The Virgin UK Index Tracking Trust. Thirty-first distribution payable 15 November 2010

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1 The Virgin UK Index Tracking Trust Thirty-first distribution payable 15 November 2010

2 Contents Page 1 Manager s investment report 3 Performance record 4 Investments 16 Summary of material portfolio changes 17 Statement of total return and Statement of change in net assets attributable to unitholders 18 Balance sheet and Notes to the financial statements 19 Distribution table 20 Directors statement 21 Management and professional services

3 Manager s investment report for the period 16 March 2010 to 15 September 2010 (unaudited) Investment objective and policy The objective of the Virgin UK Index Tracking Trust is to closely match the performance of the FTSE All-Share Index*, after taking charges into account. The policy for achieving this is to fully replicate the FTSE All-Share Index, which comprises approximately 600 company shares. Stock index futures contracts may also be used to manage the pool of investors' cash before it is invested in stocks which form the All-Share Index. This is for the purpose of efficient fund management. No trading or speculation in these investments is undertaken. Trust status The Trust is an authorised unit trust scheme under S243 of the Financial Services and Markets Act 2000 and is categorised as a UCITS scheme under the Collective Investment Schemes Sourcebook (COLL). Financial instruments and key risks In pursuing its investment objective set out above, the Trust holds a number of financial instruments. The Trust's financial instruments, other than derivatives, comprise securities and other investments, cash balances and debtors and creditors that arise directly from its operations. For example, in respect of sales and purchases awaiting settlement, amounts receivable for creations and payable for liquidations and debtors accrued income. Further details of the risks that arise in connection with financial instruments and how those risks are managed are set out in note 15 of the annual financial statements. Schemes are not permitted by the Regulations to enter into a transaction if its purpose could reasonably be regarded as speculative. The Trust's use of financial instruments satisfies these requirements and no trading in financial instruments is undertaken. Income The interim distribution for the period ended 15 September 2010 will be 2.387p net per unit payable on Monday 15 November Fund performance The Virgin UK Index Tracking Trust generated a gain of 0.20% compared with the FTSE All-Share Index gain of 0.19%. Based on bid market net asset value. Markets and economic commentary Following strong returns over the previous six month period, the global financial markets were severely tested around May and June 2010, before regaining ground to record a small positive performance for this reporting period. The second quarter of 2010 initially provided steady gains for equity investors, buoyed by good earnings announcements from some of the larger companies in the FTSE All-Share, and comfort surrounding news of an EU and IMF-led support package for the Greek debt crisis. Measures by central banks continued to underpin the markets and early indications showed that the economic recovery was continuing, albeit at a moderate pace. However, investor risk appetite proved to be very fragile, as the full impact of the heavy indebtedness of some members of the eurozone became clearer and risk aversion took hold at an accelerated pace in May and continued into June. The FTSE All-Share fell in each of these months by 6.6% and 4.9% respectively which led to concerns of a double dip recession. On the political front in May, the UK general election resulted in the first hung parliament since 1974 and a Conservative-Liberal Democrat coalition government. On 22 June the Chancellor delivered an emergency budget containing spending cuts and tax increases, including a rise in VAT to 20% from 2011, a reduction in corporation tax to 24% by 2014/15, and the abolition of various capital allowances. The large spending cuts accounted for 77% of the debt reduction, with tax rises making up the remaining 23%. The new Office for Budget Responsibility projected that the budget deficit would be 22bn lower than the Treasury had forecast for Borrowing projections showed a reduction from 10.5% of GDP to 3.9% by 2015, and growth forecasts showed the economy expanding 1.3% in 2010, 2.6% in 2011 and 2.8% in In June, the Bank of England Monetary Policy Committee voted 7-1 to keep interest rates on hold, which was the first split vote since February The Bank of England s Andrew Sentance chose to dissent in favour of a 0.25% increase, citing inflation concerns, and he again voted for a rise in August. In July, a mix of better than expected second quarter earnings, an upbeat IMF report and a relatively solid set of European data all helped to improve the risk picture. The much talked about stress testing of the financial houses turned out to have a limited impact as only 7 of the 91 European banks failed the test, with a total of just 3.5bn new capital required. The unexpectedly low number of banks failing the test helped to reduce immediate fears around further financial issues in Europe, but served to raise some concerns about the credibility of the tests and increased focus on the medium-term risks surrounding the European banking system. * FTSE, FT-SE and Footsie are trade marks jointly owned by the London Stock Exchange Plc and The Financial Times Limited and are used by FTSE International Limited under licence. All-World, All-Share and All-Small are trade marks of FTSE International Limited. The FTSE All-Share Index is calculated by FTSE International Limited. FTSE International Limited does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright in the index values and constituent lists vests in FTSE International Limited. Virgin Unit Trust Managers Limited has obtained full licence from FTSE International Limited to use such copyright in the creation of this product. 1

