Legal&General UKIndexTrust Interim Manager’sReport forthe ......Manager’s Investment Report 2...

Legal & General UK Index Trust

Interim Manager’s Reportfor the period ended6 April 2011(Unaudited)

Distribution Number 12

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Page Number

Manager’s Investment Report 2

Authorised Status 4

Directors’ Statement 4

Portfolio Statement 5

Statement of Total Return 23

Statement of Change in Net Assetsattributable to Unitholders 23

Balance Sheet 24

Notes to the Financial Statements 25

Trust Facts 26

Performance Record 27

General Information 29

Contents

2

Investment Objective and PolicyThe objective of this Trust is to track the capital performance ofthe UK equity market, as represented by the FTSE All-Share Index,by investment in a representative sample of stocks selected fromall economic sectors.

Securities in the FTSE All-Share Index will be held with weightingsgenerally proportionate to their company’s market capitalisation.

From time to time non-index constituents may be held as a resultof a corporate action and these holdings will be sold ortransferred as soon as reasonably practical.

Manager’s Investment ReportDuring the period under review the bid price of the Trust’sR-Class distribution units rose by 6.7%. As the FTSE All-ShareIndex is not published at midday, by way of comparison only,over the period under review, the FTSE All-Share Index(price return) rose by 6.7% (Source: Bloomberg).

Past performance is not a guide to future performance.

The value of investments and income from them may go downas well as up.

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

The FTSE All-Share Index is calculated by FTSE 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 the LondonStock Exchange Plc and The Financial Times Limited and areused by FTSE International Limited (“FTSE”) under licence.“All-Share®” is a trade mark of FTSE.

Market/Economic ReviewThe FTSE All-Share Index is comprised of the FTSE 250 Index(+9.1%), the best performing element of the FTSE All-ShareIndex, the FTSE SmallCap Index (+7.7%) and theFTSE 100 Index (+6.3%) (Source: FTSE).

The market rose during the review period until eventuallyreaching its highest level since May 2008 in February 2011.These gains were quickly eroded in March amid marketuncertainty as a result of Japan’s natural disaster and the unrestin the Middle East. However, due to market volatility, by the endof the period the market had regained most of the losses.

Major sectors such as Technology Hardware & Equipment(+28.1%), Electronic & Electrical Equipment (+24.8%) andHealth Care Equipment & Services (+22.8%) showed the largestpositive returns, while Leisure Goods (-40.3%), Food & DrugRetailers (-8.8%) and Banks (-5.1%) were the worst performingsectors.

Manager’s Investment Report

Trust ReviewAt the December 2010 quarterly review seven companies wereadded to the FTSE All-Share Index, including leisure companyBetfair Group, chemicals company AZ Electronic Materials,Industrial Engineering company Renold and London & StamfordProperty, the real estate investment trust. There were no deletions.

The quarterly review in March 2011 witnessed five additions tothe FTSE All-Share Index: investment trust John LaingInfrastructure Fund, travel company Flybe Group, retailer FrenchConnection Group, oil company Cadogan Petroleum, andAnglesey Mining. The only deletion was JJB Sports.

Takeovers during the period included the Software & ComputerServices companies Dimension Data Holdings and IntecTelecomSystems, and oil company Wellstream Holdings,which wereacquired by NipponTelegraph andTelephone,CSG Systems andGeneral Electric respectively. Other companies acquired includeSSL International, BSS Group, Spice and Brit Insurance Holdings.

Significant capital raisings included Standard Chartered(£3.3 billion), to meet new stricter capital requirements, andCapital Shopping Centres (£221 million), to fund the acquisitionof Manchester’s Trafford Centre.Yule Catto & Co, Chesnara andImagination Technologies also raised cash to fund growth. Inaddition, the utilities company International Power made acapital repayment of £1.4 billion as a result of its restructurewith the International Unit of France’s GDF Suez Energy.

There were two high profile mergers in the first quarter of2011: British Airways and Spanish airline Iberia merging to formInternational Consolidated Airlines Group, and leisure companyPartyGaming and Austrian constituent Bwin InteractiveEntertainment merging to form Bwin.Party Digital Entertainment.

OutlookThe combination of the harsh austerity measures beingimplemented by the Government and the uncertainty in theMiddle East and Japan have led to a sluggish growth outlook.The volatility that surrounds markets should ensure that UKbase rates are only moderately raised despite inflation beingabove target and high unemployment remaining an issue.

However, despite the uncertainty, the UK market has remainedrelatively robust, ensuring that the Trust is in a good position tocapture any upturn in markets.

Legal & General Investment Management Limited(Investment Adviser)28 April 2011

Manager’s Investment Report continued

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4

Authorised StatusThis Trust 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) Limited20 May 2011

Authorised Status

5

Portfolio Statement as at 6 April 2011

All investments are in ordinary shares unless otherwise stated.The percentages in brackets show the equivalent sector holdingsat 6 October 2010.

Holding/ Market % ofNominal Value NetValue Investment £ Assets

UNITED KINGDOM— 95.72% (96.34%)

Oil & Gas Producers— 16.76% (15.45%)

2,402,025 Afren 4,040,206 0.098,221,103 BG Group 128,619,156 2.8145,970,718 BP 217,809,262 4.773,413,369 Cairn Energy 15,923,366 0.351,351,288 Enquest 1,887,749 0.04954,897 Essar Energy 4,488,016 0.10

3,338,048 Fortune Oil 383,876 0.01515,141 Heritage Oil 1,426,941 0.03308,912 JKX Oil & Gas 1,000,875 0.02206,940 Melrose Resources 567,429 0.01289,572 Premier Oil 6,066,533 0.13458,972 Royal Dutch Shell (A) 10,437,023 0.23

8,202,871 Royal Dutch Shell (A)(Dutch listing) 186,651,105 4.08

6,609,611 Royal Dutch Shell (B) 150,203,410 3.29356,591 Salamander Energy 1,123,975 0.02848,703 SOCO International 3,390,568 0.08

2,158,685 Tullow Oil 31,732,670 0.70

765,752,160 16.76

Oil Equipment, Services& Distribution — 0.41% (0.40%)

317,214 Hunting 2,593,224 0.06634,353 Petrofac 9,711,944 0.21969,859 Wood Group (John) 6,435,014 0.14

18,740,182 0.41

Alternative Energy— 0.01% (0.01%)

505,913 PV Crystalox Solar 276,734 0.01

Chemicals — 0.49% (0.45%)151,283 Carclo 435,695 0.01335,795 Croda International 5,745,452 0.13

1,074,411 Elementis 1,679,304 0.04522,906 Johnson Matthey 10,118,231 0.22203,313 Victrex 2,943,972 0.06630,760 Yule Catto & Co 1,261,520 0.03

