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Legal & GeneralGlobal Emerging Markets Index Fund

Final Manager’s Reportfor the period ended31 July 2011

Distribution Number 1

1

Page Number

Manager’s Investment Report* 2

Authorised Status* 5

Directors’ Statement 5

Statement of the Manager’s Responsibilities 6

Statement of the Trustee’s Responsibilities 6

Report of the Trustee 7

Portfolio Statement* 8

Independent Auditors’ Report 23

Statement of Total Return 25

Statement of Change in Net Assetsattributable to Unitholders 25

Balance Sheet 26

Notes to the Financial Statements 27

Distribution Table 37

Fund Facts 38

Performance Record 39

General Information* 41

These collectively comprise the Authorised Fund Manager’sReport.

Contents

*

2

Investment Objective and PolicyThe investment objective of this Fund is to track the capitalperformance of global emerging equity markets, as representedby the FTSE All-World Emerging Index, by investing in arepresentative sample of stocks selected from all economicsectors (including stocks reasonably expected to be shortlyincluded in that Index).

Optimisation techniques may be used to construct and maintaina portfolio, the underlying value of which exhibits theperformance characteristics of the Index.

Manager’s Investment ReportWe are quoting the performance of the Fund from5 November 2010 to 29 July 2011, being the last working day ofthe review period. We are taking this approach to give the Fundtime to get established and to give the Fund Manager anopportunity to get all launch proceeds fully invested.

Over this period, the offer price of the Fund’sR-Class Distribution units fell by 4.5%,whilst the benchmarkIndex fell by 4.6%, on a capital only basis (Source: Bloomberg).

Past performance is not a guide to future performance.

The value of investments and any income from them may godown as well as up.

Exchange rate changes may cause the value of any overseasinvestments to rise or fall.

The FTSE All-World Emerging Index is calculated byFTSE International Limited (“FTSE”). FTSE does not sponsor,endorse or promote this product.

All copyright in the index values and constituent list belongs toFTSE. Legal & General has obtained full licence from FTSE to usesuch copyright in the creation of this product.

“FTSE™”, “FT-SE®” and “Footsie®” are trade marks of theLondon Stock Exchange Plc and The Financial Times Limitedand are used by FTSE International Limited (“FTSE”) underlicence. “All-World” is a trade mark of FTSE.

Market/Economic ReviewThe global economy continued to recover in 2010,with theemerging economies continuing to be the principal drivingforce, as countries such as China, India and Brazil continue togrow far more rapidly than the major developed economies.During the latter part of 2010, policy tightening was the majortheme across the region following stronger than expectedeconomic data. In China, further administrative measures wereput in place to curb property market prices. Increasingcompetition for resources has supported commodity markets,triggering a rise in inflationary pressures in these economies.This has been particularly prominent in China where rapidgrowth and a massive expansion in credit have fuelled rising

Manager’s Investment Report

3

wages,which in turn has led to interest rate increases and reserverequirement hikes in an attempt to keep inflation under control.

Whilst emerging markets performed strongly in 2010, postinglarger returns than their developed peers, the first half of 2011has seen a reversal, as emerging markets have underperformedthe developed world. The expected slowdown in Chinesedemand has been a significant factor in explaining this relativeperformance. The Peruvian market has been one of the worstperformers with investors realising some of the profits from2010’s gains, and political concerns about the radical nationalistOllanta Humala’s victory in the presidential election. In addition,large falls have been seen in Egypt due to the political turmoil,despite the closure of the exchange for a significant period.

Fund ReviewCompanies held within the Fund are held with weightingsgenerally proportionate to those of the benchmark Index.Therefore, investment activity, other than to raise or invest cash,is only necessary when there are changes to the benchmarkIndex, or as a result of a corporate action.

During the period under review there were three Index reviewscarried out by FTSE. At the quarterly Index review inDecember, there were no additions or deletions. There were anumber of shares in issue changes to the existing constituents,with the most significant being an increase for Petrobras (Brazil)and decreases for Essar Oil (India) and Anglo Platinum (SouthAfrica). This resulted in a total two-way Index turnover of 0.8%.

March’s Index review saw 22 additions, includingLenovo Group (China),Titan Industries (India) andKalbe Pharma (Indonesia). YTL Corporation Berhad (Malaysia),EON Capital (Malaysia) and Petron Corporation (Philippines)were the most notable of eight deletions.

The Index review in June also saw a considerable amount ofactivity. Of the 23 stocks that were added, the most prominentwere the Brazilian stocks BR Malls Participacoes, Itau Unibanco,Cetip SA and HRT Participacoes. 16 companies were deleted,including Gazprom Neft, Sistema JSFC (both Russian) andM Dias Branco Industria (Brazil). The largest changes, however,were the decrease in weighting for the Russian gas producerNovatek OAO and the increase in weighting for the Brazilian oiland gas producer OGX Petroleo e Gas Participacoes. These twowere major contributors to a total two-way Index turnoverof 4.73%.

In addition, there were several initial public offerings during theperiod that resulted in fast entry to the Index. The largest ofthese were Petronas Chemicals (Malaysia), Coal India (India),Chongqing Rural Commercial Bank (China) andShanghai Pharmaceuticals (China).

Manager’s Investment Report continued

4

Manager’s Investment Report continued

Meanwhile, following the stock acquisition ofReliance Natural Resources (India), Reliance Power (India) saw aweight increase in the Index in November. Another largeweight increase was for the Russian telecommunicationscompany Rostelecom following its acquisition of a number ofsmaller regional operators.

The regional breakdown of the Index at the end of the periodwas Asia (49.67%), South America (27.48%), Europe (11.23%),Africa (9.89%) and Other (1.73%). The largest stocks werePetroleo Brasileiro Preference shares (Brazil) 2.2%,Gazprom (Russia) 1.8% andTaiwan Semiconductor Manufacturing(Taiwan) 1.7%.

OutlookThe superior balance sheets of Asian corporates and consumersremain the foundation of likely outperformance versusdeveloped markets. With global growth concerns continuing todominate,we would expect Indian and Chinese stocks toperform relatively well. This, coupled with the crises withEurozone and US sovereign debt, has heightened the belief thatpositive flows to emerging markets will resume.

The Fund continues to be well positioned to benefit from itsexposure to emerging markets for the rest of 2011.

Legal & General Investment Management Limited(Investment Adviser)15 August 2011

Authorised StatusThis Fund is an Authorised Unit Trust Scheme as defined insection 243 of the Financial Services and Markets Act 2000 andis a UCITS Retail Scheme within the meaning of the FSACollective Investment Schemes sourcebook.

Directors’ StatementWe hereby certify that this Manager’s Report has been preparedin accordance with the requirements of the FSA CollectiveInvestment Schemes sourcebook.

M. B. Boardman S. D.Thomas

(Director) (Director)

Legal & General (Unit Trust Managers) Limited21 September 2011

Authorised Status

5

6

Statement of the Manager’s ResponsibilitiesThe Manager of the Fund is required by the FSA CollectiveInvestment Schemes sourcebook (COLL) to prepare financialstatements for each accounting period which give a true andfair view, in accordance with United Kingdom GenerallyAccepted Accounting Practice, of the net revenue and the netlosses on the Scheme property for the accounting period, andthe financial position of the Fund at the end of that period. Inpreparing these financial statements, the Manager is required to:

• select suitable accounting policies and then apply themconsistently;

• make judgements and estimates that are prudent andreasonable;

• state whether applicable Accounting Standards have beenfollowed, subject to any material departure disclosed andexplained in the financial statements; and

• prepare the financial statements on the basis that the Fundwill continue in operation unless it is inappropriate topresume this.

The Manager is also required to manage the Fund in accordancewith the Trust Deed, the Prospectus and the COLL,maintainproper accounting records to enable them to ensure that thefinancial statements comply with the Statement ofRecommended Practice for Authorised Funds issued by the IMAin October 2010 and the COLL and take in these respectsreasonable steps for the prevention and detection of fraud andother irregularities.

Statement of the Trustee’s ResponsibilitiesThe Trustee is responsible for the safekeeping of all theproperty of the Scheme (other than tangible moveableproperty) which is entrusted to it and for the collection ofrevenue that arises from that property.

It is the duty of the Trustee to take reasonable care to ensurethat the Scheme is managed in accordance with the FinancialServices Authority’s Collective Investment Scheme sourcebook(COLL), as amended, the Scheme’s Trust Deed and Prospectus, inrelation to the pricing of, and dealings in, units in the Scheme;the application of the revenue of the Scheme; and theinvestment and borrowing of the Scheme.

Statement of Responsibilities

7

Report of the Trustee to the Unitholders ofLegal & General Global Emerging Markets Index Fund(“the Fund”)Having carried out such procedures as we considered necessaryto discharge our responsibilities as Trustee of the Scheme, it isour opinion, based on the information available to us and theexplanations provided, that, in all material respects, the Manager:

• has carried out the issue, sale, redemption and cancellation,and calculation of the price of the Scheme’s units and theapplication of the Scheme’s revenue in accordance with theCOLL, the Trust deed and Prospectus, and

• has observed the investment and borrowing powers andrestrictions applicable to the Scheme.

