Final Results

Edinburgh US Tracker Trust plc
15 March 2007




15 March 2007





                         EDINBURGH US TRACKER TRUST PLC

             PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JANUARY 2007



Edinburgh US Tracker Trust aims to achieve long term growth of capital and
income by tracking the performance of the S&P Composite 500 Index.





HIGHLIGHTS


  • NAV rose by 2.5% compared to a rise of 2.0% in the S&P Composite 500 Index

  • Share price rose by 2.9% to 586.5p

  • Total dividends for year up 15.0% to 6.9p (2006 -6.0p)

  • Total expense ratio of 0.29% (2006 - 0.28%)




For further information, please contact:


David McCraw

Edinburgh Fund Managers plc
0131 313 1000



Ian Massie

Edinburgh Fund Managers plc
0131 313 1000







                         EDINBURGH US TRACKER TRUST PLC

The Company continues to meet the objective of tracking the performance of the S
&P 500 Composite Index. In the 12 months to 31 January 2007, the net asset value
per share (NAV) rose by 2.5% to 615.34p, compared to an increase of 2.0% in the
Index (in sterling terms).

Since the investment objective of the Company was revised in June 1997, the
capital performance has matched that of the Index to within 0.4% per annum. The
annualised returns for the Company's net asset values per share for the period
31 July 1997 to 31 January 2007 were 2.82% per annum compared to an annualised
return of 2.47% per annum for the Index.

US equity markets struggled to make progress in the first half of the year.
Corporate profits were ahead of expectations but investors remained cautious
about the impact of higher oil prices on economic activity and the continuing
rise in US interest rates. By June, the Federal Reserve had increased short term
interest rates to 5.25%. From that point however investors began to anticipate
that the risks to growth and inflation were over-stated and US equity markets
rose strongly in the second half of the year. There have no been further
increases to US interest rates since June 2006.

Over the financial year, the US dollar/sterling exchange rate fell from $1.78 to
$1.96 which translated the rise of 12.4% in the S&P 500 Composite Index in US
currency to 2.0% in sterling terms.

The revenue return per share over the year rose by 10.5% to 6.92p, benefiting
from dividend increases from underlying investments which more than offset
adverse movements in the US dollar/sterling exchange rate. Your Board is
recommending a final dividend of 4.45p which will take total dividends for the
year to 6.90p, an increase of 15.0% from last year.

The discount at which the Company's shares trade has been volatile in recent
years and, in May 2006, the Board announced that, in order to contain this
volatility, it intended to continue to buy-back the Company's shares with the
aim of establishing a long term level of the discount to the NAV of no greater
than 3%. The effect of this commitment was reflected in the Company's share
price which rose by 2.9% over the 12 months to 31 January 2007 to 586.5p,
compared to an increase in the Index of 2.0%. The Company bought back 9,152,922
of its own shares for cancellation during the year to 31 January 2007 enhancing
the NAV for continuing shareholders by 2.13p. The Board believes that this
discount management policy should provide both existing shareholders, and
potential new investors, with greater confidence that there will, in future, be
less variation in movement between the Company's share price and its benchmark
Index.


Marketing

Your Board continues to promote the Company through the Manager's marketing
initiative which provides a series of savings schemes through which savers can
invest in Edinburgh US Tracker Trust in a low cost and convenient manner. The
Company contributed £100,000 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.


Corporate Governance

The Board reviews annually the performance of the Manager, the Chairman and the
Board as a whole. The Board has assessed the performance of the Manager, the
investment process and risk controls. The portfolio has tracked closely the
performance of the Index and the discount at which the Company's shares trade
relative to the net asset value has reduced over the past year. The Board has
reviewed the terms of the management agreement during the year and believes that
the continuing appointment of the Manager, on the terms agreed, is in the
interests of shareholders.


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 Thursday 17 May 2007. If this resolution is not
passed, a resolution to liquidate the Company will be proposed later this year.
Liquidation would result in a disposal of the Company's shares for taxation
purposes and therefore shareholders should consider carefully whether they wish
the Company to be wound up. There will be another opportunity to consider the
future of the Company at the same time next year.  I believe that our investment
performance, aided by low management and administration costs, as evidenced by
the total expense ratio of 0.29%, underlines the attractions of the Index
tracking approach to investors. Your Board therefore strongly recommends all
shareholders to vote in favour of the resolution.

