GLOBAL UNIT TRUST - Investis/media/Files/S/sjp... · The synthetic risk and reward indicator for the St. James’s Place Global Unit Trust, as disclosed in its most recent Key Investor

GLOBALUNIT TRUST

FOR THE YEAR ENDING 31 MARCH 2016

I. S. Gascoigne D. J. Lamb

PricewaterhouseCoopers LLPAtria One144 Morrison StreetEdinburgh, EH3 8EXUnited Kingdom

Freephone: 0800 027 1031

PO Box 9034, Chelmsford, CM99 2XA

St. James's Place Global Unit Trust

ManagerSt. James's Place Unit Trust Group Limited

United Kingdom

(Authorised and regulated by the Financial Conduct Authority)

Investment AdviserArtisan Partners Limited Partnership

Directors of the ManagerD. C. BellamyA. M. Croft

875 East Wisconsin Avenue, Suite 800Milwaukee, Wisconsin 53202

160 Queen Victoria Street

TrusteeBNY Mellon Trust & Depositary (UK) Limited

United States of America

(Authorised by the Securities and Exchange Commission)


Independent Auditor

Prospectus and Manager's Reports

Copies of the up to date Prospectus (Scheme Particulars) and latest Manager's Report andFinancial Statements for the range of St. James's Place Unit Trusts can be requested from amember of the St. James's Place Partnership or, at any time during normal business hours, fromthe Administration Centre at PO Box 9034, Chelmsford CM99 2XA.Freephone: 0800 027 1031

United Kingdom

London, EC4V 4LAUnited Kingdom

RegistrarInternational Financial Data Services (UK) Limited

St. Nicholas LaneBasildon, SS15 5FS

IFDS House


1

08/01/07 to 31/03/16

31/03/11 to 31/03/16

31/03/15 to 31/03/16

% change % change % change

+68.7 +70.6 +0.1+88.7 +72.2 +0.1

+78.4 +57.3 +0.3


Report of the Manager

The Trust's PerformanceThe performance of the Trust since its launch in January 2007, over the five year period sinceMarch 2011 and over the year under review is shown below, together with figures for the mostcommonly quoted indices in comparable markets where the major proportion of the Trust hasbeen invested.

The Report of the Manager consists of The Trust's Performance, Risk and Reward Profile,Investment Adviser's Comments and Portfolio Statement.

* Income Units were made available on the 1 October 2007.

Investment Adviser's Comments

Volatility increased in 2015’s back half, carrying into the first part of 2016, on concerns ofslowing emerging markets as commodity prices tumbled . The US dollar reversed course late inthe period, appreciating as the US Fed hinted it would follow a slower pace of interest rate hikesthan was initially expected. Other central banks adopted negative interest rates – including theECB and Bank of Japan – in a bid to reignite inflation amid slowing global growth. After a fairlytumultuous one-year period, the MSCI World Index ended slightly up, just ahead of the portfolio'spositive return.

** MSCI World return is from 1 October 2007 to 31 March 2016.

Indices - actualMSCI World (Total Return)**

The portfolio’s top contributors were Microsoft and Alphabet (parent company of Google).Microsoft has been making good progress since Satya Nadella assumed leadership in February2014. In addition, Microsoft is increasingly becoming a cloud-based, commercial softwareprovider – areas where it holds strong positions – and is growing rapidly. Alphabet’s attractiverates of organic growth, powered by strength in its dominant, core search business, aregenerating high levels of free cash flow. Its new CFO has also committed to bringing greateraccountability to investors and improved financial discipline.

The portfolio’s bottom contributors were Joy Global and Royal Bank of Scotland (RBS). Joy Globalis a leading provider of mining equipment. It is a quality business operating in a toughenvironment as low commodity prices curtail capex plans. As for RBS, investors continue toquestion the ability of banks to grow earnings and shareholder returns in the face of negativeinterest rates in many countries and ratcheting regulatory scrutiny. We continue to believe thatRBS is selling at attractive values, even when taking into account the current environment.

