UNIT UNITTRUST TRUSTSHORT SHORTREPORTS REPORTS 31 MARCH 31 MARCH 20152015

St. James’s St. James’s Place Unit PlaceTrust Unit Trust GroupGroup Ltd is Ltd authorised is authorised and regulated and regulated by theby Financial the Financial Conduct Conduct Authority. Authority. St. James’s St. James’s Place Unit PlaceTrust Unit Trust GroupGroup Ltd Registered Ltd Registered Office:Office: St. James’s St. James’s Place House, Place House, 1 Tetbury 1 Tetbury Road,Road, Cirencester, Cirencester, Gloucestershire, Gloucestershire, GL7 1FP, GL7United 1FP, United Kingdom. Kingdom. Registered Registered in England in England Number Number 947644. 947644.

(05/15)(05/15) SJP3510-VR10 SJP3510-VR10

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St. James's Place Unit Trust Group Manager's Short Reports Report and Accounts This booklet contains the short reports for the entire range of St. James's Place Unit Trusts for the half year/year ended 31 March 2015. The full Report and Accounts for each of the Unit Trusts is available on our website www.sjp.co.uk under "Press & Media / Document Library" or free of charge on request to the Manager. St. James's Place Unit Trust Schemes holding Class L accumulation units in the St. James's Place Money Market Unit Trust During the period under review, the Manager decided to place some of the sterling cash held on deposit by some of the unit trust schemes into the St. James's Place Money Market Unit Trust in order to spread risk across a number of institutions. All St. James's Place unit trust schemes that hold units in the Money Market Unit Trust receive a rebate of the annual management charge. Non-Resident Unitholders - European Union Savings Directive Unitholders resident in most EU countries (not UK) should be aware that Unit Trusts which hold over 15% in investments which pay interest are covered by the European Union Savings Directive. Where applicable, the manager is required to identify and report your distribution and repurchase transactions to the UK tax authorities, who are in turn required to pass this information to most other EU national tax authorities. Ongoing Charges Figure The Ongoing Charges Figure ('OCF') is the total expenses paid by the Trust in the year against its average net asset value. It excludes the cost of buying or selling assets for the Trust (unless these assets are shares of another trust). The OCF can fluctuate as underlying costs change. Gross Unit Classes On 6 October 2014 the Manager launched gross unit classes for the following unit trusts: the St. James’s Place Corporate Bond Unit Trust, the St. James’s Place Gilts Unit Trust, the St. James’s Place Index Linked Gilts Unit Trust, the St. James’s Place International Corporate Bond Unit Trust, the St. James’s Place Investment Grade Corporate Bond Unit Trust and the St. James’s Place Money Market Unit Trust. These gross units are only available for investments held within an ISA. Other Information The information in this report is designed to enable unitholders to make an informed judgement on the activities of the Unit Trust schemes during the period it covers and the results of those activities at the end of the period. For more information about the activities and performance of the funds during this and previous periods, please contact the Manager.

Manager: St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford, CM99 2XA, United Kingdom. Freephone: 0800 027 1031. (Authorised and regulated by the Financial Conduct Authority) Trustee: BNY Mellon Trust & Depositary (UK) Limited, 160 Queen Victoria Street, London, EC4V 4LA, United Kingdom. (Authorised and regulated by the Financial Conduct Authority) Registrar: International Financial Data Services (UK) Limited, IFDS House, St. Nicholas Lane, Basildon, SS15 5FS, United Kingdom. (Authorised and regulated by the Financial Conduct Authority) Auditor: PricewaterhouseCoopers LLP, Atria One, 144 Morrison Street, Edinburgh, EH3 8EX, United Kingdom. 1

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Income hare Allshare Income Unit TrustUnit Trust

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Alternative Assets ernative Assets Unit TrustUnit Trust

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ancedBalanced ManagedManaged Unit TrustUnit Trust

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ntinental EuropeanEuropean Unit TrustUnit Trust Continental

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porateCorporate Bond UnitBond TrustUnit Trust

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Equity ergingEmerging Markets Markets Equity Unit TrustUnit Trust

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EquityUnit Income uity Income TrustUnit Trust

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Ethical ical Unit TrustUnit Trust

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Far East East Unit TrustUnit Trust

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s UnitGilts TrustUnit Trust

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Global bal Unit TrustUnit Trust

43

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Global Emerging bal Emerging Markets Markets Unit TrustUnit Trust

48

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GlobalUnit Equity bal Equity TrustUnit Trust

53

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GlobalIncome EquityUnit Income bal Equity TrustUnit Trust

60

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Greater European Progressive ater European Progressive Unit TrustUnit Trust

64

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HighUnit Octane h Octane TrustUnit Trust

68

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IndexGilts Linked ex Linked UnitGilts TrustUnit Trust

72

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International ernational CorporateCorporate Bond UnitBond TrustUnit Trust

75

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International Equity ernational Equity Unit TrustUnit Trust

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Investment Grade Corporate estment Grade Corporate Bond UnitBond TrustUnit Trust

82

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Growth nagedManaged Growth Unit TrustUnit Trust

86

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MoneyUnit Market ney Market TrustUnit Trust

91

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North American th American Unit TrustUnit Trust

102

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perty Property Unit TrustUnit Trust

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ategicStrategic ManagedManaged Unit TrustUnit Trust

Multi Asset lti Asset Unit TrustUnit Trust

110

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UK Absolute Return Absolute Return Unit TrustUnit Trust

115

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UK and Progressive General Progressive and General Unit TrustUnit Trust

119

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UK and International Income and International Income Unit TrustUnit Trust

126

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UK Unit Growth Growth TrustUnit Trust

130

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HighUnit Income High UK Income TrustUnit Trust

134

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UKUnit Income Income TrustUnit Trust

138

138

Worldwide Opportunities rldwide Opportunities Unit TrustUnit Trust

142

142

2

2

St. James's Place Allshare Income Unit Trust Manager's Short Report for the year ended 31 March 2015 Unitholders should note that with effect from 10 November 2014 the St. James’s Place Allshare Income Unit Trust was closed to new investment under the limited issue arrangements permitted under the FCA rules for authorised funds. With effect from this date no new Units have been or will be issued in respect of this Scheme, except in relation to existing Unitholders who invest through an existing regular savings facility. Investment Objectives The investment objective of the Scheme is to achieve an above average level of income whilst also providing the potential for capital appreciation over the medium to long-term. The Scheme will be invested in a combination of primarily UK, but also global, equities. The Scheme is also permitted to invest in other asset classes permitted for UCITS schemes under COLL including other types of transferable securities, units and/or shares in collective investment schemes, money market instruments and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). Please note that prior to 4 August 2014, the first sentence of the above objectives was as follows:

The investment objective of the Scheme is to achieve a level of income in excess of the average yield of the stocks comprising the FTSE All-Share Index™ with the potential for capital appreciation over the medium to long-term. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests primarily in United Kingdom securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 March, 30 June, 30 September, 31 December

3

St. James's Place Allshare Income Unit Trust Manager's Short Report

(continued)

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 118,327,012 95.29 1,047,034,266 128.68

31/03/14 Net Asset Value pence/unit £ 101,745,469 95.42 123.89 903,941,770

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.85% (31 March 2014: 1.84%) for Income units and 1.85% (31 March 2014: 1.84%) for Accumulation units. Performance Record Trust and Indices

St. James's Place Allshare Income Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share (Total return)

01/10/07 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+1.2 +35.3

+33.8 +61.9

-1.1 +2.7

+43.5

+49.3

+6.6

Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

4

St. James's Place Allshare Income Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 7.89 6.15 7.85 9.15 6.80 4.83 6.47 5.45 6.08 5.58 5.10 3.92 4.89 6.21 4.47 3.36 4.45 4.75 4.41 2.83 4.03 3.67 3.44 3.71 3.29 1.47 3.10 2.04 3.09 3.29 2.71 4.42 2.67 6.50 2.22 2.16 1.98 1.93 2.03 1.86 3.12 1.73 1.79 1.66 1.74 1.38 2.04 1.36 1.91 0.91 1.08 0.62 0.61 0.61 1.21 0.60 0.76 0.57 0.67 0.55 0.88 0.42 0.35 0.13 0.21 1.40 99.27 99.29 0.73 0.71 100.00 100.00

Classification of Investments Equity Investment Instruments* Oil & Gas Producers* Financial Services* Pharmaceuticals & Biotechnology Banks Tobacco Food Producers* Non Equity Investment Instruments* Real Estate Investment Trusts* Life Insurance General Retailers* Electronic & Electrical Equipment* Media* Mobile Telecommunications* Software & Computer Services* Mining Support Services* Gas, Water & Multiutilities Household Goods & Home Construction Non Life Insurance* Fixed Line Telecommunications* Industrial Transportation* Aerospace & Defence* Construction & Materials* Travel & Leisure* Technology Hardware & Equipment Food & Drug Retailers* Automobiles & Parts Industrial Engineering* Oil Equipment, Services & Distribution Electricity* Real Estate Investment & Services* Corporate Bonds Chemicals Investment assets Total other assets (net) Net assets

*Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been restated where appropriate.

5

St. James's Place Allshare Income Unit Trust Manager's Short Report

(continued)

Major Holdings % of trust value 31/03/15 4.53 4.19 3.31 3.21 3.10 2.22

Holdings

Royal Dutch Shell 'B' Shares HSBC British American Tobacco BP Vodafone GlaxoSmithKline AstraZeneca St. James's Place Money Market Unit Trust L Acc Legal & General HellermannTyton

Holdings

2.20 2.17

Royal Dutch Shell 'B' Shares GlaxoSmithKline HSBC BP British American Tobacco St. James's Place Money Market Unit Trust L Acc Hilton Food Vodafone

1.91 1.87

HellermannTyton Rio Tinto

% of trust value 31/03/14 4.84 3.91 3.78 3.58 3.08 2.22 2.06 2.04 2.00 1.99

Summary of Distributions Current year 1st interim 2nd interim 3rd interim Final

Pay date 30/09/14 31/12/14 31/03/15 30/06/15

Income Pence per Unit 0.963 0.865 0.911 1.027

Accumulation Pence per Unit 1.250 1.135 1.207 1.370

Previous year 1st interim 2nd interim 3rd interim Final

Pay date 30/09/13 31/12/13 31/03/14 30/06/14

Income Pence per Unit 1.023 0.789 0.827 0.780

Accumulation Pence per Unit 1.028 0.999 1.056 1.005

Investment Adviser's Comments In this period, the risk of downside shocks appeared to reduce significantly. In Europe the struggling periphery stabilised as a combination of low interest rates and structural reform began to work, with Ireland being the poster child and the first country to exit the European bailout programme. Even Greece saw signs of life and the yield on its sovereign bonds plummeted. The US economy shrugged off a government shutdown brought on by a failure by politicians to reach a budget agreement. Once it became clear to Republican politicians that they were being blamed by the electorate, an agreement was reached. Rising shale gas production continued to lower the US trade deficit in energy, with a surplus possible in the near future. Growth in the quarter to March was impacted by a very severe winter. The UK economy surprised on the upside with a rising property market, and record numbers in employment bolstering confidence. This looks like continuing, with the country forecast to be the fastest growing of the developed economies in the coming year. In response to this improved outlook, sterling was strong; which had a negative impact on the translation of foreign earnings into sterling. The UK equity market performed well, rising by just under 9% on a total return basis. The portfolio outperformed markedly, helped by strong rises in stocks such as Ashtead, Greencore, Hellerman Tyton, Hilton Foods, Pendragon and Topps Tiles. On a negative tack, Devro was weak on the back of tougher grading.

6

St. James's Place Allshare Income Unit Trust Manager's Short Report

(continued)

New holdings included BHP Billiton, esure Group, Greencore Group and McKay Securities. The new issue market was active with the portfolio participating in issues such as Chenavari Capital Solutions, Conviviality Retail, DP Aircraft, DX Group, Infinis Energy and Manx Telecom. Sales included Cambium Global Timberland, HICL Infrastructure, MedicX Fund, Rockhopper, SSE and Victrex. The coming year will see the European elections and the run-up to the general election in the UK. At some stage interest rates will begin to normalise and this has the scope to cause some market volatility. The strong economic background should be supportive to corporate earnings. Yields available in alternative classes to equities are very low, meaning yielding equities should continue to be supported. AXA Investment Managers UK Limited

15 April 2015

7

St. James's Place Alternative Assets Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The Scheme aims to deliver long term capital growth in all investment conditions. To do so the Manager will invest in a diversified portfolio of instruments and asset classes both directly and via collective investment schemes. The Scheme's primary focus is upon providing efficient exposure to a diversified range of asset classes and financial instruments rather than stock selection within each asset class. Asset classes potentially include, but are not limited to, debt instruments, property, infrastructure, commodities and equities. Subject to the above the Scheme may invest in any asset class and adopt any investment technique or strategy permitted under the rules in COLL as such rules are applied to Non-UCITS Retail Schemes and in accordance with the investment powers as summarised in the Prospectus. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

4

5

6

7

The Non-UCITS Retail Scheme Key Investor Information Document (NURS-KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests predominantly in specialised collective investment schemes. These specialised collective investment schemes provide exposure to a diverse range of asset classes such as commodities, corporate bonds, equities and property, all of which fluctuate in market value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 20,439,178 106.18 892,997,053 117.08

8

30/09/14 Net Asset Value £ pence/unit 18,636,081 105.05 808,127,192 115.85

St. James's Place Alternative Assets Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.76% (30 September 2014: 1.75%) for Income units and 1.76% (30 September 2014: 1.75%) for Accumulation Units. Performance Record Trust and Indices

St. James's Place Alternative Assets Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI AC World Index (Total Return) Barclays Capital Global Aggregate Bond (Total Return)

18/08/08 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+11.8 +23.3

+5.5 +13.6

+0.1 +1.0

+90.2 +51.8

+61.4 +14.5

+12.4 +6.0

Source: Financial Express for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information Classification of Investments iShares Diversified Commodity Swap UCITS iShares JP Morgan $ Emerging Markets Bond UCITS iShares iBoxx $ High Yield Corporate Bond BlackRock Index Linked Gilt Tracker Fund X Acc BlackRock Global Property Securities Equity Tracker Fund X Acc iShares Global Water UCITS iShares $ Corporate Bond UCITS iShares Global Infrastructure UCITS iShares Global Clean Energy UCITS iShares Global Timber & Forestry UCITS iShares Emerging Market Infrastructure UCITS Derivatives Investment assets Total other assets (net) Net assets

9

% of trust value 31/03/15 30/09/14 19.81 20.20 18.53 18.75 15.87 11.67 15.04 14.76 8.37 7.95 6.27 5.76 4.65 4.82 2.95 3.00 2.36 2.10 2.14 1.99 2.01 2.03 (1.24) 0.56 96.76 93.59 3.24 6.41 100.00 100.00

St. James's Place Alternative Assets Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments Despite volatility returning to financial markets, the six-month period was broadly positive for most asset classes, with gains in equity and fixed income sectors. Commodities struggled, as crude oil volatility dominated index price moves. Although some of the uncertainty facing investors subsided during the first quarter - the Greek bailout deadline was extended and a ceasefire was agreed in Ukraine - growth remained lacklustre and the theme of divergence between the US and other developed economies continued. At the end of 2014, third quarter US GDP growth beat expectations to 5% annualised, core inflation data (excluding food and energy) came in above expectations during February, and housing and labour market data also remained strong. US Federal Reserve minutes acknowledged progress, but reiterated the need for further improvement before any increase in interest rates. In Europe, although growth and inflation remain weak, economic indicators have begun to point tentatively towards improvement, and the initiation by the ECB of a broad-based quantitative easing programme buoyed sentiment during the period. The Greek bailout situation dominated headlines at the start of 2015, as Syriza secured a four-month extension to the country’s bailout, subject to a list of reforms being agreed with creditors by the end of April. In the UK, although inflation fell to a record low of 0.3% annualised in January, GDP remained robust and the Bank of England kept interest rates unchanged. The Japanese economy emerged from recession during the final quarter of 2014, and industrial production and exports were strong in January, although growth was weaker than expected. In emerging markets, the stabilisation in oil prices, ceasefire in Ukraine and a second rate cut by the Chinese central bank removed some uncertainty, but ongoing growth and geopolitical concerns continued to weigh on performance. The portfolio delivered positive performance over the review period. With the exception of commodities, which fell sharply, all asset classes in the portfolio delivered positive contributions to returns, with property and fixed income exposures notable contributors. BlackRock Investment Management (UK) Limited

17 April 2015

10

St. James's Place Balanced Managed Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to provide capital appreciation over the medium to long term. The Scheme will achieve this objective by generally investing in quoted securities on a worldwide basis. The Scheme will invest, at the Manager's discretion, in UK and overseas equities, UK and overseas fixed interest and index linked securities, units and/or shares in other collective investment schemes, cash and near cash. The Scheme is also permitted to invest in other types of transferable securities, money market instruments and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager’s intention that the composition of the Scheme will enable it to qualify for inclusion in the Investment Association’s ‘Mixed Investment 40-85% Shares’ Sector (formerly known as the Balanced Managed Sector). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly, in July 2014 the SRRI changed from a category 5 to a category 4. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 28 February, 31 May, 31 August, 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 4,352,072 136.58 3,003,655,682 141.17

11

31/03/14 Net Asset Value £ pence/unit 3,488,971 125.88 2,519,060,370 129.55

St. James's Place Balanced Managed Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.71% (31 March 2014: 1.68%) for Income units and 1.71% (31 March 2014: 1.68%) for Accumulation units. Performance Record Trust and Indices

St. James's Place Balanced Managed Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share (Total Return)* FTSE British Government All stocks (Total Return)* MSCI World Europe excluding UK (Total Return) MSCI World (Total Return) S&P 500 Index (Total Return)

06/04/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+43.8 +48.6

+8.4 +8.9

+46.5 +41.2 +43.2 +67.1 +101.2

+6.6 +13.9 +7.8 +19.7 +26.6

Source: Lipper for Fund returns *Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

12

St. James's Place Balanced Managed Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 53.82 56.72 13.11 13.66 5.96 5.07 5.73 4.52 3.62 3.01 2.34 2.46 2.21 2.09 2.21 2.30 1.72 1.87 0.96 0.78 0.86 0.77 0.85 1.27 0.83 0.61 0.79 0.68 0.61 0.60 0.60 0.54 0.62 0.53 0.75 0.50 0.42 0.36 0.34 0.29 0.12 0.62 0.06 (0.01) 99.09 98.68 0.91 1.32 100.00 100.00

Classification of Investments United Kingdom** United States Germany Japan France Jersey Luxembourg** Switzerland Hong Kong Norway Belgium Netherlands Australia Cayman Islands Sweden Canada Spain Denmark Liberia Guernsey Italy Ireland Singapore Derivatives Investment assets Total other assets (net) Net assets

** Since the previous report the Country Classification headings have been updated by data providers. Where the portfolio statement shows Countries, the new Country names have been reflected in the report in respect of the current holdings and comparative holdings have been restated where appropriate. % of trust value 31/03/15 31/03/14 74.10 74.80 16.01 14.49 8.92 9.40 0.06 (0.01) 0.91 1.32 100.00 100.00

Asset Class Split Equities Collective Investment Schemes Interest bearing assets Derivatives Total other assets (net) Net assets

13

St. James's Place Balanced Managed Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc AXA World Funds Framlington Emerging Markets Fund (Acc) Bundesobligation 0.25% 13/04/2018 UK Treasury Index Linked 2.5% 17/07/2024 HSBC UK Treasury 5% 07/03/2025 UK Treasury Index Linked 2.5% 16/04/2020 GlaxoSmithKline BP Vodafone

% of trust value 31/03/15 12.76

Holdings

St. James's Place Money Market Unit Trust L Acc Bundesobligation 0.25% 13/04/2018

2.21 1.96 1.88 1.71 1.64 1.62 1.44 1.28 1.27

% of trust value 31/03/14 11.12 2.61

AXA World Funds Framlington Emerging Markets Fund (Acc) UK Treasury Index Linked 2.5% 16/04/2020 HSBC UK Treasury 5% 07/03/2025 GlaxoSmithKline

2.09

BP Royal Dutch Shell 'B' Shares AXA Framlington Emerging Markets Fund (Acc)

1.59 1.38 1.28

1.92 1.87 1.79 1.62

Summary of Distributions Current year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/14 30/11/14 28/02/15 31/05/15

Income Pence per Unit 0.509 0.021 0.168

Accumulation Pence per Unit 0.524 0.022 0.173

Previous year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/13 30/11/13 28/02/14 31/05/14

Income Pence per Unit 0.485 0.045 0.031

Accumulation Pence per Unit 0.497 0.046 0.032

Non-Residents - These distributions are reportable under the European Union Savings Directive. Investment Adviser's Comments Returns from global equities were strong over the period but there were large variations across regions: Europe ex UK was the strongest area, returning 18.0% in sterling; the US returned 11.2% and the UK 8.8%; but Pacific ex Japan at -6.5% and emerging markets at -10.8% were very weak. Concern about slowing growth in China and structural problems in a number of emerging economies were responsible for weakness in the latter areas. The prospect of tapering US quantitative easing caused a number of emerging currencies to weaken and their interest rates were generally increased sharply as a result. The UK economy produced stronger-than-expected growth and sterling rose by 7.2% on a trade-weighted basis, reducing the returns from overseas investments. Returns from government bonds were negative as investors looked ahead to the end of QE, with sterling’s strength adding to the losses in overseas bonds.

14

St. James's Place Balanced Managed Unit Trust Manager's Short Report

(continued)

We held more cash than usual throughout the year, reflecting our cautious stance towards government bonds, where returns were negative. We made no significant change to our global equity weights but maintained a clear bias towards equities, which we considered the most attractive asset class. However, equities generally outperformed relative to the low yields available from government bonds rather than due to strong earnings growth. The portfolio’s performance was relatively strong, largely driven by good stock selection, particularly in UK, European and Japanese equities. In the UK, the best performers were found among more domestic situations, particularly in financials, house builders and building materials. St. James’s Place, ITV, Lloyds Bank, Aviva, St. Modwen, Quintain, London Stock Exchange, BT and Barratt Developments were outstanding. Among companies with international earnings Ashtead, Shire and Johnson Matthey stood out. Our bond returns were mixed for we underperformed due to the relatively poor performance of our index-linked stocks; but holding short-dated German Bunds proved beneficial as did being underweight in overseas bonds. We expect equities to make modest progress as growth becomes better established; but earnings forecasts need to be achieved for there is little scope for valuations to expand further. AXA Investment Managers UK Ltd

15 April 2015

15

St. James's Place Continental European Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to achieve capital appreciation. The Scheme will achieve this by investing in shares of companies from Continental Europe, including any listed on the London Stock Exchange. In economic conditions judged by the Investment Adviser to be adverse, the Scheme may hold cash or near cash for as long as is necessary to protect the Scheme's value. The Scheme is also permitted to invest in other asset classes permitted for UCITS schemes under COLL including other types of transferable securities, units and/or shares in collective investment schemes, money market instruments and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in European securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 2,585,037 126.66 372,430,569 130.82

16

30/09/14 Net Asset Value £ pence/unit 2,383,522 116.00 345,786,558 119.85

St. James's Place Continental European Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 2.13% (30 September 2014: 2.11%) for Income units and 2.14% (30 September 2014: 2.11%) for Accumulation units. Performance Record Trust and Indices

St. James's Place Continental European Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI Europe excluding UK (Total Return)

01/10/07 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+33.3 +37.8

+38.4 +39.9

+9.1 +9.2

+38.8

+43.8

+10.4

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 32.74 34.90 21.10 24.07 16.92 18.33 16.04 14.88 4.70 4.22 3.56 3.96 3.73 0.56 100.24 99.47 (0.24) 0.53 100.00 100.00

Classification of Investments France Germany Spain Italy Netherlands Sweden Luxembourg United Kingdom Investment assets Total other (liabilities)/assets (net) Net assets

17

St. James's Place Continental European Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

Intesa Sanpaolo Volkswagen Preference Shares Essilor International Deutsche Telekom Orange Telecom Italia Airbus Mediaset BNP Paribas Assa Abloy

% of trust value 31/03/15 6.67 5.86 5.34 5.13 5.01 4.72 4.70 4.65 4.62 4.22

Holdings

Intesa Sanpaolo RWE Essilor International Banco Popular Espanol BNP Paribas Banco Santander Orange Volkswagen Preference Shares Telecom Italia Electricite de France