22,184,174 0.49

Forestry & Paper— 0.12% (0.11%)

900,602 Mondi (UK) 5,421,624 0.12

Mining — 12.50% (11.59%)301,210 African Barrick Gold 1,650,631 0.04273,477 Anglesey Mining 220,696 —

3,233,714 Anglo American 106,421,528 2.33265,657 Anglo Pacific Group 859,932 0.02

Portfolio Statement

6

Mining — (cont.)961,575 Antofagasta 14,077,458 0.31

5,327,402 BHP Billiton 135,822,114 2.97944,940 Eurasian Natural Resources 9,184,817 0.20444,339 Ferrexpo 2,112,388 0.05526,277 Fresnillo 8,688,833 0.19415,296 Hochschild Mining 2,680,736 0.06522,527 Kazakhmys 7,607,993 0.17494,644 Lonmin 8,661,216 0.19474,008 Petropavlovsk 4,666,609 0.10221,594 Randgold Resources 11,855,279 0.26

3,726,153 Rio Tinto 165,795,178 3.63756,335 UK Coal 292,702 0.01324,159 Vedanta Resources 8,298,470 0.18

5,425,000 Xstrata 82,243,000 1.79

571,139,580 12.50

Construction & Materials— 0.25% (0.23%)

163,230 Aga Rangemaster Group 204,038 0.011,668,107 Balfour Beatty 5,589,827 0.12

92,434 Clarke (T) 87,997 —115,550 Costain Group 287,142 0.01213,152 Galliford Try 857,297 0.02117,523 Gleeson (MJ) 128,100 —157,506 Keller 974,175 0.0292,831 Kier Group 1,241,150 0.03639,363 Low & Bonar 333,747 0.01496,124 Marshalls Group 568,062 0.0178,697 Morgan Sindall 524,516 0.01397,865 ROK * — —227,791 Severfield-Rowen 581,323 0.01

11,377,374 0.25

Aerospace & Defence— 1.74% (1.82%)

8,323,499 BAE Systems 27,725,575 0.61443,770 Chemring Group 3,095,296 0.07

2,682,757 Cobham 6,317,893 0.14740,883 Hampson Industries 207,447 —

1,834,958 Meggitt 6,387,489 0.141,882,142 QinetiQ 2,320,681 0.054,559,446 Rolls-Royce 28,564,929 0.63974,489 Senior 1,504,611 0.03168,440 Ultra Electronics Holdings 2,861,796 0.06113,292 UMECO 524,542 0.01

79,510,259 1.74

General Industrials— 0.63% (0.58%)

64,984 British Polythene Industries 176,756 —674,754 Cookson Group 4,780,632 0.10

2,138,121 Rexam 7,926,015 0.17393,416 RPC Group 1,150,348 0.03

1,066,545 Smith (David S) Holdings 2,169,353 0.05954,769 Smiths Group 12,602,951 0.28

28,806,055 0.63

Portfolio Statement continued


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Electronic & ElectricalEquipment — 0.36% (0.32%)

69,133 Dialight 526,448 0.01267,308 Domino Printing Sciences 1,709,435 0.04510,068 E2V Holdings 584,028 0.01929,508 Halma 3,315,555 0.07662,793 Laird Group 882,840 0.02674,107 Morgan Crucible 2,103,214 0.05133,943 Oxford Instruments 1,024,664 0.0285,320 Renishaw 1,333,552 0.0399,583 Sepura 47,003 —285,613 Spectris 4,121,396 0.09390,700 TT Electronics 676,692 0.02

16,324,827 0.36

Industrial Engineering— 0.73% (0.66%)

455,696 Bodycote 1,517,468 0.03475,773 Fenner 1,760,360 0.045,975 Goodwin 79,468 —

184,076 Hill & Smith Holdings 629,908 0.01782,340 IMI 8,120,689 0.18

1,193,875 Melrose 4,003,063 0.09505,000 Renold 181,800 —220,812 Rotork 3,906,164 0.09185,759 Spirax-Sarco Engineering 3,631,588 0.08104,145 Vitec Group 627,474 0.01510,591 Weir Group 9,165,108 0.20

33,623,090 0.73

Industrial Transportation— 0.15% (0.15%)

1,113,731 BBA Aviation 2,276,466 0.0548,988 Braemar Seascope Group 220,054 —36,202 Clarkson 465,196 0.01122,727 Fisher (James) & Sons 644,317 0.01113,168 Forth Ports 1,852,560 0.05705,802 Stobart Group 1,043,175 0.0249,850 UK Mail Group 130,607 —301,324 Wincanton 348,029 0.01

6,980,404 0.15

Support Services— 2.71% (3.01%)

668,654 Aggreko 11,199,955 0.25809,800 AMEC 9,620,424 0.21736,393 Anite 472,764 0.01

1,163,883 Ashtead Group 2,395,271 0.05248,556 Atkins (WS) 1,756,048 0.04871,125 Babcock International Group 5,383,553 0.12259,315 Brammer 780,538 0.02806,649 Bunzl 5,993,402 0.13

1,493,899 Capita Group 10,950,280 0.24980,229 Carillion 3,804,269 0.08396,705 Connaught* — —420,439 Davis Service Group 2,035,345 0.04243,580 De La Rue 1,924,282 0.04



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Support Services — (cont.)282,059 Diploma 932,205 0.02

1,082,391 Electrocomponents 2,882,407 0.06418,645 Fiberweb 330,730 0.01480,064 Filtrona 1,445,473 0.03

3,439,749 G4S 8,977,745 0.203,463,312 Hays 4,166,364 0.09798,601 Homeserve 3,667,176 0.0882,762 Hyder Consulting 306,385 0.01330,693 Interserve 896,178 0.02386,900 Intertek Group 8,051,389 0.18407,249 Lavendon Group 386,887 0.01

1,173,282 Management ConsultingGroup 412,995 0.01

52,097 Management ConsultingGroup (Warrants 31/12/2011) 6,877 —

221,603 Mears Group 546,695 0.01109,260 Menzies (John) 570,337 0.01750,516 Michael Page International 4,064,044 0.09869,840 Mitie Group 1,737,070 0.04274,026 Mouchel Parkman 210,178 —112,798 PayPoint 469,465 0.01925,111 Premier Farnell 2,538,505 0.06

4,361,837 Rentokil Initial 3,964,910 0.09125,025 Ricardo 429,086 0.01190,560 Robert Walters 600,264 0.01537,599 RPS Group 1,147,236 0.03

1,194,371 Serco Group 6,592,928 0.14923,446 Shanks Group 1,067,504 0.02

1,484,592 SIG 2,161,566 0.051,262,060 Speedy Hire 368,522 0.01248,823 St. Ives 248,823 0.01220,819 SThree 945,989 0.02587,765 Travis Perkins 6,206,798 0.13150,806 Tribal Group 55,044 —49,284 Vp 113,353 —155,521 WSP Group 558,631 0.01569,491 Xchanging 462,427 0.01

