Interim Report and Financial Statements For the six months ended 30 April Vanguard FTSE U.K. All Share Index Unit Trust

Transcription

1 Interim Report and Financial Statements For the six months ended 30 April 2016 Vanguard FTSE U.K. All Share Index Unit Trust

2 Vanguard s Principles for Investing Success We want to give you the best chance of investment success. These principles, grounded in Vanguard s research and experience, can put you on the right path. Goals. Create clear, appropriate investment goals. Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost. Discipline. Maintain perspective and long-term discipline. A single theme unites these principles: Focus on the things you can control. We believe there is no wiser course for any investor. Contents Chairman s Letter 1 Report of the Manager 2 Fund Profile 3 Portfolio Manager s Commentary 4 Summary of Significant Changes 6 Portfolio Statement 7 Balance Sheet 13 Statement of Total Return 13 Statement of Change in Unitholders Funds 13 Further Information 14 Directory Inside Back Cover About the cover: Pictured is a sailing block on the Brilliant, a 1932 schooner docked in Mystic, Connecticut. A type of pulley, the sailing block helps coordinate the setting of the sails. At Vanguard, the intricate coordination of technology and people allows us to help millions of clients around the world reach their financial goals.

3 Chairman s Letter Dear Unitholder, Global stock markets had a bumpy ride over the six months ended 30 April 2016 as concerns about economic growth, weak inflation and low commodity prices weighed on results. A rally in global equities stalled during the period as most major markets finished with either minimal gains or modest losses. Geopolitical tensions and concerns about monetary policy divergences were prominent early in the period. Sentiment improved for a short spell toward the end of 2015, but a plunge in Chinese stocks in early January sparked a global risk-off trade. The mood of markets became a bit more upbeat late in the period. Oil prices halted their free fall and even rebounded a bit. Extended monetary policy accommodation by major central banks also helped. Diverging from the US Federal Reserve, the European Central Bank provided more stimulus. In March, in the face of persistent deflationary trends, the ECB further cut its negative rates and expanded and extended its major bond-buying program. The Bank of Japan set a negative rate for certain bank deposits for the first time in Japan s history. Subsequently, 10-year Japanese government bonds were issued at a negative interest rate, another first. Given this backdrop, UK stocks barely budged after six months; the FTSE All-Share Index returned 0.01%. Concern about the June UK referendum on whether to stay in the European Union (EU) added an air of uncertainty to the market. US equities did a bit better than non-us equities as the US economy continued to be a relative bright spot, although it endured another period of winter doldrums. But as spring arrived, the US economy perked up and investors cheered the Fed s indication that it would raise interest rates fewer times in 2016 than originally projected. That helped lift other markets worldwide. The broad US stock market (measured by the S&P Total Market Index) was nearly flat for the period in US dollar terms. However, the British pound fell more than 4% against the US dollar, causing US markets to register about a 5% gain for UK-based investors. The pound s descent, caused in part by concerns about the United Kingdom s EU referendum, also allowed UK investors to enjoy similar gains from other international markets: The FTSE All-World Index returned 4.53% when translated into pounds. European markets were hurt by the continent s financial sector, which struggled as negative interest rates and the uncertain investment outlook weighed on bank profits. Emerging-market equities, which had underperformed recently, outperformed their developed market counterparts. The FTSE Emerging Index returned 6.35%. Smallcapitalization stocks outside the United States outpaced their large-cap counterparts. Small-caps seemed to benefit from the resurgence of commodity prices in the second half of the period. Despite the spring equity rally, caution still hovered over markets. Inflation remained well below many central banks targets and added to concerns about slower economic growth in China and elsewhere. Japanese securities limped into the close of the period after the Bank of Japan decided against further stimulus. Given the guarded mood, bonds generally did better than stocks. Longer-term bonds again generally outpaced shorter-term ones. By credit quality, bonds rated single-a generally outperformed investment-grade bonds with both higher and lower ratings. In the United States, the widely traded benchmark 10-year Treasury bond yielded 1.83% at the end of April, down from 2.17% six months ago. (Bond prices and yields move in opposite directions.) As with stocks, the pound s decline generally boosted bond returns in some markets for UK investors. In the United Kingdom itself, gilts posted gains. The Barclays Sterling Gilt Float Adjusted Index returned 3.74%. Returns were higher for longer-term UK fixed income securities. Before closing, I wanted to highlight an announcement we made shortly after the close of the period. In May we launched four actively managed funds in the UK: Vanguard Global Balanced Fund, Vanguard Global Emerging Markets Fund, Vanguard Global Equity Fund and Vanguard Global Equity Income Fund. The funds aim to provide investors with high-quality, low-cost funds managed by experienced and talented managers from both inside and outside of Vanguard. As always, thank you for your confidence in Vanguard Investments UK, Ltd. Yours faithfully, F. William McNabb III Chairman The Vanguard Group, Inc. 30 June

