Interim Results

DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC
26 August 1999


                  DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC

                              WINNER OF 3 AWARDS

Standard & Poor's Micropal:       1st Place One Year UK Investment Trusts 1998
                                  UK Income Growth sector out of 19 funds

Money Observer Investment Trust Awards: Best UK Trust Award 1998

Investment Trust Magazine:              Best Income Growth Trust 1998
                                       
                                       
               INTERIM RESULTS FOR THE 6 MONTHS TO 31 JULY 1999
                                       

The objective of Dunedin Income Growth Investment Trust is to achieve growth
of income from a portfolio invested in the United Kingdom.

                                  Highlights
                                       
Dividend increased by 2.5%

Net asset value per share increased by 7.3%.  This compares with the FTSE
All Share Index which rose by 8.5%.

Net asset value total return to shareholders for the six months was 8.2%

For further information, please contact:-

Graham Campbell, Fund Manager
Director, Edinburgh Fund Managers plc      0131 313 1000

Chairman's Statement

In  the  six months to 31 July 1999, the net asset value per share rose  from
230.23p to 247.01p, representing an increase of 7.3%.  This compares  with  a
capital return of 8.5% from the FTSE All Share Index.

The  board  has  declared  an  interim dividend  of  2.05p  per  share  which
represents an increase of 2.5% over last year's interim dividend.   Combining
the  increase in net assets with the interim dividend produced a total return
for the six months of 8.2%.


Performance

In 1998/99 the company outperformed its benchmark over both the half year and
the  full  year  - helped by its exposure to the banking and  life  assurance
industries.   In  the  first  six months of the current  year,  some  of  the
companies  held  in these sectors underperformed in relative terms  and  held
back capital performance over that period.

The  main  change in the investment portfolio was the sale of  the  remaining
holdings in gilts which was well-timed ahead of the rise in bond yields.  The
proceeds  from  these sales were reinvested partially in  equities  with  the
balance  held in cash.  The equity gearing ratio rose from 107.5%  to  111.1%
over the period.

Within the equity portfolio, the main changes were the disposals of Billiton,
Prudential,  Marks & Spencer, Safeway and Asda, following its acquisition  by
Walmart.   New  holdings were taken in GKN, Trafficmaster and Unilever  while
additional funds were invested in GEC, Shell and Vodafone Airtouch.


Allocation of Costs between Capital and Revenue

In  recent  years the company has placed greater emphasis on producing  total
returns  to  shareholders.  In the light of this the board has  reviewed  the
allocation of investment management fees and finance costs which in the  past
had  been split 50:50 between capital and revenue.  The average returns  over
the  last five and ten years and our expectations going forward show  that  a
70:30  allocation in favour of capital is now more appropriate.  This revised
allocation has been adopted for the six months to 31 July 1999.

The Investment Trust Sector

The  board  has  backed  the  advertising  campaign  by  the  Association  of
Investment  Trust  Companies to promote the values of investment  trusts  and
will be contributing £202,588 plus VAT to the campaign in its first year.  We
hope  that this campaign will broaden the shareholder base further by  adding
to the company's existing 17,000 investors.

The  board is also keeping under review the effect of share buy-backs by  the
investment trust sector.


Outlook

Equity markets have been unsettled over the summer months from a general rise
in  bond yields and higher short term interest rates in the USA.  The UK  has
not  been immune to these factors which have pulled share prices lower.   The
fundamental  background  for UK equities however is improving  with  economic
recovery  now being reflected in upward revisions to estimates for  corporate
profits.   These  developments provide good long term support  for  UK  share
prices,  although, in the near term, the market is likely to remain  volatile
until the future pattern in US interest rates becomes clearer.

Ewan Brown
Chairman                                              26 August 1999

STATEMENT OF TOTAL RETURN
6 months to 31 July 1999 (unaudited)


                                     Revenue     Capital     Total
                                       £000         £000     £000
                                                          
Realised gains on investments             -       31,718   31,718
Unrealised gains/(losses) on              -       (3,989)  (3,989)
investments
Income                                7,858            -    7,858
Investment management fee              (294)        (686)    (980)
Other administrative expenses          (258)         (10)    (268)
                                                           
NET RETURN BEFORE FINANCE             7,306       27,033   34,339
     COSTS AND TAXATION                                    
Interest payable and similar         (1,063)      (2,437)  (3,500)
charges
                                                           
RETURN ON ORDINARY                    6,243       24,596   30,839
  ACTIVITIES BEFORE TAXATION                               
Taxation                               (681)           -     (681)
                                                           
RETURN ON ORDINARY                    5,562       24,596   30,158
 ACTIVITIES AFTER TAXATION
Dividends in respect of non-equity      (19)           -      (19)

RETURN ATTRIBUTABLE TO                5,543       24,596   30,139
EQUITY SHAREHOLDERS
Dividends in respect of equity       (3,282)           -   (3,282)
shares
                                                           
                                      2,261       24,596   26,857
                                                          
RETURN PER ORDINARY SHARE             3.46p       15.37p   18.83p
                                                           
INTERIM DIVIDEND                      2.05p                   

STATEMENT OF TOTAL RETURN
6 months to 31 July 1998 (unaudited)


                                     Revenue     Capital     Total
                                        £000       £000      £000
                                                          