123,838,317 2.71

Automobiles & Parts— 0.17% (0.15%)

3,787,282 GKN 7,972,229 0.17

Beverages — 3.13% (3.04%)92,553 Barr (AG) 1,160,615 0.03595,074 Britvic 2,415,405 0.05

6,144,695 Diageo 74,105,022 1.622,903,374 SABMiller 65,572,702 1.43

143,253,744 3.13

Food Producers— 1.92% (1.92%)

48,936 Anglo-Eastern Plantations 338,637 0.01967,451 Associated British Foods 9,703,534 0.21

3,752,027 Booker Group 2,254,968 0.05118,379 Cranswick 906,783 0.02329,391 Dairy Crest Group 1,194,372 0.03404,971 Devro 1,182,920 0.02



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Food Producers — (cont.)248,564 Greggs 1,283,833 0.0381,359 Hilton Food Group 215,601 —

1,195,621 Northern Foods 866,825 0.025,685,658 Premier Foods 1,700,012 0.04

58,000 R.E.A. Holdings 429,200 0.0185,672 Robert Wiseman Dairies 283,574 0.01

1,141,898 Tate & Lyle 6,714,360 0.153,195,506 Unilever 60,650,704 1.32

87,725,323 1.92

Household Goods & HomeConstruction — 1.67% (1.81%)

2,400,785 Barratt Developments 2,621,657 0.06303,031 Bellway 2,181,823 0.05321,701 Berkeley Group 3,406,814 0.07302,532 Bovis Homes Group 1,296,652 0.03202,387 Headlam Group 597,042 0.01417,977 McBride 593,527 0.01748,791 Persimmon 3,463,158 0.08

1,767,947 Reckitt Benckiser Group 58,006,341 1.27772,429 Redrow Group 947,770 0.02

7,803,887 Taylor Wimpey 3,051,320 0.07

76,166,104 1.67

Leisure Goods — 0.03% (0.04%)99,742 Hornby 112,210 —721,239 Pace 1,121,527 0.03

1,233,737 0.03

Personal Goods — 0.32% (0.44%)1,056,834 Burberry Group 12,724,281 0.28536,621 PZ Cussons 1,832,024 0.04

14,556,305 0.32

Tobacco — 3.80% (3.82%)4,871,382 British American Tobacco 124,609,952 2.732,480,874 Imperial Tobacco 48,972,453 1.07

173,582,405 3.80

Health Care Equipment &Services — 0.38% (0.33%)

75,249 Consort Medical 420,266 0.01122,090 Optos 228,308 —

2,167,601 Smith & Nephew 15,422,481 0.34481,702 Southern Cross Healthcare 61,176 —134,153 Synergy Healthcare 1,118,836 0.03

17,251,067 0.38

Pharmaceuticals &Biotechnology — 6.25% (7.10%)

3,395,707 AstraZeneca 98,679,245 2.16122,213 Axis-Shield 397,192 0.01781,616 BTG 1,820,384 0.04161,853 Dechra Pharmaceuticals 801,982 0.02145,132 Genus 1,377,303 0.03

12,652,968 GlaxoSmithKline 153,796,826 3.37



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Pharmaceuticals &Biotechnology — (cont.)

363,650 Hikma Pharmaceuticals 2,707,374 0.062,193,255 Oxford Biomedica 122,822 —420,333 Prostrakan Group 543,070 0.01438,920 Renovo Group 62,546 —

1,366,321 Shire 24,675,757 0.54449,475 Sinclair Pharma 164,058 —795,091 Vectura 486,596 0.01

285,635,155 6.25

Food & Drug Retailers— 2.48% (2.90%)

6,489,047 Morrison (Wm) Supermarkets 18,247,200 0.401,014,940 Ocado Group 2,303,914 0.054,557,333 Sainsbury (J) 15,267,066 0.33

76,053 SuperGroup 1,132,429 0.0319,385,684 Tesco 76,050,038 1.67

205,001 Thorntons 157,851 —

113,158,498 2.48

General Retailers— 1.45% (1.58%)

536,683 Ashley (Laura) Holdings 110,020 —516,566 Brown (N) Group 1,394,728 0.03125,204 Carpetright 862,656 0.02341,867 Clinton Cards 67,348 —

3,154,892 Debenhams 1,981,272 0.04132,052 Dignity 942,191 0.02

9,136,600 DSG International 1,096,392 0.02184,633 Dunelm Group 769,550 0.02

3,894,558 Findel 233,673 0.01165,000 French Connection Group 167,805 —

1,525,789 Galiform Furniture 1,679,894 0.04845,542 Game Group 432,918 0.01518,655 Halfords Group 1,912,281 0.04

1,091,168 HMV Group 127,667 —2,045,870 Home Retail Group 4,343,382 0.101,118,099 Inchcape 4,144,793 0.09

56,940 JD Sports Fashion 495,093 0.011,299,733 Kesa Electricals 1,475,197 0.035,717,844 Kingfisher 15,055,083 0.33761,725 Lookers 434,183 0.01

3,872,944 Marks & Spencer Group 13,938,725 0.31223,575 Mothercare 882,451 0.02440,090 Next 9,285,899 0.20

1,615,205 Pendragon 366,652 0.01687,040 Photo-Me International 276,190 0.01646,526 Sports Direct International 1,216,115 0.0372,556 Ted Baker 473,428 0.01352,402 Topps Tiles 239,633 0.01369,010 WH Smith 1,638,404 0.03

66,043,623 1.45

Media — 2.06% (1.97%)3,247,131 Aegis Group 4,692,104 0.10173,427 Bloomsbury Publishing 226,322 —

3,214,658 BSkyB 26,633,442 0.58



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Media — (cont.)320,316 Centaur Holdings 164,963 —232,064 Chime Communications 614,970 0.01676,519 Daily Mail & General Trust (A) 3,377,859 0.0792,931 Euromoney Institutional Investor 657,487 0.02547,217 Huntsworth 384,146 0.01633,878 ITE Group 1,578,990 0.04

9,473,462 ITV 7,474,562 0.161,745,436 Johnston Press 139,635 —262,576 Mecom Group 750,967 0.02551,758 Moneysupermarket.com 489,409 0.01

1,991,354 Pearson 22,283,251 0.493,005,508 Reed Elsevier 16,319,908 0.36290,047 Rightmove 2,767,048 0.06437,353 Smiths News 371,750 0.01636,270 Trinity Mirror 299,047 0.01608,622 United Business Media 3,755,198 0.08199,269 UTV Media 273,397 0.01216,374 Wilmington Group 326,725 0.01