London The Royal Bank of Scotland Plc21 September 2011 Trustee and Depositary Services

Report of the Trustee

8

Portfolio Statement as at 31 July 2011All investments are in ordinary shares unless otherwise stated.There are no prior period comparative figures as the Fundlaunched on 29 October 2010.

Holding/ Market % ofNominal Value Net

Value Investment £ Assets

NORTH AMERICA — 0.23%

Bermuda — 0.04%46,800 CITIC Resources Holdings 5,313 0.0170,000 Sinofert 16,168 0.03

21,481 0.04

Cayman Islands — 0.19%34,000 China Resources Cement

Holdings 20,048 0.0358,000 China Resources Land 69,314 0.12

130,528 SM-Chile 26,860 0.04

116,222 0.19

SOUTH AMERICA — 27.48%

Brazil — 18.50%4,900 AES Tiete 46,033 0.08

18,660 All America Latina Logistica 81,442 0.143,800 Amil Participacoes 26,194 0.044,400 Anhanguera Educacional

Participacoes 51,842 0.0949,194 Banco Bradesco (Preference) 565,175 0.9529,100 Banco do Brasil 292,289 0.497,000 Banco do Estado do Rio

Grande do Sul 42,882 0.0759,220 Banco Itau Holding Financeira 719,768 1.2019,400 Banco Santander (Brasil) 109,808 0.1852,800 BM&F Bovespa 183,738 0.3113,700 BR Malls Participacoes 95,617 0.165,900 Bradespar 94,111 0.167,900 Brasil Telecom 39,273 0.076,100 Braskem 45,009 0.08

15,300 Centrais Eletricas Brasileiras 109,000 0.187,300 Centrais Electricas Brasileiras

(Preference) 65,294 0.114,900 CESP - Companhia Energetica

de Sao Paulo 61,090 0.107,300 Cetip 75,152 0.138,300 Cia de Concessoes Rodoviaria 147,664 0.252,000 Cia de Saneamento Basico do

Estado de Sao Paulo 36,122 0.065,620 Cis Brasileira de Meios de

Pagamento 93,055 0.163,226 Companhia Brasileira de

Distribuicao Grupo Pao deAcucar (Preference) 80,186 0.13

26,709 Companhia de Bebidas dasAmericas 489,080 0.82

4,518 Companhia de Bedidas dasAmericas (Preference) 68,972 0.12

700 Companhia de Gas deSao Paulo 10,412 0.02

10,500 Companhia Energetica deMinas Gerais 123,097 0.21

Portfolio Statement

Portfolio Statement continued

Brazil — (cont.)3,700 Companhia Paranaense de

Energie-Copel 53,660 0.0927,300 Companhia Siderurgica

Nacional 173,972 0.2942,300 Companhia Vale do Rio Doce 846,932 1.4254,500 Companhia Vale do Rio Doce

(Preference) 986,880 1.654,500 Cosan Industria e Comercio 41,306 0.077,400 Cyrela Brazil Realty 42,667 0.076,120 Duratex 27,406 0.054,000 Ecorodovias Infraestrutura e

Logistica 20,402 0.031,900 EDP Energias do Brasil 28,530 0.052,900 Eletropaulo Metropolitana 41,445 0.07

18,840 Empresa Brasileira deAeronautica 77,139 0.13

4,000 Fertilizantes Fosfatados 37,359 0.065,500 Fibria Celulose 38,968 0.063,200 Gerdau 15,219 0.03

20,200 Gerdau (Preference) 112,359 0.19100 HRT Participacoes em Petroleo 56,171 0.09

11,300 Hypermarcas 52,371 0.095,367 Itau Unibanco Holding 56,933 0.10

70,914 Itausa - Investimentos Itau 284,246 0.4823,400 JBS 42,867 0.0713,300 Klabin 26,707 0.048,500 LLX Logistica 14,274 0.023,300 Light 36,363 0.06

11,371 Lojas Americanas 60,890 0.103,000 Lojas Americanas (Preference) 13,998 0.023,700 Lojas Renner 79,223 0.133,000 Marfrig Frigorificos Com

Alimentos 17,873 0.038,300 Metalurgica Gedau 58,253 0.106,600 MMX Mineracao e Metalicos 21,882 0.047,200 MRV Engenharia e

Participacoes 32,129 0.052,660 Multiplan Empreendimentos

Imobiliarios 35,141 0.065,900 Natura Cosmetics SA 80,416 0.13

34,900 OGX Petroleo e GasParticipacoes 175,956 0.29

100 OSX Brasil 14,350 0.0228,500 PDG Realty SA

Empreendimentos eParticipacoes 89,359 0.15

21,700 Perdigao 252,702 0.4295,289 Petroleo Brasileiro 972,030 1.63

145,180 Petroleo Brasileiro (Preference) 1,334,911 2.233,700 Porto Seguro 31,284 0.05

11,900 Redecard 122,275 0.2012,000 Souza Cruz 90,422 0.153,500 Sul America 24,455 0.044,200 Suzano Papel e Celulose 16,605 0.032,920 Tam 36,850 0.069,600 Tele Norte Leste Participacoes 78,951 0.132,000 Telemar Norte Leste 34,603 0.065,510 Telesp - Telecomunicacoes de

Sao Paulo 104,067 0.17

9




Brazil — (cont.)7,806 Tim Participacoes 27,225 0.05

18,311 Tim Participacoes (Preference) 54,115 0.098,700 Tractebel Energia 89,054 0.158,300 Ultrapar Participacoes 87,981 0.154,900 Usinas Siderurgicas de Minas

Gerais 40,778 0.0713,100 Usinas Siderurgicas de Minas

Gerais (Preference) 57,586 0.107,400 Weg 48,403 0.08

11,050,248 18.50

Chile — 2.13%97,414 AES Gener 35,633 0.06

862,907 Banco de Chile 76,357 0.13906 Banco de Credito e Inversiones 34,785 0.06

1,090,270 Banco Santander Chile 59,850 0.102,705 Cap 76,395 0.13

23,496 Cencosud 94,950 0.16201,724 Colbun 33,316 0.06

5,472 Compania Cervecerias Unidas 38,265 0.063,393,233 Corpbanca 31,258 0.05

94,238 Empresa Nacional deElectricidad 104,046 0.17

2,282 Empresa Nacional deTelecommunicaciones 28,239 0.05

2,787 Empresas CMPC 81,349 0.1412,915 Empresas Copec 139,639 0.23

316,055 Enersis 85,431 0.146,584 Lan Airlines 109,880 0.18

18,628 S.A.C.I Falabella 111,351 0.193,274 Sociedad Quimica y Minera

de Chile 129,224 0.22

1,269,968 2.13

Colombia — 1.00%4,695 Almacenes Exito 37,748 0.062,300 Bancolombia 93,314 0.167,764 Bancolombia (Preference) 78,997 0.138,479 Cementos Argos 33,204 0.062,441 Corporacion Financiera

Colombiana 27,950 0.0574 Corporacion Financiera

Colombiana(pro rata) 817 —113,872 Ecopetrol 148,182 0.25

5,128 Grupo de InversionesSuramericana 63,621 0.11

7,403 Interconexion Electrica 31,505 0.059,741 Inversiones Argos 62,789 0.10

26,146 ISAGEN 20,840 0.03

598,967 1.00

Mexico — 5.41%7,600 Alfa 68,646 0.11

1,133,660 America Movil 899,665 1.51255,480 Cemex 105,375 0.1857,800 Fomento Economico Mexicano 254,547 0.4310,300 Grupo Aeroportuario del

B Shares 25,619 0.04

10



11


Mexico — (cont.)62,900 Grupo Bimbo 88,964 0.1513,000 Grupo Carso 22,670 0.042,424 Grupo Elektra 104,663 0.18

62,300 Grupo Financiero Banorte 163,675 0.2725,100 Grupo Financiero Inbursa 73,609 0.12

206,100 Grupo Mexico 465,929 0.7813,400 Grupo Modelo 50,372 0.0973,000 Grupo Televisa 200,972 0.344,498 Industrias Penoles 119,534 0.20

13,000 Inmuebles Carso SAB de CV 7,731 0.019,100 Kimberly-Clark de Mexico 35,253 0.06

18,400 Mexichem 48,494 0.0821,400 Minera Frisco 68,155 0.118,000 Organizacion Soriana S.A.B

de C.V. 13,408 0.02190,600 Telmex 93,542 0.1620,200 URBI Desarrollos Urbanos 26,366 0.04

177,300 Wal-Mart de Mexico 294,368 0.49

3,231,557 5.41

Peru — 0.44%5,500 Cia De Minas Buenaventur

(ADR) 141,327 0.241,500 Credicorp 87,438 0.14

48,253 Volcan Compania Minera 34,416 0.06

263,181 0.44

EUROPE — 11.23%

Czech Republic — 0.45%5,250 CEZ 163,716 0.27419 Komercni Banka 57,215 0.10

3,306 Telefonica 02 Czech Republic 50,644 0.08

271,575 0.45

Hungary — 0.53%11,279 Magyar Telekom

Telecommunications 19,591 0.041,985 MOL 126,080 0.217,167 OTP Bank 124,954 0.21367 Richter Gedeon Vegyeszeti