Source: Lipper for Fund returns

REMEMBER THAT THE PRICE OF UNITS AND REVENUE FROM THEM MAY GO DOWN ASWELL AS UP. PLEASE BE AWARE THAT PAST PERFORMANCE IS NOT INDICATIVE OF FUTUREPERFORMANCE.

Risk and Reward ProfileThe synthetic risk and reward indicator for the St. James’s Place Global Unit Trust, as disclosed inits most recent Key Investor Information Document (KIID), is a 5. It was calculated usingperformance data up to 1 February 2016.

The risk category is recalculated weekly and during the year under review, the risk category didnot change.

St. James's Place Global Unit TrustIncome units (offer to offer)*Accumulation units (offer to offer)

2

(continued)


Report of the Manager

Notwithstanding any potential turmoil from ongoing uncertainty surrounding central bank actionsand concerns over slowing growth globally, we believe the portfolio is well positioned today.

We added Telefonica Brasil to the portfolio, Brazil’s leading provider of mobile phone services.We also added Boston Scientific, a leading medical devices franchise. On the sale side we exitedAccenture as it reached our estimate of fair value, and we sold Apple in favour of more attractiveopportunities elsewhere.

Artisan Partners Limited Partnership 13 April 2016

3


Comparative table

as at 31 March 2016

31/03/16 31/03/15 31/03/14

Income

Change in net assets per unit (p) (p) (p)

Opening net asset value per unit 174.10 150.63 134.69Return before operating charges* 3.03 26.23 18.45Operating charges (2.92) (2.76) (2.51)

Return after operating charges* 0.11 23.47 15.94

Distributions on income units - - -

Closing net asset value per unit 174.21 174.10 150.63

*after direct transaction costs of: 0.09 0.07 0.14

Performance

Return after charges† 0.06% 15.58% 11.83%

Other informationClosing net asset value (£’000) 19,391 20,816 17,325Closing number of units 11,130,867 11,956,265 11,501,585Operating charges** 1.75% 1.74% 1.77%Direct transaction costs 0.05% 0.05% 0.10%

PricesHighest unit price (p) 187.40 185.40 159.00Lowest unit price (p) 152.10 147.70 131.80

Net Asset Value and Ongoing Charges Figure

4


Comparative table (continued)

as at 31 March 2016

31/03/16 31/03/15 31/03/14

Accumulation

Change in net assets per unit (p) (p) (p)

Opening net asset value per unit 179.46 155.27 138.84Return before operating charges* 3.13 27.05 19.03Operating charges (3.00) (2.86) (2.60)

Return after operating charges* 0.13 24.19 16.43

Closing net asset value per unit 179.59 179.46 155.27

Retained distributions on accumulation units - - -

*after direct transaction costs of: 0.09 0.08 0.15

Performance

Return after charges† 0.07% 15.58% 11.83%

Other informationClosing net asset value (£’000) 2,476,133 2,394,126 1,909,094Closing number of units 1,378,794,532 1,334,095,959 1,229,516,862Operating charges** 1.75% 1.74% 1.77%

Direct transaction costs 0.05% 0.05% 0.10%

PricesHighest unit price (p) 193.20 191.20 164.00

Lowest unit price (p) 156.80 152.20 135.80

**Operating charges are prepared using the same methodology as the ongoing chargesappearing in the KIID, based on the information in this report.†This figure may differ from the performance figure quoted in the Investment Report. TheInvestment Report performance figure is calculated using the last available published price for agiven shareclass in the period compared to the equivalent for the prior period. The price per thefinancial statements values the fund on a bid-price basis. The financial statements shareclassvaluation is based on market prices on the last day of the period, which can differ from theintraday pricing point of the Trust.

