unit trust short reports

UNIT TRUST SHORT REPORTS

31 MARCH 2014

Other Information

Unitholders resident in most EU countries (not UK) should be aware that Unit Trusts which hold over 15% ininvestments which pay interest are covered by the European Union Savings Directive. Where applicable, the manageris required to identify and report your distribution and repurchase transactions to the UK tax authorities, who are inturn required to pass this information to most other EU national tax authorities.

Ongoing Charges Figure

Non-Resident Unitholders - European Union Savings Directive

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 ended31 March 2014. The full Report and Accounts for each of the Unit Trusts is available on our website www.sjp.co.ukunder "Press & Media / Document Library" or free of charge on request to the Manager.

During the period under review, the Manager decided to place some of the sterling cash held on deposit by some ofthe unit trust schemes into the St. James's Place Money Market Unit Trust in order to spread risk across a number ofinstitutions. All St. James's Place unit trust schemes that hold units in the Money Market Unit Trust receive a rebate ofthe annual management charge.

Manager's Short ReportsSt. James's Place Unit Trust Group

St. James's Place Unit Trust Schemes holding Class L accumulation units in the St. James's Place Money MarketUnit Trust

The Ongoing Charges Figure ('OCF') is the total expenses paid by the Trust in the year against its average net assetvalue. It excludes the cost of buying or selling assets for the Trust (unless these assets are shares of another trust). TheOCF can fluctuate as underlying costs change.

Manager: St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford, CM99 2XA, United Kingdom.

The information in this report is designed to enable unitholders to make an informed judgement on the activities ofthe Unit Trust schemes during the period it covers and the results of those activities at the end of the period. Formore information about the activities and performance of the funds during this and previous periods, please contactthe Manager.

Auditor: PricewaterhouseCoopers LLP, Atria One, 144 Morrison Street, Edinburgh, EH3 8EX, United Kingdom.

Trustee: BNY Mellon Trust & Depositary (UK) Limited , 160 Queen Victoria Street, London, EC4V 4LA, UnitedKingdom. (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)

Freephone: 0800 027 1031. (Authorised and regulated by the Financial Conduct Authority)

1

Other Information



Report and Accounts



Other Information



Report and Accounts



8

11

Continental European Unit Trust 16

19

23

26

30

34

37

40

44

51

55

60

64

67

71

74

78

82

86

90

94

98

103

110

114

118

122

127

UK and International Income Unit Trust

UK Absolute Return Unit Trust

International Corporate Bond Unit Trust

Managed Growth Unit Trust

Multi Asset Unit Trust

International Equity Unit Trust

Worldwide Opportunities Unit Trust

Global Unit Trust

Greater European Progressive Unit Trust

High Octane Unit Trust

UK and General Progressive Unit Trust

North American Unit Trust

Property Unit Trust

UK Growth Unit Trust

UK High Income Unit Trust

Global Emerging Markets Unit Trust

Global Equity Unit Trust

Global Equity Income Unit Trust

Index Linked Gilts Unit Trust

Investment Grade Corporate Bond Unit Trust

Money Market Unit Trust

Strategic Managed Unit Trust

Contents

Gilts Unit Trust

Allshare Income Unit Trust

Alternative Assets Unit Trust

Equity Income Unit Trust

Ethical Unit Trust

Corporate Bond Unit Trust

Far East Unit Trust

Balanced Managed Unit Trust

2

St. James's Place Allshare Income Unit TrustManager's Short Report

for the year ended 31 March 2014

Investment Objectives

The investment objective of the Scheme is to achieve a level of income in excess of the average yield of the stockscomprising the FTSE All-Share Index™ with the potential for capital appreciation over the medium to long-term.

Net Asset Values

Lower Risk Higher Risk

Typically Lower Rewards

The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Schemehas gone up and down in the past. It was calculated using performance data up to 3 February 2014.

The risk category is recalculated weekly, in May 2013 the SRRI changed from a category 6 to a category 5.

31/03/13 6684,253,881 85.52 107.02

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 othertypes of transferable securities, units and/or shares in collective investment schemes, money market instruments,deposits, and derivatives and forward transactions (for the purposes of hedging only).

Please note that with effect from 4 August 2014, the above reference to the FTSE All-Share Index™ will beremoved from the investment objective of the Unit Trust and the first sentence will be amended as follows:

The investment objective of the Scheme is to achieve an above average level of income whilst also providing thepotential for capital appreciation over the medium to long-term.

Date Net Asset Value£

Income Accumulationpence/unit pence/unit

It is the Manager's intention that the assets of the Unit Trust will be invested so that the Unit Trust will be eligible forinclusion in an ISA.

Risk and Reward Profile

The Trust invests primarily in United Kingdom securities which fluctuate in value.

31/03/14 11,005,687,239 95.42 123.89

Distribution payment dates: 331 March, 30 June,30 September, 31 December

Unit Trust Facts

Account reference dates: 331 March, 30 September

Typically Higher Rewards

1 2 3 64 5 7

3

(continued)St. James's Place Allshare Income Unit TrustManager's Short Report

01/10/07to

31/03/14

31/03/09to

31/03/14

31/03/13to

31/03/14% change % change % change

+2.3 +90.0 +11.1+31.8 +131.4 +15.3

+7.2 +79.2 +5.2+34.7 +113.3 +8.8

Performance Record

Trust and Indices

The Ongoing Charges Figure for the year ended 31 March 2014 was 1.84% (31 March 2013: 1.82%).


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.

St. James's Place Allshare Income Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualFTSE All-ShareFTSE All-Share (net income reinvested)

4


Performance Record




Classification of Investments31/03/14 31/03/13

9.41 10.077.25 4.846.71 6.156.21 5.995.58 6.435.45 5.084.83 2.154.54 5.154.42 3.614.18 2.503.92 5.233.61 1.563.38 3.963.26 2.162.93 3.212.87 3.812.83 3.422.44 2.022.29 2.382.16 3.741.89 2.191.48 2.561.40 2.581.21 1.101.17 0.821.08 1.661.05 0.860.67 0.520.54 -0.24 -0.21 0.410.08 2.09

- 1.46- 0.06

99.29 99.770.71 0.23

100.00 100.00

Portfolio Information

% of trust value

Total other assets (net)Net assets

Food ProducersBanksPharmaceuticals & BiotechnologyNon Equity Investment InstrumentsSoftware & Computer ServicesMiningGeneral Retailers

Investment assets

TobaccoReal Estate Investment TrustsMediaEquity Investment InstrumentsIndustrial EngineeringMobile TelecommunicationsLife InsuranceConstruction & MaterialsFixed Line Telecommunications

Oil & Gas ProducersSupport ServicesFinancial Services

Alternative EnergyLeisure GoodsCorporate BondsElectricityGeneral IndustriesForestry & Paper

Gas, Water & MultiutilitiesReal Estate Investment & ServicesElectronic & Electrical EquipmentChemicalsAutomobiles & PartsNon Life InsuranceTechnology Hardware & EquipmentIndustrial TransportationOil Equipment, Services & Distribution

5


% of trust value

% of trust value

31/03/14 31/03/134.84 5.173.91 5.013.78 4.113.58 3.813.08 3.622.22 3.29

2.06 2.162.04 2.052.00 2.051.99 2.05

Currentyear

Paydate

Income Pence per

Unit

Accumulation Pence per

Unit

Previousyear

Paydate

Income Pence per

Unit


Unit1st interim 30/09/13 1.023 1.280 1st interim 30/09/12 0.969 1.1672nd interim 31/12/13 0.789 0.999 2nd interim 31/12/12 0.690 0.8423rd interim 31/03/14 0.827 1.056 3rd interim 31/03/13 0.699 0.860Final 30/06/14 0.780 1.005 Final 30/06/13 0.715 0.888

Hilton Food Legal & GeneralVodafone Cineworld

HSBC GlaxoSmithKlineBP VodafoneBritish American Tobacco BPSt. James's Place Money Market Unit Trust L Acc

British American Tobacco

Holdings Holdings

The UK economy surprised on the upside with a rising property market and record numbers in employment bolsteringconfidence. This looks like continuing with the country forecast to be the fastest growing of the developed economiesin the coming year. In response to this improved outlook, sterling was strong, which had a negative impact on thetranslation of foreign earnings into sterling.

HellermannTyton Devro

Summary of Distributions

Rio Tinto Unilever

Investment Adviser's Comments

The UK equity market performed well, rising by just under 9% on a total return basis, but the portfolio outperformedthis markedly.

The year to 31 March 2014 was a period when the risk of downside shocks appeared to reduce significantly. InEurope, the struggling periphery stabilised as a combination of low interest rates and structural reform began to work,with Ireland being the first country to exit the European bailout programme. Even Greece saw signs of recovery and theyield on its sovereign bonds plummeted.

The US economy shrugged off a government shutdown brought on by a failure by politicians to reach a budgetagreement. Once it became clear to Republican politicians that they were being blamed by the electorate, anagreement was reached. Rising shale gas production continued to lower the US’s trade deficit in energy, with a surpluspossible in the near future. Growth in the final quarter of the period was impacted by a very severe winter.

Royal Dutch Shell 'B' Shares HSBCGlaxoSmithKline Royal Dutch Shell 'B' Shares

Major Holdings

6


AXA Investment Managers UK Limited 15 April 2014

The portfolio performance was helped by strong rises in stocks such as Ashtead, Greencore, HellermanTyton, HiltonFoods, Pendragon and Topps Tiles. On a negative tack, Devro was weak on the back of tougher trading.

New holdings included BHP Billiton, Esure Group, Greencore Group and McKay Securities. The new issue market wasactive with the fund participating in issues such as Chenavari Capital, Conviviality Retail, DP Aircraft, DX Group, InfinisEnergy and Manx Telecom. Sales included Cambium Global, HICL Infrastructure, Medicx Fund, Rockhopper, SSE andVictrex.

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 economicbackground should be supportive to corporate earnings. Yields available in classes alternative to equities are very low,meaning yielding equities should continue to be supported.

7



The Trust invests predominantly in specialised collective investment schemes. These specialised collective investmentschemes provide exposure to a diverse range of asset classes such as commodities, corporate bonds, equities andproperty, all of which fluctuate in market value.

31/03/14 7778,013,383 106.00 115.81

Distribution payment date: 330 November

Unit Trust Facts



30/09/13 7721,970,980 101.87 111.30

The Scheme's primary focus is upon providing efficient exposure to a diversified range of asset classes and financialinstruments 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 strategypermitted under the rules in COLL as such rules are applied to Non-UCITS Retail Schemes and in accordance with theinvestment powers as summarised in the Prospectus.



St. James's Place Alternative Assets Unit TrustManager's Short Report

for the period ended 31 March 2014 (unaudited)


The Scheme aims to deliver long term capital growth in all investment conditions. To do so the Manager will invest in adiversified portfolio of instruments and asset classes both directly and via collective investment schemes.

Net Asset Values



The Non-UCITS Retail Scheme Key Investor Information Document (NURS-KIID) risk category above indicates howmuch the price of units in the Scheme has gone up and down in the past. It was calculated using performance dataup to 28 April 2014.

The risk category is recalculated weekly, in December 2013 the SRRI changed from a category 5 to a category 4.

1 2 3 64 5 7

8

(continued)St. James's Place Alternative Assets Unit TrustManager's Short Report

18/08/08to

31/03/14

31/03/09to

31/03/14

30/09/13to


+11.7 +30.1 +3.0+22.0 +42.1 +4.3

+37.1 +74.9 +4.5+55.1 +95.1 +5.4+31.7 +26.2 +2.4


20.32 19.5919.13 18.3214.69 14.9311.08 15.507.89 7.796.20 5.824.99 4.893.04 2.942.21 2.092.03 1.951.94 1.94(0.30) 1.9993.22 97.756.78 2.25

100.00 100.00

iShares Dow Jones-UBS Commodity Swap (German Traded)iShares II plc - iShares JPMorgan $ Emerging Markets Bond Fund

Derivatives


Investment assets

Source: Financial Express for Fund returns



% of trust value

Barclays Global High Yield Index (GBP hedged) Capital

St. James's Place Alternative Assets Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI AC World IndexMSCI AC World Index (net income reinvested)

Performance Record

Trust and Indices

The Ongoing Charges Figure for the period ended 31 March 2014 was 1.76% (30 September 2013: 1.92%).


BlackRock Index Linked Gilt Tracker Fund X AcciShares iBoxx $ High Yield Corporate Bond FundBlackRock Global Property Securities Equity Tracker Fund X AcciShares S&P Global Water 50iShares Markit iBoxx $ Corporate BondiShares Macquarie Global Infrastructure 100iShares S&P Global Clean EnergyiShares II plc - iShares S&P $ Emerging Markets InfrastructureiShares S&P Global Timber & Forestry Fund

9

(continued)St. James's Place Alternative Assets Unit TrustManager's Short Report


The reporting period was broadly positive for risk assets, with gains in most major equity markets.

During the fourth quarter of 2013, markets remained focused on economic data and potential changes in monetarypolicy by central banks. At the start of the period, weak data from developed nations fuelled expectations of continuedmonetary easing and supported bond and equity markets. However, improvements in US data led the Federal Reserveto taper their asset purchase scheme while in Europe activity indicators also improved towards the end of 2013.

As we entered 2014, a number of risks meant equity markets ceased their upward trend. Concerns about the US debtceiling, rising geopolitical tensions between Russia and the West, Chinese growth concerns and the effects of extremeweather conditions weighed on investor sentiment. The US Fed indicated that rate increases could come sooner thanexpected, and in both the US and Europe, inflation remained depressed. In the emerging markets, several countriesraised their benchmark interest rates in an effort to stabilize falling currencies during turmoil in January. Concernsaround emerging markets continued through the remainder of the first quarter of 2014, with weaker economic datafrom China and Latin America. Commodities were a standout performer during the first quarter, as the potentialimpact of extreme weather conditions and rising geopolitical tensions supported agricultural commodities and preciousmetals.

The portfolio delivered positive absolute performance over the reporting period. Returns benefitted particularly fromequity sector exposures after strong gains towards the end of 2013, with notable performance from global water andglobal clean energy holdings. Developed infrastructure exposure was also a key positive contributor during the period,although emerging market infrastructure detracted. Commodities, buoyed by weather effects, were also a positivecontributor.

BlackRock Advisors (UK) Limited 17 April 2014

10

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



The investment objective of the Scheme is to provide capital appreciation over the medium to long term.

Net Asset Values




The risk category is recalculated weekly and during the year under review, the risk category did not change.

31/03/13 22,116,784,946 117.89 120.77

The Scheme will achieve this objective by generally investing in quoted securities on a worldwide basis. The Schemewill invest, at the Manager's discretion, in UK and overseas equities, UK and overseas fixed interest and index linkedsecurities, 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, cash andnear cash, deposits, and 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 InvestmentManagement Association's ‘Mixed Investment 40-85% Shares’ Sector (formerly known as the Balanced ManagedSector).





The Trust invests in international securities which fluctuate in value and is also exposed to changes in currency rateswhich may affect the performance of the Trust.

31/03/14 22,522,549,341 125.88 129.55

Distribution payment dates: 228 February, 31 May,31 August, 30 November

Unit Trust Facts



1 2 3 64 5 7

11

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

06/04/10to

31/03/14

31/03/13to

31/03/14% change % change

+32.6 +6.5+36.5 +7.1

+18.8 +4.6+14.8 +14.3+30.7 +1.6+16.9 -20.9+57.4 +19.3

Performance Record

Trust and Indices





Merrill Lynch 1-10 Year UK Gilt (net income reinvested)S&P 500 Index

St. James's Place Balanced Managed Unit Trust Income units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI UK IMIMSCI Europe (excluding UK)Merrill Lynch UK Non-Gilt (net income reinvested)

12


Performance Record





58.81 60.0013.66 13.055.07 5.124.52 3.763.01 2.992.46 2.222.30 2.191.87 1.841.27 1.500.78 0.310.77 0.770.75 0.890.62 0.690.62 0.830.60 0.540.61 0.910.61 1.060.36 0.39

- 0.38(0.01) -98.68 99.441.32 0.56

100.00 100.00

Asset Class Split31/03/14 31/03/13

74.80 75.2214.49 12.549.40 11.68(0.01) -1.32 0.56

100.00 100.00

Derivatives


% of trust value


% of trust value

Equities

JapanFranceJerseySwitzerlandHong KongNetherlandsNorway

Investment assets

BelgiumDenmarkSpainSingaporeCanadaAustraliaSwedenGuernseyBermuda

Collective Investment SchemesInterest bearing assetsDerivativesTotal other assets (net)Net assets

United KingdomUnited StatesGermany

13


% of trust value

% of trust value

31/03/14 31/03/1311.12 9.50

2.61 2.95

2.09 2.47

1.92 2.32

1.87 2.171.79 1.811.62 1.81

1.59 1.571.38 1.571.28 1.45

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


Unit1st interim 31/08/13 0.485 0.497 1st interim 31/08/12 0.449 0.4572nd interim 30/11/13 0.045 0.046 2nd interim 30/11/12 0.198 0.2023rd interim 28/02/14 - - 3rd interim 28/02/13 - -Final 31/05/14 0.031 0.032 Final 31/05/13 0.135 0.138

GlaxoSmithKline AXA Framlington Emerging Markets Fund (Acc)

BP Vodafone

AXA World Funds Framlington Emerging Markets Fund (Acc)

UK Treasury Index Linked 2.5% 16/04/2020

UK Treasury Index Linked 2.5% 16/04/2020

UK Treasury 5% 07/03/2025

HSBC HSBCUK Treasury 5% 07/03/2025 BP

Holdings Holdings

Royal Dutch Shell 'B' Shares UK Treasury 4.75% 07/03/2020


AXA Framlington Emerging Markets Fund (Acc)

GlaxoSmithKline

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

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


Bundesobligation 0.25% 13/04/2018 Bundesschatzanweisungen 0.75% 13/09/2013

Major Holdings

14


AXA Investment Managers UK Ltd 15 April 2014

Stock selection was particularly strong in UK, European and Japanese equities. In the UK, the best performers werefound among more domestic situations, particularly in financials, house-builders and building materials. St. James’sPlace, ITV, Lloyds Bank, Aviva, St Modwen, Quintain, London Stock Exchange, BT and Barratt Developments wereoutstanding. Among companies with international earnings, Ashtead, Shire and Johnson Matthey stood out. Our bondreturns were mixed as we underperformed due to the relatively poor performance of our index-linked stocks; butholding 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 beachieved for there is little scope for valuations to expand further.

We held more cash than usual throughout the year, reflecting our cautious stance towards government bonds, wherereturns were negative. We made no significant change to our global equity weights but maintained a clear biastowards equities, which we considered the most attractive asset class. However, equities were generally re-rated inrelation to the low yields available from government bonds rather than due to strong earnings growth.


Returns from global equities were strong over the past year but there were large variations across regions: Europe exUK was the strongest area, returning 14.3%; the US returned 19.3% and the UK 4.6%; but Pacific ex Japan was -6.5% and emerging markets at -10.8% were very weak. In this context the portfolio’s performance was relativelystrong, largely driven by good stock selection.

Concern about slowing growth in China and structural problems in a number of emerging economies were responsiblefor weakness in the latter areas. The prospect of tapering US quantitative easing (QE) caused a number of emergingcurrencies to weaken and their interest rates were generally increased sharply as a result. The UK economy producedstronger-than-expected growth and sterling rose by 7.2% on a trade-weighted basis, reducing the returns fromoverseas investments. Returns from government bonds were negative as investors looked ahead to the end of QE, withsterling’s strength adding to the losses in overseas bonds.

15




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.

31/03/14 3372,154,341 130.84 135.14



Unit Trust Facts



30/09/13 2282,760,899 114.47 118.23

The Scheme will achieve this by investing in shares of companies from Continental Europe, including any listed on theLondon Stock Exchange. In economic conditions judged by the Investment Adviser to be adverse, the Scheme may holdcash 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 othertypes of transferable securities, units and/or shares in collective investments schemes, money market instruments,deposits, and derivatives and forward transactions (for the purpose of hedging only).



St. James's Place Continental European Unit TrustManager's Short Report



The investment objective of the Scheme is to achieve capital appreciation.

Net Asset Values



The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Schemehas gone up and down in the past. It was calculated using performance data up to 3 March 2014.

The risk category is recalculated weekly, in October 2013 the SRRI changed from a category 7 to a category 6.

1 2 3 64 5 7

16

(continued)St. James's Place Continental European Unit TrustManager's Short Report

01/10/07to

31/03/14

31/03/09to

31/03/14

30/09/13to


+37.6 +107.3 +14.2+42.1 +110.2 +14.2

+2.1 +63.4 +8.1


30.94 41.9922.55 12.4218.09 15.0515.62 10.414.59 4.523.75 3.953.15 3.120.02 0.27

- 8.0598.71 99.781.29 0.22

100.00 100.00

FranceGermanySpain


ItalyNetherlandsLuxembourgSwedenUnited KingdomSwitzerlandInvestment assets




% of trust value

St. James's Place Continental European Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI Europe (excluding UK)

Performance Record

Trust and Indices

17

(continued)St. James's Place Continental European Unit TrustManager's Short Report

% of trust value

% of trust value

31/03/14 30/09/136.78 5.545.44 5.444.96 5.164.78 4.874.67 4.744.59 4.524.44 4.414.06 4.184.03 4.043.94 4.03


The portfolio significantly outperformed the MSCI Europe ex UK Index over the period under review. ContinentalEuropean stock markets rose by almost 9% in sterling terms over the period.