% of trust value 30/09/14 6.51 5.22 5.16 5.01 4.98 4.75 4.64 4.58 4.57 4.28

Investment Adviser's Comments The portfolio performed broadly in line with the wider European equity market over the period. On the positive side, we benefited from strong returns in Orange, Deutsche Telekom, Telecom Italia, Intesa, VW and Assa Abloy. On the negative side, we were hurt by weakness in Sacyr, RWE, DEF and Air France. We remain very positive on the outlook for European equities. As we have written many times before, the economy continues to rebound strongly as the eurozone moves ever closer to full normalisation. Intesa San Paolo talked of a healthy rebound in lending over the past few months as the bank confidently increased the 2014 dividend by 40%. Mediaset echoed Intesa’s views, referring to a sharp pick-up in Italian advertising revenues since the end of last year. Even the reputedly moribund French economy is displaying signs of life, with residential building permits at the highest level for several years. Nearer to home, the British house builders continue to experience buoyant demand. The recovery should receive an extra boost from the recent weakness in the euro and the precipitous fall in the oil price. In addition, the recent Greek election is bringing forward the likelihood of a sensible solution to the country’s debt crisis. Less reported, but equally important, is the recent 3.4% pay award struck by employers and the highly influential IG Metall trade union in Germany. This is the highest pay deal since 2007 and is set against a background of falling prices in January. Crucially, this should boost the region’s largest economy and aid the recovery in the other weaker eurozone economies. Furthermore, recent surveys suggest that German consumer confidence is at its highest level since 2006. Matteo Renzi and François Hollande also appear to be making progress with much-needed reforms. In Italy, reform of the labour market and electoral system is imminent, whilst in France, Hollande employed the infamous 49.3 decree – which passes without a vote – in order to force through business-friendly legislation. Curiously, however, the market remains compellingly valued with shares pricing in an unusually bearish decline in returns on capital into perpetuity. Even more strikingly, the more domestically orientated companies are trading at, in many cases, a 50% discount to their counterparts in the US. S.W. Mitchell Capital LLP

8 April 2015

18

St. James's Place Corporate Bond Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The Fund's aim is to achieve an attractive level of income as well as capital appreciation by investing in a portfolio of fixed income securities and other financial instruments. It will be actively managed. In normal market conditions the portfolio is expected to be predomminantly invested in high yield bonds. However the manager will reduce this proportion as necessary to preserve the capital value of the fund if required by market conditions. The Fund may invest in a range of fixed interest securities including, but not limited to, UK and overseas corporate and government bonds, emerging market bonds, asset back securities and defaulted and/or distressed bonds. The Fund is also permitted to invest in other asset classes permitted for UCITS Schemes under COLL including other transferable securities, money market instruments, cash and near cash, units in collective investment schemes and deposits. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in fixed income securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 28 February, 31 May, 31 August, 30 November

Net Asset Values Unit Class

Income Accumulation Gross Income Gross Accumulation

31/03/15 Net Asset Value £ pence/unit 114.41 42,412,270 1,128,916,542 286.37 155,688,155 114.34 359,491,811 287.87

19

31/03/14 Net Asset Value £ pence/unit 174,536,056 114.66 1,295,181,625 274.58 -

St. James's Place Corporate Bond Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.48% (31 March 2014: 1.48%) for Income units and Accumulation Units, and 1.46% for Gross Income units and Gross Accumulation Units. Performance Record Trust and Indices

St. James's Place Corporate Bond Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Gross Income units (offer to offer)* Gross Accumulation units (offer to offer)* Indices - actual Merrill Lynch British Pound LIBOR 3 month Constant Maturity + 3% (Total Return)

01/09/95 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+22.2 +203.0 N/A N/A

+7.3 +40.9 N/A N/A

-0.4 +4.3 +2.2 +3.6

+329.6

+23.0

+4.1

* Gross Income and Gross Accumulation units were made available on 6 October 2014 and the performance shown is from that date. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 31/03/14 49.73 40.70 26.59 37.32 12.00 8.51 9.34 9.53 0.12 0.47 (0.04) (0.10) 97.74 96.43 2.26 3.57 100.00 100.00

Classification of Investments Sterling Denominated Bonds Euro Denominated Bonds US Dollar Denominated Bonds Non Equity Investment Instruments Equities Derivatives Investment assets Total other assets (net) Net assets Summary of Investment Assets by Credit Ratings

% of Net Assets 31/03/15 31/03/14 60.39 51.42 25.52 33.51 2.41 1.60 88.32 86.53 11.68 13.47 100.00 100.00

Rating Block Speculative grade bonds Investment grade bonds Unrated bonds Total bonds Other Net assets 20

St. James's Place Corporate Bond Unit Trust Manager's Short Report

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Major Holdings Holdings St. James's Place Money Market Unit Trust L Acc Enterprise Inns 6.5% 06/12/2018 Iron Mountain Europe 6.125% 15/09/2022 CNP Assurances 7.375% 30/09/2041 Electricite de France 6% Perpetual

% of trust value 31/03/15 9.34

Holdings St. James's Place Money Market Unit Trust L Acc Enterprise Inns 6.5% 06/12/2018 CNP Assurances 7.375% 30/09/2041 Societe Generale 8.875% Perpetual Royal Bank of Scotland 1.894% 14/06/2022 Enel 7.75% 10/09/2075 UniCredit International Bank 8.5925% Perpetual LBG Capital No.2 6.385% 12/05/2020 Origin Energy 7.875% 16/06/2071 Credit Agricole 8.125% Perpetual

2.19 1.92 1.63 1.54

Twinkle Pizza 6.625% 01/08/2021 Societe Generale 8.875% Perpetual

1.51 1.44

Koninklijke 6.875% 14/03/2073 HBOS 7.881% Perpetual Enel 7.75% 10/09/2075

1.27 1.25 1.20

% of trust value 31/03/14 9.49 2.48 1.78 1.62 1.39 1.33 1.31 1.29 1.27 1.25

Summary of Distributions Current year 1st interim 2nd interim 3rd interim Final Gross Current year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/14 30/11/14 28/02/15 31/05/15 Pay date 31/08/14 30/11/14 28/02/15 31/05/15

Income Pence per Unit 1.314 1.257 1.360 1.247

Accumulation Pence per Unit 3.142 3.043 3.289 3.014

Income Pence per Unit N/A N/A 1.653 1.525

Accumulation Pence per Unit N/A N/A 4.045 3.787

Previous year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/13 30/11/13 28/02/14 31/05/14

Income Pence per Unit 1.421 1.510 1.466 1.352

Accumulation Pence per Unit 3.236 3.483 3.427 3.201

Non-Residents - These distributions are reportable under the European Union Savings Directive. Investment Adviser's Comments The portfolio achieved a positive return over the 12-months to the end of March. Bond market returns over the period were largely driven by changing interest rate expectations as a result of low inflation and concerns about eurozone economic growth. A halving of crude oil prices between October and early January 2015 put further downward pressure on inflation and helped push out expectations about a hike in UK interest rates to late 2016.

21

St. James's Place Corporate Bond Unit Trust Manager's Short Report

(continued)

In Europe, the fall in inflation increased the pressure on the European Central Bank (ECB) to begin purchasing government bonds as a part of a full blown quantitative easing (QE) programme. The expectation that the ECB would implement full blown QE increased through the second half of 2014 helping to keep bond yields low. Following the announcement of the policy in January, bond yields have fallen further. The corporate sector has largely followed the pattern set by the government bond market, however, with interest rate expectations the dominant driver of returns, this has tended to mean that higher-quality credits have outperformed. Returns for high yield debt, which has a greater correlation to economic changes, were relatively weak. It has been another strong period for European high yield issuance. During 2014 Barclays estimate €92.2bn of high yield debt was issued across all currencies and for the first quarter of 2015 issuance has increased by 54% year-on-year to €38bn. The performance of the portfolio was boosted in particular by our holdings in the financials sector. Other positive contributors included positions in the utilities, telecoms, and insurance sectors. We favour the better quality high yield bond issuers as well as higher-yielding investment grade names. High yield bond yields are low by historical standards but they remain relatively high compared to the yields available on core government bonds, like UK Gilts and German Bunds. Many of the portfolio’s holdings are in banks, particularly subordinated bank debt. In our view these bonds provide a good balance of defensive qualities and income. Invesco Asset Management Limited

22 April 2015

22

St. James's Place Emerging Markets Equity Unit Trust Manager's Short Report for the period ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to seek to achieve long-term capital appreciation. The Scheme aims to achieve this objective by primarily investing into a focused portfolio of the securities of companies which are either listed on the exchanges of countries in emerging markets or which are economically exposed to emerging markets. The Scheme is also permitted to invest in other types of transferable securities, UK and overseas fixed interest and index-linked securities, units and/or shares in collective investment schemes, money market instruments, deposits, cash and near cash, and derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme is expected to go up and down. It was calculated using indicative performance data for the type of investments held, as the Scheme itself was only launched on 28 April 2014. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. The Trust typically invests in a limited number of securities, which may lead to a higher level of volatility in its performance. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 31 May

Net Asset Values Unit Class

31/03/15 Net Asset Value £ pence/unit 425,622 108.21 138,781,988 108.21

Income Accumulation

23

St. James's Place Emerging Markets Equity Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.98%. Please note that the Manager estimates that the Ongoing Charges Figure for this newly launched Scheme will normally be 2.05%. Performance Record 28/04/14 to 31/03/15 % change

Trust and Indices

St. James's Place Emerging Markets Equity Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI Emerging Markets (Total Return)

+14.1 +14.1 +14.0

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 14.27 10.64 9.69 9.14 7.93 7.02 5.45 4.43 2.87 2.76 2.76 2.25 1.92 1.41 1.30 83.84 16.16 100.00

Classification of Investments

Philippines Indonesia Mexico United Kingdom Brazil South Africa Thailand Turkey United States India Peru Spain Taiwan United Arab Emirates Derivatives Investment assets Total other assets (net) Net assets

24

St. James's Place Emerging Markets Equity Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc International Container Terminal Services Kasikornbank 'A' Shares Tower Bersama Infrastructure Universal Robina Metropolitan Bank & Trust Jasa Marga Persero Grupo Aeroportuario del Pacifico MercadoLibre Compartamos

% of trust value 31/03/15 9.14 3.73 3.68 3.33 3.23 3.12 2.96 2.89 2.87 2.81

Investment Adviser's Comments The portfolio posted a healthy gain from its inception to the end of the reporting period, performing broadly in line with the MSCI Emerging Markets Index. Geopolitical conflict in Ukraine and related international sanctions impacted the economies of Russia and its primary trading partners. Falling oil prices also hurt Russia - as well as other oil-exporting countries - but helped energydependent countries such as India. Expectations for further measures to stimulate the Chinese economy lifted shares in Beijing, and other Asian stocks rose in concert. While our lack of investments in Russia helped performance, underweight positions in China and Taiwan were headwinds for the portfolio. India was the portfolio’s largest source of outperformance, as lower oil prices and political optimism boosted Indian stocks. Our stocks also outperformed in Indonesia, Thailand and South Africa. The largest source of underperformance was our Hong Kong-based companies operating hotel-casinos in Macau. Our two strongest contributors to performance for the period were Lupin Ltd. and MercadoLibre S.A. Lupin is an Indian manufacturer of generic drugs that continues to experience strong international demand. MercadoLibre hosts an online-commerce platform in Latin America and is benefiting from the growing popularity of e-commerce throughout the region. Our greatest detractor from performance for the period was Cemex Latam Holdings S.A., a Colombian cement company that temporarily faced competition from imports. We sold hotel-casino stocks Galaxy Entertainment Group Ltd., Sands China Ltd. and Melco International Development Ltd. on a weakened outlook for tourism to Macau from mainland China.

25

St. James's Place Emerging Markets Equity Unit Trust Manager's Short Report

(continued)

We expect lower oil prices to continue benefiting emerging markets in several ways. First, we believe the lower cost of imported oil will improve current-account deficits and help support the currencies of energy-importing countries such as India. Second, reduced government outlays for fuel subsidies will improve fiscal accounts. Third, the lower cost of energy should put downward pressure on inflation. Taken together, we anticipate these factors will make the bond markets of developing nations more appealing to foreign investors and help emerging markets attract the capital they need to grow. With the broad emerging-market universe attractively valued by historical standards, we believe the investment opportunities in emerging markets are more compelling now than at any time in the past several years. Wasatch Advisors Inc.

14 April 2015

26

St. James's Place Equity Income Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The objective is to achieve an above level of income and to achieve capital growth over the medium to long term. It is intended that the Scheme will be invested in equities in UK and EC companies. There are no specific restrictions on the investment of the Scheme including as to economic sector or geographical area, except as set out in the Scheme Prospectus and as provided in the Regulations. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests principally in United Kingdom securities which fluctuate in value. It may also invest in European securities and is therefore also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 January, 30 April, 31 July, 31 October

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 267,214,534 197.88 1,698,077,379 385.87

30/09/14 Net Asset Value £ pence/unit 247,410,560 191.03 1,549,053,307 366.96

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.60% (30 September 2014: 1.61%) for Income units and 1.60% (30 September 2014: 1.61%) for Accumulation units.

27

St. James's Place Equity Income Unit Trust Manager's Short Report

(continued)

Performance Record 01/02/97 to 31/03/15 % change

Trust and Indices

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

St. James's Place Equity Income Unit Trust +110.4 +21.9 +3.5 Income units (offer to offer) +307.1 +46.4 +5.1 Accumulation units (offer to offer) Indices - actual +214.5 +49.3 +5.3 FTSE All-Share Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 14.42 13.56 11.07 10.17 9.57 9.51 9.08 8.87 8.57 9.31 6.55 5.10 5.45 5.45 4.86 4.61 4.10 4.36 3.75 4.28 3.57 4.28 3.47 4.00 3.31 3.91 2.53 2.46 2.13 2.05 0.41 0.44 92.84 92.36 7.16 7.64 100.00 100.00

Classification of Investments Pharmaceuticals & Biotechnology Media Non Equity Investment Instruments Life Insurance Oil & Gas Producers Food & Drug Retailers General Retailers Food Producers Fixed Line Telecommunications Banks Non Life Insurance Gas, Water & Multiutilities General Industrials Mobile Telecommunications Financial Services Corporate Bonds Investment assets Total other assets (net) Net assets

28

St. James's Place Equity Income Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc AstraZeneca GlaxoSmithKline Sky Legal & General Next Reed Elsevier Unilever BP Royal Dutch Shell 'B' Shares

% of trust value 31/03/15 9.57

Holdings

St. James's Place Money Market Unit Trust L Acc AstraZeneca GlaxoSmithKline British Sky Broadcasting Next Royal Dutch Shell 'B' Shares Legal & General Reed Elsevier Unilever BT

8.08 6.34 5.95 5.47 5.45 5.12 4.86 4.31 4.26

% of trust value 30/09/14 9.51 8.07 5.49 5.49 5.45 4.97 4.76 4.68 4.61 4.36

Summary of Distributions Current period 1st interim 2nd interim

Pay date 30/04/15 31/07/15

Income Pence per Unit 1.424 1.502

Accumulation Pence per Unit 2.734 2.906

Previous period 1st interim 2nd interim

Pay date 30/04/14 31/07/14

Income Pence per Unit 1.664 1.385

Accumulation Pence per Unit 3.087 2.591

Investment Adviser's Comments Over the review period, the portfolio performed broadly in line with the FTSE All-Share Index, both rising by just over 5%. Ultra-loose monetary policies have continued to push stock markets higher, and the bull market in equities is now into its seventh year. The rise has been in a very large part down to quantitative easing (QE), in which central banks print money to buy government bonds. The proceeds of QE are effectively trapped in the banking system and are unable to be used to finance the productive investment that economies need to grow over time. QE has therefore had a powerful effect on financial markets but has done much less to stimulate the underlying economies and many central bankers concede as much. Because QE has largely failed to invigorate the economy, corporate profits are under quite significant pressure. Tesco performed very well in the period under review on the back of some encouraging Christmas sales figures. Whilst not wishing to underestimate the problems that the company faces, we hold the view that its problems can be fixed and that profits can recover from today’s depressed levels. Sky also performed well despite the fact that the company announced that it had secured the rights for the football Premier League for another three years and at great additional cost. The price paid was an increase of around 70% on the previous three years; however, the company believes that it can recoup the additional costs through a mixture of price increases and cost cuts. Centrica’s share price was weak as profits fell by around 40% in 2014 on the back of declining oil prices and unusually warm weather in the UK. The company’s share price also suffered from Labour’s announcement that it intends to freeze electricity prices if it gets into power. The company has a new CEO who will announce the results of his strategic review in the summer. We think that the business has been poorly managed and there is much the new management team can do to improve the business. 29

St. James's Place Equity Income Unit Trust Manager's Short Report

(continued)

We see signs that investors in a number of areas are over-reaching for yield, whereas we are concentrating our attentions on certain of the largest companies in the market, where liquidity is good, dividend yields are higher and profits are more likely to prove resilient should conditions continue to worsen. The pharmaceutical and telecoms sectors are particularly attractive in this regard. RWC Partners Limited

17 April 2015

30

St. James's Place Ethical Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to achieve capital appreciation over the medium to long term, by investing worldwide in companies that meet generally accepted ethical criteria (a statement of the ethical investment principles is available on request). The Scheme will invest principally in equities and convertible stock and may hold fixed interest securities. In selecting assets, the Manager will not knowingly invest in any company, industry or country whose business or behaviour offends against generally accepted ethical criteria. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly, in July 2014 the SRRI changed from a category 6 to a category 5. The Trust invests in International securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 31 May

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 4,010,437 149.97 237,699,970 173.29

31/03/14 Net Asset Value £ pence/unit 3,979,848 138.89 223,319,130 158.38

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.62% (31 March 2014: 1.63%) for Income units and 1.62% (31 March 2014: 1.63%) for Accumulation Units.

31

St. James's Place Ethical Unit Trust Manager's Short Report

(continued)

Performance Record Trust and Indices

St. James's Place Ethical Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI AC World (Total Return)

06/04/99 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+59.7 +82.2

+18.6 +26.3

+7.8 +9.2

+132.8

+61.4

+19.0

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 31/03/14 24.51 19.21 13.12 17.85 6.59 4.49 6.34 6.00 6.09 6.02 5.96 5.09 5.87 4.45 5.56 6.16 4.31 4.42 4.21 3.12 3.55 3.80 2.52 1.03 2.19 2.39 2.17 2.77 1.89 1.61 1.76 1.43 1.68 1.08 1.04 1.20 2.79 3.54 99.36 98.45 0.64 1.55 100.00 100.00

Classification of Investments United States** United Kingdom Japan Canada Taiwan Singapore Sweden France Brazil Hong Kong Switzerland Jersey Curacao** Luxembourg South Africa Spain Germany Israel Australia Italy South Korea Investment assets Total other assets (net) Net assets

** Since the previous report the Country Classification headings have been updated by data providers. Where the portfolio statement shows Countries, the new Country names have been reflected in the report in respect of the current holdings and comparative holdings have been restated where appropriate. 32

St. James's Place Ethical Unit Trust Manager's Short Report

(continued)

Major Holdings % of trust value 31/03/15 4.62

Holdings

PepsiCo Zurich Insurance EOG Resources Taiwan Semiconductor Manufacturing ADR Comcast 'A' Shares Oracle Singapore Telecommunications Casino Guichard Perrachon AIA FANUC

Holdings

Taiwan Semiconductor Manufacturing ADR EOG Resources Zurich Insurance PepsiCo Samsung Electronics GDR Casino Guichard Perrachon Banco Bradesco ADR Centrica Eni Tenaris ADR

3.55 3.45 3.40 3.17 3.07 2.83 2.76 2.75 2.74

% of trust value 31/03/14 3.95 3.89 3.80 3.76 3.54 3.49 2.99 2.97 2.79 2.77

Summary of Distributions Current year Final

Pay date 31/05/15

Income Pence per Unit 1.947

Accumulation Previous year Pence per Unit 2.219 Final

Pay date 31/05/14

Income Pence per Unit 1.803

Accumulation Pence per Unit 2.030

Investment Adviser's Comments The portfolio rose over the period under review but underperformed the MSCI AC World (Total Return) Index. Global equities recorded gains, buoyed by loose monetary policy. Although the US officially ended its bond-buying programme, the Bank of Japan’s increased stimulus, along with the launch of the European Central Bank’s quantitative easing, kept markets awash with liquidity. The sustained drop in oil prices was a source of volatility. Emerging markets were also depressed by the resurgent US dollar and flagging growth prospects. Sentiment was further dampened by escalating instability in the Middle East and uncertainty over Greece’s financial future. The portfolio’s underweight to the US detracted from performance, as the market outperformed its global peers on signs of an economic recovery and currency strength. Also costing the portfolio was the overweight to Brazil: the local stock market and currency continued to sell off as dissatisfaction over the state of the economy and the unfolding Petrobras corruption scandal culminated in mass demonstrations calling for President Dilma Rousseff’s impeachment. Conversely, the overweight to Taiwan and Hong Kong aided performance. At the sector level, soft commodity prices weighed on mining companies; as a result, the portfolio’s overweight position detracted from performance. Top individual contributors to performance were Jones Lang LaSalle – the real-estate services company, and Sysmex – the Japanese medical equipment maker. Top detractors were Vale – shares of the miner fell amid the escalating political scandal in Brazil and continued commodity price weakness, and Tenaris. In portfolio activity, we introduced payment services company Visa, a high-return business with an established market position and attractive growth drivers, and TJX Companies, a US-based discount apparel and home goods retailer, wellpositioned to expand domestically and across Europe. We also initiated positions in IT services firms Check Point Software and Cognizant and reinstated a holding in the miner Vale. 33

St. James's Place Ethical Unit Trust Manager's Short Report

(continued)

Against this, we divested Quest Diagnostics, Petrobras and Tesco, owing to their deteriorating outlooks; QBE Insurance, in view of more attractive investment opportunities elsewhere; Centrica, owing to increased regulatory and political interference; Eni, on concerns over the sustainability of its dividend; and Samsung Electronics, as it failed the portfolio’s ethical screening. Looking ahead, against the trying macroeconomic backdrop, corporate earnings are unlikely to pick up significantly in the near future. Instead, well-run companies are focusing on maintaining margins and market share, which should position them for an eventual rebound. Aberdeen Asset Managers Limited

16 April 2015

34

St. James's Place Far East Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The aim of the Scheme is capital growth from investment principally in the stock markets of Japan, the Far East and the Pacific Basin, which may include investments that are listed, registered or trading within this area. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in securities in the Far East which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 31 May

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 14,221,056 469.19 1,547,391,909 550.61

31/03/14 Net Asset Value £ pence/unit 12,191,391 395.91 1,282,957,806 460.72

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.60% (31 March 2014: 1.62%) for Income units and 1.60% (31 March 2014: 1.62%) for Accumulation units.

35

St. James's Place Far East Unit Trust Manager's Short Report

(continued)

Performance Record Trust and Indices

St. James's Place Far East Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI AC Asia Pacific (Total Return)

01/01/92 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+398.8 +480.4

+32.3 +38.1

+18.7 +19.9

+189.9

+37.1

+22.3

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 31/03/14 Japan 24.76 22.49 Singapore 14.45 15.10 Hong Kong** 11.32 10.28 8.92 10.91 Australia 5.24 5.48 Bermuda** 5.19 5.64 United Kingdom 4.79 4.59 Taiwan 4.51 Luxembourg 3.94 4.14 South Korea 3.49 9.29 India 2.87 2.94 Thailand 2.72 2.25 Philippines 1.75 2.03 China 1.63 0.87 Indonesia 1.28 1.60 Malaysia 0.49 1.14 Cayman Islands** 97.35 98.75 Investment assets 2.65 1.25 Total other assets (net) 100.00 100.00 Net assets ** Since the previous report the Country Classification headings have been updated by data providers. Where the portfolio statement shows Countries, the new Country names have been reflected in the report in respect of the current holdings and comparative holdings have been restated where appropriate. Classification of Investments

36

St. James's Place Far East Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

Aberdeen Global - Indian Equity Fund AIA Jardine Strategic Samsung Electronics Preference Shares Oversea-Chinese Banking Taiwan Semiconductor Manufacturing FANUC Shin-Etsu Chemical Seven & I Standard Chartered

% of trust value 31/03/15 4.51 3.86 3.80 3.79 3.71 3.42 3.38 2.97 2.85 2.78

Holdings

Aberdeen Global - Indian Equity Fund Samsung Electronics Preference Shares Rio Tinto Oversea-Chinese Banking Jardine Strategic BHP Billiton Taiwan Semiconductor Manufacturing AIA Canon HSBC

% of trust value 31/03/14 4.89 3.98 3.64 3.58 3.52 3.49 3.48 3.12 3.07 2.99

Summary of Distributions Current year Final

Pay date 31/05/15

Income Pence per Unit 4.125

Accumulation Previous year Pence per Unit 4.799 Final

Pay date 31/05/14

Income Pence per Unit 3.898

Accumulation Pence per Unit 4.492

Investment Adviser's Comments The portfolio rose strongly over the period, but narrowly underperformed the MSCI AC Asia Pacific (Total Return) Index. Despite concerns over the slowing Chinese economy, Asian stock markets rallied in the period as global monetary policy remained loose. The tumble in oil and commodity prices relieved inflationary pressures, allowing central banks worldwide, including several in Asia, to cut interest rates. Meanwhile, Japan expanded its quantitative easing programme. Political news also dominated headlines. India and Indonesia ushered in new leaders who pledged growth and reform. However, paring overall market gains was uncertainty over when the US Federal Reserve might hike rates after ending its asset purchases. The US dollar’s growing strength was felt across most regional currencies. Top contributors to performance were the exposure to India, where the local market rallied following the Bharatiya Janata Party’s election win, while reforms and an improving economy also supported sentiment; and the holding in China Mobile – the company was bolstered by its good 4G prospects and healthy dividend pay-out from its cashgenerative business. Top detractors included Rio Tinto – the miner was hurt by weak commodity prices but has outlined cost and capex reduction programmes and remains cash-generative; and Standard Chartered – the lender was pressured by weak results. We initiated several new holdings for the portfolio during the period. These included East Japan Railway, Daikin Industries, Australia-listed CSL, Astra International, and Hong Kong rail operator MTR Corp. Elsewhere, we subscribed to OCBC’s rights issue and opted for the dividend in the form of stock rather than cash. Both were priced at a significant discount to the shares.