4 Vanguard FTSE U.K. All Share Index Unit Trust Report of the Manager Period ended 30 April 2016 The Manager of Vanguard FTSE U.K. All Share Index Unit Trust ( Trust ) is Vanguard Investments UK, Limited. The Trustee is State Street Trustees Limited and the Auditors are PricewaterhouseCoopers LLP. The Trust is a unit trust established under the Trust Deed between the Manager and the Trustee and authorised by the Financial Conduct Authority under Section 243 of the Financial Services and Markets Act The unitholders are not liable for the debts of the Trust. The investment objective of the Trust and the Manager s policy for pursuing that objective are set out in the Fund Profile section of this report and a review of the Trust s investment activities for the relevant period is included within the Portfolio Manager s Commentary. Important Events During the Period The Investment Management Association (now known as the Investment Association) has published in accordance with Financial Reporting Standard ( FRS ) 102 a revised Statement of Recommended Practice ( the revised SORP ) in May 2014 which supersedes the previous SORP for the preparation of financial statements by UK authorised funds. The recommendations of the revised SORP are applicable to accounting periods beginning on or after 1 January Statement of Manager s Responsibilities in Relation to the Financial Statements of the Trust The Financial Conduct Authority s Collective Investment Schemes sourcebook (COLL) requires the Manager to prepare Financial Statements for each annual and half-yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true and fair view of the financial position of the Trust and of its net revenue and the net capital gains on the property of the Trust for the period. In preparing the Financial Statements the Manager is required to: select suitable accounting policies and then apply them consistently; prepare financial statements in accordance with the revised SORP as well as in accordance with FRS 102. follow generally accepted accounting principles and applicable accounting standards; prepare the Financial Statements on the basis that the Trust will continue in operation unless it is inappropriate to do so; and keep proper accounting records which enable it to demonstrate that the Financial Statements as prepared comply with the above requirements. The Manager is responsible for the management of the Trust in accordance with its Trust Deed, the Prospectus and the COLL and for taking reasonable steps for the prevention and detection of fraud, error and noncompliance with law or regulations. The Manager s report and the Financial Statements for the half year ended 30 April 2016 were signed on 30 June 2016 on behalf of the Manager by: John James, Chief Executive Officer Vanguard Investments UK, Limited 30 June 2016 Kenneth E. Volpert Director Vanguard Investments UK, Limited 2

5 Fund Profile As at 30 April 2016 Investment Objective Vanguard FTSE U.K. All Share Index Unit Trust seeks to track the performance of the FTSE All-Share Index. Investment Strategy The Trust employs an indexing investment strategy designed to achieve a result consistent with the performance of the Index by investing in a representative sample of the securities that make up the Index. Risk Profile The value of investments, and the income from them, may fall or rise and investors may get back less than they invested. Investments in smaller companies may be more volatile than investments in well-established blue chip companies. The Trust may invest in derivatives for efficient portfolio management or hedging purposes. The risks associated with the use of derivatives are different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments for efficient portfolio management or hedging purposes. There is no assurance that any derivative strategy used by the Trust will succeed and the Trust may suffer a substantial loss as a result. Portfolio Characteristics FTSE All-Share Trust Index Number of Stocks Trust Trust 30 April October 2015 Ongoing Charges Figure 1 A Accumulation Units 0.08% 0.08% A Income Units 0.08% 0.08% Institutional Plus Accumulation Units 0.05% 0.05% Institutional Plus Income Units 0.05% 0.05% Ex-Dividend Date 2 1 November November 2015 Distribution Date 31 December December 2015 Sector Diversification (% of portfolio) FTSE All-Share Trust Index Basic Materials 5.5% 5.5% Consumer Goods Consumer Services Financials Health Care Industrials Oil & Gas Technology Telecommunications Utilities Ten Largest Holdings 3 (% of total net assets) Royal Dutch Shell plc Integrated Oil and Gas 7.0% HSBC Holdings plc Diversified Banks 4.4 British American Tobacco plc Tobacco 3.8 GlaxoSmithKline plc Pharmaceuticals 3.5 BP plc Integrated Oil & Gas 3.4 Vodafone Group plc Mobile Telecommunications 2.9 AstraZeneca plc Pharmaceuticals 2.5 Diageo plc Distillers & Vintners 2.3 Lloyds Banking Group plc Banks 2.1 Reckitt Benckiser Group plc Nondurable Household Products 2.1 Top Ten 34.0% Synthetic Risk and Reward Indicator 4 Lower risk Typically lower rewards Higher risk Typically higher rewards The Ongoing Charges Figure (OCF) is the ratio of the Trust s total discloseable costs (excluding overdraft interest) to the average net assets of the Trust. 2 If the ex-dividend date does not fall on a business day, the effective date will be the first business day following the end of the financial period. 3 The holdings listed exclude any temporary cash investments and equity index products. 4 The Synthetic Risk and Reward Indicator (SRRI) measures the volatility of the Trust. The risk and reward category (which may range from 1 to 7) is calculated using historical data and may not be a reliable indicator of the Trust s future risk profile. The risk and reward category may shift over time and is not a target guarantee. The lowest category (i.e. category 1) does not mean risk free. The Trust appears in the higher risk category on the risk and reward indicator. This is because the Trust invests primarily in units whose values tend to have higher price fluctuations. 3

6 Commentary On behalf of Vanguard Asset Management, Limited 1 For the six months ended 30 April 2016, Vanguard FTSE U.K. All Share Index Unit Trust s A unit class returned 0.06% for both Accumulation and Income Units. The Institutional Plus unit class returned 0.03% for Accumulation Units and 0.04% for Income Units. The Trust s target Index returned 0.01%. The tracking difference was 0.07 percentage point for both A unit classes, 0.04 percentage point for the Institutional Plus Accumulation Units and 0.05 percentage point for the Institutional Plus Income Units. 2 UK stocks wavered as the European Central Bank moved its short-term interest rate into negative territory, investors expressed concerns about the investment outlook, and the uncertainty surrounding the United Kingdom s June vote on whether to remain in the European Union reduced consumer confidence. Seven of the ten industry sectors represented in the Trust managed positive results. Basic materials (+11%) led the way, followed by oil and gas (+8%) and utilities (+4%). The poorest performers were financials ( 9%), consumer services ( 5%) and technology (0%). FTSE U.K. All Share Index Unit Trust Benchmark: FTSE All-Share Index Total Returns Total Returns Periods Ended 30 April 2016 Annualised Five Years Since inception Six Months (Annualised) (4 December 2009) A Accumulation Units -0.06% 5.19% 7.17% Benchmark Annualised Since Inception Six Months (2 September 2014) Institutional Plus Accumulation Units -0.03% -0.50% Institutional Plus Income Units A Income Units Benchmark Past performance is not a reliable indicator of future results. Sources: The Vanguard Group, Inc., and FTSE. Basis of performance: NAV to NAV with net income reinvested. The Trust s Institutional Plus Accumulation Units, Institutional Plus Income Units and A Income Units launched 2 September 2014; therefore, five-year performance data are not available. 1 The Vanguard Group, Inc., as investment manager for Vanguard FTSE U.K. All Share Index Unit Trust, sub-delegates the management of the Trust to Vanguard Asset Management, Limited. 2 In tracking the performance of the Index, the Trust attempts to select those securities that will create the representative sample that tracks the performance of the Index as closely as possible. The tracking difference between the Trust return and the Index return over a stated period of time can be attributed to a number of factors, including, without limitation, small differences in weightings; trading activity; transaction costs; and differences in the valuation and withholding tax treatment between the Trust and the Index vendor. 4