Banks make up 30% of the fund. Here, we still believe that the market has failed to appreciate the benefits of a rapidrecovery in financial margins coupled with draconian cost-cutting and easing regulatory pressures. We have focused onthe strongest retail banking franchises, such as ING and BNP Paribas, where we believe that returns should ratherrapidly return to pre-crisis levels.

Companies from the periphery of Europe represent another 30% of our investments. On a recovery basis, for example,the Spanish property group Sacyr represents great value. The same holds true for our holdings in Intesa Sanpaolo andBanco Popular.

Intesa Sanpaolo MediasetBanco Popular Espanol BNP Paribas

Major Holdings

Utilities now constitute a growing 15% of the fund, following our recent investments in Eiffage and Telecom Italia.

Banco Santander BASFRWE SGS

S.W. Mitchell Capital LLP 23 April 2014

Our favourite growth companies, such as SAP and Amadeus make up a final quarter of our investments.

We benefited from our positioning in the more domestically orientated areas of the market. Notable strong performersincluded Intesa, Banco Popular, Air France, Mediaset, Sacyr, Peugeot and Orange.

Many of the best-quality international growth stocks are now just too expensive, especially considering a possibleslowdown in emerging market demand. Many domestic European companies, on the other hand, are trading atdiscounts to their American equivalents in excess of 50%. Indeed, we remain very optimistic on the outlook forEurope. In particular, we believe that the opportunity to invest in more domestically orientated companies isparticularly striking: these now constitute almost two-thirds of our investments.

More importantly, however, our firm belief has been – and remains – that the eurozone economies are both fiscallystronger, and more business-competitive, than their Anglo-Saxon counterparts. One need only look at the modestgrowth in overall eurozone government debt over the crisis, or at the German trade account surplus, to appreciate thestrength of the region relative to the US and UK.

The main challenge for the eurozone, of course, remains the trying circumstances facing its periphery.

Holdings Holdings

Electricite de France VolkswagenTelecom Italia Orange

BNP Paribas LVMH Moet Hennessy Louis VuittonMediaset Intesa SanpaoloVolkswagen Banco Popular EspanolING ING

18

Unit Class

pence/unit111.37253.67




The Trust invests in fixed income securities which fluctuate in value and is exposed to changes in currency rates whichmay affect the performance of the Trust.



Unit Trust Facts



Net Asset Value

The Fund may invest in a range of fixed interest securities including, but not limited to, UK and overseas corporate andgovernment 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 othertransferable securities, money market instruments, cash and near cash, units in collective investment schemes,deposits, and derivative and forward transactions for efficient management of the Fund and for the purposes ofhedging, including currency hedging.

31/03/14

£ pence/unit154,442,325

St. James's Place Corporate Bond Unit TrustManager's Short Report



The Fund's aim is to achieve an attractive level of income as well as capital appreciation by investing in a portfolio offixed income securities and other financial instruments. It will be actively managed. In normal market conditions theportfolio is expected to be predomminantly invested in high yield bonds. However the manager will reduce thisproportion as necessary to preserve the capital value of the fund if required by market conditions.

Net Asset Values





AccumulationIncome 1174,536,056

274.58

£

31/03/13Net Asset Value

1,156,354,233114.66

1,295,181,625

1 2 3 64 5 7

19

(continued)St. James's Place Corporate Bond Unit TrustManager's Short Report

01/09/95to

31/03/14

31/03/09to

31/03/14

31/03/13to


+22.7 +58.2 +2.5+190.6 +111.2 +8.0

N/A +151.4 +9.7N/A +59.1 +1.6


40.70 39.2637.32 39.939.53 3.638.51 13.210.47 0.42(0.10) 0.2496.43 96.693.57 3.31

100.00 100.00

Sterling Denominated BondsEuro Denominated BondsNon Equity Investment Instruments


US Dollar Denominated BondsEquitiesDerivativesInvestment assets




% of trust value

St. James's Place Corporate Bond Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMerrill Lynch European High Currency Yield Constrained (net income reinvested)Merrill Lynch UK Non-Gilt (net income reinvested)

Performance Record

Trust and Indices

20


31/03/14 31/03/1333.51 30.8851.42 58.481.60 3.04

86.53 92.4013.47 7.60

100.00 100.00

% of trust value

% of trust value

31/03/14 31/03/139.49 3.58

2.48 2.071.78 1.851.62 1.751.39 1.68

1.33 1.411.31

1.401.29 1.291.27 1.29

1.25 1.22

Currentyear

Paydate

Income Pence per

Unit

AccumulationPence per

Unit

Previousyear

Paydate

Income Pence per

Unit






Enterprise Inns 6.5% 06/12/2018 Enterprise Inns 6.5% 06/12/2018

OtherNet assets

Major Holdings

Speculative gradeUnratedTotal bonds

Origin Energy 7.875% 16/06/2071 UniCredit International Bank 8.5925% Perpetual


Credit Agricole 8.125% Perpetual Electricite de France 6% Perpetual

Rating Block % of Net Assets

Investment grade

Holdings Holdings

Summary of Investment Assets by Credit Ratings

UniCredit International Bank 8.5925% Perpetual LBG Capital No.2 6.385% 12/05/2020LBG Capital No.2 6.385% 12/05/2020 Credit Agricole 8.125% Perpetual

CNP Assurances 7.375% 30/09/2041 CNP Assurances 7.375% 30/09/2041Societe Generale 8.875% Perpetual Vedanta Resources 4% 30/03/2017Royal Bank of Scotland 1.894% 14/06/2022

Societe Generale 8.875% Perpetual

Enel 7.75% 10/09/2075 Origin Energy 7.875% 16/06/2071

21



The portfolio achieved a positive total return over the 12 months to the end of 31 March 2014, in a period when manyareas of the bond market had only modest or negative returns.

Having reached historically low levels in April 2013, the yields of core government bonds, such as gilts and USTreasuries, rose over the summer months as investors began to discount the possibility of less accommodative USmonetary policy. With credit spreads already relatively tight, this upward pressure was felt on yields across thecorporate bond market too. The US Federal Reserve eventually announced a first step in tapering its programme ofasset purchases in December. However, bond markets have been supported in the early months of 2014 by lower-than-expected inflation in the major developed economies. High-yield bonds, typically more credit-sensitive, have alsobenefited from a trend of macroeconomic data suggesting strengthening recoveries in the US and the UK and thebeginnings of improved growth performance in the economies of the eurozone. Corporate bonds have also beenboosted by strong demand for income, which has frequently seen new bond issuances being heavily oversubscribed,despite often low coupons; 2013 was a record year for European high-yield issuance. Barclays estimates total supply ofjust under £70 billion across all currencies.

The performance of the portfolio was boosted in particular by our investments across the financial sector but also hadpositive contributions from investments across the corporate bond market, including utilities, telecoms, autos andbeverages.

We favour high-yield bond issuers with higher credit quality 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 oncore government bonds, like UK gilts and German Bunds, and corporates of the highest credit quality. We believe wecan still find opportunities, most notably in banks and other financials, where we think aggregate yields continue tooffer value. In our view, ongoing structural reform and the implementation of new, more conservative banking-sectorregulations should be supportive of subordinated bank debt for many years.

INVESCO Asset Management Limited 15 April 2014

22




The Trust invests principally in United Kingdom securities which fluctuate in value. It may also invest in Europeansecurities and is therefore also exposed to changes in currency rates which may affect the performance of the Trust.

31/03/14 11,668,536,212 194.44 366.39


Distribution payment dates: 331 January, 30 April,31 July, 31 October

Unit Trust Facts



30/09/13 11,476,435,282 188.77 350.25

Please note that with effect from 4 August 2014, the above reference to the FTSE All-Share Index™ will be removedfrom the investment objective of the Unit Trust and the first sentence will be amended as follows:

The objective is to achieve an above average level of income and to achieve capital growth over the medium to longterm.



St. James's Place Equity Income Unit TrustManager's Short Report



The objective is to achieve a level of income in excess of the average yield of the stocks comprising the FTSE All-ShareIndex™ and to achieve capital growth over the medium to long term. It is intended that the Scheme will be invested inequities in UK and EC companies. There are no specific restrictions on the investment of the Scheme including as toeconomic sector or geographical area, except as set out in the Scheme Prospectus and as provided in the Regulations.

Net Asset Values




The risk category is recalculated weekly and for the last three weeks of the period under review the risk categorychanged from a category 6 to a category 5. Please note that if the risk category consistently remains as a category 5 fora four month period, the KIID will be amended from a category 6 accordingly.

1 2 3 64 5 7

23

(continued)St. James's Place Equity Income Unit TrustManager's Short Report

01/02/97to

31/03/14

31/03/09to

31/03/14

30/09/13to


+106.7 +88.1 +3.0+286.8 +126.7 +4.6

+70.3 +79.2 +3.3+194.2 +113.3 +4.8


13.40 12.4011.01 12.849.88 9.129.46 9.578.84 9.056.84 6.055.82 6.694.83 4.144.55 4.294.12 4.673.45 4.153.44 1.962.77 5.172.27 2.542.13 3.181.96 -

94.77 95.825.23 4.18

100.00 100.00

Pharmaceuticals & BiotechnologyMediaOil & Gas Producers


Non Equity Investment InstrumentsLife InsuranceFood & Drug RetailersGeneral RetailersFood ProducersFixed Line TelecommunicationsGeneral Industrials

Investment assets

Non Life InsuranceGas, Water & MultiutilitiesMobile TelecommunicationsCorporate BondsFinancial ServicesBanks




% of trust value

St. James's Place Equity Income Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualFTSE All-ShareFTSE All-Share (net income reinvested)

Performance Record

Trust and Indices

24

(continued)St. James's Place Equity Income Unit TrustManager's Short Report

% of trust value

% of trust value

31/03/14 30/09/139.46 9.57

7.46 6.385.98 6.025.94 5.605.82 5.345.02 5.174.86 4.674.83 4.604.55 4.584.54 4.53

Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit


Unit1st interim 30/04/14 1.664 3.087 1st interim 30/04/13 1.524 2.7252nd interim 31/07/14 1.385 2.591 2nd interim 31/07/13 1.162 2.096


The portfolio performed relatively well versus UK equity markets in the period. Stock markets delivered good returns inthe six months to the end of March although they have made an uncertain start to 2014. Whilst investors appear to bemore relaxed with the idea that quantitative easing (QE) is coming to an end in the US, markets have been unsettled byfurther evidence of a slowdown in China and more recently the crisis in Ukraine. The global economic picture is mixedalthough the UK continues to be the star performer and the IMF has recently upgraded its GDP growth forecasts toaround 3% for this year.

Corporate profitability continues to be at record levels, although corporate profit growth is relatively anaemic; and, onsome estimates, corporate profits today are no higher than they were two years ago. The significant increase in shareprices that we have seen over the last two years when coupled with flatlining profits, has resulted in a significantexpansion in company valuation multiples over that period.

The portfolio’s performance was helped by good returns from Next as it announced that it had traded well overChristmas. Food retailers were poor performers as they are being adversely affected by structural changes in consumerhabits coupled with increased competition from budget operators.

St. James's Place Money Market Unit Trust LAcc

St. James's Place Money Market Unit TrustL Acc

AstraZeneca AstraZeneca

Major Holdings

In the UK, the valuation story is muddied by the fact that there are a small number of very large companies which stillhave relatively attractive valuations and a very long tail of smaller companies where the valuations are much moredemanding. By way of illustration, the largest 20 companies in the market have a median dividend yield of over 4%. Incontrast, for the UK FTSE 350 Index of large and medium-sized companies as a whole, the median dividend yield is just2.3%.

BT Tesco


Reed Elsevier Legal & General

RWC Asset Management LLP 14 April 2014

There are still some low valuations to be found, but they are not widespread. It is also clear that the most attractivevaluations exist within the very largest companies and this is where the fund is focused at the current time.

Holdings Holdings

BP SmithsUnilever BP

British Sky Broadcasting GlaxoSmithKline GlaxoSmithKline NextNext British Sky Broadcasting Royal Dutch Shell 'B' Shares Vodafone

25




The Trust invests in International securities which fluctuate in value and is also exposed to changes in currency rateswhich may affect the performance of the Trust.

31/03/14 2227,298,979 138.89 158.38


Distribution payment date: 331 May

Unit Trust Facts



31/03/13 2236,892,636 141.33 159.10



St. James's Place Ethical Unit TrustManager's Short Report



The investment objective of the Scheme is to achieve capital appreciation over the medium to long term, by investingworldwide in companies that meet generally accepted ethical criteria (a statement of the ethical investment principlesis available on request). The Scheme will invest principally in equities and convertible stock and may hold fixed interestsecurities. In selecting assets, the Manager will not knowingly invest in any company, industry or country whosebusiness or behaviour offends against generally accepted ethical criteria.

Net Asset Values





1 2 3 64 5 7

26

(continued)St. James's Place Ethical Unit TrustManager's Short Report

06/04/99to

31/03/14

31/03/09to

31/03/14

31/03/13to


+48.1 +66.6 -0.3+66.8 +77.6 -0.3

+34.4 +78.7 +6.3+76.1 +99.0 +8.5


21.60 19.6917.85 19.766.16 5.066.02 6.136.00 5.365.09 5.674.49 8.344.45 4.924.42 3.533.80 3.493.54 2.843.12 4.962.79 2.432.77 3.001.61 -1.43 1.011.20 1.511.08 1.061.03 -

98.45 98.761.55 1.24

100.00 100.00Total other assets (net)Net assets

TaiwanCanadaSingaporeJapanSwedenBrazilSwitzerland

Investment assets

South KoreaHong KongItalyLuxembourgSouth AfricaSpainAustraliaGermanyJersey




% of trust value

MSCI Word (net income reinvested)

United StatesUnited KingdomFrance

St. James's Place Ethical Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI World

Performance Record

Trust and Indices

27


% of trust value

% of trust value

31/03/14 31/03/133.95 4.203.89 3.843.80 3.743.76 3.673.54 3.493.49 3.002.99 3.002.97 2.932.79 2.842.77 2.55

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


Unit1st interim 30/11/13 - - 1st interim 30/11/12 1.730 1.921Final 31/05/14 1.803 2.030 Final 31/05/13 - -


Over the reporting period the Portfolio posted a marginally negative return trailing the wider global equity universe.Global equities saw heightened volatility during the period, with the US and Europe ending higher, while Asia andLatin America fell. Investors from developed markets took the beginning of US Federal Reserve’s tapering of itsquantitative easing (QE) programme as a cue to reverse fund flows and the related carry trade (borrowing in US dollarsto invest in higher yielding assets overseas). The underperformance of the portfolio was partly due to underweightexposure to North America and overweighting to the Asia Pacific excluding Japan region, as many of the majordeveloped markets outperformed the overall market. In stock selection terms, our holdings in Asia Pacific excludingJapan were positive, but this was countered by investments in Europe, which detracted the most from relativeperformance. Italy and Spain were two of the most significant detractors on this basis, as our lack of exposure tofinancial stocks within these countries impacted relative performance. Our preference for Asian and emerging market-centric banks failed to keep pace with the rebound in the eurozone, Japan and US-focused financial groups. Theunderweight position to healthcare, primarily due to the effect of the ethical screening metrics, also weighed onrelative performance.

Banco Bradesco ADR EOG ResourcesCentrica Standard Chartered

Zurich Insurance Services PepsiPepsi Centrica Samsung Electronics GDR Zurich Financial ServicesCasino Guichard Perrachon

Holdings Holdings

Taiwan Semiconductor Manufacturing ADR Taiwan Semiconductor Manufacturing ADREOG Resources Vodafone

Major Holdings

Eni Samsung Electronics GDR


Tenaris ADR Singapore Telecommunications

The top contributors to performance were EOG Resources – as higher oil prices buoyed companies in the energy sector– and Vodafone, which benefitted from a rally in its stock price after partner Verizon agreed to buy out its stake intheir wireless joint venture. Amongst the detractors, Standard Chartered suffered weakness in its Korean operations,incurring a large goodwill impairment related to its acquisition of Korea First Bank in 2005. In addition, Brazilianequities and the real came under pressure on the back of the emerging market sell-off, slowing economic growth andwidespread protests, impacting our holding in Banco Bradesco.

Tenaris ADR

28


During the period, we added South Africa-listed telecoms company MTN Group, given its attractive growth profile,cash flow generation and progressive dividend policy; and UK credit and marketing services company Experian, thelargest international operator in a growing industry. Against this, we sold UK-listed HSBC, as it failed to meet theethical criteria; Japan’s Canon, in view of better opportunities elsewhere; and US food producer Kellogg because of theincreasingly competitive market place.

Aberdeen Asset Managers Limited 17 April 2014

Generally, markets remain prone to greater volatility ahead. Although the US recovery is a positive, it has also boostedthe case for the Federal Reserve to hike short-term interest rates sooner than expected. That could trigger a globalreallocation of capital, which will intensify market volatility. Meanwhile, slower growth in the interim is inevitable, as isthe case for China. In Japan, data remain mixed and structural reforms are moving at a glacial pace, threatening toderail Abenomics.

29




The Trust invests in securities in the Far East which fluctuate in value and is also exposed to changes in currency rateswhich may affect the performance of the Trust.

31/03/14 11,295,149,197 395.91 460.72



Unit Trust Facts



31/03/13 11,448,373,598 448.58 516.99



St. James's Place Far East Unit TrustManager's Short Report



The aim of the Scheme is capital growth from investment principally in the stock markets of Japan, the Far East andthe Pacific Basin, which may include investments that are listed, registered or trading within this area.

Net Asset Values




The risk category is recalculated weekly. During the year under review, the risk category changed from a category 6 toa category 5 for a period of ten weeks during June to August 2013 and has also been a category 5 for the last nineweeks of the year. Please note that if the risk category consistently remains as a category 5 for a four month period,the KIID will be amended from a category 6 accordingly.

1 2 3 64 5 7

30

(continued)St. James's Place Far East Unit TrustManager's Short Report

01/01/92to

31/03/14

31/03/09to

31/03/14

31/03/13to


+320.1 +77.6 -12.0+384.2 +86.5 -11.2

+31.3 +46.6 -7.3


22.49 22.8216.90 16.9015.10 15.4410.91 10.799.29 7.605.64 6.144.59 4.144.14 3.502.94 3.242.25 2.632.03 2.071.60 1.560.87 0.77

98.75 97.601.25 2.40

100.00 100.00

JapanHong KongSingapore


AustraliaIndiaUnited KingdomTaiwanSouth KoreaThailandPhilippines

Investment assets

ChinaMalaysiaIndonesia




% of trust value

St. James's Place Far East Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI AC Asia Pacific

Performance Record

Trust and Indices

31


% of trust value

% of trust value

31/03/14 31/03/134.89 3.893.98 3.603.64 3.573.58 3.453.52 3.373.49 3.213.48 3.103.12 3.043.07 2.962.99 2.95

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


UnitFinal 31/05/14 3.898 4.492 Final 31/05/13 3.784 4.325


Over the year, the portfolio fell and underperformed versus the MSCI All Country Asia Pacific Index. Both assetallocation and stock selection contributed to the underperformance.

Asian equities fell during the year amid slowing regional growth, concerns over credit controls and trust defaults inChina, as well as uncertainty over the US Federal Reserve’s quantitative easing (QE) programme. Optimism overJapan’s efforts to reflate its economy also waned towards the period-end as the consumption tax hike loomed. Ourunderweight to Japan, which outperformed the broader region, detracted. In addition, the overweight to Singaporeand Hong Kong, which lagged the region, contributed negatively. Conversely, South Korea added to performance.Sector-wise, financials were the main detractors as the prospect of higher interest rates following the Federal Reserve'sdecision to taper hurt sentiment in the property market. Our industrial holdings, such as Jardine Strategic, also cost theportfolio as investors were concerned with their emerging market exposure.

Samsung Electronics – the electronics giant – did well after posting record earnings in the last financial year,underpinned by good market share and margin gains in its handset business. Despite early concerns over India’s fiscaland current account deficits, the domestic market enjoyed a late rally amid hopes that a pro-business government willbe elected in the upcoming polls and the portfolio benefited through its holding of the Aberdeen Global Indian EquityFund.

Aberdeen Global - Indian Equity Fund Oversea-Chinese BankingSamsung Electronics 'Preference Shares' Jardine Strategic

Major Holdings

Standard Chartered stock declined on speculation that it would need to raise funds via a rights issue. The bank alsounexpectedly announced a restructuring with the departure of its chief financial officer and head of consumer banking.Despite these changes, we continue to like its solid franchise spread across geographies that offer compellingprospects. Efforts to cut costs and reorganise should allow it to benefit from growth over the longer term.

Canon Taiwan Semiconductor Manufacturing


HSBC BHP Billiton

Ayala Land stock fell in tandem with the sell-off in the Philippines, triggered by tapering uncertainty. Nevertheless, thecompany reported healthy full-year profits.