37

St. James's Place Far East Unit Trust Manager's Short Report

(continued)

We exited Singapore Airlines as the aviation sector remained challenging; and Takeda Pharmaceutical, given threats to its portfolio from generic drug manufacturers. We also sold Keppel REIT and Global Brands Group, which we had received through our holdings in Keppel Corp and Li & Fung, respectively. Looking ahead, the effects of the global slowdown are still reverberating through the corporate sector and deflationary threats are rising. Reforms being rolled out across the region offer some optimism, although implementation could be long, drawn and fraught. Thus, short-term policy measures will likely dictate market direction. That said, Asia still boasts some of the world’s fastest-growing countries. Policymakers have tried to fix structural weaknesses and the region seems better able to withstand short-term fund outflows. Companies are also cutting costs to operate more efficiently. A sustainable US recovery should bode well for exports. Aberdeen Asset Managers Limited

16 April 2015

38

St. James's Place Gilts Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to provide a combination of growth and income, by investing primarily in a portfolio of UK Gilts. To achieve this, the Scheme will invest in a portfolio of UK Government debt securities, and cash and cash equivalents, including forward contracts for the purposes of efficient portfolio management only. The Scheme is also permitted to invest in other asset classes permitted for UCITS Schemes including transferable securities, money market instruments, units in collective investment schemes and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in fixed income securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 March, 30 June, 30 September, 31 December

Net Asset Values Unit Class

Class L Income Class L Accumulation Class R Income Class R Accumulation Class L Gross Income Class L Gross Accumulation Class R Gross Income Class R Gross Accumulation

31/03/15 Net Asset Value £ pence/unit 1,585,309 106.61 117.17 58,148,920 190.45 4,510,058 194.68 10,082,788 106.54 9,167,010 18,266,957 117.31 10,890,056 190.34 21,128,732 194.83 39

31/03/14 Net Asset Value £ pence/unit 11,748,952 101.79 75,582,239 110.70 7,484,686 182.28 14,002,107 184.22 -

St. James's Place Gilts Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.05% (31 March 2014: 1.05%) for Class L Income units, 1.05% (31 March 2014: 1.05%) for Class L Accumulation Units, 1.25% (31 March 2014: 1.3%) for Class R Income units, 1.25% (31 March 2014: 1.3%) for Class R Accumulation Units, 1.04% for Class L Gross Income units, 1.05% for Class L Gross Accumulation Units, 1.26% for Class R Gross Income Units and 1.26% for R Gross Accumulation Units. Performance Record Trust and Indices

St. James's Place Gilts Unit Trust Class L Income units (offer to offer) Class L Accumulation units (offer to offer) Class R Income units (offer to offer)* Class R Accumulation units (offer to offer)* Class L Gross Income units (offer to offer)** Class L Gross Accumulation units (offer to offer)** Class R Gross Income units (offer to offer)** Class R Gross Accumulation units (offer to offer)** Indices - actual FTSE British Government Gilts < 5 Years (Total Return) FTSE British Government Gilts 5-15 Years (Total Return)

16/03/09 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+11.0 +21.5 -

+16.2 +24.8 +0.3 +2.2 -

+4.8 +5.8 +4.5 +5.6 +3.6 +4.0 +3.5 +3.8

+14.7 +37.7

+11.3 +39.4

+3.0 +11.2

* Class R Income and Accumulation units were made available on 31 December 2012 and the performance shown is from that date. **Class R Gross Income and Gross Accumulation, L Gross Income and Gross Accumulation units were made available on 6 October 2014 and the performance shown is from that date. Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

40

St. James's Place Gilts Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 96.83 98.34 96.83 98.34 3.17 1.66 100.00 100.00

Classification of Investments Uk Government Gilts Investment assets Total other assets (net) Net assets UK Government Gilts are all rated as investment grade. Major Holdings % of trust value 31/03/15 8.72 7.02 6.68 6.15 5.83 5.26 5.02 4.77 4.54 4.29

Holdings

Income Pence per Unit 0.267 0.287 0.310 0.294

Accumulation Pence per Unit 0.291 0.313 0.335 0.320

Previous year

Income Pence per Unit 0.478 0.512 0.546 0.532

Accumulation Pence per Unit 0.486 0.517 0.554 0.533

Holdings

UK Treasury 1.75% 22/07/2019 UK Treasury 1.25% 22/07/2018 UK Treasury 3.75% 07/09/2021 UK Treasury 2% 22/01/2016 UK Treasury 2.75% 07/09/2024 UK Treasury 4.25% 07/12/2027 UK Treasury 5% 07/03/2025 UK Treasury 1.75% 22/01/2017 UK Treasury 8.75% 25/08/2017 UK Treasury 4% 07/03/2022

UK Treasury 1.75% 22/01/2017 UK Treasury 1.75% 22/07/2019 UK Treasury 3.75% 07/09/2021 UK Treasury 4% 07/03/2022 UK Treasury 5% 07/03/2025 UK Treasury 2% 22/01/2016 UK Treasury 2.75% 22/01/2015 UK Treasury 8.75% 25/08/2017 UK Treasury 3.75% 07/09/2019 UK Treasury 5% 07/09/2014

% of trust value 31/03/14 8.78 8.14 7.77 6.35 5.64 5.63 5.40 4.96 4.40 4.38

Summary of Distributions Class L Current year 1st interim 2nd interim 3rd interim Final Class R Current year 1st interim 2nd interim 3rd interim Final

Pay date 30/09/14 31/12/14 31/03/15 30/06/15 Pay date 30/09/14 31/12/14 31/03/15 30/06/15

1st interim 2nd interim 3rd interim Final Previous year 1st interim 2nd interim 3rd interim Final

41

Pay date 30/09/13 31/12/13 31/03/14 30/06/14 Pay date 30/09/13 31/12/13 31/03/14 30/06/14

Income Pence per Unit 0.212 0.227 0.243 0.258

Accumulation Pence per Unit 0.228 0.245 0.263 0.279

Income Pence per Unit 0.387 0.408 0.426 0.462

Accumulation Pence per Unit 0.396 0.411 0.446 0.463

St. James's Place Gilts Unit Trust Manager's Short Report Class L Gross Current year 3rd interim Final Class R Gross Current year 3rd interim Final

Pay date 31/03/15 30/06/15 Pay date 31/03/15 30/06/15

(continued)

Income Pence per Unit 0.382 0.363

Accumulation Pence per Unit 0.418 0.399

Income Pence per Unit 0.682 0.650

Accumulation Pence per Unit 0.694 0.663

Non-Residents - These distributions are reportable under the European Union Savings Directive. Investment Adviser's Comments Over the course of the period there has been a continued rally in the gilt market because of ongoing demand for safe haven assets. Flows into gilts were driven by continuing geopolitical tension in Russia and Ukraine, a sharp fall in oil prices and, more recently, concerns over the Greek elections and the impact the new government will have. Data from the US and UK showed improvements in the economy during the second quarter of 2014, but a slowdown in Chinese growth and the escalating conflict in Russia and Ukraine supported demand for gilts. There was some volatility around the time of the Scottish referendum in September, during which gilts sold off. Towards the end of the year the fall in oil prices raised fears of global deflation, especially in the eurozone, where low inflation was already a concern. Globally, 2014 was a year of sluggish growth, accompanied by ongoing geopolitical tension that kept government bonds rallying. The UK has been affected by slowing exports to Europe and imported deflation. The outlook for the UK is unclear. Data reflecting consumer confidence and spending in the UK shows a strong domestic demand dynamic. This strength in demand is coming from higher real incomes, helped primarily by lower inflation, rather than rising wages. Inflation is being held down by lower energy costs and the impact of recent strength in the British pound. Given all this, and the uncertainty surrounding the general election, we do not expect the Bank of England to send a strong signal on the path of rates in the short term. Wellington Management Company LLP

16 April 2015

42

St. James's Place Global Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to achieve capital appreciation through investment in a global portfolio. The Scheme will invest primarily in UK and overseas equities and may also invest in fixed interest and index linked securities and cash. The Scheme is also permitted to invest in other transferable securities, money market instruments, units in collective investment schemes and deposits. The Scheme will concentrate on seeking opportunities for exceptional growth in stocks which, in the opinion of the Investment Adviser, offer good value for money. The Scheme may also invest in transferable securities in new and emerging markets. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in International securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 31 May

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 20,815,644 174.10 2,394,125,972 179.46

43

31/03/14 Net Asset Value £ pence/unit 17,325,110 150.63 1,909,093,584 155.27

St. James's Place Global Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.74% (31 March 2014: 1.77%) for Income units and 1.74% (31 March 2014: 1.77%) for Accumulation units. Performance Record Trust and Indices

St. James's Place Global Unit Trust Income units (offer to offer)* Accumulation units (offer to offer) Indices - actual MSCI World** * Income Units were made available on the 1 October 2007. ** MSCI World return is from 1 October 2007 to 31 March 2015.

08/01/07 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+68.5 +88.6

+77.2 +80.0

+15.5 +15.6

+77.9

+69.3

+19.7

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

44

St. James's Place Global Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 40.22 39.60 22.48 26.62 8.78 7.91 4.25 3.13 3.90 0.97 3.78 2.12 3.11 2.88 2.44 2.52 1.89 2.42 1.32 1.82 0.97 1.24 0.89 1.85 0.82 0.73 0.52 0.43 0.37 2.06 0.22 0.16 0.15 0.13 0.11 0.09 0.08 0.16 0.02 97.11 96.05 2.89 3.95 100.00 100.00

Classification of Investments United States United Kingdom Switzerland South Korea Ireland Denmark Bermuda Netherlands Canada Belgium Norway France Singapore Cayman Islands Sweden Japan Mexico Taiwan Hong Kong Luxembourg Brazil Italy Germany India Derivatives Investment assets Total other assets (net) Net assets

45

St. James's Place Global Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc Oracle Bank of New York Mellon Citigroup Medtronic Arch Capital Samsung Electronics Tesco Cisco Systems Royal Bank of Scotland

% of trust value 31/03/15 9.37

Holdings

St. James's Place Money Market Unit Trust L Acc Oracle Bank of New York Mellon Microsoft Johnson & Johnson Royal Bank of Scotland Arch Capital Tesco Novartis TE Connectivity

4.72 3.73 3.12 3.09 2.91 2.91 2.86 2.82 2.82

% of trust value 31/03/14 9.41 4.82 3.57 3.35 3.03 2.95 2.88 2.81 2.80 2.78

Summary of Distributions Current year Final

Pay date 31/05/15

Income Pence per Unit -

Accumulation Previous year Pence per Unit Final

46

Pay date 31/05/14

Income Pence per Unit -

Accumulation Pence per Unit -

St. James's Place Global Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments Volatility returned to the market in the latter half of 2014 as investors were faced with increasing divergence among global growth rates and corresponding central bank moves. Oil and other commodity prices fell and emerging markets were broadly pressured by the strengthening US dollar. In January and February 2015, major equity markets advanced in support of central bank activity, namely the ECB’s larger-than-expected quantitative easing program. Trading conditions were choppier in March as investors worried about slipping oil prices, lingering troubles in Greece and the upcoming earnings season. Global markets finished the period in strongly positive territory. The portfolio posted strong absolute gains, but trailed the MSCI World Index. Counted among the portfolio’s top contributors for the period were Medtronic and Cisco. Performance at medical device company Medtronic was driven by new products, an area of focus which is translating into growth. Network products company Cisco was boosted by strength in its core switching category, where the company is gaining traction with its new products and beginning to benefit from the positive part of a product cycle. A small number of holdings detracted meaningfully from performance, including UK grocer Tesco and auto manufacturer Kia Motors. We added Citigroup to the portfolio. Citigroup is one of the world’s largest financial institutions and credit card issuers, and very well capitalised. The combination of the global banking franchise and the potential for substantial excess capital generation makes its valuation highly attractive. On the sale side, we closed a handful of positions, including Kao and Unilever. Both companies reached our estimate of intrinsic value. While our team is busy scouring the globe for attractive investments, our cash levels remain elevated as we continue to be cautious about valuations. We continue to adhere to our disciplined investment process. Artisan Partners Limited Partnership

15 April 2015

47

St. James's Place Global Emerging Markets Unit Trust Manager's Short Report for the year ended 31 March 2015 Unitholders should note that with effect from 28 April 2014 the St. James’s Place Global Emerging Markets Unit Trust was closed to new investment under the limited issue arrangements permitted under the FCA rules for authorised funds. With effect from this date no new Units have been or will be issued in respect of this Scheme, except in relation to existing Unitholders who invest through an existing regular savings facility. Investment Objectives The investment objective of the Scheme is to achieve long-term capital appreciation. The Scheme aims to achieve this objective by principally investing worldwide in equities in emerging economies, including those of companies listed on developed market exchanges whose activities predominantly take place in emerging market countries. The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collective investment schemes, money market instruments, cash and near cash and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly, in June 2014 the SRRI changed from a category 6 to a category 5. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 31 May

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 6,299,905 127.47 786,638,808 129.00 48

31/03/14 Net Asset Value £ pence/unit 6,321,339 117.40 783,455,293 118.56

St. James's Place Global Emerging Markets Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.99% (31 March 2014: 1.99%) for Income units and 1.99% (31 March 2014: 1.99%) for Accumulation units. Performance Record Trust and Indices

St. James's Place Global Emerging Markets Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI Emerging Markets (Total Return)

06/04/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+34.1 +35.4

+8.1 +8.4

+10.3

+13.2

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

49

St. James's Place Global Emerging Markets Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 18.37 12.96 17.13 10.28 16.20 21.43 7.67 7.51 6.86 4.12 6.56 7.17 6.29 6.64 4.07 4.88 3.96 2.06 3.38 3.52 1.46 2.08 1.38 1.18 1.28 1.10 2.08 0.83 0.78 1.51 0.44 1.26 2.83 2.65 2.40 1.01 0.62 97.66 98.29 2.34 1.71 100.00 100.00

Classification of Investments South Africa India United Kingdom Taiwan Malaysia Brazil South Korea Poland Mexico Switzerland Hong Kong Cayman Islands Chile Thailand Bermuda Turkey Papua New Guinea China Japan United States Denmark Qatar Investment assets Total other assets (net) Net assets

50

St. James's Place Global Emerging Markets Unit Trust Manager's Short Report

(continued)

Major Holdings % of trust value 31/03/15 8.19 7.34 6.47 5.41

Holdings

Unilever SABMiller Housing Development Finance Uni-President Enterprises Axiata Remgro Standard Bank Tech Mahindra Shoprite Tiger Brands

Holdings

Unilever SABMiller (London Listing) Standard Bank St. James's Place Money Market Unit Trust L Acc Bank Pekao Tiger Brands Samsung Fire & Marine Insurance Uni-President Enterprises China Telecom Unicharm

5.12 4.65 4.52 3.93 3.88 3.71

% of trust value 31/03/14 9.12 5.67 4.16 3.94 3.72 3.38 3.24 3.24 2.83 2.65

Summary of Distributions Current year Final

Pay date 31/05/15

Income Pence per Unit 0.284

Accumulation Previous year Pence per Unit 0.287 Final

Pay date 31/05/14

Income Pence per Unit 0.286

Accumulation Pence per Unit 0.288

Investment Adviser's Comments Over the 12 months to 31 March 2015 the portfolio underperformed the MSCI Emerging Markets Index. This regime of low interest rates is driving behaviour that we believe does not create value for shareholders, such as borrowing to buy back expensive shares. We are not able to predict when faith will be lost in central bankers and when markets may fall as a result, so we continue to focus on trying to identify good quality companies to buy and own for long periods and position ourselves to avoid the inevitable fallout. Over the reporting period, emerging markets rose slightly but returns were boosted by sterling weakness. At a sector level, healthcare and information technology outperformed, while energy and materials lagged. Indian financials company, Housing Development Finance, rose as it reported robust results and UK consumer staples firm Unilever climbed despite results confirming the demand outlook is still challenging. Another Indian holding, information technology group Tech Mahindra, also gained as it reported good results. On the negative side, UK-listed Tullow Oil fell on the back of mixed results and a declining oil price and Natura Cosmeticos, the Brazilian consumer staples company, was weak. Brazil is a difficult market at the moment and the company’s business model transition is impacting results. South African Impala Platinum also underperformed as it suffered from a strike of several months. Over the period significant purchases included Remgro, a fully-valued - but not overvalued - South African-listed conglomerate owned and overseen by a proven family. We also bought another Indian name, Infosys Technologies, a good quality large company with new management and net cash on the balance sheet, at a sensible valuation. We sold China Telecom as we would like to see more dividends from such a cash generative franchise and exited Unicharm, both consumer staples, on valuation concerns. 51

St. James's Place Global Emerging Markets Unit Trust Manager's Short Report

(continued)

Consumer companies in India have risen significantly since Modi’s election victory and are now very expensive. There has been significant divergence in performance between the Asian and Latin American ends of the global emerging market universe over the last few months, indeed years, and we are beginning to find some interesting opportunities in Latin America. However, we retain high cash levels as companies are expensive and economies still face significant problems. First State Investment Management (UK) Limited

20 April 2015

52

St. James's Place Global Equity Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to achieve long-term capital appreciation by investing worldwide in equities. The Scheme will invest primarily in a diversified international equity portfolio, cash and near cash. The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collective investment schemes, money market instruments and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly, in July 2014 the SRRI changed from a category 6 to a category 5. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 146.16 110,220,814 6,310,310,106 148.80

53

30/09/14 Net Asset Value £ pence/unit 100,871,166 130.98 5,579,232,347 133.34

St. James's Place Global Equity Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.57% (30 September 2014: 1.59%) for Income units and 1.57% (30 September 2014: 1.59%) for Accumulation units. Performance Record Trust and Indices

St. James's Place Global Equity Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI World (Total Return) MSCI Equally Weighted AC World (Total Return)

12/09/11 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+53.8 +56.5

+11.3 +11.5

+81.3 +50.4

+13.1 +11.0

Source: Financial Express for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 34.20 33.38 9.88 9.91 9.05 8.46 4.31 4.22 3.25 3.09 2.79 2.79 2.67 3.05 2.52 2.49 2.41 2.38 2.19 1.89 2.04 1.81 2.02 2.37 1.90 1.87 1.60 1.57 1.50 1.59 1.43 1.93 1.27 1.38 1.24 1.31

Classification of Investments United States United Kingdom Japan Switzerland Netherlands France Canada South Korea Taiwan Germany China Ireland Cayman Islands Australia South Africa Brazil Thailand Hong Kong

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St. James's Place Global Equity Unit Trust Manager's Short Report Classification of Investments (continued)

(continued) % of trust value 31/03/15 30/09/14 1.06 1.12 0.86 1.03 0.92 0.78 0.75 0.74 0.71 0.89 0.68 0.62 0.61 0.76 0.59 0.52 0.55 0.57 0.50 0.48 0.51 0.53 0.52 0.54 0.46 0.51 0.44 0.44 0.41 0.43 0.38 0.40 0.36 0.46 0.29 0.27 0.22 0.21 0.22 0.20 0.48 0.19 0.23 0.20 0.24 0.16 0.13 0.17 0.16 0.16 0.21 0.15 0.13 0.15 0.19 0.09 0.08 0.10 0.12 0.07 0.06 0.06 0.07 0.03 0.02 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.03 0.02 0.02 0.02 0.02 (0.02) (0.04) 99.17 99.05 0.83 0.95 100.00 100.00

Singapore Malaysia Bermuda Indonesia Italy Sweden Mexico Spain Philippines Denmark Turkey Poland Belgium Chile Russia India Curacao Finland Qatar Israel Jersey United Arab Emirates Colombia New Zealand Luxembourg Greece Austria Norway Portugal Egypt Hungary Czech Republic Guernsey Liberia Panama Malta British Virgin Islands Peru Mauritius Isle Of Man Derivatives Investment assets Total other assets (net) Net assets 55

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Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc Wells Fargo BlackRock Institutional US Dollar Liquidity Fund Inc Alere TE Connectivity American International Visa Facebook Service Corp International Biogen

% of trust value 31/03/15 3.50

Holdings

St. James's Place Money Market Unit Trust L Acc Wells Fargo BlackRock Institutional US Dollar Liquidity Fund Inc Alere TE Connectivity Baidu ADR American International Service Corp International Facebook Microsoft

1.01 0.80 0.78 0.77 0.71 0.68 0.67 0.65 0.64

% of trust value 30/09/14 3.75 1.08 1.07 0.84 0.78 0.68 0.68 0.67 0.66 0.64

Investment Adviser's Comments BlackRock Investment Management (UK) Limited

17 April 2015

The fourth quarter of 2014 finally saw the end of quantitative easing (QE) in the US. The Federal Reserve (Fed) deemed the US economy sufficiently robust to withstand such a move although it continued to hold back on raising interest rates. The contrast between the buoyancy of the US economy and the ongoing struggle within the eurozone was stark and manifested itself during the quarter in the differing economic policies of the relevant authorities. As inflation fell across the eurozone, raising the risk of deflation, speculation rose as to whether the ECB would be forced to undertake ‘full-blown’ QE. Meanwhile, the Japanese economy also struggled, prompting the Bank of Japan to increase significantly the scale of its bond purchases. Emerging markets lagged developed markets in the fourth quarter, with emerging Asia proving to be the best performing region over the period. Conflict and geopolitical uncertainty continued and the decline in the oil price began to have a significant economic impact. During the quarter, Russia stood out as one of the countries most affected by this fall in the oil price; the Rouble plummeted while Russian interest rates were increased to 17% in an attempt to halt the currency’s fall. The first quarter of 2015 began with events in Europe and the ongoing weakness in the price of oil being the main influences on the market. As had been widely expected, the ECB announced that it would undertake full-blown QE, starting in March and continuing for at least 18 months. In the UK, the FTSE 100 Index recorded a new peak, while in Japan the Topix rose to its highest point in 15 years. Underlying this buoyancy was the continuation of accommodative policies by central banks across the world. Meanwhile, in the US, Janet Yellen, chair of the Fed, indicated that the ratesetting body was not yet ready to raise interest rates. Investors were also encouraged by better economic data out of the eurozone and a temporary solution to the negotiations with Greece. By the end of the quarter most developed equity markets came off their highs.