Gyar Nyrt 43,350 0.07

313,975 0.53

Poland — 1.60%1,385 Bank Handlowy W Warszawie 24,584 0.042,737 Bank Pekao 93,759 0.16477 BRE Bank 32,784 0.05

2,306 Enea 9,374 0.0210,850 Getin Holding 26,562 0.052,219 Global Trade Centre 7,950 0.013,986 KGHM Polska Miedz 164,811 0.28

14,699 Polska Grupa Energetyczna 73,990 0.128,088 Polski Koncern Naftowy Orlen 81,019 0.14

34,223 Polskie Gornictwo Naftowe IGazownictwo 31,810 0.05

15,643 Powszechna KasaOszczednosci Bank Polski 138,677 0.23



12


Poland — (cont.)1,732 Powszechny Zaklad

Ubezpieczen 142,358 0.2432,003 Tauron Polska Energia 44,620 0.0718,063 Telekomunikacja Polska 67,197 0.114,629 TVN 17,190 0.03

956,685 1.60

Russia — 7.31%6,686 Aeroflot 10,188 0.02

6,752,513 Federal Grid 54,352 0.092,705,232 Federal Hydrogenerating 77,292 0.13236,780 Gazprom 1,044,596 1.75

3,500 Gazprom (ADR) 31,161 0.05408,299 IDGC Holding 31,861 0.0516,389 Lukoil 664,623 1.1140,661 Magnitogorsk 21,711 0.0427,286 Mobile TeleSystems 142,508 0.24

422,009 Mosenergo 23,596 0.0423,130 NovaTek OAO 202,521 0.3428,533 Novolipetsk Steel (NLMK) 63,991 0.11

671,177 OGK-4 38,559 0.0635,423,271 OJSC Inter Rao UES 21,765 0.04

3,080 Polymetal 38,985 0.078,476 Raspadskaya 28,644 0.05

47,810 Rosneft Oil Company 235,011 0.3937,866 Rostelecom 151,231 0.25

221,633 Sberbank 497,057 0.835,928 Severstal 63,742 0.11

205,798 Surgutneftegas 113,805 0.1942,752 Tatneft 174,686 0.2921,361 Uralkali 121,407 0.202,405 Ural Mining and Metallurgical 381,253 0.64

78,826,000 VTB Bank 121,084 0.203,000 VTB Bank (GDR) 11,088 0.02

4,366,717 7.31

Turkey — 1.34%1,797 BIM Birlesik Magazalar 37,515 0.06

29,462 Akbank 78,642 0.136,099 Anadolu Efes Biracilik ve Malt

Sanayii 49,262 0.089,519 Arcelik 26,867 0.04

20,162 Asya Katilim Bankasi 17,572 0.031,468 Coca-Cola Icecek 13,142 0.02

24,781 Emlak Konut GayrimenkulYatirim 23,314 0.04

11,880 Enka Insaat ve Sanayi 19,971 0.0330,423 Eregli Demir ve Celik

Fabrikalari (Erdemir) 44,486 0.071,916 Ford Otomotiv 9,153 0.02

10,416 Haci Omer Sabanci Holding 24,992 0.0423,573 KOC Holdings 60,687 0.103,174 Tupras-Turkiye Petrol Rafinerileri 47,338 0.08

26,400 Turk Hava Yollari AnonimOrtakligi 30,325 0.05

14,634 Turk Telekomunikasyon 39,275 0.077,272 Turkcell Iletism Hizmetleri 22,805 0.04

33,092 Turkiye Garanti Bankasi 89,538 0.15



13


Turkey — (cont.)10,055 Turkiye Halk Bankasi 43,266 0.0738,925 Turkiye Is Bankasi 68,841 0.1216,565 Turkiye Valiflar Bankasi 21,323 0.0423,161 Yapi ve Kredi Bankasi 33,952 0.06

802,266 1.34

AFRICA — 9.89%

Egypt — 0.44%21,893 Commercial International Bank 61,138 0.105,708 Egyptian Financial Group

Hermes Holding 11,159 0.0222,310 Egyptian Kuwaiti Holding 16,450 0.031,400 ElSwedy Electric 4,682 0.01

11,308 Ezz Steel 10,382 0.02891 MobiNil 9,284 0.01

2,560 National Societe Generale Bank 8,081 0.012,268 Orascom Construction Industries 60,205 0.10

120,973 Orascom Telecom 47,673 0.0835,935 Talaat Moustafa Group 15,570 0.0310,977 Telecom Egypt 17,450 0.03

262,074 0.44

Morocco — 0.12%2,984 Douja Promotion Groupe

Addoha 21,379 0.044,600 Maroc Telecom 49,827 0.08

71,206 0.12

South Africa — 9.33%8,980 ABSA Group 107,588 0.184,344 Adcock Ingram Holdings 24,207 0.043,721 AECI 27,081 0.05

23,684 African Bank Investments 73,083 0.122,219 African Rainbow Minerals 38,163 0.062,074 Anglo Platinum 108,234 0.189,500 AngloGold Ashanti 245,647 0.415,343 ArcelorMittal South Africa 33,289 0.067,421 Aspen Pharmacare Holdings 55,504 0.09

14,993 Aveng 48,714 0.0810,462 AVI 30,688 0.055,844 Barloworld 34,136 0.068,170 Bidvest Group 116,621 0.20

45,102 Capital Property Fund 34,957 0.068,769 Clicks Group 31,961 0.057,783 Discovery Holdings 27,746 0.05

105,821 FirstRand 185,838 0.314,605 Foschini Group 36,193 0.06

19,048 Fountainhead Property Trust 11,150 0.0217,675 Gold Fields 166,926 0.284,931 Grindrod 6,198 0.01

42,375 Growthpoint Properties 70,340 0.1212,269 Harmony Gold Mining

Company 104,279 0.1716,687 Impala Platinum Holdings 263,078 0.445,588 Imperial Holdings 57,841 0.107,405 Investec 35,942 0.065,361 JD Group 20,975 0.04



14

South Africa — (cont.)2,304 Kumba 37,430 0.062,664 Kumba Iron Ore 122,707 0.212,558 Lewis Group 19,887 0.034,767 Liberty Holdings 32,175 0.05

14,284 Life Healthcare Group Holdings 22,466 0.042,135 Massmart 27,997 0.059,080 Medi-Clinic 26,535 0.04

35,252 MMI Holdings 54,229 0.095,199 Mondi 25,126 0.045,199 Mpact 6,488 0.016,418 Mr Price Group 42,958 0.07

48,410 MTN Group 631,573 1.065,816 Muray & Roberts Holdings 16,231 0.03

18,987 Nampak 37,928 0.0610,327 Naspers 339,818 0.577,405 Nedbank Group 94,699 0.16

44,036 Network Healthcare Holdings 57,950 0.109,302 Northam Platinum 31,363 0.058,714 Pick n Pay Stores 32,473 0.05

20,597 Pretoria Portland Cement 47,780 0.0812,294 Remgro 123,181 0.214,316 Reunert 23,158 0.04

31,187 RMB Holdings 72,176 0.1250,463 Sanlam 123,611 0.211,104 Santam 12,886 0.02

11,740 Sappi 31,538 0.0516,107 Sasol 491,012 0.8213,270 Shoprite Holdings 126,709 0.2140,801 Standard Bank Group 358,486 0.6040,295 Steinhoff International Holdings 84,953 0.142,618 Sun International 22,480 0.048,425 Telkom South Africa 27,343 0.053,258 The Spar Group 27,558 0.054,005 Tiger Brands 73,969 0.122,845 Tongaat Hulett 24,176 0.04

13,977 Truworths International 91,866 0.1512,028 Vodacom Group 92,712 0.1621,871 Woolworths Holdings 61,732 0.10

5,573,738 9.33

ASIA — 49.67%

China — 10.74%399,000 Agricultural Bank of China 132,418 0.2286,000 Air China 55,659 0.0996,000 Aluminum Corporation of China 50,325 0.0842,000 Angang Steel 26,653 0.0429,000 Anhui Conch Cement 83,442 0.14

1,642,900 Bank of China 463,647 0.78223,300 Bank of Communications 119,523 0.2038,000 BBMG Corporation 33,790 0.0656,000 Beijing Capital International

Airport 16,157 0.0320,000 BYD 40,519 0.0741,732 Changsha Zoomlion Heavy

Industry Science andTechnology Development 50,267 0.08

54,000 China Bluechemical 25,754 0.04




15


China — (cont.)327,000 China CITIC Bank 122,701 0.21111,000 China Coal Energy 98,177 0.1664,000 China Communication Services 19,727 0.03

109,000 China CommunicationsConstruction 57,054 0.10

1,866,800 China Construction Bank 924,168 1.5578,000 China Eastern Airlines 23,980 0.0444,000 China International Marine

Containers 43,322 0.07184,000 China Life Insurance 376,399 0.6347,000 China Longyuan Power Group 25,009 0.0497,500 China Merchants Bank 142,037 0.24

