Interim Results

Edinburgh US Tracker Trust PLC
31 August 2001


31 August 2001


                        EDINBURGH US TRACKER TRUST PLC


  Edinburgh US Tracker Trust aims to achieve long term growth of capital and
        income by tracking the performance of the S&P Composite Index.


               INTERIM RESULTS FOR THE SIX MONTHS TO 31 JULY 2001

                                  HIGHLIGHTS


-    Net asset value per share ('NAV') fell by 8.8% to 699.35p compared to a 
     fall of 9.1% in the index (in sterling terms)

-    The company's share price fell by 5.2% to 708.50p, representing a premium 
     of 1.3% to NAV, which reflects the consistent demand for the company's
     shares

-    An interim dividend of 2.00p per share for the year to 31 January 2002 has 
     been declared


                                   - END -

                                     
For further information, please contact:-


David McCraw, Director
Edinburgh Fund Managers plc               0131 313 1000


Alex Gowans, Director
Edinburgh Fund Managers plc               0131 313 1000



CHAIRMAN'S STATEMENT


I am pleased to report that the company continues to meet the objective of
tracking the performance of the S&P Composite Index.  During the period to 31
July 2001, the net asset value per share fell by 8.8% to 699.35p compared to a
fall of 9.1% in the index (in sterling terms).  The company's share price fell
by only 5.2% to 708.5p, which represents a small premium of 1.3% to the net
asset value.



The share price at the start of the current year stood at a discount of 2.5%
to the net asset value and the gradual elimination of the discount reflects
consistent demand for the company's shares.  With the company's shares trading
at a premium to net asset value, 1,000,000 new shares were issued at a premium
to the net asset value during the period.



Edinburgh US Tracker trust is the only UK investment trust to track the
performance of the S&P Composite Index and provides shareholders with a
broadly diversified portfolio which invests in the top 500 companies in the
USA. The strategy employed by the company to track the index is full
replication of the index constituents.  This means that the company holds
every stock making up the index in an amount that equals the stocks weight in
the index.  At 31 July 2001, the portfolio consisted of 502 stocks compared
with 500 stocks in the S&P Composite Index.  Since the investment objective of
the company was revised in June 1997, the capital performance has matched that
of the index to within 0.5% per annum.  This close tracking of the index
confirms the reliability of the tracking methodology employed by the company.



Revenue

The revenue per share rose slightly from 2.24p to 2.32p per share.  This
increase was attributable mainly to the favourable movement in the value of
sterling.  The directors have declared an interim dividend of 2.00p (2000 -
2.00p) per share for the year to 31 January 2002 payable on 5 October 2001 to
shareholders on the register on 14 September 2001.



Continuation Vote

Your board was encouraged by the continued support for the company as
expressed by the vote for continuation at the Annual General Meeting in June.
Of the 14.2 million shares voted by proxy (17.1% of the issued share capital),
98% were cast in favour.



Investment Activity

The level of activity in the portfolio was relatively low and this reflected
the changes to the constituents of the index.  The level of takeovers and
mergers in the US stock market has fallen sharply in the last 12 months and
this had resulted in fewer changes to the constituents of the index.  Only 10
new stocks were added to the portfolio during the period with the largest of
these being John Hancock Financial Services.  Additional portfolio activity
was generated from the investment of £7.3 million arising from the issue of
new shares.  The total value of purchases amounted to £12.6 million while
sales totalled £5.5 million.



Outlook

In response to the sharp slowdown in the US economy, the Federal Reserve Board
has cut US interest rates on seven occasions so far this year taking short
term interest rates down from 6.5% to 3.5%.  This monetary stimulus, in
conjunction with the significant cuts in personal taxation over the summer
months, is intended to help a recovery in the US economy later this year.
Equity prices have been under pressure following a number of high profile
profits warnings and, until evidence emerges that economic recovery is
underway, investor sentiment remains cautious.


Sir Angus Grossart, Chairman
30 August 2001


STATEMENT OF TOTAL RETURN
for the six months to 31 July 2001 (unaudited)
                                                    Revenue   Capital     Total
                                                       £000      £000      £000

Realised gains on investments                             -     1,856     1,856
Decrease in unrealised appreciation on investments        -  (58,403)  (58,403)
Foreign exchange gains                                    -       148       148
Income from investments                               3,694         -     3,694
Interest receivable                                      42         -        42
Investment management fee                             (744)         -     (744)
Administrative expenses                               (203)         -     (203)
                                                     ______    ______    ______
Return on ordinary activities before taxation         2,789  (56,399)  (53,610)
Taxation                                              (834)         -     (834)
                                                     ______    ______    ______
Return attributable to equity shareholders            1,955  (56,399)   (54,444
                                                     ______    ______    ______
Return per ordinary share                             2.32p  (66.93p)  (64.61p)
                                                     ______    ______    ______