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EdgePoint Investment Group

14 April 2015

Since the global economy emerged from the financial crisis, equity markets have performed strongly, benefiting more from multiple expansion than earnings growth. While the rising tide of multiple expansion has lifted many boats, this scenario is unlikely to continue indefinitely. Going forward, earnings growth will likely play an increasingly important role in generating strong equity returns. For this reason, our investing approach of finding growth without paying full price for it will be more important than ever. Despite the uncertain and ever-changing nature of the economic and investing environment, we continue to maintain a long-term focus, grounded by strong conviction in our proprietary investing views. Many investors don’t have the fortitude and patience to hold out for extended periods of time because they don’t know the value of the businesses they invest in. Before investing, we look for companies with strong management teams, defendable barriers to entry, growth potential and an appropriate entry price. Only when we tick these boxes do we consider a company a potential investment opportunity. Investing with conviction and armed with proprietary insights means we are willing to look wrong in the short-term to see our ideas play out over the long-term. Our active approach to investment management means we constantly endeavour to upgrade the quality of the Portfolio. This involves exiting businesses when our investing thesis has played out and initiating positions in companies that pass our tests of investment quality. A new position in the Portfolio is Shiseido Co. Ltd, a Japanese cosmetics firm. Shiseido recently underwent a change in management and is committed to corporate restructuring to address cost issues that have acted as a drag on net profit margins. The potential for increasing profit margins and earnings growth make Shiseido an attractive opportunity. Despite the uncertain nature of the current investment environment, we will maintain our strict valuation-led approach. By investing with conviction and for the long-term, we remain pleased with the range of businesses in the portfolio and are excited about their prospects. Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc Alere TE Connectivity American International Wells Fargo

Holdings

% of managers overall portfolio 31/03/15 10.71

Alere TE Connectivity Wells Fargo Service Corp International American International

5.52 5.23 4.83 4.68

57

% of managers overall portfolio 30/09/14 5.94 5.39 5.27 4.79 4.63

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Sands Capital Management

21 April 2015

For the period under review, Baidu, BioMarin Pharmaceutical, Facebook, Regeneron Pharmaceuticals and Biogen were among the top contributors to the portfolio’s performance. The largest detractors were Petrofac, Las Vegas Sands, Anton Oilfield Services, Intuitive Surgical and Prada. Recent strong performance among biotech stocks has garnered considerable media attention, with many questioning whether or not we’re experiencing ‘bubble’ valuations; and, for some, valuations are arguably becoming stretched. However, we are focusing on a select group of innovative companies working in areas of unmet medical need, dedicating our time and resources to understanding the science behind the pipeline of drugs in development; therefore putting us in a better position to assess a company’s valuation relative to its pipeline potential. Our long-term time horizon allows us to wait for the most promising earlier-stage programmes to play out, which may not be captured in short-term valuation metrics. While our long-term horizon affords us a certain level of flexibility, so does our global mandate, which allows us to actively tilt into the regions and countries we consider to be most attractive, and away from those we view as more risky. This is particularly important today, when the growth prospects of economies across the world are diverging. Emerging market economies face pressure from a strong US dollar, and many commodity producers are feeling the negative effects of lower oil prices and slowing demand from China. In contrast, we are optimistic about prospects for the US, India and China, among others. Growth in the US seems to be reigniting and structural changes in India have the potential to foster growth for years to come. Although China’s ongoing anti-corruption campaign has caused headwinds for Las Vegas Sands and Prada, our conviction in the long-term investment case for each company remains intact. Importantly, we continue to see evidence that China appears to be executing on its pivot from an investmentdriven economy to one propelled by consumption. We remain pleased with the companies owned in the portfolio and think each is well positioned to generate aboveaverage earnings growth. Major Holdings Holdings

Visa Facebook Biogen Housing Development Finance Warrants 05/05/2016 Regeneron Pharmaceuticals

Holdings

% of managers overall portfolio 31/03/15 4.79 4.66 4.41 4.08

Baidu ADR Facebook Visa Naspers Charles Schwab

3.72

58

% of managers overall portfolio 30/09/14 4.99 4.61 4.00 3.67 3.63

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Tweedy, Browne Company LLC

17 April 2015

Following year-end volatility caused in part by the collapse in oil prices, global equities regained their footing and continued their advance in the first quarter of 2015. The portfolio produced solid absolute returns over the reporting period but trailed the MSCI World Index largely due to poor returns in oil & gas holdings and an above-average cash weighting. Results for the period were led by strong returns in consumer discretionary holdings including media holdings such as Axel Springer, Daily Mail and Pearson. Insurance holdings such as Munich Re, SCOR and Zurich Insurance also finished with double-digit returns. In contrast, oil & gas holdings, which include Cenovus, Conoco, Royal Dutch and Total, had a negative impact on performance following the steep decline in oil prices around year-end. Over the longer term if oil prices recover, we believe these companies should serve us well. We were marginal net buyers during the period with most portfolio activity taking place in the more volatile fourth quarter of 2014. We established one new position, Michelin, the French tyre company, which at purchase was trading at a significant discount from our conservative estimate of the company’s intrinsic value and had a dividend yield of approximately 3.8%. We also added to several other positions including Nestle, SCOR, Standard Chartered and Verizon. We tendered our remaining shares in Banco Santander (Brasil) to its parent, trimmed our position in Munich Re and sold our shares of Eni, the Italian oil company, fearing that a dividend cut might be in the offing. As global equity markets have re-gained momentum in the first quarter leading to record highs in market indices, bargain hunting has become extraordinarily difficult. That said, we have seen sparks of volatility from time to time that make us hopeful that a better opportunity set for our style of investing may be near. Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc Novartis Standard Chartered Roche Total

Holdings

% of managers overall portfolio 31/03/15 13.58

Total Novartis Roche Royal Dutch Shell 'A' Shares (MTF) Johnson & Johnson

4.43 3.83 3.69 3.42

59

% of managers overall portfolio 30/09/14 4.37 4.16 3.87 3.65 3.42

St. James's Place Global Equity Income Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to provide income, together with the potential for long-term capital appreciation, through investing primarily in global equities. The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collective investment schemes, money market instruments, cash and near cash and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager’s intention that the level of income generated by the investments of the Scheme will enable it to qualify for inclusion in the Investment Assocation's Global Equity Income Sector. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in International securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 January, 30 April, 31 July, 31 October

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 142,299,596 133.53 1,092,360,947 145.05

31/03/14 Net Asset Value £ pence/unit 83,891,886 121.27 672,984,861 128.10

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.65% (31 March 2014: 1.72%) for Income units and 1.65% (31 March 2014: 1.72%) for Accumulation units. 60

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Performance Record Trust and Indices

St. James's Place Global Equity Income Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI World (Total Return)

10/04/12 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+41.5 +52.5

+9.9 +13.1

+59.5

+19.7

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 31/03/14 47.24 28.45 8.32 19.78 7.36 13.05 7.24 3.20 5.99 5.44 4.65 1.35 3.42 1.50 2.85 1.96 1.66 2.96 1.55 3.69 1.53 2.76 1.40 3.40 1.29 0.70 1.11 1.07 1.03 3.50 2.16 2.03 96.68 96.96 3.32 3.04 100.00 100.00

Classification of Investments United States United Kingdom Switzerland Japan Netherlands Ireland France Australia Luxembourg Germany Hong Kong Norway Bermuda Jersey Singapore Sweden Italy Spain Investment assets Total other assets (net) Net assets

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Major Holdings % of trust value 31/03/15 4.02 3.00 3.00 2.91 2.89 2.88 2.85 2.83 2.63 2.48

Holdings

Johnson & Johnson Novartis British American Tobacco Procter & Gamble Roche Viacom Amcor Philip Morris International United Technologies Nippon Telegraph & Telephone Summary of Distributions Current Pay year date 1st interim 2nd interim 3rd interim Final

31/10/14 31/01/15 30/04/15 31/07/15

Income Pence per Unit 1.175 0.775 0.532 1.062

% of trust value 31/03/14 4.69 4.06 3.60 3.56 3.50 3.34 3.05 2.98 2.96 2.65

Holdings

Novartis Roche BT Microsoft Nordea Bank Reed Elsevier Pfizer British American Tobacco RTL HSBC

Accumulation Pence per Unit 1.241 0.827 0.573 1.114

Previous year 1st interim 2nd interim 3rd interim Final

Pay date 31/10/13 31/01/14 30/04/14 31/07/14

Income Pence per Unit 1.045 0.813 0.408 1.081

Accumulation Pence per Unit 1.073 0.843 0.426 1.132

Investment Adviser's Comments From 28 April 2014, Manulife Asset Management (US) LLC replaced Invesco Asset Management Limited as Investment Adviser to the Trust. Global market performance was generally positive over the period, helped by the strong returns of US equities. Japanese stocks performed well as a result of the government’s fiscal and monetary stimulus programmes. European stocks also posted gains as the European Central Bank implemented monetary stimulus measures. The portfolio rose over the period, but underperformed the MSCI World (Total Return) Index. Stock selection in the financials and materials sectors contributed to the portfolio’s performance. Individual contributors included Huntington Bancshares Incorporated, Amcor Limited and Whirlpool Corporation. Huntington’s management team executed well, earning a positive re-rating from the market. Amcor posted strong gains, partly as a result of the purchase of a Chinese flexible packing plant. Whirlpool acquired Indesit Company, a European competitor. Stock selection in the healthcare and consumer discretionary sectors detracted from performance. Individual detractors included Statoil ASA, Mattel, Inc. and Viacom Inc. Statoil’s share price fell as oil prices declined. Mattel’s share price fell following the departure of its CEO. Viacom’s share price declined as the company’s channels could be dropped by DISH Network.

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During the period, we added Nestlé SA, The PNC Financial Services Group, Inc., McDonald’s Corporation, Koninklijke (Royal) Philips Electronics NV, Whirlpool, Heineken Holding NV, Bridgestone Corp., ComfortDelGro Corporation Limited, Verizon Communications Inc. and Experian PLC. to the strategy. Nestlé has sustainable top-line growth and strong cash flow generation. PNC is a quality US bank with solid capital and a strong financial position. McDonald’s has a strong balance sheet and has experienced solid free cash flow improvement. We eliminated positions in Eni S.p.A., Tyco International Ltd., Raytheon Company, Safran SA, Mattel, Northern Trust Corporation, Anheuser-Busch InBev NV, GlaxoSmithKline PLC, Pfizer, Inc., SES SA, Time Warner Cable Inc. and Automatic Data Processing, Inc. We sold Safran, Raytheon and Tyco as they approached or reached our estimate of fair value. Looking ahead, we believe the US equity market appears expensive, particularly against a backdrop of high margins. In our view, opportunities exist in European companies with international operations and favourable equity valuations, especially if the euro weakens. In Japan, we continue to focus on leading companies with strong management teams and cash flows. Manulife Asset Management (US) LLC

15 April 2015

63

St. James's Place Greater European Progressive Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The Scheme aims to maximise total return by way of capital appreciation and income. It is intended that at least 80% of the Scheme's assets will be invested in Europe, including the United Kingdom. The remainder of the assets can be invested in any other geographic area. The Scheme will concentrate on seeking opportunities for exceptional growth in undervalued stocks that may be less popular but which, in the opinion of the Investment Adviser, offer good value for money. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in European securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 31,064,467 1,859.11 848,762,931 3,325.87

30/09/14 Net Asset Value £ pence/unit 28,639,893 1,632.74 755,163,810 2,920.98

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.90% (30 September 2014: 1.92%) for Income units and 1.90% (30 September 2014: 1.92%) for Accumulation Units.

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Performance Record Trust and Indices

St. James's Place Greater European Progressive Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI Europe including UK (Total Return)

16/12/69 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 30/09/14 % change

+19,430.0 +34,840.0

+60.1 +65.4

+13.4 +13.8

+1,758.3

+43.5

+8.2

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 29.81 29.64 22.57 22.35 14.22 15.83 8.50 8.32 7.45 7.50 6.07 5.51 4.00 3.90 2.62 2.71 2.00 1.73 1.90 1.83 99.14 99.32 0.86 0.68 100.00 100.00

Classification of Investments United Kingdom Germany France Switzerland Spain Italy Netherlands Belgium Sweden Luxembourg Investment assets Total other assets (net) Net assets

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Major Holdings Holdings

Henkel SAP Hannover Rueck Heineken British American Tobacco Deutsche Boerse Novartis Sage Publicis St. James's Place Money Market Unit Trust

% of trust value 31/03/15 4.63 4.54 4.13 4.00 3.85 3.43 3.29 3.23 3.18 2.79

Holdings

SAP British American Tobacco Henkel Heineken Hannover Rueck Novertis St. James's Place Money Market Unit Trust GlaxoSmithKline Publicis Deutsche Boerse

% of trust value 30/09/14 4.64 4.29 4.23 3.90 3.30 3.20 3.11 2.96 2.89 2.89

Investment Adviser's Comments S.W. Mitchell Capital LLP

08 April 2015

The portfolio significantly outperformed the MSCI Europe including UK Index over the period. We benefited from exceptional returns in Taylor Wimpey, Barratt Developments, Orange, Deutsche Telekom, Ocado, Intesa Sanpaolo and Michael Page International. We remain very positive on the outlook for European equities. As we have written many times before, the economy continues to rebound strongly as the eurozone moves ever closer to full normalisation. Intesa Sanpaolo talked of a healthy rebound in lending over the past few months as the bank also confidently increased its 2014 dividend by 40%. Mediaset echoed Intesa’s views referring to a sharp pick-up in Italian advertising revenues since the end of last year. Even the reputedly moribund French economy is displaying signs of life with residential building permits at the highest level for several years. Nearer to home, British house builders continue to experience buoyant demand. The recovery should receive an extra boost from the recent weakness in the euro and the precipitous fall in the oil price. In addition, the recent Greek election is bringing forward the likelihood of a sensible solution to the country’s debt crisis. Less reported, but equally important, is the recent 3.4% pay award struck by employers and the highly influential IG Metall trade union in Germany. This is the highest pay deal struck since 2007 and is set against a background of falling prices in January. Crucially, this should boost the region’s largest economy and aid the recovery in the other weaker eurozone economies. Furthermore, recent surveys suggest that German consumer confidence is at its highest level since 2006. Matteo Renzi and François Hollande also appear to be making progress with much-needed reforms. In Italy, reform of the labour market and electoral system is imminent, whilst in France, Hollande employed the infamous 49.3 decree – which passes without a vote – in order to force through business-friendly legislation. Curiously, however, the market remains compellingly valued with shares pricing in an unusually bearish decline in returns on capital into perpetuity. Even more strikingly, the more domestically orientated companies are trading at, in many cases, a 50% discount to their counterparts in the US. 66

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Major Holdings % of managers overall portfolio 31/03/15 5.30 5.06 4.33 4.13 3.99

Holdings

Taylor Wimpey Intesa Sanpaolo Orange International Consolidated Airlines Amadeus IT Burgundy Asset Management Limited

09 April 2015

Over the last six months, the portfolio outperformed the MSCI Europe including UK Index. The European market was especially strong during the last quarter, with the ECB’s quantitative easing and signs of economic improvements so far outweighing the serious issues with Russia and Greece. Additionally, foreign exchange rate changes will become a tailwind to the reported earnings of many euro-reporting companies this year. The downside of the recent returns, that have outstripped underlying earnings power growth, is that the margin of safety in our portfolio is becoming slim - and non-existent for most of the companies on our Dream Team. The portfolio returns during the last six months have been broad-based with 13 of our 16 holdings outperforming the index. Our worst three performers were Sanofi (-4%), British American Tobacco (+4%) and Roche (+5%), and top three were Hannover Re (+40%), Schindler (+36%) and Deutsche Börse (+32%). The disparity among our bottom and top performers highlights the diversity of business models and return contributors within the portfolio. Our only portfolio activity was the sale of GlaxoSmithKline (GSK). GSK has experienced continued operational and drug development issues, a degradation in earnings quality, and, most recently, troubled drug launches in its important respiratory area. GSK’s earnings have declined by more than 20% (cumulatively) since 2009 and we think continued headwinds are likely in the medium term. We continue to have conviction in the quality of the companies we own. Our challenge at the moment is finding companies of sufficient quality that are significantly undervalued. The valuations within our portfolio remain rational and reasonable compared to our opportunity set, although future returns are getting harder to come by. We need more bad news and some market capitulation to create opportunities for us to capitalise on. Major Holdings % of managers overall portfolio 31/03/15 9.42 8.39 8.14 7.83 6.98

Holdings

Henkel Hannover Rueck Heineken Holding British American Tobacco Deutsche Boerse 67

St. James's Place High Octane Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to provide capital appreciation through investment in a concentrated portfolio of quoted securities on a worldwide basis. The Scheme will be invested, at the Manager's discretion, primarily in global equities and may also be invested in cash or near cash. The Scheme is also permitted to invest in other asset classes permitted for Non-UCITS Retail Schemes under COLL including transferable securities, money market instruments, cash and near cash, units in collective investment schemes and deposits. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). There are no specific restrictions on the investment of the Scheme including as to economic sector or geographical area except as set out below and as provided in COLL. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Non-UCITS Retail Scheme Key Investor Information Document (NURS-KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly, in July 2014 the SRRI changed from a category 6 to a category 5. The Trust invests in International securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. The Trust typically invests in a limited number of securities, which may lead to a higher level of volatility in its performance. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 31 May

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Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 966,418 114.83 210,494,001 117.05

31/03/14 Net Asset Value £ pence/unit 958,262 104.04 183,236,339 105.81

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 2.12% (31 March 2014: 2.14%) for Income units and 2.12% (31 March 2014: 2.14%) for Accumulation units. Performance Record Trust and Indices

St. James's Place High Octane Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI World (Total Return)

07/04/08 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+21.0 +23.1

+40.1 +42.5

+10.4 +10.5

+88.5

+69.3

+19.7

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

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Portfolio Information % of trust value 31/03/15 31/03/14 32.84 22.47 27.17 22.35 21.28 16.04 5.36 4.94 3.89 4.74 3.78 8.94 2.38 4.01 2.31 9.33 3.24 2.56 99.01 98.62 0.99 1.38 100.00 100.00

Classification of Investments Japan United States United Kingdom South Korea Russia Italy Canada Luxembourg France Netherlands Germany Investment assets Total other assets (net) Net assets Major Holdings Holdings

Mitsubishi UFJ Financial Tesco Toyota Motor General Motors Citigroup St. James's Place Money Market Unit Trust L Acc Staples Samsung Electronics Kyocera Microsoft

% of trust value 31/03/15 6.90 6.85 6.54 6.09 5.98 5.93

% of trust value 31/03/14 6.48 6.23 5.43 5.32 5.21 4.94

Holdings

Hewlett-Packard Mitsubishi UFJ Financial Rio Tinto Vivendi Fiat Samsung Electronics Microsoft Lukoil ADR Tesco Citigroup

5.92 5.36 5.27 4.82

4.84 4.74 4.53 4.50

Summary of Distributions Current year Final

Pay date 31/05/15

Income Pence per Unit 0.192

Accumulation Previous year Pence per Unit 0.213 Final

70

Pay date 31/05/14

Income Pence per Unit 0.082

Accumulation Pence per Unit 0.083

St. James's Place High Octane Unit Trust Manager's Short Report

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Investment Adviser's Comments Performance over the last 12 months has been disappointing, with resource companies – including our holdings in BP, Eni, Rio Tinto - among the leading under-performers. We believe that the current level of the oil price is unsustainably low in view of likely growth in demand in the coming years, particularly as a result of car sales. On our base case scenario of a medium term price of oil of $70, there is considerable upside. The Tesco saga was one of the main features of the year. Although down 25% in the 12 months, Tesco shares topped the list of contributors to performance during the last quarter, following our increase in the size of the holding in the final quarter of 2014 and the strong recovery since then. We believe that the new management is grasping the nettle in the two essentials: price competition and staffing. Other positive contributors over the period included Staples, Japan Airlines, Kyocera, Toyota and NTT. In spite of the weakness of the yen, four of these top contributors were Japanese. In terms of outlook, we remain concerned about the level of valuation of the US market. In Europe there are grounds for greater optimism about economic trends, with improvements in retail sales and purchasing manager indices, and also in lending. There are also massive uncertainties, about Greece and eurozone stability. In Japan, even though there too there are large uncertainties – demographic and the size of government debt – we have the clearest picture, with many more positive features than negative ones. Over the years there have been many periods in which company managements have talked about raising dividend yields or targeting higher returns on equity, but nothing much has happened. Now a combination of, first, long-term pressure resulting from a miserable economy, second, government policies and influences, and third, pressure from outside in the form of both foreign and domestic shareholders, the emphasis on return on equity looks serious. For many years there has been a gap between price and value in Japan, but too little attention by managements on seeing the value recognised. We have much greater confidence that this is now changing and, consequently, we have a third of the portfolio in Japanese companies. Oldfield Partners LLP

17 April 2015

71

St. James's Place Index Linked Gilts Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to provide a combination of growth and income, by investing primarily in a portfolio of UK index linked gilts. The Scheme may also invest in other, non-UK, highly rated government backed index linked securities, and is also permitted to invest in other types of transferable securities, units and/or shares in collective investment schemes (including unregulated schemes such as hedge funds), money market instruments, cash and near cash and deposits. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in fixed income securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 28 February, 31 May, 31 August, 30 November

Net Asset Values Unit Class

Income Accumulation Gross Income Gross Accumulation

31/03/15 Net Asset Value £ pence/unit 5,020,727 95.48 98.40 83,205,770 95.46 14,077,876 98.46 45,020,753

31/03/14 Net Asset Value £ pence/unit 11,819,614 94.13 90,748,479 96.22 -

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.20% (31 March 2014: 1.18%) for Income and Accumulation Units and 1.20% for Gross Income and Gross Accumulation Units.

72

St. James's Place Index Linked Gilts Unit Trust Manager's Short Report

(continued)

Performance Record Trust and Indices

St. James's Place Index Linked Gilts Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Gross Income units (offer to offer)* Gross Accumulation units (offer to offer)* Indices - actual FTSE British Government Index Linked < 5 Years (Total Return) FTSE British Government Index Linked 5-15 Years (Total Return)

10/04/12 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+0.3 +3.3 N/A N/A

+1.1 +2.2 +1.0 +1.3

+1.3 +10.5

-0.7 +7.4

* Gross Income and Gross Accumulation units were made available on 6 October 2014 and the performance shown is from that date. Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 31/03/14 24.58 29.66 16.19 19.72 9.31 9.42 9.31 8.78 9.03 9.54 9.00 9.04 8.70 2.23 6.78 6.24 6.44 4.36 99.34 98.99 0.66 1.01 100.00 100.00

Classification of Investments UK Treasury Index Linked 2.5% 26/07/2016 UK Treasury Index Linked 1.25% 22/11/2017 UK Treasury Index Linked 1.875% 22/11/2022 UK Treasury Index Linked 1.25% 22/11/2027 UK Treasury Index Linked 2.5% 16/04/2020 UK Treasury Index Linked 2.5% 17/07/2024 UK Treasury Index Linked 0.125% 22/11/2019 UK Treasury Index Linked 0.125% 22/03/2029 UK Treasury Index Linked 0.125% 22/03/2024 Investment assets Total other assets (net) Net assets UK Government Gilts are all rated as investment grade.

73

St. James's Place Index Linked Gilts Unit Trust Manager's Short Report

(continued)

Summary of Distributions Current year 1st interim 2nd interim 3rd interim Final Gross Current year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/14 30/11/14 28/02/15 31/05/15 Pay date 31/08/14 30/11/14 28/02/15 31/05/15

Income Pence per Unit 0.279 0.252 0.257 -

Accumulation Pence per Unit 0.286 0.257 0.265 -

Income Pence per Unit N/A N/A 0.321 -

Accumulation Pence per Unit N/A N/A 0.330 -

Previous year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/13 30/11/13 28/02/14 31/05/14

Income Pence per Unit 0.259 0.223 0.277 0.270

Accumulation Pence per Unit 0.262 0.226 0.281 0.275

Investment Adviser's Comments Bonds continued to defy expectations that they would weaken, with the yield on 10-year gilts reducing over the year from 3.02% to 1.76%, despite a strengthening UK economy. Belief that the US Federal Reserve (Fed) would be the first major central bank to raise interest rates strengthened the dollar and helped spark a sharp decline in commodity prices. This saw Brent crude end the year at $57 a barrel – over 50% lower than its June high. Cheaper oil fuelled global falls in inflation, which became of particular concern in the eurozone, which slipped into deflation in December. In response, the European Central Bank (ECB) cut interest rates twice, initiated a programme of cheap lending and in January 2015 launched an ambitious programme of sovereign quantitative easing (QE). Divergent monetary policy was evident, with the Fed and Bank of England (BoE) looking to normalise policy while the ECB and Bank of Japan (BoJ) continue to ease. The BoE held its policy rate at 0.5% throughout the reporting period although two members started voting for a rate hike from August. BoE Governor Mark Carney reiterated in a dovish November Inflation Report that when UK rates start to rise they are “expected to do so only gradually and to remain below average historical levels for some time to come”. The main change to the Bank’s near-term outlook was “materially lower” inflation expectations. CPI inflation fell in the UK to 0.5% in December although stronger wage growth hinted at potentially higher inflation to come. Bonds rallied globally through the summer on mounting geopolitical concerns and fears over growth. By August, the 10-year German bund yield had broken below 1% for the first time ever and other European bond yields plumbed multi-century lows. This culminated in widespread volatility in mid-October as global share markets plummeted and investors clamoured for the safety of government bonds, sending yields sharply lower. Markets regained their composure relatively quickly and, just two weeks later, reacted calmly to the Fed ending QE on schedule. Sentiment was bolstered by the BoJ unexpectedly expanding monetary easing substantially as the Japanese economy slipped back into recession. BlackRock Investment Management (UK) Limited

17 April 2015

74

St. James's Place International Corporate Bond Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to provide a combination of income generation and capital appreciation. To achieve this, the Scheme will invest principally in a portfolio of senior secured high yield corporate debt instruments*, primarily issued by North American and European companies. The Scheme may also invest in any other geographic area. The Scheme is also permitted to invest in other types of transferable securities, money market instruments, cash and near cash, units and/or shares in collective investment schemes and deposits. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). *Corporate debt instruments are either secured or unsecured, and, either senior or subordinated. Secured debt means that collateral has been pledged as security against default, whilst investors in senior debt instruments are legally entitled to be repaid ahead of investors in subordinated (i.e. non-senior) instruments issued by the same corporation. Senior secured debt instruments therefore carry a lower risk of loss than other debt instruments issued by the same corporation. The term high yield means that the corporate debt instruments have received a credit rating below investment grade, which is equivalent to or lower than a "BBB minus" from the ratings agency Standard & Poor's. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and for the last seven weeks of the period under review the risk category changed from a category 4 to a category 3. Please note that if the risk category consistently remains as a category 3 for a four month period, the KIID will be amended from a category 4 accordingly. The Trust invests in fixed income securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 March, 30 June, 30 September, 31 December

75

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(continued)

Net Asset Values Unit Class

Income Accumulation Gross Income Gross Accumulation

31/03/15 Net Asset Value £ pence/unit 101.30 37,901,714 1,402,195,514 134.77 110,525,070 101.32 362,467,055 135.73

30/09/14 Net Asset Value £ pence/unit 127,374,925 102.68 1,597,056,344 132.81 -

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.47% (30 September 2014: 1.50%) for Income units and 1.49% (30 September 2014: 1.50%) Accumulation Units, and 1.50% for Gross Income units, 1.50% for Gross Accumulation Units. Performance Record Trust and Indices

St. James's Place International Corporate Bond Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Gross Income units (offer to offer)* Gross Accumulation units (offer to offer)* Indices - actual Merrill Lynch Global High Yield BB-B (Total Return)

06/04/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+8.6 +42.8 -

-1.5 +1.6 -0.2 +1.8

+48.0

+7.5

*Gross Units were made available on the 6 October 2014. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 44.13 45.14 28.77 23.89 24.54 26.62 0.10 0.87 0.25 (0.29) (0.56) 97.25 96.21 2.75 3.79 100.00 100.00

Classification of Investments US Dollar Denominated Bonds Sterling Denominated Bonds Euro Denominated Bonds Swedish Krona Denominated Bonds Swiss Franc Denominated Bonds Derivatives Investment assets Total other assets (net) Net assets 76

St. James's Place International Corporate Bond Unit Trust Manager's Short Report

(continued)

Summary of Investment Assets by Credit Ratings % of Net Assets 31/03/15 30/09/14 1.23 94.91 96.77 1.40 97.54 96.77 2.46 3.23 100.00 100.00

Rating Block Investment grade Speculative grade Unrated Total bonds Other Net assets Major Holdings Holdings

Brakes Capital 7.125% 15/12/2018 Gala 8.875% 01/09/2018

% of trust value 31/03/15 2.05 1.99

Holdings

New Look Bondco I 8.75% 14/05/2018 Vougeot Bidco 7.875% 15/07/2020 Travelex Financing 8% 01/08/2018 Unitymedia 6.25% 15/01/2029 Lock 7% 15/08/2021

1.90 1.87 1.85 1.47 1.47

Hastings Insurance Group Finance 8% 21/10/2020 Prospect Medical 8.375% 01/05/2019 House of Fraser Funding 8.875% 15/08/2018

1.40

Brakes Capital 7.125% 15/12/2018 Chiquita Brands International 7.875% 01/02/2021 Gala 8.875% 01/09/2018 Travelex Financing 8% 01/08/2018 Vougeot Bidco 7.875% 15/07/2020 New Look Bondco I 8.75% 14/05/2018 Lowell Group Financing 10.75% 01/04/2019 Prospect Medical 8.375% 01/05/2019

1.34 1.34

C&S Group Enterprises 5.375% 15/07/2022 TeamSystem 7.375% 15/05/2020

% of trust value 30/09/14 1.84 1.60 1.54 1.52 1.49 1.44 1.42 1.37 1.30 1.26

Summary of Distributions Current period 1st interim 2nd interim Gross Current period 1st interim 2nd interim

Pay date 31/03/15 30/06/15 Pay date 31/03/15 30/06/15

Income Accumulation Previous period Pence per Pence per Unit Unit 1.430 1.857 1st interim 1.513 1.873 2nd interim Income Accumulation Previous period Pence per Pence per Unit Unit 1.842 2.383 1st interim 1.729 2.277 2nd interim

Pay date 30/04/14 31/07/14 Pay date 30/04/14 31/07/14

Income Pence Accumulation Pence per per Unit Unit 1.517 1.858 1.470 1.827 Income Pence Accumulation Pence per per Unit Unit N/A N/A N/A N/A

Non-Residents - These distributions are reportable under the European Union Savings Directive.