105,500 China Minsheng Banking 57,135 0.1023,000 China Molybdenum 11,060 0.0294,000 China National Building

Material Company 116,041 0.1932,000 China National Materials

Company 14,530 0.0236,000 China Oilfield Services 38,709 0.0649,400 China Pacific Insurance 114,879 0.1945,000 China Railway Construction

Corporation 16,885 0.0392,000 China Railway Group 21,177 0.0487,500 China Shenhua Energy 270,043 0.45

106,000 China Shipping ContainerLines Company 18,467 0.03

50,000 China Shipping DevelopmentCompany 23,925 0.04

74,000 China South Locomotive 33,017 0.0678,000 China Southern Airlines

Company 30,867 0.05406,000 China Telecom 161,946 0.2743,000 China Vanke 36,270 0.0648,240 Chongqing Changan

Automobile Company 10,914 0.02104,000 Chongqing Rural Commercial

Bank 36,893 0.0684,500 Cosco China Development

Holdings 36,237 0.0616,900 CSG Holding Company 11,137 0.02

104,000 Datang International PowerGeneration 20,824 0.02

7,800 Dongfang Electric 17,370 0.0364,000 Dongfeng Motor Group 77,393 0.1331,250 Great Wall Motor Company 28,921 0.0558,000 Guangzhou Automobile Group

Company 42,750 0.0734,800 Guangzhou R&F Properties 27,543 0.05

118,000 Huaneng Power International 35,534 0.061,670,410 Industrial & Commercial Bank

of China 780,857 1.319,800 Inner Mongolia Eerduosi

Cashmere Products 9,809 0.0221,630 Inner Mongolia Yitai Coal 84,101 0.1436,000 Jiangsu Expressway 21,256 0.0438,000 Jiangxi Copper 82,078 0.1412,600 Lianhua Supermarket Holdings 16,925 0.03

112,000 Metallurgical Corp of China 25,604 0.04



16

China — (cont.)534,000 PetroChina 463,891 0.7882,000 PICC Property and Casualty

Company 87,007 0.15114,000 Shanghai Electric 37,115 0.0617,200 Shanghai Pharmaceuticals

Holding 23,375 0.04205,000 SinoPac Financial Holdings 54,348 0.0970,000 Sinopec Shanghai

Petrochemical 17,879 0.0321,200 Sinopharm Group 37,936 0.0622,500 Travelsky Technology 8,319 0.0112,000 Tsingtao Brewery 46,541 0.0813,000 Weichai Power 43,246 0.0732,000 Weqiao Textile Company 13,344 0.024,700 Yantai Changyu Pioneer Wine

Company 34,642 0.0648,000 Yanzhou Coal Mining 112,570 0.1937,000 Zhaojin Mining Industry

Company 45,093 0.0854,000 Zhejiang Expressway 23,285 0.0416,600 Zhuzhou CSR Times Electric 29,967 0.05

144,000 Zijin Mining Group 47,563 0.0816,560 ZTE 31,787 0.05

6,419,733 10.74

Hong Kong — 5.73%14,000 Beijing Enterprise 43,262 0.0778,000 Brilliance China Automotive

Holdings 61,119 0.1065,000 China Agri-Industries Holdings 44,835 0.0822,000 China Everbright 24,210 0.0427,800 China Insurance International 39,315 0.0730,435 China Merchants Holdings 66,338 0.11

153,500 China Mobile 936,576 1.57102,000 China Overseas Land &

Investment 140,069 0.23442,000 China Petroleum & Chemical 267,594 0.4532,000 China Resources Enterprise 85,515 0.1556,000 China Resources Power 66,659 0.11

188,000 China Unicom 229,712 0.3828,000 Citic Pacific 37,214 0.06

461,000 CNOOC 631,603 1.0666,000 CNPC (Hong Kong) 67,741 0.1132,000 Cosco Pacific 31,784 0.05

114,000 Franshion Properties 19,231 0.0340,000 Guangdong Investment 13,244 0.02

280,000 Guangzhou Investments 31,343 0.05180,000 Lenovo Group 70,096 0.1260,000 Ping An Insurance Group 358,284 0.6051,000 Poly Investments 23,278 0.0448,000 Shandong Weigao Group

Medical Polymer 40,260 0.0711,000 Shanghai Industrial 24,540 0.04

555,000 Shenzhen International 27,563 0.05126,463 Sino-Ocean Land Holdings 43,266 0.07

3,424,651 5.73




17

India — 10.44%1,485 ACC 20,886 0.035,400 Adani Enterprises 44,075 0.072,772 Aditya Birla Nuvo 36,830 0.06

13,771 Ambuja Cements 24,756 0.041,069 Asian Paints 46,514 0.088,273 Axis Bank 154,012 0.265,880 Bajaj Auto 120,083 0.202,224 Bajaj Holdings and Investment 23,853 0.041,500 Bank of Baroda 18,341 0.034,100 Bank of India 21,873 0.04500 Bharat Electronics 12,191 0.02

5,772 Bharat Forge 26,150 0.044,057 Bharat Heavy Electricals 103,690 0.173,060 Bharat Petroleum 27,975 0.05

35,235 Bharti Airtel 213,940 0.3610,276 Cairn India 43,992 0.074,884 Canara Bank 31,249 0.051,500 Castrol (India) 11,295 0.02

13,198 Cipla 56,290 0.0915,650 Coal India 84,142 0.141,299 Colgate-Palmolive (India) 17,559 0.031,659 Container Corporation of India 25,330 0.046,497 Crompton Greaves 15,051 0.032,517 Cummins India 22,484 0.04

12,000 Dabur India 17,338 0.032,022 Divi's Laboratories 23,119 0.049,551 DLF 30,870 0.052,147 Dr. Reddy's Laboratories 47,307 0.08

17,680 Essar Oil 28,652 0.058,000 Exide Industries 17,271 0.039,285 GAIL India 59,724 0.10888 Glaxosmithkline

Pharmaceuticals 28,752 0.0533,626 GMR Infrastructure 14,272 0.025,269 HCL Technologies 35,722 0.06

30,290 HDFC Bank 205,061 0.342,133 Hero Honda 53,043 0.09

33,288 Hindalco Industries 77,925 0.1320,447 Hindustan Lever 92,349 0.152,600 Hindustan Petroleum 13,874 0.02

10,031 Housing Development &Infrastructure 19,921 0.03

27,378 Housing Development Finance 262,958 0.4414,914 ICICI Bank 214,841 0.365,842 IDBI Bank 10,437 0.02

26,760 Idea Cellular 35,058 0.068,470 Indiabulls Financial Services 21,593 0.049,543 Indian Oil 41,742 0.07

14,034 Infosys Technologies 539,326 0.9023,479 Infrastructure Development

Finance Company 41,165 0.07144,036 ITC 416,718 0.7057,296 Jaiprakash Associates 53,173 0.098,284 Jinda Steel & Power 67,562 0.114,017 JSW Steel 43,038 0.077,329 Kotak Mahindra Bank 45,778 0.08

11,629 Larsen & Toubro 277,961 0.477,825 Lupin 49,507 0.08




18

India — (cont.)4,911 Mahindra & Mahindra 49,199 0.083,448 Mphasis 21,410 0.042,809 Maruti Suzuki India 47,110 0.08

12,843 Mundra Port and SpecialEconomic Zone 25,336 0.04

66,006 National Hydroelectric Power 22,558 0.04700 Nestle India 42,157 0.07

8,617 NMDC 28,647 0.0541,192 NTPC 101,263 0.1728,613 Oil & Natural Gas 107,030 0.18

700 Oil India 12,759 0.023,680 Oriental Bank of Commerce 17,909 0.036,171 Piramal Healthcare 32,835 0.057,169 Power Finance 18,336 0.03

38,075 Power Grid 56,335 0.093,762 Ranbaxy Laboratories 28,223 0.052,984 Reliance Capital 23,850 0.04

14,648 Reliance Communications 20,615 0.0439,837 Reliance Industries 458,307 0.773,925 Reliance Infrastructure 29,478 0.05

24,202 Reliance Power 37,574 0.068,800 Rural Electrification 25,600 0.04

23,079 Satyam Computer Services 27,061 0.0510,285 Sesa Goa 39,272 0.071,205 Shriram Transport Finance

Company 10,727 0.022,674 Siemens India 34,300 0.063,603 State Bank of India 117,030 0.20

18,044 Steel Authority of India 31,661 0.0527,428 Sterlite Industries (India) 60,949 0.106,040 Sun Pharmaceutical Industries 43,424 0.07

25,699 Suzlon Energy 18,726 0.034,816 Tata Chemicals 23,725 0.042,380 Tata Communications 14,434 0.036,947 Tata Consultancy Services 109,749 0.184,476 Tata Motors 59,261 0.101,723 Tata Power 30,687 0.056,828 Tata Steel 53,415 0.09

17,140 Titan Industries 54,411 0.093,494 Ultra Tech Cement 49,983 0.084,500 Union Bank of India 18,136 0.03