5,803,177 Yell Group 406,222 0.01

93,987,402 2.06

Travel & Leisure — 2.35% (2.61%)263,067 888 Holdings 124,957 —288,175 Arena Leisure 79,248 —236,120 Avis Europe 453,114 0.01123,900 Betfair Group 1,276,170 0.03

1,114,450 Bwin.Party DigitalEntertainment 2,167,605 0.05

521,850 Carnival 12,994,065 0.28346,145 Cineworld 703,367 0.02

4,600,590 Compass Group 25,602,283 0.56354,614 Domino's Pizza UK & Ireland 1,473,067 0.03796,045 easyJet 2,678,691 0.06

1,202,935 Enterprise Inns 1,041,742 0.021,194,430 FirstGroup 3,840,092 0.08

64,000 Flybe Group 160,000 —78,292 Fuller Smith & Turner 470,143 0.0199,534 Go-Ahead Group 1,301,905 0.03530,146 Greene King 2,355,969 0.05740,496 Hogg Robinson Group 429,488 0.01182,571 Holidaybreak 571,812 0.01713,799 InterContinental Hotels 8,979,591 0.20

2,294,641 Ladbrokes 2,983,033 0.071,273,403 Marston's 1,227,560 0.03375,104 Millennium & Copthorne Hotels 1,913,030 0.04

1,009,561 Mitchells & Butlers 3,049,884 0.071,324,188 National Express 3,297,228 0.07334,816 Northgate 1,052,662 0.02134,824 PartyGaming 262,233 0.01

1,522,369 Punch Taverns 1,210,283 0.03892,619 Rank Group 1,326,432 0.03440,949 Restaurant Group 1,341,367 0.03365,198 Sportech 144,984 —

1,117,317 Sportingbet 586,591 0.011,790,785 Stagecoach 3,859,142 0.082,024,374 Thomas Cook 3,522,411 0.081,366,794 Tui Travel 3,225,634 0.07



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Travel & Leisure — (cont.)328,268 Wetherspoon (JD) 1,372,160 0.03433,446 Whitbread 7,268,889 0.16

1,713,968 William Hill 3,100,568 0.07

107,447,400 2.35

Fixed Line Telecommunications— 1.01% (0.93%)

18,860,411 BT Group 36,023,385 0.796,623,089 Cable & Wireless

Communications 3,033,375 0.076,632,643 Cable & Wireless Worldwide 3,362,750 0.071,261,562 KCOM Group 753,153 0.021,640,929 TalkTalk Telecom Group 2,313,710 0.05121,660 Telecom Plus 564,137 0.01

46,050,510 1.01

Mobile Telecommunications— 5.09% (5.05%)

1,113,196 Inmarsat 6,946,343 0.15126,646,738 Vodafone Group 225,051,253 4.93

121,216 Volex Group 357,830 0.01

232,355,426 5.09

Electricity — 1.00% (1.03%)896,927 Drax Group 3,768,887 0.08448,055 eaga 529,601 0.01

3,701,945 International Power 11,831,416 0.262,306,828 Scottish & Southern Energy 29,711,945 0.65

45,841,849 1.00

Gas, Water & Multiutilities— 2.58% (2.66%)

12,571,456 Centrica 40,555,517 0.898,557,221 National Grid 50,530,390 1.11953,199 Northumbrian Water Group 3,127,446 0.07890,125 Pennon Group 5,572,183 0.12576,276 Severn Trent 8,304,137 0.18

1,645,676 United Utilities 9,684,803 0.21

117,774,476 2.58

Banks — 11.97% (13.29%)29,720,101 Barclays 87,585,138 1.9242,964,587 HSBC Holdings 284,898,176 6.2397,997,361 Lloyds Banking Group 60,758,364 1.3342,479,165 Royal Bank of Scotland 18,308,520 0.405,688,942 Standard Chartered 95,460,447 2.09

547,010,645 11.97

Nonlife Insurance— 0.62% (0.63%)

491,000 Admiral Group 7,983,660 0.171,226,642 Amlin 4,809,663 0.101,339,074 Chaucer Holdings 729,795 0.02187,215 CPP Group 278,576 0.01389,916 Jardine Lloyd Thompson Group 2,762,555 0.06



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Nonlife Insurance — (cont.)154,010 Novae Group 566,757 0.01

8,499,128 RSA Insurance Group 11,414,329 0.25

28,545,335 0.62

Life Insurance — 2.78% (2.69%)6,843,877 Aviva 30,817,978 0.68268,651 Chesnara 677,001 0.01

14,326,338 Legal & General Group 17,205,932 0.3813,236,706 Old Mutual 18,796,123 0.416,157,201 Prudential 45,655,645 1.00479,155 St. James's Place Capital 1,632,002 0.04

5,581,047 Standard Life 12,027,156 0.26

126,811,837 2.78

Real Estate Investment &Services — 0.31% (0.28%)

1,542,559 Capital & Counties Properties 2,588,414 0.06864,034 Capital & Regional 341,293 0.0158,045 CLS Holdings 372,649 0.0111,092 Daejan Holdings 295,935 0.01341,783 Development Securities Capital 774,822 0.02246,367 DTZ Holdings 68,983 —772,971 Grainger Trust 819,349 0.02

1,110,072 Hansteen Holdings 975,753 0.02254,100 Helical Bar 701,570 0.02195,743 ISIS Property Trust 2 160,509 —

1,117,692 London & Stamford Property 1,458,588 0.03202,806 LSL Property Services 496,875 0.01463,059 Metric Property Investments 504,734 0.01418,533 Minerva 374,587 0.01291,948 MWB Group Holdings 116,779 —

1,393,507 Quintain Estates & Development 643,800 0.01354,350 Safestore 541,092 0.01321,019 Savills 1,213,131 0.03384,314 St. Modwen Properties 665,248 0.01408,573 Unite Group 872,303 0.02

2,582,775 Wichford 164,781 —

14,151,195 0.31

Real Estate Investment Trusts—1.29% (1.23%)

308,012 Big Yellow Group 1,029,068 0.022,165,890 British Land Co 12,074,837 0.261,587,317 Capital Shopping Centres 6,207,997 0.14261,026 Derwent London 4,403,509 0.10787,370 Great Portland Estates 3,069,168 0.07

1,694,345 Hammerson 7,685,549 0.171,869,431 Land Securities Group 13,936,608 0.31

81,553 McKay Securities 93,786 —53,961 Mucklow (A&J) Group 162,531 —147,436 Primary Health Properties 476,955 0.01

1,821,500 SEGRO 5,890,731 0.13589,467 Shaftesbury 2,840,052 0.0689,390 Town Centre Securities 169,841 —