For the six months to 31 July 2000 (unaudited)        Revenue   Capital   Total
                                                         £000      £000    £000

Realised gains on investments                               -    10,860  10,860
Increase in unrealised appreciation on investments          -    54,564  54,564
Foreign exchange gains                                      -       171     171
Income from investments                                 3,643         -   3,643
Interest receivable                                        66         -      66
Investment management fee                               (803)         -   (803)
Administrative expenses                                 (238)       (2)   (240)
                                                       ______     _____  ______
Return on ordinary activities before taxation           2,668    65,593  68,261
Taxation                                                (801)         -   (801)
                                                       ______    ______   _____
Return attributable to equity shareholders              1,867    65,593  67,460
                                                       ______    ______  ______
Return per ordinary share                               2.24p    78.77p  81.01p
                                                       ______    ______  ______




For the year to 31 January 2001 (audited)
                                                      Revenue  Capital    Total
                                                         £000     £000     £000

Realised gains on investments                               -   15,692   15,692
Increase in unrealised appreciation on investments          -   38,562   38,562
Foreign exchange gains                                      -      273      273
Income from investments                                 7,507        -    7,507
Interest receivable                                       161        -      161
Investment management fee                             (1,623)        -  (1,623)
Administrative expenses                                 (463)        -    (463)
                                                       ______   ______   ______
Return on ordinary activities before taxation           5,582   54,527   60,109
Taxation                                              (1,636)        -  (1,636)
                                                       ______   ______   ______
Return attributable to equity shareholders              3,946   54,527   58,473
                                                       ______   ______   ______
Return per ordinary share                               4.74p   65.48p   70.22p
                                                       ______   ______   ______



BALANCE SHEET


                                  At 31 July     At 31 January  At 31 July 2000
                                        2001              2001
                                        £000              £000             £000
Fixed assets
Investments                          588,476           637,898          647,757
Current assets
Debtors                                  738               829            6,001
Cash and short term deposits           2,907             3,248            3,599
                                  ----------        ----------       ----------
                                       3,645             4,077            9,600
Creditors: amounts falling due
  within one year                      2,601             3,609            7,644
Net current assets/                    1,044               468            1,956
(liabilities)
                                      ______            ______           ______
                                     589,520           638,366          649,713
Provision for liabilities and          (169)             (155)            (141)
charges
                                      ______            ______           ______
                                     589,351           638,211          649,572
                                      ______            ______           ______

Capital and reserves
Called up share capital               21,066            20,816           20,816
Other reserves                       568,285           617,395          628,756
                                      ______            ______           ______
Total equity shareholders'           589,351           638,211          649,572
funds
                                      ______            ______           ______

Net asset value per equity           699.35p           766.43p          780.07p
share



CASHFLOW STATEMENT
                                       6 months to  6 months to     12 months to
                                      31 July 2001 31 July 2000 31 January 2001
                                              £000         £000            £000

Net cash inflow from operating              2,579        2,616           5,568
activities


Net cash outflow from servicing of              -            -               -
finance


Total tax paid                               (731)        (843)         (1,748)


Net cash outflow from financial            (7,234)       1,029             193
investment


Equity dividends paid                      (2,373)      (2,373)         (4,039)
                                            ______       ______          ______
Net cash outflow before financing          (7,759)         429             (26)


Net cash inflow from financing              7,270           (2)              --
                                            ______       ______          ______
DECREASE IN CASH AND CASH EQUIVALENTS

                                             (489)         427             (26)
                                            ______       ______          ______



NOTES :

1.  The accounts are prepared under the same accounting policies used for the 
    year to 31 January 2001.

2.  The interim dividend for the year ended 31 January 2002 will be paid on 5 
    October 2001 to shareholders on the register at the close of business on 14 
    September 2001. The ex-dividend date is 12 September 2001.

3.  The financial statements set out above do not represent full accounts in 
    accordance with Section 240 of the Companies Act 1985. The financial 
    information for the year ended 31 January 2001 has been extracted from the 
    Annual Report and Accounts of the Company which have been filed with the 
    Registrar of Companies. The auditors' report on those accounts was 
    unqualified.

4.  The Interim Report will be posted to shareholders on 14 September 2001 and  
    copies will be available from the investment manager.


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 and may be affected by exchange rate movements.  Investors may not get
back the amount they originally invested.



For Edinburgh US Tracker Trust plc
Edinburgh Fund Managers plc, Secretary
David Holland,  Deputy Group Company Secretary

END