4 Manager s investment report (continued) In September, equity markets rallied strongly as better than expected economic data started to emerge from the US and Asia. The late Q2 fears of a potential double dip recession appeared to ease as strong global economic data helped to strengthen investor risk appetite whilst the global government and central bank packages continued to provide support. In the US, the Fed s commitment to quantitative easing was emphasised after restating that they were ready to provide further support should it be required. Overall, the FTSE 100 fell by 0.70% over the period versus a rise of 0.19% in the FTSE All-Share. The biggest faller was BP, responsible for a drop of 69 index points over the period in the wake of the oil spill in the Gulf of Mexico and speculation over the clean-up costs and potential litigation. Under huge pressure, BP announced the cancellation of its 2010 dividend. The largest contributor to index returns was Lloyds Banking Group plc, adding 13 points to the index on the strength of the resurgence of the financial sector and a return to profitability. Finlay Williamson Chief Financial Officer Virgin Money Unit Trust Managers Limited 27 October

5 Performance record as at 15 September 2010 (unaudited) The Virgin UK Index Tracking Trust was first offered on 3 March 1995 at an offer price of p per unit. Unit price history Highest Lowest Calendar year Offer price Bid price p p p p p p p p p p 2010* p p General price information Trust year end Offer price Final 15 March p Final 15 March p Final 15 March p Final 15 March p Final 15 March p Interim 15 September p Revenue record The interim distribution for the period ended 15 September 2010 will be 2.387p net per unit payable on Monday 15 November The record of net distributions paid per unit is shown below: Net revenue Net revenue distributed distributed per unit per 1,000 invested Calendar year at 02/01/ p p p p p p Net asset value Income Bid market NAV per Trust year end Units in issue NAV of Trust income unit Final 15 March ,021,162,859 1,961,764, p Final 15 March ,032,508,266 1,310,771, p Final 15 March ,054,073,816 2,017,871, p Interim 15 September ,059,335,229 2,032,162, p Total expense ratio and Portfolio turnover rate TER PTR (%) (%) 12 month period to 15 March month period to 15 September The Total Expense Ratio (TER) is the total expenses paid by the Trust in the period against its average net asset value. The Portfolio Turnover Rate (PTR) gives an indication of how much the Trust s investments have changed during the relevant period. As the Trust pays for any changes involved with buying and selling investments, the higher the percentage, the more costs it has paid. The formula used to calculate PTR is as follows: ((Purchase of securities + sales of securities) (subscription of units + redemption of units)) x 100 (Average Fund value over the period concerned) Purchases and sales of investments 16/03/10 to 15/09/10 For the year ended 15/03/ Purchases 165, ,512 Sales 154, ,015 *To 15 September

6 Investments As at 15 September 2010 (unaudited) Important note: these comparative figures have been re-stated due to the adoption of new industry classifications as used in the Bloomberg ICB super sub-sector which will assist unitholders in comparing fund data to other sources of market information. Market Value % of Net Security Holdings 000 Assets BASIC RESOURCES (11.67%*) 228, Forestry & Paper Mondi 449,176 2, Industrial Metals & Mining Ferrexpo 223, International Ferro Metals 457, Talvivaara Mining 108, Mining African Barrick Gold 145, Anglo American 1,576,052 40, Anglo Pacific 126, Antofagasta 476,074 5, Aquarius Platinum 473,066 1, BHP Billiton 2,610,948 51, Centamin Egypt 1,215,476 2, Eurasian Natural Resources 467,744 4, Fresnillo 258,469 3, Gem Diamonds 75, Hochschild Mining 112, Kazakhmys 259,559 3, Lonmin 235,151 3, Namakwa Diamonds 140, Petropavlovsk 207,072 2, Randgold Resources 107,755 6, Rio Tinto 1,810,631 64, UK Coal 282, Vedanta Resources 165,545 3, Xstrata 2,616,344 30, CHEMICALS (0.35%*) 8, Chemicals Croda International 155,661 2, Elementis 531, Johnson Matthey 257,123 4, Victrex 100,410 1, Yule Catto 137, AUTOMOBILES & PARTS (0.12%*) 3, Automobiles & Parts GKN 1,965,783 3, FOOD & BEVERAGES (5.05%*) 99, Beverages A.G.BARR 35, Britvic 291,999 1, Diageo 2,936,005 31, SABMiller 1,388,593 27, Food Producers Anglo Eastern Plantations 25, Associated British Foods 478,460 5, Cranswick 56, Dairy Crest 153, Devro 200, Hilton Food 28, Northern Foods 611, Premier Foods 2,907, R.E.A. 10, Robert Wiseman Dairies 45, Tate & Lyle 549,488 2, Unilever 1,512,934 26,

