Final Results - Year Ended 31 March 2000

Edinburgh Investment Trust PLC
24 May 2000
                                       
                      THE EDINBURGH INVESTMENT TRUST plc
                      PRELIMINARY RESULTS FOR THE YEAR TO
                                 31 MARCH 2000

                 Share price, NAV and dividend outperformance
                               Discount narrowed

The £1.8 billion Edinburgh Investment Trust plc is the UK's largest investment
trust focussed solely on UK quoted companies.  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.

                                  Highlights

Share  price: up 15.1 % to 534.50p, double the rise in the FTSE  All-Share
Index
Net asset value (NAV): up 11.0 % to 618.29p per share, substantially ahead
of the 7.5% rise in the FTSE All-Share Index, the trust's benchmark
Dividend: up 2.5 % to 12.15p for the year
Discount:  successfully narrowed from 16.6 % to 13.6 %  at  the  year  end
following an active marketing and share buy-back campaign
Private shareholders and savings schemes: The percentage of shares in  the
company held within Edinburgh Fund Managers' savings schemes and      
products rose from 5.6 % to 6.4 %
Share  buybacks: the company bought back 29.98 million shares (10.2  %  of
equity capital), enhancing NAV by 1.7 %
Gearing: 112 % at year end
Investment performance: weightings in technology/new economy' shares  and
smaller  companies  sector,  and tactical use  of  gearing,  contributed
substantially to overall outperformance
Website:
      For details  of  the  company's savings plans available  from  Edinburgh
          Fund Managers plc
      -www.edfd.com
     
For further information, please contact:
     
Mike Balfour                              0131 313 1000
Chief Investment Officer, Edinburgh Fund Managers plc

Julian Polhill                            0207 369 9333
Polhill Communications

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 STATEMENT

I  am  pleased  to  report a successful  year.  The  company's
objectives of achieving capital growth at a higher  rate  than
the FTSE All-Share Index and dividend growth above the rate of
UK inflation have both been met.

During  the  year, the net asset value grew by 11.0%  compared
with  a  rise of 7.5% in the FTSE All-Share Index.  The  share
price  rose  by  15.1%.  The board  is  recommending  a  final
dividend of 8.25p per share which, if approved, will lead to a
total  distribution  for  the year of  12.15p  per  share,  an
increase  of 2.5%. The UK's underlying rate of inflation  over
the same period has been 2%.

Portfolio Performance
The  UK equity market remained highly volatile during the year
and  the  7.5%  increase  in  the index  conceals  significant
movements   in  individual  sectors.  Against  this  difficult
background the manager has done well to outperform.

Companies  involved  in the so-called 'new  economy'  sectors,
typically  Telecoms,  Media  and  Technology,  dominated   the
performance  charts  during  the  year.  Many  traditional  UK
companies   in   the  consumer  and  industrial   areas   have
effectively been in a bear market despite satisfactory trading
results.  This  polarisation of performance was compounded  in
February  and  March  of this year when  Vodafone  bought  the
German  telecommunication and engineering company  Mannesmann.
This all-paper bid increased Vodafone's weighting in the index
by  around 5 percentage points and led institutional investors
to increase their holdings to ensure an appropriate balance in
their  portfolios.  In order to fund this  they  had  to  sell
existing  investments so exaggerating the underperformance  of
the 'old economy' stocks.

The FTSE Smaller Companies index (excluding Investment Trusts)
rose by no less than 39.5% during the year. For some time  the
company  had been building up its exposure to this  sector  of
the market and this, along with the manager's highly effective
stock selection process, made a meaningful contribution to the
performance of the fund as a whole.

Gearing
It  is  the  company's  policy to  increase  its  exposure  to
equities  through  the investment of its existing  borrowings,
thus increasing the opportunity for growth of assets in rising
markets  but  also  the risk when markets fall.  However,  the
manager  has discretion, within defined limits, to reduce  the
gearing  should their shorter term view of the market  warrant
it.  This  would normally be achieved by selling  equities  to
increase the cash balances or by the use of derivatives.

Gearing  had  a  positive impact on net asset  value.  On  two
occasions  gearing  was reduced by the sale  of  FTSE  Futures
contracts and these hedging operations added 0.1% to net asset
value.  At 31 March 2000 the company had 112% of shareholders'
funds invested in UK equities.

Discount to Net Asset Value
In  last  year's  annual  report  I  described  two  principal
initiatives  which the board was pursuing with the  objectives
of increasing demand for the company's shares and bringing the
company's share price more closely in line with the underlying
net asset per share. These were firstly, the introduction of a
share  buyback programme to help align supply more closely  to
demand  for shares, and secondly the support of both the  AITC
Marketing  campaign and the Edinburgh Fund Managers  Marketing
Initiative.

Partly  as a result of these initiatives the discount narrowed
to  13.6%  at  the end of this financial year,  compared  with
16.6%  previously.  This narrowing of the  discount,  combined
with  the  net asset value performance, led to a rise  in  the
share  price  of 15.1% during the period, double the  rise  of
7.5% in the FTSE All-Share Index.