Holdings Holdings

Taiwan Semiconductor Manufacturing Standard CharteredAIA HSBC

Rio Tinto CanonOversea-Chinese Banking Rio TintoJardine Strategic Samsung Electronics 'Preference Shares'BHP Billiton Aberdeen Global - India Equity Fund

32


Aberdeen Asset Managers Limited 14 April 2014

During the period, we sold Venture Corporation as its prospects were no longer compelling and introduced Singaporelender DBS Group instead, as it is well capitalised, has posted consistently good quarterly results and steps taken torefocus on consumer lending in South-East Asia’s higher-growth markets have also been encouraging. We reduced ourholding and took partial profit in Samsung Electronics after a strong run-up in the share price. Conversely, we added to Standard Chartered after its shares corrected on the announcement of its restructuring in January.

Looking ahead, India and Indonesia have been rewarded by investors for their efforts to fix domestic imbalances and,should policy continue on the right path, both markets could enjoy further gains. In China, however, the rebalancingprocess could take much longer. In Japan, structural reforms are moving at a glacial pace, threatening to derailAbenomics.

33



Unit Class

pence/unit106.19114.42190.56190.88

The Ongoing Charges Figure for the year ended 31 March 2014 was 1.05% (31 March 2013: 1.12%) for Class L Income and L Accumulation Units and 1.30% (31 March 2013: 1.26%) for Class R Income and R Accumulation Units.



The Trust invests in fixed income securities which fluctuate in value.


Distribution payment dates:

31 March, 30 June, 30 September, 31 December

Unit Trust Facts



Net Asset Value

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 toinvest in other asset classes permitted for UCITS Schemes including transferable securites, money market instrumemts,units in collective investment schemes, deposits and other derivatives and forward transactions for the purposes ofefficient portfolio management (including hedging).

31/03/14

£ pence/unit16,401,823

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



The investment of the Scheme is to provide a combination of growth and income, by investing primarily in a portfolioof UK Gilts.

Net Asset Values




The risk category is recalculated weekly and for the last seven weeks of the year under review the risk categorychanged from a category 4 to a category 3. Please note that if the risk category consistently remains as a category 3for a four month period, the KIID will be amended from a category 4 accordingly.

Class L AccumulationClass R IncomeClass R Accumulation

Class L Income 111,748,952

14,002,107

110.70182.28184.22

£


110,999,8221,348,4203,651,173

101.7975,582,2397,484,686

1 2 3 64 5 7

34

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

16/03/09to

31/03/14

31/03/09to

31/03/14

31/03/13to


+5.9 +8.0 -4.1+14.8 +17.1 -3.3

N/A -4.1 -4.4N/A -3.3 -3.5

+23.3 +24.4 -3.6+18.5 +18.7 -2.1


98.34 98.96- (0.12)

98.34 98.841.66 1.16

100.00 100.00

% of trust value

% of trust value

31/03/14 31/03/138.78 12.668.14 9.207.77 8.446.35 7.895.64 7.525.63 6.795.40 6.314.96 6.234.40 5.584.38 5.55

UK Treasury 2.75% 22/01/2015 UK Treasury 5% 07/09/2014UK Treasury 8.75% 25/08/2017 UK Treasury 4% 07/03/2022

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

Uk Government GiltsDerivatives

UK Treasury 1.75% 22/01/2017 UK Treasury 5% 07/03/2018UK Treasury 1.75% 22/07/2019 UK Treasury 5% 07/03/2025

Major Holdings

Holdings Holdings

UK Treasury 3.75% 07/09/2019 UK Treasury 2.75% 22/01/2015UK Treasury 5% 07/09/2014 UK Treasury 4.5% 07/03/2019

UK Treasury 3.75% 07/09/2019


UK Government Gilts are all rated as investment grade.

Investment assets




% of trust value

St. James's Place Gilts Unit Trust

Indices - actualMerrill Lynch 5-15 Year UK Gilt (net income reinvested)Merrill Lynch 1-10 Year UK Gilt (net income reinvested)

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 Income and Accumulation units were made available on 31 December 2012 and the performance shown isfrom that date.

Performance Record

Trust and Indices

35

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

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit



Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


Unit1st interim 30/09/13 0.387 0.396 1st interim 30/09/12 - -2nd interim 31/12/13 0.408 0.411 2nd interim 31/12/12 - -3rd interim 31/03/14 0.426 0.446 3rd interim 31/03/13 - -Final 30/06/14 0.462 0.463 Final 30/06/13 0.371 0.374



Global growth trends have improved over the past 12 months, albeit with some volatility along the way. From thesecond quarter of 2013 to the end of the year there was much speculation about when the Federal Reserve wouldstart to taper its asset-purchase programme, and rhetoric surrounding this event was a major cause of volatility in thebond markets.

Domestic data improved, showing strong momentum towards the end of 2013, prompting a significant sell-off in gilts.GDP, housing and employment all showed notable improvements. Projections for growth and unemployment from theBank of England’s Monetary Policy Committee (MPC) were revised higher and lower, respectively, in November; andforward-guidance targets were formally abandoned in February as the improvement in conditions was faster thanexpected. Demand for gilts rose again in the first quarter of 2014 as risk-aversion came to the fore amid geopoliticaltensions between Russia and Ukraine. Chinese growth was also a cause for concern during the first quarter, as slowingdemand from China could have a far-reaching impact on the rest of the global recovery.


Class R

The challenge for the MPC now is to manage rate-hike expectations amid an improving housing dynamic, strongconsumer confidence and a functional consumer-credit transmission channel. While availability of finance tohouseholds is supportive of consumer spending, the credit channel on the corporate-lending side needs more tractionto ensure the cycle is sustainable. Nonetheless, recent surveys indicate a growing proportion of companies working atfull capacity are having trouble recruiting for skilled positions; this is leading to targeted increases in pay, rather than ageneral increase. Inflation has fallen below the Bank of England’s target, driven by lower food and energy prices,implying the MPC will not be in a hurry to hike up rates. However, if global growth holds up, the UK could faceaccelerating wages and above-target inflation by the summer.

Wellington Management Company LLP 14 April 2014

Class L

36




31/03/14 11,926,418,694 150.63 155.27


Unit Trust Facts



31/03/13 11,498,138,553 134.69 138.84



St. James's Place Global Unit TrustManager's Short Report



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 linkedsecurities and cash. The Scheme is also permitted to invest in other transferable securities, money market instruments,units in collective investment schemes, deposits, and derivatives and future transactions (for the purpose of hedgingonly). The Scheme will concentrate on seeking opportunities for exceptional growth in stocks which, in the opinion ofthe Investment Adviser, offer good value for money. The Scheme may also invest in transferable securities in new andemerging markets.

Net Asset Values





1 2 3 64 5 7

37

(continued)St. James's Place Global Unit TrustManager's Short Report

08/01/07to

31/03/14

31/03/09to

31/03/14

31/03/13to


+45.9 +96.9 +11.7+63.2 +102.3 +11.8

+54.2 +99.0 +8.5+24.4 +78.7 +6.3


39.60 42.6326.62 27.097.91 8.633.13 0.162.88 5.442.52 1.892.42 2.162.12 -2.06 3.001.85 0.761.82 1.741.24 1.290.97 1.040.73 0.570.16 -

- 1.490.02 (0.05)

96.05 97.843.95 2.16

100.00 100.00

United StatesUnited KingdomSwitzerland


South KoreaBermudaNetherlandsCanadaDenmarkJapanFrance

Investment assets

BelgiumNorwayIrelandSingaporeIndiaGermanyDerivatives




% of trust value

St. James's Place Global Unit TrustIncome units (offer to offer)*Accumulation units (offer to offer)Indices - actualMSCI World (net income reinvested)MSCI World**

Performance Record

Trust and Indices



* Income Units were made available on the 1 October 2007.** MSCI World return is from 1 October 2007 to 31 March 2014.

38

(continued)St. James's Place Global Unit TrustManager's Short Report

% of trust value

% of trust value

31/03/14 31/03/139.41 9.38

4.82 3.853.57 3.663.35 3.503.03 3.432.95 3.422.88 3.352.81 3.302.80 3.222.78 3.14

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


UnitFinal 31/05/14 - - Final 31/05/13 0.173 0.178

Investment Adviser's CommentsSentiment was positive in the second half of 2013 as investors remained optimistic about economic growth andcorporate profits. Several indices reached multi-year highs as 2013 came to a close, but emerging markets lagged asevidence of slowing growth there shook investor confidence. In January 2014, major equity markets declined as thereality of tapering seemed to be having an impact. However, global markets reversed course in February, climbing tonew highs, and stayed relatively flat in March. As a result, global markets finished the one-year period ended 31March 2014 in strongly positive territory. The portfolio participated in the rally and meaningfully outpaced the MSCIWorld Index for the one-year period.Counted among the portfolio’s top contributors for the period were Google and MasterCard. Google reportedimpressive revenue growth; and what we hope will be continued margin stability. MasterCard continues to generateattractive revenue and profit growth as it benefits from the ongoing global shift from paper and cheque-basedpayments to electronic means. MasterCard’s combination of long-term growth, profitability and capital allocationprobably ranks it among the highest-quality companies we have ever owned. A small number of holdings detractedfrom performance, including UK grocer Tesco. We added financial services provider Royal Bank of Scotland to the portfolio during the period. RBS is one of theleading retail and commercial banking franchises in the UK. We think RBS is making significant progress turningaround the business and are attracted to its market-leading position and long-term earnings power. On the sale side,we closed a handful of positions, including Hasbro and Parker Hannifin. Both companies reached our estimate ofintrinsic value.



Oracle TE Connectivity

Major Holdings

In our view, stocks are for the most part fairly valued. While our team is busy scouring the globe for attractiveinvestments, our cash levels remain elevated as we continue to be cautious about valuations. We continue to invest insecurities that meet our four key criteria: undervaluation, high returns, balance sheet strength and able management.

Novartis Johnson & Johnson


TE Connectivity 3M

Artisan Partners Limited Partnership 11 April 2014

Holdings Holdings

Arch Capital GoogleTesco Oracle

Bank of New York Mellon AonMicrosoft CompassJohnson & Johnson Bank of New York MellonRoyal Bank of Scotland Arch Capital

39





31/03/14 7789,776,632 117.40 118.56



Unit Trust Facts



31/03/13 7778,219,767 128.48 129.45

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 inemerging market countries.

The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collectiveinvestment schemes, money market instruments, cash and near cash, deposits, and derivatives and forwardtransactions for the purposes of efficient portfolio management (including hedging).



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



The investment objective of the Scheme is to achieve long-term capital appreciation.

Net Asset Values





Unitholders should note that with effect from 28 April 2014 the St. James’s Place Global Emerging Markets Unit Trustwas closed to new investment under the limited issue arrangements permitted under the FCA rules for authorisedfunds. With effect from this date no new Units have been or will be issued in respect of this Scheme, except in relationto existing Unitholders who invest through an existing regular savings facility.

1 2 3 64 5 7

40

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

06/04/10to

31/03/14

31/03/13to


+24.0 -8.8+24.9 -8.4

-2.6 -9.9


21.43 11.9112.96 13.4610.28 11.857.51 5.677.17 5.296.64 7.934.88 3.954.12 4.513.52 0.932.83 3.232.65 -2.40 4.812.08 2.912.08 3.162.06 3.881.51 1.651.28 3.691.26 1.251.01 1.270.62 0.31

- 1.6398.29 93.291.71 6.71

100.00 100.00

United KingdomSouth AfricaIndia


TaiwanBrazilSouth KoreaPolandMalaysiaSwitzerlandChina

Investment assets

JapanUnited StatesThailandHong KongMexicoTurkeyChilePapua New GuineaDenmark




% of trust value

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

Performance Record

Trust and Indices

QatarGreece

41


% of trust value

% of trust value

31/03/14 31/03/139.12 6.565.67 4.654.16 4.353.94 3.71

3.72 3.693.38 3.583.24 3.573.24 3.332.83 3.252.65 3.23

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


UnitFinal 31/05/14 0.286 0.288 Final 31/05/13 0.539 0.541

Samsung Fire & Marine Insurance NTPCUni-President Enterprises Tata Consultancy Services

Standard Bank SABMillerSt. James's Place Money Market Unit TrustL Acc

Standard Bank

Bank Pekao CencosudTiger Brands Taiwan Semiconductor Manufacturing

Holdings Holdings

Over the year significant purchases included Japanese firm Unicharm as the company was looking acceptably valuedagainst its cash flows and Endesa Chile, an attractively valued utilities company which has some very profitable assetsin areas which are regulated sensibly. We also bought Brazilian company Ultrapar Participacoes. The company is aconglomerate of five businesses with petrol stations forming the largest segment. The most recent development is thepurchase of Extrafarma, a chain of drugstores which should offer plenty of opportunities to replicate some of what they have done with petrol stations.

China Telecom Infosys


Unicharm China Telecom


Over the reporting period the portfolio outperformed the wider emerging markets equity index. In general, emergingmarkets declined on concerns about the growth outlook and currency weakness, lagging global markets. At a sectorlevel, Information Technology and Consumer Discretionary outperformed, while Energy and Materials lagged.

Bank Pekao (Poland) gained over the period as investors responded positively to the use of surplus capital andtelecoms services business TPSA (Poland) rose as its dividend looked increasingly secure. IT giant Western Digital (US)climbed as management proved its ability to continually reinvent the business in spite of the structural decline of harddisk drives which the market is already discounting.

On the negative side, consumer staples holdings were amongst the major detractors. Cencosud (Chile) declined as theChilean market was weak and on concerns about the company’s large Colombian acquisition, while Tiger Brands(South Africa) fell on disappointing results due to problems with a recent acquisition. Utilities business NTPC (India)was weak on negative news from the regulator.

Unilever UnileverSABMiller (London Listing) Tiger Brands

Major Holdings

42


First State Investment Management (UK) Limited 17 April 2014

We sold Cencosud as operational concerns mean the balance sheet may not be as solid as we thought and Indian firmInfosys Technologies on valuation concerns. We sold Western Digital because of its unpredictable franchise - which inour view precludes the stock from commanding a high rating, despite the fact that management have done a verygood job adapting to changing technological trends.

If the business backdrop remains difficult for years, brand owning companies with pricing power are likely to be goodplaces to preserve wealth, but only if they have a strong approach to balancing the needs of shareholders with thoseof the broader societies in which they operate.

43

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

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

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



The investment objective of the Scheme is to achieve long-term capital appreciation by investing worldwide in equities.

Net Asset Values




The risk category is recalculated weekly and for the last six weeks of the period under review the risk category changedfrom a category 6 to a category 5. Please note that if the risk category consistently remains as a category 5 for a fourmonth period, the KIID will be amended from a category 6 accordingly.

30/09/13 55,228,065,816 122.91 124.75

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 collectiveinvestment schemes, money market instruments, deposits, and derivatives and forward transactions for the purposes of efficient portfolio management (including hedging).

Please note that on 3 February 2014 the Scheme was converted from a Non-UCITS Retail Scheme to a UCITSscheme. The conversion had no impact on the above objectives.






31/03/14 55,438,302,046 126.26 128.15


Unit Trust Facts



1 2 3 64 5 7

44

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

12/09/11to

31/03/14

30/09/13to


+32.9 +2.3+34.9 +2.8

+42.7 +5.4+29.8 +3.2


35.31 33.849.27 10.587.98 8.674.04 3.723.22 3.142.75 2.762.72 2.572.68 3.012.42 2.632.34 1.95

Germany 2.27 2.14Hong Kong 2.09 2.07Netherlands 2.05 2.23Brazil 2.00 2.37South Africa 1.68 1.78Australia 1.63 1.70Thailand 1.14 0.85Singapore 1.13 1.09Italy 1.02 1.02Malaysia 1.01 0.94Indonesia 0.79 0.50Sweden 0.74 0.77Mexico 0.67 0.66

Performance Record

Trust and Indices



Source: Financial Express for Fund returns



% of trust value

St. James's Place Global Equity Unit Trust Income units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI AC World (NDR)MSCI ACWI Equal Weighted (NDR)

SwitzerlandFranceCanadaTaiwanChinaSouth KoreaIreland

United StatesUnited KingdomJapan

45


Classification of Investments (continued)31/03/14 30/09/13

Spain 0.67 0.68Denmark 0.66 0.63Jersey 0.66 0.69Belgium 0.52 0.47Turkey 0.51 0.45Poland 0.51 0.54Chile 0.49 0.45Philippines 0.47 0.37Curacao 0.45 0.45Russia 0.41 0.55India 0.35 0.34Finland 0.32 0.39Greece 0.29 0.06Colombia 0.25 0.27Israel 0.23 0.23Bermuda 0.23 0.23Austria 0.22 0.23Norway 0.20 0.18Luxembourg 0.17 0.14New Zealand 0.13 0.13Portugal 0.13 0.13Egypt 0.11 0.10

0.07 0.07Hungary 0.07 0.06Peru 0.06 0.03Macao 0.05 0.06Mauritius 0.02 0.02Guernsey 0.02 0.03Morocco - 0.07

0.02 0.04Derivatives 0.02 (0.04)

99.26 99.040.74 0.96

100.00 100.00Total other assets (net)Net assets

Investment assets

Czech Republic

Cayman Islands

% of trust value

46


% of trust value

% of trust value

31/03/14 30/09/133.09 4.06

1.17 0.961.14 0.75

0.80 0.740.78 0.740.76 0.73

0.68 0.690.66 0.690.65 0.660.63 0.65

JPMorgan Chase MicrosoftFacebook Visa

Institutional Cash Series - Institutional USDollar

Baidu ADR

TE Connectivity ARMMicrosoft FacebookAlere Institutional Cash Series - Institutional US

Dollar

Holdings Holdings

BlackRock Investment Management (UK) Limited 23 April 2014

American International AlereVisa ASML (New York)


Global equity markets continued their strong growth in the fourth quarter of 2013 as economies slowly but graduallyimproved. The beginning of the reporting period saw new highs for many equity markets as they benefitted from thedelay of tapering in the US. The US earnings season also provided support for global equity markets as companies ingeneral reported earnings above analysts’ estimates. Meanwhile, falling inflation in the eurozone didn’t provide muchhelp in terms of improved competitiveness. The October reading for eurozone inflation was a meagre 0.7%. This figureimproved (marginally) through the following months.

Emerging market equities remained in subdued positive territory over the three months to the end of the year, despitethe continued underperformance of the region relative to developed equities over 2013 as a whole. The debate aroundUS tapering prior to the US Federal Reserve’s decision in mid-December had a significant effect on emerging marketequities, as markets with sensitivities to external funding, such as Brazil, were weighed down by the uncertaintysurrounding the timing of the end of US monetary stimulus.

The start of the year was marked by widespread risk aversion and the sell-off in emerging markets. This spurredconcerns that assets would become more volatile and re-opened the debate on whether we'd seen a technicalcorrection or a warning sign of a shift to weaker fundamentals and growing pessimism around China's economicoutlook. With US multiples reaching higher levels and expectations for 8% growth in earnings for the next three years,investors became more considerate of valuations and questioned the validity of the forecast and growth assumptions.A large portion in pick-up of profitability and earnings expansion in the US was achieved through one-off efforts ofintensive cost cutting, wage stagnation and stock buybacks. Once these sources are exhausted, concerns werewhether the growth trajectory could still be supported at the estimated 3% level for 2014.



Wells Fargo Wells Fargo

Major Holdings

47


% of managers

overall portfolio

% of managers

overall portfolio

31/03/14 30/09/135.93 4.845.41 4.785.31 4.775.28 4.434.59 4.34

For the first quarter of 2014, developed equity markets paused after last year’s stellar performance, but still providedmarginal positive growth with the MSCI World index returning 1.26% in USD terms. Conversely, with lower riskappetite, the MSCI Emerging Markets index lagged developed markets posting a negative return in USD terms over thesame period.

The political situation in Ukraine/Russia kept geopolitical risk for equity markets elevated over the first quarter of 2014.In the absence of more damaging international sanctions against Russia, volatility remained relatively low. Except forRussian equities (which together with the Ruble have been severely impacted by the situation), the most immediaterisk faces Europe, as 30% of its natural gas is imported from Russia. Any interruption to this supply could endanger the already fragile recovery and current improvement of investor sentiment in the region.

EdgePoint Investment Group Inc 28 April 2014

In the past six months, the portfolio has outperformed the MSCI All Country World Index (MSCI ACWI) asmacroeconomic news and fiscal and political policies continued to dominate the markets.

Microsoft Corp., WABCO Holdings Inc. and PTC Inc. have been among the significant contributors to performance.Microsoft’s Windows franchise has performed better than the overall PC market. Worries about slowing personalcomputer sales due to concerns of a shift to mobile and phone computing weighed on the company, but nowsentiment is starting to turn positive and our thesis for owing Microsoft is playing out. With significant appreciation inits share price over the past few months, we will likely be taking some profits in the near term, but will continue tohold Microsoft at a reduced weight.

WABCO has pioneered breakthrough technologies for braking, stability, and transmission automation systems suppliedto the world’s commercial truck and bus markets. We believe that WABCO will have significant growth opportunitiesas more countries start to manufacture commercial vehicles according to a regulatory environment similar to that ofEurope’s.

PTC develops technology solutions that help companies design products, manage product information and improveproduct development processes for automotive, electronics, aerospace, defence, retail, consumer and medical-devicesindustries. PTC has excellent growth opportunities as it has a large and expanding potential market, and is a leader inproviding innovative and comprehensive solutions for managing product-development processes.

