Interim Results

Dunedin Income Growth Inv Tst PLC
24 August 2000

                                       
                  DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC

                                       
               INTERIM RESULTS FOR THE 6 MONTHS TO 31 JULY 2000

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




                                  Highlights
                                       
Net asset value increased by 10.6% compared with an increase of 2.9% in the
FTSE All Share Index

The interim dividend has been increased by 2.4% to 2.10p compared to last
year's interim dividend of 2.05p

Total return for the period was 11.9%

Share price rose 13.3% and as a consequence the discount narrowed from 16.8%
to 14.7%



For further information, please contact:-

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




Chairman's Statement
We  have  had  an  excellent six months to 31 July 2000.  The  capital  return
significantly exceeded that of the FTSE All Share Index. The net  asset  value
per  share  rose from 243.39p to 269.17p, an increase of 10.6%. The  FTSE  All
Share Index over the same period rose 2.9%.

The  interim  dividend has been increased by 2.4% to 2.10p  compared  to  last
year's  interim of 2.05p. The total return over the period, that is  combining
the increase in net assets per share with the interim dividend, was 11.9%.

Performance
The  most  significant  boost  to performance over  the  six  months  was  the
acquisition  of  Robert Fleming Holdings by Chase Manhattan,  the  US  banking
group.  At  the end of the last financial year, Robert Fleming was  our  ninth
largest investment, valued at £10.2 million. The valuation, which was based on
a  formula  using comparative stocks, at the time produced a  share  price  of
£11.35.  On 11 April, Chase and Robert Fleming announced a recommended  merger
of  the  two  companies at a price of £27.44 by way of cash and Chase  shares.
This  transaction  increased the company's net asset value by  8.6p,  or  3.5%
during  the  period. The Chase shares will be sold and the  proceeds  will  be
reinvested in the UK equity market.

Sound  stock  selection  from the rest of the portfolio  also  contributed  to
outperformance  of  the  index.  There were particularly  strong  share  price
performances  from  Aggreko,  AB Ports, MEPC  and  Smiths  Industries.  In  my
statement in the last Annual Report, both the managers and I referred  to  the
exceptional  share price performances of technology orientated companies,  and
questioned whether that trend was sustainable. Since that time there has  been
a  welcome dose of reality in the equity markets. Some of the higher yielding,
previously less fashionable shares have performed more strongly, while some of
the  previous high flyers have fallen back. This change in market  focus  also
helped our portfolio performance over the last six months.

Share Price Performance
The  share  price  performed even better than the net asset value,  rising  by
13.3%.   As  a result the discount narrowed from 16.8% to 14.7%, as calculated
with debt valued at par.

The Investment Trust Sector
The Association of Investment Trust Companies is part way through a three year
marketing  campaign  to  increase the awareness of Investment  Trusts  in  the
private  investor market. Although it may still be too early  to  measure  the
success of the campaign, there are some encouraging signs that it is having an
impact. As a result the company is contributing to the its' campaign for  the
second  year.  There  has  been  a change in the  method  of  calculating  the
contribution   of   individual  companies  and  our  contribution   has   been
substantially reduced.

Outlook
There  remain considerable grounds for optimism about the economic environment
despite  the  continuing volatility of individual share prices.  Although  the
economy may slow, inflation in the UK is under control and there seems  little
risk of a further substantial rise in interest rates.  We still see good value
in some sectors of the UK market and remain optimistic for your company's full
year.

Ewan Brown
Chairman                                           24 August 2000

STATEMENT OF TOTAL RETURN
6 months to 31 July 2000 (unaudited)


                                      Revenue   Capital    Total
                                         £000      £000     £000
                                                          
Realised gains on investments        -          21,190     21,190
Unrealised gains/(losses) on         -          20,923     20,923
investments
                                                           
TOTAL CAPITAL GAINS ON  INVESTMENTS  -          42,113     42,113
Income from investments              6,820      -          6,820
Interest receivable on short term    514        -          514
deposits
Other income                         10         -          10
Investment management fee            (305)      (711)      (1,016)
Administrative expenses              (327)      -          (327)
                                                           
NET RETURN BEFORE FINANCE            6,712      41,402     48,114
     COSTS AND TAXATION                                    
Interest payable and similar charges (1,046)    (2,442)    (3,488)
                                                           
RETURN ON ORDINARY                   5,666      38,960     44,626
  ACTIVITIES BEFORE TAXATION                               
Taxation                             -          -          -
                                                           
RETURN ON ORDINARY                   5,666      38,960     44,626
 ACTIVITIES AFTER TAXATION
Preference stock dividends - non-    -          -          -
equity
                                                           
RETURN ATTRIBUTABLE TO               5,666      38,960     44,626
   EQUITY SHAREHOLDERS
Dividends in respect of equity       (3,362)    -          (3,362)
shares
                                                           
                                     2,304      38,960     41,264
                                                          
RETURN PER ORDINARY SHARE            3.54p      24.34p     27.88p
                                                           
INTERIM DIVIDEND                     2.10p                 

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
                                                           
TOTAL CAPITAL GAINS ON  INVESTMENTS  -          27,729     27,729
Income from investments              6,696      -          6,696
Interest receivable on short term    475        -          475
deposits
Other income                         6          -          6
Investment management fee            (294)      (686)      (980)
Administrative expenses              (258)      (10)       (268)
                                                           
NET RETURN BEFORE FINANCE            6,625      27,033     33,658
     COSTS AND TAXATION                                    
Interest payable and similar charges (1,063)    (2,437)    (3,500)
                                                           
