Final Results - Year Ended 31 January 2000

Edinburgh US Tracker Trust PLC
24 March 2000
                                       

                        EDINBURGH US TRACKER TRUST PLC
                          RESULTS FOR THE YEAR ENDED
                                31 JANUARY 2000
                                       
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 10.6% to 701.06p compared with a rise of 10.4%
in the benchmark index.

Share price up by 12.5% to 649p

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 has continued to meet its investment
objective of tracking the performance of the S&P Composite Index.  The net
asset value per share (NAV') increased by 10.6% to 701.06p compared with a
rise of 10.4% in the index.  The company's share price increased by 12.5% to
649p representing a discount of 7.4%.

The revenue return of 4.45p per share is broadly unchanged from the previous
year and reflects the increasing impact of fast growing but low yielding
stocks within the index.  Your board is proposing a final dividend of 2.85p
per share to be paid on 26 May 2000, which, when combined to the interim
dividend of 2.00p, provides a total dividend for the year of 4.85p per share,
unchanged from last year.


Share Buybacks
During the year the company received shareholder approval to reduce its
capital by way of repayment of the preference stock, to reclassify the B'
shares as ordinary shares and to amend the Articles of Association to allow
the company to purchase its own shares.  The principal aim of such purchases
would be to increase the NAV for those shareholders who retain their shares
and to address any imbalance between the supply of and demand for the
company's shares.  The company did not purchase any shares during the period.
The renewal of the share buyback authority will be proposed at the Annual
General Meeting.


Marketing
The board believes that one of the most effective methods of promoting the
company is through the manager's investment trust initiative' whereby
Edinburgh US Tracker Trust participates in the retail savings products
operated by Edinburgh Fund Managers.  The products currently comprise savings
schemes, personal equity plans, individual savings accounts and pension plans
and enable investors to make monthly savings or lump sum investments in the
company in a low cost and convenient way.

Your board decided against participating in the Association of Investment
Trust Companies recently launched marketing campaign which is aimed at
increasing investors' awareness of investment trusts and thereby reducing the
level of discounts to NAV suffered by many trusts.  The issues that this
campaign is seeking to address are less relevant to a company with an index
tracking objective and your board has decided that the required funds would be
better used to attract new investors through direct marketing efforts.


Corporate Governance
Changes to the Combined Code which relate to internal control became effective
for accounting periods ending on or after 23 December 1999 and therefore are
relevant to these accounts.  The directors are in the process of putting the
necessary procedures in place to implement the new arrangements and expect
that the company will, as required, be in full compliance with the internal
control aspects of the Code by the end of the current financial year.


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 Wednesday 24 May 2000.  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 size of the market place, mobility
of labour and an entrepreneurial culture.  These factors have combined to
create an environment whereby 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 invests in the top 500
companies in the United States of America.

In addition, the investment performance, aided by low management and
administration costs, as evidenced by the total expense ratio of 0.33%,
emphasises the attractions of the index tracking approach to investors.  Your
board recommends all shareholders to vote in favour of the resolution.


Sir Angus Grossart
24 March 2000


STATEMENT OF TOTAL RETURN
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)
                                     ----       ----       ----
Net  Return before interest and     5,376     56,048     61,424
taxation
Interest payable                        -          -          -
                                     ----       ----       ----
Return  on  ordinary activities     5,376     56,048     61,424
before taxation
Taxation                          (1,630)          -    (1,630)
                                     ----       ----       ----
Return  on  ordinary activities     3,746     56,048     59,794
after taxation
Dividends  in respect  of  non-      (39)          -       (39)
equity shares
                                     ----       ----       ----
Return  attributable to  equity     3,707     56,048     59,755
shareholders
Dividends in respect of  equity   (4,039)          -    (4,039)
shares
                                     ----       ----       ----
Transferred from reserves           (332)     56,048     55,716
                                     ----       ----       ----
Return per ordinary share           4.45p     67.31p     71.76p
                                     ----       ----       ----


for the year ended 31 January 1999 (audited)
                                  Revenue    Capital      Total
                                         