37,513 Unitech 16,000 0.031,477 United Spirits 21,022 0.04

13,978 Wipro 75,832 0.1317,222 Zee Entertainment Enterprises 31,343 0.05

6,236,297 10.44

Indonesia — 3.22%324,500 Adaro Energy 62,121 0.0918,000 Astra Agro Lestari 30,558 0.05

304,500 Bank Central Asia 181,476 0.3049,000 Bank Danamon 19,292 0.03

254,236 Bank Mandiri 143,255 0.24144,611 Bank Negara Indonesia 46,488 0.08298,000 Bank Rakyat Indonesia 147,464 0.25575,000 Bumi Resources Tbk 126,691 0.2114,500 Gudang Garam 53,264 0.098,000 Indo Tambangraya Megah 29,185 0.05




19

Indonesia — (cont.)25,000 Indocement Tunggal Prakarsa 27,903 0.05

130,000 Indofoods Sukses Makmur 59,634 0.1056,500 Indosat 22,245 0.0459,500 International Nickel 18,160 0.03

206,000 Kalbe Farma 51,713 0.09244,000 Perushahaan Gas 70,066 0.1278,500 PT Astra International 398,377 0.6678,500 PT Charoen Pokphand

Indonesia 15,311 0.0331,500 PT Tambang Batubara Bukit

Asam Tbk 47,787 0.0884,000 Semen Gresik (Persero) 57,041 0.10

248,500 Telekomunikasi 131,047 0.2240,000 Unilever Indonesia 44,933 0.0871,926 United Tractors 139,771 0.23

1,923,782 3.22

Malaysia — 4.41%49,300 Alliance Financial Group 37,878 0.0661,500 AMMB Holdings 82,657 0.14

163,000 Axiata Group 171,480 0.2925,900 Berjaya Sports Toto 23,654 0.043,300 British American Tobacco -

Malaysia 31,628 0.05139,800 Bumiputra-Commerce Holdings 239,428 0.4014,300 Digi.com 89,434 0.1557,800 Gamuda 44,049 0.0874,100 Genting Berhad 165,731 0.2872,500 Genting Malaysia 54,801 0.0915,200 Hong Leong Bank 41,866 0.0736,900 IJM Corporation Berhad 48,066 0.08

120,600 IOI Corporation Berhad 128,123 0.2114,200 Kuala Lumpur Kepong 63,401 0.117,200 Lafarge Malayan Cement 10,929 0.02

135,520 Malayan Banking Berhad 245,569 0.4165,900 Maxis 74,924 0.1345,100 MISC 69,582 0.1212,019 Parkson Holdings 14,486 0.0284,700 Petronas Chemicals Group 120,153 0.207,000 Petronas Dagagan 25,862 0.04

21,500 Petronas Gas 59,307 0.1048,600 Plus Expressways 43,781 0.0715,300 PPB Group 54,561 0.0989,100 Public Bank BHD 247,254 0.4110,212 RHB Capital 19,245 0.03

115,400 Sime Darby 218,431 0.3768,700 SP Setia 55,344 0.0927,300 Telekom Malaysia 22,897 0.0437,400 Tenaga Nasional 47,478 0.0821,400 UMW Holdings 32,662 0.05

128,200 YTL Power International 52,036 0.09

2,636,697 4.41

Pakistan — 0.12%12,267 Fauji Fertilizer 13,981 0.0215,247 MCB Bank 20,298 0.0421,804 Oil & Gas Development 23,763 0.048,000 Pakistan Petroleum 11,922 0.02

69,964 0.12




20

Philippines — 0.60%67,900 Aboitiz Equity Ventures 41,211 0.0743,600 Aboitiz Power Corporation 20,649 0.033,936 Ayala 18,687 0.03

123,900 Ayala Land 30,188 0.0537,900 Banco de Oro 35,236 0.0656,400 Bank of the Philippine Islands 48,943 0.081,000 Globe Telecom 13,975 0.027,600 Jollibee Foods 9,630 0.02

12,510 Manila Electric 50,679 0.081,025 Philippine Long Distance

Telephone 35,818 0.064,480 SM Investments 35,384 0.06

123,200 SM Prime Holdings 20,718 0.04

361,118 0.60

Taiwan — 12.38%62,000 Acer 52,743 0.0912,099 Advantech 25,120 0.04

116,000 ASE Group 77,438 0.1361,000 Asia Cement 57,803 0.1019,520 ASUSTEK Computer 96,433 0.16

227,000 Au Optronics 76,131 0.1377,000 Capital Securities 23,775 0.0414,000 Catcher Technology 75,125 0.13

202,980 Cathay Financial 186,722 0.3135,000 Cathay Real Estate

Development 11,552 0.0282,840 Chang Hwa Commercial Bank 40,219 0.0742,000 Cheng Shin Rubber Industry 77,361 0.1326,910 Chicony Electronics 31,631 0.05

198,000 Chimei Innolux 65,141 0.1154,000 China Airlines 19,318 0.03

292,000 China Development FinancialHoldings 68,396 0.11

277,200 China Steel 177,376 0.30273,000 Chinatrust Financial 151,145 0.2594,800 Chunghwa Telecom 201,666 0.34

109,000 Compal Electronics 86,459 0.1436,000 Coretronics Corp 25,949 0.0448,000 Delta Electronic 103,745 0.1778,000 E.Sun Financial Holdings 33,136 0.0620,360 Epistar 29,308 0.0514,700 Eternal Chemical 9,532 0.0240,000 Eva Airways 21,890 0.0449,000 Evergreen Marine 20,555 0.0380,000 Far Eastern Textile 78,703 0.1335,000 Far EasTone

Telecommunications 35,401 0.0620,000 Feng Hsin Iron & Steel 22,657 0.04

112,360 First Financial Holding 57,183 0.10108,000 Formosa Chemical & Fibre 239,175 0.4049,000 Formosa Petrochemical

Corporation 112,688 0.19150,000 Formosa Plastic 344,963 0.5818,000 Formosa Taffeta 12,419 0.0225,000 Foxconn Technology 70,803 0.12

159,000 Fubon Financial 159,130 0.2710,000 Giant Manufacturing 24,595 0.04

238,000 HannStar Display 18,295 0.0322,050 High Tech Computer 402,390 0.67




21


Taiwan — (cont.)266,200 Hon Hai Precision Industry 465,948 0.78128,000 Hua Nan Financial 61,736 0.1093,000 Inotera Memories 15,506 0.0393,000 Inventec 27,824 0.05

128,000 KGI Securities 44,291 0.062,000 Largan Precision 41,225 0.07

57,000 Lite-On Technology 45,516 0.08114,000 Macronix International 34,956 0.0627,000 Mediatek 148,622 0.25

198,000 Mega Financial 116,789 0.2014,311 Mstar Semiconductor 43,882 0.07

201,000 Nan Ya Plastic 340,268 0.574,120 Nan Ya Printed Circuit Board 8,466 0.01

61,000 Nanya Technology 8,677 0.0115,000 Novatek Microelectronics 25,744 0.0422,000 Oriental Union Chemical 24,313 0.0456,000 Pegatron 39,471 0.0778,000 Polaris Securities 35,876 0.06

103,000 Pou Chen 56,258 0.09169,000 Powerchip Semiconductor 13,495 0.0219,000 President Chain Store 74,444 0.1224,480 Qisda 4,968 0.0171,000 Quanta Computer 107,192 0.1819,000 Realtek Semiconductor 21,281 0.04

133,000 Shin Kong Financial 35,260 0.0683,000 Siliconware Precision Industries 50,990 0.0943,000 Synnex Technology International 67,758 0.11

140,170 Taishin Financial Holdings 45,966 0.08182,000 Taiwan Business Bank 42,824 0.0791,276 Taiwan Cement 88,630 0.15

114,000 Taiwan Cooperative Bank 57,168 0.1022,000 Taiwan Fertilizer 48,252 0.0838,500 Taiwan Glass Industrial 36,605 0.0652,000 Taiwan Mobile 87,697 0.159,000 Taiwan Secom 10,234 0.02

650,077 Taiwan SemiconductorManufacturing 995,295 1.67

82,156 Tatung 25,892 0.0454,000 Teco Electric & Machinery 23,630 0.0416,000 U-Ming Marine Transport 17,240 0.0350,000 Unimicron Technology 54,513 0.09

105,000 Uni-President Enterprises 105,757 0.18338,000 United Micro Electronics 93,206 0.16130,000 Walsin Lihwa 37,786 0.0647,000 Wistron 48,489 0.0874,000 Yageo 18,357 0.0354,000 Yang Ming Marine Transport 21,100 0.04

195,000 Yuanta Financial Holding 85,538 0.1340,000 Yuen Foong Yu Paper

Manufacturing 12,223 0.0235,000 Yulon Motor 56,195 0.09

7,397,424 12.38

Thailand — 2.03%30,400 Advanced Info Service 72,299 0.129,200 Airports of Thailand 8,903 0.019,300 Bangkok Bank 33,225 0.061,900 Bangkok Bank(FGN) 6,886 0.01

