Interim Results - NAV Up 2.8%

EDINBURGH INVESTMENT TRUST PLC
27 October 1999

                                       
                      THE EDINBURGH INVESTMENT TRUST plc
                     INTERIM RESULTS FOR SIX MONTHS ENDING
                               30 SEPTEMBER 1999


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.


Net  asset  value  marginally underperformed the FTSE  All-Share  Index,
falling 2.8% against a fall of 2.4% in the index

Share  price rose 0.8% over the period thus outperforming the FTSE  All-
Share Index

Dividend increased by 2.6%

The broad base of quality companies in the portfolio leaves The Edinburgh
Investment Trust well placed for the future.

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


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  UK  equity  market  declined  slightly during  the  last  six  months  as
investors' concerns over the risks of recession and deflation gave way to  new
fears  about  excessive  growth and inflation.   Bond  yields  have  risen  in
anticipation of this faster economic growth and in consequence we are cautious
about the level of equity markets in the short term.


The UK Equity Market
The  FTSE  All-Share Index declined by 2.4% in the six months to 30  September
1999.   Prices  of  the  largest 350 companies in the  Index  have  fallen  by
slightly more than this.  On the other hand, and reflecting investors' growing
confidence  in  the domestic economy, the smaller companies index,  which  had
been  in  relative decline for several years, rose by 11.9% in the six  months
under review.


Performance
The  Trust's  net  asset  value declined by 2.8%  in  the  six  months  to  30
September, thus marginally underperforming the benchmark FTSE All-Share  Index
which fell in value by 2.4% in the same period.  However, the share price rose
slightly  by  0.8% to 468p. The Trust benefited largely from its over-exposure
to  smaller companies, and from the repurchase of its own shares at below  the
net asset value.  On the other hand, the shares of the larger companies in the
portfolio  on  average did not perform as well as the large companies  in  the
Index  and  this  was the principal reason for the failure to  meet  benchmark
performance  overall.  Further analysis shows that the large  companies  which
performed best during these six months tended to be those with a more volatile
cyclical  earnings  record which were felt likely to  benefit  most  from  the
expected  upturn  in  global economies.  The Trust's own  portfolio  had  more
exposure  to  companies with greater long term earnings potential  which  were
less  affected by cyclical changes in the economy.  Although this has affected
short-term  performance, we continue to believe that the core  portfolio  will
out-perform in the medium term.


Interim dividend
The  interim  dividend has been increased by 2.6% to 3.9p per ordinary  share.
The  revenue  stream  has fallen from 6.33p to 5.24p due  to  the  absence  of
special  dividends, which boosted the prior year's figure,  a  lower  dividend
yield  from  the  equity  portfolio due to a move into growth  companies,  and
increased marketing costs.  These marketing costs include a proportion of  our
contribution  to  the  AITC's high profile 'its' campaign  designed  to  raise
awareness  of investment trusts amongst the general public.  Although  current
forecasts suggest that the revenue return per share for the full year will  be
lower  than  the figure reported last year, the Board is confident  that  this
will  increase over the next few years.  Accordingly, the Board is  likely  to
draw on the revenue reserve to sustain the policy of providing real growth  in
dividends.


Share buybacks
At  the  Extraordinary General Meeting held in July, resolutions  were  passed
which  enabled  the  company to purchase up to 14.99% of its  own  shares  for
cancellation.   In  the  short  period to 30 September  10.2  million  shares,
representing  3.5% of the issued share capital, were purchased and  cancelled.
Such  purchases have enhanced the net asset value by 0.4%.  Under the  current
authorisation,  the company will continue to purchase shares for  cancellation
if  this  can be carried out at prices which will enhance the net asset  value
per share for continuing shareholders.


Prospects
Growth  in  the  UK  economy is accelerating and this is  feeding  through  to
improvements  in  corporate  profits.  While these  trends  should  provide  a
positive  background  for the UK equity markets and The  Edinburgh  Investment
Trust, movements in interest rates in the UK and internationally are likely to
be  a more influential factor.  Rising interest rates are not usually good for
equity  markets and we are cautious about the level of equity markets  in  the
short  term.  The company has, since September, sold sufficient Index  futures
to neutralise most of its gearing, thus reducing the impact on net asset value
of  any  short term market weakness.  Longer term, we remain confident in  the
outlook for UK equities, and continue to believe that The Edinburgh Investment
Trust  with its broad base of carefully selected companies is well placed  for
the future.




The Earl of Eglinton and Winton, Chairman
STATEMENT OF TOTAL RETURN (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           24,469         -    24,469
Interest receivable on short term 
deposits                             317         -     317
Underwriting commission               31         -        31
Other income                           -         -         -
Investment management fee        (1,623)   (1,623)   (3,246)
Administrative expenses            (640)      (29)     (669)
                                 _______   _______   _______
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                      22,554  (48,723)  (26,169)
Interest payable and similar 
charges                          (4,907)   (4,907)   (9,814)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                   17,647  (53,630)  (35,983)
Taxation                         (2,433)         -   (2,433)
                                 _______   _______   _______
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)
                                 _______   _______   _______
                                   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 six months to 30 September 1998)