7 Price History Vanguard FTSE U.K. 1 November 2015 to 1 November 2014 to 1 November 2013 to 1 November 2012 to All Share Index Unit Trust 30 April October October October 2013 A Accumulation Units (20 Apr. 2016) (28 May 2015) (4 Sep. 2014) (30 Oct. 2013) Highest Unit Price (11 Feb. 2016) (15 Dec. 2014) (16 Oct. 2014) (16 Nov. 2012) Lowest Unit Price Income Dividends Pence Per Unit A Income Units 1 (20 Apr. 2016) (28 May 2015) (4 Sep. 2014) Highest Unit Price (11 Feb. 2016) (15 Dec. 2014) (16 Oct. 2014) Lowest Unit Price Income Dividends Pence Per Unit Institutional Plus Accumulation Units 1 (20 Apr. 2016) (28 May 2015) (4 Sep. 2014) Highest Unit Price (11 Feb. 2016) (15 Dec. 2014) (16 Oct. 2014) Lowest Unit Price Income Dividends Pence Per Unit Institutional Plus Income Units 1 (20 Apr. 2016) (28 May 2015) (4 Sep. 2014) Highest Unit Price (11 Feb. 2016) (15 Dec. 2014) (16 Oct. 2014) Lowest Unit Price Income Dividends Pence Per Unit NAV History 30 April October October October 2013 A Accumulation Units Total Net Asset Value 3,606,588,198 3,595,729,182 1,654,637,400 1,183,572,765 Net Asset Value Per Unit Number of Units in Issue 23,158,863 23,076,931 10,929,048 7,886,020 A Income Units 1 Total Net Asset Value 480,274, ,636, ,752 Net Asset Value Per Unit Number of Units in Issue 5,045,565 4,584,901 8,537 Institutional Plus Accumulation Units 1 Total Net Asset Value 215,155, ,078 4,797 Net Asset Value Per Unit Number of Units in Issue 2,170,621 5, Institutional Plus Income Units 1 Total Net Asset Value 165,499, ,091, ,690 Net Asset Value Per Unit Number of Units in Issue 1,738,498 1,198,071 1,704 1 Launched 2 September

8 Summary of Significant Changes For the period ended 30 April 2016 Largest Purchases Cost ( ) Royal Dutch Shell A plc 21,956,994 HSBC Holdings plc 19,266,179 BP plc 15,105,976 British American Tobacco plc 14,630,984 GlaxoSmithKline plc 13,652,384 Total 84,612,517 Total Purchases for the Period 490,903,361 Largest Sales Proceeds ( ) Amlin plc 7,244,543 Telecity Group plc 5,578,875 Royal Dutch Shell B plc 4,965,485 Pace plc 2,882,558 Alent plc 2,284,284 Total 22,955,745 Total Sales for the Period 67,377,364 6

9 Portfolio Statement As at 30 April 2016 Basic Materials 5.51% ( : 5.00%) Rio Tinto plc 2,674,127 61,518, BHP Billiton plc 4,671,726 43,591, Glencore plc 25,804,997 42,036, Anglo American plc 2,896,222 22,103, Randgold Resources Ltd. 204,396 13,827, Johnson Matthey plc 428,193 12,357, Mondi plc 806,589 10,550, Croda International plc 300,118 9,036, Fresnillo plc 374,961 4,169, Polymetal International plc 558,233 3,955, Antofagasta plc 783,676 3,783, Centamin plc 2,409,403 2,912, Victrex plc 184,354 2,580, Elementis plc 1,071,013 2,312, Synthomer plc 611,397 2,123, Evraz plc 1,094,602 1,554, Petra Diamonds Ltd. 1,093,516 1,287, Acacia Mining plc 353,521 1,240, Lonmin plc 613,261 1,152, KAZ Minerals plc 604,113 1,036, Vedanta Resources plc 245,527 1,035, Hochschild Mining plc 483, , Petropavlovsk plc 6,645, , Gem Diamonds Ltd. 230, , Zotefoams plc 77, , Carclo plc 101, , Ferrexpo plc 252,703 94, ,245, Consumer Goods 16.99% ( : 16.28%) British American Tobacco plc 4,125, ,026, Diageo plc 5,570, ,829, Reckitt Benckiser Group plc 1,389,930 92,485, SABMiller plc 2,115,055 88,515, Unilever plc 2,664,866 81,398, Imperial Brands plc 2,133,352 79,328, Associated British Foods plc 768,785 23,555, Persimmon plc 674,027 13,392, Taylor Wimpey plc 7,143,383 13,165, Barratt Developments plc 2,207,762 11,756, Burberry Group plc 978,357 11,632, GKN plc 3,736,391 10,409, Berkeley Group Holdings plc 276,550 8,277, Bellway plc 270,036 6,607, Tate & Lyle plc 1,032,933 6,073, Coca-Cola HBC AG 433,020 6,062, Britvic plc 583,148 4,105, Greencore Group plc 930,085 3,355, Crest Nicholson Holdings plc 550,732 2,869, Bovis Homes Group plc 307,061 2,677, Cranswick plc 112,146 2,514, PZ Cussons plc 682,118 2,195, Redrow plc 505,260 1,935, Dairy Crest Group plc 323,758 1,829, Ted Baker plc 59,987 1,430, A.G. BARR plc 203,791 1,140, Devro plc 368,273 1,026, Headlam Group plc 207, , SuperGroup plc 73, , Photo-Me International plc 406, , McBride plc 411, , Stock Spirits Group plc 382, , Hilton Food Group plc 104, , Premier Foods plc 1,468, , MJ Gleeson Group plc 77, , Games Workshop Group plc 67, , Carr s Group plc 188, , Jimmy Choo plc 223, , Anglo-Eastern Plantations plc 50, , Consumer Services 12.40% ( : 12.59%) 759,130, WPP plc 2,865,238 45,700, Compass Group plc 3,639,585 44,330, Tesco plc 17,973,754 30,932, RELX plc 2,474,783 29,920, Sky plc 2,319,546 21,757, International Consolidated Airlines Group SA 4,041,518 21,217, ITV plc 8,284,283 18,639, Kingfisher plc 5,049,493 18,370, Paddy Power Betfair plc 181,887 16,624, Next plc 320,598 16,302, Whitbread plc 401,075 15,525, Marks & Spencer Group plc 3,586,679 15,189, Pearson plc 1,811,685 14,565, InterContinental Hotels Group plc 520,540 14,205, Carnival plc 401,434 13,632, TUI AG 1,046,680 10,367, Informa plc 1,441,522 9,427, Dixons Carphone plc 2,185,838 9,291, Wm Morrison Supermarkets plc 4,797,109 9,162, J Sainsbury plc 3,122,399 9,017, easyjet plc 548,259 8,075, Auto Trader Group plc 2,141,944 8,023, Rightmove plc 199,015 7,674, Merlin Entertainments plc 1,565,166 6,752, Inchcape plc 964,116 6,531, William Hill plc 1,934,220 6,046, Booker Group plc 3,649,547 5,908, Greene King plc 689,993 5,644, UBM plc 978,826 5,569, Saga plc 2,458,825 5,151, B&M European Value Retail SA 1,525,267 4,229, WH Smith plc 244,487 4,092, Just Eat plc 1,019,258 3,906, Playtech plc 465,792 3,747, AA plc 1,340,068 3,732, Moneysupermarket.com Group plc 1,172,068 3,677, Thomas Cook Group plc 3,457,767 3,049, Home Retail Group plc 1,787,289 3,045, SSP Group plc 1,058,873 3,044,

