Interim Results

2 September 2003

 
                     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.

Edinburgh US Tracker Trust is the only investment trust with the objective of tracking 
the performance of the S&P Composite Index.


           INTERIM RESULTS FOR THE SIX MONTHS TO 31 JULY 2003


·    Net asset value per share rose by 18.4% compared to a rise in the S&P Composite 
     Index of 18.3%

·    Share price rose by 21.1% to 490p, representing a discount of 3.7% 
     to net asset value per share. This compares to a discount of 5.9% at the beginning
     of the year.

·    Interim dividend maintained at 2.00p per share.


                              - END -


For further information, please contact:-

David McCraw
Edinburgh Fund Managers plc                                 0131 313 1000

Ian Massie
Edinburgh Fund Managers plc                                 0131 313 1000




CHAIRMAN'S STATEMENT

The company continues to meet the objective of tracking the performance
of the S&P Composite Index.  In the six months to 31 July 2003, the net
asset value per share (NAV) rose by 18.4% to 508.83p compared to a rise
of 18.3% in the index (in sterling terms).  The company's share price
rose by 21.1% to 490p which represented a discount of 3.7% to the net
asset value per share.  At the start of the financial year, the share
price was standing at a discount of 5.9%.

The combination of a swift conclusion to the war in Iraq and more
encouraging corporate profits pushed US share prices sharply higher.
Investors also began to anticipate that the combination of accommodating
monetary and fiscal policies and a weaker dollar would re-invigorate the
US economy.  Statements from the US Federal Reserve suggesting that
steps would be taken to avoid deflation and deliver economic growth were
also interpreted positively by investors in equities.

The revenue per share fell slightly from 2.50p to 2.40p per share due to
a 9.2% fall in the average US dollar/sterling exchange rate.  The
directors have declared an interim dividend of 2.00p (2002-2.00p) per
share for the year to 31 January 2004 payable on 10 October 2003 to
shareholders on the register on 12 September 2003.

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
May.  90% of the 24.2 million shares voted by proxy were in favour of
continuation.

Investment Activity

The level of activity in the portfolio remained at relatively low levels
and reflected the limited number of changes to the constituents of the
index.  In February, Rational Software was acquired by International
Business Machines and replaced in the index by AutoNation.  In March,
AMR was removed from the index on account of its low market
capitalization and replaced by Apartment Investment & Management,
Healthsouth was removed from the index following violations of
securities laws and was replaced by McCormick & Co. while Household
International was replaced in the index by Symantec after Household was
acquired by HSBC Holdings.  In April, following the merger of Pfizer and
Pharmacia, both constituents of the index, Federated Investors was added
to the index while in July ProLogis replaced Mirant after Mirant had
filed for bankruptcy.  The total value of purchases amounted to £1.9m
while sales totalled £2.0 million.

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 covers the top 500 listed company in
the USA. The method employed by the company to track the index involves
a full replication of the index constituents.  This means that the
company holds every stock making up the index in an amount that equals
the stock's proportionate weight in the index.

Board of Directors

Archie Hunter was appointed to the board on 1 September 2003. 
Mr Hunter, who is a chartered accountant, spent his career in the
profession and is a former President of the Institute of Chartered
Accountants of Scotland.

Outlook

The expected rebound in the US economy post the Iraq war has, so far,
been modest although commentators continue to suggest that recovery is
underway.  Sentiment indicators have improved with expectations of a
buoyant second half to the year being based on tax cuts, lower interest
rates and a weaker dollar.  Interest rates have been lowered to 1.0% and
the Federal Reserve remains committed to take all available steps to
promote economic growth.  The recent sharp rise in bond yields suggests
that deflation risks have been contained and that the Federal Reserve
will be successful in reflating the economy.


Sir Angus Grossart, Chairman

STATEMENT OF TOTAL RETURN
for the six months to 31 July 2003 (unaudited)

                                              Revenue   Capital    Total
                                                 £000      £000     £000
Realised losses on investments                      -     (924)    (924)
Increase in unrealised appreciation                 -    70,474   70,474
Foreign exchange losses                             -       (6)      (6)
Investment income                               3,764         -    3,764
Interest receivable                                14         -       14
Investment management fee                       (546)         -    (546)
Administrative expenses                         (202)         -    (202)
                                               ______    ______   ______
Return on ordinary activities before            3,030    69,544   72,574
taxation
Taxation                                        (905)         -    (905)
                                               ______    ______   ______
Return on ordinary activities after taxation    2,125    69,544   71,669
Dividends                                     (1,768)         -  (1,768)
                                               ______    ______   ______
                                                  357    69,544   69,901
                                               ______    ______   ______
Return per ordinary share                       2.40p    78.69p   81.09p
                                               ______    ______   ______
Dividend per ordinary share                     2.00p                   
                                               ______                   

for the six months to 31 July 2002 (unaudited)