47,900 Bank of Ayudhya 27,123 0.0538,700 Bank of Ayudhya (FGN) 21,715 0.04



22


Thailand — (cont.)2,600 Banpu 39,189 0.07

30,900 BEC World 26,087 0.0417,000 Central Pattana Public

Company 12,864 0.0294,100 Charoen Pokphand Foods 61,035 0.1056,094 CP ALL 56,886 0.1021,300 Delta Electronics (Thailand) 11,952 0.029,200 Electricity Generating Public 17,854 0.03

35,300 Indorama Ventures 31,800 0.05252,400 IRPC 29,624 0.0528,000 Kasikornbank 81,005 0.1464,600 Krung Thai Bank 27,535 0.0572,200 Land and Houses 10,109 0.0221,000 PTT 150,047 0.2533,700 PTT Aromatics & Refining 29,318 0.0511,500 PTT Chemical 38,361 0.0634,400 PTT Exploration and Production 129,979 0.227,300 Siam Cement 56,969 0.104,200 Siam City Cement Public

Company 19,977 0.0337,900 Siam Commercial Bank 98,331 0.162,200 Siam Makro Public Company 10,555 0.02

11,900 Thai Airways International 6,922 0.0120,700 Thai Oil 32,607 0.05

887,600 TMB Bank 37,284 0.0619,100 Total Access Communication 26,448 0.04

1,212,889 2.03

MIDDLE EAST — 0.25%

United Arab Emirates — 0.25%25,510 Abu Dhabi Commercial Bank 12,887 0.0279,480 Air Arabia 9,001 0.0275,950 Dana Gas 7,750 0.016,280 DP World 47,458 0.08

28,080 Dubai Financial Market 5,355 0.01100,115 Emaar Properties 47,227 0.08

7,021 First Gulf Bank 19,614 0.03

149,292 0.25

FUTURES — -0.02%6 MSCI Taiwan Index Future

Expiry August 2011 (245) —26 SGX S&P CNX Nifty Future

Expiry August 2011 (12,881) (0.02)2 FTSE/JSE Top 40 Future

Expiry September 2011 6 —

(13,120) (0.02)

Portfolio of investments* 58,988,587 98.73

Net other assets 757,937 1.27

Net assets £59,746,524 100.00%

Including investment liabilities.

Total Purchases for the period: £64,686,687.Total Sales for the period: £3,722.435.



*

23

Independent Auditors’ Report to the Unitholders ofLegal & General Global Emerging Markets Index Fund(“the Fund”)We have audited the financial statements of Legal & GeneralGlobal Emerging Markets Index Fund (the “Fund”) for theperiod ended 31 July 2011 which comprise the statement oftotal return, the statement of change in net assets attributable tounitholders, the balance sheet, the related notes and thedistribution table. The financial reporting framework that hasbeen applied in their preparation is applicable law and UnitedKingdomAccounting Standards (United Kingdom GenerallyAccepted Accounting Practice) and the Statement ofRecommended Practice ‘Financial Statements of AuthorisedFunds’ issued by the Investment Management Association (the“Statement of Recommended Practice for Authorised Funds”).

Respective responsibilities of Authorised Fund Managerand auditorsAs explained more fully in the Statement of Manager’sResponsibilities the Authorised Fund Manager is responsible forthe preparation of the financial statements and for beingsatisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on thefinancial statements in accordance with applicable law andInternational Standards on Auditing (UK and Ireland). Thosestandards require us to comply with the Auditing PracticesBoard’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for andonly for the Fund’s unitholders as a body in accordance withparagraph 4.5.12 of the Collective Investment Schemessourcebook and for no other purpose. We do not, in givingthese opinions, accept or assume responsibility for any otherpurpose or to any other person to whom this report is shownor into whose hands it may come save where expressly agreedby our prior consent in writing.

Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts anddisclosures in the financial statements sufficient to givereasonable assurance that the financial statements are free frommaterial misstatement,whether caused by fraud or error. Thisincludes an assessment of: whether the accounting policies areappropriate to the Fund’s circumstances and have beenconsistently applied and adequately disclosed; thereasonableness of significant accounting estimates made by theAuthorised Fund Manager; and the overall presentation of thefinancial statements.

In addition we read all the financial and non-financialinformation in the Authorised Fund Manager’s Report to identifymaterial inconsistencies with the audited financial statements. Ifwe become aware of any apparent material misstatements orinconsistencies we consider the implications for our report.

Independent Auditors’ Report

24

Independent Auditors’ Report continued

Opinion on the financial statementsIn our opinion the financial statements:

• give a true and fair view of the financial position of the Fundat 31 July 2011 and of the net revenue and the net losses ofthe scheme property of the Fund for the period then ended;and

• have been properly prepared in accordance with theStatement of Recommended Practice for Authorised Funds,the Collective Investment Schemes sourcebook and the TrustDeed.

Opinion on other matters prescribed by the CollectiveInvestment Schemes sourcebookIn our opinion:• we have obtained all the information and explanations weconsider necessary for the purposes of the audit; and

• the information given in the Authorised Fund Manager’sReport for the financial period for which the financialstatements are prepared is consistent with the financialstatements.

Matters on which we are required to report by exceptionWe have nothing to report in respect of the following matterswhere the Collective Investment Schemes sourcebook requiresus to report to you if, in our opinion:

• proper accounting records for the Fund have not been kept;or

• the financial statements are not in agreement with theaccounting records and returns.

London PricewaterhouseCoopers LLP21 September 2011 Chartered Accountants

& Statutory Auditors

The accounts are published at:http://www.legalandgeneral.com/investments/fund-information/managers-reports, which is a website maintained by the Manager.

• The maintenance and integrity of the Legal & General website isthe responsibility of the Authorised Fund Manager; the workcarried out by the auditors does not involve consideration of thesematters and, accordingly, the auditors accept no responsibility forany changes that may have occurred to the financial statementssince they were initially presented on the website.

• Legislation in the United Kingdom governing the preparation anddissemination of financial statements may differ from legislation inother jurisdictions.

Statement of Total Returnfor the period ended 31 July 2011

29/10/10 toNotes 31/07/11*

£ £

Income

Net capital losses 2 (2,258,369)

Revenue 3 1,222,353

Expenses 4 (148,449)

Finance costs: Interest 6 (1,851)

Net revenue before taxation 1,072,053

Taxation 5 (123,840)

Net revenue after taxation for the period 948,213

Total return before distributions (1,310,156)

Finance costs: Distributions 6 (940,548)

Change in net assets attributable to Unitholdersfrom investment activities £(2,250,704)

Statement of Change in Net Assets attributable toUnitholders for the period ended 31 July 2011

29/10/10 to31/07/11*

£ £

Opening net assets attributable to Unitholders —

Amounts received on creation of units 64,312,120

Amounts paid on cancellation of units (2,577,920)

61,734,200

Stamp Duty Reserve Tax (95)

Change in net assets attributable to Unitholdersfrom investment activities (2,250,704)

Retained distribution on accumulation units 263,123

Closing net assets attributable to Unitholders £59,746,524

The Fund launched on 29 October 2010. As a result there are noprior period comparative figures.

25

Financial Statements

*

26

Financial Statements continued

Balance Sheet as at 31 July 2011

31/07/11*

Notes £ £

ASSETS

Investment assets 59,001,713

Debtors 7 705,260

Cash and bank balances 8 1,236,411

Amount held at futuresclearing houses 8 56,146

Total other assets 1,997,817

Total assets 60,999,530

LIABILITIES

Investment liabilities (13,126)

Creditors 9 (484,966)

Bank overdrafts 8 (1,892)

Distribution payable on distribution units (753,022)

Total other liabilities (1,239,880)

Total liabilities (1,253,006)

Net assets attributable to Unitholders £59,746,524

The Fund launched on 29 October 2010. As a result there are noprior period comparative figures.*

27

Notes to the Financial Statements

1. Accounting policies(a) Basis of accounting

The financial statements have been prepared under thehistorical cost convention, as modified by the revaluation ofinvestments, and in accordance with the Statement ofRecommended Practice for Authorised Funds issued by theIMA in October 2010 (‘the IMA SORP 2010’).

The Fund launched on 29 October 2010. As a result thereare no prior period comparative figures.

(b) Recognition of revenueRevenue from quoted equities and non-equity shares isrecognised net of attributable tax credits when the securityis quoted ex-dividend. Revenue from unquoted equityinvestments is recognised net of attributable tax creditswhen the dividend is declared.

Overseas revenue received after the deduction ofWithholding tax is shown gross of taxation,with thetaxation consequences shown within the taxation charge.

Special dividends are treated as either revenue or capitaldepending on the facts of each particular case.

Underwriting commission is taken to revenue andrecognised when the issue takes place, except where theFund is required to take up all or some of the sharesunderwritten, in which case an appropriate proportion ofthe commission is deducted from the cost of those shares.

All other revenue is recognised on an accruals basis.

(c) Treatment of expensesAll expenses (other than those relating to the purchaseand sale of investments and Stamp Duty Reserve Tax) arecharged against revenue on an accruals basis.

(d) Distribution policyThe policy is to distribute all available revenue, afterdeduction of those expenses which are chargeable incalculating the distribution. In order to conduct acontrolled dividend flow, interim distributions will be at theManager's discretion, up to a maximum of the distributablerevenue for the period. All remaining revenue is distributedin accordance with the COLL.

