Final Results

Edinburgh US Tracker Trust PLC
9 March 2001



9 March 2001

                        EDINBURGH US TRACKER TRUST PLC

                          RESULTS FOR THE YEAR ENDED

                               31 JANUARY 2001

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



                                  HIGHLIGHTS

  * Net asset value per share up 9.3% to 766.43p compared with a rise of
    8.7% in the benchmark index.
  * Share price up by 15.2% to 747.5p
  * Board proposes a final dividend of 2.85p per share which, when combined
    to the interim dividend, provides a total dividend for the year of 4.85p
    per share





For further information, please contact:

David McCraw, Director

Edinburgh Fund Managers plc                         0131 313 1000

Ian Massie, 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. The net asset value per
share (NAV) increased by 9.3% to 766.43p compared with a rise of 8.7% in the
index (in sterling terms). Following a series of increases in US interest
rates, US share prices made mixed progress last year and the S&P Composite
Index fell by 2.0% in local currency terms. The index return in sterling terms
reflected the fall in the value of sterling in relation to the US dollar.

The difference in the NAV return relative to the index was attributable to the
timing of the sales of non-index stocks received in take over situations and
through spin-offs from constituents of the 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

Revenue per share rose from 4.45p to 4.74p per share. The increase was
attributable mainly to the favourable movement in the value of sterling. Your
board is recommending a final dividend of 2.85p which will take the total
dividends for the year to 4.85p, which is unchanged from last year.

Share Price

Over the year under review, the share price rose by 15.2% to 747.5p, which
represented a discount to the net asset value at the year-end of 2.5%. The
share price started the year on a discount of 7.4% and the gradual improvement
in the discount reflects consistent demand for the company's shares from
private investors and private client stockbrokers.

Your board has authority to purchase the company's shares for cancellation
should the shares persistently trade on an excessive discount. A special
resolution proposing an extension of this facility will be put to shareholders
at the Annual General Meeting.





Marketing

Your board continues to promote the company through the manager's marketing
initiative. This provides a series of savings schemes by which savers can
invest in Edinburgh US Tracker Trust in a low cost and convenient manner. The
company contributed £32,000 to this initiative during the past year. Up to
date information about the company is available on the company's website on
www.edinburghustracker.com.

Annual General Meeting

The company's Articles of Association require shareholders to vote on the
continuation of the company at every Annual General Meeting. Accordingly, a
resolution to this effect will be proposed as Special Business at the Annual
General Meeting to be held on Tuesday 5 June 2001. If this resolution is not
passed, the company will be liquidated later this year. Liquidation would
result in a disposal of the company's shares for capital gains tax purposes
and therefore shareholders should consider carefully whether they wish the
company to be wound up.

The economic strength of the US lies in the strength of the economy, the size
of the market place, the mobility of labour and an entrepreneurial culture.
These factors have combined to create an environment where a large number of
US companies have emerged as world leaders in many industries. Edinburgh US
Tracker Trust provides shareholders with a broadly diversified portfolio which
covers the top 500 companies in the United States of America.

I believe that our investment performance, aided by low management and
administration costs, as evidenced by the total expense ratio of 0.3%,
underlines the attractions of the index tracking approach to investors. Your
board therefore strongly recommends all shareholders to vote in favour of the
resolution.



Sir Angus Grossart

Chairman

8 March 2001





STATEMENT OF TOTAL RETURN

for the year ended 31 January 2001 (audited)
                                                         Revenue Capital Total

                                                           £000    £000   £000
Gains on investments                                          -  54,527  54,527

Premium on redemption of preference shares and                -       -      -
associated costs
Income from investments                                   7,507       -  7,507
Interest receivable                                         161       -    161
Investment management fee                                (1,623)      -  (1,623)
Administrative expenses                                    (463)      -   (463)
                                                            ----    ----   ----
Net return before taxation                                5,582  54,527  60,109

Taxation                                                 (1,636)       - (1,636)
                                                            ----    ----   ----
Return on ordinary activities after taxation              3,946  54,527  58,473