3,066,529 Workspace Group 843,295 0.02

58,883,927 1.29



14

Financial Services— 1.88% (1.77%)

2,371,124 3i Group 6,757,703 0.152,802,347 Aberdeen Asset Management 6,002,627 0.13700,262 Ashmore Group 2,495,034 0.05536,260 Brewin Dolphin 915,932 0.023,462 Camellia 325,428 0.0191,968 Charles Taylor Consulting 139,791 —60,992 City of London Investment

Group 247,140 0.01351,198 Close Brothers Group 2,839,436 0.06676,080 Collins Stewart Tullett 571,288 0.01536,256 Evolution Group 404,873 0.01

1,310,914 F&C Asset Management 994,984 0.02549,594 Hargreaves Lansdown 3,380,003 0.07674,343 Helphire Group 87,665 —

1,634,596 ICAP 8,908,548 0.19892,379 IG Group 4,041,584 0.09971,197 Intermediate Capital Group 3,228,259 0.07641,640 International Personal Finance 2,168,102 0.05

1,327,153 Investec 6,595,950 0.14606,591 IP Group 306,328 0.01539,356 Jupiter Fund Management 1,560,357 0.03486,400 Leo Capital 286,976 0.01500,457 London Stock Exchange 4,346,469 0.09

4,524,580 Man Group 11,315,975 0.25736,661 Paragon Group 1,276,634 0.03329,214 Provident Financial 3,206,544 0.0799,273 Rathbone Brothers 1,171,421 0.03802,636 RSM Tenon Group 298,581 0.01415,510 Schroders 7,657,849 0.17150,307 Schroders (Non-voting) 2,200,494 0.05528,571 Tullett Prebon 2,272,855 0.05

86,004,830 1.88

Equity Investment Instruments— 2.68% (2.61%)

1,479,344 3I Infrastructure 1,745,626 0.04306,307 Aberdeen Asian Income Fund 495,452 0.0180,626 Aberdeen Asian Smaller

Companies Investment Trust 499,881 0.0155,464 Aberdeen New Dawn

Investment Trust 481,705 0.01257,054 Aberforth Smaller Companies

Trust 1,692,701 0.04341,000 AcenciA Debt Strategies 293,260 0.01

1,614,728 Alliance Trust 5,997,100 0.1391,301 Artemis Alpha Trust 296,728 0.01144,256 Baillie Gifford Japan Trust 258,940 0.01265,477 Bankers Investment Trust 1,104,650 0.0287,966 Baring Emerging Europe 849,312 0.02721,593 British Assets Trust 977,759 0.02389,671 British Empire Securities &

General Trust 1,961,993 0.0485,378 Brunner Investment Trust 348,556 0.01107,360 Caledonia Investments 1,868,064 0.0453,889 Candover Investments 330,070 0.01150,860 City Merchants High Yield Trust 257,971 0.01



15

Equity Investment Instruments— (cont.)

147,373 City Natural Resources HighYield Trust 501,437 0.01

504,783 City of London Investment Trust 1,485,072 0.03176,404 Dexion Equity Alternative 197,572 —67,315 Dunedin Enterprise Investment

Trust 220,793 —363,007 Dunedin Income Growth

Investment Trust 816,766 0.02101,546 Eastern European Trust 341,195 0.01491,142 Ecofin Water & Power

Opportunities 601,649 0.01479,018 Edinburgh Dragon Trust 1,178,863 0.03468,230 Edinburgh Investment Trust 2,115,931 0.05255,833 Edinburgh UK Tracker Trust 688,191 0.0286,222 Edinburgh US Tracker Trust 560,012 0.01121,176 Edinburgh Worldwide

Investment Trust 370,193 0.0187,236 Electra Investment Trust 1,456,841 0.03144,422 Electric & General Investment

Trust 677,339 0.01195,882 F&C Capital and Income

Investment Trust 442,693 0.01113,905 F&C Eurotrust 680,013 0.01

1,527,593 F&C Investment Trust 4,770,673 0.10122,088 F&C Private Equity Trust 189,236 —100,781 F&C Smaller Companies 562,358 0.0146,804 F&C US Smaller Companies 216,703 —144,116 Fidelity Asian Values 292,195 0.01

1,607,387 Fidelity China Special Situations 1,809,918 0.04120,406 Fidelity European Values 1,466,545 0.03138,933 Fidelity Special Values 798,865 0.02156,345 Finsbury Emerging

Biotechnology Trust 258,751 0.01119,591 Finsbury Growth & Income Trust 384,485 0.01156,618 Finsbury Worldwide

Pharmaceutical Trust 1,075,966 0.0249,200 Gartmore European Investment

Trust 311,928 0.0143,499 Gartmore Fledgling Trust 205,533 —95,426 Gartmore Global Trust 328,265 0.01310,698 Glasgow Income Trust 157,679 —382,902 Goldman Sachs Dynamic

Opportunities Fund 364,714 0.01216,773 Graphite Enterprise Trust 784,718 0.025,437 Hansa Trust 51,923 —43,146 Hansa Trust (A) 405,141 0.0159,531 Henderson EuroTrust 335,160 0.01198,662 Henderson High Income Trust 251,307 0.01182,622 Henderson Smaller Companies

Investment Trust 567,041 0.01444,027 Henderson TR Pacific

Investment Trust 856,972 0.02195,789 Herald Investment Trust 1,022,998 0.0274,995 HG Capital Trust 805,446 0.0214,799 HG Capital Trust

(Subscription Shares) 20,423 —1,466,636 HSBC Infrastructure 1,729,164 0.04



16


487,470 Impax Asian EnvironmentalMarkets Trust 548,404 0.01

778,940 Impax Environmental MarketsTrust 965,886 0.02

953,844 ING UK Real Estate Income Trust 498,383 0.01202,114 Invesco Asia Trust 328,435 0.01140,132 Invesco Income Growth Trust 270,104 0.01167,252 Invesco Perpetual UK Smaller

Companies Investment Trust 326,141 0.01793,877 Invista Foundation Property

Trust 299,689 0.01104,308 JPMorgan American

Investment Trust 929,906 0.02419,906 JPMorgan Asian Investment

Trust 1,000,216 0.02176,660 JPMorgan Chinese Investment

Trust 284,864 0.01133,803 JPMorgan Claverhouse

Investment Trust 624,191 0.01280,410 JPMorgan Emerging Markets

Investment Trust 1,692,274 0.04106,774 JPMorgan European Fledgeling

Investment Trust 1,005,811 0.02298,921 JPMorgan European Investment

Trust 581,401 0.01199,424 JPMorgan Global Emerging

Markets Income Trust 235,320 —280,467 JPMorgan Indian Investment

Trust 1,245,273 0.03386,848 JPMorgan Japanese Investment

Trust 633,464 0.0191,597 JPMorgan Japanese Smaller

Companies Investment Trust 119,076 —240,624 JPMorgan Mercantile

Investment Trust 2,634,833 0.0662,353 JPMorgan Mid Cap Investment

Trust 275,133 0.0161,770 JPMorgan Overseas Investment

Trust 550,062 0.01132,888 JPMorgan Russian Securities 965,431 0.0249,395 JPMorgan Smaller Companies