7 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets PERSONAL & HOUSEHOLD GOODS (6.12%*) 124, Household Goods & Home Constructions Aga Rangemaster 84, Barratt Developments 1,122,121 1, Bellway 139, Berkeley 145,339 1, Bovis Homes 159, Headlam 107, McBride 219, Persimmon 361,023 1, Reckitt Benckiser 848,421 29, Redrow 378, Taylor Wimpey 3,878,787 1, Leisure Goods Hornby 47, Photo-Me International 340, Personal Goods Burberry 520,240 4, PZ Cussons 265, SSL International 236,613 2, SuperGroup 37, Tobacco British American Tobacco 2,362,942 55, Imperial Tobacco 1,207,073 23, RETAIL (4.62%*) 91, Food & Drug Retailers Assura 284, Booker 1,782, Greggs 148, J Sainsbury 2,211,705 8, Tesco 9,367,406 40, Thorntons 86, WM Morrison Supermarkets 3,149,568 9, General Retailers Carpetright 63, Debenhams 1,559,290 1, Dignity 76, Dixons Retail 3,783, Dunelm 97, Findel 360, Game 449, Halfords 283,746 1, HMV 501, Home Retail 1,057,964 2, Inchcape 552,427 1, JD Sports Fashion 31, Kesa Electricals 708, Kingfisher 2,830,115 6, Laura Ashley 255, Lookers 305, Marks & Spencer 1,900,171 7, Mothercare 101, N Brown 248, Next 225,657 4, Pendragon 796, Sports Direct International 342, Ted Baker 39, Topps Tiles 159, WH Smith 190,

8 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets MEDIA (2.51%*) 53, Media Aegis 1,480,507 1, Bloomsbury Publishing 88, British Sky Broadcasting 1,574,572 11, Centaur 185, Chime Communications 46, Chrysalis 61, Daily Mail & General Trust A 340,094 1, Euromoney Institutional Investor 37, Huntsworth 273, Informa 743,684 3, ITE 260, ITV 4,698,430 2, Johnston Press 698, Mecom 44, Moneysupermarket.com 300, Pearson 944,686 9, Reed Elsevier 1,451,536 7, Rightmove 142,867 1, Trinity Mirror 356, United Business Media 293,173 1, UTV Media 115, Wilmington 80, WPP 1,478,878 10, Yell 2,820, TRAVEL & LEISURE (2.74%*) 52, Travel & Leisure , Arena Leisure 174, Avis Europe 120, British Airways 1,383,971 3, Carnival 247,596 5, Cineworld 85, Compass 2,179,450 11, Domino s Pizza 146, easyjet 373,087 1, Enterprise Inns 610, Firstgroup 585,424 2, Fuller Smith & Turner 41, Go-Ahead 51, Greene King 284,854 1, Holidaybreak 85, Intercontinental Hotels 336,847 3, Ladbrokes 1,111,012 1, Marston s 788, Millennium & Copthorne Hotels 186,403 1, Mitchells & Butlers 494,566 1, National Express 614,349 1, Partygaming 365,732 1, Punch Taverns 778, Rank 473, Restaurant 234, Sportech 48, Stagecoach 852,690 1, Thomas Cook 1,027,609 2, TUI Travel 689,399 1, Wembley** 43,814 1 Wetherspoon (J.D.) 177, Whitbread 204,608 3, William Hill 863,242 1,