Price fluctuations will continue to be inevitable; but no matter the investment climate, we search for companies thatcan grow in spite of macroeconomic headwinds and build our portfolios around our proprietary insights.

Major Holdings

Holdings Holdings

Wells FargoTE ConnectivityAlereMicrosoftJPMorgan Chase

MicrosoftWells FargoAlereJPMorgan ChaseRyanair ADR

48


% of managers

overall portfolio

% of managers

overall portfolio

31/03/14 30/09/134.67 5.474.57 5.224.51 4.984.02 4.853.97 4.76ASML (New York)

Our Global Growth strategy outperformed the MSCI All Country World Index (MSCI ACWI) for the one-year periodended 31 March 2014.

As bottom-up investors, the primary driver of portfolio decisions is the long-term growth prospects of a business, notmacroeconomic forces. However, because our portfolio is concentrated and our opportunity set is vast, we sometimesfind more promising businesses to choose from than available ‘slots’ in the portfolio. When this happens, ourmacroeconomic views might play a bigger role in our decision-making process. This happened a few times over thepast year. Relative to other developed economies, growth prospects in the US appear promising and we think thedollar is poised for a period of renewed strength. Given this favourable backdrop, we increased the portfolio’s USexposure by initiating positions in Workday, an innovative software as a service (SaaS) company that is based in the USbut has global reach, and Kansas City Southern, operator of a freight rail network that connects the US and Mexico.

In contrast, many emerging market countries were pressured throughout the year. We take great care not to look atthese diverse countries as a single group. Instead we use our headwind and tailwind frameworks to assess eachindividually. Some, such as Brazil, require meaningful structural reforms and appear expectant of an extended period ofweak growth. In recognition of this, we sold several Brazilian businesses over the year to decrease the portfolio’sexposure to the country. Others, notably India, seem to be making the economic and political reforms needed toreignite growth. This influenced our decisions to initiate positions in Titan and HDFC, the country’s leading formaljeweler and dominant mortgage finance company.

Facebook, Baidu, Naspers, ASML Holding and Biogen were among the top contributors to relative outperformance.The largest detractors from relative results were BM&FBOVESPA, Allergan, Prada, Raia Drogasil, and Qualcomm.

We remain focused on ensuring each business continues to meet our six investment criteria and understanding thelong-term drivers that will contribute to success or create challenges.

Sands Capital Management, LLC 23 April 2014

Major Holdings

Baidu ADR ARM Visa FacebookCharles Schwab VisaARM

Holdings Holdings

Facebook Baidu ADR

49


% of managers

overall portfolio

% of managers

overall portfolio

31/03/14 30/09/134.48 4.193.96 3.773.74 3.623.45 3.293.29 3.24GlaxoSmithKline

Holdings Holdings

Total Total Roche RocheNovartis NovartisRoyal Dutch Shell 'A' shares (MTF) Royal Dutch Shell 'A' shares (MTF)GlaxoSmithKline

Tweedy, Browne Company LLC 23 April 2014

After a strong finish to 2013, global equity markets plateaued in the first quarter of 2014 as slowing growth inemerging markets and increasing tension in a number of regions slowed the building equity market momentum of2013. That said, the portfolio advanced nicely over the last six months, though it trailed the wider global equity marketlargely due to an above-average cash position.

As the bull market gained momentum over the last 12 months, aside from continued strength in our pharmaceuticalholdings, the more cyclical components of the portfolio began to deliver the best returns led by the media, oil & gas,insurance and industrial holdings. These groups included companies such as Axel Springer, Total, Zurich Insurance andSiemens. While disappointments have been marginal and few and far between, a few companies produced returnsthat were less than what we would have hoped, despite continued financial progress at many of them. This listincluded companies such as Diageo, Metcash, Tesco, Pearson, and G4S.

There has been marginal activity in terms of disposals over the period. We sold the holding in Metcash, which hadbeen a disappointment, and reduced positions in BAE, Daily Mail, Pearson, Sysco and Tesco. We established a newposition in Standard Chartered Bank, the large UK-based global bank, which is actually anything but a UK bank withthe bulk of its operating income derived from Asia, the Middle East and Africa. It is conservatively financed, servicesmany of the fastest growing parts of the world where middle classes are on the rise and was bought at a significantdiscount to what we believe it is intrinsically worth. And while we wait for the value of the shares to be recognised, itpays a dividend yield in excess of 4%. We also added to other positions including Banco Santander Brasil,GlaxoSmithKline, DBS Group and Imperial Tobacco.

While we have begun to see some welcome volatility of late, overall equity valuations remain elevated, making bargainhunting still challenging.

Major Holdings

50





31/03/14 7756,876,746 121.27 128.10


Distribution payment dates: 331 January, 30 April, 31 July, 31 October

Unit Trust Facts



31/03/13 3374,252,614 113.98 117.06

The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collectiveinvestment schemes, money market instruments, cash and near cash, deposits, and derivatives and forwardtransactions 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 toqualify for inclusion in the Investment Management Association's Global Equity Income Sector.

Please note that on 3 February 2014 the Scheme was converted from a Non-UCITS Retail Scheme to a UCITSscheme. The conversion removed the Scheme’s ability to invest in unregulated collective investment schemes.



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



The investment objective of the Scheme is to provide income, together with the potential for long-term capitalappreciation, through investing primarily in global equities.

Net Asset Values





1 2 3 64 5 7

51

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

10/04/12to

31/03/14

31/03/13to


+28.7 +6.6+34.8 +9.6

+26.3 +6.3


28.45 41.9619.78 18.7713.05 8.605.44 4.893.69 1.593.50 -3.40 1.383.20 6.102.96 3.002.76 1.902.16 -2.03 0.991.96 3.361.50 2.501.35 1.291.03 1.220.70 -

96.96 97.553.04 2.45

100.00 100.00

United StatesUnited KingdomSwitzerland


NetherlandsGermanySwedenNorwayJapanLuxembourgHong Kong

Investment assets

ItalySpainAustraliaFranceIrelandSingaporeBermuda




% of trust value

St. James's Place Global Equity Income Unit Trust Income units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI World (net income reinvested)

Performance Record

Trust and Indices

52


% of trust value

% of trust value

31/03/14 31/03/134.69 4.804.06 3.803.60 3.71

3.56 3.673.50 3.363.34 3.253.05 3.002.98 3.002.96 2.802.65 2.78

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit




Over the 12 months to 31 March 2014, strong stock selection in Europe and an overweight position for the regionrelative to the MSCI World Index drove the fund’s relative outperformance.Global equity markets have risen over the past 12 months to the end of March 2014 on signs that economic growth isaccelerating amid loose monetary policies in the developed world. The resolution of the US government shutdown inOctober and the US Federal Reserve’s announcement in December that it would begin to reduce the pace of its asset-purchase programme in January 2014, all served to support equity markets last year. Meanwhile, the outlook forfinancial stability in the eurozone has continued to improve. As such, we’ve seen a big divergence between developedmarket and emerging market performance, with emerging markets hit the hardest since talk of reducing, or tapering,the US Federal Reserve’s monthly asset purchases began in May 2013. Since the start of 2014, though, global equity markets have traded sideways in the face of considerable uncertainty:potential escalation in Ukraine, weather events distorting US data, and deflation fears in the eurozone; and cautionover the Chinese economic growth, where surprisingly weak economic data since the start of the year has once againincreased fears of a hard landing.

Novartis NovartisRoche Roche

Major Holdings

Holdings Holdings

Developed equity markets were the beneficiaries of emerging market unease as the economic recovery in the US, UKand Europe continued to gain ground. Swiss pharmaceutical stock Roche, for example, was among the portfolio’sstrongest individual performers. Roche reported strong earnings and sales growth numbers and was further buoyed byexpectations of its new oncology products. It introduced new breast cancer and lymphocytic leukaemia drugs in 2013;and given its strong drug pipeline, we believe Roche’s shares offer solid dividends in both the short and long term.

RTL Philip Morris International


HSBC British American Tobacco

Pfizer CanonBritish American Tobacco SES

BT St. James's Place Money Market Unit TrustL Acc

Microsoft Johnson & JohnsonNordea Bank AmcorReed Elsevier Reed Elsevier

53


Manulife Asset Management (US) LLC 15 April 2014

We expect accommodative monetary policy in major developed nations to result in stronger economic growth in 2014compared with 2013. Stronger growth should, in turn, support growth in corporate earnings and help to moderatevaluations somewhat.

We are cautious about emerging markets, the eurozone and Japan. United Kingdom GDP growth continues to behealthy, European financial markets continue to improve and the US appears to be stable and growing.

As managers, our focus will be on companies that we believe have strong balance sheets and the ability to maintain orincrease profit margins, like our top holdings British American Tobacco, Eaton Corp and Johnson & Johnson.

At the sector level, performance from cyclical areas of the market (those sensitive to the economic cycle) outperformedmore defensive areas (those which tend to provide a constant dividend and stable earnings regardless of the state ofthe economy). Stock selection was correspondingly strongest within financials, industrials and IT. The portfolio’soverweight exposure to some defensive sectors, such as consumer staples, which underperformed the broader market,detracted from returns.

From 28 April 2014, Manulife Asset Management (US) LLC replaced INVESCO Asset Management Limited asInvestment Advisers to the Trust.


54




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.

31/03/14 8837,886,254 1,757.83 3,134.38



Unit Trust Facts



30/09/13 7740,789,157 1,612.13 2,874.58



St. James's Place Greater European Progressive Unit TrustManager's Short Report

for the period eneded 31 March 2014 (unaudited)


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 beinvested in any other geographic area. The Scheme will concentrate on seeking opportunities for exceptional growthin undervalued stocks that may be less popular but which, in the opinion of the Investment Adviser, offer good valuefor money.

Net Asset Values




The risk category is recalculated weekly and during the period under review, the risk category did not change.

1 2 3 64 5 7

55

(continued)St. James's Place Greater European Progressive Unit TrustManager's Short Report

16/12/69to

31/03/14

31/03/09to

31/03/14

30/09/13to


+18,370.0 +140.4 +8.5+32,830.0 +150.8 +9.0

+1,668.5 +64.7 +6.0


30.24 25.4319.84 16.6615.97 21.967.75 7.377.50 11.346.56 4.434.16 4.602.59 2.311.96 1.921.62 1.641.35 1.65

99.54 99.310.46 0.69

100.00 100.00

United KingdomGermanyFrance


SpainSwitzerlandItalyNetherlandsBelgiumLuxembourgSweden

Investment assetsIreland




% of trust value

St. James's Place Greater European Progressive Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI Europe (including UK)

Performance Record

Trust and Indices

56


% of trust value

% of trust value

31/03/14 30/09/135.66 4.62

4.15 4.404.13 3.983.86 3.403.48 3.213.35 3.182.69 2.772.68 2.572.62 2.552.59 2.54


Continental European stock markets rose by almost 9% in sterling terms over the period. The portfolio significantlyoutperformed these in the period under review.

Banks make up 26% of the portfolio. Here, we still believe that the market has failed to appreciate the benefits of arapid recovery in financial margins coupled with draconian cost-cutting and easing regulatory pressures. We havefocused on the strongest retail banking franchises, such as Lloyds and Barclays, where we believe that returns shouldrather rapidly return to pre-crisis levels.

Companies from the periphery of Europe represent another 24% of our investments. On a recovery basis, for example,the Spanish property group Sacyr represents great value. The same holds true for our holdings in Intesa Sanpaolo andBanco Popular.


Henkel

Henkel SAP

Major Holdings

Utilities now constitute a growing 14% of the fund, following our recent investments in Eiffage and Telecom Italia.

Novartis UnileverColruyt Mediaset

S.W. Mitchell Capital LLP 07 April 2014

Our favourite growth companies, such as Babcock and Experian make up a final quarter of our investments.

We benefited from our positioning in the more domestically orientated areas of the market. Notable strong performersincluded Intesa Sanpaolo, Banco Popular, Air France, Mediaset, Sacyr, Peugeot and Orange.

Many of the best-quality international growth stocks are now just too expensive, especially considering a possibleslowdown in emerging market demand. Many domestic European companies, on the other hand, are trading atdiscounts to their American equivalents in excess of 50%. Indeed, we remain very optimistic on the outlook forEurope. In particular, we believe that the opportunity to invest in more domestically orientated companies isparticularly striking: these now constitute almost two-thirds of our investments.

Holdings Holdings

Intesa Sanpaolo NovartisGlaxoSmithKline Sage

SAP HeinekenBritish American Tobacco British American TobaccoHeineken Publicis GroupeHannover Rueck Hannover Rueck

57


% of managers

overall portfolio31/03/14

5.204.624.314.254.11

OrangeTaylor WimpeyRWE

Major Holdings

Holdings

Intesa SanpaoloMediaset

More importantly, however, our firm belief has been – and remains – that the eurozone economies are both fiscallystronger, and more business-competitive, than their Anglo-Saxon counterparts. One need only look at the modestgrowth in overall eurozone government debt over the crisis, or at the German trade account surplus, to appreciate thestrength of the region relative to the US and UK.

The main challenge for the eurozone, of course, remains the trying circumstances facing its periphery.

58


% of managers


8.678.057.286.995.60

HenkelBritish American TobaccoHeinekenHannover RueckGlaxoSmithKline

Major Holdings

Holdings

For the six-month period ending 31 March 2014, our element of the Trust was modestly ahead of the broaderEuropean market. The top performers were Sage, Hannover Re, Imperial Tobacco and Roche, which highlights thediversity of businesses within our portfolio despite a concentration of only 17 companies. Negative returns wereposted by Colruyt and Heineken.

We took advantage of Colruyt’s price weakness by buying additional shares near 52 week lows. We also added toBritish American Tobacco and GlaxoSmithKline at attractive valuations. We sold the remainder of IMI, after its valuemore than doubled since our opportunistic purchase during the euro crisis in 2011. We sold this position as thevaluation surpassed our estimate of intrinsic value, non-core business disposals were largely complete and the highlyrespected and long-serving CEO had left the company. During the period we also trimmed Publicis to a smallerweight. Publicis was no longer trading at a large discount to our estimate of intrinsic value, after the total returncompounded at more than 19% annually over the last four years.

The recent geopolitical issues with Russia, the European Central Bank stress test results due later this year and higherequity valuations in many markets following a few years of strong returns, are reminders of why we think investorsshould maintain a healthy dose of risk aversion and selectivity. Our Dream Team remains expensive, with an averageP/E ratio of 22 times compared to only 16 times for our portfolio. Companies beyond our Dream Team with lowermultiples than our portfolio (e.g. automotive manufacturers, commodity majors, big banks, insurance companies andtelecoms) tend to exhibit one or more of the following characteristics; weak competitive advantage, low returns oncapital and limited long-term growth prospects. Additionally, some are highly cyclical while earning near-peak margins at present. Past business cycles have taught us not to sacrifice quality for a bit more (potentially illusive) yield whenthe markets are expensive.

14 April 2014Burgundy Asset Management Limited

59

St. James's Place High Octane Unit TrustManager's Short Report



The investment objective of the Scheme is to provide capital appreciation through investment in a concentratedportfolio of quoted securities on a worldwide basis. The Scheme will be invested, at the Manager's discretion, primarilyin global equities and may also be invested in cash or near cash.

Net Asset Values



The Non-UCITS Retail Scheme Key Investor Information Document (NURS-KIID) risk category above indicates howmuch the price of units in the Scheme has gone up and down in the past. It was calculated using performance dataup to 3 February 2014.


31/03/13 1159,638,172 96.97 98.55

The Scheme is also permitted to invest in other asset classes permitted for Non-UCITS Retail Schemes under COLLincluding transferable securities, money market instruments, cash and near cash, units in collective investmentschemes, deposits, and derivative and forward transactions (for the purposes of hedging, including currency hedging,only).

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.






The Trust invests in International securities which fluctuate in value and is also exposed to changes in currency rateswhich may affect the performance of the Trust. The Trust typically invests in a limited number of securities, which maylead to a higher level of volatility in its performance.

31/03/14 1184,194,601 104.04 105.81



Unit Trust Facts



1 2 3 64 5 7

60

(continued)St. James's Place High Octane Unit TrustManager's Short Report

07/04/08to

31/03/14

31/03/09to

31/03/14

31/03/13to


+9.6 +84.7 +6.5+11.4 +87.7 +7.4

+33.3 +78.7 +6.3+52.1 +99.0 +8.4


22.47 23.8022.35 26.6716.04 16.129.33 9.808.94 8.634.94 3.144.74 -4.01 4.963.24 -2.56 3.24

- 2.1498.62 98.501.38 1.50

100.00 100.00

Performance Record

Trust and Indices




% of trust value

St. James's Place High Octane Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI WorldMSCI World (net income reinvested)


FranceItalySouth KoreaRussiaCanadaNetherlandsGermany

Investment assetsFinland

JapanUnited StatesUnited Kingdom

61


% of trust value

% of trust value

31/03/14 31/03/136.48 7.306.23 5.905.43 5.485.32 5.445.21 5.384.94 5.384.84 5.114.74 5.004.53 4.964.50 4.80

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


UnitFinal 31/05/14 0.082 0.083 Final 31/05/13 0.808 0.814

Microsoft Rio TintoLukoil ADR Vivendi

Rio Tinto Microsoft Vivendi Hitachi Fiat CitigroupSamsung Electronics Pfizer

Holdings Holdings

It looks as if world economic growth is more normal than it has been since before the financial crisis; and yet theemphasis on monetary easing is unlikely to stop while levels of unemployment remain very high. This combination isnot a bad background for markets, in spite of the high valuation of some of them, in particular the US; but liquidity-driven markets can go on much longer than one supposes. Valuations in much of the world – emerging markets, Japan and Europe – still appear reasonable. The average price/earnings ratio in the portfolio is 11, while the average for theworld index is 17; the average price/cash flow ratio is six, compared with an average of nine for the world index.

Tesco Barrick Gold


Citigroup Renault


In strong global equity markets, the return has been satisfactory in absolute terms over the last 12 months and aheadof the return of global equities generally, although the return was lower than it otherwise would have been because ofthe strength of sterling in the period.

The strongest performers have included two car companies, Fiat and Renault, which have had depressed valuationsreflecting depressed car sales, and are now showing an improvement. The weakest performers have included BarrickGold and Tesco.

Recent additions to the portfolio have included Lukoil; on less than four times earnings it is, even for a Russiancompany, at sufficient discount to its valuation to be more attractive than other major oil companies. We have recentlysold Hitachi, which has more than doubled since purchase at various stages since 2009. Hitachi has been our posterchild for the transformation which has been going on in Japan.

Hewlett-Packard Mitsubishi UFJ Financial Mitsubishi UFJ Financial Hewlett-Packard

Major Holdings

62


Oldfield Partners LLP 11 April 2014

Japanese companies continue to account for roughly a quarter of the portfolio. We see considerable value in manyJapanese shares. The story in Japan since Mr Abe took office is: so far, so good. In a video appearance at a recentinvestor conference he exhorted the audience to “buy Japan”, something which comes slightly awkwardly from aprime minister. But no one can doubt his commitment to restore animal spirits to the Japanese economy and markets.

In general the portfolio has a cyclical tilt, reflecting our belief that the environment is one of slow but improvingeconomic growth.

63

(continued)St. James's Place High Octane Unit TrustManager's Short Report (continued)

St. James's Place High Octane Unit TrustManager's Short Report





31/03/14 1102,568,098 94.13 96.22



Unit Trust Facts



31/03/13 770,076,327 100.73 101.86

The Scheme may also invest in other, non-UK, highly rated government backed index linked securities, and is alsopermitted to invest in other types of transferable securities, units and/or shares in collective investment schemes,money market instruments, cash and near cash, deposits, and derivatives and forward transactions for the purposes ofefficient portfolio management (including hedging).

Please note that on 3 February 2014 the Scheme was converted from a Non-UCITS Retail Scheme to a UCITSscheme. The conversion removed the Scheme’s ability to invest in unregulated collective investment schemes.



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



The investment objective of the Scheme is to provide a combination of growth and income, by investing primarily in aportfolio of UK index linked gilts.

Net Asset Values




The risk category is recalculated weekly, in September 2013 the SRRI changed from a category 4 to a category 3.

1 2 3 64 5 7

64

(continued)St. James's Place Index Linked Gilts Unit TrustManager's Short Report

10/04/12to

31/03/14

31/03/13to


-0.8 -6.4+1.1 -5.4

+6.2 -4.1


29.66 20.5619.72 13.289.54 12.349.42 12.179.04 11.728.78 11.366.24 -4.36 2.182.23 -

- 15.7398.99 99.341.01 0.66

100.00 100.00

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit



UK Treasury Index Linked 2.5% 26/07/2016UK Treasury Index Linked 1.25% 22/11/2017UK Treasury Index Linked 2.5% 16/04/2020



UK Treasury Index Linked 1.875% 22/11/2022UK Treasury Index Linked 2.5% 17/07/2024UK Treasury Index Linked 1.25% 22/11/2027UK Treasury Index Linked 0.125% 22/03/2029UK Treasury Index Linked 0.125% 22/03/2024UK Treasury Index Linked 0.125% 22/11/2019UK Treasury Index Linked 2.5% 16/08/2013Investment assets




% of trust value

St. James's Place Index Linked Gilts Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualCiti UK Inflation-Linked Secutities Index (GBP)

Performance Record

Trust and Indices

65

(continued)St. James's Place Index Linked Gilts Unit TrustManager's Short Report


Real yields on index-linked bonds increased sharply during the first half of the reporting period and yields onconventional gilts also increased although less so. The increase in real yields was concentrated in the three monthperiod to the end of June 2013, driven by the expectation that the Fed would begin early tapering. However, therewas no change to policy, prompting a small decline in yields in the second half of September.