RETURN ON ORDINARY                   5,562      24,596     30,158
  ACTIVITIES BEFORE TAXATION                               
Taxation                             -          -          -
                                                           
RETURN ON ORDINARY                   5,562      24,596     30,158
 ACTIVITIES AFTER TAXATION
Preference stock dividends - non-    (19)       -          (19)
equity
                                                           
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
Year to 31 January 2000

                                     Revenue      Capital   Total
                                     £000           £000    £000
                                                           
Realised gains on investments        -          46,605     46,605
Unrealised gains/(losses) on         -          (18,565)   (18,565)
investments
                                                           
TOTAL CAPITAL GAINS ON  INVESTMENTS  -          28,040     28,040

Income from investments              11,930     -          11,930
Interest receivable                  909        -          909
Other income                         17         -          17
Investment management fee            (592)      (1,381)    (1,973)
Administrative expenses              (635)      (55)       (690)
                                                           
NET RETURN BEFORE FINANCE            11,629     26,604     38,233
  COSTS AND TAXATION
Interest payable and similar charges (2,108)    (4,883)    (6,991)
                                                           
RETURN ON ORDINARY                   9,521      21,721     31,242
 ACTIVITIES BEFORE TAXATION
Taxation                             -          -          -
                                                           
RETURN ON ORDINARY                   9,521      21,721     31,242
 ACTIVITIES AFTER TAXATION
Preference stock dividends - non-    (25)       -          (25)
equity
                                                           
RETURN ATTRIBUTABLE TO               9,496      21,721     31,217
   EQUITY SHAREHOLDERS
Dividends in respect of equity       (10,166)   -          (10,166)
shares
                                                           
                                     (670)      21,721     21,051
                                                           
RETURN PER ORDINARY SHARE            5.93p      13.57p     19.50p


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
                                       2000      January     1999
                                                  2000
                                   (unaudited)            (unaudited)
                                                              
                                       £000       £000       £000
                                                                    
FIXED ASSETS                                                        
Investments                        481,493      452,499     441,289
                                                            
CURRENT ASSETS                                              
Debtors                            15,271       10,591      14,917
UK Treasury bills                  9,865        -           9,952
Cash and short term deposits       3,299        7,539       6,643
                                                            
                                   28,435       18,130      31,512
CREDITORS: Amounts falling due     8,990        10,961      6,497
within one year
                                                            
NET CURRENT ASSETS                 19,445       7,169       25,015
                                                            
TOTAL ASSETS LESS CURRENT          500,938      459,668     466,304
LIABILITIES
                                                            
CREDITORS: Amounts falling due     69,745       69,739      69,732
after one year
                                                            
                                   431,193      389,929     396,572
                                                            
                                                            
CAPITAL AND RESERVES
Called up share capital - non      -            -           840
equity
 
                                                           
- equity                            40,025       40,025      40,025

Other reserves                     391,168      349,904     355,707
                                                            
TOTAL EQUITY SHAREHOLDERS' FUNDS   431,193      389,929     395,732
                                                            
                                   431,193      389,929     396,572
                                                                    
Net asset value per ordinary 25p   269.17p      243.39p     247.01p
share
                                                                    


CASHFLOW STATEMENT

                                        6 months  6 months  12 months
                                         to 31   to 31 July   to 31
                                          July               January
                                          2000      1999       2000
                                       (unaudited) (unaudited) 
                                                  
                                          £000      £000       £000
                                                            
                                                            
Revenue before finance costs and       6,712      6,625      11,629
taxation
Decrease in accrued income             98         72         319
Decrease/(increase) in debtors         61         -          (59)
Increase in creditors                  6          35         3
Stock dividends received               -          (99)       (99)
Expenses charged to capital            (711)      (686)      (1,381)
                                                             
Net cash inflow from operating         6,166      5,947      10,412
activities
                                                            
Net cash outflow from servicing of     (3,481)   (3,526)    (7,017)
finance
                                                            
Total tax (paid)/recovered             (52)       1,225      1,225
                                                             
Net cash inflow/(outflow) from         9,876      3,348      (2,516)
financial investment
                                                             
Equity dividends paid                  (6,884)    (6,692)    (9,974)
                                                             
Net cash inflow/(outflow) before        5,625        302     (7,870)
financing
                                                             
Management of liquid resources         (9,865)    3,931      13,884
                                                             
Net cash inflow/(outflow) from             -       (10)       (895)
financing
                                                             
(Decrease)/increase in cash            (4,240)    4,223      5,119


Notes:
1.  The  directors  have  declared an interim dividend of 2.10p  (1999  - 
2.05p) per  ordinary  share for the year ended 31 January 2001. The interim 
dividend, payable  on 29 September 2000, will be paid to shareholders on the
register  on 8 September 2000.  The ex dividend date is 4 September 2000.
2.  The  accounts  have  been  prepared under the same accounting  policies 
used for the year to 31 January 2000.  Franked investment income is reported
net  of tax  credits in accordance with FRS 16 Current Tax'.  The figures for
the  six months to 31 July 1999 have been restated to reflect this change.
3.  The  financial  information  for the year ended  31  January  2000  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), 
balance sheet  and  cashflow statement 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 11 September  2000 
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 
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.

Independent Review Report by KPMG Audit Plc to the members of Dunedin Income
Growth Investment Trust PLC


Introduction
We have been instructed by the company to review the financial information set
out  on  pages 3 to 8 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 Sevices 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 31 July 2000


KPMG Audit Plc
Chartered Accountants
Edinburgh, 24 August 2000