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Interim Manager's Report for the Period Ended 14 October 2010

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Interim Manager's Report for the Period Ended 14 October 2010 Distribution Number 12 Legal & General UK Active Opportunities Trust Interim Manager’s Report for the period ended 14 October 2 010 (Unaudited) Contents Page Number Manager’s Investment Report 2 Authorised Status 4 Directors’ Statement 4 Portfolio Statement 5 Statement of Total Return 8 Statement of Change in Net Assets attributable to Unitholders 8 Balance Sheet 9 Notes to the Financial Statements 10 Trust Facts 11 Performance Record 12 General Information 14 1 Manager’s Investment Report Investment Objective and Policy The investment objective of this Trust is to secure capital growth from UK securities, which offer recovery prospects and which may be selected from all economic areas. The Manager will select shares whose prices are undervalued and generally do not yet reflect earnings potential. Manager’s Investment Report During the period under review, the bid price of the Trust’s E-Class distribution units fell by 3.96% compared to a fall of 0.48% in the FTSE All-Share Index on a price return basis (Source: Bloomberg) . Past performance is not a guide to future performance. The value of investments and income from them may go down as well as up. Exchange rate changes may cause the value of any overseas investments to rise or fall. Market/Economic Review The UK stockmarket price level was little changed over the period, though individual shares were again volatil e. Markets took a dip on fears regarding some European economies, notably Greece, and the EU had to act to support Greece’s ability to access funding. In the UK , economic conditions remained fragile, with the new government indicating spending cuts which could affect consumer confidence. Interest rates were static and house prices showed some price increase, though housing activity remained subdued. The growth in Asian economies remained a focus for the market. Commodities were buoyed by Chinese growth , but also by Dollar weakness. Companies exposed to Asia were generally favoured versus those exposed to domestic markets in the west. Trust Review It was an active period for the Trust across most sectors. Key considerations were the fairly rapid improvement in trading being reported, by largely cyclical companies, as well as the uncertainty of how long this could be sustained. Merger and acquisition activity was notable. In the period Arriva was bid for by Deutsche Bahn and SSL International by Reckitt Benckiser Group , with both holdings then sold. In the Oil & Gas sector, the holding in BP was reduced moderately following the catastrophe in the Gulf of Mexico. BG Group remained the favoured holding and this was increased in the period . Rockhoppe r Exploration, which is exploring in the Falklands, was added. Petrofac was also added to, as Oil Equipment & Services remained strong in its markets. In the Chemicals sector , Croda International was purchased owing to longer growth attractions in personal care additives. 2 Manager’s Investment Report continued The Financial sectors were volatil e, h owever a generally improving backdrop saw the Trust add a holding in Lloyds Bank ing Group . The HSBC Holdings position was reduced and that of Standard Chartered increased to capture the longer run growth attractions of developing economies, particularly Asia. Catli n Group, Hiscox and Resolution were sold, helping to fund purchases of Prudential. In the Technology area there were a number of additions. TeleCity Group , which provides services to telecom companies, was added owing to longer term growth attractions. Logica, the IT company, was added as we expected an improvement in business conditions. Industry process and rail signalling company Invensys was added, as Asia offers some growth opportunities. In the Health Care secto r GlaxoSmithKline was reduced to fund other purchases. Smith and Nephew was added as long term growth attractions exist. SSL International , the makers of Durex, was bought and then sold following a bid from Reckitt Benckiser Group . Southern Cross Healthcare was reduced on deteriorating profitability. In the Travel & Leisure sector Ladbrokes was reduced as trading remained subdued . Compass Group , a large overweigh t holding, was reduced as good trading was reflected in the share price. In Utilities , National Grid was sold following a company fund raising issue and Scottish & Southern Energy was purchased. The Trust reduced its Utilities weighting in the period . Outlook The actions of governments and financial authorities have some success in stabilising financial markets and economies. Consumers and industry are likely to remain cautious for some time and the actions to cut government spending in the UK