Data releases showed an improvement in economic growth in the second quarter of 2013 and inflation was littlechanged between March and September.

The Bank of England (BoE) unveiled its forward guidance for interest rates in August announcing its parameters for arate hike. These were based on the level of unemployment, the path of inflation and low interest rates not riskingfinancial stability. Real yields on index-linked gilts rose across all maturities in the final quarter of 2013.

Domestic economic data releases were generally stronger than expected in the fourth quarter of 2013. Consequently,the BoE revised up its growth forecasts and revised down inflation in its November Inflation Report.


Index-linked bonds rallied across most maturities in the first quarter of 2014. UK inflation cooled, falling below theBoE’s 2% target. The first estimate of GDP showed growth of 0.7% for the final three months of 2013. Unemploymentremained stable in January. The BoE revised up its growth forecasts and lowered its inflation projections in its FebruaryInflation Report. The BoE maintained its policy but adjusted its forward guidance to take account of a broader range ofeconomic indicators.

66




Distribution payment dates: 331 March, 30 June, 30 September, 31 December

Unit Trust Facts



To achieve this, the Scheme will invest principally in a portfolio of senior secured high yield corporate debtinstruments*, primarily issued by North American and European companies. The Scheme may also invest in any othergeographic area.

The Scheme is also permitted to invest in other types of transferable securities, money market instruments, cash andnear cash, units and/or shares in collective investment schemes, deposits and derivative and forward transactions forthe purposes of efficient portfolio management (including hedging).

*Corporate debt instruments are either secured or unsecured, and, either senior or subordinated. Secured debt meansthat collateral has been pledged as security against default, whilst investors in senior debt instruments are legallyentitled 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 samecorporation.

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.

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



The investment objective of the Scheme is to provide a combination of income generation and capital appreciation.





1 2 3 64 5 7

67

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

Unit Class


06/04/10to

31/03/14

30/09/13to


+13.7 +2.2+41.3 +5.1

+34.2 +3.6



St. James's Place International Corporate Bond Unit Trust Income units (offer to offer)Accumulation units (offer to offer)Indices - actualMerrill Lynch Global High Yield BB-B Rated

Performance Record

Trust and Indices



Net Asset Value31/03/14


Net Asset Values

AccumulationIncome 1111,177,418

133.51

£


1,238,672,635106.03

1,439,129,322

68



44.45 46.1025.77 27.0925.12 20.761.12 1.350.47 0.540.58 2.66

97.51 98.502.49 1.50

100.00 100.00

31/03/14 30/09/130.40 0.09

96.53 95.7596.93 95.843.07 4.16

100.00 100.00

% of trust value

% of trust value

31/03/14 30/09/131.79 1.66

1.65 1.641.42 1.62

1.42 1.55

1.39 1.481.38 1.471.37 1.45

1.36 1.381.25 1.30

1.23 1.27

US Dollar Denominated BondsEuro Denominated BondsSterling Denominated Bonds

Vougeot Bidco 7.875% 15/07/2020 Lowell Group Financing 10.75% 01/04/2019

New Look Bondco I 8.75% 14/05/2018 CET 9% 01/11/2017

OtherNet assets

Major Holdings

Speculative gradeTotal bonds

Pinnacle Operating 9% 15/11/2020 House of Fraser Funding 8.875% 15/08/2018

Accuride 9.5% 01/08/2018 Accuride 9.5% 01/08/2018


Investment grade

Holdings Holdings


Care UK Health & Social Care 9.75% 01/08/2017

New Look Bondco I 8.75% 14/05/2018

Shelf Drilling 8.625% 01/11/2018 TPC 8.75% 15/12/2020

Lowell Group Financing 10.75% 01/04/2019

Shelf Drilling 8.625% 01/11/2018

Gala Group Finance 8.875% 01/09/2018 Care UK Health & Social Care 9.75% 01/08/2017

CET 9% 01/11/2017 Travelex Financing 8% 01/08/2018Travelex Financing 8% 01/08/2018 Vougeot Bidco 7.875% 15/07/2020


Swedish Krona Denominated BondsSwiss Franc Denominated BondsDerivativesInvestment assets


% of trust value

69


Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit





The portfolio generated healthy returns in the six-month period ended March 2014. Senior-secured bondsdemonstrated their ability to generate returns whilst proving resilient in periods of macro volatility that interspersed abroadly positive environment.

Within the US, markets were buoyed as the debt ceiling was extended in the early part of the fourth quarter of 2013;and further positive momentum was provided by comments from the Federal Reserve pertaining to future interest rateexpectations and the commencement of a tapering of quantitative easing (QE). Europe saw consistent performanceover the period, with the high-yield primary issuance in the first half being one of the strongest on record. Despitesome tension in emerging markets towards the latter half, the key geopolitical risks remained localised and theportfolio’s assets generally benefited from the flight to higher-rated investments.

The demand for yield along with the environment of low interest rates has continued to encourage new issuance,enabling us to selectively buy attractive new issues in the primary market, ensuring the diversification of holdingswithin the portfolio whilst maintaining an attractive yield.

Top-performing holdings in the period included Travelex, a UK-headquartered foreign exchange company;Manutencoop, an Italian facility management company; and New Look, a British high street fashion retailer. Holdingsthat detracted included New World – a Central European coal-mining company – and ATU, a German car-repair chain.


Babson Capital Europe Limited 15 April 2014

During the period, high-yield corporate fundamentals remained stable while default rates both in the US and Europeremained low. Overall monetary policy continued to be supportive, even with the US Federal Reserve beginning totaper its QE programme. Furthermore, stronger economic activity and GDP growth was evident throughout the periodin both the US and Europe; and with these trends projected to continue, we would expect robust demand for senior-secured bonds. By maintaining our disciplined approach to credit investing, we look forward to continuing to capturepositive risk-adjusted returns for the portfolio.

70

St. James's Place International Equity Unit TrustManager's Short Report



The investment objective of the Scheme is to achieve long-term capital appreciation by investing internationally in afocused portfolio of equities. The Scheme will invest primarily in equities, cash and near cash.

Net Asset Values




The risk category is recalculated weekly and for the last six weeks of the period under review the risk category changedfrom a category 6 to a category 5. Please note that if the risk category consistently remains as a category 5 for a fourmonth period, the KIID will be changed from a category 6 accordingly.

30/09/13 22,273,768,420 433.41 478.70

The Scheme is also permitted to invest in other types of transferable securities, units and/or shares in collectiveinvestment schemes, money market instruments, deposits and derivatives and forward transactions for the purposes ofefficient portfolio management (including hedging).







31/03/14 22,579,652,872 453.24 500.61



Unit Trust Facts



1 2 3 64 5 7

71

(continued)St. James's Place International Equity Unit TrustManager's Short Report

03/02/97to

31/03/14

31/03/09to

31/03/14

30/09/13to


+376.2 +92.2 +4.4+426.0 +95.2 +4.6

+95.3 +78.7 +5.3+161.5 +99.0 +6.2


72.77 70.947.31 8.747.13 7.867.06 8.183.45 1.861.29 1.21

99.01 98.790.99 1.21

100.00 100.00

% of trust value

% of trust value

31/03/14 30/09/136.73 6.626.49 6.106.22 5.705.46 5.335.00 5.024.77 4.824.72 4.464.70 4.404.66 4..384.51 4.34

Performance Record

Trust and Indices




% of trust value

St. James's Place International Equity Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI WorldMSCI World (net income reinvested)


FranceGermanyNetherlandsInvestment assets

Visa TargetTesco Nestle

Oracle Lowe'sTarget eBayDIRECTV TescoNestle Google

Holdings Holdings

Lowe's Wells FargoYum! Brands Novartis

United StatesSwitzerlandUnited Kingdom

eBay MicrosoftMicrosoft Oracle

Major Holdings

72

(continued)St. James's Place International Equity Unit TrustManager's Short Report

Magellan Asset Management Limited 14 April 2014

Across the globe, we continue to see value in high-quality companies exposed to certain investment themes such asentrenched technology, e-commerce convergence, the US housing recovery, US interest rate normalisation, the moveto a cashless society and emerging market consumption growth. The portfolio’s investments remain positioned tobenefit from a strengthening US economy.


During the period, the United States’ Federal Reserve continued its process of monetary policy normalisation, reducingthe rate of its asset purchases amid continued improvement in the US economy, notwithstanding headwinds createdby political wrangling regarding the debt ceiling and poor weather. Europe, however, experienced subdued economicgrowth, with low inflation and persistently high unemployment leading the ECB to loosen monetary policy further.

Over the period, the portfolio slightly underperformed the MSCI World Index. The portfolio’s large-cap technologyinvestments were positive contributors to performance: Google saw its shares rise sharply after strong results mitigatedconcerns that had arisen in the preceding period, Microsoft made gains as its enterprise business performed stronglyand Oracle also performed well. Conversely, eBay lost ground after announcing weaker-than-expected guidance,despite strong earnings growth. The portfolio’s investments in payments companies were also beneficial, withMasterCard and American Express gaining as the shift from cash to electronic payments continued to drive growth inthe industry. However, certain consumer companies lost ground. These included Tesco, which experienced a weakChristmas period and faces some increased competitive action from its peers, and Target which suffered a highlypublicised data breach.

We believe that the unwinding of quantitative easing remains the single most important factor that will impactmarkets and economies over the next few years. In our view, the drivers of economic growth and normalisation ofmonetary policy are gathering strength. US households are stronger, with increasing employment, lower leverage andincreasing house prices, which all support consumer confidence. The business sector is flush with cash and shouldbenefit from improved labour and energy competitiveness. The government’s fiscal position continues to improve andUS banks are strongly capitalised and ready to lend. We also believe that Europe faces a prolonged period of weaknessas its household, financial and government sectors are overly indebted and seeking to contemporaneously deleverage,which will cause demand to remain subdued.

73

Unit Class


£


839,210,725123.83

880,208,459 149.36AccumulationIncome 771,659,769

31/03/14


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



The investment objective of the Scheme is to provide an optimum balance of income generation and capitalappreciation.

Net Asset Values




The risk category is recalculated weekly and for the last thirteen weeks of the period under review the risk categorychanged from a category 4 to a category 3. Please note that if the risk category consistently remains as a category 3for a four month period, the KIID will be amended from a category 4 accordingly.

To achieve this, the Scheme will invest predominantly in a portfolio of investment grade* UK and EC company debtsecurities.

The Scheme is also permitted to invest in other asset classes permitted for UCITS Schemes including transferablesecurities, money market instruments, cash and near cash, units in collective investment schemes, deposits, andderivative 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 agencyStandard & Poor's.





Unit Trust Facts



Net Asset Value

1 2 3 64 5 7

74

(continued)St. James's Place Investment Grade Corporate Bond Unit TrustManager's Short Report

06/04/09to

31/03/14

30/09/13to


+31.5 -0.5+57.7 +0.8

+59.1 +2.4


97.04 97.420.86 0.24(0.01) (0.08)97.89 97.582.11 2.42

100.00 100.00

31/03/14 30/09/1393.63 95.403.04 2.020.37 -

97.04 97.422.96 2.58

100.00 100.00

Performance Record

Trust and Indices






% of trust value

St. James's Place Investment Grade Corporate Bond Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMerrill Lynch Sterling Non-Gilts All Stocks Index


Investment assets

Non Equity Investment InstrumentsDerivatives

OtherNet assets



Investment grade


Sterling Denominated Bonds

75


% of trust value

% of trust value

31/03/14 30/09/136.71 4.21

2.40 2.862.23 2.42

2.10 2.252.08 2.11

1.98 1.69

1.74 1.66

1.61 1.62

1.58 1.47

1.57 1.41

Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit



Anheuser-Busch InBev 6.5% 23/06/2017

London Power Networks 5.125% 31/03/2023

Carlsberg Breweries 7.25% 28/11/2016


Deutsche Bahn Finance 1.375% 30/10/2017

European Investment Bank 4.375% 08/07/2015

Network Rail Infrastructure Finance 4.625% 21/07/2020

Network Rail Infrastructure Finance 1% 07/12/2017

Barclays Bank 5.75% 14/09/2026 Barclays Bank 5.75% 14/09/2026

Major Holdings

Holdings Holdings



For the six months ending 31 March 2014, the portfolio has benefited from yield-curve positioning, although securityselections have combined to hinder performance relative to the Merrill Lynch Sterling Non-Gilts, 25% FINCL Cap, 1-15yrs Index (‘the index’).

The UK investment-grade credit market continued to perform well relative to gilts. The market has been supported byan improving economic situation in the UK and ongoing banking sector repair. Overall, there is steady economicrecovery underway, highlighted by manufacturing and unemployment, which has been on the decline. Consumptionremains a key growth driver, with capital expenditure showing signs of improvement as well.

Daimler International Finance 3.5% 06/06/2019

SSE 5% 01/10/2018

Centrica 4.375% 13/03/2029 Volkswagen Financial Services 1.25% 15/12/2016

Deutsche Telekom International Finance 6.5% 08/04/2022

European Investment Bank 4.75% 15/10/2018

KFW 5.55% 07/06/2021 KFW 5.55% 07/06/2021Svensk Exportkredit 1.875% 21/12/2018 Imperial Tobacco Finance 5.5%

22/11/2016Imperial Tobacco Finance 5.5% 22/11/2016

76


Loomis, Sayles & Company L.P. 08 April 2014

Overall, portfolio duration remains closely aligned with that of the index, generally neutral with a slight bias towardsthe longer end of the curve. UK yields are expected to rise gradually over the course of 2014, as growth and inflationpaths take hold while easier monetary policy partially subsides. The Bank of England may be one of the first developedcentral banks to implement a rate hike, but this is not being priced in until 2015 as policymakers seek to support realincome growth and household balance sheets.

Sector-allocation decisions have had a mixed impact on relative performance. Underweight exposure to government-related issuers (supranational organizations and government agencies) contributed positively to relative performance.Value added was offset by overweight exposure to the automotive, capital goods, communications, consumer goodsand energy industries. We continue to prefer corporate bonds over government-related issues as outperformancewould be expected if the global economy gains traction and private sector balance sheets remain healthy.

Security selections have been detrimental to relative performance. Choices within the insurance, services, banking andutility sectors have weighed particularly heavily on results when compared to the index. Issuers tied to water servicesunderperformed in a tough political and regulatory environment for the business segment. However, these losses werepartially mitigated by preferences within the technology & electronics, real estate and communications sectors. Morespecifically, names in the cable and telecom industries added value, including sterling-issued bonds by Comcast,Telefonica, and Telecom Italia.

77





31/03/14 22,787,645,984 120.86 125.09



Unit Trust Facts



30/09/13 22,520,709,462 117.28 121.16


The Scheme is also permitted to invest in other types of transferable securities, 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 composition of the Scheme will enable it to qualify for inclusion in the InvestmentManagement Association's 'Mixed Investment 40-85% Shares' Sector (formerly known as the Balanced ManagedSector).



St. James's Place Managed Growth Unit TrustManager's Short Report



The investment objective of the Scheme is to achieve capital appreciation over the medium to long term.

Net Asset Values





1 2 3 64 5 7

78

(continued)St. James's Place Managed Growth Unit TrustManager's Short Report

06/04/10to

31/03/14

30/09/13to


+27.2 +3.1+31.6 +3.3

+18.8 +2.9+14.8 +8.1+16.9 +0.2+57.4 +11.4


59.28 64.196.58 6.975.67 6.213.88 3.683.07 2.912.78 2.432.76 3.592.28 1.461.48 1.131.42 1.651.40 0.881.40 1.631.01 0.080.85 0.840.64 -0.52 0.160.48 0.210.47 0.140.46 -0.46 -0.34 -0.25 -0.22 0.260.20 0.19

United KingdomJapanIrelandFranceGermanySwitzerlandUnited StatesItalySwedenNetherlandsSpainGuernseyAustraliaBelgiumChinaLuxembourgCanadaFinlandHong Kong




% of trust value

Standard & Poor's 500 Index

St. James's Place Managed Growth Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI UK IMIMSCI Europe (excluding UK)Merrill Lynch 1-10 Year UK Gilt (net income reinvested)

Performance Record

Trust and Indices

South KoreaTaiwanSingaporeNorwayPortugal

79



0.12 -0.09 -0.08 -0.07 -0.04 0.05

- 0.42- (0.32)

98.30 98.761.70 1.24

100.00 100.00


54.94 51.3118.00 17.8125.36 29.96

- (0.32)1.70 1.24

100.00 100.00

31/03/14 30/09/1318.00 17.8118.00 17.8182.00 82.19

100.00 100.00

% of trust value

% of trust value

31/03/14 30/09/1317.82 16.22

5.63 6.212.33 5.251.70 2.281.65 2.111.57 1.841.54 1.701.51 1.631.40 1.591.28 1.54



SSgA Cash Management Fund (£) SSgA Cash Management Fund (£)

OtherNet assets

Major Holdings

Total bonds

Resolution Royal Bank of ScotlandBarclays Inchcape


Investment grade

Holdings Holdings

Interest bearing assetsCollective Investment SchemesDerivativesTotal other assets (net)Net assets


BP Vodafone Vodafone Resolution

AstraZeneca Schroder Institutional Pacific Fund I IncGlaxoSmithKline Schroder QEP US Core Fund I IncSchroder QEP US Core Fund I Inc AstraZenecaRentokil Initial GlaxoSmithKline


% of trust value

Equities

Investment assets

% of trust value

DenmarkBermudaDerivatives

ThailandIndonesiaMalaysiaPhilippines

80


Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit





Markets have paused as investors try to determine whether the recent soft economic data were the result ofweakening growth or adverse weather conditions in the US. On balance, data support a scenario of an ongoingimprovement in the global economy. However, the growing consensus that we are at the end of the secular decline ininterest rates, even if the timing of future rises remains dependent on improving data, is likely to lead to a rise involatility. The portfolio produced positive returns over the period as global equity markets performed strongly, with USmarkets hitting record highs.

Growth in the US continued to show signs of improvement and the Federal Reserve (Fed) began to taper itsquantitative easing (QE) programme. Authorities have been reducing QE by $10 billion a month since January but havesignalled an intention to keep monetary policy accommodative while inflation is below the Fed’s long-term objectiveand while unemployment remains high. In Europe, the economic recovery continued to gain traction although inflationremained very low over the period, prompting fears about the possibility of deflation. UK economic data continued toimprove and the release of detailed UK GDP figures for the fourth quarter showed a more balanced picture of growth.In developing markets, investors have largely been focused on slowing Chinese growth and elevated political risk; mostrecently, the geopolitical tension concerning Russia’s actions in Ukraine.

The UK equity element of the portfolio delivered a positive absolute return, but after a sustained period ofoutperformance, lagged behind over the half year. Strong stock selection in the healthcare and consumer servicessectors was offset by the overweight position in the financials sector. At the stock level, an unexpected hike in the rateof duty on profitable fixed-odds betting machines caused profit downgrades for William Hill and Ladbrokes. Foodretailers also came under pressure from ‘hard discount’ retailers. A profit warning from William Morrison served tohighlight this threat. Conversely, Darty and Home Retail performed well. The portfolio continued to trim holdings thathad risen strongly, and take advantage of share-price weakness elsewhere to invest in undervalued businesses.


Schroder Investment Management Limited 23 April 2014

81

St. James's Place Money Market Unit TrustManager's Short Report



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 andtherefore 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 securitiesissued or guaranteed by supranational organisations, as well as any other security which the Investment Adviser deemsto be of comparable credit quality which is consistent with the investment objectives, which constitutes a transferablesecurity. As a Short-Term Money Market Fund however the scheme may not invest either directly or indirectly inequities.

The Scheme may invest in units and shares in collective investment schemes which themselves comply with therequirements applicable to a Short-Term Money Market Fund, and may borrow, and enter in to stock lending andunderwriting arrangements. The scheme may use derivative and forward transactions for efficient portfoliomanagement and/or hedging purposes, provided such use is in line with the money market investment strategy of theScheme. Derivatives which give exposure to foreign exchange may only be used for hedging purposes.


The Trust invests predominantly in short term cash deposits and money market instruments, which means that theperformance of the trust is sensitive to changes in market interest rates. The risk of default is minimised by holdinginvestments with a wide range of high quality institutions.


1 2 3 64 5 7

82

(continued)St. James's Place Money Market Unit TrustManager's Short Report

Unit Class

pence/unit100.30104.15190.32190.42

07/04/08to

31/03/14

31/03/09to

31/03/14

30/09/13to


+0.32 +0.24 +0.00+4.18 +1.12 +0.02N/A N/A -0.05N/A N/A -0.02

+5.89 +2.36 +0.21

£


1,810,639,910167,777

5,244,064

100.312,254,027,041

265,131104.18190.38190.40

Class L AccumulationClass R IncomeClass R Accumulation

Class L Income 8847,906

8,195,947

31/03/14


Net Asset Values

Performance Record

Trust and Indices

The Ongoing Charges Figure for the period ended 31 March 2014 was 0.42% (30 September 2013: 0.42%) for ClassL Income units, 0.42% (30 September 2013: 0.42%) for Class L Accumulation Units, 0.49% (30 September 2013:0.52%) for Class R Income units and 0.49% (30 September 2013: 0.52%) for Class R Accumulation Units.