Share buyback programme
The  company  bought back 29,978,827 shares during  the  year,
amounting to 10.2% of the equity capital. These purchases were
carried out at discounts to net asset value ranging from  12%-
18%  and  enhanced  the net asset value  by  1.7%.  The  board
believes  that the buyback process will continue to be  useful
in  adding  to  the  company's performance  and  reducing  the
discount   volatility.  A  Special  Resolution  proposing   an
extension  of this facility will be put to the annual  general
meeting on 5 July 2000.

Marketing initiatives
The  board has decided to support the AITC its' campaign  for
another  year.  The contribution for the second  year  of  the
campaign   will  be  £0.6  million  plus  VAT,  a  significant
reduction from last year's £1.1 million plus VAT. So  far  the
its' campaign has been successful in increasing the investing
public's  awareness of the benefits of investment  trusts  and
the  board  looks to the campaign to build on this success  in
the future.

The  combination of the AITC generic advertising campaign with
the   more   specifically  targeted  Edinburgh  Fund  Managers
Marketing Initiative aims to increase demand for the company's
shares.  Edinburgh Fund Managers provides a series of  savings
schemes  through which potential investors can invest  in  The
Edinburgh  Investment Trust. The percentage of shares  in  the
company held within these savings scheme rose from 5.6% at the
end  of  last  year  to 6.4% at the end  of  March  2000.  The
manager's  updated website, www.edfd.com, is a most convenient
way of finding out more about these savings products..

Dividends
The board is recommending a final dividend of 8.25p which will
make  a total for the year of 12.15p, a rise of 2.5%. Earnings
per share for the year amounted to 9.15p and therefore revenue
reserves  are again being used to enable the company  to  meet
its  dividend policy. The increased weightings within  the  UK
market  to  growth  sectors,  where  typically  companies  are
reinvesting  surplus  cash  flow  back  into  their  expanding
businesses  rather than paying significantly higher dividends,
has  led to a reduction in the dividend yield of the benchmark
index.  Whilst this has in turn caused a fall in the company's
income, it should give greater capital growth in the future as
share  prices reflect profits earned on the increased  capital
employed.  In  recognition of this change  in  the  UK  equity
market structure and more accurately to reflect the source  of
future returns, the board has decided to revise the allocation
of  costs between the revenue and capital accounts. Previously
this  has been on a 50:50 basis, but from next year this  will
change to 30:70.

Robert Fleming Holdings (RFH)
At  the end of the financial year, the company's investment in
RFH  amounted to £38.1 million or 2.3% of shareholders' funds.
On  11  April  2000,  and hence after  the  year-end,  it  was
announced that, subject to various regulatory approvals, Chase
Manhattan Corporation had reached agreement with the board  of
RFH  to purchase the entire share capital of RFH. At the  date
of the announcement the offer valued each RFH share at £27.44,
boosting  the value of the investment at that date  to  £90.55
million.  The date at which the transaction will be  completed
is still to be finalised and the exact price will be dependent
on exchange rates and the price of Chase Manhattan shares.

Prospects
Strong  economic  growth in the US  and  the  UK  has  led  to
increases  in interest rates. Until recently these  rises  had
occurred despite any material rise in inflation. If inflation,
particularly in the US, were to rise materially from here then
interest  rates  would  have  to be  increased  more  than  is
presently  anticipated  by equity markets.  If  this  were  to
happen,  the  outlook for the UK equity market  would  not  be
promising.  On the other hand, evidence is just  beginning  to
emerge that economic growth in the US and the UK is likely  to
slow over the next twelve months. Given the mild correction in
equity  markets since the end of the financial year,  and  the
probability  that  interest rate rises are beginning  to  have
their  desired  effect, I believe the  prospects  for  the  UK
equity  market  in the second half of this calendar  year  are
reasonably good.

Against  this background The Edinburgh Investment  Trust,  the
largest   investment  trust  focused  solely  on   UK   quoted
companies,  can  anticipate,  with  the  benefit  of  gearing,
another year of progress.



STATEMENT OF TOTAL RETURN FOR THE YEAR ENDED 31 MARCH

                            2000                            1999
                                                           (restated)
                    RevenueCapitalTotal             RevenueCapitalTotal
                      £000  £000  £000               £000  £000  £000
 
Realised  gains  on  
investments            -  203,110 203,110              -  43,734 43,734
Decrease  in 
unrealised appreciation-  (37,117)(37,117)             - (39,260)(39,260)
            