                                     £000       £000       £000
Gains on investments                    -    123,271    123,271
Income from investments             6,660          -      6,660
Interest receivable                    97          -         97
Investment management fee         (1,192)          -    (1,192)
Administrative expenses             (294)          -      (294)
                                     ----       ----       ----
Net  Return before interest and     5,271    123,271    128,542
taxation
Interest payable                      (3)          -        (3)
                                     ----       ----       ----
Return  on  ordinary activities     5,268    123,271    128,539
before taxation
Taxation                          (1,615)          -    (1,615)
                                     ----       ----       ----
Return  on  ordinary activities     3,653    123,271    126,924
after taxation
Dividends  in respect  of  non-      (37)          -       (37)
equity shares
                                     ----       ----       ----
Return  attributable to  equity     3,616    123,271    126,887
shareholders
Dividends in respect of  equity   (4,058)          -    (4,058)
shares
                                     ----       ----       ----
Transferred from reserves           (442)    123,271    122,829
                                     ----       ----       ----
Return per ordinary share           4.34p    148.04p    152.38p
                                     ----       ----       ----
                                                      

BALANCE SHEET
(audited)

                                        At 31       At 31
                                      January     January
                                         2000        1999
                                         £000        £000
Fixed assets                                             
Investments                           584,263     529,240
Current assets                                           
Debtors                                 1,936       1,946
Cash and short term deposits            3,001         913
                                         ----        ----
                                        4,937       2,859
                                                         
Creditors:  amounts  falling  due       5,285       2,753
within one year
Net current liabilities                 (348)         106
                                         ----        ----
                                      583,915     529,346
Provision  for  liabilities   and       (138)       (227)
charges
                                         ----        ----
                                      583,777     529,119
                                         ----        ----
                                                         
Capital and reserves                                     
Called  up  share  capital  :non-           -       1,058
equity
                                         ----        ----
Called up share capital :equity        20,816      20,816
Other reserves                        562,961     507,245
                                         ----        ----
Total equity shareholders' funds      583,777     528,061
                                         ----        ----
Total shareholders' funds             583,777     529,119
                                         ----        ----
                                                         
Net asset value per share             701.06p     634.15p
                                                         


CASHFLOW STATEMENT
(audited)
                                      For the     For the
                                         year        year
                                        ended       ended
                                   31 January  31 January
                                         2000        1999
                                         £000        £000
                                                         
Revenue before taxation                 5,376       5,271
Decrease in accrued income                267        (267)
Increase in other debtors                  (6)        (12)
Increase in creditors                     134          90
                                         ----        ----
Net cash inflow from operating          5,771       5,082
activities

Net cash outflow from servicing          (39)        (40)
of finance

Total tax paid                          (412)     (2,368)

Net cash inflow from financial          1,942        (50)
investment

Equity dividends paid                 (4,039)     (5,704)
                                         ----        ----
Net cash inflow before financing        3,223     (3,080)

Net cash outflow from financing       (1,128)           -
                                         ----        ----
INCREASE IN CASH                        2,095     (3,080)
                                         ----        ----

NOTES :
1. The  accounts are prepared under the same accounting policies used for  the
   year to 31 January 1999.
2. The  proposed final dividend, subject to shareholder approval, will be paid
   on  26 May 2000 to shareholders on the register at the close of business on
   14 April 2000. The ex-dividend date is 10 April 2000.
3. The  statement of total return and the balance sheet 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 1999 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 2000 are unqualified  
   and will be delivered to the Registrar of Companies following the Company's
   Annual General Meeting which will be held on Wednesday, 24 May 2000 at     
   11.00am.
4. The  Annual Report and Accounts will be posted to shareholders on 14  April
   2000 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
Assistant Company Secretary