                                          Revenue     Capital      Total
                                             £000        £000       £000
Realised losses on investments                  -     (6,197)    (6,197)
Decrease in unrealised appreciation             -   (150,124)  (150,124)
Foreign exchange losses                         -       (217)      (217)
Investment income                           3,941           -      3,941
Interest receivable                            22           -         22
Investment management fee                   (606)           -      (606)
Administrative expenses                     (199)           -      (199)
                                           ______      ______     ______
Return  on  ordinary  activities  before   
taxation                                   3,158    (156,538)  (153,380)
Taxation                                    (951)           -      (951)
                                           ______      ______     ______
Return  on  ordinary  activities   after   
taxation                                    2,207   (156,538)  (154,331)
Dividends                                 (1,771)           -    (1,771)
                                           ______      ______     ______
                                              436   (156,538)  (156,102)
                                           ______      ______     ______
Return per ordinary share                   2.50p   (177.12p)  (174.62p)
                                           ______      ______     ______
Dividend per ordinary share                 2.00p                       
                                           ______                       


For the year to 31 January 2003 (audited)
                                          Revenue     Capital      Total
                                             £000        £000       £000
Realised losses on investments                  -     (6,571)    (6,571)
Decrease in unrealised appreciation             -   (195,604)  (195,604)
Foreign exchange losses                         -       (323)      (323)
Income from investments                     7,746           -      7,746
Interest receivable                            37           -         37
Investment management fee                 (1,104)           -    (1,104)
Administrative expenses                     (419)           -      (419)
                                           ______      ______     ______
Return  on  ordinary  activities  before    6,260   (202,498)  (196,238)
taxation
Taxation                                  (1,856)           -    (1,856)
                                           ______      ______     ______
Return  on  ordinary  activities   after    4,404   (202,498)  (198,094)
taxation
Dividends                                 (4,290)           -    (4,290)
                                           ______      ______     ______
                                              114   (202,498)  (202,384)
                                           ______      ______     ______
Return per ordinary share                   4.98p   (229.12p)  (224.14p)
                                           ______      ______     ______
Dividend per ordinary share                 4.85p                       
                                           ______                       



BALANCE SHEET

                                      At 31 July  At 31 January       At 31
                                            2003           2003   July 2002
                                      (unaudited)      (audited) (unaudited)
                                             £000          £000        £000
Fixed assets                                                            
Investments                               449,288       379,765     425,759
Current assets                                                          
Debtors                                       633           571         560
Cash and short term deposits                2,387         2,810       2,464
                                           ______        ______      ______
                                            3,020         3,381       3,024
Creditors: amounts falling due                                          
  within one year                           2,431         3,187       2,551
                                           ______        ______      ______
Net current assets/(liabilities)              589           194         473
                                           ______        ______      ______
                                          449,877       379,959     426,232

Provision for liabilities and charge         (165)         (148)       (133)
                                           ______        ______      ______
                                          449,712       379,811     426,099
                                           ______        ______      ______
                                                                        
Capital and reserves                                                    
Called up share capital                    22,095        22,095      22,095
Other reserves                            427,617       357,716     404,004
                                           ______        ______      ______
Total equity shareholders' funds          449,712       379,811     426,099
                                           ______        ______      ______
                                                                        
Net asset value per equity share           508.83p       429.74p     482.12p
                                           ______        ______      ______


CASHFLOW STATEMENT

                                6 months to    6 months to     12 months to
                               31 July 2003   31 July 2002  31 January 2003 
                                 (unaudited)    (unaudited)        (audited)
                                       £000           £000             £000
                                                                        
Revenue before interest and taxation  3,030          3,158            6,260
Decrease in accrued income              (60)            70               20
Increase in other debtors               (14)           (32)               9
Decrease in creditors                    29           (148)            (179)
                                     ______         ______           ______
Net cash inflow from operating    
activities                            2,985          3,048            6,110

Total tax paid                         (910)          (870)          (1,848)

Net cash outflow from financial          
investment                               27         (2,568)          (2,428)

Equity dividends paid                (2,519)        (2,517)          (4,284)
                                     ______         ______           ______
Net cash outflow before financing      (417)        (2,907)          (2,450)
                                                                        
Net cash inflow from financing            -          2,611            2,606
                                     ______         ______           ______
DECREASE IN CASH AND CASH                                               
EQUIVALENTS                           (417)          (296)              156
                                     ______         ______           ______

NOTES:
1. The accounts are prepared under the same accounting policies used for
   the year to 31 January 2003.
2. The interim dividend for the year ended 31 January 2003 will be paid
   on 10 October 2003 to shareholders on the register at the close of
   business on 12 September 2003. The ex-dividend date is 10 September
   2003.
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 2003 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 15 September
   2003 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

END