Distribution payment dates: llast day of every month

Unit Trust Facts


Net Asset Value



St. James's Place Money Market Unit Trust

Indices - actualSONIA

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 Income and Accumulation units were made available on 31 December 2012 and the performance shown isfrom that date.

83



55.55 53.8231.64 31.291.99 2.751.22 2.769.62 9.33

100.02 99.95(0.02) 0.05

100.00 100.00

% of trust value

% of trust value

31/03/14 30/09/134.86 4.99

4.86 4.99

4.76 4.994.42 4.994.42 4.683.31 4.65

3.15 3.853.09 3.303.09 3.30

3.09 3.03

Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit


Unit1st interim 31/12/13 0.005 0.005 1st interim 31/12/12 0.012 0.0132nd interim 31/01/14 0.005 0.007 2nd interim 31/01/13 0.005 0.0063rd interim 28/02/14 0.004 0.006 3rd interim 28/02/13 0.013 0.0134th interim 31/03/14 0.002 0.002 4th interim 31/03/13 0.005 0.0065th interim 30/04/14 0.003 0.004 5th interim 30/04/13 0.003 0.0036th interim 31/05/14 0.008 0.009 6th interim 31/05/13 0.002 0.002

Class L


% of trust value

BNP Paribas Repo

Total other liabilities (net)Net assets

Floating Rate NotesDerivativesInvestment assets

Banque Federative Du Credit 0.53% 17/06/2014

Bank of Tokyo-Mitsubishi 0.5% 28/11/2013


Dexia Credit Local 0.58% 20/06/2014 FMS Wertmanagement 0.44% 17/10/2013

Certificates Of DepositsGovernment Bonds

Barclays Bank 0.25% 01/04/2014 Bred Banque Populaire 0.44% 01/10/2013

Lloyds Bank Repo Royal Bank of Scotland 0.45% 01/10/2013

Major Holdings

Holdings Holdings

Bred Banque Populaire 0.42% 01/04/2014 Dexia Credit Local 0.56% 27/11/2013Swedbank 0.18% 01/04/2014 Nordea Bank 0.5% 08/11/2013

BNP Paribas Repo Calyon 0.46% 01/10/2013Bank of Montreal 0.42% 01/04/2014 Citibank 0.42% 01/10/2013Credit Agricole 0.45% 04/04/2014 Morgan Stanley RepoStandard Chartered Bank 0.45% 01/04/2014

Commercial Papers

84


Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit


Unit1st interim 31/12/13 - - 1st interim 31/12/12 N/A N/A 2nd interim 31/01/14 - - 2nd interim 31/01/13 N/A N/A 3rd interim 28/02/14 - - 3rd interim 28/02/13 N/A N/A 4th interim 31/03/14 - - 4th interim 31/03/13 - 0.0265th interim 30/04/14 - - 5th interim 30/04/13 - -6th interim 31/05/14 - - 6th interim 31/05/13 - -

State Street Global Advisors Limited ("SSGA") 16 April 2014

Rate expectations in the UK suggest a base rate hike around the middle of 2015; therefore, investment levels in ourtime horizon are largely unchanged. As such, three-month LIBOR remains well anchored around the 0.52% level.Accordingly, the portfolio is well placed for all outcomes, both with regards to the macro landscape and to possiblefuture bank ratings actions.

Class R

As we have become accustomed to, the Monetary Policy Committee voted unanimously to leave the Bank of Englandbase rate unchanged at 0.50% during the period, with quantitative easing remaining at £375 billion. The minutes ofthe MPC meeting in March 2014 noted that the ongoing strength in sterling may keep inflation below target, whilstsuggesting that a first rate hike remains some way off. In addition, three of the current panel members will be replacedin the summer, further clouding the outlook for monetary policy. One thing that is certain is the panel’s optimism thatinflation will remain soft this year, with policy set to remain accommodative to further support growth. Indeed, theConsumer Price Index (CPI) continued to fall over the first quarter of 2014, slowing to 1.7% in February, marking thelowest reading since October 2009, and the second month below the MPC’s targeted 2.0%. This will be welcomed byconsumers in terms of the boost to real incomes, whilst also easing pressure on the MPC to increase the base rate forat least this year.



During the period under review, the portfolio’s performance remained favourable both in relation to the rates availablein the UK’s money market and other similarly mandated money market funds within our peer group. With capitalpreservation being a key investment objective, we continue to limit exposure to only the highest-quality issuers.

85

St. James's Place Multi Asset Unit TrustManager's Short Report



The investment objective of the Scheme is to provide capital appreciation and income.

Net Asset Values



The Non-UCITS Retail Scheme Key Investor Information Document (NURS-KIID) risk category above indicates howmuch the price of units in the Scheme has gone up and down in the past. It was calculated using performance dataup to 3 February 2014.

The risk category is recalculated weekly and for the last six weeks of the year under review the risk category changedfrom a category 5 to a category 4. Please note that if the risk category consistently remains as a category 4 for a fourmonth period, the KIID will be amended from a category 5 accordingly.

31/03/13 8842,551,361 94.51 111.42

The Scheme will achieve this objective by investing in a wide range of asset classes, both directly and also indirectly viainvestment in derivatives and units and/or shares in other collective investment schemes (including unregulatedschemes, such as hedge funds). Asset classes which the Scheme will invest in and/or seek exposure to include, but arenot 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 andnear cash, and derivatives and forward transactions for the purposes of efficient portfolio management (includinghedging).






The Trust invests in securities and derivatives which fluctuate in value.

31/03/14 8879,569,856 85.91 103.07



Unit Trust Facts



1 2 3 64 5 71 2 3 64 5 7

86

(continued)St. James's Place Multi Asset Unit TrustManager's Short Report

08/01/07to

09/04/12

10/04/12to

31/03/14

31/03/13to


-0.7 -8.5 -8.9+15.3 -5.8 -7.4

+9.1 +21.8 +4.0N/A +6.9 +1.5


56.44 53.1134.63 39.068.37 19.172.50 -

- 0.50(0.15) (4.75)

101.79 107.09(1.79) (7.09)

100.00 100.00


35.70 24.1015.10 22.211.00 5.332.50 -8.50 23.78

37.20 24.58100.00 100.00

Performance Record

Trust and Indices




% of trust value

MSCI AC WorldBarclays Capital Global Aggregate Bond index, GBP hedged

St. James's Place Multi Asset Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actual

Total other liabilities (net)Net assets

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

% of trust value

Developed Equities

Real Estate Investment TrustsEquitiesDerivativesInvestment assets

Real Estate Investment Trusts

Collective Investment SchemesInterest Bearing AssetsExchange Traded Products

Emerging Market Equities

The vast majority of exposure to bonds in developed markets are of investment grade quality, bonds held inemerging markets are speculative grade.

Commodities

Emerging Market BondsDeveloped Bonds, Cash & Other Liquid AssetsNet assets

87


% of trust value

% of trust value

31/03/14 31/03/1315.47 27.2510.59 10.51

7.59 10.397.22 6.996.61 6.795.77 5.924.49 5.784.34 4.934.11 4.044.01 4.02

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit



PIMCO Unconstrained Bond Fund Vanguard FTSE Emerging Markets ETF

PIMCO Emerging Local Bond Fund Source Physical Markets Gold


Vanguard FTSE Emerging Markets ETF PIMCO Emerging Local Bond Fund

From the beginning of the year, we reduced the portfolio’s exposure to Chinese equities, based primarily on concernsthat the technical dynamics in the market may overwhelm the fundamental strengths we still see in Chinese securities.We instead increased our allocation to developed markets, including UK, German and Japanese equities, based on ouroutlook improving for global growth and attractive valuations. We bought a basket of US multi-family real estateinvestment trusts (REITs) to benefit from rising rents in that sector and to complement our allocation of real-returnstrategies; which also includes a sizeable allocation to inflation-linked bonds as well as a small position in gold.

PIMCO Income Fund US Treasury 2% 15/02/2023Bundesrepublik Deutschland Bundesobligation Inflation Linked Bond 0.75% 15/04/2018

PIMCO Income Fund

Major Holdings

Holdings Holdings


During the period from 1 April 2013 to 31 March 2014, the portfolio delivered negative absolute returns, with theunderperformance chiefly concentrated in the second quarter of 2013. One of the main detractors from performancewas the portfolio’s exposure to emerging market assets during the sell-off in the summer months of 2013. Theportfolio’s duration positioning and exposure to inflation-linked bonds in the same period also detracted fromperformance. Since then, however, developed market equity exposure and duration exposure at the front end of theUS curve and in Australia contributed to performance as rates stabilised. As inflation-linked bonds recovered from thesummer sell-off, they also added to performance.

PIMCO Capital Securities Fund iShares FTSE China 25 Index FundUS Treasury 2.75% 15/02/2024 PIMCO EqS Emerging Markets Fund

PIMCO EqS Emerging Markets Fund PIMCO Unconstrained Bond FundPIMCO EqS Dividend Fund PIMCO EqS Pathfinder FundPIMCO StocksPlus Fund PIMCO EqS Dividend Fund

88


PIMCO Europe Limited 8 April 2014

PIMCO expects the global economy to experience steady, broad-based growth of 2.5% to 3.0% over the next year.Rising asset prices in combination with fading near-term fiscal uncertainties will drive aggregate growth in globaldemand, adding stability to what has thus far been an unsteady recovery from the financial crisis of 2008. WhilePIMCO’s outlook for developed markets has improved, we expect growth in China to continue to slow due to thesluggish pace of structural reforms and the risks emanating from the country’s shadow banking system. However,emerging market growth will still outpace that in developed markets.

89

(continued)St. James's Place Multi Asset Unit TrustManager's Short Report (continued)

St. James's Place Multi Asset Unit TrustManager's Short Report



The Trust invests in North American securities which fluctuate in value and is also exposed to changes in currency rateswhich may affect the performance of the Trust.

31/03/14 4435,589,313 112.94 112.94

Distribution payment dates: 331 May, 30 November

Unit Trust Facts



31/03/13 3301,442,763 102.18 102.18



St. James's Place North American Unit TrustManager's Short Report



The Scheme aims to maximise total return, comprising both capital appreciation and income, through investmentsprincipally but not exclusively in North American (United States of America, Canada and Mexico) stock markets. TheScheme will invest in a wide range of North American securities which may include investments that are listed,registered or trading within this area.

Net Asset Values





1 2 3 64 5 7

90

(continued)St. James's Place North American Unit TrustManager's Short Report

06/04/99to

31/03/14

31/03/09to

31/03/14

31/03/13to


+18.6 +137.1 +10.4+18.6 +137.1 +10.4

+42.1 +134.7 +19.3+63.6 +103.5 +8.2



St. James's Place North American Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualStandard & Poor's 500 IndexRussell 1000 Value

Performance Record

Trust and Indices



91



Performance Record




Performance Record




12.34 11.778.14 10.317.35 4.447.35 7.346.81 7.016.60 10.585.22 4.594.84 4.244.73 4.654.62 4.762.99 0.852.99 2.812.95 2.672.94 3.072.84 1.562.70 3.352.49 1.942.46 2.532.22 2.302.03 2.221.76 -1.56 -1.27 1.34

- 1.58- 2.32

99.20 98.230.80 1.77

100.00 100.00

BanksGeneral Retailers

Gas, Water & Multiutilities


Software & Computer ServicesOil & Gas ProducersHealth Care Equipment & ServicesFood ProducersChemicalsIndustrial EngineeringTechnology Hardware & Equipment

Investment assets

Financial ServicesNon Equity Investment InstrumentsElectronic & Electrical EquipmentOil Equipment, Services & DistributionMediaFood & Drug RetailersHousehold Goods & Home ConstructionPharmaceuticals & BiotechnologyGeneral Industrials

Fixed Line Telecommunications


% of trust value

Aerospace & DefenceElectricityPersonal GoodsConstruction & MaterialsNon Life Insurance

92


% of trust value

% of trust value

31/03/14 31/03/132.99 3.35

2.99 3.332.99 3.312.95 3.112.94 3.072.86 3.022.85 2.812.84 2.812.73 2.672.70 2.58


The portfolio performed well for the year, outperforming the S&P 500 Index by over 2% (gross). Performance wasstrong across the board but was felt most keenly in stock selection, which accounted for all of the relativeoutperformance (while sector selection was mildly negative).

The market was choppy over the past 12 months as investors shifted their focus from one news item to the next,including the looming end to quantitative easing in the US, slowing growth in China, the crisis in Crimea and countlesseconomic reports showing seemingly conflicting data. Nonetheless, despite severe winter weather across most of theUS weighing on retail sales, the US equity markets advanced nicely for the one-year period ended 31 March 2014.

eBay TE Connectivity Walgreen JPMorgan Chase

TE Connectivity eBay Halliburton Hershey Time Warner Time Warner Bank of America Wal-Mart Stores


Lennar

Phillips 66 Phillips 66

Major Holdings

Holdings Holdings

In financials, diversified investment firm Charles Schwab posted strong returns over the past 12 months, up over 50%.The company benefited from two main sources. First, their Advisor Services division continued to grow assets undermanagement, providing a more stable fee-based revenue source. Second, the company has been absorbing fees frommoney market funds due to the environment of abnormally low interest rates. As interest rates have risen over the pastyear, that pressure has lessened.

JPMorgan Chase Halliburton Lennar Charles Schwab

Financials and energy companies added the most relative value while healthcare and consumer discretionary stockslagged.

Aristotle Capital Management LLC 11 April 2014

In information technology, long-time holding IBM was weak. Although the company had embarked on a multi-yearplan to “remake” the business, moving from reliance on hardware sales to more of a software/consulting business,weakness in hardware has weighed on its share price. We recently liquidated the position as our main catalyst forpurchase has been achieved.

As always, our investment decisions come from individual company analysis. However, part of our company analysisincorporates factoring in our expectations for what businesses may look like three to five years ahead. Among the UStrends we have been monitoring is the ageing of US commercial fixed assets, including industrial factories, officebuildings, industrial equipment, communications infrastructure and power plants. While we do not wish to fall into atrap of ‘wishful thinking’, we do believe that at some point, capital investments could accelerate. We shall continue tocarefully monitor this trend.

93

St. James's Place Property Unit TrustManager's Short Report



The investment objective of the Scheme is to provide an attractive yield together with the potential for capital growthover the medium to long term.

Net Asset Values

30/09/13 3344,114,408 57.22 75.29

The Scheme will achieve its investment objective by investing primarily in a balanced portfolio of commercial, industrialand retail property located across the UK. The Scheme may also invest in commercial, industrial and retail propertylocated outside the UK.

In addition to immovable property the Scheme may invest in a range of asset classes permitted for a non-UCITS retailscheme pursuant to the applicable FCA Rules including transferable securities, units in collective investment schemes,deposits, money market instruments, cash, and derivative and forward transactions (for the purpose of hedging only).



The Ongoing Charges Figure for the period ended 31 March 2014 was 1.87%. (30 September 2013: 2.20%).The ongoing charges comprise property management charges of 0.09% (30 September 2013: 0.43%) and fund management charges of 1.78% (30 September 2013: 1.77%).


Risk 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.

31/03/14 4428,487,251 59.32 79.56



Unit Trust Facts


94

(continued)St. James's Place Property Unit TrustManager's Short Report

08/01/07to

31/03/14

31/03/09to

31/03/14

30/09/13to


-34.5 +15.3 +3.6-13.0 +39.2 +5.7

-32.5 +12.9 +4.3+7.5 +58.1 +7.1


58.58 57.3115.04 12.307.69 6.962.84 3.29

84.15 79.8615.85 20.14

100.00 100.00

Performance Record

Trust and Indices




% of trust value

St. James's Place Property Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualIPD UK All Property (Capital)IPD UK All Property (Total Return)


Investment TrustsInvestment assets

Investment PropertiesShared Ownership PropertiesCollective Investment Schemes

95


% of trust value

% of trust value

31/03/14 30/09/137.35 6.54

5.01 5.964.52 4.97

4.50 4.74

4.10 4.484.08 4.24

3.41 4.24

3.40 3.91

3.33 3.91

3.31 3.63

Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit



BRISTOL, Novotel, Victoria Street PLYMOUTH, 126 - 146 Armada Way & 33 -41 Cornwall Street

PLYMOUTH, 126 - 146 Armada Way & 33 -41 Cornwall Street

CARMARTHEN, St Catherine's Walk

RICHMOND UPON THAMES, RichmondRiverside

MANCHESTER, Bauhaus House, QuayStreet

MANCHESTER, Bauhaus House, QuayStreet

CAMBRIDGE, St Andrews House & RadioHouse, St Andrews Road

LONDON W1, 1-5 Poland Street LONDON W1, 1-5 Poland StreetCAMBRIDGE, St Andrews House & RadioHouse, St Andrews Road

BRISTOL, Novotel, Victoria Street

Holdings Holdings

WEMBLEY, Stadium Retail Park, WembleyPark Drive

STEVENAGE, B&Q Development, LondonRoad


MANCHESTER, Travelodge, Great DucieStreet

HEREFORD, Hereford Retail Park,Newtown Road, HR4 9NY



IPSWICH, Suffolk Retail Park, London Road IPSWICH, Suffolk Retail Park, London

Major Holdings

96


Orchard Street Investment Management LLP 15 April 2014

A key strength of the portfolio is the high level of occupancy, with the vacancy rate remaining very low at 1.9% as at31 March 2014, which compares to the IPD market average of 9.6%.

Notwithstanding the fact that the portfolio is nearly fully occupied, we continue to focus on active management andthere have been a number of asset management successes during the period including letting the remaining vacantretail space at Westhill Shopping Centre in Aberdeen. Over the six-month period there have been no tenantinsolvencies.

There was one sale during the period, being a single-let warehouse in Stone, Staffordshire.


Over the six-month period under review, average commercial property values in the UK have risen by 5.4%, whichcompares with a rise for the portfolio of 6.4%.

As we forecast last year, the increase in capital values and rental values has spread beyond core Central Londonproperty and there is appetite from both UK and overseas investors for good-quality regional property. The improvedinvestor sentiment across the period, compared to 12 months ago, has given vendors the confidence to put assets onthe market, and we have seen a marked increase in stock available for sale. With increased competition for the betterassets, it is important to retain discipline when investing and our focus has been on properties with income that issustainable in the long term.

Property assets totalling £66.20 million were acquired during the six-month period namely: Stadium Retail Park inWembley; Commerce Trade Park in Croydon; Richmond Riverside, a mixed use development in West London; ListerRoad Industrial Estate in Basingstoke; and Travelodge Hotel in Manchester.

97




31/03/14 33,355,689,853 114.71 121.86


Unit Trust Facts



30/09/13 33,128,805,084 110.51 116.65


The Scheme is also permitted to invest in other types of transferable securities, 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 composition of the Scheme will enable it to qualify for inclusion in the InvestmentManagement Association's 'Mixed Investment 40-85% Shares' Sector (formerly known as the Balanced ManagedSector).



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



The investment objective of the Scheme is to provide capital appreciation over the medium to long term.

Net Asset Values



The Key Investor Information Document (KIID) risk category above indicates how much the price of units in the Schemehas gone up and down in the past. It was calculated using performance data up to 7 April 2014.

The risk category is recalculated weekly, in November 2013 the SRRI changed from a category 5 to a category 4.

1 2 3 64 5 7

98

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

06/04/10to

31/03/14

30/09/13to


+21.5 +4.0+28.4 +4.5

+18.8 +2.9+25.3 +5.3+16.9 +0.2+0.2 -2.3



Merrill Lynch 1-10 Year Developed Markets Sovereign ex UK (net incomereinvested)

St. James's Place Strategic Managed Unit Trust Income units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI UK IMIMSCI WorldMerrill Lynch 1-10 Year UK Gilt (net income reinvested)

Trust and Indices



Performance Record

99



51.72 51.7015.67 16.806.02 3.924.65 4.772.81 3.282.46 2.262.43 1.782.15 2.111.41 0.981.35 0.691.29 2.411.07 1.101.06 0.950.96 1.070.80 1.100.58 0.610.56 0.720.43 0.470.42 0.390.38 0.430.32 0.360.18 -0.07 0.64

- -- 0.27

(0.11) (0.07)98.68 98.741.32 1.26

100.00 100.00


69.59 69.0829.05 29.480.15 0.25(0.11) (0.07)1.32 1.26

100.00 100.00


Interest bearing assetsCollective Investment SchemesDerivativesTotal other assets (net)Net assets


% of trust value

Equities

SwitzerlandJapanItalySpainNetherlandsSwedenNorway

Investment assets

AustraliaBermudaLuxembourgHong KongFranceNew ZealandGuernseyMexicoIreland


% of trust value

Derivatives

JerseySingaporePolandBelgiumSouth AfricaCanada

100


31/03/14 30/09/1328.87 29.400.13 -0.05 0.08

29.05 29.4870.95 70.52

100.00 100.00

% of trust value

% of trust value

31/03/14 30/09/135.96 4.384.45 4.314.21 4.044.02 3.513.94 3.423.18 3.282.41 2.12

2.27 2.111.92 2.081.84 1.89

Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit





Global equity markets have risen over the six months to the end of 31 March 2014 on signs that economic growth isaccelerating amid loose monetary policies in the developed world. The resolution of the US government shutdown inOctober and continued improvement in the outlook for financial stability in the eurozone continued to supportdeveloped equity markets. However, since the the US Federal Reserve began to reduce the pace of its asset-purchaseprogramme in January 2014, we have seen a marked divergence between developed market and emerging marketperformance, with emerging markets hit harder. Developed equity markets have traded sideways in aggregate in theface of considerable uncertainty, with potential escalation in Ukraine, weather events distorting US trade data,deflation fears in the eurozone and caution over economic growth in China; where surprisingly weak data since thestart of the year has once again increased fears of a hard landing.