9 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets BANKS (13.37%*) 278, Banks Barclays 14,306,446 45, HSBC 20,633, , Lloyds Banking 47,177,643 36, Royal Bank Of Scotland 20,369,226 10, Standard Chartered 2,427,525 46, FINANCIAL SERVICES (4.51%*) 95, Equity Investment Instruments 3i Infrastructure 796, Aberdeen Asian Income Fund 134, Aberdeen Asian Smaller Companies Investment Trust 24, Aberdeen New Dawn Investment Trust 30, Aberforth Smaller Companies Trust 123, Absolute Return Trust 184, Advance Developing Markets Fund 73, Alliance Trust 816,388 2, Alternative Investment Strategies 219, Anglo & Overseas 144, Artemis Alpha Trust 37, Baillie Gifford Japan Trust 78, Bankers Investment Trust 146, Baring Emerging Europe 53, Beta Global Emerging Market Investment Trust** 66,409 2 BH Global (GBP) 30, BH Global (USD) 44, BH Macro (EUR) 32, BH Macro (GBP) 22, BH Macro (USD) 45, BlackRock Commodities Income Investment Trust 56, BlackRock Greater Europe Investment Trust 127, BlackRock Greater Europe Investment Trust (subscription shares) 25,418 3 BlackRock Latin America Investment Trust 60, BlackRock New Energy Investment Trust 273, BlackRock Smaller Companies Trust 61, BlackRock World Mining Trust 213,816 1, Bluecrest Allblue Fund 135, British Assets Trust 395, British Empire Securities and General Trust 199, Brunner Investment Trust 46, Caledonia Investments 53, Candover Investments 27, City Merchants High Yield 52, City Natural Resources High Yield Trust 50, City of London Investment Trust 259, Dexion Absolute 747,957 1, Dexion Equity Alternative 135, Dexion Trading 143, Dunedin Enterprise Investment Trust 37, Dunedin Income Growth Investment Trust 195, Eastern European Trust 73, Eastern European Trust (subscription shares) 14,771 1 Ecofin Water & Power Opportunities 255, Edinburgh Dragon Trust 295, Edinburgh Investment Trust 234,993 1, Edinburgh UK Tracker Trust 129, Edinburgh US Tracker Trust 44, Edinburgh Worldwide Investment Trust 62, Electra Private Equity 47,

10 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets Electric and General Investment Trust 77, European Investment Trust 65, F&C Capital & Income Investment Trust 89, F&C Global Smaller Companies 64, F&C Private Equity Trust 43, F&C US Smaller Companies 25, Fidelity Asian Values 118, Fidelity China Special Situations 545, Fidelity European Values 65, Fidelity Special Values 74, Finsbury Growth & Income Trust 63, Foreign & Colonial Eurotrust 822,040 2, Framlington Innovative Growth Trust 44, Gartmore European Investment Trust 43, Gartmore Fledgling Trust 28, Gartmore Global Trust 64, Gartmore Irish Growth Fund 17, Genesis Emerging Markets Fund 161, Goldman Sachs Dynamic Opportunities (GBP) 95, Graphite Enterprise Trust 95, Hansa Trust 5, Hansa Trust A Non Voting 20, Henderson EuroTrust 32, Henderson Far East Income 91, Henderson High Income Trust 77, Henderson Smaller Companies Investment Trust 106, Henderson TR Pacific Investment Trust 232, Herald Investment Trust 108, HgCapital Trust 33, HSBC Infrastructure 533, Impax Enviromental Markets 277, ING Global Real Estate Secs 122, International Public Partnership 471, INVESCO Asia Trust 79, Invesco Income Growth Trust 72, Invesco Perpetual UK Smaller Companies Investment Trust 88, JPMorgan American Investment Trust 53, JPMorgan Asian Investment Trust 204, JPMorgan Chinese Investment Trust 57, JPMorgan Claverhouse Investment Trust 78, JPMorgan Emerging Markets Investment Trust 133, JPMorgan European Fledgeling Investment Trust 65, JPMorgan European Investment Trust 178, JPMorgan Fleming Japanese Smaller Companies Investment Trust 48, JPMorgan Indian Investment Trust 121, JPMorgan Japanese Investment Trust 232, JPMorgan Mid Cap Investment Trust 35, JPMorgan Overseas Investment Trust 37, JPMorgan Russian Securities 70, JPMorgan Smaller CosIT 30, Jupiter European Opportunities Trust 98, JZ Capital Partners 26, Keystone Investment Trust 16, Law Debenture 143, Lowland Investment 29, Majedie Investments 32, Martin Currie Pacific Trust 51, Martin Currie Portfolio Investment Trust 187, Mercantile Investment Trust 122,679 1, Merchants Trust 129,

