _______   _______
RETURN ATTRIBUTABLE TO EQUITY
SHAREHOLDERS                      25,979   152,992   178,971
Dividends in respect of 
equity shares                    (32,829)        -   (32,829)
                                 _______   _______   _______
Transfer to/(from) reserves       (6,850)  152,992   146,142
                                 _______   _______   _______


Return per ordinary share           9.15p    53.86p    63.01p




The revenue column of this statement represents the revenue account of the
company.
All  revenue  and capital items in the above statement derive from  continuing
 operations.
BALANCE SHEET
                                   At           At         At
                         30 September     31 March30 September
                                 2000         2000       1999
                                 £000         £000       £000
FIXED ASSETS
Investments                 1,778,156    1,830,650  1,719,046
                           __________   __________ __________

CURRENT ASSETS
Debtors                        20,751       26,259     12,680
UK Treasury Bills               9,884            -     14,895
Cash and short term deposits   20,183       13,625     13,982
                           __________   __________ __________
                               50,818       39,884     41,557
CREDITORS: AMOUNTS FALLING
  DUE WITHIN ONE YEAR          20,818       39,244     24,294
                           __________   __________ __________
NET CURRENT ASSETS             30,000          640     17,263
                           __________   __________ __________
TOTAL ASSETS LESS
CURRENT LIABILITIES         1,808,156    1,831,290  1,736,309

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR  194,474      194,348    194,223
                           __________   __________ __________
                            1,613,682    1,636,942  1,542,086
                           __________   __________ __________
CAPITAL AND RESERVES
Called up share capital 
-equity                        63,812       65,960     70,909
Other reserves              1,549,870    1,570,982  1,471,177
                           __________   __________ __________
TOTAL EQUITY
SHAREHOLDERS' FUNDS         1,613,682    1,636,942  1,542,086
                           __________   __________ __________


Net asset value per ordinary 
share                         630.03p    618.29p     541.65p

CASHFLOW STATEMENT

                                   At           At         At
                           30 September30 September  31 March
                                 2000         1999       2000
                      Notes      £000         £000       £000
Revenue before finance
costs and taxation             17,747       20,121     35,741

Decrease in accrued income      3,336        4,624      3,558

Increase in creditors            (19)           19         68

Expenses charged to capital   (2,213)       (1,652)    (3,232)
                           __________   __________ __________

NET CASH INFLOW
FROM OPERATING ACTIVITIES      18,851       23,112     36,135

NET CASH OUTFLOW FROM
SERVICING OF FINANCE          (9,625)      (9,562)   (19,260)

TOTAL TAX (PAID)/RECOVERED        (6)         480        478

NET CASH INFLOW FROM
FINANCIAL INVESTMENT          72,685       74,038    172,247

EQUITY DIVIDENDS PAID        (21,372)     (23,662)   (34,714)
                           __________   __________ __________

NET CASH INFLOW
BEFORE FINANCING               60,533       64,406    154,886

MANAGEMENT OF LIQUID
RESOURCES                     (9,884)          -        9,890

NET CASH OUTFLOW FROM
FINANCING                 3  (44,091)     (52,752)  (153,493)
                           __________   __________ __________

INCREASE IN CASH                6,558       11,654     11,283
                           __________   __________ __________


Notes to the Accounts
1. The  accounts  have  been  prepared in accordance  with  the  Statement  of
   Recommended  Practice Financial Statements of Investment Trust Companies.
   The  same accounting policies used for the year to 31 March 2000 have  been
   applied.  With  effect  from 1 April 2000 70% of the investment  management
   fee and relevant finance costs have been allocated to the capital reserve.
2. Total  equity  shareholders' funds have been calculated in accordance  with
   the  provisions  of Financial Reporting Standard 4, Capital  Instruments'.
   The  net asset values per ordinary share have been calculated on the  basis
   of  shareholders' rights to reserves adjusted to reflect the redemption  of
   debentures at par. A reconciliation of the two figures is as follows:-
               30 September 200031 March 200030 September 1999
                               p          p            p
   Shareholders' funds
   per ordinary 25p share  632.20     620.43       543.69
   Less: Unamortised 
discount and expenses 
arising from debenture 
issue                       (2.17)     (2.14)       (2.04)
                          _______    _______      _______
   Net asset value 
   per ordinary 25p share  630.03     618.29       541.65
                          _______    _______      _______
   
3. The   number  of  ordinary  shares  in  issue  at  30  September  2000  was
   255,249,644 (31 March 2000-263,840,644). The return per ordinary  share  is
   based  on  the  weighted average number of shares in issue.  The  net  cash
   outflow  from financing shown in the cashflow statement relates  wholly  to
   the cost of share buybacks.
4. An  interim dividend of 4.00p for the year to 31 March 2001 will be paid on
   1  December 2000 to shareholders on the register on 3 November  2000.   The
   ex-dividend date is 30 October 2000.
5. The  financial  information  for the year ended  31  March  2000  has  been
   extracted  from  the Annual Report and Accounts of the company  which  have
   been  filed with the Registrar of Companies. The auditor's report on  those
   accounts was unqualified.
   The  statement of total return and the balance sheet do not represent  full
   accounts in accordance with Section 240 of the Companies Act 1985.
6. The  interim report will be posted to shareholders on 6 November  2000  and
   copies  will  be  available from the registered office  of  the  company  -
   Donaldson House, 97 Haymarket Terrace, Edinburgh EH12 5HD.
Review  Report  by  KPMG Audit Plc to the members of The Edinburgh  Investment
Trust plc


Introduction
We have been instructed by the company to review the financial information set
out  on pages 6 to 10 and we have read the other information contained in  the
interim  report and considered whether it contains any apparent  misstatements
or material inconsistencies with the financial information.


Directors' responsibilities
The  interim  report,  including the financial  information  therein,  is  the
responsibility of, and has been approved by, the directors. The Listing  Rules
of  the Financial Services Authority require that the accounting policies  and
presentation  applied to the interim figures should be consistent  with  those
applied in preparing the preceding annual accounts except where they are to be
changed in the next annual accounts in which case any changes, and the reasons
for them, are to be disclosed.


Review work performed
We  conducted  our  review in accordance with guidance contained  in  Bulletin
1999/4:  Review  of  interim  financial information  issued  by  the  Auditing
Practices  Board.  A  review  consists  principally  of  making  enquiries  of
management and applying analytical procedures to the financial information and
underlying financial data and, based thereon, assessing whether the accounting
policies  and  presentation have been consistently  applied  unless  otherwise
disclosed. A review is substantially less in scope than an audit performed  in
accordance  with Auditing Standards and therefore provides a  lower  level  of
assurance than an audit. Accordingly we do not express an audit opinion on the
financial information.


Review conclusion
On the basis of our review we are not aware of any material modifications that
should  be  made to the financial information as presented for the six  months
ended 30 September 2000.


KPMG Audit Plc
Chartered Accountants
Edinburgh, 23 October 2000


Note:  The page numbers referred to above relate to the interim report.