                                 Revenue   Capital    Total
                                    £000      £000      £000
Realised gains on investments          -    25,341    25,341
Decrease in unrealised appreciation    - (346,772) (346,772)
                                 _______   _______   _______
TOTAL CAPITAL LOSSES
ON INVESTMENTS                         - (321,431) (321,431)
Currency losses                        -      (24)      (24)
Income from investments           28,568         -    28,568
Interest receivable on short 
term deposits                        327         -       327
Underwriting commission               43         -        43
Other income                         136         -       136
Investment management fee        (1,556)   (1,556)   (3,112)
Administrative expenses            (450)         -     (450)
                                 _______   _______   _______
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                      27,068 (323,011) (295,943)
Interest payable and similar 
charges                          (4,922)   (4,922)   (9,844)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                   22,146 (327,933) (305,787)
Taxation                         (3,503)         -   (3,503)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                    18,643 (327,933) (309,290)
Preference stock dividends 
- non-equity                        (31)         -      (31)
                                 _______   _______   _______
RETURN ATTRIBUTABLE TO EQUITY
SHAREHOLDERS                      18,612 (327,933) (309,321)
Dividends in respect of 
equity shares                   (11,165)         -  (11,165)
                                 _______   _______   _______
                                   7,447 (327,933) (320,486)
                                 _______   _______   _______

RETURN PER ORDINARY SHARE          6.33p (111.60p) (105.27p)

INTERIM DIVIDEND PER ORDINARY SHARE  3.80p

STATEMENT OF TOTAL RETURN (Cont'd) (for the 12 months to 31 March 1999)

                                 Revenue   Capital    Total
                                    £000      £000      £000
Realised gains on investments          -    43,734    43,734
Decrease in unrealised appreciation    -  (39,260)  (39,260)
                                 _______   _______   _______
TOTAL CAPITAL GAINS
ON INVESTMENTS                         -     4,474     4,474
Currency gains                         -        24        24
Income from investments           53,482         -    53,482
Interest receivable on short 
term deposits                        690         -       690
Underwriting commission               53         -        53
Other income                         136         -       136
Investment management fee        (3,038)   (3,038)   (6,076)
Administrative expenses            (871)      (35)     (906)
                                 _______   _______   _______
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                      50,452     1,425    51,877
Interest payable and similar 
charges                          (9,766)   (9,766)  (19,532)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                   40,686   (8,341)    32,345
Taxation                         (6,205)         -   (6,205)
                                 _______   _______   _______
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                    34,481   (8,341)    26,140
Preference stock dividends 
- non-equity                        (62)         -      (62)
                                 _______   _______   _______
RETURN ATTRIBUTABLE TO EQUITY
SHAREHOLDERS                      34,419   (8,341)    26,078
Dividends in respect of equity 
shares                          (34,818)         -  (34,818)
                                 _______   _______   _______

                                   (399)   (8,341)   (8,740)
                                 _______   _______   _______

RETURN PER ORDINARY SHARE         11.71p    (2.83p)    8.88p



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
                                 1999         1999       1998
                                 £000         £000       £000
FIXED ASSETS
Investments                 1,719,046    1,832,780  1,469,548
                           __________   __________ __________

CURRENT ASSETS
Debtors                        12,680       24,420     20,155
Cash and short term deposits   28,877       12,219     68,470
                           __________   __________ __________
                               41,557       36,639     88,625
CREDITORS: AMOUNTS FALLING
  DUE WITHIN ONE YEAR          24,294       31,060     31,685
                           __________   __________ __________
NET CURRENT ASSETS             17,263        5,579     56,940
                           __________   __________ __________
TOTAL ASSETS LESS
CURRENT LIABILITIES         1,736,309    1,838,359  1,526,488

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR  194,223      194,097    193,972
                           __________   __________ __________
                            1,542,086    1,644,262  1,332,516
                           __________   __________ __________
CAPITAL AND RESERVES
Called up share capital   
-non-equity                         -        1,700      1,700
                           __________   __________ __________
               -equity         70,909       73,455     73,455
Other reserves              1,471,177    1,569,107  1,257,361
                           __________   __________ __________
TOTAL EQUITY
SHAREHOLDERS' FUNDS         1,542,086    1,642,562  1,330,816
                           __________   __________ __________
                            1,542,086    1,644,262  1,332,516
                           __________   __________ __________

Net asset value per 
ordinary share                541.65p      557.03p     450.89p

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 1999 have  been
  applied.
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 199931 March 199930 September 1998
                              p          p             p
  Shareholders' funds
  per ordinary 25p share 543.69     559.04        452.94
  Less: Unamortised discount
  and expenses arising from
  debenture issue        (2.04)     (2.01)        (2.05)
                          ______     ______        ______
  Net asset value
  per ordinary 25p share 541.65     557.03        450.89
                          ______     ______        ______

3.The number of ordinary shares in issue at 30 September 1999 was 283,634,471
  (31 March - 293,819,471).
4.An  interim dividend of 3.90p for the year to 31 March 2000 will be paid  on
  3 December 1999 to shareholders on the register on 12 November 1999. The ex-
  dividend date is 8 November 1999.
5.The  financial  information  for the year  ended  31  March  1999  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.

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 9 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  London  Stock  Exchange  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 1999.


KPMG Audit Plc
Chartered Accountants
Edinburgh, 26 October 1999





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