11 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets Monks Investment Trust 337,747 1, Montanaro UK Smaller Companies Investment Trust 43, Morant Wright Japan 177, Murray Income Trust 82, Murray International Trust 108, MW Tops (EUR) 8, MW Tops (GBP) 14, New Star Investment Trust 35, North Atlantic Smaller Companies Investment Trust 15, Pacific Assets Trust 156, Pacific Horizon Investment Trust 62, Pantheon International Participations 41, Perpetual Income and Growth Investment Trust 248, Personal Assets Trust Polar Capital Technology Trust 169, RIT Capital Partners 188,051 2, Schroder Asia Pacific Fund 192, Schroder Income Growth Fund 94, Schroder Japan Growth Fund 157, Schroder Oriental Income Fund 186, Schroder UK Growth Fund 203, Schroder UK Mid & Small Cap Fund 43, Scottish American Investment 166, Scottish Investment Trust 166, Scottish Mortgage Investment Trust 336,174 2, Scottish Oriental Smaller Companies Trust Securities Trust of Scotland 123, Shires Income 37, Standard Life Equity Income Trust 50, Standard Life European Private Equity Trust 99, SVM Global Fund 68, SVM UK Active Fund 54, Temple Bar Investment Trust 72, Templeton Emerging Markets Investment Trust 401,748 2, Thames River Multi Hedge PCC 230, Throgmorton Trust 170, TR European Growth Trust 94, TR Property Investment Trust 368, TR Property Investment Trust Sigma 35, Troy Income & Growth Trust 140, Value And Income Trust 57, Witan Investment Trust 262,203 1, Witan Pacific Investment Trust 91, Worldwide Healthcare Trust 61, Financial Services 3i 1,046,996 2, Aberdeen Asset Management 1,321,304 1, Ashmore 347,244 1, BlueBay Asset Management 175, Bradford & Bingley*** 1,736,429 Brewin Dolphin 248, Camellia 1, Charles Taylor Consulting 44, Close Brothers 178,821 1, Collins Stewart 258, Evolution 280, F&C Asset Management 463, Full Circle Future** 139,930 Gartmore 275, Hargreaves Lansdown 146,

12 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets Helphire 334, Henderson 884,101 1, ICAP 781,055 3, IG 436,996 2, Intermediate Capital 489,652 1, International Personal Finance 312, Investec 593,391 3, IP 303, London Stock Exchange 244,517 1, Man 2,050,799 4, Paragon 396, Provident Financial 164,260 1, Rathbone Brothers 51, Schroders 204,713 2, Schroders (Non Voting A ) 72, SVG Capital 168, Tullett Prebon 258,654 1, INSURANCE (3.35%*) 78, Life Insurance Aviva 3,222,247 13, Chesnara 126, Hansard Global 55, Legal & General 6,876,415 7, Old Mutual 6,369,984 8, Prudential 2,909,303 18, Resolution 1,732,444 4, St James s Place 226, Standard Life 2,700,211 6, Non Life Insurance Admiral 243,640 4, Amlin 569,897 2, Beazley 655, Brit Insurance 99, Catlin 423,416 1, Chaucer 570, Hardy Underwriting Bermuda 64, Hiscox 476,319 1, Jardine Lloyd Thompson 196,690 1, Lancashire 178, Novae 94, RSA Insurance 4,062,056 5, REAL ESTATE (1.51%*) 30, Real Estate Investment & Services Capital & Counties Properties 739, Capital & Regional 263, CLS 40, Daejan 5, Development Securities 74, F&C Commercial Property Trust 368, Grainger 361, Helical Bar 111, ING UK Real Estate Income Trust 402, Invista Foundation Property Trust 428, IRP Property 103, ISIS Property 40, LSL Property Services 50, Medicx Fund 142, MWB 63,