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St. James's Place International Corporate Bond Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments The portfolio generated positive returns over the past six months as the general market environment improved following a period of marked volatility in the fourth quarter of 2014. Falling oil prices caused indiscriminate selling within the US energy sector towards the end of 2014, but we have since seen more stability returning to the markets. The major news of the first quarter in 2015 was the announcement of quantitative easing (QE) by the European Central Bank at a greater size and for a longer term than the market had been expecting, and this resulted in a significant rally in European risk assets. The technical picture for global senior secured bonds has remained strong over the last six months, with attractive yields and the senior secured nature of the asset class providing an attractive combination for investors in the current low interest rate environment. New issue volumes have picked up after the market volatility experienced in Q4 2014 and this has provided attractive investment opportunities. With high levels of cash being held on corporate balance sheets, this has contributed to increased merger and acquisition (‘M&A’) activity as companies have sought to issue bonds both in the US and European market to finance transactions. We also saw some companies refinancing their loans in the senior secured bond market, a recent example from February 2015 being Heinz, and we participated in the $2bn senior secured bond offering by the food processing giant. The portfolio continues to engage in active relative-value trading in order to take advantage of capital appreciation and geographical arbitrage opportunities within the senior secured bond market. With the benign interest rate environment in the US, the effects of QE in Europe and global corporate balance sheets remaining in good health, we expect global senior secured bonds to remain an attractive investment option in the current low-yield environment. As such, the portfolio will continue to take advantage of primary, and selective secondary market opportunities, ensuring a diversified combination of robust senior secured credits with attractive yield profiles. Babson Capital Europe Limited

17 April 2015

78

St. James's Place International Equity Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to achieve long-term capital appreciation by investing internationally in a focused portfolio of equities. The Scheme will invest primarily in equities, cash and near cash. The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collective investment schemes, money market instruments, deposits and derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 21,532,308 541.78 3,166,166,314 598.53

30/09/14 Net Asset Value £ pence/unit 19,306,194 466.59 2,755,790,803 515.39

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.74% (30 September 2014: 1.75%) for Income units and 1.75% (30 September 2014: 1.75%) for Accumulation Units.

79

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(continued)

Performance Record Trust and Indices

St. James's Place International Equity Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI World (Total Return)

03/02/97 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+469.3 +528.9

+61.6 +63.1

+16.1 +16.1

+241.7

+69.3

+13.1

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 65.75 63.30 16.62 15.89 3.59 7.08 3.16 7.56 2.81 2.21 2.46 1.84 2.59 96.23 98.63 3.77 1.37 100.00 100.00

Classification of Investments United States United Kingdom France Switzerland Netherlands Australia Germany Investment assets Total other assets (net) Net assets Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc eBay Microsoft Lowe's International Business Machines Visa Yum! Brands Home Depot Target Tesco

% of trust value 31/03/15 9.36

Holdings

St. James's Place Money Market Unit Trust L Acc Microsoft eBay Wal-Mart Stores Nestle Target Lowe's Oracle Yum! Brands Sanofi

7.37 6.70 6.08 4.82 4.77 4.61 4.37 4.03 3.98 80

% of trust value 30/09/14 9.40 5.70 5.49 5.29 4.72 4.65 4.61 4.58 4.43 4.32

St. James's Place International Equity Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments During the period, global equity markets performed well, supported by positive US economic data and a number of supportive central bank policy actions. The latter included the Bank of Japan’s decision to ramp up its quantitative easing programme and various stimulatory measures by the European Central Bank (ECB), China and Canada. In October, the Federal Reserve ended its asset-purchase programme as the US economy continued to recover, as expected; however, there remains considerable uncertainty about the future trajectory of US monetary policy. Meanwhile, the ECB materialized its bond-buying programme late in January on a weak economic outlook and growing fears of deflation. This sent yields across the eurozone to record lows and equity markets to new highs. Over the period, the portfolio’s investments in US home improvement retailers were decisive in driving performance. Lowe’s and Home Depot both announced strong results driven by macroeconomic tailwinds such as the continuing recovery of the housing market, an improving employment situation and falling energy prices. Likewise, Target and Wal-Mart also did well as the US economy strengthens and the decline in oil prices improves customers’ disposable income. The portfolio’s investments in payments companies were also beneficial as the shift from cash to electronic payments continues, with Visa and MasterCard reporting double-digit payment volume gains and optimistic outlooks, despite fears over the effects of slowing global growth. Conversely, healthcare giant Sanofi lost ground after the company warned of lower sales of its key drug Lantus, for diabetes, and fired its CEO late October. Broadly speaking, market risks are elevated at present due to uncertainty about the trajectory of interest rates in the US, emerging market instability, ongoing sovereign debt challenges in Europe, the slowdown in China and commodity price declines, each of which could trigger material corrections in global credit and equity markets. Across the globe, we continue to see value in high-quality companies exposed to certain investment themes such as entrenched enterprise software technology, e-commerce convergence, the US housing recovery, US interest rate normalisation, the move to a cashless society and emerging market consumption growth. The portfolio’s investments remain positioned to benefit from a strengthening US economy and the unwinding of the compression in risk premiums, which we anticipate will start sometime this year. Magellan Asset Management Limited

15 April 2015

81

St. James's Place Investment Grade Corporate Bond Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to provide an optimum balance of income generation and capital appreciation. To achieve this, the Scheme will invest predominantly in a portfolio of investment grade* UK and EC company debt securities. The Scheme is also permitted to invest in other asset classes permitted for UCITS Schemes including transferable securities, money market instruments, cash and near cash, units in collective investment schemes, and deposits. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). * Investment grade requires a credit rating equivalent to no lower than a 'BBB minus' from the ratings agency Standard & Poor's. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in fixed income securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 January, 30 April, 31 July, 31 October

Net Asset Values Unit Class

Income Accumulation Gross Income Gross Accumulation

31/03/15 Net Asset Value £ pence/unit 129.63 22,805,621 894,351,320 160.30 71,721,497 129.58 160.80 236,795,888

82

30/09/14 Net Asset Value £ pence/unit 80,192,358 125.09 964,413,646 152.84 -

St. James's Place Investment Grade Corporate Bond Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.26% (30 September 2014: 1.30%) for Income units, 1.28% (30 September 2014: 1.30%) Accumulation Units, 1.30% for Gross Income units and 1.30% for Gross Accumulation Units. Performance Record Trust and Indices

06/04/09 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+37.5 +69.2 -

+3.4 +23.1 -

+3.5 +5.0 +3.9 +4.8

St. James's Place Investment Grade Corporate Bond Unit Trust Class Income units (offer to offer) Class Accumulation units (offer to offer) Class Gross Income units (offer to offer)* Class Gross Accumulation units (offer to offer)*

Indices - actual +36.1 +22.0 +2.8 Merrill Lynch Sterling Non-Gilt 1-15 Year (Total Return) * Class Gross Income and Accumulation units were made available on 6 October 2014 and the performance shown is from that date. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 96.87 97.62 0.56 0.49 (0.07) 97.36 98.11 2.64 1.89 100.00 100.00

Classification of Investments Sterling Denominated Bonds Non Equity Investment Instruments Derivatives Investment assets Total other assets (net) Net assets Summary of Investment Assets by Credit Ratings

% of Net Assets 31/03/15 30/09/14 96.87 94.90 2.72 96.87 97.62 3.13 2.38 100.00 100.00

Rating Block Investment grade bonds Speculative grade bonds Total bonds Other Net assets

83

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(continued)

Major Holdings Holdings

Network Rail Infrastructure Finance 4.625% 21/07/2020 Svensk Exportkredit 1.875% 21/12/2018

% of trust value 31/03/15 3.34

Holdings

Network Rail Infrastructure Finance 4.625% 21/07/2020 European Investment Bank 5.5% 15/04/2025 Svensk Exportkredit 1.875% 21/12/2018

1.68

European Investment Bank 5.5% 15/04/2025 British Telecommunications 6.625% 23/06/2017 Imperial Tobacco Finance 5.5% 22/11/2016 BG Energy Capital 5.125% 01/12/2025 Lloyds Bank 5.75% 09/07/2025

1.63

Daimler International Finance 3.5% 06/06/2019 London Power Networks 5.125% 31/03/2023 LVMH Moet Hennessy Louis Vuitton 1.625% 20/12/2017

% of trust value 30/09/14 6.70 2.32 1.91

Imperial Tobacco Finance 5.5% 22/11/2016 Barclays Bank 5.75% 14/09/2026

1.78

1.64 1.58

1.39

British Telecommunications 6.625% Daimler International Finance 3.5% 06/06/2019 Centrica 4.375% 13/03/2029

1.34

LVMH 1.625% 20/12/2017

1.53

1.33

BP Capital Markets 4.325% 10/12/2018

1.49

1.63 1.51 1.42 1.41

1.67

1.54

Summary of Distributions

Current period 1st interim 2nd interim Gross Current period 1st interim 2nd interim

Pay date 30/04/15 31/07/15 Pay date 30/04/15 31/07/15

Income Pence per Unit 0.806 0.786

Accumulation Pence per Unit 0.983 0.966

Income Pence per Unit 1.005 0.980

Accumulation Pence per Unit 1.228 1.207

Previous period 1st interim 2nd interim Previous period 1st interim 2nd interim

Pay date 30/04/14 31/07/14 Pay date 30/04/14 31/07/14

Income Pence per Unit 0.775 0.779

Accumulation Pence per Unit 0.923 0.935

Income Pence per Unit -

Accumulation Pence per Unit -

Non-Residents - These distributions are reportable under the European Union Savings Directive.

84

St. James's Place Investment Grade Corporate Bond Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments Corporate bonds have performed better in 2015 after a sour finish to 2014. While returns have been positive, there were bouts of underperformance versus Gilts, specifically in late 2014. Spreads have generally tightened in 2015 as oil has traded in a more balanced manner. Additionally, demand for UK investment grade bonds has benefited from the significantly better value proposition compared to euro-denominated equivalents. Selections among banking names have performed well. Insurance and telecommunications selections have weighed on results slightly. Picks in transportation, supranationals, and retail sectors have outperformed to add relative value. The portfolio has benefited from issue selections among energy companies, typically favouring names with higher quality ratings and flexible capital structures. These holdings have significantly outperformed peers. We have added selectively to corporate bonds on spread widening since mid-2014, but remain focused on idiosyncratic risk and avoiding credit events that are not bond holder friendly. Our best way to control for the risk of potential weakness in the credit sector is through a high level of diversification in the industry mix as well as individual issuer names we hold. All else equal, longer maturity issues have tended to outperform. In addition, the Insurance sector has performed well. As a result, some of the better performing holdings in absolute terms are longer dated bonds issued by Allianz, Society of Lloyds and Legal & General. Utility bonds issued by Southern Electric and Northern Powergrid have lagged moderately. While the Energy sector has been under pressure for most of the period, the portfolio has avoided losses associated with some of the lagging names in the industry. Oil price volatility and global central bank policies will continue to influence bond markets. While the US Federal Reserve has considered tightening, globally there have been 30 separate central bank policy easings announced so far in 2015. More importantly for global liquidity and bond-market supply and demand is the continued quantitative easing by the European Central Bank and Bank of Japan. These large scale bond buying programs have put downward pressure on yields in their respective local markets while also creating demand for higher yielding alternatives in credit or in higher-yielding foreign countries. Loomis, Sayles & Company L.P.

15 April 2015

85

St. James's Place Managed Growth Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to achieve capital appreciation over the medium to long term. The Scheme will achieve this objective by generally investing in quoted securities on a worldwide basis. The Scheme will invest, at the Manager's discretion, in UK and overseas equities, UK and overseas fixed interest and index linked securities, units and/or shares in other collective investment schemes, cash and near cash. The Scheme is also permitted to invest in other types of transferable securities, money market instruments, and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the composition of the Scheme will enable it to qualify for inclusion in the Investment Association's 'Mixed Investment 40-85% Shares' Sector (formerly known as the Balanced Managed Sector). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 28 February, 31 May, 31 August, 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 4,768,587 133.36 138.96 3,367,451,848

86

30/09/14 Net Asset Value £ pence/unit 4,395,431 121.86 2,959,895,617 126.94

St. James's Place Managed Growth Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.56% (30 September 2014: 1.51%) for Income units and 1.55% (30 September 2014: 1.51%) for Accumulation units. Performance Record 06/04/10 to 31/03/15 % change

Trust and Indices

30/09/14 to 31/03/15 % change

St. James's Place Managed Growth Unit Trust +40.3 +9.3 Income units (offer to offer) +46.2 +9.5 Accumulation units (offer to offer) Indices - actual +46.5 +5.3 FTSE All-Share (Total Return)* +43.2 +10.4 MSCI Europe excluding UK (Total Return) +41.2 +13.9 FTSE British Government All Stocks (Total Return)* +101.2 +15.7 S&P 500 (Total Return) +67.1 +13.1 MSCI World (Total Return) *Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

87

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Portfolio Information % of trust value 31/03/15 30/09/14 56.83 58.77 7.02 6.50 5.11 5.57 4.34 4.20 3.94 3.60 3.32 2.76 3.02 2.76 2.48 2.25 1.88 1.76 1.72 1.49 1.20 0.72 0.93 1.13 0.85 0.88 0.51 0.69 0.41 0.32 0.38 0.81 0.35 0.39 0.34 0.37 0.33 0.32 0.32 0.28 0.25 0.26 0.22 0.23 0.21 0.21 0.19 0.18 0.17 0.44 0.16 0.12 0.08 0.09 0.07 0.04 0.07 0.08 0.06 0.07 0.11 0.03 0.56 96.79 97.96 3.21 2.04 100.00 100.00

Classification of Investments United Kingdom Japan Ireland Germany France Switzerland United States Italy Netherlands Guernsey Belgium Spain Australia Luxembourg Norway Sweden South Korea Taiwan Hong Kong China Cayman Islands Singapore Bermuda Canada Finland Thailand Indonesia Denmark Philippines Malaysia Portugal Derivatives Investment assets Total other assets (net) Net assets

88

St. James's Place Managed Growth Unit Trust Manager's Short Report

(continued) % of trust value 31/03/15 30/09/14 53.83 53.87 18.67 18.47 24.26 25.06 0.03 0.56 3.21 2.04 100.00 100.00

Asset Class Split Equities Interest bearing assets Authorised Unit Trusts/Collective Investment Schemes Derivatives Total other assets (net) Net assets Summary of Investment Assets by Credit Ratings

% of Net Assets 31/03/15 30/09/14 18.67 18.47 18.67 18.47 81.33 81.53 100.00 100.00

Rating Block Investment grade bonds Total bonds Other Net assets Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc SSgA GBP Liquidity Fund I Acc GlaxoSmithKline Friends Life AstraZeneca Schroder QEP US Core Fund I Inc Rentokil Initial Tesco BAE Systems Royal Bank of Scotland

% of trust value 31/03/15 17.76

Holdings

St. James's Place Money Market Unit Trust L Acc SSgA GBP Liquidity Fund I Acc AstraZeneca Royal Bank of Scotland Schroder QEP US Core Fund I Inc Friends Life Rentokil Initial GlaxoSmithKline Barclays BAE Systems

4.67 2.01 1.72 1.59 1.52 1.44 1.35 1.34 1.32

% of trust value 30/09/14 17.94 5.30 2.49 1.63 1.52 1.49 1.42 1.41 1.41 1.38

Summary of Distributions Current period 1st interim 2nd interim

Pay date 28/02/15 31/05/15

Income Pence per Unit 0.074

Accumulation Pence per Unit 0.078

Previous period 1st interim 2nd interim

Pay date 28/02/14 31/05/14

Income Pence per Unit 0.158 0.071

Non-Residents - These distributions are reportable under the European Union Savings Directive.

89

Accumulation Pence per Unit 0.163 0.073

St. James's Place Managed Growth Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments The portfolio produced strong returns over the period as equity markets made gains on the back of improved confidence about the global economy while fixed-income markets also rose as bond yields fell further. Over the period, the European Central Bank (ECB) embarked on a full-blown quantitative easing (QE) drive, amid fears that the eurozone would descend into a deflationary spiral. The economic data for the eurozone subsequently improved from a relatively low base, with forward-looking activity indicators in particular picking up in the wake of the QE decision. In contrast, the US economy performed well but the economic data deteriorated. UK economic data continued to improve over the period. In the UK equity section of the portfolio, holdings in the financial sector did particularly well. The position in Friends Life performed strongly in light of its merger plans with life insurance peer Aviva. Tesco rallied in the wake of January’s better-than-expected trading update and its well-received strategic review. On the negative side, the market reacted poorly to news of further restructuring from the Royal Bank of Scotland in its full-year results. The portfolio continued to trim holdings that had risen strongly, and took advantage of share price weakness elsewhere to invest in undervalued businesses. The suppression of global interest rates, and the actions of central banks in the US, Europe and Japan in utilising ‘unconventional monetary policy’, has led to a compression of volatility as fear has subsided. As a corollary, yieldhungry investors have dampened share price swings. However, problems can erupt when investors converge on the same strategy and a period of low volatility can suggest an increasing level of future risk. Investors feel more comfortable in benign markets; they increase the use of leverage and take riskier bets in the belief that the future will be the same as the recent past. Therefore the portfolio is being managed carefully to take account of these risks. Schroder Investment Management Limited

17 April 2015

90

St. James's Place Money Market Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The principal aim of the Scheme is to preserve capital and to earn income in excess of the Bank of England’s base rate, while seeking to maintain a high level of liquidity. The Scheme is required to comply with the investment restrictions applicable to a Short-Term Money Market Fund and therefore will invest in high quality money market instruments and deposits, and may also invest in cash, near cash, and a range of high quality fixed and adjustable rate instruments including Government securities and securities issued or guaranteed by supranational organisations, as well as any other security which the Investment Adviser deems to be of comparable credit quality which is consistent with the investment objectives, which constitutes a transferable security. As a Short-Term Money Market Fund however the scheme may not invest either directly or indirectly in equities. The Scheme may invest in units and shares in collective investment schemes which themselves comply with the requirements applicable to a Short-Term Money Market Fund, and may borrow, and enter in to stock lending and underwriting arrangements. The Scheme may use derivative and forward transactions for efficient portfolio management and/or hedging purposes, provided such use is in line with the money market investment strategy of the Scheme. Derivatives which give exposure to foreign exchange may only be used for hedging purposes. Following the changes to the ISA regulations on 1 July 2014, it is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards

1

2

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 7 April 2015. The risk category is recalculated weekly and during the period under review the risk category did not change. The Trust invests predominantly in short term cash deposits and money market instruments, which means that the performance of the trust is sensitive to changes in market interest rates. The risk of default is minimised by holding investments with a wide range of high quality institutions. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: last day of every month

91

St. James's Place Money Market Unit Trust Manager's Short Report

(continued)

Net Asset Values Unit Class

Class L Income Class L Accumulation Class R Income Class R Accumulation Class R Gross Income Class R Gross Accumulation

31/03/15 Net Asset Value £ pence/unit 750,817 100.32 3,130,118,504 104.27 826,953 190.23 16,992,098 190.41 543,656 190.25 13,116,811 190.42

30/09/14 Net Asset Value £ pence/unit 757,781 100.32 3,251,504,262 104.23 623,681 190.22 11,306,828 190.40 -

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 0.42% (30 September 2014: 0.41%) for Class L Income Units, 0.42% (30 September 2014: 0.41%) for Class L Accumulation Units, 0.52% (30 September 2014: 0.51%) for Class R Income Units and 0.52% (30 September 2014: 0.51%) for Class R Accumulation Units, 0.52% for Class R Gross Income Units and 0.52% for Class R Gross Accumulation Units. Annual Management Charges - Class R units Units in Class R Money Market Units have since 1st April 2013 attracted an annual management charge of 0.5% rather than 0.8% as disclosed in the Prospectus. This decision has been taken so as to maintain the fund's S&P AAA Money Market fund rating. This subsidy will not necessarily be continued indefinitely, even if interest rates remain low and when interest rates rise the charge will revert to its full value.