5

Security Holdings

MarketValue£000

% ofNet

Assets

AUSTRALIA (0.00%) 4,060 0.16Treasury Wine Estates 793,684 4,060 0.16

BELGIUM (1.32%) 37,438 1.50Groupe Bruxelles Lambert 653,743 37,438 1.50

BERMUDA (3.11%) 92,529 3.71Arch Capital 1,607,463 79,776 3.20Markit 524,735 12,753 0.51

BRAZIL (0.11%) 71,067 2.84Raia Drogasil 523,700 5,292 0.21Telefonica Brasil ADR 7,360,003 65,775 2.63

CANADA (1.89%) 39,430 1.58Imperial Oil 1,701,510 39,430 1.58

CAYMAN ISLANDS (0.52%) 98,736 3.95Baidu ADR 384,507 50,679 2.03New Oriental Education & Technology ADR 1,363,498 33,981 1.36Sands China 781,200 2,204 0.09Tencent 838,600 11,872 0.47

DENMARK (3.78%) 117,302 4.70Carlsberg 687,672 45,384 1.82Genmab 99,663 9,483 0.38ISS 2,254,628 62,435 2.50

FRANCE (0.89%) - -

GERMANY (0.08%) 9,790 0.39Brenntag 159,156 6,297 0.25Zalando 153,457 3,493 0.14

HONG KONG (0.15%) 2,907 0.12Hong Kong Exchanges and Clearing 174,000 2,907 0.12

IRELAND (3.90%) 80,716 3.24James Hardie Industries 724,567 6,888 0.28Medtronic 1,409,333 73,828 2.96

ITALY (0.09%) 2,190 0.09Moncler 185,844 2,190 0.09

JAPAN (0.37%) 25,780 1.04FANUC 64,100 6,924 0.28Harmonic Drive Systems 180,326 3,208 0.13Nintendo 49,858 4,930 0.20Shiseido 385,714 5,981 0.24Stanley Electric 301,300 4,737 0.19

LUXEMBOURG (0.13%) 6,912 0.28Eurofins Scientific 26,880 6,912 0.28

MEXICO (0.22%) 3,882 0.16Infraestructura Energetica Nova 1,359,130 3,882 0.16

NETHERLANDS (2.44%) 41,751 1.67ING 4,969,504 41,751 1.67

NORWAY (0.97%) 26,461 1.06Orkla 4,205,830 26,461 1.06

SINGAPORE (0.82%) 5,478 0.22Broadcom 50,271 5,478 0.22


Portfolio Statement

as at 31 March 2016

6

Security Holdings

MarketValue£000

% ofNet

Assets


Portfolio Statement (continued)

as at 31 March 2016

SOUTH KOREA (4.25%) 109,148 4.38Amorepacific 17,783 4,168 0.17Kia Motors 1,052,376 30,832 1.24Samsung Electronics 93,146 74,148 2.97

SWEDEN (0.43%) 2,209 0.09Hexagon 82,523 2,209 0.09

SWITZERLAND (8.78%) 154,588 6.19ABB 5,026,842 68,136 2.73Adecco 38,350 1,730 0.07Pargesa 43,997 1,951 0.08TE Connectivity 724,572 30,772 1.23UBS 4,669,232 51,999 2.08

TAIWAN (0.16%) 2,422 0.10Hermes Microvision 122,000 2,422 0.10

UNITED KINGDOM (22.48%) 495,478 19.87AMEC 3,928,886 17,291 0.69Aon 501,340 36,188 1.45ASOS 173,018 5,620 0.23Associated British Foods 111,991 3,768 0.15Auto Trader 240,119 936 0.04Compass 2,537,375 31,184 1.25Diageo 1,333,357 25,120 1.01Direct Line Insurance 2,426,877 8,989 0.36IMI 639,534 6,117 0.25Intertek 116,022 3,686 0.15Lloyds Banking Group 53,809,390 36,660 1.47Royal Bank of Scotland 28,436,888 63,045 2.53St. James's Place Money Market Unit Trust L Acc† 184,305,982 192,404 7.71Tesco 33,604,324 64,470 2.58