The Manager's periodic fee is deducted from revenue forthe purpose of calculating the distribution.

The ordinary element of stock dividends is treated asrevenue but does not form part of the distribution,which isin accordance with COLL. In the case of an enhanced stockdividend, the value of the enhancement is treated as capitaland does not form part of the distribution.

Distributions which have remained unclaimed byUnitholders for over six years are credited to the capitalproperty of the Fund.

28

Notes to the Financial Statements continued

(e) Basis of valuation of investmentsAll investments are valued at their fair value as at 12 noonon 29 July 2011, being the last working day of theaccounting period. The fair value for non-derivativesecurities is bid market price, excluding any accruedinterest and the fair value for derivative instruments is thecost of closing out the contract at the balance sheet date.

Where values cannot be readily determined, the securitiesare valued at the Manager's best assessment of their fairvalue.

(f) TaxationProvision is made for taxation at current rates on the excessof investment revenue over expenses,with relief foroverseas taxation taken where appropriate.

Deferred tax is provided for on all timing differences thathave originated but not reversed by the balance sheet date,other than those differences that are regarded aspermanent. Any liability to deferred tax is provided for atthe average rate of tax expected to apply. Deferred taxassets and liabilities are not discounted to reflect the timevalue of money.

(g) Exchange ratesTransactions in foreign currencies are translated at the rateof exchange ruling on the date of the transaction. Whereapplicable, assets and liabilities denominated in foreigncurrencies are translated into Sterling at the rates ofexchange ruling at 12 noon on 29 July 2011, being the lastworking day of the accounting period.

(h) Derivative instrumentsFinancial derivative instruments may be used by the Fundfor efficient portfolio management, for example to hedgeinvestment exposure or to adjust exposure in a costeffective manner. Derivative instruments held within theFund will be accounted for and taxed in accordance withthe Statement of Recommended Practice for AuthorisedFunds (IMA SORP 2010). Derivative transactions will betreated as either revenue or capital depending on themotives and circumstances on acquisition.

29


2. Net capital losses29/10/10

to 31/07/11

£

The net capital losses during the period comprise:

Non-derivative securities (1,971,855)

Derivative contracts (3,810)

Currency losses (144,093)

Transaction charges (138,611)

Net capital losses (2,258,369)

3. Revenue29/10/10

to 31/07/11

£

Taxable overseas dividends 149,715

Non-taxable overseas dividends 1,054,235

Stock dividends 16,277

Bank interest 1,559

Margin interest 567

1,222,353

4. Expenses29/10/10

to 31/07/11

£

Payable to the Manager, associates of theManager and agents of either of them:

Manager's periodic fee 62,805

Registration fees 12,577

75,382

Payable to the Trustee, associates of theTrustee and agents of either of them:

Trustee's fees 4,398

Safe custody fees 55,233

59,631

Other expenses:

Audit fee 7,700

VAT on Audit fee 1,540

FSA fee 109

Professional fees 4,087

13,436

Total expenses 148,449

30


5. Taxation

(a) Analysis of taxation charge in the period

29/10/10to 31/07/11

£

Corporation Tax —

Overseas tax 123,579

Current tax [note 5(b)] 123,579

Deferred tax [note 5(c)] 261

Total taxation 123,840

(b) Factors affecting taxation charge for the periodThe Current tax charge excludes capital gains and losses forthe reason that Authorised Unit Trusts are not subject toCorporation Tax on these items. Current tax differs fromtaxation assessed on net revenue before taxation as follows:

Net revenue before taxation 1,072,053

Net revenue before taxationmultiplied by the applicablerate of Corporation Taxat 20% 214,411

Effects of:

Overseas tax 123,579

Revenue not subject to taxation (210,847)

Capitalised income not subject to taxation (3,255)

Taxation on capital gains 5,357

Movement in taxable revenue accruals (3,359)

Movement in taxation losses (2,307)

Current tax 123,579

(c) Provision for Deferred taxDeferred tax charge for period 261

Provision at end of period 261

31


6. Finance Costs

DistributionsThe distributions take account of revenue received on thecreation of units and revenue deducted on the cancellationof units and comprise:

29/10/10to 31/07/11

£

Final distribution 1,016,145

1,016,145Add: Revenue deducted on cancellation of units 22,131

Less: Revenue received on creation of units (97,728)

Distributions for the period 940,548

Interest

Bank overdraft interest 1,851

Total finance costs 942,399

The differences between the net revenue after taxation andthe distributions for the period are as follows:

29/10/10to 31/07/11

£

Net revenue after taxation for the period 948,213

Less: Taxation on capital gains 5,357

Less: Stock dividends not distributed (net) (13,022)

Distributions for the period 940,548

32


7. Debtors31/07/11

£

Amounts receivable for creation of units 200,984

Sales awaiting settlement 30,352

Receivable for FX contracts 180,087

Accrued revenue 293,198

Bank interest 139

Recoverable overseas tax 500

705,260

8. Cash and bank balances31/07/11

£

Amount held at futures clearing houses 56,146

Cash and bank balances 1,236,411

Bank overdrafts (1,892)

Net uninvested cash 1,290,665

9. Creditors31/07/11

£

Amounts payable for cancellation of units 220,237

Purchases awaiting settlement 31,572

Payable for FX contracts 180,125

Accrued expenses 52,757

Bank overdraft interest 14

Deferred tax 261

484,966

10. Contingent liabilities and outstanding commitmentsThere were no contingent liabilities or outstandingcommitments at the balance sheet date.

33

11. Risk in relation to financial instrumentsThe Fund’s investment objective is stated on page 2. Inpursuing its objective, the Fund holds financial instrumentswhich expose it to various types of risk. The main risks, andthe Manager’s policy for managing these risks,which wereapplied consistently throughout the current period, are setout below.

(a) Credit and liquidity riskCredit risk is the risk of suffering loss due to another partynot meeting its financial obligations. The primary source ofthis risk to the Fund is for trade counterparties to fail tomeet their transaction commitments. This risk is managedby appraising the credit profile of financial instruments andtrade counterparties.

Liquidity risk relates to the capacity to meet liabilities. Theprimary source of this risk to the Fund is the liability toUnitholders for any cancellation of units. This risk isminimised by holding cash and readily realisable securitiesand via access to overdraft facilities.

(b) Market riskMarket risk arises mainly from uncertainty about futureprices. The primary source of this risk to the Fund is thepotential movement in the value of financial instrumentsheld as a result of price fluctuations. The Manager adheresto the investment guidelines and borrowing powersestablished in the Trust Deed, Prospectus and the COLL. Inthis way, the Manager monitors and controls the exposureto risk from any type of security, sector or issuer.

The Fund may also use derivative instruments to mitigaterisk and reduce costs. These instruments are not utilised forspeculative purposes. Derivative instruments were utilisedduring the current period.


34


(c) Foreign currency riskForeign currency risk is the risk of movements in the valueof overseas financial instruments as a result of fluctuationsin exchange rates. This risk is managed by the utilisation offorward currency contracts as necessary. Forward currencycontracts were not utilised during the current period.

The foreign currency profile of the Fund’s net assets at thebalance sheet date was:

Net foreign currency assets/(liabilities)Monetary Non-monetary

31/07/11 exposures exposures TotalCurrency £’000 £’000 £’000Brazilian Real 30 11,050 11,080Chilean Peso — 1,297 1,297Chinese Yuan 9 — 9Colombian Peso (2) 506 504Czech Koruna 12 272 284Egyptian Pound — 246 246Euro Currency Unit 1 50 51Hong Kong Dollar 4 9,807 9,811Hungarian Forint 1 314 315Indian Rupee 72 6,222 6,294Indonesian Rupian 15 1,924 1,939Malaysian Ringgit 4 2,637 2,641Mexican New Peso 4 3,232 3,236Moroccan Dirham 6 21 27New Taiwan Dollar 136 7,452 7,588New Turkish Lira 5 802 807Pakistan Rupee — 70 70Peru Nuevo — 34 34Philippine Peso — 361 361Polish Zloty 14 957 971Russian Ruble 99 — 99S African Comm Rand 52 5,574 5,626Thailand Baht 1 1,213 1,214U.S. Dollar 228 4,861 5,089United Arab Emirates Dirham — 102 102

35


(d) Interest rate risk

Interest rate risk is the risk of movements in the value offinancial instruments as a result of fluctuations in interestrates. The Fund's only interest bearing financial instrumentswere its bank balances and overdraft facilities as disclosedin note 8. Cash is deposited, and overdraft facilities utilised,on normal commercial terms and earn or bear interestbased on LIBOR or its overseas equivalent.

(e) Derivative risk - Sensitivity analysis

Derivative risk arises from uncertainty about future marketmovements. This risk is managed by the policies shownwithin Market risk.

The Manager,where he considers it appropriate, usesfutures contracts to gain market exposure with reduceddealing costs. At the period end, the effect of derivativeswas to increase the exposure of the Fund by £329,629,representing 0.55% of the net assets.

This results in an effective equity exposure at the periodend of 99.26% of net assets, which means that the gain orlosses of the Fund will be 0.9926 times the gains or losses ifthe Fund was fully invested in equities.