92

St. James's Place Money Market Unit Trust Manager's Short Report

(continued)

Performance Record Trust and Indices

St. James's Place Money Market Unit Trust Class L Income units (offer to offer) Class L Accumulation units (offer to offer) Class R Income units (offer to offer)* Class R Accumulation units (offer to offer)* Class R Gross Income units (offer to offer)** Class R Gross Accumulation units (offer to offer)** Indices - actual Merrill Lynch British Pound LIBOR 3 month Constant Maturity (Total Return)

07/04/08 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+0.31 +4.28 N/A N/A N/A N/A

+0.25 +0.94 -0.13 -0.03 N/A N/A

+0.05 +0.00 +0.01 -0.12 -0.03

+10.71

+3.53

+0.28

* Class R Income and Accumulation units were made available on 31 December 2012 and the performance shown is from that date. ** Class R Gross Income and Accumulation units were made available on 6 October 2014 and the performance shown is from that date. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

93

St. James's Place Money Market Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 30/09/14 58.67 66.26 29.83 24.01 4.11 2.30 1.86 1.04 5.61 6.12 100.08 99.73 (0.08) 0.27 100.00 100.00

Classification of Investments Commercial Papers Certificates Of Deposits Government Bonds Floating Rate Notes Derivatives Investment assets Total other liabilities (net) Net assets Major Holdings Holdings

Barclays Bank 0.42% 01/04/2015

% of trust value 31/03/15 6.33

JP Morgan Securities Repo Barclays Bank 0.38% 01/04/2015 Rabobank 0.48% 07/04/2015 DZ Privatbank 0.51% 07/04/2015 Norinchukin Bank 0.48% 07/04/2015 FMS Wertmanagement 0.46% 29/05/2015 HSBC France 0.6% 02/07/2015

3.24 3.16 3.16 3.16 3.16 3.16 3.16

Bred Banque Populaire 0.45% 01/04/2015

2.80

Lloyds Bank Repo

2.37

Holdings

Bank of Tokyo-Mitsubishi 0.38% 01/10/2014 Barclays Bank 0.28% 01/10/2014 Barclays Bank 0.3% 01/10/2014 Citibank 0.55% 08/12/2014 Lloyds Bank Repo JP Morgan Securities Repo NRW Bank 0.44% 20/10/2014 Norinchukin Bank (London) 0.45% 22/10/2014 Bred Banque Populaire 0.43% 01/10/2014 Mizuho Corporation Bank 0.46% 06/10/2014

% of trust value 30/09/14 3.83 3.06 3.06 3.06 3.06 3.06 3.06 3.06 2.57 2.30

Summary of Distributions Class L Current period 1st interim 2nd interim 3rd interim 4th interim 5th interim 6th interim

Pay date 31/12/14 31/01/15 28/02/15 31/03/15 30/04/15 31/05/15

Income Pence per Unit 0.007 0.002 0.012 0.007 0.006 0.008

Accumulation Pence per Unit 0.008 0.003 0.014 0.007 0.006 0.009

94

Previous period 1st interim 2nd interim 3rd interim 4th interim 5th interim 6th interim

Pay date 31/12/13 31/01/14 28/02/14 31/03/14 30/04/14 31/05/14

Income Pence per Unit 0.005 0.005 0.004 0.002 0.003 0.008

Accumulation Pence per Unit 0.005 0.007 0.006 0.002 0.004 0.009

St. James's Place Money Market Unit Trust Manager's Short Report Class R Current period 1st interim 2nd interim 3rd interim 4th interim 5th interim 6th interim Class R Gross Current period 1st interim 2nd interim 3rd interim 4th interim 5th interim 6th interim

Pay date 31/12/14 31/01/15 28/02/15 31/03/15 30/04/15 31/05/15 Pay date 31/12/14 31/01/15 28/02/15 31/03/15 30/04/15 31/05/15

(continued)

Income Pence per Unit -

Accumulation Pence per Unit 0.002 -

Income Pence per Unit -

Accumulation Pence per Unit 0.003 -

Previous period 1st interim 2nd interim 3rd interim 4th interim 5th interim 6th interim

Pay date 31/12/13 31/01/14 28/02/14 31/03/14 30/04/14 31/05/14

Income Pence per Unit -

Accumulation Pence per Unit -

Non-Residents - These distributions are reportable under the European Union Savings Directive. Investment Adviser's Comments Downside concerns around global growth remained high on the Bank of England’s (BoE) agenda during the period under review. Although the US Federal Reserve seemed in a favourable position to undertake a rate-hiking path in 2015, Europe was struggling once again, resulting in the European Central Bank (ECB) being active with both conventional and unconventional policy measures. The BoE left monetary policy unchanged, with March’s Monetary Policy Committee (MPC) meeting representing the sixth anniversary of interest rates at their record low of 0.50%. Inflation moved lower over the period and the latest inflation report shows the UK is within a whisker of deflation after the CPI inflation rate dropped to zero in February. The inflation rate is now expected to turn negative, where it could remain for the rest of the year. Inflation expectations seem well anchored, however, and deflation would have the positive impact of giving household incomes a welcome boost. Overall, economic data released over the period was encouraging. The period saw some large swings in ten-year gilt yields against the backdrop of global growth concerns and a changing BoE outlook on the timing of a possible rise in base rate. At the end of the period under review, the third quarter of 2016 was viewed as the likeliest timing for the first rate rise of the cycle. At the portfolio level, the weighted average maturity fell from around 50 days to a 40-day range by the end of the period. Investments were held mainly within three months’ maturity, and a precautionary stance remained in place with many credits undergoing an agency review period. We continued to focus on diversification by both geographical location and sector, whilst maintaining a high credit quality. State Street Global Advisors Limited ("SSGA")

20 April 2015

95

St. James's Place Multi Asset Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The investment objective of the Scheme is to provide capital appreciation and income. The Scheme will achieve this objective by investing in a wide range of asset classes, both directly and also indirectly via investment in derivatives and units and/or shares in other collective investment schemes (including unregulated schemes, such as hedge funds). Asset classes which the Scheme will invest in and/or seek exposure to include, but are not limited to, global equities, global fixed interest and index linked securities, immovable property and commodities (including gold). The Scheme will not invest directly in either immovable property or commodities. The Scheme may also invest in other types of transferable securities, money market instruments, deposits, cash and near cash, and derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). The Scheme is permitted to invest in derivatives for investment purposes and efficient portfolio management. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk Typically Higher Rewards

Typically Lower Rewards 1

2

3

4

5

6

7

The Non-UCITS Retail Scheme Key Investor Information Document (NURS-KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in securities and derivatives which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 28 February, 31 May, 31 August, 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 88.86 48,691,684 1,234,997,439 108.19

96

31/03/14 Net Asset Value £ pence/unit 32,636,081 85.91 846,933,775 103.07

St. James's Place Multi Asset Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.89% (31 March 2014: 2.14%) for Income units and 1.89% (31 March 2014: 2.14%) for Accumulation units. Performance Record Trust and Indices

St. James's Place Multi Asset Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual MSCI AC World GDR Barclays Capital Global Aggregate Bond (Total Return)

08/01/07 to 09/04/12 % change

10/04/12 to 31/03/15 % change

31/03/14 to 31/03/15 % change

-0.7 +15.3

-5.1 -1.0

+3.7 +5.2

N/A N/A

+53.0 +6.0

+19.0 +8.2

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 31/03/14 62.08 34.63 17.99 12.33 56.44 0.26 8.37 0.16 2.50 (1.22) (0.15) 91.60 101.79 8.40 (1.79) 100.00 100.00

Classification of Investments Interest Bearing Assets Equities Collective Investment Scheme Exchange Traded Funds Real Estate Investment Trusts Derivatives Investment assets Total other assets/liabilities (net) Net assets

97

St. James's Place Multi Asset Unit Trust Manager's Short Report

(continued)

The Asset Class Split table below shows the exposure to different asset classes obtained by holding both direct investment, such as Equities, Bonds and indirect investment, such as Collective Investment Schemes, Exchange Traded Products and Derivatives. Asset Class Split Alternatives

% of trust 31/03/15 40.20

Volatility Controlled Equities Corporate Bonds Asset Backed Bonds Government Bonds

26.20 22.50 8.30 2.80

Net assets

100.00

% of trust 31/03/14 Developed Bonds, Cash & Other Liquid 37.20 Assets Developed Equities 35.70 Emerging Market Equities 15.10 Emerging Market Bonds 8.50 Real Estate Investment Trusts 2.50 Commodities 1.00 Net assets 100.00

Asset Class Split

Please note; the Investment Advisors have changed during the year under review and therefore the comparatives shown reflect different Asset Class splits. The credit rating table below analyses bonds by credit rating as opposed to the asset class split shown above, which relates to investment strategies. Some of these strategies utilise derivatives, and investment grade corporate bonds are held to provide cover for these derivatives. Summary of Investment Assets by Credit Ratings % of Net Assets 31/03/15 47.04 13.92 1.12 62.08 37.92 100.00

Rating Block

Investment grade bonds Speculative grade bonds Unrated bonds Total bonds Other Net assets

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(continued)

Major Holdings Holdings

Invesco STIC Global Sterling Liquidity Portfolio (Inc) Invesco Perpetual Monthly Income Plus (Acc) UK Treasury 0% 20/04/2015 UK Treasury 0% 21/09/2015 UK Treasury 0% 10/08/2015 UK Treasury 0% 15/06/2015 UK Treasury 0% 13/04/2015 UK Treasury 0% 22/06/2015 UK Treasury 0% 14/09/2015 UK Treasury 0% 01/09/2015

% of trust value 31/03/15 7.54

% of trust value 31/03/14 15.47

Holdings

PIMCO Income Fund Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 15/04/2018 PIMCO EqS Emerging Markets Fund PIMCO EqS Dividend Fund PIMCO StocksPlus Fund PIMCO Unconstrained Bond Fund PIMCO Capital Securities Fund US Treasury 2.75% 15/02/2024 PIMCO Emerging Local Bond Fund Vanguard FTSE Emerging Markets ETF

4.77

4.75 3.19 2.53 2.51 2.34 2.30 2.17 2.04

10.59

7.59 7.22 6.61 5.77 4.49 4.34 4.11 4.01

Summary of Distributions

Current year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/14 30/11/14 28/02/15 31/05/15

Income Pence per Unit 0.358 0.495 0.127 0.316

Accumulation Pence per Unit 0.430 0.596 0.154 0.380

Previous year 1st interim 2nd interim 3rd interim Final

Pay date 31/08/13 30/11/13 28/02/14 31/05/14

Income Pence per Unit 0.601 0.203 0.389 0.351

Accumulation Pence per Unit 0.709 0.241 0.463 0.419

Investment Adviser's Comments PIMCO Europe Limited

14 October 2014

Over the reporting period the portfolio continued to deliver positive absolute and relative returns. One of the main performance drivers was select developed and emerging market equity exposure, especially during the first half of the period. Within fixed income, exposure to US bonds, non-agency mortgages and select emerging market bonds contributed as yields continued to fall in most markets. The portfolio maintains moderate positive duration exposure, but emphasising a position that benefits from a steepening of the US yield curve. We also take interest rate exposure in Australia, Brazil and Mexico while keeping a short position in Japanese duration. In credit, we favour non-agency mortgage backed securities on attractive lossadjusted yields and European bank capital given deleveraging prospects in the financial sector in Europe. We have a small overweight to equities overall with a tilt to emerging markets as their valuations continue to be cheap relative to developed markets and to their own history. A small allocation to oil through an ETF acts as diversifier and hedge against geopolitical risks. While we closed out our REIT positions, we maintain circa 10% of the portfolio in inflationlinked strategies, including US government TIPS. 99

St. James's Place Multi Asset Unit Trust Manager's Short Report

(continued)

Our economic forecast for the next 12 months calls for a continuation of a low amplitude, long frequency US business cycle recovery. The eurozone economy should grow marginally in the next 12 months, continuing a painfully slow climb out of a double-dip recession. Japan will likely show the same levels of growth over the next 12 months, and China’s growth is likely to slow, whilst still outstripping many other developed nations. The outcomes for other developing economies will be tied to what happens in China next year. From 10 November 2014, Payden & Rygel, Schroder Investment Management Limited and Invesco Asset Management Limited replaced PIMCO Europe Limited as Investment Advisers to the Trust. Payden & Rygel

14 April 2015

The portfolio transitioned to Payden & Rygel in November 2014 and our first priority was to broaden the investments. The inherited assets had been transferred with a large proportion of UK and US government bills. We sold the government bond positions and invested in a range of sectors, including investment grade credit, high yield bonds, non-agency mortgages (i.e. those issued by private companies, rather than US government sponsored agencies, such as Fannie Mae and Freddie Mac) and emerging markets debt. Markets have been dominated by the commencement of full quantitative easing by the European Central Bank, a continued sharp rally in the US dollar, growing expectations that the Federal Reserve will begin raising interest rates later in 2015, and further weakness in commodity markets. European government bond yields have declined to alltime lows. US employment data have been mostly strong. Increasingly supportive US relative growth and interest rate differentials have resulted in a sharp rally in the US dollar. Negative European interest rates have also encouraged a rally in equities and other risk assets. The US high yield bond market has recovered strongly this year following the energy-related setback in the second half of 2014. Our allocation to high yield corporates was the largest contributor to portfolio returns, while holdings in investment grade credit and non-agency mortgage-backed securities also added value. Tactically, our currency views, highlighted by a long US dollar bias, contributed to returns. Well-performing individual positions included discount retailer Dollar General; natural gas producer Southwestern Energy; supermarket chain Supervalu; and Brazilian sovereign bonds. Detractors included telecom company Windstream. Persistently low inflation in most of the world, along with low wage growth in a majority of developed markets, will continue to put pressure on Central Banks to keep rates low in 2015. In this environment, we primarily look to credit sectors for opportunities where healthy yields offer attractive value relative to comparable government bonds.

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(continued)

Schroder Investment Management

17 April 2015

The period since we took on management of the portfolio proved to be a challenging one for global equities. On one hand, the strength of the US economy and the continued supportive measures by Central Banks (notably the European Central Bank (ECB) which announced a full quantitative easing (QE) program) were positive for global equities and other risk assets. On the other hand, concerns around a possible “hard landing” in China, the impact of geopolitical events in Ukraine and the Middle East, continued uncertainty around Greek sovereign debt and current elevated equity valuation levels have impacted investors’ risk appetite and global equity performance. Against a low volatility background, exposure to global equity markets within the portfolio has remained above 80% for most of the period, the exception being during the second half of December and first half of January when concerns around geopolitical tensions and the European periphery were reflected in higher volatility (although still low by historical standards) and consequently a reduction in exposure to equity markets within the portfolio. This has resulted in a smoother growth path than that of global equities. Changes in currency markets impacted performance. Strength in the US dollar (supported by the strength of the US economy and expectation of potential interest rate rises later in 2015) and the fall in value of the Euro following the announcement of QE by the ECB earlier in 2015 had a negative impact on performance given the global nature of the equity exposure. INVESCO Asset Management Limited

21 April 2015

We believe that at the heart of every successful investment, is a great idea. The portfolio will typically be constructed using between 20 and 30 investment ideas at any one time, drawn from a minimum of three different asset types. A broad range of ideas contributed to positive performance in the period since we became Investment Adviser to the portfolio. Standout ideas in the interest rates space included our US Duration idea, which boosted returns as yields for longer-dated bonds continued to fall. The stronger US dollar was beneficial to our ideas preferring the US dollar to the euro and the Canadian dollar. Our UK and European Divergence Equity ideas also performed well over the period. On the downside, our idea preferring the Norwegian krone to the UK pound suffered as the falling oil price hurt sentiment towards the krone. The Norwegian central bank was also among those to surprise markets with interest rate cuts during the period. In addition, low levels of volatility across most asset types impacted some of our volatility ideas. We removed our US duration idea at the beginning of February, which had been the best performing idea for the portfolio. Also in the interest rates space, we added a new idea preferring Australian bonds to their Eurozone counterparts as we expect the spread between the two to narrow. Elsewhere, we closed our long US equities position as we felt there was better value available elsewhere and added a long Japanese equities idea. Another new idea to be added was a long Japanese yen, short Korean won position. This captures the team’s belief that the Japanese yen is measurably good value versus the won. The recent strength of the won could have an impact on the competitiveness of Korea’s export-led economy, which may force the central bank to cut interest rates. In contrast, the Japanese Yen has already weakened significantly in response to the policy stimulus by Japanese Prime Minister Shinzo Abe.

101

St. James's Place North American Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The Scheme aims to maximise total return, comprising both capital appreciation and income, through investments principally but not exclusively in North American (United States of America, Canada and Mexico) stock markets. The Scheme will invest in a wide range of North American securities which may include investments that are listed, registered or trading within this area. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in North American securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 May, 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 3,683,570 139.68 648,129,641 143.49

102

31/03/14 Net Asset Value £ pence/unit 2,499,054 112.94 433,090,259 112.94

St. James's Place North American Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.55% (31 March 2014: 1.58%) for Income units and 1.55% (31 March 2014: 1.58%) for Accumulation units. Performance Record Trust and Indices

St. James's Place North American Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual Standard & Poor's 500 Index

06/04/99 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+50.7 +50.7

+88.3 +88.3

+27.1 +27.1

+132.5

+100.8

+26.6

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

103

St. James's Place North American Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 9.49 12.34 8.82 4.84 7.73 7.35 6.42 2.49 6.10 8.14 4.81 4.73 4.62 7.35 4.40 4.62 4.34 2.03 4.05 6.60 4.02 5.22 3.36 2.99 3.36 2.94 3.35 2.99 3.31 6.81 3.12 2.84 3.09 2.70 3.04 2.22 2.56 1.56 2.19 2.46 2.04 2.00 2.95 1.73 1.76 1.27 97.95 99.20 2.05 0.80 100.00 100.00

Classification of Investments Banks Industrial Engineering Software & Computer Services Pharmaceuticals & Biotechnology General Retailers Technology Hardware & Equipment Oil & Gas Producers Financial Services Electricity Food Producers Chemicals Non Equity Investment Instruments Media Electronic & Electrical Equipment Health Care Equipment & Services Food & Drug Retailers Household Goods & Home Construction Aerospace & Defence Construction & Materials General Industrials Gas, Water & Multiutilities Oil Equipment, Services & Distribution Personal Goods Non Life Insurance Investment assets Total other assets (net) Net assets

104

St. James's Place North American Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc Time Warner TE Connectivity Medtronic Walgreens Boots Alliance AbbVie Kroger Lennar General Dynamics Adobe Systems

% of trust value 31/03/15 3.36

Holdings

St. James's Place Money Market Unit Trust L Acc Phillips 66 TE Connectivity Halliburton Time Warner Bank of America eBay Walgreen JPMorgan Chase Lennar

3.36 3.35 3.31 3.28 3.14 3.12 3.09 3.04 2.82

% of trust value 31/03/14 2.99 2.99 2.99 2.95 2.94 2.86 2.85 2.84 2.73 2.70

Investment Adviser's Comments US markets continued to outperform other geographies and global equities in general over the reporting period. It seems as though the US Federal Reserve was a bit quicker to step on the monetary stimulus pedal in comparison to its European counterparts. However, recent reports show that gap to be closing. Strength in the US markets was widespread. Recently, most consumers have seen their fuel bills cut in half, which tends to be directly correlated to an increased amount of time spent in shopping malls. As a result, the consumer discretionary sector led the performance pack. The energy sector was the lone negative contributor, falling more than 10% over the period. The portfolio performed well in the one-year period, outperforming both the Russell 1000 Value Index and the S&P 500 Index. As is often the case, most of the outperformance came from our stock selection. From a stock-specific standpoint, Health Care holding Hospira was a notable standout. A definitive buy-out offer from larger competitor Pfizer for $17 billion sent the stock up 40% in a day. In the Energy sector, shares of Pioneer Natural Resources were weak, as falling oil prices have temporarily impacted shorter term results. Looking forward, we believe the US economy is normalising and appears to be entering a transition phase, the first one in more than five years. This transition could be one from “defense” to “offense.” That is, from an environment in which all external factors were supportive of keeping the economy from entering recession to one of a cyclical normalisation of such factors. While we cannot yet be specific, history suggests that transitions such as these are unlikely to be without bumps or unintended consequences. As always, we will be mindful of and diligent in evaluating these factors in our analyses of businesses, while continuing to adhere to our bottom-up, fundamentally-focused research process. Aristotle Capital Management LLC

11 April 2015

105

St. James's Place Property Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to provide an attractive yield together with the potential for capital growth over the medium to long term. The Scheme will achieve its investment objective by investing primarily in a balanced portfolio of commercial, industrial and retail property located across the UK. The Scheme may also invest in commercial, industrial and retail property located outside the UK. In addition to immovable property the Scheme may invest in a range of asset classes permitted for a non-UCITS retail scheme pursuant to the applicable FCA Rules including transferable securities, units in collective investment schemes, deposits, money market instruments and cash. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile The Scheme is a specialist collective investment scheme that invests mainly in ‘bricks and mortar’ commercial property (land and buildings), which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 January, 30 April, 31 July, 31 October

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 63.56 175,163,418 499,252,620 88.12

30/09/14 Net Asset Value £ pence/unit 147,432,062 62.84 400,846,838 84.96

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.91% (30 September 2014: 1.95%) for income units and 1.91% for accumulation units (30 September 2014: 1.95%). The ongoing charges comprise property management charges of 0.21% (30 September 2014: 0.21%) and fund management charges of 1.70% (30 September 2014: 1.74%).

106

St. James's Place Property Unit Trust Manager's Short Report

(continued)

Performance Record Trust and Indices

St. James's Place Property Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual IPD UK All Property (Total Return)

08/01/07 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

-29.6 -3.3

+6.5 +27.2

+2.1 +3.8

+27.5

+61.2

+6.2

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 60.45 60.99 14.67 12.61 5.39 8.75 2.12 2.39 82.63 84.74 17.37 15.26 100.00 100.00

Classification of Investments Investment Properties Shared Ownership Properties Collective Investment Schemes Investment Trusts Investment assets Total other assets (net) Net assets

107

St. James's Place Property Unit Trust Manager's Short Report

(continued)

Major Holdings Holdings

WAKEFIELD, Woolley Edge MSA, M1, West Bretton St. James's Place Money Market Unit Trust L Acc WEST THURROCK, J31, Motherwell Way

% of trust value 31/03/15 5.21

Holdings

St. James's Place Money Market Unit Trust L Acc WAKEFIELD, Woolley Edge MSA, M1, West Bretton IPSWICH, Suffolk Retail Park, London Road LONDON W1, 33 Golden Square

5.18 4.19

RICHMOND UPON THAMES, Richmond Riverside LONDON EC3, New London House, 6 London Street IPSWICH, Suffolk Retail Park, London Road

3.77

LONDON W1, 33 Golden Square

3.56

MANCHESTER, Bauhaus House, Quay Street CAMBRIDGE, St Andrews House & Radio House, St Andrews Road LONDON W1, 1-5 Poland Street

% of trust value 30/09/14 8.49 6.40 4.35 4.29 3.97

3.20

RICHMOND UPON THAMES, Richmond Riverside MANCHESTER, Bauhaus House, Quay Street CAMBRIDGE, St Andrews House & Radio House, St Andrews Road LONDON W1, 1-5 Poland Street

3.16

BRISTOL, Novotel, Victoria Street

3.04

2.96

WEMBLEY, Stadium Retail Park, Wembley Park Drive

2.74

3.73 3.61

3.97 3.80 3.50

Summary of Distributions

Current period 1st interim 2nd interim

Pay date 30/04/15 31/07/15

Income Pence per Unit 0.415 0.647

Accumulation Pence per Unit 0.564 0.888

108

Previous period 1st interim 2nd interim

Pay date 30/04/14 31/07/14

Income Pence per Unit 0.628 0.586

Accumulation Pence per Unit 0.826 0.779

St. James's Place Property Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments Over the six month period under review, the growth in capital and rental values for UK property has continued to spread beyond London and the South East. There is significant appetite from both UK and overseas investors for good quality regional property which is underpinning values across the broader UK market. Much of the weight of money is driven by a requirement for yield in a near-zero interest rate environment. Whilst property yields have fallen they remain significantly in excess of 10-year gilts making property an attractive investment alternative. The stronger economic environment has created the conditions for corporate expansion which is feeding through into increased space requirements and, in turn, into rental growth. This marked improvement in occupational markets in many UK locations is providing a further boost to investor confidence which continues to drive yields downwards (as capital values move upwards). The portfolio acquired property assets totalling £96m during the six-month period, namely: • Rockingham Gate Industrial Estate, Bristol. The 104,000 sq ft fully-let, high-specification units are situated in the core distribution hub of the South West and Wales. • Three industrial estates in Camberley, Hounslow and Thurrock. • Vue Cinema in Cambridge. In a strong city centre location the cinema comprises 8 digital screens with a seating capacity of 1,700. • A 50% interest in New London House in the City (the other 50% was already owned by St. James’s Place UK’s Life and Pension unit-linked Property funds). During the period we have completed the disposal of two small industrial units in Cheltenham and Leeds for a total of £9.4m. A key strength of the portfolio is the high level of occupancy, with the vacancy rate remaining very low, 3.1% at 31 March 2015, which compares to the IPD market average of 8.5%. Orchard Street Investment Management LLP

16 April 2015

109

St. James's Place Strategic Managed Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to provide capital appreciation over the medium to long term. The Scheme will achieve this objective by generally investing in quoted securities on a worldwide basis. The Scheme will invest, at the Manager's discretion, in UK and overseas equities, UK and overseas fixed interest and index linked securities, units and/or shares in other collective investment schemes, cash and near cash. The Scheme is also permitted to invest in other types of transferable securities, money market instruments and deposits. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the composition of the Scheme will enable it to qualify for inclusion in the Investment Association's 'Mixed Investment 40-85% Shares' Sector (formerly known as the Balanced Managed Sector). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 7 April 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 28 February, 31 May, 31 August, 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 4,049,948 119.72 3,683,027,608 128.74

110

30/09/14 Net Asset Value £ pence/unit 3,672,331 112.84 3,398,143,362 120.86

St. James's Place Strategic Managed Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.58% (30 September 2014: 1.58%) for Income units and 1.58% (30 September 2014: 1.58%) for Accumulation Units. Performance Record Trust and Indices

St. James's Place Strategic Managed Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share*(Total Return) MSCI World (Total Return) Merrill Lynch Corporate & Collateralized 1-5 Year ex Perpetuals GBP (Total Return) Merrill Lynch High Yield Constrained US Cash Pay Fixed Maturity 1-3 Year BB/B (Total Return)

06/04/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+26.5 +35.7

+6.2 +6.6

+46.5 +67.1 +28.0

+5.3 +13.1 +3.1

+36.6

+11.2

Source: Lipper for Fund returns *Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

111

St. James's Place Strategic Managed Unit Trust Manager's Short Report

(continued)

Portfolio Information % of trust value 31/03/15 30/09/14 50.72 73.54 26.37 9.01 2.78 0.50 2.18 1.68 2.11 1.23 1.74 2.05 1.48 1.80 1.45 1.35 1.38 1.17 1.17 1.11 0.70 0.22 0.56 0.55 1.21 0.55 0.36 0.52 0.49 0.79 0.41 0.26 0.38 0.39 0.36 0.34 0.38 0.32 0.36 0.31 0.38 0.29 0.25 0.21 0.45 0.18 0.54 0.16 0.16 0.23 (0.39) 97.73 99.01 2.27 0.99 100.00 100.00

Classification of Investments United Kingdom United States Netherlands Germany Jersey Australia Japan Canada Switzerland Taiwan Cayman Islands Luxembourg France Norway Spain Thailand Denmark Italy Bermuda Brazil Mexico Finland South Korea Ireland Malaysia Singapore Belgium Hong Kong Derivatives Investment assets Total other assets (net) Net assets

112

St. James's Place Strategic Managed Unit Trust Manager's Short Report Asset Class Split