Investment Trust 254,384 0.01194,588 Jupiter European Opportunities

Trust 569,170 0.0132,470 Keystone Investment Trust 378,600 0.01286,875 Law Debenture 990,006 0.0264,729 Lowland Investment Company 539,840 0.0159,353 Majedie Investments 107,577 —21,908 Manchester & London

Investment Trust 87,632 —105,204 Martin Currie Pacific Trust 282,473 0.01294,789 Martin Currie Portfolio

Investment Trust 367,749 0.01417,512 MedicX Fund 311,046 0.01254,090 Merchants Trust 1,055,236 0.02107,177 Merrill Lynch British Smaller

Companies Trust 573,933 0.01



17


186,618 Merrill Lynch CommoditiesIncome 302,321 0.01

194,414 Merrill Lynch Greater EuropeInvestment Trust 400,493 0.01

120,281 Merrill Lynch Latin AmericanInvestment Trust 882,863 0.02

589,330 Merrill Lynch New EnergyTechnology 246,045 —

428,363 Merrill Lynch World Mining Trust 3,431,188 0.08639,291 Monks Investment Trust 2,291,219 0.0582,654 Montanaro UK Smaller

Companies Investment Trust 290,116 0.01343,404 Morant Wright Japan Income

Trust* — —158,565 Murray Income Trust 1,010,852 0.02255,049 Murray International Trust 2,389,809 0.05160,118 New India Investment Trust 398,694 0.0165,248 New Star Investment Trust 49,262 —35,882 North Atlantic Smaller

Companies Investment Trust 394,702 0.01311,514 Pacific Assets Trust 394,065 0.01184,228 Pacific Horizon Investment Trust 305,818 0.0189,697 Pantheon International

Participations Fund 654,788 0.01487,494 Perpetual Income & Growth

Investment Trust 1,245,547 0.032,220 Personal Assets Trust 688,200 0.02

311,355 Polar Capital Technology Trust 1,105,310 0.02379,736 RIT Capital Partners 5,012,515 0.11339,634 Schroder Asia Pacific Fund 755,006 0.02163,355 Schroder Income Growth Fund 322,626 0.01287,891 Schroder Japan Growth Fund 241,828 —379,156 Schroder Oriental Income Fund 582,004 0.01367,680 Schroder UK Growth Fund 496,368 0.0179,666 Schroder UK Mid & Small

Cap Fund 208,526 —350,963 Scottish American Investment

Trust 861,614 0.02290,525 Scottish Investment Trust 1,472,962 0.03632,425 Scottish Mortgage & Trust 4,695,756 0.1075,594 Scottish Oriental Smaller

Companies Trust 442,225 0.01245,776 Securities Trust of Scotland 266,667 0.0165,248 Shires Income 123,971 —93,524 Standard Life Equity Income

Trust 288,522 0.01188,329 Standard Life European Private

Equity Trust 297,560 0.01233,804 Standard Life Investment

Property Income Trust 154,895 —147,382 Standard Life UK Smaller

Companies Trust 316,503 0.01784,695 SVG Capital 1,990,771 0.04117,723 SVM Global Fund 353,169 0.0199,755 SVM UK Active Fund 183,799 —142,532 Temple Bar Investment Trust 1,288,489 0.03



18


809,823 Templeton Emerging MarketsInvestment Trust 5,498,698 0.12

372,252 Thames River Multi HedgePCC 462,523 0.01

181,728 Throgmorton Trust 355,733 0.01136,280 TR European Growth Trust 600,654 0.01631,534 TR Property Investment Trust 1,123,499 0.02308,979 TR Property Investment Trust

(SIGMA) 262,323 0.011,007,878 UK Commercial Property Trust 818,901 0.02133,382 Value & Income Trust 250,758 —477,143 Witan Investment Trust 2,488,301 0.05162,827 Witan Pacific Investment Trust 332,981 0.01

122,381,817 2.68

Nonequity InvestmentInstruments — 0.00% (0.00%)

198,415 Polar Capital Global HealthcareGrowth & Income Trust 200,399 —

62,271 Polar Capital Technology Trust 15,568 —

215,967 0.00

Software & Computer Services— 1.03% (1.20%)

131,250 Alterian 214,200 —589,856 Autonomy 9,520,276 0.21169,476 Aveva Group 2,803,133 0.06299,864 Computacenter 1,365,581 0.03208,404 Dicom Group 1,086,827 0.0289,257 Fidessa Group 1,606,626 0.04

2,156,163 Innovation Group 355,767 0.011,969,977 Invensys 6,741,261 0.15209,422 Kewill Systems 208,375 —

3,896,668 LogicaCMG 5,026,702 0.11513,960 Micro Focus International 1,688,359 0.04755,898 Misys 2,546,620 0.0682,753 NCC Group 471,692 0.01138,705 Phoenix IT Group 301,267 0.01227,553 RM 329,952 0.01

3,196,142 Sage Group 8,936,413 0.19195,138 SDL 1,290,838 0.03493,666 Telecity 2,549,785 0.05

47,043,674 1.03

Technology Hardware &Equipment — 0.60% (0.47%)

3,248,051 ARM Holdings 19,114,780 0.42444,209 CSR 1,708,428 0.04643,236 Imagination Technologies 2,887,486 0.06247,931 Promethean World 150,494 —319,858 Psion 302,906 0.01

1,691,012 Spirent Communications 2,325,142 0.05293,159 Wolfson Microelectronics 740,226 0.02

27,229,462 0.60



19

Futures — 0.01% (0.01%)260 FTSE 100 Index Future

Expiry June 2011 611,475 0.01

AUSTRALIA — 0.09% (0.11%)

Industrial Metals & Mining— 0.01% (0.01%)

995,159 International Ferro Metals(UK Listing) 268,693 0.01

Mining — 0.08% (0.10%)2,557,161 Centamin Egypt 3,733,455 0.08

BERMUDA — 0.30% (0.30%)

Mining — 0.09% (0.09%)1,158,672 Aquarius Platinum 4,230,311 0.09


897,791 Catlin Group 3,416,993 0.07129,038 Hardy Underwriting Bermuda 361,306 0.01917,502 Hiscox 3,652,575 0.08374,866 Lancashire Holdings 2,386,022 0.05

9,816,896 0.21

BELGIUM — 0.01% (0.01%)

Industrial Engineering— 0.01% (0.01%)