10 National Express Group plc 930,420 3,016, Domino s Pizza Group plc 298,319 2,740, Firstgroup plc 2,732,458 2,728, Ladbrokes plc 2,304,714 2,701, Dignity plc 109,884 2,676, Ocado Group plc 900,195 2,660, Stagecoach Group plc 964,554 2,483, Go-Ahead Group plc 93,649 2,402, Greggs plc 226,720 2,335, Cineworld Group plc 449,072 2,314, Debenhams plc 2,809,325 2,198, Sports Direct International plc 557,423 2,147, Pets at Home Group plc 808,266 1,954, Wizz Air Holdings plc 103,932 1,951, Halfords Group plc 459,542 1,939, Card Factory plc 523,487 1,907, Marston s plc 1,311,202 1,884, Dunelm Group plc 200,555 1,771, Entertainment One Ltd. 899,381 1,660, JD Sports Fashion plc 132,409 1,652, Darty plc 917,607 1,541, Zoopla Property Group plc 515,610 1,512, McCarthy & Stone plc 634,730 1,472, Mitchells & Butlers plc 540,903 1,450, J D Wetherspoon plc 193,830 1,285, Restaurant Group plc 437,013 1,201, Millennium & Copthorne Hotels plc 260,332 1,193, DFS Furniture plc 364,531 1,101, Lookers plc 735,627 1,023, Pendragon plc 2,940, , Enterprise Inns plc 1,133, , Rank Group plc 399, , ITE Group plc 584, , N Brown Group plc 330, , Euromoney Institutional Investor plc 82, , imprint Group plc 60, , Poundland Group plc 434, , Fuller Smith & Turner plc 70, , AO World plc 393, , Trinity Mirror plc 597, , Punch Taverns plc 499, , Hostelworld Group plc 212, , Topps Tiles plc 377, , Gym Group plc 148, , Mothercare plc 318, , McColl s Retail Group plc 212, , Carpetright plc 108, , Findel plc 166, , Wireless Group plc 154, , Flybe Group plc 465, , Bloomsbury Publishing plc 178, , STV Group plc 66, , Huntsworth plc 509, , GAME Digital plc 179, , Sportech plc 305, , Moss Bros Group plc 179, , Centaur Media plc 295, , Laura Ashley Holdings plc 564, , Johnston Press plc 208,036 85, ,781, Financials 23.87% ( : 25.93%) HSBC Holdings plc 43,185, ,413, Lloyds Banking Group plc 141,682,116 95,012, Prudential plc 5,640,998 76,012, Barclays plc 37,065,695 63,549, Aviva plc 8,931,169 38,618, Standard Chartered plc 5,941,688 32,804, Legal & General Group plc 13,110,402 29,236, Old Mutual plc 10,816,234 20,064, Land Securities Group plc 1,739,202 19,687, London Stock Exchange Group plc 690,357 18,708, Royal Bank of Scotland Group plc 7,177,095 16,507, British Land Co plc 2,270,368 16,323, Standard Life plc 4,315,732 14,069, Direct Line Insurance Group plc 3,036,668 10,989, RSA Insurance Group plc 2,254,270 10,349, Hammerson plc 1,746,145 10,188, i Group plc 2,151,286 10,182, St James s Place plc 1,149,491 9,960, Provident Financial plc 325,169 9,475, Admiral Group plc 438,456 8,142, Scottish Mortgage Investment Trust plc 2,919,310 7,502, Derwent London plc 221,175 7,263, Segro plc 1,653,387 6,906, Aberdeen Asset Management plc 2,176,956 6,502, Alliance Trust plc 1,268,915 6,408, Intu Properties plc 2,090,222 6,360, IG Group Holdings plc 811,248 6,270, Schroders plc 247,603 6,224, Hargreaves Lansdown plc 482,893 6,210, Henderson Group plc 2,328,321 5,951, Investec plc 1,128,206 5,900, Great Portland Estates plc 772,671 5,856, Foreign & Colonial Investment Trust plc 1,347,453 5,829, Capital & Counties Properties plc 1,625,606 5,746, Shaftesbury plc 625,599 5,692, Hiscox Ltd. 627,403 5,646, ICAP plc 1,199,273 5,618, HICL Infrastructure Co Ltd. 3,232,189 5,245, Man Group plc 3,401,462 5,020, RIT Capital Partners plc 300,608 4,914, Intermediate Capital Group plc 737,448 4,524, Phoenix Group Holdings 515,314 4,431, Close Brothers Group plc 340,604 4,128, Jupiter Fund Management plc 959,176 4,034, Mercantile Investment Trust plc 239,160 3,958, Beazley plc 1,165,290 3,795, Witan Investment Trust plc 478,705 3,532, International Public Partnerships Ltd. 2,399,145 3,452, Templeton Emerging Markets Investment Trust plc 761,205 3,428, Edinburgh Investment Trust plc 482,621 3,298, UNITE Group plc 511,435 3,234, City of London Investment Trust plc 809,221 3,043, Kennedy Wilson Europe Real Estate plc 274,301 2,984, Murray International Trust plc 309,033 2,895, Tritax Big Box REIT plc 2,036,316 2,763,

