Interim Results

FINAL
NEWS RELEASE                                       8 September 2004



                         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 UK investment trust with the objective of
tracking the performance of the S&P Composite Index.


               INTERIM RESULTS FOR THE SIX MONTHS TO 31 JULY 2004


   - Net  asset  value  per  share fell by 2.2% compared to  a  fall  in  the  S&P
     Composite Index of 2.5%

   - 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 its objective of tracking closely the performance
of  the  S&P 500 Composite Index. In the six months ended 31 July 2004, the  net
asset  value  per share (NAV) fell by 2.2% to 500.98p compared to a  decline  of
2.5%  in  the index (in sterling terms). The company's share price fell by  5.2%
over  the  period to 460p which represented a discount of 8.2% to the net  asset
value.  At  the start of the financial year, the share price was standing  at  a
discount  of  5.4%.  The company bought back 1,320,000 shares  for  cancellation
during the period enhancing the NAV for continuing shareholders by 0.54p.

US  equity markets struggled to make any progress in the first half of the year.
Economic  growth and corporate profits were ahead of expectations but  investors
became  increasingly cautious about the impact of higher oil prices on  economic
activity as the year progressed. The Federal Reserve Board increased US interest
rates  on two occasions to combat inflation pressures and further increases  are
forecast in the months ahead.

The  revenue return per share was unchanged at 2.40p with the dividend increases
from  underlying  investments being offset by weakness in  the  US  dollar.  The
directors have declared an unchanged interim dividend of 2.0p per share for  the
year  to  31  January  2005 payable on 15 October 2004 to  shareholders  on  the
register on 17 September 2004.

The  level  of activity within the portfolio was relatively low once  again  and
reflected  both changes to the constituents of the index and the need  to  raise
funds  to finance the purchase of the company's own shares. The main changes  to
the constituents of the index were the result of takeover activity, particularly
in  the financial sector. FleetBoston Financial was acquired by Banc of America,
Travelers  Property  Casualty was acquired by St Paul  Companies,  John  Hancock
Financial  was  acquired by Manulife Financial and Bank One was acquired  by  JP
Morgan  Chase.  These companies were replaced in the index by M&T Bank,  E*Trade
Financial,  Affiliated Computer Services and Valero Energy. In  addition,  Mylan
Labs, Hospira, Gilead Sciences and Sovereign Bancorp replaced other constituents
of  the index subject to takeover bids. The total value of purchases amounted to
£3.9 million while sales totaled £10.5 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 companies 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's portfolio holds  every  stock
making up the index in an amount that equals the stock's proportionate weight in
the index.

Higher  oil  prices,  increases in interest rates and less fiscal  stimulus  are
likely  to  impact  the  pace of economic activity.   Recent  retail  sales  and
employment  figures suggest that the US economy is now slowing  from  the  above
trend  growth rates of recent quarters. Key issues for investors in US  equities
in  the  months ahead will be the price of oil and movements in interest  rates.
The  Presidential election will also be watched closely by the markets  for  any
significant changes in government policies. Equity markets are therefore  likely
to remain uncertain.


Sir Angus Grossart, Chairman



STATEMENT OF TOTAL RETURN
for the six months to 31 July 2004 (unaudited)

                                  Revenue    Capital      Total
                                     £000       £000       £000
Realised gains on investments           -      2,117      2,117
Unrealised losses on                    -    (12,918)   (12,918)
investments
Foreign exchange losses                 -         (3)        (3)
Investment income                   3,744          -      3,744
Interest receivable                    43          -         43
Investment management fee            (447)         -       (447)
Administrative expenses              (200)         -       (200)
                                 ________  _________  _________

Return on ordinary activities       3,140    (10,804)    (7,664)
before taxation
Taxation                           (1,018)         -     (1,018)
                                 ________  _________  _________

Return on ordinary activities       2,122    (10,804)    (8,682)
after taxation
Dividends in respect of  equity    (1,741)         -     (1,741)
shares
                                 ________  _________  _________

                                      381    (10,804)   (10,423)
                                 ________  _________  _________

Return per ordinary share           2.40p    (12.23p)    (9.83p)
                                 ________  _________  _________

Dividend per ordinary share         2.00p
                                 ________


__________________________________________________________________________________


for the six months to 31 July 2003 (unaudited)

                                  Revenue    Capital      Total
                                     £000       £000       £000
Realised losses on investments          -       (924)      (924)
Unrealised gains on investments         -     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       3,030     69,544     72,574
before taxation
Taxation                             (905)         -       (905)
                                  _______  _________  _________

Return on ordinary activities       2,125     69,544     71,669
after taxation
Dividends in respect of  equity    (1,768)         -     (1,768)
shares
                                  _______  _________  _________

                                      357     69,544     69,901
                                  _______  _________  _________

Return per ordinary share           2.40p     78.69p     81.09p
                                  _______  _________  _________

Dividend per ordinary share         2.00p
                                  _______

__________________________________________________________________________________

for the year ended 31 January 2004 (audited)
                                  Revenue    Capital      Total
                                     £000       £000       £000
Realised losses on investments          -       (131)      (131)
Unrealised gains on investments         -     73,447     73,447
Foreign exchange losses                 -       (251)      (251)
Investment income                   7,687          -      7,687
Interest receivable                    22          -         22
Investment management fee          (1,047)         -     (1,047)
Administrative expenses              (435)         -       (435)
                                  _______   ________   ________

Return on ordinary activities       6,227     73,065     79,292
before taxation
Taxation                           (1,864)         -     (1,864)
                                  _______   ________   ________

Return  on  ordinary activities     4,363     73,065     77,428
after taxation
Dividends in respect of  equity    (4,286)         -     (4,286)
shares
                                  _______   ________   ________

Transfer to reserves                   77     73,065     73,142
                                  _______   ________   ________

Return per ordinary share           4.94p     82.67p     87.61p
                                  _______   ________   ________

Dividend per ordinary share         4.85p
                                  _______

__________________________________________________________________________________



BALANCE SHEET

                                     At 31       At 31       At 31
                                      July     January        July
                                      2004        2004        2003
                                (unaudited)   (audited) (unaudited)
                                      £000        £000        £000
Fixed assets
Investments                        435,616    453,048      449,288

Current assets
Debtors                                543      1,933          633
Cash and short term deposits         2,587      2,669        2,387
                                 _________   _________     _______

                                     3,130      4,602        3,020
Creditors: amounts falling  due      2,500      4,620        2,431
within one year
                                 _________   _________     _______

Net current assets/(liabilities)       630        (18)         589
                                 _________   _________     _______

                                   436,246    453,030      449,877

Provision  for liabilities  and        (84)       (77)        (165)
charges
                                 _________   _________     _______

                                   436,162    452,953      449,712

                                 _________   _________     _______


Capital and reserves
Called up share capital             21,765     22,095       22,095
Other reserves                     414,397    430,858      427,617

                                 _________   _________     _______

Total    equity   shareholders'    436,162    452,953      449,712
funds
                                 _________   _________     _______


Net   asset  value  per  equity    500.98p    512.50p      508.83p
share
                                 _________   _________     _______



CASHFLOW STATEMENT
                          6 months to      6 months to     12 months to
                         31 July 2004     31 July 2003      31 January
                          (unaudited)      (unaudited)         2004
                             £000             £000          (audited)
                                                               £000
Revenue before interest           3,139            3,030           6,227
and taxation
Increase in accrued                 (54)             (60)            (15)
income
Decrease in other                     5              (14)             (3)
debtors
Increase in creditors                 9               29              (3)
                                _______