UNITED STATES (40.22%) 1,052,373 42.14Abbott Laboratories 316,553 9,157 0.37Adobe Systems 46,796 3,047 0.12American Express 1,018,452 42,638 1.71Anthem 44,000 4,277 0.17Applied Materials 3,268,583 47,754 1.91Bank of New York Mellon 3,193,523 82,383 3.30Boston Scientific 661,647 8,651 0.35Chipotle Mexican Grill 8,129 2,630 0.10Cisco Systems 3,187,864 63,000 2.52Citigroup 2,337,521 67,978 2.72Citizens Financial 2,335,983 34,453 1.38Ecolab 20,664 1,613 0.06Electronic Arts 171,540 7,911 0.32Facebook 171,522 13,660 0.55FedEx 220,944 24,792 0.99Google 'A' Shares 76,605 40,871 1.64Google 'C' Shares 51,802 26,997 1.08IHS 183,724 15,760 0.63Johnson & Johnson 1,041,386 78,836 3.16Joy Global 1,156,327 12,847 0.51LKQ 351,007 7,583 0.30Marsh & McLennan 1,600,935 67,524 2.70McGraw Hill Financial 155,614 10,694 0.43Microsoft 2,320,243 88,679 3.55Noble Energy 70,843 1,514 0.067

Security Holdings

MarketValue£000

% ofNet

Assets


Portfolio Statement (continued)

as at 31 March 2016

Oracle 3,954,502 112,531 4.51Priceline 1,675 1,532 0.06Progressive 1,383,333 33,649 1.35QUALCOMM 1,709,733 60,525 2.43Regeneron Pharmaceuticals 36,319 9,067 0.36Salesforce.com 90,617 4,674 0.19Schlumberger 55,512 2,870 0.11Starbucks 125,434 5,227 0.21United Technologies 522,761 36,398 1.46Visa 309,047 16,479 0.66Workday 78,936 4,172 0.17

DERIVATIVES (0.00%) (3,561) (0.14)

Forward Currency Contracts(3,561) (0.14)

Investments^ 2,479,086 99.34

Total other assets (net) 16,438 0.66

Net assets 2,495,524 100.00

Comparative figures shown in brackets relate to 31 March 2015.

Sold CNH539,431,136 for GBP54,261,935 Settlement 17/05/2016

All investments held are listed, unless otherwise stated.

Derivative contracts were traded on an eligible derivatives exchange.

Stocks shown as ADRs represent American Depositary Receipts.

† During the year under review the Manager decided to place some of the sterling cash held ondeposit into the St. James’s Place Money Market Unit Trust in order to spread risk across anumber of institutions. The St. James’s Place Money Market Unit Trust is highly liquid and is ratedAAA by Standard & Poors. This investment is a related party.

^ Including investment liabilities of (£3,561K).

8

Material Portfolio Changes

PurchasesCost

£000St. James's Place Money Market Unit Trust L Acc† 345,257UBS 60,215Telefonica Brasil ADR 53,311Citizens Financial 41,035Baidu ADR 39,294United Technologies 30,647Joy Global 28,864Royal Bank of Scotland 26,155New Oriental Education & Technology ADR 20,707FedEx 19,693

SalesProceeds

£000St. James's Place Money Market Unit Trust L Acc† 379,403Novartis 49,108MasterCard 45,278Adecco 40,101Chubb 33,749TE Connectivity 27,395Vivendi 20,125Flextronics International 17,520Accenture 15,869Progressive 13,667

† This investment is a related party.


Stocks shown as ADRs represent American Depositary Receipts.

9

●

●

●

●

●

27 May 2016

D. J. LambA. M. Croft

The Manager is responsible for keeping proper accounting records and for the management ofthe Trust in accordance with its Trust Deed, Prospectus and the Rules. The Manager has ageneral responsibility for taking such steps as are reasonably open to it to prevent and detectfraud and other irregularities.

St. James's Place Global Unit TrustStatement of the Manager's Responsibilities in relation to the Financial Statements of the Trust

The rules in the Financial Conduct Authority's Collective Investment Schemes Sourcebook ("theRules") require the Manager to prepare Financial Statements for each annual accounting periodwhich give a true and fair view of the financial position of the Trust as at the end of the year andof the net expenses and the net capital gains on the property of the Trust for the year thenended.

In preparing the Financial Statements the Manager is required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

comply with the requirements of the Statement of Recommended Practice relating toAuthorised Funds and the Trust Deed;

follow applicable UK Accounting Standards (UK Generally Accepted Accounting Practice);and

prepare Financial Statements on the going concern basis unless it is inappropriate topresume that the Trust will continue in operation.