13 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets Quintain Estates & Development 636, Safestore 169, Savills 162, St. Modwen Properties 170, Standard Life Investment Property Income Trust 124, UK Commercial Property Trust 264, Unite 178, Wichford 1,285, Real Estate Investment Trusts Big Yellow 108, British Land 1,051,260 5, Capital Shopping Centres 739,669 2, Derwent London 122,233 1, Great Portland Estates 407,968 1, Hammerson 852,976 3, Hansteen 537, Land Securities 936,413 5, McKay Securities 43, Metric Property Investment 225, Mucklow (A & J) 30, Primary Health Properties 42, Real Estate Opportunities 123,589 3 Segro 893,379 2, Shaftesbury 308,321 1, Town Centre Securities 51, Workspace 215, HEALTH CARE (7.45%*) 157, Health Care Equipment & Services Consort Medical 34, Optos 32, Smith & Nephew 1,033,942 5, Southern Cross Healthcare 206, Synergy Health 64, Pharmaceuticals & Biotechnology AstraZeneca 1,709,754 57, Axis-Shield 60, BTG 347, Dechra Pharmaceuticals 78, Genus 71, GlaxoSmithKline 6,212,697 79, Hikma Pharmaceuticals 185,416 1, Oxford Biomedica 648, Prostrakan 94, Renovo 177, Shire 669,940 10, Vectura 300, CONSTRUCTION & MATERIALS (0.30%*) 5, Construction & Materials Balfour Beatty 764,948 1, Carillion 480,789 1, Costain 37, Galliford Try 77, Keller 80, Kier 51, Low & Bonar 187, Marshalls 247, MJ Gleeson 63, Morgan Sindall 39,

14 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets ROK 195, T Clarke 48, INDUSTRIAL GOODS & SERVICES (6.81%*) 141, Aerospace & Defence BAE Systems 4,087,332 13, Chemring 42,887 1, Cobham 1,377,864 3, Hampson Industries 226, Meggitt 826,549 2, QinetiQ 842, Rolls-Royce 2,165,152 12, Senior 476, Ultra Electronics 87,348 1, Umeco 58, Electronic & Electrical Equipment Domino Printing Sciences 135, E2V Technologies 163, Halma 453,288 1, Laird 324, Morgan Crucible 370, Oxford Instruments 61, Renishaw 45, Spectris 152,575 1, TT Electronics 190, General Industrials British Polythene Industries 32, Cookson 313,072 1, DS Smith 484, Rexam 1,063,880 3, RPC 118, Smiths 445,630 5, Tomkins 1,093,701 3, Industrial Engineering Bodycote 228, Charter International 198,705 1, Fenner 189, Goodwin Hill & Smith 90, IMI 384,921 2, Melrose 610,169 1, Rotork 106,269 1, Severfield-Rowen 100, Spirax-Sarco Engineering 90,676 1, Vitec 51, Weir 252,538 3, Industrial Transportation BBA Aviation 524,716 1, Braemar Shipping Services 24, Clarkson 16, Fisher (James) & Sons 62, Forth Ports 56, Goldenport 35, Stobart 148, UK Mail 27, Wincanton 148, Support Services Aggreko 325,649 4, Ashtead 674,

15 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets Atkins WS 128, Babcock International 388,653 2, Brammer 123, BSS 147, Bunzl 394,608 2, Capita 723,826 5, Connaught 148, CPP 101, Davis Service 209, De La Rue 115, Diploma 142, eaga 260, Electrocomponents 533,577 1, Experian 1,200,060 8, Filtrona 271, G4S 1,686,630 4, Galiform 764, Hays 1,720,890 1, Homeserve 397,195 1, Hyder Consulting 43, Interserve 141, Intertek 187,810 3, Lavendon 128, Management Consulting 312, Management Consulting Call Expiry 01/12/ ,482 Mears 88, Menzies (John) 53, Michael Page International 419,749 1, Mitie 399, Mouchel 150, Northgate 96, PayPoint 63, Premier Farnell 448,756 1, Regus 908, Rentokil Initial 2,179,606 2, Ricardo 62, Robert Walters 105, RPS 264, Serco 593,003 3, Shanks 485, SIG 583, Smiths News 222, Speedy Hire 544, Spice 400, St. Ives 128, Sthree 129, Travis Perkins 266,563 2, Tribal 77, VP 30, Wolseley 342,255 4, WSP 75, Xchanging 194, OIL & GAS (18.10%*) 315, Alternative Energy Hansen Transmissions International 600, PV Crystalox Solar 251, Oil & Gas Producers Afren 1,062,113 1, BG 4,006,721 43,