Realised gains on investments              -     20,741    20,741
Unrealised gains/(losses) on               -     16,678    16,678
investments                            8,565          -     8,565
Investment management fee               (455)      (455)     (910)
Other administrative expenses           (216)         -      (216)
                                                           
NET RETURN BEFORE FINANCE              7,894     36,964    44,858
     COSTS AND TAXATION                                    
Interest payable and similar          (1,748)    (1,744)   (3,492)
charges
                                                           
RETURN ON ORDINARY                     6,146     35,220    41,366
  ACTIVITIES BEFORE TAXATION                               
Taxation                                (981)        74      (907)
                                                           
RETURN ON ORDINARY                     5,165     35,294    40,459
 ACTIVITIES AFTER TAXATION
Dividends in respect of non-equity       (15)         -       (15)
shares
                                                           
RETURN ATTRIBUTABLE TO                 5,150     35,294    40,444
   EQUITY SHAREHOLDERS
Dividends in respect of equity        (3,202)         -    (3,202)
shares
                                                           
                                       1,948     35,294    37,242
                                                          
RETURN PER ORDINARY SHARE              3.22p     22.04p    25.26p
                                                           
INTERIM DIVIDEND                       2.00p                   

STATEMENT OF TOTAL RETURN
Year to 31 January 1999


                                     Revenue     Capital     Total
                                      £000        £000       £000
                                                           
Realised gains on investments            -      27,494     27,494
Unrealised gains/(losses) on             -       4,247      4,247
investments
Income                              15,828           -     15,828
Investment management fee             (902)       (902)    (1,804)
Other administrative expenses         (412)          -       (412)
                                                           
NET RETURN BEFORE FINANCE           14,514      30,839     45,353
     COSTS AND TAXATION                                    
Interest payable and similar        (3,494)     (3,488)    (6,982)
charges

RETURN ON ORDINARY ACTIVITIES       11,020      27,351     38,371
BEFORE TAXATION
Taxation                            (1,814)        233     (1,581)
                                                           
RETURN ON ORDINARY                   9,206      27,584     36,790
 ACTIVITIES AFTER TAXATION
Dividends in respect of non-equity     (29)          -        (29)
shares
                                                           
RETURN ATTRIBUTABLE TO               9,177      27,584     36,761
   EQUITY SHAREHOLDERS 
Dividends in respect of equity      (9,894)          -     (9,894)
shares
                                                           
                                      (717)     27,584     26,867
                                                           
RETURN PER ORDINARY SHARE             5.73p     17.23p      22.96p
                                                           
INTERIM DIVIDEND                                           

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 31 July    At 31         At 31 July     
                                   1999          January 1999  1998
                                   (unaudited)                 (unaudited)
                                     £000         £000          £000     
FIXED ASSETS                                                               
Investments                       441,289      433,161       423,514       
                                                                              

CURRENT ASSETS                                                                

Debtors                            14,917        5,095         2,137          
UK Treasury bills                   9,952       13,884        14,767         
Cash and short term deposits        6,643        2,420        18,523         
                                                                              

                                   31,512       21,399        35,427         
CREDITORS: Amounts falling due      6,497       15,117         9,130          
within one year
                                                                              

NET CURRENT ASSETS                 25,015        6,282        26,297         
                                                                              

TOTAL ASSETS LESS CURRENT         466,304      439,443       449,811        
LIABILITIES
                                                                              

CREDITORS: Amounts falling due     69,732       69,725        69,718         
after one year

                                  396,572      369,718       380,093        
                                                                              

CAPITAL AND RESERVES
Called up share capital - non         840          840           840          
 
equity
                                   40,025       40,025        40,025         
- equity
Other reserves                    355,707      328,853       339,228        
                                                                              

TOTAL EQUITY SHAREHOLDERS' FUNDS  395,732      368,878       379,253        
                                                                              

                                  396,572      369,718       380,093        
                                                                            
Net asset value per ordinary 25p  247.01p       230.23p       236.71p        
share
                                                                            


Notes:

1.The  directors  have declared an interim dividend of 2.05p (1998  -  2.00p) 
per  ordinary  share for the year ended 31 January 2000. The interim 
dividend,  payable  on 30 September 1999, will be paid to shareholders on the
register  on  9 September 1999.

2.The accounts have been prepared under the same accounting policies
used for the year to 31 January 1999.  With effect from 1 February 1999, 70%
of the investment management fees and finance costs have been allocated to
capital.

3.The financial information for the year ended 31 January 1999 has
been extracted from the annual report and accounts of the company which has
been filed with the Registrar of Companies and on which the auditors' report
was unqualified.

4 The  statement of total return  (incorporating the revenue account) and
balance  sheet  set out above do not represent full accounts in accordance
with  Section  240  of  the  Companies Act 1985. The accounts have been
prepared in accordance  with  the Statement of Recommended Practice Financial
Statements of Investment  Trust Companies'.

5.The  interim  report will be posted to shareholders on  10  September  1999
and  copies  will be available at the head office of the Secretary - 
Edinburgh  Fund Managers plc, Donaldson House, 97 Haymarket Terrace, Edinburgh
EH12 5HD.

Please  note that past performance is not necessarily a guide to the  future 
andthat  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.