                          __________________________________________
Total Capital Gains
on Investments          -  165,993 165,993              -   4,474  4,474
Currency Gains          -      13       13              -      24     24
Income from 
Investments        39,707       -   39,707           47,420     -  47,420
Interest Receivable on
Short Term 
Deposits            1,010       -    1,010              690     -     690
Underwriting 
Commission             62       -       62               53     -      53
Rental Income           -       -        -              136     -     136
Investment
Management Fee     (3,232) (3,232)  (6,464)          (3,038)(3,038)(6,076)
Administrative 
Expenses           (1,806)      -   (1,806)            (871)   (35)  (906)
Share Buyback 
Expenses                -     (31)     (31)                -     -      -
                         __________________________________________
Net Return Before
Finance  Costs  and 
Taxation           35,741   162,743 198,484          44,390   1,425 45,815
Interest  Payable 
and Similar Charges(9,751)  (9,751) (19,502)         (9,766) (9,766)(19,532)
                          __________________________________________
Return on Ordinary 
Activities
before    Taxation 25,990   152,992 178,982          34,624  (8,341) 26,283
Taxation              (1)         -     (1)            (143)     -    (143)
                          __________________________________________
Return on Ordinary 
Activities
after Taxation     25,989   152,992 178,981          34,481  (8,341) 26,140
Preference Stock 
Dividends
- Non Equity         (10)         -     (10)            (62)      -     (62)
                            __________________________________________
Return Attributable
to Equity 
Shareholders      25,979    152,992  178,971         34,419  (8,341) 26,078
Dividends in respect of
Equity Shares    (32,829)        -   (32,829)       (34,818)      - (34,818)
Transfer from                  
/to  Reserves     (6,850)   152,992  146,142           (399) (8,341) (8,740)
                    __________________________________________

Return per 
Ordinary Share      9.15p     53.86p   63.01p         11.71p (2.83p)  8.88p
                    __________________________________________

Total Dividend 
per Ordinary Share  12.15p                            11.85p
                    _______                           _______


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.
No operations were acquired or discontinued during the year.

BALANCE SHEET

                                  1999            1998
                             £000    £000    £000    £000


Fixed Assets
Investments                      1,830,650       1,832,780

Current Assets
Debtors                    26,259          24,420
UK Treasury Bills               -           9,890
Cash and short 
term deposits              13,625           2,329
                          _______         _______
                           39,884          36,639
Creditors: amounts falling
due within one tear        39,244          31,060
                          _______         _______
Net Current Assets                    640           5,579
                                 _________       _________
Total Assets Less 
Current Liabilities              1,831,290      1,838,359

Creditors: amounts falling
due after more than one year       194,348        194,097
                                 _________       _________
                                 1,636,942       1,644,262
                                 _________       _________
Capital and Reserves
Called up share capital 
- non equity                    
                                        -           1,700
Called up share capital
- equity                           65,960          73,455
Share premium                       6,639           6,639
Capital redemption reserve          7,495               -
Capital reserve - realised        850,419         812,072
Capital reserve - unrealised      664,955         702,072
Revenue reserve                    41,474          48,324
                                  _______         _______

Total Equity 
Shareholders' Funds             1,636,942        1,642,562
                                 _________       _________
                                1,636,942        1,644,262
                                 _________       _________

Net Asset Value 
per Ordinary 25p Share            618.29p         557.03p


CASHFLOW STATEMENT
for the year ended 31 March
                                  2000            1999
                             £000    £000    £000    £000

Net Cash inflow
from Operating
Activities                         36,135          36,871

Servicing of Finance
Interest paid              (19,250)        (19,308)
Preference dividends paid      (10)            (62)
                           _______         _______
Net Cash Outflow
from Servicing of Finance         (19,260)        (19,370)
Taxation
UK corporation tax 
recovered                      480             661
Overseas tax paid               (2)           (141)
                            _______         _______
Net Cash Inflow from 
Taxation                              478             520
Financial Investment
Purchase of investments   (516,312)       (417,769)
Sale of investments        688,559         327,031
Net proceeds from the
sale of Dunedin House           -           3,979
                          _______         _______
Net Cash Inflow/(Outflow)
from Financial Investment         172,247         (86,759)
Equity Dividends Paid            (34,714)         (33,937)
                                  _______         _______
Net Cash Inflow/(Outflow) before
use of Liquid Resources 
and Financing                     154,886        (102,675)
Net Cash Inflow from
Management of Liquid Resources      9,890          81,810

Financing
Repayment of 
debenture stock               -           (1,640)
Repayment of preferred
stock                    (1,700)
Buyback of ordinary
shares                 (151,793)              -
Expenses relating to 
the repayment
of preference stock           -              (35)
                          _______         _______
Net Cash Outflow 
from Financing                  (153,493)         (1,675)
                                  _______         _______
Increase/(Decrease) in Cash       11,283         (22,540)
                                  _______          _______

Notes :
1.The directors recommend that a final dividend of 8.25p (1999
  - 8.05p) per ordinary share be paid. The final dividend will
  be paid on 6  July 2000 to shareholders on the register on
  9 June 2000. The ex dividend date is 5 June 2000.
2.The  financial information for the year ended 31 March  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.
  The  accounts  have been prepared under the same  accounting
  policies  used for the year to 31 March 1999 other  than  in
  relation  to  the  adoption of Financial Reporting  Standard
  16',  Current Tax.  The figures for 1999 have been restated
  accordingly.
3.The statutory accounts for 2000 contain an unqualified audit
  report  and will be delivered to the Registrar of  Companies
  following the company's Annual General Meeting which will be
  held  at The Caledonian Hotel, Princes Street, Edinburgh  on
  Wednesday 5 July 2000 at 12.00 noon.
4.The  statement  of total return (incorporating  the  revenue
  account),  balance sheet and cashflow 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  annual report will be posted to shareholders on 5  June
  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