1,225,942 Hansen TransmissionsInternational 612,971 0.01

BRITISH VIRGIN ISLANDS— 0.08% (0.08%)

Mining — 0.02% (0.02%)345,317 Gem Diamonds 978,283 0.02

Life Insurance — 0.06% (0.06%)412,855 Phoenix Group 2,737,229 0.06

CAYMAN ISLANDS— 0.00% (0.02%)



4,197 BH Macro 60,109 —

CHANNEL ISLANDS— 2.29% (1.84%)

Real Estate Investment &Services — 0.03% (0.02%)

943,386 Assura Group 436,316 0.011,416,650 Raven Russia 927,906 0.02

1,364,222 0.03



20

Construction & Materials— 0.33% (0.00%)

688,432 Wolseley 14,877,016 0.33

General Industrials— 0.07% (0.07%)

407,266 Charter International 3,239,801 0.07

Support Services— 0.46% (0.43%)

2,438,221 Experian Group 19,005,933 0.421,758,698 Regus 2,047,124 0.04

21,053,057 0.46

Media — 0.66% (0.66%)1,365,018 Informa 5,898,243 0.13114,547 Tarsus Group 164,089 —

3,081,275 WPP 24,218,822 0.53

30,281,154 0.66


1,257,602 Beazley 1,594,639 0.03


2,501,941 Henderson Group 4,288,327 0.093,539,331 Resolution 10,879,903 0.24

15,168,230 0.33


493,766 Absolute Return Trust 566,596 0.01157,800 Advance Developing Markets

Fund 776,376 0.02470,889 Alternative Investment

Strategies Hedged 521,510 0.011,173,922 Babcock & Brown 1,335,923 0.03114,226 BH Global 1,216,507 0.03161,152 BH Macro 2,710,577 0.05149,024 Cazenove Absolute Equity 165,417 —

1,233,932 Close AllBlue Fund 2,112,492 0.051,137,122 Dexion Absolute 1,673,844 0.04260,346 Dexion Trading 318,924 0.01

1,175,770 F&C Commercial PropertyTrust 1,213,395 0.03

348,817 Genesis Emerging MarketsFund 1,901,053 0.04

230,376 Henderson Far East Income 730,868 0.01604,192 John Laing Infastructure Fund 629,870 0.01360,023 ING Global Real Estate 316,820 0.0190,321 ISIS Property Trust 84,676 —114,550 JZ Capital Partners 471,087 0.01372,098 Ruffer 759,080 0.02

17,505,015 0.38



21

FINLAND — 0.06% (0.05%)

Industrial Metals & Mining— 0.06% (0.05%)

443,755 Talvivaara Mining 2,595,523 0.06

IRELAND — 0.06% (0.02%)

Mining — 0.06% (0.02%)5,633,323 Kenmare Resources 2,622,312 0.06

Nonequity InvestmentInstruments — 0.00% (0.00%)

1,477 Marshall Wace DevelopedEurope TOPS Fund E EUR (Acc) 133,843 —

1,787 Marshall Wace DevelopedEurope TOPS Fund E GBP (Acc) 184,586 —

318,429 0.00

ISLE OF MAN — 0.02% (0.02%)


179,145 Hardy Oil & Gas 351,482 0.01

Life Insurance — 0.01% (0.01%)171,617 Hansard Global 269,868 0.01

ISRAEL — 0.00% (0.00%)

Software & Computer Services— 0.00% (0.00%)

346,357 Emblaze 210,412 —

Technology Hardware &Equipment — 0.00% (0.00%)

727,858 BATM AdvancedCommunications 152,850 —

LUXEMBOURG — 0.06% (0.02%)

Chemicals — 0.03% (0.00%)461,137 AZ Electronic Materials 1,268,127 0.03

Fixed Line Telecommunications— 0.03% (0.02%)

856,706 Colt Telecom 1,287,629 0.03


522,809 Invista European Real EstateTrust 142,465 —

NETHERLANDS — 0.00% (0.05%)

Nonlife Insurance — 0.00%(0.05%)

SINGAPORE — 0.02% (0.01%)

Electronic & ElectricalEquipment — 0.02% (0.01%)

37,827 XP Power 692,234 0.02

SOUTH AFRICA — 0.01% (0.00%)

Mining — 0.01% (0.00%)457,411 Namakwa Diamonds 237,854 0.01



22

SPAIN — 0.21% (0.00%)

Travel & Leisure— 0.21% (0.00%)

4,398,228 International ConsolidatedAirlines Group 9,759,668 0.21

UKRAINE — 0.00% (0.00%)


340,000 Cadogan Petroleum 165,580 —

UNITED ARAB EMIRATES— 0.05% (0.04%)


221,523 Exillon Energy 1,008,151 0.02

Oil Equipment, Services &Distribution — 0.03% (0.03%)

355,211 Lamprell 1,300,428 0.03

UNITED STATES— 0.00% (0.00%)

Industrial Transportation— 0.00% (0.00%)

87,965 Goldenport Holdings 95,178 —

Portfolio of investments 4,522,899,468 98.98

Net other assets 46,493,016 1.02

Net assets £4,569,392,484 100.00%

These are delisted securities and have been valued at the Manager’s bestassessment of their fair value.

Total purchases for the period £170,204,332.

Total sales for the period £179,287,821.



*

23

Statement of Total Returnfor the period ended 6 April 2011

06/04/11 06/04/10£ £ £ £

Income

Net capital gains 300,171,753 485,823,098

Revenue 63,186,383 62,812,747

Expenses (9,165,861) (8,054,682)

Finance costs: Interest — —

Net revenuebefore taxation 54,020,522 54,758,065

Taxation (6,214) (737,176)

Net revenue aftertaxation for the period 54,014,308 54,020,889

Total returnbefore distributions 354,186,061 539,843,987

Finance costs:Distributions (54,014,308) (54,020,889)

Change in net assetsattributable to Unitholdersfrom investment activities £300,171,753 £485,823,098

Statement of Change in Net Assets attributable toUnitholders for the period ended 6 April 2011

06/04/11 06/04/10£ £ £ £

Opening net assetsattributable to Unitholders 4,278,361,732 3,683,472,019

Amounts receivedon creation of units 218,865,332 196,067,714

In-specie creations — 12,919,218

Amounts paid oncancellation of units (258,323,515) (137,873,350)

(39,458,183) 71,113,582

Stamp Duty Reserve Tax (739,751) (850,903)

Change in net assetsattributable to Unitholdersfrom investment activities 300,171,753 485,823,098

Retained distributionon accumulation units 31,052,857 30,696,240

Unclaimed distributions 4,076 4,001

Closing net assetsattributable to Unitholders £4,569,392,484 £4,270,258,037

The difference between the opening net assets and the comparativeclosing net assets is the movement in the second half of the year.