(continued) % of trust value 31/03/15 30/09/14 68.40 69.82 15.04 27.82 15.57 0.48 (0.39) 0.99 2.27 100.00 100.00

Equities Interest bearing assets Collective Investment Schemes Derivatives Total other assets (net) Net assets Summary of Investment Assets by Credit Ratings

% of Net Assets 31/03/15 30/09/14 15.00 13.69 13.32 0.04 0.81 27.82 15.04 72.18 84.96 100.00 100.00

Rating Block Investment grade Speculative grade Unrated Total bonds Other Net assets Major Holdings Holdings

AstraZeneca

% of trust value 31/03/15 2.70

GlaxoSmithKline

2.38

Legal & General

2.10

Imperial Tobacco BT Unilever BAE Systems Wolseley Pearson ITV

2.09 1.91 1.58 1.56 1.47 1.40 1.40

Holdings

St. James's Place Money Market Unit Trust L Acc UK Treasury Index Linked 2.5% 26/07/2016 UK Treasury Index Linked 1.25% 22/11/2017 AstraZeneca GlaxoSmithKline Royal Dutch Shell 'B' Shares Imperial Tobacco Legal & General BT UK Treasury 2.75% 22/01/2015

113

% of trust value 30/09/14 15.57 5.08 3.58 2.62 2.20 1.94 1.90 1.89 1.83 1.59

St. James's Place Strategic Managed Unit Trust Manager's Short Report

(continued)

Summary of Distributions Current period 1st interim 2nd interim

Pay date 28/02/15 31/05/15

Income Pence per Unit 0.262 0.319

Accumulation Pence per Unit 0.281 0.343

Previous period 1st interim 2nd interim

Pay date 28/02/14 31/05/14

Income Pence per Unit 0.117 0.641

Accumulation Pence per Unit 0.123 0.677

Non-Residents - These distributions are reportable under the European Union Savings Directive. Investment Adviser's Comments Global equity markets delivered a positive performance over the period, but the headline result masked increasing divergence between markets around the world. Our economic forecasts suggest that the US economy should continue to lead growth in the developed world. The UK growth and income portion of the portfolio comfortably outperformed the FTSE All-Share Index in the period. Key contributors included Marks & Spencer. As oil prices tumbled over the period, not holding BP also contributed positively to returns. During the period we increased the portfolio’s position in GlaxoSmithKline and continued to build the position in Marks & Spencer, as we are encouraged that the management is prioritising clothing margins over sales growth. The global equity income strategy underperformed during the period, largely impacted by weak stock selection. Detractors included positions within the energy sector as oil prices moved lower. Stocks affected included Baytex Energy, Total and Crescent Point. Given our positive view of economic growth for the US in 2015, and the portfolio’s underweight in the country, we took action to narrow this position during the period, while reducing holdings in Europe and Asia. To achieve this we sold Informa, Keppel Corp, Roche, and PTT Global Chemical, and bought new positions in LyondellBasell and McDonald’s. The UK gilt portfolio underperformed during the fourth quarter of 2014, with the majority of underperformance occurring in October. We reacted swiftly to the gilts rally by cutting our short-duration exposure through the purchase of five-year gilts and, in January, we also initiated a restructuring of the portfolio’s fixed-income assets, away from UK gilts into investment-grade and US short-dated high-yield bonds. The short-term investment-grade market has been well bid, owing in part to increased buying by European investors facing zero yields, and the portfolio underperformed during March. However, the US high-yield portfolio outperformed in March and during that month we participated in two new issues, Jaguar Land Rover and Valeant Pharmaceuticals. Threadneedle Asset Management Limited

17 April 2015

Following the change of Investment Adviser on 28 April 2014, the Investment Committee has subsequently approved a change to the fixed interest element of the Investment Adviser’s mandate for the Scheme. Threadneedle Asset Management Limited is now able to adopt a more flexible approach, increasing the potential universe of investible assets to include gilts, global investment grade and high-yield bonds.

114

St. James's Place UK Absolute Return Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The objective of the Scheme is to aim to achieve a positive absolute return in sterling terms in all market conditions, over rolling twelve month periods. There is no guarantee that a positive return will be achieved over this, or any, time period and therefore capital is at risk. The Scheme will primarily be invested in a portfolio of equities and equity-related securities (including derivatives) of companies incorporated or listed in the UK, cash and near cash. The Scheme may use derivatives for both investment and efficient portfolio management purposes (including hedging). The Scheme intends to take full advantage of the ability to invest in derivatives, providing both long and synthetic short positions, principally through the use of contracts for difference. The Scheme is also permitted to invest in other types of transferable securites, units and/or shares in collective investment schemes, money market instruments and deposits, and may borrow and enter into stocklending and repurchase agreements in accordance with COLL. It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards

3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests in securities and derivatives which fluctuate in value. Although the Trust aims to provide a positive return, this is not guaranteed and the value of units in the Trust may fall as well as rise. Unit Trust Facts Account reference dates:

Net Asset Values Unit Class

Accumulation

31 March, 30 September

Distribution payment date: 31 May

31/03/15 Net Asset Value £ pence/unit 357,059,147 100.23

115

31/03/14 Net Asset Value £ pence/unit 307,602,869 91.43

St. James's Place UK Absolute Return Unit Trust Manager's Short Report

(continued)

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.92% (31 March 2014: 1.93%). Additionally, a performance fee equivalent to 0.69% was paid to the Investment Adviser for the year ended 31 March 2015 (31 March 2014: 0%). Performance Record 31/01/11 to 31/03/15 % change

31/03/14 to 31/03/15 % change

Accumulation units (offer to offer)

+5.4

+9.7

Indices - actual Merrill Lynch British Pound LIBOR 3 month Constant Maturity + 3.5% (Total Return)

+16.4

+3.6

Trust and Indices

St. James's

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % market exposure 31/03/15 31/03/14 9.68 8.49 9.16 8.87 7.46 5.48 6.96 6.85 (6.35) (7.17) (4.77) (4.64) 3.81 4.15 (3.68) (6.18) 3.18 6.15 (3.07) 0.57 2.81 (2.10) (0.78) 2.07 2.66 2.01 1.80 1.81 (0.91) 1.54 1.87 (1.48) (0.93) (1.48) (0.91) (1.41) (3.32)

Classification of Investments Financial Services Support Services Travel & Leisure Banks Food Retailers & Wholesalers Beverages Media Commercial Services Real Estate Investment & Services Aerospace & Defense Consumer Services Personal Goods Tobacco Pharmaceuticals & Biotechnology Household Goods & Home Construction Equity Investment Instruments Computers General Industry Insurance

116

St. James's Place UK Absolute Return Unit Trust Manager's Short Report

(continued) % market exposure 31/03/15 31/03/14 1.62 0.40 (1.09) (1.64) 0.99 0.92 0.67 (0.68) (2.00) 0.65 0.33 0.56 (0.35) (0.49) (0.43) 0.20 (0.24) 0.06 (0.02) (1.35) (1.02) 0.78 (0.57)

Classification of Investments General Retailers** Telecommunications Health Care Equipment & Services Electronic & Electrical Equipment Utilities Oil & Gas Producers Mining Chemicals Healthcare Futures Building Materials Oil Equipment & Services Industrial Engineering Engineering & Construction

At the end of the period, the Trust also held 25.79% in investment grade bonds and 61.5% in cash and bank deposits. These instruments are used both to provide cover for derivative positions such as contracts for difference (CFDs) and also with the intention of generating a higher rate of return than if derivatives were covered just by cash held in a current account. For this purpose, cover of CFDs is measured by reference to the current notional exposure of the CFD, in other words, the economic interest in the security underlying the CFD, although only the difference between the price on opening the position and the price on closing the position is settled. ** Since the previous report the Industry Sector Classification headings have been updated by data providers. Where the portfolio statement shows Industry Sectors, the new sector names have been reflected in the report in respect of the current holdings and comparative holdings have been restated where appropriate. Major Holdings Holdings

Lloyds Banking Group Equity CFD Carnival Equity CFD Reed Elsevier Equity CFD 3i Equity CFD Wolseley Equity CFD HSBC Equity CFD Bunzl Equity CFD Paragon Equity CFD Taylor Wimpey Equity CFD LXB Retail Properties

% market exposure 31/03/15 4.82 4.66 4.37 3.65 3.15 3.01 (2.98) 2.73 2.57 2.37

Holdings

Reed Elsevier Equity CFD Ashtead Equity CFD 3i Equity CFD Lloyds Banking Group Equity CFD Bunzl Equity CFD Shire Equity CFD HSBC Equity CFD Paragon Equity CFD LXB Retail Properties Essentra Equity CFD

117

% market exposure 31/03/14 4.27 3.76 3.55 3.52 (3.25) 3.02 2.96 2.52 2.46 2.45

St. James's Place UK Absolute Return Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments While the UK and the US economies showed signs of recovery, global policy divergence came to the fore as eurozone growth worries, oil price declines and deflation eventually compelled world central banks to take varying degrees of action to adopt accommodative policy measures. Market volatility was therefore a key feature, however the portfolio’s risk conscious, fundamental stock selection approach produced an exceptional end result. Performance was driven by gains in the long book and the pair book, while the short book saw modest losses. The largest contribution came from Shire Pharmaceuticals (healthcare) as the company demonstrated strong earnings growth potential while also benefiting from an ultimately unsuccessful takeover bid. Cruise line operator Carnival (consumer services) also contributed strongly helped by improving revenue prospects and a lower oil price. Elsewhere, the investment in 3i Group (financials) performed well as the private equity firm delivered greater capital returns to shareholders whilst demonstrating good capital discipline. European real estate developer Dolphin Capital (financials) was one of the main detractors, reflecting increased uncertainty in Greece. Better Capital (financials) also disappointed with underlying business weakness denting the private equity firm’s absolute return potential. Within the pair book, we were rewarded for our negative view within the outsourcing sector as a company facing structural pressures experienced multiple profit warnings. As the US economy improves, the timing and impact of an eventual rate rise looks set to dominate market movements. Uncertainty remains around the oil price and the impact of monetary policy in Europe, with a range of possible outcomes. The unpredictable nature of the UK general election outcome also seems set to contribute to heightened uncertainty for financial markets. Against this backdrop, we believe there is great benefit to be had from our focus on delivering absolute returns through fundamental analysis, risk management and stock selection. BlackRock Investment Management (UK) Limited

17 April 2015

118

St. James's Place UK and General Progressive Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The Scheme aims to maximise total return, comprising both capital appreciation and income, through investment principally but not exclusively in the United Kingdom. The Scheme may also invest in any other geographic area. The Scheme will concentrate on seeking opportunities for exceptional growth in undervalued stocks which may be less popular but which, in the opinion of the Investment Adviser, offer good value for money. The scheme is also permitted to invest in derivative and forward transactions for the purpose of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests principally in United Kingdom securities which fluctuate in value. It may also invest in European securities and is therefore also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 31 May

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 799.99 14,696,019 1,250,914,114 1,189.92

31/03/14 Net Asset Value £ pence/unit 14,298,255 752.81 1,120,738,601 1,109.04

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.97% (31 March 2014: 1.97%) for Income units and 1.97% (31 March 2014: 1.97%) for Accumulation units.

119

St. James's Place UK and General Progressive Unit Trust Manager's Short Report

(continued)

Performance Record Trust and Indices

St. James's Place UK and General Progressive Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share (Total Return)

02/10/89 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+749.4 +1,151.0

+40.6 +50.2

+5.6 +6.9

+683.7

+49.3

+6.6

Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

120

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(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 11.78 4.32 8.72 7.36 8.52 11.61 8.20 8.79 7.04 7.45 6.04 6.19 5.45 4.90 4.65 3.25 4.38 7.44 3.75 3.76 3.37 3.82 2.58 3.11 2.33 3.21 1.98 1.80 1.91 2.07 1.86 1.81 1.62 1.15 1.40 1.11 1.33 1.89 1.10 1.10 1.08 0.96 1.07 1.41 1.02 1.35 0.95 1.19 0.86 0.82 0.73 0.43 0.40 0.29 0.31 0.67 0.23 0.20 0.06 0.04 0.03 0.21 0.11 94.75 93.82 5.25 6.18 100.00 100.00

Classification of Investments Support Services Media Oil & Gas Producers Travel & Leisure Non Equity Investment Instruments Tobacco General Retailers Banks Pharmaceuticals & Biotechnology Gas, Water & Multiutilities Household Goods & Home Construction Aerospace & Defence General Industrials Industrial Engineering Food Producers Software & Computer Services Mobile Telecommunications Food & Drug Retailers Health Care Equipment & Services Chemicals Fixed Line Telecommunications Mining Financial Services Beverages Life Insurance Real Estate Investment & Services Forestry & Paper Non Life Insurance Technology Hardware & Equipment Construction & Materials Electricity Automobiles & Parts Miscellaneous Investment assets Total other assets (net) Net assets

121

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(continued)

Major Holdings % of trust value 31/03/15 4.59

Holdings

Reed Elsevier St. James's Place Money Market Unit Trust L Acc Compass British American Tobacco Wolseley Royal Dutch Shell 'B' Shares Reckitt Benckiser Next BP National Grid

Holdings

4.51

St. James's Place Money Market Unit Trust L Acc British American Tobacco

4.27 4.15 3.41 3.12 3.03 3.02 2.97 2.78

Royal Dutch Shell 'B' Shares Compass GlaxoSmithKline BP Next Reed Elsevier Reckitt Benckiser BG

% of trust value 31/03/14 4.55 4.41 4.25 3.94 3.88 3.76 3.76 3.73 3.19 2.96

Summary of Distributions Current year Final

Pay date 31/05/15

Income Pence per Unit 7.727

Accumulation Previous year Pence per Unit 11.413 Final

122

Pay date 31/05/14

Income Pence per Unit 9.346

Accumulation Pence per Unit 13.601

St. James's Place UK and General Progressive Unit Trust Manager's Short Report

(continued)

Investment Adviser's Comments J O Hambro Capital Management Limited

16 April 2015

UK stocks made solid progress over the 12-month period, helped by a strong opening quarter in 2015 when global stock markets were fuelled by the launch of quantitative easing (QE) in the eurozone and the ongoing improvements in the US economy. Within the UK market, fortunes differed widely at the sector level: healthcare was the bestperforming sector amid a wave of merger and acquisition (‘M&A’) activity, while consumer staples was another sector to flourish. In contrast, the oil & gas sector fell over 10% as oil prices plunged in the fourth quarter of 2014. The basic materials sector was another laggard as commodity prices fell sharply amid worries over global growth and a slowdown in China. The portfolio outperformed the FTSE All-Share Index despite a high cash balance that reflects our ongoing discomfort with the prevailing level of valuations within the UK stock market; current high valuations owe more to the artificial stimulus of quantitative easing rather than any improvement in underlying corporate fundamentals, in our opinion. The returns stemmed from positive stock selection, particularly within consumer services where Reed Elsevier and Compass Group were both notable performers. Elsewhere, owning Smith and Nephew boosted returns as the stock benefited from takeover speculation. The portfolio avoided weakness in mining stocks BHP Billiton, Rio Tinto and Anglo American. Performance headwinds were relatively scarce but included having no financials exposure and stock selection in oil and gas where BG Group struggled. Our focus continues to be on identifying companies that can generate above-average returns over the long term through compounding growth. These can be companies producing volume growth in a world of subdued GDP growth, or those firms creating value growth in industries where there is no volume growth. We seek to buy and hold stakes in companies characterised by high-quality franchises that generate plentiful free cash flow and which have solid balance sheets marked by low levels of debt. High return investments are scarce in the low return environment now facing us, but we believe we can achieve attractive long-term returns through the patient process of holding stocks that regularly compound their growth over time. Major Holdings % of managers overall portfolio 31/03/15 10.37 5.82 5.55 5.24 4.61

Holdings

St. James's Place Money Market Unit Trust L Acc National Grid Reed Elsevier British American Tobacco Compass

123

St. James's Place UK and General Progressive Unit Trust Manager's Short Report BlackRock Investment Management (UK) Limited

(continued) 17 April 2015

UK equities were volatile during the period, largely in response to changing interest rate expectations. Low bond yields led investors to favour “bond proxy” companies - i.e. large companies with consistent earnings delivery. More recently, the European Central Bank’s quantitative easing (QE) bond purchase programme improved investor confidence, while companies whose earnings are generated in dollars benefited from US economic growth. The portfolio outperformed the FTSE All-Share index over the period. A broad range of companies delivered earnings growth in line with, or ahead of, expectations and, to a lesser degree, benefited from exposure to the buoyant North American economy. Wolseley’s large US division grew strongly, whilst Reed Elsevier, Compass and Next reported good results. The underweight exposure to oil companies helped relative performance, whilst easyJet rose strongly with the prospect of a key cost item falling. Shire also contributed to returns following its proposed, but ultimately abortive, takeover by Abbvie. The main detractors to relative performance over the period included Hargreaves Lansdown, Standard Chartered and BG Group, following the fall in the price of oil. Hargreaves Lansdown fell as pressure on fees was greater than expected, whilst Standard Chartered has been hard hit by rising regulatory costs and greater competition in local markets depressing margins. Activity over the period saw us purchase Royal Dutch Shell and Auto Trader and add to existing holdings in Barclays and Shire. We reduced positions in Berkeley Group and Reckitt Benckiser, and sold Standard Chartered. US economic activity remains strong, in contrast to Europe where activity remains subdued. The announcement of QE in Europe has improved investor sentiment, but evidence of its real economic impact is not yet visible and we see a divergence of monetary policy between Europe and the US in 2015. In addition to the timing of interest rate increases in the US and UK, the uncertainty surrounding the number of potential outcomes of the General Election may provide a further source of volatility for UK equities. Nevertheless, economic growth in the US, UK and Asia and the potential for recovery in Europe, is a positive backdrop for corporate earnings and equity valuations. In this environment we continue to focus on the specific drivers of individual companies and the ability to determine their future rather than relying on a specific macro outcome. Major Holdings % of managers overall portfolio 31/03/15 8.67 8.31 8.31 7.56 7.31

Holdings

Compass Reed Elsevier Next Wolseley Reckitt Benckiser

124

St. James's Place UK and General Progressive Unit Trust Manager's Short Report Majedie Asset Management Limited

(continued) 16 April 2015

Fuelled by abundant liquidity, the multi-year bull market in equity markets powered higher despite persistent concerns about a raft of economic and geopolitical issues. The big story that startled markets over the course of the summer was the collapse in the price of crude oil, a move that decimated the budgets of oil-producing countries and significantly altered the investment landscape for the oil industry. Geopolitics rumbled in the background, with an aggressive Russia upsetting the delicate balance of power and the Middle East once more listing in the face of another jihadist insurgency. The uncertainties, however, were trumped by central banks, as first the Bank of Japan and then the European Central Bank announced massive QE packages that offset the Federal Reserve winding up its own programme. The portfolio was able to sidestep the sell-off in oil after we reduced our exposure to the sector on concerns about the supply outlook in the face of Chinese slowdown, and continued to benefit from an aversion to any sort of emerging market exposure. Stock-picking was also rewarded. The shares in the out-of-favour defence contractor BAE Systems rerated as budget fears were allayed, and the cruise ship operator Carnival benefited from new management, a more affluent US consumer and cheaper bunker fuel. Marks and Spencer, meanwhile, delivered results that suggested the significant investment of recent years was beginning to bear fruit. On the negative side, our holdings of smaller companies struggled – and not owning shares in the drugs group Shire and the insurance giant Prudential weighed on performance as both had a good run. Looking forward, we remain positive on the underlying economic outlook and have been tilting the portfolio to take advantage of a more buoyant consumer. We have also been buying banks, where valuations look attractive given significant operational improvement, including reducing a long-held underweight in HSBC given a huge de-rating and the significant opportunity for management to reshape a sprawling global portfolio. Structural issues remain for the UK given the current account and budget deficits, but cheaper energy and low inflation provide a powerful economic tailwind. Major Holdings % of managers overall portfolio 31/03/15 8.48 6.47 5.81 5.80 4.94

Holdings

Majedie UK Smaller Companies Fund B Acc Vodafone HSBC BP GlaxoSmithKline

125

St. James's Place UK and International Income Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to achieve an above average level of income with the potential for capital appreciation over the medium to long-term. The Scheme will be invested primarily in UK and international equities. The Scheme is also permitted to invest in other types of transferable securities, UK and overseas fixed interest and index-linked securities, units and/or shares in collective investment schemes, money market instruments, deposits, cash and near cash. The Scheme is permitted to invest in derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 28 February, 31 May, 31 August, 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 180,510,743 128.55 1,420,950,613 150.97

30/09/14 Net Asset Value £ pence/unit 150,718,274 124.54 1,225,520,940 144.06

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.90% (30 September 2014: 1.90%) for Income units and 1.90% (30 September 2014: 1.90%) for Accumulation Units. 126

St. James's Place UK and International Income Unit Trust Manager's Short Report

(continued)

Performance Record Trust and Indices

St. James's Place UK and International Income Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share (Total Return)* MSCI World (Total Return)

18/10/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+36.8 +59.3

+3.2 +4.8

+43.9 +70.8

+5.3 +13.1

*Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

127

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(continued)

Portfolio Information % of trust value 31/03/15 30/09/14 79.34 79.62 4.36 3.32 3.73 3.37 3.23 1.91 1.29 0.51 1.00 0.96 0.92 0.95 0.78 0.78 0.68 0.70 0.76 0.68 0.42 0.30 0.24 0.54 0.16 0.83 2.45 2.66 1.01 (0.14) 0.19 98.75 98.80 1.25 1.20 100.00 100.00

Classification of Investments United Kingdom Germany Switzerland United States Guernsey Spain Singapore Cayman Islands Australia Ireland Bermuda Norway Hong Kong Netherlands Cyprus Sweden Denmark France Jersey Poland Derivatives Investment assets Total other assets (net) Net assets Major Holdings Holdings

GlaxoSmithKline St. James's Place Money Market Unit Trust L Acc Imperial Tobacco BT HSBC Novartis Royal Dutch Shell 'B' Shares Vodafone Legal & General AstraZeneca

% of trust value 31/03/15 4.39 4.09

Holdings

Royal Dutch Shell 'B' Shares BP St. James's Place Money Market Unit Trust L Acc Imperial Tobacco HSBC Novartis AstraZeneca GlaxoSmithKline BT Legal & General

3.89 3.46 3.36 3.21 3.20 3.15 2.79 2.70 128

% of trust value 30/09/14 4.36 4.30 4.11 4.01 3.61 3.37 2.99 2.93 2.82 2.71

St. James's Place UK and International Income Unit Trust Manager's Short Report

(continued)

Summary of Distributions Current period 1st interim 2nd interim

Pay date 28/02/15 31/05/15

Income Pence per Unit 0.929 1.000

Accumulation Pence per Unit 1.074 1.165

Previous period 1st interim 2nd interim

Pay date 28/02/14 31/05/14

Income Pence per Unit 0.687 1.028

Accumulation Pence per Unit 0.768 1.156

Investment Adviser's Comments In the period under review, the UK market made good progress despite the plethora of negatives surrounding domestic and international politics and the prospect of a rise in interest rates in the US. The portfolio slightly underperformed compared to the FTSE All-Share Index. A notable feature over the period was the collapse in oil prices leading to a marked underperformance of oil shares. We are lightly exposed here. Our key performance contributors were 3i, Novartis, Legal & General, TUI Travel and London Stock Exchange. Of disappointment was the holding in Drax with twin negatives of lower power prices and the government’s revision of its support for biomass. Almost as damaging was the underperformance of Glencore which was solely down to weaker commodity prices; coal in particular and copper to a lesser extent. Surprisingly, Sanofi was a poor performer when its major product encountered extreme pricing pressure in the US. The stock has bounced strongly and we have sold the position. Key transactions in the period were the purchase of TUI Travel, where the threat from online sales is now seen as a profitable opportunity. Furthermore, the recent merger with TUI AG improves the resilience and repeatability of the business. We purchased General Electric in anticipation of its restructure, with a growing industrial division becoming properly valued as the finance operations are sold or spun off. We purchased a holding of Ashmore, the emerging bond market manager. Ashmore has performed poorly as a result of poor markets and fund performance, but high cash holdings softened this and there are tentative signs that their markets are past the worst. Overseas, we purchased Enagas, a Spanish regulated utility with some interesting overseas assets. The principal attraction is yield and dividend growth in the context of low-yielding European bonds. In Singapore we bought Ascendas, a real estate company with logistics and industrial assets. Markets have been pretty buoyant, primarily in response to the absence of viable investment alternatives and the increasing incidence of negative bond yields. Encouragingly, in certain regions, the outlook for profits is improving, although often currency weakness is a significant component. This is a step in the right direction. Whilst conceivably markets could continue to rerate, there is still a need for earnings to grow more strongly to justify current valuations. Artemis Investment Management LLP

16 April 2015

129

St. James's Place UK Growth Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to provide capital appreciation through investment in a concentrated portfolio of quoted UK securities. The Scheme will be invested, at the Manager’s discretion, primarily in UK equities and may also be invested in cash and near cash. The Scheme is also permitted to invest in other transferable securities, money market instruments, units in collective investment schemes and deposits. The Scheme is permitted to invest in derivatives for investment purposes and efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

4

55

66

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the period under review, the risk category did not change. The Trust invests in United Kingdom securities which fluctuate in value. The Trust typically invests in a limited number of securities, which may lead to a higher level of volatility in its performance. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 3,226,639 135.37 301,932,860 145.88

30/09/14 Net Asset Value £ pence/unit 3,101,911 126.23 294,215,197 136.08

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 2.11% (30 September 2014: 2.12%) for Income units and 2.11% (30 September 2014: 2.12%) for Accumulation Units.