The Directors are also seeking shareholder approval to renew the authority to
issue new shares for cash, to meet investor demand provided the subscription
price is not below the net asset value per share. Your Board also has the
authority to purchase the Company's shares for cancellation were the shares to
trade persistently at a level in excess of the Company's stated discount policy.
Special resolutions proposing an extension of these facilities will be put to
shareholders in the Annual General Meeting.

Following a review of the Company's Articles of Association, the Board is
proposing the following amendments to the Company's Articles:


-    to take advantage of enhanced procedures for the use of electronic 
     communications introduced by the Companies Act 2006

-    to bring up to date the provisions in the Articles dealing with
     the rights of the Directors to indemnification

-    to remove the age 70 limit to Directors which is consistent with
     provisions under the Companies Act 2006.  In the event that this change is
     approved, I will not be required to vacate the office of Chairman at the
     conclusion of the 2007 Annual General Meeting by virtue of my attaining 
     the age of 70 years by that time.


An explanation of the proposed changes to the Articles is set out in the
circular accompanying the Company's report and accounts.


Outlook

The size of the economy and stock market, the mobility of the nation's labour
force and the country's entrepreneurial culture have enabled a large number of
US companies to emerge as world leaders in many industries. Edinburgh US Tracker
Trust provides shareholders with a broadly diversified portfolio which covers
the top 500 listed companies in the United States.



Sir Angus Grossart
Chairman





INCOME STATEMENT (audited)
for the year ended 31 January 2007

                                                  Year ended 31 January 2007       Year ended 31 January 2006

                                                 Revenue    Capital      Total    Revenue    Capital      Total
                                                   £'000      £'000      £'000      £'000      £'000      £'000

Realised gains on investments                          -     11,384     11,384          -      4,136      4,136
Unrealised (losses)/ gains on investments              -    (3,965)    (3,965)          -     59,302     59,302
Foreign exchange movements                             -      (680)      (680)          -        371        371
Income                                             8,857          -      8,857      8,631          -      8,631
Investment management fee                          (902)          -      (902)      (926)          -      (926)
Administrative expenses                            (420)          -      (420)      (357)          -      (357)
                                                 _______    _______    _______    _______    _______    _______
Return on ordinary activities before taxation      7,535      6,739     14,274      7,348     63,809     71,157

Taxation                                         (2,258)          -    (2,258)    (2,205)          -    (2,205)
                                                 _______    _______    _______    _______    _______    _______
Return on ordinary activities after taxation       5,277      6,739     12,016      5,143     63,809     68,952
                                                 _______    _______    _______    _______    _______    _______

Return per share (pence)                            6.92       8.84      15.76       6.26      77.62      83.88
                                                 _______    _______    _______    _______    _______    _______



The total column of this statement represents the profit and loss account of the
Company.

No Statement of Total Recognised Gains and Losses has been prepared as all gains
and losses have been reflected in the Income Statement.

All revenue and capital items in the above statement derive from continuing
operations.

The accompanying notes are an integral part of the financial statements.



Proposed final dividend

The Board is proposing a final dividend of 4.45p per share (£3,211,000) making a
total dividend of 6.90p (£5,011,000) for the year to 31 January 2007 which, if
approved, will be payable on 21 May 2007.



BALANCE SHEET (audited)
as at 31 January
                                                             As at 31 January 2007      As at 31 January 2006
                                                              £'000         £'000        £'000         £'000
Non-current assets
Investments at fair value through profit or loss                          442,446                    485,539

Current assets
Debtors                                                         500                     1,075
Cash and short term deposits                                  4,654                     5,437
                                                           ________                  ________
                                                              5,154                     6,512

Creditors: amounts falling due within one year              (1,194)                   (1,477)
Net current assets                                         ________         3,960    ________          5,035
                                                                         ________                   ________
Total assets less current liabilities                                     446,406                    490,574