Dividends in respect of non-equity shares                     -       -      -
                                                            ----    ----   ----
Return attributable to equity shareholders                3,946  54,527  58,473

Dividends in respect of equity shares                    (4,039)      -  (4,039)
                                                            ----    ----   ----
Transferred from reserves                                   (93) 54,527  54,434

                                                            ----    ----   ----
Return per ordinary share                                  4.74p  65.48p 70.22p
                                                            ----    ----   ----



for the year ended 31 January 2000 (audited)
                                                         Revenue Capital Total

                                                           £000    £000   £000
Gains on investments                                          -  56,118  56,118

Premium on redemption of preference shares and                -     (70)    (70)
associated costs
Income from investments                                   7,134       -   7,134
Interest receivable                                          67       -      67
Investment management fee                                (1,422)      -  (1,422)
Administrative expenses                                    (403)      -    (403)
                                                            ----   ----    ----
Return on ordinary activities before taxation             5,376  56,048  61,424

Taxation                                                 (1,630)      -  (1,630)
                                                            ----   ----    ----
Return on ordinary activities after taxation              3,746  56,048  59,794

Dividends in respect of non-equity shares                   (39)      -     (39)
                                                            ----   ----    ----
Return attributable to equity shareholders                3,707  56,048  59,755

Dividends in respect of equity shares                    (4,039)      -  (4,039)
                                                            ----   ----    ----
Transferred from reserves                                  (332) 56,048  55,716

                                                            ----   ----    ----
Return per ordinary share                                  4.45p  67.31p 71.76p
                                                            ----   ----    ----



BALANCE SHEET

(audited)
                                     At 31 January  2001   At 31 January  2000
                                                    £000                  £000
Fixed assets
Investments                                       637,898               584,263
Current assets
Debtors                                               829                 1,936
Cash and short term deposits                        3,248                 3,001
                                                     ----                  ----
                                                    4,077                 4,937
Creditors: amounts falling due                      3,609                 5,285
within one year
Net current assets                                    468                  (348)
                                                     ----                  ----
                                                  638,366               583,915
Provision for liabilities and                        (155)                 (138)
charges
                                                     ----                  ----
                                                  638,211               583,777
                                                     ----                  ----

Capital and reserves
Share capital                                      20,816                20,816
Other reserves                                    617,395               562,961
                                                     ----                  ----
Total equity shareholders' funds                  638,211               583,777
                                                     ----                  ----

Net asset value per share                          766.43p               701.06p






CASHFLOW STATEMENT

(audited)
                                          For the year ended For the year ended


                                            31 January 2001    31 January 2000
                                                       £000               £000

Revenue before taxation                               5,582              5,376
Increase in accrued income                              (61)               267
Increase in other debtors                               (19)                (6)
Increase in creditors                                    66                134
                                                       ----               ----
Net cash inflow from operating activities             5,568              5,771
Net cash outflow from servicing of                        -                (39)
finance
Total tax paid                                       (1,748)              (412)
Net cash inflow from financial investment               193              1,942
Equity dividends paid                                (4,039)            (4,039)
                                                       ----               ----
Net cash outflow before financing                       (26)             3,223
Net cash outflow from financing                           -             (1,128)
                                                       ----               ----
DECREASE IN CASH                                        (26)             2,095
                                                       ----               ----

NOTES :


        1.     The accounts are prepared under the same accounting policies
        used for the year to 31 January 2000.

        2.     The proposed final dividend, subject to shareholder approval,
        will be paid on 7 June 2001 to shareholders on the register at the
        close of business on 11 May 2001. The ex-dividend date is 9 May 2001.


 3. The statement of total return, the balance sheet and the cash flow
    statement 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 2000 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. The
    statutory accounts for 2001 are unqualified and will be delivered to the
    Registrar of Companies following the Company's Annual General Meeting
    which will be held on Tuesday, 5 June 2001 at 11.00am.

 4. The Annual Report and Accounts will be posted to shareholders on 30 March
    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

Company Secretary

END