16 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets BP 22,338,538 90, Cairn Energy 1,675,710 7, Dana Petroleum 103,624 1, Enquest 691, Essar Energy 463,435 2, Fortune Oil 1,768, Hardy Oil & Gas 75, Heritage Oil 250, JKX Oil & Gas 155, Melrose Resources 71, Premier Oil 142,328 2, Royal Dutch Shell A (Eur) 5, Royal Dutch Shell A 4,199,643 78, Royal Dutch Shell B 3,197,148 57, Salamander Energy 145, Soco International 374,936 1, Tullow Oil 1,051,674 13, Oil Equipment, Services & Distribution Amec 398,695 3, Hunting 155,200 1, Lamprell 179, Petrofac 313,665 4, Wellstream 115, John Wood 477,871 1, TECHNOLOGY (1.48%*) 33, Software & Computer Services Anite 386, Autonomy 288,240 5, Aveva 82,035 1, Computacenter 147, Dimension Data 1,990,796 2, Fidessa 41, Intec Telecom Systems 370, Invensys 970,160 2, Kofax 107, Logica 1,751,751 2, Micro Focus International 183, Misys 658,276 1, NCC 26, Phoenix IT 59, RM 115, Sage 1,590,501 4, SDL 90, Telecity 92, Technology Hardware & Equipment ARM 1,511,598 5, BATM Advanced Communications 363, CSR 150, Imagination Technologies 264, Pace 291, Promethean World 118, Psion 170, Sepura 34, Spirent Communications 907,410 1, Wolfson Microelectronics 141,

17 Investments As at 15 September 2010 (unaudited) Market Value % of Net Security Holdings 000 Assets TELECOMMUNICATIONS (5.74%*) 123, Fixed Line Telecommunications BT 9,261,672 13, Cable & Wireless Communications 3,291,783 2, Cable & Wireless Worldwide 3,109,725 2, Colt Telecom 334, Kcom 535, Micadant** 1 Talktalk Telecom 435, Telecom Plus 61, Mobile Telecommunications Inmarsat 556,934 4, Vodafone 62,393, , UTILITIES (3.40%*) 78, Electricity Drax 408,940 1, International Power 1,845,876 7, Scottish & Southern Energy 1,104,892 12, Gas, Water & Multiutilities Centrica 5,990,274 20, National Grid 4,127,985 23, Northumbrian Water 478,213 1, Pennon 432,369 2, Severn Trent 284,307 3, United Utilities 815,584 4, DERIVATIVES (0.02%*) (14) Futures FTSE 100 Index Futures December (14) Investment assets 2,000, Total other assets 31, Net assets 2,032, * Comparative figures shown in brackets relate to 15 March 2010 and have been re-stated due to the adoption of new industry classifications as used in the Bloomberg ICB super sub-sector. ** Unlisted and suspended securities. *** Security nationalised 15

18 Summary of material portfolio changes as at 15 September 2010 (unaudited) Cost Purchases 000 FTSE 100 Index Futures June ,576 FTSE 100 Index Futures September ,451 FTSE 100 Index Futures December ,700 Resolution 6,613 National Grid FPR 3,928 HSBC 2,979 Essar Energy 2,147 Centamin Egypt 2,026 Standard Chartered 1,677 Afren 1,022 African Barrick Gold 953 ICAP 761 National Grid 728 Hansen Transmissions International 617 Gartmore 571 Fidelity China Special Situations 550 BH Macro (USD) 517 Aviva 508 Hansteen*** 454 Enquest 384 Other purchases 3,485 Total for the period 165,647 Major purchases are those that constitute the largest twenty of the total purchases for the period. *** Real Estate Investment Trusts (REIT) Proceeds Sales 000 FTSE 100 Index Futures June ,101 FTSE 100 Index Futures September ,848 FTSE 100 Index Futures March ,205 HSBC 4,413 Resolution NPR 4,159 Arriva 1,864 BP 1,576 FTSE 100 Index Futures December ,385 Standard Chartered 1,342 Chloride 1,157 AstraZeneca 1,131 Royal Dutch Shell B (Eur) 1,087 Vodafone 1,080 Aviva 988 GlaxoSmithKline 976 Diageo 899 Royal Dutch Shell A (Eur) 795 SABMiller 732 Prudential 654 National Grid 621 Other sales 11,299 Total for the period 154,312 Major sales are those that constitute the largest twenty of the total sales for the period. 16