Provision for liabilities and charges                                        (62)                       (63)
                                                                         ________                   ________
Net assets                                                                446,344                    490,511
                                                                         ________                   ________
Capital and reserves
Called up share capital                                                    18,134                     20,422
Share premium account                                                      32,643                     32,643
Capital redemption reserve                                                  3,961                      1,673
Capital reserve - realised                                                281,041                    321,756
Capital reserve - unrealised                                              105,106                    109,071
Revenue reserve                                                             5,459                      4,946
                                                                         ________                   ________
Equity Shareholders' funds                                                446,344                    490,511
                                                                         ________                   ________

Net asset value per share (pence)                                          615.34                     600.46
                                                                         ________                   ________




Reconciliation of movements in shareholders' funds (audited)


For the year ended 31 January 2007                Share      Capital    Capital      Capital
                                       Share    premium   redemption    reserve      reserve    Revenue
                                     capital    account      reserve   realised   unrealised    reserve     Total
                                       £'000      £'000        £'000      £'000        £'000      £'000     £'000

Balance at 31 January 2006            20,422     32,643        1,673    321,756      109,071      4,946   490,511
Return on ordinary activities              -          -            -     10,704      (3,965)      5,277    12,016
after taxation
Dividends paid                             -          -            -          -            -    (4,764)   (4,764)
Purchase of Ordinary shares for      (2,288)          -        2,288   (51,419)            -          -  (51,419)
cancellation
                                    ________   ________     ________   ________     ________   ________  ________
Balance at 31 January 2007            18,134     32,643        3,961    281,041      105,106      5,459   446,344
                                    ________   ________     ________   ________     ________   ________  ________

For the year ended 31 January 2006                Share      Capital    Capital      Capital
                                       Share    premium   redemption    reserve      reserve    Revenue
                                     capital    account      reserve   realised   unrealised    reserve     Total
                                       £'000      £'000        £'000      £'000        £'000      £'000     £'000
Balance at 31 January 2005 as         20,733     32,643        1,362    323,606       49,769      1,685   429,798
originally reported
Restatement                                -          -            -          -            -      2,529     2,529
                                    ________   ________     ________   ________     ________   ________  ________
Balance at 31 January 2005            20,733     32,643        1,362    323,606       49,769      4,214   432,327
(restated)
Return on ordinary activities              -          -            -      4,507       59,302      5,143    68,952
after taxation
Dividends paid                             -          -            -          -            -    (4,411)   (4,411)
Purchase of Ordinary shares for        (311)          -          311    (6,357)            -          -   (6,357)
cancellation
                                    ________   ________     ________   ________     ________   ________  ________
Balance at 31 January 2006            20,422     32,643        1,673    321,756      109,071      4,946   490,511
                                    ________   ________     ________   ________     ________   ________  ________




CASHFLOW STATEMENT (audited)
for the year ended 31 January

                                                                   Year ended              Year ended
                                                                31 January 2007         31 January 2006
                                                               £'000       £'000       £'000       £'000
Net cash inflow from operating activities                                  7,485                   7,333

Taxation
UK corporation tax paid                                        (987)                 (1,137)
Overseas tax paid                                            (1,257)                 (1,240)
Net tax paid                                                ________     (2,244)    ________     (2,377)

Financial investment
Purchases of investments                                    (13,678)                (17,010)
Sales of investments                                          64,182                  22,570
Net cash inflow from financial investment                   ________      50,504    ________       5,560

Equity dividends paid                                                    (4,764)                 (4,411)
                                                                        ________                ________
Net cash inflow before financing                                          50,981                   6,105

Financing
Buy back of Ordinary shares (including expenses)                        (51,084)                 (6,357)
                                                                        ________                ________
Decrease in cash                                                           (103)                   (252)
                                                                        ________                ________

Reconciliation of net cash flow to movement in net funds
Decrease in cash as above                                                  (103)                   (252)
Exchange movements                                                         (680)                     371
                                                                        ________                ________
Movement in net funds in the year                                          (783)                     119
Opening net funds                                                          5,437                   5,318
                                                                        ________                ________
Closing net funds                                                          4,654                   5,437
                                                                        ________                ________



NOTES :

1.    Accounting policies

       A summary of the principal accounting policies, all of which have been
consistently applied throughout the year and the preceding year is set out
below.