UK Treasury 1.75% 22/07/2019 BTBT GlaxoSmithKline

OtherNet assets

Major Holdings


Reckitt Benckiser BAE Systems


BAE Systems Reckitt Benckiser


Investment grade

Holdings Holdings


Bundesrepublik Deutschland 2% 15/08/2023

UK Treasury Inflation Linked 1.25% 22/11/2017

Imperial Tobacco Imperial Tobacco

GlaxoSmithKline British American Tobacco British American Tobacco AstraZenecaAstraZeneca United States Treasury 0.25% 31/07/2015United States Treasury 0.25% 31/07/2015 UK Treasury 1.25% 22/07/2018

101


Threadneedle Asset Management Limited 14 April 2014

From 28 April 2014, Threadneedle Asset Management Limited replaced INVESCO Asset Management Limited asInvestment Advisers to the Trust.

Globally, the macroeconomic outlook is still subject to some uncertainty, with Europe flirting with deflation, the USFederal Reserve continuing to withdraw quantitative easing (QE), and Japan implementing an increase in theconsumption tax at a time when ‘Abenomics’ appears to be losing some of its momentum. China is however thelargest economic risk in our view, as the authorities will have to try to reduce aggregate debt-to-GDP levels withoutweakening the economy further. China recently suffered its first onshore corporate bond default; we will thereforemonitor developments very closely in the coming months. On a more positive note, we are encouraged that theweather-related distortions in US economic data appear to be receding.

When Threadneedle assumes management of the portfolio, it will be invested in a blend of equities, bonds and cash,with the UK equity component invested in a ‘growth and income’ strategy and the global equity component investedin a ‘global equity income’ strategy.

At the time of writing, favoured holdings within the UK growth and income strategy include Legal & General (L&G),where we view the recent share price reaction to the Budget (and specifically to the news that UK pension investorswill no longer need to buy an annuity on retirement) as overdone, particularly as annuities are a relatively smallpercentage of L&G’s overall cash flow. Other positions in the strategy include media group Pearson, where we regardthe recent weakness in the US education business as cyclical rather than structural. We will also emphasise UK stockswith self-help potential, as this means that we will not be reliant on buoyant markets to generate performance.

In the global equity income portfolio, our stock-level holdings will reflect our major investment themes (such as‘Abenomics’ in Japan and the US shale energy revolution) and we will target stocks that offer a dividend yield of 4% orabove.

In gilt markets and corporate credit, valuations are rich; but we believe that the likelihood of a very slow pace ofinterest rate increases in the UK together with an already steep yield curve should provide some protection for bondmarkets, even as the Bank of England embarks on the long (and challenging) road to policy normalisation.

Sector-wise, the strong performance of the global healthcare sector benefited the portfolio’s holdings in AstraZenecaand Roche. The latter reported strong earnings and sales growth and was further buoyed by expectations for its newoncology products. Elsewhere, the portfolio’s holdings in BT and Imperial Tobacco contributed to performance. Theshare-price performance of BT was helped by the successful execution of its cost-cutting programme. In terms of thebond element of the portfolio, performance was helped by investments across the financials sector but also byinvestments across the corporate bond market, including utilities, telecoms, automobiles and beverages.

High-yield bond yields are low by historical standards but they remain relatively high compared to the yields availableon core government bonds, like UK gilts and German Bunds, and corporates with the highest credit quality. We believewe can still find opportunities, most notably in banks and other financials, where we think aggregate yields continueto offer value. In our view, ongoing structural reform and the implementation of new, more conservative banking-sector regulations should be supportive of subordinated bank debt for many years.


102



The Trust invests principally in United Kingdom securities which fluctuate in value. It may also invest in Europeansecurities and is therefore also exposed to changes in currency rates which may affect the performance of the Trust.

31/03/14 11,135,036,856 752.81 1,109.04


Unit Trust Facts



31/03/13 9944,318,315 693.33 1,009.00



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



The Scheme aims to maximise total return, comprising both capital appreciation and income, through investmentprincipally but not exclusively in the United Kingdom. The Scheme may also invest in any other geographic area. TheScheme will concentrate on seeking opportunities for exceptional growth in undervalued stocks which may be lesspopular but which, in the opinion of the Investment Adviser, offer good value for money.

Net Asset Values




The risk category is recalculated weekly. During the year under review, the risk category changed from a category 6 toa category 5 for a period of two weeks during June 2013 and has also been a category 5 for the last nine weeks of theyear. Please note that if the risk category consistently remains as a category 5 for a four month period, the KIID will beamended from a category 6 accordingly.

1 2 3 64 5 7

103

(continued)St. James's Place UK and General Progressive Unit TrustManager's Short Report

02/10/89to

31/03/14

31/03/09to

31/03/14

31/03/13to


+704.1 +97.1 +8.4+1,070.0 +114.5 +9.8

+182.8 +67.2 +2.5+545.8 +101.6 +6.4+222.6 +77.2 +4.6



St. James's Place UK and General Progressive Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualMSCI UKMSCI UK (net income reinvested)MSCI UK IMI

Performance Record

Trust and Indices



104



Performance Record




11.61 12.668.79 2.327.45 9.167.44 5.097.36 3.566.19 5.164.90 3.514.32 4.703.82 8.103.76 3.593.25 1.493.21 5.483.11 5.822.07 1.771.89 1.821.81 1.701.80 -1.41 4.881.35 5.671.19 -1.15 7.181.11 1.831.10 1.230.96 -0.82 0.520.67 -0.43 -0.29 -0.21 1.320.20 -0.11 -0.04 -

- 0.0893.82 98.646.18 1.36

100.00 100.00

Oil & Gas ProducersTravel & LeisureNon Equity Investment Instruments


Pharmaceuticals & BiotechnologyMediaTobaccoGeneral RetailersSupport ServicesHousehold Goods & Home ConstructionGas, Water & Multiutilities

Investment assets

BanksGeneral IndustrialsAerospace & DefenceFood ProducersHealth Care Equipment & ServicesSoftware & Computer ServicesIndustrial EngineeringMiningFinancial Services

ElectricityTechnology Hardware & EquipmentAutomobiles & PartsConstruction & Materials


% of trust value

Industrial Transportation

BeveragesMobile TelecommunicationsFood & Drug RetailersChemicalsFixed Line TelecommunicationsLife InsuranceNon Life InsuranceReal Estate Investment & ServicesForestry & Paper

105


% of trust value

% of trust value

31/03/14 31/03/134.55 9.16

4.41 5.454.25 5.053.94 4.363.88 3.763.76 3.593.76 3.553.73 3.403.19 3.322.96 3.10

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit


UnitFinal 31/05/14 9.346 13.601 Final 31/05/13 8.507 12.231

The portfolio’s outperformance was achieved despite our very defensive positioning; our focus for most of the 12months was on preserving capital. This preference for capital preservation in liquidity-driven markets that bore scantrelation to corporate fundamentals meant we were ‘wrong’ on a number of fronts: we had the ‘wrong’ cash balance at nearly 18% on average; the ‘wrong’ asset allocation in being underweight to small and mid-sized companies, whichmaterially outperformed large caps; and the ‘wrong’ beta at around 0.7 (a beta significantly less than one means weshould struggle to keep pace in a rising market).



British American Tobacco Vodafone

Major Holdings

J O Hambro Capital Management Limited 16 April 2014


In common with other developed stock markets, UK share prices made good gains over the period under reviewagainst a background of continued monetary policy stimulus in the form of quantitative easing and record-low interestrates. In these liquidity-fuelled market conditions, the mid-cap area of the market was particularly strong. Risinginvestor confidence was reflected in increasing flows into equities amid speculation that a ‘great rotation’ out of bondsinto equities was underway.

Reed Elsevier GlaxoSmithKline

Royal Dutch Shell 'B' Shares BG Compass Royal Dutch Shell 'B' SharesGlaxoSmithKline Reckitt BenckiserBP Centrica

Holdings Holdings

Stocks that added the most value for the portfolio over the period included Next, Stagecoach Group and Reed Elsevier.Pearson and Rexam were the only material detractors at the stock level.

Tempting though it is to attribute this performance to fund manager brilliance, we fear it has more to do with theabsurdity of central bank liquidity and its influence on asset-price inflation, as opposed to more general inflation. Therise in asset prices has not been supported by a similar improvement in underlying corporate cash flows. Abundantliquidity has merely increased the price of those cash flows. A major tenet of our investment approach is valuations.We do not buy expensive cash flows.

Reckitt Benckiser British American Tobacco


BG Rexam

Next BAE Systems

106


% of managers


5.495.215.175.144.58

British American Tobacco Reed Elsevier

GlaxoSmithKline National Grid

Unilever

Liberty Square Asset Management LP 25 October 2013

In the period under review, the 'value' style of investing - the style which we adopt - has come storming back intofavour. Subsequently, the portfolio has performed strongly over the past 6 months.

Among the biggest contributors to performance were some of our smaller capitalised and cyclical businesses such asinterdealer broker Tullett Prebon, franchised car dealer Inchcape, engineering group Vesuvius and chemicals specialistSynthomer. Some of our recent acquisitions also performed well, including construction business Kier Group, serviceand technology provider SDL and BBA Aviation. Our long-standing positions in large cap companies such as BAESystems, BG Group and Centrica were additional substantial gainers.

Miners continue to underperform but there are signs that valuations within this sector are increasingly responding tofundamentals rather than macroeconomic or market events, a trend which is very positive for their potential to returnto higher long-term average valuations.

History shows that value investing not only works over time but can sustain outperformance for considerable periods.Just when one thinks it may be over for the trusted approach favoured by such legendary investors as Graham andDodd and Warren Buffett, the market wakes up to the importance of mean reversion and valuation. This is theopportunity for patient investors and it is evident in the performance of the portfolio over the period.

From 7 October 2013, BlackRock Investment Management (UK) Limited and Majedie Asset Management Limitedreplaced Liberty Square Asset Management Limited as Investment Advisers to the Trust.

Major Holdings

Holdings

High-return investments are scarce in the low-return environment now facing us, but we believe we can achieveattractive long-term returns through the patient process of holding stocks that regularly compound their growth overtime. These can be companies producing volume growth in a world of subdued GDP growth, or those firms creatingvalue growth in industries where there is no volume growth.

107


% of managers


8.958.357.827.036.91

Major Holdings

Holdings

NextCompass

British Sky Broadcasting Reckitt Benckiser

British American Tobacco


The portfolio outperformed the MSCI UK All Cap Index over the period since we became co-manager in October 2013.

UK equities paused for breath after the strong re-rating seen through much of 2013. In December the US FederalReserve’s announcement that it would begin to ‘taper’ its quantitative easing contributed to market volatility.Tensions in Ukraine prompted an increase in the risk premium. Chinese data remained relatively weak and continuedto provide a headwind to emerging markets and related stocks. The UK economy grew robustly and the Bank ofEngland gave comfort that, with inflation remaining subdued, low interest rates could be sustained.

EasyJet demonstrated good progress by increasing passenger numbers and growing yields through allocated seating.Next performed strongly, reporting on fourth-quarter trading that was significantly better than expectations, leading toupgrades to earnings. Other holdings to exceed market expectations include Shire and Johnson Matthey.

Negative contributors included Standard Chartered, which provided a disappointing trading update shortly after aCapital Markets Day that set a more confident tone. Income growth has been weaker than expected as conditions inwholesale banking softened; whilst the bank has also been impacted by slower economic growth in Asia and increasedcompetition.

BG, which after reporting better operational trends through much of 2013, started 2014 with a return to announcingsignificant production disappointments. Whilst political turmoil in Egypt has played a predictable part, the companyhas also encountered problems in the North Sea and the US.

We have purchased holdings in Berkeley Group and Capital & Counties, both of which provide exposure to propertydevelopment in London, albeit at very different stages and over different time periods. We purchased MerlinEntertainment through its initial public offering and have sold Wood Group and reduced positions in BG Group, Nextand Standard Chartered.

US economic activity continues to recover, while European economic activity remains subdued, although the UK standsout with its recovery in both consumer and business spending.

108


% of managers


9.979.828.576.715.02

Since taking on this mandate in October 2013, the subtleties of portfolio management have been highlighted, withperformance being driven largely by what the portfolio did not own. Our deep-seated avoidance of some of theemerging market darlings bore fruit, as both emerging market-related banks (Standard Chartered and HSBC) and themining sector (Glencore Xstrata in particular) underperformed; Diageo, widely assumed to be defensive, also suffered.

Meanwhile, improving sentiment towards big oil and signs that the worse could be behind both BP and Shell saw theirshares rally and deliver a positive performance contribution. Our holding in our own Majedie Special SituationsInvestment Fund (a Small Cap Portfolio), which makes up around 10% of the portfolio, also performed well.

The run-up to Christmas saw all sorts of grisly headlines for the retailers, as the nation both left it late and did itonline. Analysts didn’t wait for confirmation and cut numbers and so Marks & Spencer, caught in heavy crossfire,dragged on performance; Debenhams (since sold) disappointed with a profit warning on New Year’s Eve, and Tescohas endured a torrid price war with the discounting competitors. Separately, BAE Systems saw a contract slip from theUnited Arab Emirates (and the share price failed to bounce once it was later confirmed), as well as suffering negativesentiment due to cuts in defence spending. RBS continued to wrestle with its legacy issues.

In outlook, we retain our view that companies reliant upon emerging markets for their growth are likely to suffer asthe effects of weak currencies and bloated money supplies play out in an uncontrollable manner. Economic news,particularly from emerging markets, appears to be building some negative patterns, whether they be currency hiccupsfrom the ‘Fragile Five’ of Brazil, Indonesia, India, Turkey and South Africa – with high current account deficits andelevated inflation (and therefore vulnerable as US monetary policy normalises) – or the steady flow of disappointingdata from China.

Majedie Asset Management Limited 4 April 2014

Major Holdings

Holdings

Royal Dutch Shell 'B' SharesMajedie Special Situations Investment Fund

GlaxoSmithKline AstraZeneca

BP

109

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



The investment objective of the Scheme is to achieve a level of income in excess of the average yield of the stockscomprising the FTSE All-Share Index™ with the potential for capital appreciation over the medium to long-term.

Net Asset Values





30/09/13 9928,662,800 117.63 131.51

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 andindex-linked securities, units and/or shares in collective investment schemes, money market instruments, deposits, cashand near cash, and derivatives and forward transactions for the purposes of efficient portfolio management (includinghedging).

Please note that with effect from 4 August 2014, the above reference to the FTSE All-Share Index™ will beremoved from the investment objective of the Unit Trust and the first sentence will be amended as follows:

The investment objective of the Scheme is to achieve an above average level of income with the potential for capitalappreciation over the medium to long-term.






31/03/14 11,146,028,796 122.06 138.35


Unit Trust Facts



1 2 3 64 5 7

110

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

18/10/10to

31/03/14

30/09/13to


+29.7 +3.6+45.8 +5.1

+24.0 +3.3+30.0 +5.3


77.40 81.055.10 5.723.77 5.823.54 2.852.87 0.532.05 -1.17 1.140.97 0.850.85 1.040.81 -0.44 0.460.12 0.10

99.09 99.560.91 0.44

100.00 100.00

Performance Record

Trust and Indices






% of trust value

St. James's Place UK and International Income Unit Trust Income units (offer to offer)Accumulation units (offer to offer)Indices - actualFTSE All-ShareMSCI World (net income reinvested)


SwitzerlandJerseyFranceDenmarkCyprusIrelandPoland

Investment assets

BermudaDerivatives


111


% of trust value

% of trust value

31/03/14 30/09/134.41 4.514.18 4.18

4.15 3.733.59 3.02

3.54 2.793.10 2.772.91 2.702.90 2.672.87 2.592.56 2.41

Currentperiod

Paydate

Income Pence per

Unit


Unit

Previousperiod

Paydate

Income Pence per

Unit



Legal & General Rio TintoImperial Tobacco Reed Elsevier

GlaxoSmithKline BP St. James's Place Money Market Unit Trust L Acc

Vodafone

Novartis Royal Dutch Shell 'B' sharesRio Tinto Legal & General

Holdings Holdings

We added to Sanofi, a European drug stock, and increased our position in Novartis at the expense of Roche. In the US,we bought the oil refiner HollyFrontier which is benefiting from shale gas. In the UK, we are attracted to the changesin the travel business at TUI Travel, which we think makes for a better, more sustainable cash flow profile than hasbeen the case hitherto.

Glencore Xstrata BT


AstraZeneca Centrica


During the period under review, the UK market rose by 4.8% and the portfolio outperformed by 1%. In the early partof the period, the combination of some tentative improvement in the macro outlook, together with expectations ofresumption in earnings growth, was encouraging for investors. However, of late, whilst there are still some positivesigns from the US and some economies, the earnings growth the market craves remains as elusive as it has been forthe last two or three years. This is partly due to adverse currency movements.

The positive and negative contributors to performance broadly negated each other. The principle negatives were thedifficulties at RSA as a consequence of the Irish fraud, and the government interventions affecting William Hill and theenergy companies. On the positive side, our holdings in Laird and London Stock Exchange performed well, whilst theUS railroad company, Norfolk Southern, continues to benefit from a strengthening economy. Finally, we were fortunateto benefit from the bid for Time Warner Cable from which we subsequently took profits.

There were no thematic changes to the portfolio and we are comfortable with our cash position.

BP HSBC HSBC St. James's Place Money Market Unit Trust

L Acc

Major Holdings

112


Artemis Investment Management LLP 14 April 2014

We stand by our view that the withdrawal of quantitative easing (‘tapering’), has already caused a volatile and difficultperiod for markets, and will continue to do so. However, over the longer term it is welcomed in as much as itrepresents a return to normality for economies. Nevertheless, in the absence of any renewed momentum in corporateprofits, many companies have been re-valued during the last two to three years and as a result there is limited scopefor this to be a driver of markets. Therefore, we caution that a lack of earnings growth may make markets vulnerable.

113

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

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



The Trust invests in securities and derivatives which fluctuate in value. Although the Trust aims to provide a positivereturn, this is not guaranteed and the value of units in the Trust may fall as well as rise.

31/03/14 3307,602,869 91.43


Unit Trust Facts



31/03/13 3333,668,595 87.61

The Scheme will primarily be invested in a portfolio of equities and equity-related securities (including derivatives) ofcompanies incorporated or listed in the UK, cash and near cash. TThe Scheme may use derivatives for both investmentand efficient portfolio management purposes (including hedging). The Scheme intends to take full advantage of theability to invest in derivatives, providing both long and synthetic short positions, principally through the use ofcontracts for difference.

The Scheme is also permitted to invest in other types of transferable securites, units and/or shares in collectiveinvestment schemes, money market instruments and deposits, and may borrow and enter into stocklending andrepurchase agreements in accordance with COLL.

Date Accumulationpence/unit

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


Investment ObjectivesThe 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, timeperiod and therefore capital is at risk.

Net Asset Values





Net Asset Value£

1 2 3 64 5 7

114

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

31/01/11to

31/03/14

31/03/13to


-3.9 +4.1

+15.9 +4.6+0.1 -



St. James's Place UK Absolute Return Unit Trust Accumulation units (offer to offer)Indices - actualMSCI United Kingdom IMIML GBP 3M Deposit Offered Rate Constant Maturity

Performance Record

Trust and Indices



115



Performance Record




8.87 1.338.49 3.45(7.17) (0.48)6.85 3.71(6.18) (2.43)6.15 6.015.48 2.09(4.64) (3.20)4.15 4.26(3.32) (1.72)2.66 1.58(2.00) (2.11)1.87 2.251.80 0.07(1.64) (0.62)1.44 -(1.35) (1.06)(1.04) 1.39(1.02) -(0.93) (0.82)(0.91) (1.29)(0.91) (0.92)(0.78) -0.78 1.990.67 0.960.57 1.19(0.57) (0.42)(0.43) 1.11(0.35) 0.050.33 2.09*(0.24) (0.39)(0.02) -

- (1.93)- 1.46

* Category restated from year ended 31 March 2013.

At the end of the period, the Trust also held 25.35% in investment grade bonds and 59.62% in cash and bankdeposits. 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 cashheld in a current account. For this purpose, cover of CFDs is measured by reference to the current notional exposure ofthe CFD, in other words, the economic interest in the security underlying the CFD, although only the differencebetween the price on opening the position and the price on closing the position is settled.