Financial Statements

Balance Sheet as at 6 April 2011

06/04/11 06/10/10

£ £ £ £

ASSETS

Investment assets 4,522,899,468 4,231,847,334

Debtors 22,988,207 12,211,762

Cash and bankbalances 52,162,064 63,452,899

Amount held atbroker houses 349,279 875,941

Total other assets 75,499,550 76,540,602

Total assets 4,598,399,018 4,308,387,936

LIABILITIES

Investment liabilities — —

Creditors (4,411,783) (4,808,435)

Bank overdrafts (2,346,219) —

Distribution payableon distribution units (22,248,532) (25,217,769)

Total other liabilities (29,006,534) (30,026,204)

Total liabilities (29,006,534) (30,026,204)

Net assets attributableto Unitholders £4,569,392,484 £4,278,361,732

24

Financial Statements continued

25

Notes to the Financial Statements

(1) Accounting policiesThe 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 financial statements have been prepared on the basis ofthe accounting policies set out in the most recent annualfinancial statements (6 October 2010).

As at 6 April 2010, the financial statements were prepared inaccordance with the Statement of Recommended Practicefor Authorised Funds issued by the IMA in November 2008.

There has been no impact on the financial statementsdisclosure for the period.

26

Distribution Information

R-ClassThe distribution payable on 6 June 2011 is 1.3832p net per unitfor distribution units and 1.9634p net per unit for accumulationunits.

I-ClassThe distribution payable on 6 June 2011 is 1.5784p net per unitfor distribution units and 2.2789p net per unit for accumulationunits.

L-ClassThe distribution payable on 6 June 2011 is 1.7032p net per unitfor distribution units.

Total Expense Ratios6 Apr 11 6 Oct 10

R-Class 0.56% R-Class 0.56%I-Class 0.24% I-Class 0.24%L-Class 0.04% L-Class 0.04%

The Total Expense Ratio is the ratio of the Trust’s operatingcosts (excluding overdraft interest) to the average net assets ofthe Trust.

Trust Facts

27

Performance Record

Net Asset Values

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

6 Oct 08R-ClassDistribution Units £754,848,287 92.54p 815,714,320Accumulation Units £1,123,463,788 123.59p 908,993,206

I-ClassDistribution Units £286,479,888 92.52p 309,636,434Accumulation Units £568,423,559 124.81p 455,420,734

L-ClassDistribution Units £295,321,152 92.51p 319,248,233

6 Oct 09R-ClassDistribution Units £879,442,329 104.68p 840,119,848Accumulation Units £1,399,689,844 144.86p 966,266,017

I-ClassDistribution Units £381,142,488 104.67p 364,145,395Accumulation Units £658,946,199 146.74p 449,052,087

L-ClassDistribution Units £364,251,159 104.67p 348,003,779

6 Oct 10R-ClassDistribution Units £965,109,597 117.13p 823,963,487Accumulation Units £1,606,750,919 166.27p 966,363,527I-ClassDistribution Units £429,791,979 117.14p 366,910,547Accumulation Units £927,368,438 168.96p 548,856,713L-ClassDistribution Units £349,340,799 117.15p 298,190,207

6 Apr 11R-ClassDistribution Units £1,017,682,483 125.42p 811,422,674Accumulation Units £1,716,757,061 179.89p 954,347,060I-ClassDistribution Units £461,664,092 125.45p 368,002,402Accumulation Units £989,306,153 183.08p 540,353,742L-ClassDistribution Units £383,982,695 125.39p 306,230,991

Past performance is not a guide to future performance.

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

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

Unit Price Range and Net RevenueR-Class Units

Highest Lowest NetYear Offer Bid Revenue

Distribution Units2006 129.60p 111.60p 3.2629p

2007 139.80p 121.50p 3.5018p

2008 132.90p 75.57p 3.9826p

2009 112.10p 72.18p 3.2625p

2010 124.30p 100.70p 3.0299p

2011(1) 127.70p 117.90p 1.3832p

Accumulation Units2006 162.30p 137.90p 3.9940p

2007 177.20p 154.10p 4.4048p

2008 170.80p 100.90p 5.1944p

2009 155.10p 96.40p 4.4136p

2010 176.50p 141.00p 4.2186p

2011(1) 181.30p 167.40p 1.9634p

I-Class Units



2007 140.00p 121.70p 3.9083p

2008 133.00p 74.85p 4.3766p

2009 112.20p 71.57p 3.5554p

2010 125.40p 101.70p 3.3860p

2011(1) 128.00p 118.10p 1.5784p

Accumulation Units2006 163.10p 139.50p 4.4639p

2007 178.30p 155.00p 4.9467p

2008 172.00p 101.00p 5.7132p

2009 157.30p 96.53p 4.8717p

2010 180.90p 144.50p 4.7773p

2011(1) 184.60p 170.30p 2.2789p

L-Class Units



2007 140.30p 121.80p 4.1744p

2008 133.20p 74.85p 4.6230p

2009 111.70p 71.62p 3.7259p

2010 125.50p 101.70p 3.6094p

2011(1) 128.10p 119.30p 1.7032p

(1) The above tables show highest offer and lowest bid prices to 6 April 2011and the net revenue per unit to 6 June 2011.

Past performance is not a guide to future performance.The price of units and income from them may go down as wellas up.Exchange rate changes may cause the value of any overseasinvestments to rise or fall.

28

Performance Record continued

29

General Information

ConstitutionLaunch date: 24 September 1992Period end dates for distributions: 6 April, 6 OctoberDistribution dates: 6 June, 6 DecemberMinimum initial lumpsum investment: I-Class £100,000

L-Class £500,000R-Class £500

Minimum monthly contributions: R-Class £50Valuation point: 12 noonManagement charges: I-Class Annual 0.2%

L-Class N/AR-Class Annual 0.4%

Initial charges: I-Class NilL-Class NilR-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 anybusiness day at the bid price calculated at the followingvaluation point.

ISA StatusThis Trust may be held within this tax advantaged savingsarrangement. The favourable tax treatment of ISAs may not bemaintained. For full written information please contact yourusual 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 Trust.

30

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 annual or interimreports are 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 to annual accounting dateThe next accounting date of 6 October 2011 will be moved to13 October 2011, as allowed by the Collective InvestmentSchemes sourcebook. This change will apply to the nextaccounting date only and will revert to the usual date of6 April from 2012 and thereafter. The income allocation date, orpay date, for any distribution at this accounting date will bemade as usual on 6 December 2011.

General Information continued

31

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 6080Wolverhampton WV1 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 Riverside,London SE1 2RT

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

General Information continued

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

Legal&General UKIndexTrust Interim Manager’sReport forthe ......Manager’s Investment Report 2...

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