and elsewhere have just begun. The Trust continues to invest in growth and recovery opportunities as they arise. Volatility is likely to continue to be high, which may provide additional entry points to attractive companies at good price levels . Legal & General Investment Management Limited (Investment Adviser) 16 November 2 010 3 Authorised Status Authorised Status This Trust is an Authorised Unit Trust Scheme as defined in section 243 of the Financial Services and Markets Act 2000 and is a UCITS Retail Scheme within the meaning of the FSA Collective Investment Schemes sourcebook. Directors’ Statement We hereby certify that this Manager’s Report has been prepared in accordance with the requirements of the FSA Collective Investment Schemes sourcebook. M. B. Boardman S. D. Thomas (Director) (Director) Legal & General (Unit Trust Managers) Limited 2 December 2010 4 Portfolio Statemen t Portfolio Statement as at 14 October 2 010 All investments are in ordinary shares unless otherwise stated. The percentages in brackets show the equivalent sector holdings at 14 April 2 010. Holding/ Market % of Nominal Value Net Value Investment £ Assets UNITED KINGDOM — 96.21% (94.71%) Oil & Gas Producers — 17.33% (18.49%) 708,498 BG Group 8,264,629 4.92 1,644,600 BP 7,076,714 4.21 674,200 Cairn Energy 2,958,390 1.76 297,352 Rockhooper Exploration 1,042,219 0.62 75,000 Royal Dutch Shell (A) 1,491,375 0.89 319,800 Royal Dutch Shell (B) 6,173,739 3.67 163,200 Tullow Oil 2,108,544 1.26 29,115,610 17.33 Oil Equipment, Services & Distribution — 2.27% (1.26%) 261,961 Petrofac 3,816,772 2.27 Chemicals — 1.18% (0.00%) 132,900 Croda International 1,988,184 1.18 Mining — 10.25% (10.06%) 168,929 Anglo American 4,869,378 2.90 301,305 Rio Tinto 12,348,985 7.35 17,218,363 10.25 Construction & Materials — 0.00% (0.87%) Aerospace & Defence — 2.47% (2.70%) 1,743,000 Cobham 4,157,055 2.47 Support Services — 0.96% (0.80%) 275,000 Babcock International Group 1,606,000 0.96 Household Goods & Home Construction — 2.79% (2.77%) 640,050 Barratt Developments 570,285 0.34 119,600 Reckitt Benckiser Group 4,116,632 2.45 4,686,917 2.79 Personal Goods — 0.00% (0.21%) Tobacco — 7.48% (8.89%) 304,338 British American Tobacco 7,336,067 4.37 273,350 Imperial Tobacco 5,226,452 3.11 12,562,519 7.48 Health Care Equipment & Services — 0.41% (0.57%) 84,962 Smith & Nephew 469,840 0.28 763,516 Southern Cross Healthcare 225,237 0.13 695,077 0.41 5 Portfolio Statement continued Holding/ Market % of Nominal Value Net Value Investment £ Assets Pharmaceuticals & Biotechnology — 6.06% (6.30%) 90,000 AstraZeneca 2,997,900 1.78 547,200 GlaxoSmithKline 7,184,736 4.28 10,182,636 6.06 Food & Drug Retailers — 1.75% (1.96%) 993,801 Morrison (Wm) Supermarkets 2,936,682 1.75 General Retailers — 1.62% (1.95%) 7,581,064 DSG International 2,115,117 1.26 125,553 WHSmith 601,148 0.36 2,716,265 1.62 Media — 3.32% (2.31%) 1,075,408 ITV 673,205 0.40 629,492 Mecom Group 1,674,449 1.00 578,800 Reed Elsevier 3,229,704 1.92 5,577,358 3.32 Travel & Leisure — 8.14% (7.90%) 121,500 Carnival 3,171,150 1.89 831,203 Compass Group 4,318,100 2.57 1,836,374 Ladbrokes 2,471,759 1.47 925,794 National Express 2,199,687 1.31 541,428 PartyGaming 1,509,501 0.90 13,670,197 8.14 Mobile Telecommunications — 5.24% (5.19%) 331,466 Inmarsat 2,103,152 1.25 4,034,112 Vodafone Group 6,704,694 3.99 8,807,846 5.24 Electricity — 1.44% (0.00%) 214,400 Scottish & Southern Energy 2,414,144 1.44 Gas, Water & Multiutilities — 0.71% (4.40%) 197,307 Pennon Group 1,186,802 0.71 Banks — 11.92% (11.09%) 1,221,260 Barclays 3,472,042 2.07 1,285,073 HSBC Holdings 8,572,722 5.10 5,075,700 Lloyds Banking Group 3,629,125 2.16 229,600 Standard Chartered 4,346,328 2.59 20,020,217 11.92 Nonlife Insurance — 0.88% (1.61%) 366,239 Amlin 1,475,577 0.88 Life Insurance — 2.28% (0.98%) 618,586 Prudential 3,835,233 2.28 6 Portfolio Statement continued Holding/ Market % of Nominal Value Net Value Investment £ Assets Financial Services — 1.75% (1.97%) 85,000 Horizon Acquistion 806,650 0.48 304,100 London Stock Exchange 2,137,823 1.27 2,944,473 1.75 Nonequity Investment Instruments — 2.24% (1.79%) 876,756 Legal & General UK Smaller Companies Trust† 3,756,901 2.24 Software & Computer Services — 3.72% (0.64%) 851,900 Invensys 2,657,076 1.58 1,386,600 LogicaCMG 1,821,992 1.09 354,300 Telecity 1,770,791 1.05 6,249,859 3.72 CHANNEL ISLANDS — 1.74% (1.45%) General Industrials — 0.52% (0.00%) 113,414 Charter International 879,526 0.52 Media — 1.22% (1.45%) 480,632 Informa 2,056,144 1.22 BERMUDA — 0.89% (1.46%) Nonlife Insurance — 0.89% (1.46%) 260,000 Lancashire Holdings 1,501,500 0.89 UNITED STATES — 1.60% (1.55%) Media — 1.60% (1.55%) 180,000 Virgin Media 2,694,600 1.60 Portfolio of investments 168,752,457 100.44 Net other liabilities (734,287) (0.44) Net assets £168,018,170 100.00% † Unlisted distribution units.
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