19 Statement of total return for the 6 month period ended 15 September 2010 (unaudited) 15/09/10 15/09/ Income Net capital gains 5, ,967 Revenue 35,553 37,844 Expenses (9,917) (8,072) Net revenue before taxation 25,636 29,772 Taxation (374) (352) Net revenue after taxation 25,262 29,420 Total return before distributions 30, ,387 Finance costs: Distributions (25,262) (29,415) Change in net assets attributable to unitholders from investment activities 5, ,972 Statement of change in net assets attributable to unitholders for the 6 month period ended 15 September 2010 (unaudited) 15/09/10 15/09/ Opening net assets attributable to unitholders 2,017,872 1,310,772 Movement due to creation and cancellation of units: Amounts receivable on creation of units 40,771 47,480 Less: Amounts payable on cancellation of units (31,600) (14,733) 9,171 32,747 Stamp duty refund 1 Change in net assets attributable to unitholders from investment activities (see above) 5, ,972 Closing net assets attributable to unitholders 2,032,163 1,828,491 Notes to the Financial Statements are on page

20 Balance sheet as at 15 September 2010 (unaudited) 15/09/10 15/03/ Assets Investment assets 2,000,463 2,002,143 Debtors 9,489 10,080 Cash and bank balances 49,332 27,104 Total other assets 58,821 37,184 Total assets 2,059,284 2,039,327 Liabilities Creditors (1,838) (3,235) Distribution payable on income units (25,283) (18,220) Total liabilities (27,121) (21,455) Net assets attributable to unitholders 2,032,163 2,017,872 Notes to the financial statements for the 6 month period ended 15 September 2010 (unaudited) The interim financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issued by the Investment Managers Association (IMA) in November 2008 (the IMA SORP 2008), and United Kingdom Generally Accepted Accounting Practice. In accordance with the IMA SORP 2008, no Notes to the financial statements have been presented in these interim financial statements. The accounting policies are consistent with those of the financial statements for the year ended 15 March 2010 and are described in those financial statements. 18

21 Distribution table for the 6 month period ended 15 September 2010 (unaudited) Distribution in pence per unit Group 1 Interim Units purchased prior to 16 March 2010 Group 2 Interim Units purchased on or after 16 March 2010 to 15 September 2010 Distribution Distribution Net payable paid income Equalisation 15/11/10 13/11/09 Group 1 (p) (p) (p) (p) Interim Group 2 (p) (p) (p) (p) Interim Corporate Tax A unitholder liable to corporation tax receives this distribution, excluding equalisation, as follows: Interim - 100% of the dividend, together with the tax credit, is received as franked investment income. 19

22 Directors statement We approve the Report and Financial Statements of The Virgin UK Index Tracking Trust for the period ending 15 September 2010 on behalf of Virgin Money Unit Trust Managers Limited in accordance with the requirements of the Collective Investment Schemes Sourcebook. Finlay Williamson Chief Financial Officer Marian Watson Chief Risk Officer 27 October

23 Management and professional services Manager and registrar Virgin Money Unit Trust Managers Limited Discovery House Directors: F. Wiliamson Whiting Road M. Watson Norwich R. Russell NR4 6EJ Telephone Compliance Officer: M. Watson Secretary: B. Gerrard Authorised and regulated by the Financial Services Authority. Investment advisers State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ Authorised and regulated by the Financial Services Authority. Trustee Citibank International Plc Citigroup Centre Canada Square Canary Wharf London E14 5LB Authorised and regulated by the Financial Services Authority. Independent auditors KPMG LLP Saltire Court 20 Castle Terrace Edinburgh EH1 2EG 21

24 Virgin Money Unit Trust Managers Limited Authorised and regulated by the Financial Services Authority. Registered office: Discovery House Whiting Road, Norwich, NR4 6EJ Registered in England no MR

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