130

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(continued)

Performance Record Trust and Indices

St. James's Place UK Growth Unit Trust Income units (offer to offer)* Accumulation units (offer to offer) Indices - actual FTSE All-Share (Total Return)**

08/01/07 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+31.0 +53.4

+40.3 +47.8

+5.3 +6.9

+43.5

+49.3

+5.3

* Income Units were made available on the 1 October 2007. ** FTSE All-Share return is from 1 October 2007 to 31 March 2015. Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

131

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(continued)

Portfolio Information % of trust value 31/03/15 30/09/14 15.75 8.62 9.52 4.72 9.39 13.58 8.51 8.58 8.08 11.56 7.48 6.08 6.35 5.60 6.00 4.19 5.47 3.43 4.26 3.81 2.69 2.41 2.32 1.87 1.99 4.86 1.86 4.08 1.72 1.71 1.61 4.52 1.54 1.23 1.26 1.33 0.95 0.80 0.27 0.30 0.26 0.27 0.24 0.18 0.17 0.34 0.14 0.76 0.27 0.24 97.83 95.34 2.17 4.66 100.00 100.00

Classification of Investments Banks General Retailers Oil & Gas Producers Non Equity Investment Instruments Pharmaceuticals & Biotechnology Travel & Leisure Mobile Telecommunications Support Services Food & Drug Retailers Fixed Line Telecommunications Nonlife Insurance Media Aerospace & Defence Life Insurance Financial Services Gas, Water & Multiutilities Forestry & Paper Health Care Equipment & Services Technology Hardware & Equipment Software & Computer Services Mining Construction & Materials Food Producers Electricity Automobiles & Parts General Industrials Investment assets Total other assets (net) Net assets

132

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(continued)

Major Holdings Holdings

Majedie UK Smaller Companies Fund B Acc Vodafone BP HSBC GlaxoSmithKline Marks & Spencer BT Barclays Royal Dutch Shell 'B' Shares Tesco

% of trust value 31/03/15 8.51

% of trust value 30/09/14 Majedie UK Smaller Companies Fund B 8.58 Acc Royal Dutch Shell 'B' Shares 7.29 GlaxoSmithKline 6.36 BP 6.29 Vodafone 5.60 AstraZeneca 5.20 BAE Systems 4.86 BT 3.81 Marks & Spencer 3.51 HSBC 3.30 Holdings

6.35 5.65 5.54 4.87 4.70 4.26 3.79 3.30 3.30

Investment Adviser's Comments Headlines on Greece dominated the news during the period, causing investors to once again fret about a potential break-up of the euro project; but against the backdrop of political unease, the real economic winds had slowly begun to shift. The collapse in the price of crude oil in the autumn materially changed the prospects for both the producers and the consumers of oil, giving the consumers in Europe a huge dividend. At the same time, the European Central Bank stepped into the market to buy bonds, pumping the system with liquidity, the banks had started to lend, and a weak euro had given exporters a shot in the arm. The economic data began to surprise positively. At the same time, the US began to stumble. Against elevated expectations, the data began to miss expectations, and questions surfaced about a stock market trading on rich multiples and peak profits. Over the period, the portfolio outperformed the FTSE All-Share Index. The portfolio continued to capture the theme of an emerging market slowdown, avoiding resource and energy stocks, and benefited from exposure to domesticfocused, consumer-facing names. The turnaround at retailer Marks & Spencer caught the market’s attention after a positive set of results, and the cruise ship operator Carnival benefited from new management and cheaper bunker fuel. The budget carrier Ryanair performed strongly as the company raised guidance several times, and posted robust operational metrics. On the negative side, our holdings of smaller companies struggled, and the bus and rail operator First Group laboured after losing a contract. Royal Bank of Scotland also drifted after results left the market frustrated by the slow pace of change in the business. Looking forward, we remain positive on the underlying economic outlook and have been tilting the portfolio to take advantage of a more buoyant consumer. We have also been buying banks, where valuations look attractive given significant operational improvement; including reducing a long-held underweight in HSBC given a huge de-rating and the significant opportunity for management to reshape a sprawling global portfolio. Structural issues remain for the UK given the current account and budget deficits, but cheaper energy and low inflation provide a powerful economic tailwind. Majedie Asset Management Limited

16 April 2015

133

St. James's Place UK High Income Unit Trust Manager's Short Report for the year ended 31 March 2015 Investment Objectives The aim of the Scheme is to achieve an above average level of income whilst also providing the potential for capital appreciation over the medium to long term. It is the intention to achieve these aims by investment predominantly into UK equities, however, it may also invest into global equities. The Scheme is also permitted to invest in other types of transferable securities, UK and overseas fixed interest and index-linked securities, units and/or shares in collective investment schemes, money market instruments, deposits, cash and near cash, and derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). Please note that the investment objectives of the Scheme were amended by an Extraordinary General Meeting of Unitholders on 13 August 2014. The investment objectives prior to 15 September 2014 were as follows:

The aim of the Scheme is to achieve a level of income in excess of the average yield of the stocks comprising the FTSE All-Share Index™ whilst also aiming to maximise capital appreciation. It is the intention to achieve these aims by investment in United Kingdom equities (in ordinary shares and when appropriate by investment in convertible stocks and fixed interest securities). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly and during the year under review, the risk category did not change. The Trust invests primarily in United Kingdom and international securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 March, 30 June, 30 September,31 December

134

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(continued)

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 383,957,637 409.33 1,330,020,666 954.67

31/03/14 Net Asset Value pence/unit £ 336,475,501 381.03 859.14 1,089,011,256

Ongoing Charges Figure The Ongoing Charges Figure for the year ended 31 March 2015 was 1.81% (31 March 2014 1.88%) for Income units and 1.81% (31 March 2014: 1.88%) for Accumulation units. Performance Record Trust and Indices

St. James's Place UK High Income Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share (Total Return) MSCI World (Total Return)

01/01/92 to 31/03/15 % change

31/03/10 to 31/03/15 % change

31/03/14 to 31/03/15 % change

+337.7 +909.0

+41.5 +70.1

+7.1 +10.8

+554.5 +586.6

+49.3 +69.3

+6.6 +19.7

Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

135

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(continued)

Portfolio Information % of trust value 31/03/15 31/03/14 25.96 21.08 14.34 14.63 11.10 11.25 10.75 11.38 6.55 6.55 6.05 4.72 4.49 2.81 4.05 3.82 5.14 3.47 4.11 2.62 1.35 2.56 3.93 2.44 0.46 0.96 1.20 0.57 0.53 0.25 1.00 0.15 0.31 0.12 0.27 0.08 0.12 4.46 2.02 0.94 0.44 0.41 100.33 99.11 (0.33) 0.89 100.00 100.00

Classification of Investments Pharmaceuticals & Biotechnology Tobacco Aerospace & Defence Support Services Fixed Line Telecommunications Financial Services Health Care Equipment & Services General Retailers Electricity Non Life Insurance Life Insurance Gas, Water & Multiutilities Industrial Transportation Construction & Materials Food Producers Real Estate Investment & Services Media Oil Equipment & Services Corporate Bonds Household Goods & Home Construction Banks Travel & Leisure Non Equity Investment Instruments Equity Investment Instruments Investment assets Total other (liabilities)/assets (net) Net assets Major Holdings Holdings

AstraZeneca GlaxoSmithKline British American Tobacco Imperial Tobacco BT BAE Systems Capita Rolls-Royce Roche Provident Financial

% of trust value 31/03/15 8.30 7.69 7.01 6.74 6.55 4.77 4.06 3.66 3.50 2.87

Holdings

AstraZeneca GlaxoSmithKline British American Tobacco Imperial Tobacco BT BAE Systems Rolls-Royce Capita Reckitt Benckiser Centrica 136

% of trust value 31/03/14 9.42 9.19 8.17 6.46 5.71 4.81 4.78 4.77 4.46 3.93

St. James's Place UK High Income Unit Trust Manager's Short Report

(continued)

Summary of Distributions Current year 1st interim 2nd interim 3rd interim Final

Pay date 30/09/14 31/12/14 31/03/15 30/06/15

Income Pence per Unit 3.220 3.591 2.135 4.422

Accumulation Pence per Unit 7.260 8.164 4.901 10.201

Previous year 1st interim 2nd interim 3rd interim Final

Pay date 30/09/13 31/12/13 31/03/14 30/06/14

Income Pence per Unit 3.529 3.476 1.949 4.407

Accumulation Pence per Unit 7.676 7.636 4.323 9.825

Investment Adviser's Comments From 28 April 2014, Woodford Investment Management LLP (in conjunction with Oakley Capital Management Limited) replaced Invesco Asset Management Limited as Investment Adviser to the Trust. The UK stock market posted modest gains during the period under review, despite steadily deteriorating economic fundamentals, particularly in Europe and several emerging markets. The US has been a rare beacon of economic vitality for much of the period, compared to a lacklustre environment elsewhere. Even in the US, however, economic conditions have recently worsened due to the strength of the US dollar and as the shale oil boom goes into reverse. A key feature of financial markets during the period has been the dramatic decline in the price of crude oil and several other commodities. Initially and unsurprisingly, this had a negative impact primarily on the oil, gas and mining sectors, which form significant parts of the UK stock market. The portfolio’s absence from these parts of the market was beneficial to performance, as was its focus on high-quality, globally diversified and dependable growth stocks, with significant positive contributions from our prominent exposures to the healthcare and tobacco sectors. The portfolio outperformed the FTSE All-Share Index over the period. AstraZeneca in particular performed well, benefiting from bid speculation early in the period and, having seen off the approach from Pfizer, continued positive operational news flow. Other meaningful contributions to performance came from Imperial Tobacco, which is intending to increase its position in the US market by buying brands from Reynolds American and Lorillard, as part of its merger, and additionally from BT, which is re-entering the UK mobile market through its £12.5 billion acquisition of EE. Detractors from performance included energy utility companies Drax and Centrica, both of which were victims of political uncertainty and the impact of the lower oil price on UK power markets. Rolls-Royce was also weak following an unexpected and disappointing trading update in October, with deteriorating economic conditions and Russian trade sanctions to blame. We see a challenging future for the global economy and indeed for equity markets, which have been inflated by successive and substantial injections of liquidity through quantitative easing. Nevertheless, we have built the portfolio around attractively valued businesses that can deliver sustainable long-term growth in spite of the difficult economic environment. Hence, we are confident that the portfolio can, in turn, deliver attractively positive long-term returns. Woodford Investment Management LLP

20 April 2015

From 15 September 2014, following the Unitholder EGM, the investment objectives of the Scheme were widened to allow for investment into non-UK equities. In conjunction with that change, the Investment Committee took the decision to narrow the universe of potential UK investments available to the Investment Adviser to companies listed in the FTSE-350 Index. 137

St. James's Place UK Income Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to achieve an above average level of income with the potential for capital growth over the medium to long-term. The Scheme will be predominantly invested into UK equities. From time to time the Scheme may also invest into the securities of companies not exposed to the UK. The Scheme is also permitted to invest in other types of transferable securities, UK and overseas fixed interest and index-linked securities, units and/or shares in collective investment schemes, money market instruments and deposits, cash and near cash, and derivatives and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

4

5

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme is expected to go up and down. It was calculated using indicative performance data for the type of investments held, as the Scheme itself was only launched on 10 November 2014. The Trust invests in United Kingdom and international securities which fluctuate in value. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment dates: 31 March, 30 June, 30 September, 31 December

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 17,734,264 105.46 115,364,142 106.56

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.63% for Income units and 1.65% for Accumulation units. Please note that the Manager estimates that the Ongoing Charges Figure for this newly launched Scheme will normally be 2.00%. 138

St. James's Place UK Income Unit Trust Manager's Short Report

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Performance Record 10/11/14 to 31/03/15 % change

Trust and Indices

St. James's Place UK Income Unit Trust Income units (offer to offer) Accumulation units (offer to offer) Indices - actual FTSE All-Share (Total Return) MSCI World (Total Return)

+12.2 +12.4 +4.9 +9.5

Source: FTSE International Limited (“FTSE”) © FTSE 2015. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Source: Financial Express for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE.

139

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Portfolio Information % of trust value 31/03/15 14.52 14.50 10.95 8.77 8.56 6.59 6.57 4.27 2.44 2.42 2.38 2.24 1.90 1.69 1.64 1.30 1.25 0.93 0.91 0.59 0.56 0.20 95.18 4.82 100.00

Classification of Investments

Travel & Leisure Life Insurance Nonlife Insurance Financial Services Mining Media Aerospace & Defence Food Producers Electronic & Electrical Equipment Food & Drug Retailers Software & Computer Services Oil & Gas Producers Support Services Technology Hardware & Equipment Leisure Goods Mobile Telecommunications Banks Chemicals Oil Equipment, Services & Distribution Forward Currency Contracts Chemicals Oil Equipment, Services & Distribution Investment assets Total other assets (net) Net assets Major Holdings Holdings

easyJet Direct Line Insurance Pearson Tate & Lyle Rio Tinto Phoenix BHP Billiton Friends Life Legal & General Amlin

% of trust value 31/03/15 4.15 4.04 3.99 3.82 3.62 3.36 3.31 3.20 3.19 3.08 140

St. James's Place UK Income Unit Trust Manager's Short Report Summary of Distributions Current Pay period date 1st interim 2nd interim

31/03/15 30/06/15

Income Pence per Unit 0.254 0.855

(continued) Accumulation Pence per Unit 0.286 0.855

Investment Adviser's Comments Since inception, the portfolio has outperformed the FTSE All-Share Index. The business sector with the largest share of our portfolio – the core theme – is general financials. In our quest for companies that are transforming their business by making huge strides in operational improvements, we believe that this sector continues to be an attractive area of the market, and our conviction remains high in companies such as Aviva/Friends Life, Direct Line, Phoenix, Amlin and Man Group, many of whom performed well over the period. The announced merger of Friends Life with Aviva was taken positively by the market (we are holders of both); and Man Group continues to benefit from a strong rally in its shares trading product AHL that, in turn, is benefiting from an increasingly fundamental trading environment since the ending of quantitative easing in the US. The main detractor from performance was Vedanta Resources, the diversified miner, which has been hit by negative sentiment from its Cairn India holding, and potential taxation changes for its Zambian copper mine. For our insurance names, the next two quarters will bring with them disclosure of the Solvency II capital positions, which marks a generational change in the capital regime in Europe. In general, we view the resolution of Solvency II as a positive step for the sector, and putting rules in place will allow management teams more discretion to extract value from their books. This is something, we think, the market has yet to consider. Another emerging theme is that we have established a number of positions in certain financially robust mid-cap companies in the UK, such as Playtech. We think the hard work carried out by management over the past year in establishing a strong, credible strategy could shortly translate to global success. We are permitted to hold a maximum of 20% in cash or overseas equities; we continue to remain focused on the US in these holdings where we think growth opportunities offer attractive valuations compared to the UK. We remain cautious on the oil price, having sold out of our oil positions last summer. We believe that shale gas producers, who are able to extract shale oil for as low as $20 per barrel, will play an important role in the oil industry going forward; a dynamic that is, in our view, being underestimated by the market. Majedie Asset Management Limited

16 April 2015

141

St. James's Place Worldwide Opportunities Unit Trust Manager's Short Report for the period ended 31 March 2015 (unaudited) Investment Objectives The investment objective of the Scheme is to provide capital appreciation through investment in a portfolio of quoted securities on a worldwide basis. The Scheme will be invested, at the Manager's discretion, primarily in global equities and may also be invested in cash and near cash. The Scheme is also permitted to invest in other transferable securities, money market instruments, units in collective investment schemes and deposits. The Scheme is permitted to invest in derivative and forward transactions for the purposes of efficient portfolio management (including hedging). It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible for inclusion in an ISA. Risk and Reward Profile Lower Risk

Higher Risk

Typically Lower Rewards 1

2

Typically Higher Rewards 3

5

4

6

7

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Scheme has gone up and down in the past. It was calculated using performance data up to 2 February 2015. The risk category is recalculated weekly, in August 2014 the SRRI changed from a category 6 to a category 5. The Trust invests in International securities which fluctuate in value and is also exposed to changes in currency rates which may affect the performance of the Trust. Unit Trust Facts Account reference dates:

31 March, 30 September

Distribution payment date: 30 November

Net Asset Values Unit Class

Income Accumulation

31/03/15 Net Asset Value £ pence/unit 17,814,484 148.93 3,674,572,988 151.80

30/09/14 Net Asset Value £ pence/unit 15,006,715 128.11 2,983,111,984 130.61

Ongoing Charges Figure The Ongoing Charges Figure for the period ended 31 March 2015 was 1.87% (30 September 2014: 1.91%) for Income units and 1.88% (30 September 2014: 1.91%) for Accumulation Units.

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Performance Record Trust and Indices

St. James's Place Worldwide Opportunities Unit Trust Income units (offer to offer)* Accumulation units (offer to offer) Indices - actual MSCI AC World** * Income Units were made available on the 1 October 2007. ** MSCI AC World return is from 1 October 2007 to 31 March 2015.

08/01/07 to 31/03/15 % change

31/03/10 to 31/03/15 % change

30/09/14 to 31/03/15 % change

+57.3 +59.6

+62.9 +64.1

+16.3 +16.3

+72.1

+61.4

+12.4

Source: Lipper for Fund returns REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN AS WELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. Portfolio Information % of trust value 31/03/15 30/09/14 44.14 44.92 15.06 16.51 8.43 8.82 7.40 8.36 5.15 5.27 3.61 2.34 1.65 1.93 1.63 1.75 1.50 1.37 1.37 1.74 1.11 0.69 0.93 0.35 0.92 0.85 0.82 0.75 0.71 0.90 0.69 0.51 0.40 0.37 0.38 0.33 0.37 0.20 0.32 0.34

Classification of Investments United States United Kingdom Switzerland Germany Japan France Jersey Netherlands Hong Kong Canada Spain Italy Singapore South Africa Cayman Islands Bermuda Finland Poland Luxembourg Brazil

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Classification of Investments (continued)

% of trust value 31/03/15 30/09/14 0.28 0.26 0.25 0.34 0.20 0.27 97.58 98.91 2.42 1.09 100.00 100.00

Mexico Malaysia Indonesia South Korea Investment assets Total other assets (net) Net assets Major Holdings Holdings

St. James's Place Money Market Unit Trust L Acc Henkel Walgreens Boots Alliance Nestle United Technologies O'Reilly Automotive Oracle Chubb BB&T Unilever

% of trust value 31/03/15 9.37 3.61 2.27 2.16 1.95 1.95 1.88 1.82 1.72 1.67

Holdings

St. James's Place Money Market Unit Trust L Acc Henkel Nestle GlaxoSmithKline Unilever BB&T Oracle Heineken Walgreen Union Pacific

144

% of trust value 30/09/14 7.02 3.28 2.33 2.20 1.86 1.86 1.85 1.75 1.73 1.72

St. James's Place Worldwide Opportunities Unit Trust Manager's Short Report

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Investment Adviser's Comments First State Investment Management (UK) Limited

20 April 2015

Over the six months to 31 March 2015 the portfolio outperformed the MSCI AC World Index. We are not overly optimistic about equity markets. Reckless governments are engineering unsustainably high valuations which seem divorced from the realities and risks that businesses face on the ground. Global markets rose over the reporting period and at a sector level, healthcare and consumer discretionary outperformed, while materials and energy lagged. German consumer staples business Henkel rose after delivering robust earnings and US-listed speciality insurer Markel Corp, which continues to be managed sensibly and conservatively, performed well. US-listed financials group, Chubb Corp, gained due to continued momentum from positive results across commercial, personal and special insurance. On the negative side, Tullow Oil fell on the back of mixed results and a declining oil price, while Bank Pekao of Poland and South Korean Shinhan Financial were weak due to unexciting results. During the period significant purchases included First Republic Bank in the US, a well-run bank trading on a reasonable valuation, and Merck, a German pharmaceutical company which is undergoing a cultural transformation. We also bought US industrials business Xylem, a well-positioned global water company. We sold Japanese consumer staples name Familymart, due to a challenging operating environment and governance concerns, and German lubricant firm Fuchs Petrolub as it became expensive. We are not able to predict when faith will be lost in central bankers and when markets fall as a result, so we continue to focus on trying to identify good quality companies to buy and own for long periods and position ourselves to avoid the inevitable fallout. Major Holdings % of managers overall portfolio 31/03/15 17.11 9.25 8.56 7.31 4.74

Holdings

St. James's Place Money Market Unit Trust L Acc Henkel Unilever Chubb Markel

145

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Burgundy Asset Management Limited

9 April 2015

The last six months found world central banks at very different policy positions in different regions. In America, the Fed has completed its quantitative easing moves and is awaiting the correct time to tighten policy. In Japan, the central bank is in the midst of a very aggressive quantitative easing stance, while in Europe, the ECB is just starting aggressive open market operations. America’s economy has been fairly strong for some time, but there are investor concerns that the central bank may start to raise interest rates. So America has experienced a very strong currency, but a stagnating domestic stock market. In Japan, the economy has been strengthening and existing policy appears set to continue. So Japan has had a stabilising currency and a strong equity market. In the eurozone, the economy has been very weak, and accommodative policy will probably continue for some time. The result has been a weak euro and very strong equity markets. The upshot for global sterling-based investors has been a very benign investment environment, with handsome returns from all developed markets. We were unusually active in the fourth quarter of 2014 with purchases of Publicis, a multinational advertising business that generates most of its revenues from the USA, and Cenovus, a western Canadian oil producer. The Publicis purchase has done nicely, while Cenovus has been roughly flat since purchase. The best performing stocks in our portfolio over the past six months are a varied lot. In order of appreciation, they are Walgreens Boots Alliance, Hannover Re, Apple Inc, and Keyence Corp. This group of companies has very little commonality of customers, capabilities, business models or geographic concentration. At the bottom of the list, predictably, are two energy companies - Occidental Petroleum and Cenovus, and Union Pacific, the latter having sizeable energy exposure through its ’oil by rail‘ business. Quality equities continue to perform well. Valuations are rather extended for many companies, but in the absence of interest rate increases, markets should continue to be buoyant. Major Holdings % of managers overall portfolio 31/03/15 6.07 5.96 5.82 5.51 5.24

Holdings

Henkel Walgreens Boots Alliance BB&T Heineken Holding Union Pacific

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Select Equity Group

15 April 2015

Global equities have continued to re-rate higher, with the MSCI ACWI Index registering a 12.4% return in sterling terms over the reporting period. The top 10 contributors to the portfolio’s performance included six US companies and four non-US companies. Our US gainers included several long-time holdings and were led by our largest position: O’Reilly Automotive, whose exceptional management team recently reported its 24th consecutive quarter of earnings growth in excess of 15%. Our top two non-US contributors in the period were AIA and Wirecard; both companies continue to grow their cash earnings in excess of 20% per year. In our view, one of the most significant macroeconomic developments during the last six months was the collapse in oil prices. We generally do not invest in businesses whose economics depend directly on the price of a commodity input, as (by definition) they will fail to make their own luck if those prices fall. We do, however, occasionally own value-added niche service providers who sell into the oil and gas industry. Three of our detractors during the period, Intertek, IHS and Kirby, fall into this category. We have added to our holdings in the latter two names at attractive valuations during the period. Meanwhile, lower oil prices are translating into a tax cut for consumers and higher margins for industrial companies; we believe several of our companies stand to benefit. More generally, abundant liquidity, historically low interest rates and investors’ resulting search for yield has led to a “risk-on” mentality in global equities. This rising tide tends to lift most (if not all) boats as speculators stop differentiating businesses based on their inherent quality and/or relative valuations. This environment is not one that we would necessarily expect to reward our investment philosophy. We invest in the highest-quality companies, and only when we believe they are also attractively valued. Six to nine months ago, we were adding to our European holdings; more recently, we have been trimming or exiting a number of these positions after significant gains. Major Holdings % of managers overall portfolio 31/03/15 18.36 7.66 6.96 6.32 5.02

Holdings

St. James's Place Money Market Unit Trust L Acc eBay Microsoft Lowe's International Business Machines

147

Notes

UNIT UNITTRUST TRUSTSHORT SHORTREPORTS REPORTS 31 MARCH 31 MARCH 20152015

St. James’s St. James’s Place Unit PlaceTrust Unit Trust GroupGroup Ltd is Ltd authorised is authorised and regulated and regulated by theby Financial the Financial Conduct Conduct Authority. Authority. St. James’s St. James’s Place Unit PlaceTrust Unit Trust GroupGroup Ltd Registered Ltd Registered Office:Office: St. James’s St. James’s Place House, Place House, 1 Tetbury 1 Tetbury Road,Road, Cirencester, Cirencester, Gloucestershire, Gloucestershire, GL7 1FP, GL7United 1FP, United Kingdom. Kingdom. Registered Registered in England in England Number Number 947644. 947644.

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