11 Monks Investment Trust plc 650,415 2,751, NB Global Floating Rate Income Fund Ltd. 2,984,078 2,746, Ashmore Group plc 887,841 2,726, Big Yellow Group plc 329,406 2,653, Temple Bar Investment Trust plc 246,728 2,593, Electra Private Equity plc 72,885 2,569, i Infrastructure plc 1,383,552 2,490, Lancashire Holdings Ltd. 450,284 2,474, Perpetual Income and Growth Investment Trust plc 649,141 2,466, John Laing Infrastructure Fund Ltd. 1,970,801 2,465, Jardine Lloyd Thompson Group plc 273,804 2,368, Aberforth Smaller Companies Trust plc 225,240 2,342, LondonMetric Property plc 1,414,375 2,241, Bankers Investment Trust plc 383,321 2,238, Grainger plc 1,007,516 2,233, Workspace Group plc 267,453 2,231, TR Property Investment Trust plc 747,919 2,206, Finsbury Growth & Income Trust plc 370,777 2,169, Rathbone Brothers plc 106,009 2,155, Savills plc 286,102 2,121, Renewables Infrastructure Group Ltd. 2,065,661 2,117, Assura plc 3,732,475 2,112, SVG Capital plc 404,876 2,081, British Empire Trust plc 439,531 2,056, Worldwide Healthcare Trust plc 115,582 2,023, IP Group plc 1,171,394 2,006, P2P Global Investments plc 217,435 2,005, JPMorgan Emerging Markets Investment Trust plc 344,870 2,001, Caledonia Investments plc 80,304 1,982, JPMorgan American Investment Trust plc 697,709 1,977, Polar Capital Technology Trust plc 349,149 1,970, Woodford Patient Capital Trust plc 2,008,645 1,968, Personal Assets Trust plc 5,260 1,940, Fidelity China Special Situations plc 1,400,065 1,936, Paragon Group of Cos. plc 651,771 1,935, GCP Infrastructure Investments Ltd. 1,615,799 1,916, F&C Commercial Property Trust Ltd. 1,437,505 1,913, John Laing Group plc 895,519 1,902, Virgin Money Holdings UK plc 515,120 1,879, Fidelity European Values plc 1,135,440 1,858, Hansteen Holdings plc 1,793,951 1,858, BH Macro Ltd. 94,930 1,841, Scottish Investment Trust plc 295,624 1,822, Genesis Emerging Markets Fund Ltd. 367,110 1,810, HarbourVest Global Private Equity Ltd. 192,965 1,804, Tullett Prebon plc 522,028 1,767, Brewin Dolphin Holdings plc 623,264 1,707, BGEO Group plc 73,770 1,687, Safestore Holdings plc 492,003 1,665, Law Debenture Corp plc 318,558 1,532, Jupiter European Opportunities Trust plc 281,258 1,493, UK Commercial Property Trust Ltd. 1,798,133 1,491, esure Group plc 551,835 1,480, Primary Health Properties plc 1,373,107 1,458, Murray Income Trust plc 215,844 1,426, Empiric Student Property plc 1,202,287 1,346, F&C Global Smaller Companies plc 134,570 1,345, International Personal Finance plc 497,385 1,328, Redefine International plc 2,777,635 1,306, Countrywide plc 360,613 1,281, JPMorgan Indian Investment Trust plc 250,781 1,273, St Modwen Properties plc 402,410 1,232, Herald Investment Trust plc 171,636 1,180, JRP Group plc 858,964 1,163, Henderson Smaller Companies Investment Trust plc 187,306 1,151, Edinburgh Dragon Trust plc 464,026 1,150, Novae Group plc 143,374 1,149, JPMorgan European Smaller Companies Trust plc 415,625 1,097, BACIT Ltd. 832,239 1,092, BlackRock World Mining Trust plc 429,359 1,075, Schroder AsiaPacific Fund plc 400,754 1,061, Riverstone Energy Ltd. 129,475 1,051, JPMorgan Japanese Investment Trust plc 360,505 1,014, Merchants Trust plc 244,710 1,002, TR European Growth Trust plc 152, , Helical Bar plc 250, , Allied Minds plc 249, , Dunedin Income Growth Investment Trust plc 427, , Fidelity Special Values plc 497, , Highbridge Multi Strategy Fund Ltd. 499, , Impax Environmental Markets plc 523, , ICG Enterprise Trust plc 164, , VPC Specialty Lending Investments plc 966, , Arrow Global Group plc 341, , Baillie Gifford Japan Trust plc 194, , Lowland Investment Company plc 64, , Aberdeen Asian Income Fund Ltd. 513, , Foxtons Group plc 582, , Chesnara plc 274, , Blackrock Income Strategies Trust plc 690, , JPMorgan Mid Cap Investment Trust plc 85, , Scottish American Investment Co. plc 302, , European Investment Trust plc 122, , Shawbrook Group plc 286, , Aberdeen Asian Smaller Companies Investment Trust plc 103, , North Atlantic Smaller Cos. Investment Trust plc 34, , Capital & Regional plc 1,256, , JPMorgan Claverhouse Investment Trust plc 141, ,