BanksCommercial ServicesReal Estate Investment & ServicesTravel & LeisureBeveragesMediaInsuranceTobaccoUtilitiesEquity Investment InstrumentsPharmaceuticals & BiotechnologyTelecommunicationsMobile TelecommunicationsBuilding MaterialsGeneral RetailersOil Equipment & Services


% market exposure

Support ServicesFinancial ServicesFood Retailers & Wholesalers

MiningOil & Gas ProducersHealthcareFuturesIndicesNon Life Insurance

ComputersGeneral IndustryHousehold Goods & Home ConstructionPersonal GoodsIndustrial EngineeringElectronic & Electrical EquipmentAerospace & DefenseEngineering & ConstructionChemicals

116


% market exposure

% market exposure

31/03/14 31/03/134.27 2.503.76 2.443.55 2.253.52 (2.18)(3.25) 2.093.02 2.082.96 2.052.52 2.042.46 2.032.45 2.03


The portfolio returned positive absolute growth over the reporting period.

The first half of the period was initially characterised by a US-led recovery and market participants benefitting from acontinuation of quantitative easing. The UK economy moved into recovery mode assisted by loose monetary conditionscontinuing and further stimulus for the housing market that provided a welcome boost to consumer confidence.However, equity markets then retreated from year-to-date highs in June of last year and confidence weakened on USgovernment shutdown and debt ceiling fears by the end of September. In the final quarter of 2013, equity marketsexperienced a continuation of low volatility and a gradually improving economic backdrop as investors continued toreposition themselves for the introduction of US Fed tapering. The global economy remained in recovery mode in thefirst quarter of 2014 although equity markets showed signs of increasing volatility.

HSBC Equity CFD Carphone Warehouse Equity CFDParagon Equity CFD LXB Retail Properties

3i Equity CFD Better CapitalLloyds Banking Group Equity CFD GlaxoSmithKline Equity CFDBunzl Equity CFD Tate & Lyle Equity CFDShire Equity CFD

Holdings Holdings

Reed Elsevier Equity CFD 3i Equity CFDAshtead Equity CFD Shire Equity CFD

Major Holdings

Carphone Warehouse contributed strongly to returns on the back of revenue growth and a proposed corporatetransaction. 3i Group also added to returns helped by an increasingly buoyant IPO market particularly towards the endof the period. The main detractors were from the short book including an online retailer and also a consumer goodsgiant where the already high valuation rose further. The strong gains in the pair book were led by the plant-hirecompany Ashtead which was fuelled by an improving US construction market and pharmaceutical company Shire,which rose on higher sales growth and rationalisation of the cost base.

LXB Retail Properties Babcock International Equity CFDEssentra Equity CFD Lloyds Banking Group Equity CFD

Strong gains, particularly in the final quarter of 2013, allowed the portfolio to deliver a positive absolute return for2013 overall. A difficult market for shorting during the first half of the period improved towards the end of the periodwhich was encouraging. Both the pair and the long books were positive contributors to performance, with the majorityof pair positions adding value, which was particularly pleasing given the recent more volatile environment.


Rolls-Royce Equity CFD

117

30 November

Unit Trust Facts



30/09/13 2242,739,018 123.21 130.81





St. James's Place UK Growth Unit TrustManager's Short Report



The investment objective of the Scheme is to provide capital appreciation through investment in a concentratedportfolio of quoted UK securities. The Scheme will be invested, at the Manager's discretion, primarily in UK equitiesand 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, deposits, and derivatives and forward transactions(for the purpose of hedging only).

Net Asset Values





The Trust invests in United Kingdom securities which fluctuate in value. The Trust typically invests in a limited numberof securities, which may lead to a higher level of volatility in its performance.

31/03/14 2287,816,286 129.27 137.24

Distribution payment date:



1 2 3 64 5 7

118

(continued)St. James's Place UK Growth Unit TrustManager's Short Report

08/01/07to

31/03/14

31/03/09to

31/03/14

30/09/13to


+25.4 +113.0 +3.7+44.7 +123.2 +4.9

-0.1 +67.2 +1.8+28.3 +101.6 +3.5


St. James's Place UK Growth Unit TrustIncome units (offer to offer)*Accumulation units (offer to offer)Indices - actualMSCI UK**MSCI UK (net income reinvested)* Income Units were made available on the 1 October 2007.

Performance Record

Trust and Indices


**MSCI UK return is from 1 October 2007 to 31 March 2014.

119


Performance Record




17.45 13.4411.06 6.368.95 8.135.85 9.305.78 1.685.53 6.914.35 8.474.33 7.364.23 3.404.04 5.263.69 3.493.65 3.583.15 3.902.59 1.532.34 2.981.28 1.461.18 0.791.09 1.620.80 0.270.73 0.610.43 0.390.27 0.650.24 0.290.17 0.190.16 0.360.11 0.370.07 0.15

- 0.4993.52 93.436.48 6.57

100.00 100.00

Oil & Gas ProducersPharmaceuticals & BiotechnologyNon Equity Investment Instruments

Real Estate Investment & Services


BanksGas, Water & MultiutilitiesTravel & LeisureMobile TelecommunicationsGeneral RetailersFood & Drug RetailersSupport Services

Investment assets

Fixed Line TelecommunicationsAerospace & DefenceLife InsuranceNon Life InsuranceMediaFinancial ServicesHealth Care Equipment & ServicesForestry & PaperElectricityTechnology Hardware & EquipmentAutomobiles & PartsFood ProducersGeneral IndustrialsConstruction & MaterialsHousehold Goods & Home ConstructionMiningSoftware & Computer Services


% of trust value

120


% of trust value

% of trust value

31/03/14 30/09/139.40 8.478.95 8.138.05 6.786.31 6.664.75 5.114.35 3.584.08 3.493.69 3.363.65 3.313.19 2.69


The portfolio outperformed a volatile UK market during the period.

The subtleties of portfolio management were highlighted over the six months, with relative performance being drivenlargely by what the portfolio did not own. Our deep-seated avoidance of some of the emerging market darlings borefruit, as both emerging market-related banks (Standard Chartered and HSBC) and the mining sector (Glencore Xstratain particular) underperformed; Diageo, widely assumed to be defensive, also suffered.

Meanwhile, improving sentiment towards big oil and signs that the worse could be behind both BP and Shell saw theirshares rally and deliver a positive performance contribution. Our holding in our own Majedie Special SituationsInvestment Fund (a Small Cap Portfolio), which makes up around 10% of the portfolio, also performed well.

Royal Dutch Shell 'B' shares Vodafone Majedie Special Situations Investment Fund Majedie Special Situations Investment Fund

Major Holdings

The run-up to Christmas saw all sorts of grisly headlines for the retailers, as the nation both left it late and did itonline. Analysts didn’t wait for confirmation and cut numbers and so Marks & Spencer, caught in heavy crossfire,dragged on performance; Debenhams (since sold) disappointed with a profit warning on New Year’s Eve, and Tescohas endured a torrid price war with the discounting competitors. Separately, BAE Systems saw a contract slip from theUnited Arab Emirates (and the share price failed to bounce once it was later confirmed), as well as suffering negativesentiment due to cuts in defence spending. RBS continued to wrestle with its legacy issues.

BAE Systems HSBC Marks & Spencer Aviva

Majedie Asset Management Limited 04 April 2014

In outlook, we retain our view that companies reliant upon emerging markets for their growth are likely to suffer asthe effects of weak currencies and bloated money supplies play out in an uncontrollable manner. Economic news,particularly from emerging markets, appears to be building some negative patterns, whether they be currency hiccupsfrom the ‘Fragile Five’ of Brazil, Indonesia, India, Turkey and South Africa – with high current account deficits andelevated inflation (and therefore vulnerable as US monetary policy normalises) – or the steady flow of disappointingdata from China.

Centrica BTBT Marks & Spencer

BP BP GlaxoSmithKline Royal Dutch Shell 'B' sharesAstraZeneca GlaxoSmithKline Vodafone BAE Systems

Holdings Holdings

121

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



The aim of the Scheme is to achieve a level of income in excess of the average yield of the stocks comprising the FTSEAll-Share Index™ whilst also aiming to maximise capital appreciation. It is the intention to achieve these aims byinvestment in United Kingdom equities (in ordinary shares and when appropriate by investment in convertible stocksand fixed interest securities).

Net Asset Values




The risk category is recalculated weekly, in June 2013 the SRRI changed from a category 6 to a category 5.

31/03/13 11,246,688,056 348.49 758.01






The Trust invests in United Kingdom securities which fluctuate in value.

31/03/14 11,425,486,588 381.03 859.14


Distribution payment dates: 331 March, 30 June,30 September,31 December

Unit Trust Facts



1 2 3 64 5 7

122

(continued)St. James's Place UK High Income Unit TrustManager's Short Report

01/01/92to

31/03/14

31/03/09to

31/03/14

31/03/13to


+308.5 +65.7 +9.5+810.7 +100.6 +13.5

+199.4 +79.2 +5.2+500.5 +113.3 +8.8

Performance Record

Trust and Indices

St. James's Place UK High Income Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualFTSE All-ShareFTSE All-Share (net income reinvested)



123


Performance Record



Performance Record




20.67 20.9214.63 13.5311.38 12.4211.25 10.716.55 6.545.14 4.304.72 3.824.46 4.944.11 3.973.93 3.753.22 2.902.02 -1.35 0.311.20 0.671.00 1.130.94 2.320.53 0.480.46 0.330.44 -0.41 0.670.31 0.350.27 -0.12 0.31

- 2.58- 2.03- 0.85

99.11 99.830.89 0.17

100.00 100.00

Gas, Water & Multiutilities

Investment assets

Health Care Equipment & ServicesBanksLife InsuranceConstruction & MaterialsReal Estate Investment & ServicesTravel & LeisureFood ProducersIndustrial TransportationNon Equity Investment InstrumentsEquity Investment InstrumentsMediaOil Equipment & ServicesCorporate BondsOil & Gas Producers


Food & Drug RetailersGeneral Industries


% of trust value

Pharmaceuticals & BiotechnologyTobaccoSupport ServicesAerospace & DefenceFixed Line TelecommunicationsElectricityFinancial ServicesHousehold Goods & Home ConstructionNon Life Insurance

124


% of trust value

% of trust value

31/03/14 31/03/139.42 9.929.19 9.538.17 7.706.46 5.945.71 5.834.81 4.904.78 4.854.77 4.514.46 4.493.93 3.75

Currentyear

Paydate

Income Pence per

Unit


Unit

Previousyear

Paydate

Income Pence per

Unit



Rolls-Royce Reckitt BenckiserCapita Rolls-Royce

British American Tobacco British American TobaccoImperial Tobacco BTBT Imperial TobaccoBAE Systems BAE Systems

Reckitt Benckiser Capita


Centrica Centrica


With the exception of a relatively short period, the increase in the value of the UK stock market over the last 12months was characterised by a steady positive trend with generally diminishing volatility compared to previous years.The exception to this trading pattern was from mid-May to mid-June 2013 when the UK equity market fell by about11%. This hiatus was caused by the realisation that the US Federal Reserve would soon reduce the amount ofmonetary stimulus that it was putting into the economy. As the following months unfolded it became apparent thatthis change was to be postponed, mainly due to an expected disruption to the US economy from its self-imposedgovernment shutdown. The UK stock market was then able to follow the US stock market with its positive momentum,aided by an increasing number of improving reports on the UK economy; an example of which was the increase inFebruary by the Bank of England in its forecast for 2014 UK GDP growth from 2.8% to 3.4%.

The portfolio’s outperformance of the UK equity market was helped by the holdings in BT Group and AstraZeneca,with any offset to this coming from disappointments from Serco and Centrica.

AstraZeneca AstraZenecaGlaxoSmithKline GlaxoSmithKline

Major Holdings

Holdings Holdings

125



From 28 April 2014, Woodford Investment Management LLP (in conjunction with Oakley Capital ManagementLimited) replaced Invesco Asset Management Limited as Investment Adviser to the Trust. Neil Woodford hasremained as fund manager for the Trust throughout this transition and his investment approach is unchanged.

The UK stock market’s rise of 2013 was accompanied by an improving outlook for economic growth in the UK and US,but was not matched by an associated uplift in the earnings forecasts for companies. Moreover, uncertainty about thestrength of economic growth in emerging markets, especially China, is not supportive for global growth. Withvaluations now standing at a level anticipating upgrades to forecasts of corporate earnings, we believe that theperformance of the market of the past year is unlikely to be repeated over the next 12 months. However, we believethere are areas of the equity market that continue to look attractive. The portfolio is positioned with a focus oncompanies which we believe can grow revenues and profits in a low-growth world, coupled with management teamsthat are focused on delivering sustainable, long-term dividend growth.

126





31/03/14 22,791,499,014 126.44 128.91



Unit Trust Facts



30/09/13 22,424,142,332 120.94 123.30



St. James's Place Worldwide Opportunities Unit TrustManager's Short Report



The investment objective of the Scheme is to provide capital appreciation through investment in a portfolio of quotedsecurities on a worldwide basis. The Scheme will be invested, at the Manager's discretion, primarily in global equitiesand 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, deposits, and derivatives and forward transactions(for the purposes of hedging only).

Net Asset Values





1 2 3 64 5 7

127

(continued)St. James's Place Worldwide Opportunities Unit TrustManager's Short Report

08/01/07to

31/03/14

31/03/09to

31/03/14

30/09/13to


+33.6 +119.5 +4.2+35.5 +121.6 +4.6

+21.1 +74.9 +4.5+53.2 +95.1 +5.4


43.57 37.0617.52 11.188.10 6.107.20 6.405.14 5.263.84 9.492.20 4.742.08 2.021.77 1.001.72 1.600.78 0.450.74 0.930.66 0.550.50 0.280.45 0.270.37 0.170.36 0.430.29 0.160.28 0.540.26 -0.03 (0.15)

- 1.87- 1.58- 1.13

Hong KongSouth AfricaSpainSingaporeBermudaDenmarkBrazilPolandIndonesiaAustraliaSouth Korea

United StatesUnited KingdomSwitzerlandGermanyJapanIrelandFranceCanadaNetherlands

Derivatives

SwedenItaly




% of trust value

St. James's Place Worldwide Opportunities Unit TrustIncome units (offer to offer)*Accumulation units (offer to offer)Indices - actualMSCI AC World**MSCI AC World (net income reinvested)* Income Units were made available on the 1 October 2007.** MSCI AC World return is from 1 October 2007 to 31 March 2014.

Performance Record

Trust and Indices

Finland

128



- 0.46- 0.46- 0.23- 0.12

97.86 94.332.14 5.67

100.00 100.00

% of trust value

% of trust value

31/03/14 30/09/136.78 8.13

2.75 1.902.64 1.72

2.45 1.362.33 1.351.85 1.291.82 1.271.80 1.271.77 1.211.71 1.13

% of trust value


Blackrock Institutional Sterling Liquidity Fund

Henkel Barratt Developments

Major Holdings


Investment assets

Belgium

Heineken International BancsharesBaxter International Lottomatica

Carter'sNestle NovartisOracle Oracle

IndiaNorwayThailand

Holdings Holdings

BB&T ChubbUnilever Bellway

Blackrock Institutional Sterling Liquidity Fund

Nestle

GlaxoSmithKline

129


% of managers


6.356.175.995.375.35

From 7 October 2013, Burgundy Asset Management Limited, First State Investment Management (UK) Limited andSelect Equity Group, Inc replaced Polaris Capital Management LLC as Investment Advisers to the Trust.

17 April 2014


For the six-month period ended 31 March 2014, equity market returns were modestly positive. Since we tookresponsibility for our element of the Trust in October 2013, there has been no really clear trend in equity prices.Advances have been short-lived and followed by modest corrections.

Macroeconomic and geopolitical issues have tended to keep risk appetites under control. These issues span a widerange from concerns about defaults and the trend of economic growth in China, to Russian aggression in Ukraine, toworries about the timing and pace of monetary policy normalisation in the USA.

In the world’s largest economies, each government confronts a difficult reform issue. The US must reform its system ofentitlements, the eurozone must repair its banking system, Japan must reform its labour and agricultural systems.Unfortunately these are all painful and difficult changes that democratic governments are ill-positioned to carry outexcept in times of crisis.

Currency movements accounted for a significant portion of the returns in the past six months. Sterling strengthenedagainst most world currencies, which has provided a significant headwind to UK investors in global equities.

Our portfolio has been behaving as it ought to, showing good defensive characteristics in market downdrafts andparticipating in rallies. Quality remains very good, exemplified by strong balance sheets and reliable earnings growth.Valuation is quite reasonable, with the portfolio forward P/E ratio at 15.1 and a dividend yield of 2.6%. Activity levelshave been quite low in the portfolio as we have been satisfied both with quality and valuation of our initial holdings.

Burgundy Asset Management Limited

The rather trendless aspect of equities markets was reflected in the performance of our holdings. Those which havedone well include BB&T, Oracle and Union Pacific among our US positions, Hannover Re in Europe and Keyence inJapan. On the flipside, Unicharm and Hirose in Japan, Occidental Petroleum and Philip Morris International in the UShave underperformed their respective broader markets. In either case there appears to be no common themeunderlying the performance.

Major Holdings

Holdings

BB&THeinekenHenkelOccidental PetroleumUnion Pacific

130


% of managers


9.846.386.005.665.40

Amongst the stronger performers in the portfolio, Unilever (UK) rebounded after a period of weakness and Microsoft(US) climbed following good results. Baxter International (US) also rose as it announced it is to split into two separateglobal health care divisions.

On the negative side, consumer staples holdings were amongst the major detractors. Unicharm (Japan) declined as aresult of tough competition and cost pressures due to the weak yen and Tesco (UK) fell on concerns about a price waramong the major supermarkets. In addition, US Financials business Chubb Corporation came under pressure despitereasonable results as ‘catastrophe costs’ are expected to be higher than anticipated for 2014.

We sold three US-listed businesses - First Republic Bank (Financials), Colgate Palmolive (Consumer Staples) and 3MCompany (Industrials) - on valuation concerns.

The pace of the reduction in quantitative easing is slower than we would have liked and does not eliminate the risk ofinflation. To protect investorsour clients against inflation, we aimtry to invest in good businesses that have pricingpower, often as a result of filling a valuable niche or having a strong brand. Most importantly, we invest in companieswith impressive management teams which we trust to carefully manage risk.

Holdings

UnileverGlaxoSmithKlineChubbHenkelNestle

Major Holdings

Over the review period the portfolio underperformed the wider global equity index. At a sector level, Health Care andInformation Technology outperformed, while Consumer Staples and Telecom Services lagged.

During the period significant purchases included industrials firm SGS (Switzerland), a high quality multinational with afocus on emerging markets, and Shinhan Financial Group (South Korea), which we view as one of the best Koreanbanking franchises. We also bought health care business Waters Corporation (US), a high quality company trading atreasonable valuation.

First State Investment Management (UK) Limited 17 April 2014

131


% of managers


4.664.503.873.733.72

Select Equity Group 17 April 2014

Government policies and monetary interventions that have severely distorted global economies over the last few yearshave finally begun to recede. With global growth still expected to be muted over the next few years, we believe a morerational stock market should increasingly reward the best businesses over their weaker competitors. As long-terminvestors in the highest-quality businesses, we welcome that differentiation. We invest in established franchises withunit-growth tailwinds, pricing power, solid balance sheets, and sustainable competitive barriers. We believe ourcompanies trade at substantial discounts to intrinsic value.

We expect the US economy to accelerate in 2014. Even with moderate tapering by the Federal Reserve, we expectthe US housing recovery and improving household wealth to support modest consumer spending by middle- and upper-income consumers. This should fuel continued growth for many of our businesses that are tied to US residential realestate. In addition, we expect to see a resumption of growth in non-residential US construction this year. Finally, weexpect many US manufacturers and chemical/petrochemical companies will continue to see their global competitiveadvantages expand due to low electricity and natural gas prices. We remain focused on owning strong US franchiseswith growing cash flows and deep competitive moats. These businesses include O’Reilly Automotive, Sherwin-Williams, Mohawk Industries, Harley-Davidson, and DENTSPLY.

The picture is also improving elsewhere in the developed world. The euro zone has likely bottomed, while Japan’seconomy continues to grow modestly thanks to quantitative easing. Still, Europe and Japan face significant structuralheadwinds to long-term growth. Meanwhile, many emerging economies – —the primary drivers of global growthover the last decade – —face meaningful cyclical, and political, headwinds, and in terms of liquidity, headwinds overin the near term. Those that rely mostly on foreign financing and/or commodity exports are particularly vulnerable.The Fund portfolio is invested in businesses that have proved their ability to grow in difficult macro environments,including Intertek, AIA, and Compass Group. The Fund portfolio also continues to find investment opportunities inwide-moat companies domiciled in the developed markets but whose earnings growth is attributable largely to therising wealth of the emerging markets consumer; these include Swatch Group and Experian.

Novo NordiskSirona Dental SystemsDENTSPLY International

Major Holdings

Holdings

IntertekO'Reilly Automotive

132

SJP3510-VR8 (05/14)

St. James’s Place Unit Trust Group Ltd is authorised and regulated by the Financial Conduct Authority.St. James’s Place Unit Trust Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road,

Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 947644.

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