(f) Fair valueThe fair value of a financial instrument is the amount forwhich it could be exchanged between knowledgeable,willing parties in an arm's length transaction. There is nosignificant difference between the value of the financialassets and liabilities, as shown in the financial statements,and their fair value.

12. Portfolio transaction costs

31/07/11£ £

Analysis of total purchase costs:

Purchases before transaction costs 64,573,332

Commissions 69,969

Taxes 43,386

Total purchase costs 113,355

Gross purchases total 64,686,687

Analysis of total sale costs:

Sales before transaction costs 3,726,408

Commissions (2,201)

Futures commissions (1,544)

Fees (228)

Total sale costs (3,973)

Total sales net of transaction costs 3,722,435

36


13. Unit classesThe Fund currently has three unit classes: R-Class, I-Classand L-Class. The annual management charge on each unitclass can be found on page 41. The net asset value of eachunit class, the net asset value per unit and the number ofunits in each class are given in the comparative table onpage 39. The distribution per unit class is given in thedistribution table on page 37. All classes have the samerights on winding up.

14. Ultimate controlling party and related partytransactionsThe Manager and Trustee are regarded as controlling partiesof the Fund by virtue of having the ability to act in concertin respect of Fund operations. The ultimate controllingparties of the Manager and Trustee are Legal & GeneralGroup Plc and The Royal Bank of Scotland Plc, respectively.These entities and their subsidiaries are also related partiesof the Fund.

Legal & General (Unit Trust Managers) Limited acts asprincipal on all the transactions of units in the Fund. Theaggregate monies received through creations or paid oncancellations are disclosed in the Statement of Change inNet Assets attributable to Unitholders.

At the period end, the Manager and its associates held53.4% of the Fund’s units in issue. There were no units heldby the Trustee or its associates. Details of all other materialrelated party transactions during the period and anypayment amounts outstanding at the balance sheet date aredisclosed in notes 4, 6, 7 and 9 to the financial statements,the Statement of Change in Net Assets attributable toUnitholders and the Portfolio Statement. Within note 9,accrued expenses and bank overdraft interest (includingamounts due to associates and agents) of £27,709 are due tothe Trustee and £15,712 are due to the Manager.

15. Post balance sheet market movementsAs at the close of business on the balance sheet date theNet Asset Value per R-Class distribution unit was 48.67p.The Net Asset Value per R-Class distribution unit for theFund as at 12 noon on 20 September 2011 was 43.18p. Thisrepresents a decrease of 11.3% from the period end value.Over the same period the benchmark Index fell 11.4%.

37

Distribution Table

Distribution Table for the period ended 31 July 2011

Group 1: units purchased prior to a distribution period

Group 2: units purchased during a distribution period

Equalisation is the average amount of revenue included in thepurchase price of all Group 2 units and is refunded to holdersof these units as a return of capital. As capital it is not liable toIncomeTax but must be deducted from the cost of units forCapital Gains Tax purposes.

Final dividend distribution in pence per unit Period

29/10/10 — 31/07/11Net Equalisation Distribution

Revenue 30/09/11*

R-Class distributionGroup 1 0.6627 — 0.6627

Group 2 0.5226 0.1401 0.6627

R-Class accumulationGroup 1 0.6547 — 0.6547

Group 2 0.5037 0.1510 0.6547

I-Class distributionGroup 1 0.8123 — 0.8123

Group 2 0.7675 0.0448 0.8123

I-Class accumulationGroup 1 0.8279 — 0.8279

Group 2 0.3526 0.4753 0.8279

L-Class distributionGroup 1 0.9403 — 0.9403

Group 2 0.6595 0.2808 0.9403


*

Total Expense Ratios

31 July 11*R-Class 1.01%

I-Class 0.54%

L-Class 0.20%


The Total Expense Ratio is the ratio of the Fund’s operatingcosts (excluding overdraft interest) and all costs sufferedthrough holdings in underlying Collective Investment Schemesto the average net assets of the Fund.

The TER represents an annualised figure.

38

Fund Facts

*

Net Asset Values

Net Asset Net Asset Number OfAccounting Value Of Value Per UnitsDate Fund Unit In Issue

31 July 2011*R-ClassDistribution Units £2,539,825 48.67p 5,218,869Accumulation Units £16,516,345 49.33p 33,478,997I-ClassDistribution Units £6,326,433 48.69p 12,993,956Accumulation Units £2,626,563 49.50p 5,306,051L-ClassDistribution Units £31,737,358 48.69p 65,177,178

*The Fund launched on 29 October 2010. As a result there areno prior period comparative figures.


The price of units and any income from them may go down aswell as up.


Performance Record

39

40

Performance Record continued

Unit Price Range and Net Revenue

R-Class UnitsHighest Lowest Net

Year Offer Bid Revenue

Distribution Units2010(1) 53.79p 49.82p —

2011(2) 53.98p 48.74p 0.6627p

Accumulation Units2010(1) 53.79p 49.82p —

2011(2) 53.97p 48.74p 0.6547p

I-Class UnitsHighest Lowest Net



2011(2) 54.01p 48.80p 0.8123p

Accumulation Units2010(1) 53.83p 49.83p —

2011(2) 54.01p 48.80p 0.8279p

L-Class UnitsHighest Lowest Net



2011(2) 54.05p 47.63p 0.9403p

(1) From 29 October 2010.(2) The above tables show highest offer and lowest bid prices to31 July 2011 and net revenue to 30 September 2011.


The price of units and any income from them may go down aswell as up.


41

General Information

ConstitutionLaunch date: 29 October 2010

Period end date for distribution: 31 JulyDistribution date: 30 SeptemberMinimum initial lump suminvestment: R-Class £500

I-Class £100,000L-Class £500,000

Minimum monthlycontribution: R-Class £50

I-Class N/AL-Class N/A

Valuation point: 12 noon

Management charges: R-Class 0.65%I-Class 0.30%L-Class Nil

Initial charges: R-Class NilI-Class NilL-Class Nil

Pricing and DealingThe prices are published on the internet atwww.legalandgeneral.com/investments/fund-information/daily-fund-prices immediately after they become available.

Dealing in units takes place on a forward pricing basis, from8:30am to 6:00pm,Monday to Friday.

Buying and Selling UnitsUnits may be bought on any business day from the Manager orthrough a financial adviser by telephoning, completing anapplication form or on the internet at www.legalandgeneral.com.Units may normally be sold back to the Manager on any businessday at the bid price calculated at the following valuation point.

ISA StatusThis Fund may be held within this tax advantaged savingsarrangement. The favourable tax treatment ofISAs may not be maintained. For full written information pleasecontact your usual financial adviser or ring 0370 050 0955.

Call charges will vary. We may record and monitor calls.

Stamp Duty Reserve TaxStamp Duty Reserve Tax suffered on the surrender of unitswhere applicable, has been charged against the capital assets ofthe Fund.

General Information continued

Prospectus and Manager’s ReportsThe Manager will send to all persons on the Unitholder Registerannual and interim short form reports.

Copies of the Prospectus and the most recent interim reportsare available free of charge by telephoning0370 050 0955 or by writing to the Manager.

Do you have difficulty in reading information in print becauseof a disability? If so,we can help. We are able to produceinformation for our clients in large print and braille. If youwould like to discuss your particular requirements, pleasecontact us on 0370 050 0955.

Call charges will vary. We may record and monitor calls.

Significant ChangesChange in Fund AccountantThe Fund Accountant of the Fund has changed. The Bank ofNewYork Mellon (International) Limited ceased to be the FundAccountant on 1 August 2011 and Northern Trust GlobalServices Limited has taken on responsibility thereafter.

This change has had no impact upon individual clientsinvestments and no action is required from investors.

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43

General Information continued

ManagerLegal & General (Unit Trust Managers) LimitedRegistered in England No. 01009418Registered office:One Coleman Street,London EC2R 5AATelephone: 0370 050 3350Authorised and regulated by the Financial Services Authority

Directors of the ManagerM. B. BoardmanS. C. EllisM. J. GregoryS. R. PistellS. D.Thomas

SecretaryA. Fairhurst

RegistrarLegal & General (Portfolio Management Services) LimitedP.O. Box 6080WolverhamptonWV1 9RBAuthorised and regulated by the Financial Services Authority

Dealing: 0370 050 0956Enquiries: 0370 050 0955Registration: 0370 050 0955Call charges will vary. We may record and monitor calls.

TrusteeThe Royal Bank of Scotland PlcTrustee and Depositary ServicesGogarburnP.O. Box 1000Edinburgh EH12 1HQAuthorised and regulated by the Financial Services Authority

Independent AuditorsPricewaterhouseCoopers LLP7 More London RiversideLondon SE1 2RT

Investment AdviserLegal & General Investment Management LimitedOne Coleman StreetLondon EC2R 5AAAuthorised and regulated by the Financial Services Authority

Authorised and regulated by theFinancial Services Authority

Legal & General(Unit Trust Managers) LimitedRegistered in England No. 01009418Registered office:One Coleman Street,London EC2R 5AAwww.legalandgeneral.com

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