London

Directors' Certificate

This report is certified in accordance with the requirements of the rules in the Financial ConductAuthority's Collective Investment Schemes Sourcebook.

10

For and on behalf ofBNY Mellon Trust & Depositary (UK) Limited160 Queen Victoria StreetLondon EC4V 4LA

Manager

Date 09 April 2016

Report of the Trustee to the unitholders of St. James’s Place Global Unit Trust

Trustee's responsibilities

The Trustee is responsible for the safekeeping of all the property of the Trust (other than tangiblemoveable property) which is entrusted to it and for the collection of income that arises from thatproperty.It is the duty of the Trustee to take reasonable care to ensure that the Trust is managed inaccordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook(“COLL”), the Trust Deed and Prospectus, in relation to the pricing of, and dealings in, units inthe Trust; the application of income of the Trust; and the investment and borrowing powers andrestrictions applicable to the Trust.

Report of the Trustee to the unitholders of St. James’s Place Global Unit Trust for the yearended 31st March 2016

Having carried out such procedures as we considered necessary to discharge our responsibilitiesas Trustee of the Trust, it is our opinion, based on the information available to us and theexplanations provided, that, in all material respects, the Manager:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of theTrust’s units and the application of the Trust’s income in accordance with the Sourcebook, theTrust Deed and Prospectus, and

(ii) has, observed the investment and borrowing powers and restrictions applicable to the Trust.

11

●

●

●

●

●

●

●

●

●

●

Independent Auditors' Report to the Unitholders of


Our opinion

In our opinion, St. James's Place Global Unit Trust's financial statements, (the "financialstatements"):

give a true and fair view of the financial position of the Trust as at 31 March 2016 and ofthe net expenses and the net capital gains of the scheme property of the Trust for the yearthen ended; and

have been properly prepared in accordance with United Kingdom Generally AcceptedAccounting Practice, the Statement of Recommended Practice for UK Authorised Funds, theCollective Investment Schemes sourcebook and the Trust Deed.

What we have audited

The financial statements, which are prepared by St. James’s Place Unit Trust Group Limited (the“Authorised Fund Manager”), comprise:

the balance sheet of the Trust as at 31 March 2016 ;

the statement of total return of the Trust for the year then ended;

the statement of change in net assets attributable to unitholders of the Trust for the yearthen ended; and

the notes to the Trust’s financial statements, which include a summary of significantaccounting policies and other explanatory information.

The financial reporting framework that has been applied in their preparation is applicable lawand United Kingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice), the Statement of Recommended Practice ‘Financial Statements of UK Authorised Funds’issued by the Investment Management Association (the “Statement of Recommended Practice forUK Authorised Funds”), the Collective Investment Schemes sourcebook and the Trust Deed.

In applying the financial reporting framework, the Authorised Fund Manager has made a numberof subjective judgements, for example in respect of significant accounting estimates. In makingsuch estimates, they have made assumptions and considered future events.

Opinions on matters prescribed by the Collective Investment Schemes sourcebookIn our opinion:

we have obtained all the information and explanations we consider necessary for thepurposes of the audit; and

the information given in the Authorised Fund Manager’s Report for the financial year forwhich the financial statements are prepared is consistent with the financial statements.

Other matters on which we are required to report by exception

Propriety of accounting records and information and explanations received

Under the Collective Investment Schemes sourcebook we are required to report to you if, in ouropinion:

proper accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

12

(continued)

Independent Auditors' Report to the Unitholders of


Responsibilities for the financial statements and the audit

Our responsibilities and those of the Authorised Fund Manager

●

●

●

●

●

Chartered Accountants and Statutory AuditorsEdinburgh27 May 2016The maintenance and integrity of the St. James’s Place website is the responsibility of the Fund Manager; the work carried out by theauditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes thatmay have occurred to the financial statements since they were initially presented on the website.Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation inother jurisdictions.