12 BH Global Ltd. 62, , Schroder Income Growth Fund plc 306, , Schroder Real Estate Investment Trust Ltd. 1,284, , F&C Capital & Income Investment Trust plc 281, , Aldermore Group plc 390, , Scottish Oriental Smaller Companies Trust plc 93, , Schroder UK Growth Fund plc 456, , Keystone Investment Trust plc 41, , JPMorgan Overseas Investment Trust plc 337, , Martin Currie Portfolio Investment Trust plc 370, , U & I Group plc 320, , Daejan Holdings plc 11, , Standard Life Equity Income Trust plc 149, , Hastings Group Holdings Ltd. 344, , Pacific Assets Trust plc 308, , F&C UK Real Estate Investment Ltd. 605, , OneSavings Bank plc 206, , CLS Holdings plc 37, , Henderson EuroTrust plc 68, , JPMorgan Asian Investment Trust plc 277, , Regional REIT Ltd. 533, , Aberdeen New Dawn Investment Trust plc 361, , Henderson High Income Trust plc 315, , City Merchants High Yield Trust Ltd. 304, , Invesco Perpetual UK Smaller Companies Investment Trust plc 142, , Schroder UK Mid Cap Fund plc 122, , LSL Property Services plc 179, , Mucklow A & J Group plc 112, , Montanaro UK Smaller Companies Investment Trust plc 110, , Henderson European Focus Trust plc 53, , JPMorgan Russian Securities plc 149, , Fidelity Asian Values plc 190, , Standard Life European Private Equity Trust plc 226, , F&C Private Equity Trust plc 199, , CQS New City High Yield Fund Ltd. 872, , Invesco Income Growth Trust plc 182, , Aberdeen Emerging Markets Investment Co. Ltd. 115, , Securities Trust of Scotland plc 350, , Asian Total Return Investment Co. plc 224, , Schroder Japan Growth Fund plc 339, , INVESCO Asia Trust plc 245, , Real Estate Credit Investments PCC Ltd. 272, , Strategic Equity Capital plc 218, , Jupiter US Smaller Companies plc 67, , Dexion Absolute Ltd. 253, , Aberdeen New Thai Investment Trust plc 107, , McKay Securities plc 178, , Brunner Investment Trust plc 75, , Artemis Alpha Trust plc 166, , JPMorgan Japan Smaller Companies Trust plc 135, , Martin Currie Pacific Trust plc 132, , JPMorgan Chinese Investment Trust plc 208, , PureTech Health plc 252, , Pacific Horizon Investment Trust plc 181, , Raven Russia Ltd. 849, , DW Catalyst Fund Ltd. 24, , Baring Emerging Europe plc 48, , Town Centre Securities plc 74, , Hansard Global plc 188, , Liontrust Asset Management plc 72, , City of London Investment Group plc 59, , S&U plc 6, , Hansa Trust plc 10,814 78, Gartmore Irish Growth Fund plc 5,084 38, Electric and General Investment Trust plc 1 30, Health Care 8.59% ( : 8.45%) 1,066,491, GlaxoSmithKline plc 10,755, ,865, AstraZeneca plc 2,792, ,684, Shire plc 1,300,828 55,415, Smith & Nephew plc 1,986,593 22,945, Mediclinic International plc 865,960 7,828, Hikma Pharmaceuticals plc 309,644 6,824, BTG plc 857,441 5,071, UDG Healthcare plc 561,948 3,439, Indivior plc 1,464,112 2,352, Dechra Pharmaceuticals plc 205,299 2,268, Spire Healthcare Group plc 648,622 2,115, Genus plc 134,311 2,014, Vectura Group plc 937,082 1,611, NMC Health plc 144,248 1,507, Skyepharma plc 255,070 1,197, Consort Medical plc 114,558 1,123, Circassia Pharmaceuticals plc 404,582 1,092, Oxford Biomedica plc 5,915, , Georgia Healthcare Group plc 79, , Cambian Group plc 181, , Industrials 10.43% ( : 9.87%) 383,957, CRH plc 1,807,037 35,887, BAE Systems plc 6,989,118 33,352, Rolls-Royce Holdings plc 4,068,376 27,237, Experian plc 2,122,394 26,551, Wolseley plc 565,296 21,599, Bunzl plc 739,668 15,074, Capita plc 1,460,354 14,603, DCC plc 196,397 11,901, Intertek Group plc 357,257 11,632, Babcock International Group plc 1,113,783 10,547, Travis Perkins plc 554,216 10,230, Ashtead Group plc 1,109,613 10,064,