       (a)   Basis of preparation and going concern

The accounts have been prepared under the historic cost convention, modified to
include the revaluation of investments and accordance with applicable UK
Accounting Standards, with the Statement of Recommended Practice 'Financial
Statements of Investment Trust Companies' (issued January 2003 and revised in
December 2005) and on the assumption that approval as an investment trust will
continue to be granted. The financial statements have been prepared on a going
concern basis.



       (b)   Investment Income, interest receivable, expenses and interest
             payable

Income from Investments (other than special dividends), including taxes deducted
at source, is included in revenue by reference to the date on which the
investment is quoted ex-dividend. Special dividends are credited to capital or
revenue, according to the circumstances. Short term deposits, expenses and
interest payable are dealt with on an accruals basis. All expenses are charged
to revenue except where they directly relate to the acquisition or disposal of
an investment, in which case, they are added to the cost of the investment or
deducted from the sale proceeds.



       (c)   Deferred taxation

Deferred taxation is provided on all timing differences, that have originated
but not reversed at the balance sheet date, where transactions or events that
result in an obligation to pay more or a right to pay less tax in future have
occurred at the balance sheet date, measured on an undiscounted basis and based
on enacted tax rates. This is subject to deferred tax assets only being
recognised if it is considered more likely than not that there will be suitable
profits from which the future reversal of the underlying timing differences can
be deducted. Timing differences are differences arising between the Company's
taxable profits and its results as stated in the accounts which are capable of
reversal in one or more subsequent periods. Due to the Company's status as an
investment trust company, and the intention to continue to meet the conditions
required to obtain approval for the foreseeable future, the Company has not
provided deferred tax on any capital gains and losses arising on the revaluation
or disposal of investments.



       (d)   Investments

Listed investments have been designated upon initial recognition as fair value
through profit or loss. Investments are recognised and derecognised on the trade
date where a purchase or sale is under a contract whose terms require delivery
within the timeframe established by the market concerned and are initially
measured at fair value. Transaction costs on purchases and sales are expensed
through the Income Statement. Subsequent to initial recognition, investments are
valued at fair value.



Gains and losses arising from changes in fair value are included in net profit
or loss for the period as a capital item in the Income Statement and are
ultimately recognised in the unrealised reserve.



       (e)     Dividends payable

Interim and final dividends are recognised in the period in which they are paid.



       (f)     Capital reserve

               Realised

Gains or losses on investments realised in the year that have been recognised in
the income statement are transferred to the realised capital reserve. In
addition, any prior unrealised gains or losses on such investments are
transferred from the unrealised capital reserve to realised capital reserve on
disposal of the investment. The cost of share buybacks are deducted from this
reserve.



Unrealised

Increases and decreases in the fair value of investments are recognised in the
income statement and are then transferred to the unrealised capital reserve.



       (g)     Foreign currencies

Assets and liabilities in foreign currencies are translated at the rates of
exchange ruling on the balance sheet date. Transactions involving foreign
currencies are converted at the rate ruling on the date of the transaction.
Gains and losses on the realisation of foreign currencies are recognised in the
income statement and are then transferred to the realised capital reserve.


2.    The proposed final dividend of 4.45p per share, subject to shareholder
approval, will be paid on 21 May 2007 to shareholders on the register at the
close of business on 20 April 2007. The ex-dividend date is 18 April 2007.


3.    The income statement, balance sheet, reconciliation of movement in
shareholders' funds and the cashflow 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 2006 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 as originally
filed was unqualified.  The statutory accounts for 2007 are unqualified and will
be delivered to the Registrar of Companies following the Company's Annual
General Meeting which will be held at Donaldson House, 97 Haymarket Terrace,
Edinburgh EH12 5HD on 17 May 2007 at 11.00am


4.    The Annual Report and Accounts will be posted to shareholders in early
April 2007 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

                      This information is provided by RNS
            The company news service from the London Stock Exchange