13 Royal Mail plc 2,034,980 9,906, Rexam plc 1,553,488 9,701, Smiths Group plc 871,697 9,658, DS Smith plc 2,075,913 7,915, Worldpay Group plc 2,930,777 7,810, Halma plc 832,152 7,418, Meggitt plc 1,737,458 7,135, Rentokil Initial plc 4,025,052 7,088, Howden Joinery Group plc 1,364,274 6,739, G4S plc 3,432,050 6,462, Aggreko plc 534,468 5,809, Weir Group plc 472,629 5,671, IMI plc 604,974 5,650, Spirax-Sarco Engineering plc 161,213 5,505, RPC Group plc 678,582 4,946, Spectris plc 260,966 4,752, Essentra plc 574,693 4,663, BBA Aviation plc 2,326,385 4,657, Berendsen plc 393,688 4,645, Hays plc 3,171,557 4,059, Paysafe Group plc 1,054,828 4,015, Regus plc 1,365,716 3,989, Cobham plc 2,504,740 3,857, Balfour Beatty plc 1,526,213 3,641, Rotork plc 1,897,495 3,548, Grafton Group plc 472,830 3,264, WS Atkins plc 227,726 3,033, QinetiQ Group plc 1,312,842 2,935, Ultra Electronics Holdings plc 160,201 2,827, Carillion plc 948,961 2,788, Michael Page International plc 677,515 2,754, Electrocomponents plc 991,754 2,557, Kier Group plc 208,250 2,478, Bodycote plc 414,834 2,472, HomeServe plc 578,967 2,398, Galliford Try plc 185,979 2,373, Serco Group plc 2,434,905 2,337, Mitie Group plc 799,712 2,169, Senior plc 943,704 2,052, Vesuvius plc 602,059 1,934, Diploma plc 252,461 1,845, SIG plc 1,304,798 1,760, Hill & Smith Holdings plc 181,097 1,688, Renishaw plc 81,508 1,545, Keller Group plc 165,883 1,465, Morgan Advanced Materials plc 622,186 1,463, Marshalls plc 453,922 1,457, Interserve plc 338,368 1,445, Clarkson plc 57,065 1,358, PayPoint plc 159,521 1,344, Melrose Industries plc 347,768 1,298, Polypipe Group plc 439,614 1,282, James Fisher & Sons plc 88,771 1,256, Northgate plc 306,062 1,234, De La Rue plc 251,411 1,218, Tyman plc 383,708 1,113, Xchanging plc 546,484 1,032, Premier Farnell plc 823, , e2v technologies plc 470, , Chemring Group plc 671, , Ricardo plc 111, , Ibstock plc 457, , SThree plc 264, , RPS Group plc 500, , Mears Group plc 216, , Xaar plc 174, , Connect Group plc 526, , Shanks Group plc 936, , Oxford Instruments plc 114, , Equiniti Group plc 438, , Sanne Group plc 165, , Morgan Sindall Group plc 88, , Stobart Group Ltd. 686, , Fenner plc 451, , John Menzies plc 126, , TT Electronics plc 371, , Lavendon Group plc 400, , Costain Group plc 176, , British Polythene Industries plc 69, , Brammer plc 273, , Robert Walters plc 140, , Avon Rubber plc 59, , Vitec Group plc 81, , Exova Group plc 270, , Volution Group plc 261, , Boot Henry plc 201, , Low & Bonar plc 658, , Acal plc 154, , Speedy Hire plc 1,082, , Dialight plc 67, , Wincanton plc 220, , Hogg Robinson Group plc 523, , Braemar Shipping Services plc 75, , St Ives plc 291, , Trifast plc 223, , Severfield plc 572, , Charles Taylor plc 112, , Energy Assets Group plc 42, , Rolls-Royce Holdings plc 288,854, , Vp plc 39, , Porvair plc 71, , Norcros plc 124, , UK Mail Group plc 68, , Communisis plc 425, , Renold plc 411, , HSS Hire Group plc 134, , Goodwin plc 3,393 68, Lakehouse plc 122,092 58, ,002, Oil & Gas 11.11% ( : 11.00%) Royal Dutch Shell A plc 9,348, ,313, BP plc 40,903, ,875, Royal Dutch Shell B plc 8,259, ,520, Tullow Oil plc 1,997,645 5,587, John Wood Group plc 818,668 5,108, Petrofac Ltd. 578,637 4,886, Amec Foster Wheeler plc 872,082 4,306, Cairn Energy plc 1,295,753 2,901, Hunting plc 309,676 1,131, Ophir Energy plc 1,491,648 1,122, Premier Oil plc 1,207, , Soco International plc 509, , EnQuest plc 1,738, , Cape plc 253, ,

14 Lamprell plc 582, , XP Power Ltd. 31, , Nostrum Oil & Gas plc 133, , Exillon Energy plc 286, , Gulf Marine Services plc 336, , Technology 1.48% ( : 1.64%) 496,431, ARM Holdings plc 3,116,146 29,213, Sage Group plc 2,383,455 14,110, Micro Focus International plc 421,225 6,440, AVEVA Group plc 140,421 2,259, Laird plc 615,411 2,144, Fidessa Group plc 87,014 2,078, NCC Group plc 576,480 1,512, Computacenter plc 161,228 1,346, Spirent Communications plc 1,329,377 1,036, FDM Group Holdings plc 184,519 1,020, Sophos Group plc 502,240 1,017, Imagination Technologies Group plc 556, , SDL plc 182, , Softcat plc 198, , Servelec Group plc 144, , Sepura plc 336, , RM plc 173, , Nanoco Group plc 600, , Kainos Group plc 116, , Tribal Group plc 227, , Telecomminications 5.16% ( : 5.09%) 65,982, Vodafone Group plc 58,789, ,867, BT Group plc 18,510,333 82,028, Inmarsat plc 993,539 9,225, Cable & Wireless Communications plc 6,214,724 4,574, TalkTalk Telecom Group plc 1,156,877 3,090, Telecom Plus plc 134,471 1,251, KCOM Group plc 1,163,141 1,200, ,237, Utilities 3.99% ( : 3.84%) National Grid plc 8,356,699 81,452, SSE plc 2,234,656 33,720, Centrica plc 11,197,792 26,673, United Utilities Group plc 1,505,787 14,139, Severn Trent plc 524,500 11,675, Pennon Group plc 921,942 7,486, Drax Group plc 922,574 2,946, Derivatives 0% ( : 0.00%) 178,094, FTSE 100 Index Futures June , , Portfolio of Investments 4,446,518, Net Other Assets 21,000, Net Assets Attributable to Unitholders 4,467,518, All holdings are ordinary shares or stock units included on an official stock exchange listing unless otherwise stated. 1 Delisted. 12

15 Balance Sheet As at As at 30 April October 2015 ( ) ( ) Assets: Fixed Assets Investments 4,446,518,012 4,134,133,498 Current Assets Debtors 29,465,161 25,394,959 Cash and Bank Balances 975,371 9,544,629 Total Assets 4,476,958,544 4,169,073,086 Liabilities: Investment Liabilities 101,506 Creditors Bank Overdrafts 5,048,678 Distribution Payable 20,766,360 Other Creditors 4,391,848 1,449,044 Total Liabilities 9,440,526 22,113,898 Net Assets Attributable to Unitholders 4,467,518,018 4,146,959,188 Statement of Total Return Period Ended Restated Period Ended 30 April April April April 2015 ( ) ( ) ( ) ( ) Income Net Capital Gains/(Losses) (72,787,306) 256,683,345 Revenue 82,265,445 66,721,136 Expenses 1 (1,675,440) (1,451,471) Net Revenue Before Taxation 80,590,005 65,269,665 Taxation (638,170) (445,188) Net Revenue After Taxation 79,951,835 64,824,477 Total Return Before Distributions 7,164, ,507,822 Distributions 2,045,903 2,656,004 Change in Net Assets Attributable to Unitholders From Investment Activities 9,210, ,163,826 1 Prior-period figures have been reclassified to conform with FRS 102 and the May 2014 SORP. Statement of Change in Unitholders Net Assets Period Ended Period Ended 30 April April April April 2015 ( ) ( ) ( ) ( ) Opening Net Assets Attributable to Unitholders 4,146,959,188 1,655,625,639 Amounts Received on Issue of Units 641,348,084 2,100,769,223 Amounts Paid on Cancellation of Units (331,337,217) (133,761,370) 310,010,867 1,967,007,853 Dilution Levy 1,337,531 1,496,523 Change in Net Assets Attributable to Unitholders From Investment Activities 9,210, ,163,826 Closing Net Assets Attributable to Unitholders 4,467,518,018 3,948,293,841 13

16 Further Information Reports and Financial Statements Each year, annual and interim reports will be prepared. They will describe investment activity during the period and provide management commentary. Prospectus The Prospectus, an important document describing the Trust in detail, is available from the Manager, which is responsible for the management and administration of the Trust. The Manager for Vanguard FTSE U.K. All Share Index Unit Trust is Vanguard Investments UK, Limited, located at 4th Floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF. Types of Units Available During the period, the Trust offered two classes of units, A and Institutional Plus, and Income Units and Accumulation Units were available in each class. Switching Investors may sell their units and transfer the proceeds into any of the other unit classes by calling our dealing desk on Distributions The Trust allocates income annually, on 31 December. Publication of Prices The most recent unit prices will be published daily on vanguard.co.uk. Dilution Levy A dilution levy may be applied at Manager discretion to all purchases, sales and switches of units where the impact of the net deals is believed to have a dilution effect of 0.05% or greater on the Trust s net assets. A dilution levy may also be applied where the sum of the net deals over several days is determined by the Manager to have a dilution effect on the Trust s net assets. More information on the Manager s policy for dilution adjustment can be found in the Trust s Prospectus. Recipients of this document should not treat the contents as advice relating to legal, taxation or investment matters and should consult their own professional advisers concerning the acquisition, holding or disposing of investments in the Trust. Past performance is not necessarily indicative of future performance, and the value of the units and income from them may fall as well as rise. On redemption of units, investors may receive back an amount less than the original amount of their investment. The assets of the Trust will be in a variety of currencies, and therefore movements in the value of currencies may affect the value of an investor s holdings and the income from the holdings may fluctuate in value in money terms. Issued by Vanguard Investments UK, Limited 4th Floor, The Walbrook Building, 25 Walbrook, London, EC4N 8AF 14

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19 Directory Manager Vanguard Investments UK, Limited 4th Floor, The Walbrook Building, 25 Walbrook London EC4N 8AF United Kingdom Administrator and Registrar International Financial Data Services (UK) Limited IFDS House St. Nicholas Lane Basildon Essex SS15 5FS United Kingdom Trustee State Street Trustees Limited 525 Ferry Road Edinburgh EH5 2AW United Kingdom Independent Auditors PricewaterhouseCoopers LLP 7 More London Riverside London SE1 2RT United Kingdom Investment Adviser The Vanguard Group, Inc. P.O. Box 2600 Valley Forge, PA USA

20 Vanguard Investments UK, Limited 4th Floor, The Walbrook Building 25 Walbrook London EC4N 8AF United Kingdom Connect with Vanguard > vanguard.co.uk This report is intended for the Trust s unitholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current Trust Prospectus. All comparative mutual fund data are from Lipper, a Thomson Reuters Company, or Morningstar, Inc., unless otherwise noted. London Stock Exchange Group companies include FTSE International Limited ( FTSE ), Frank Russell Company ( Russell ), MTS Next Limited ( MTS ), and FTSE TMX Global Debt Capital Markets Inc. ( FTSE TMX ). All rights reserved. FTSE, Russell, MTS, FTSE TMX and FTSE Russell and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under licence. All information is provided for information purposes only. No responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of its licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Indexes or the fitness or suitability of the Indexes for any particular purpose to which they might be put. The Industry Classification Benchmark ( ICB ) is owned by FTSE. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB. Vanguard Investments UK, Limited, only gives information on products and services and does not give investment advice based on individual circumstances. The Key Investor Information Document ( KIID ) and the Prospectus for this Trust is available in local languages from Vanguard Investments UK, Limited, via our website vanguard.co.uk. Issued by Vanguard Investments UK, Limited, which is authorised and regulated in the UK by the Financial Conduct Authority Vanguard Investments UK, Limited. All rights reserved. QIUT