PricewaterhouseCoopers LLP

What an audit of financial statements involvesWe conducted our audit in accordance with International Standards on Auditing (UK and Ireland)(“ISAs (UK & Ireland)”). An audit involves obtaining evidence about the amounts and disclosuresin the financial statements sufficient to give reasonable assurance that the financial statementsare free from material misstatement, whether caused by fraud or error. This includes anassessment of:

whether the accounting policies are appropriate to the Trust’s circumstances and have beenconsistently applied and adequately disclosed;

the reasonableness of significant accounting estimates made by the Authorised FundManager; and

the overall presentation of the financial statements.

In addition, we read all the financial and non-financial information in the Annual Report (the “Annual Report”) to identify material inconsistencies with the audited financial statements andto identify any information that is apparently materially incorrect based on, or materiallyinconsistent with, the knowledge acquired by us in the course of performing the audit. If webecome aware of any apparent material misstatements or inconsistencies we consider theimplications for our report.

As explained more fully in the Statement of the Manager's Responsibilities set out on page 10,the Authorised Fund Manager is responsible for the preparation of the financial statements andfor being satisfied that they give a true and fair view.

we primarily focus our work in these areas by assessing the directors' judgements againstavailable evidence, forming our own judgements, and evaluating the disclosures in thefinancial statements.

we test and examine information, using sampling and other auditing techniques, to theextent we consider necessary to provide a reasonable basis for us to draw conclusions. Weobtain audit evidence through testing the effectiveness of controls, substantive procedures ora combination of both.

Our responsibility is to audit and express an opinion on the financial statements in accordancewith applicable law and ISAs (UK & Ireland). Those standards require us to comply with theAuditing Practices Board’s Ethical Standards for Auditors.

This report, including the opinions, has been prepared for and only for the Trust’s unitholders as abody in accordance with paragraph 4.5.12 of the Collective Investment Schemes sourcebook andfor no other purpose.

We do not, in giving these opinions, accept or assume responsibility for any other purpose or toany other person to whom this report is shown or into whose hands it may come save whereexpressly agreed by our prior consent in writing.

13

Notes £000 £000 £000 £000

2 6,860 324,6463 42,366 33,5444 (41,497) (37,226)

(5) -

864 (3,682)5 (3,756) (3,670)

(2,892) (7,352)

3,968 317,2946 139 90

4,107 317,384

£000 £000 £000 £0002,414,942 1,926,419

345,795 290,124

(269,320) (118,973)

76,475 171,151- (12)

4,107 317,384

2,495,524 2,414,942

Net capital gains

Statement of Total Return


Income

for the year ended 31 March 2016

01/04/15 to 31/03/16 01/04/14 to 31/03/15


Revenue

Equalisation

Expenses

Net revenue/(expenses) before taxation

Total return before equalisation

Interest payable and similar charges

Taxation

Net expenses after taxation

Change in net assets attributable to unitholders from investment activities

Statement of Change in Net Assets Attributable to Unitholders

01/04/15 to 31/03/16 01/04/14 to 31/03/15

Amounts receivable oncreation of units*

Opening net assets attributable to unitholdersMovement due to creation and cancellation of units:

Stamp duty reserve tax

Amounts payable on cancellation of units*

Closing net assets attributable to unitholders

Change in net assets attributable to unitholders from investment activities (see above)

*Prior year figures in relation to Dilution Levy have been reclassified and included withincreations and cancellation of units as this was income and expenses arising from creations andcancellations respectively.

14


31/03/16 31/03/15

Notes £000 £000

2,482,647 2,345,324

8 7,209 8,421

9 13,557 65,296

2,503,413 2,419,041

Liabilities

(3,561) (74)

Creditors 10

(4,328) (4,025)

(7,889) (4,099)2,495,524 2,414,942

Other creditors

Total liabilitiesNet assets attributable to unitholders

Balance Sheet

Assets

Investments

Current assets

as at 31 March 2016

Cash and bank balances

Investment liabilities

Total assets

Debtors

15

1.

(a)

(b)

(c)

(d)

(e)

(f)

Expenses

Open forward currency contracts are shown in the Portfolio Statement and are valued usingcontracted forward rates. The net gains/(losses) are reflected in "Forward currencycontracts" in Net capital gains/(losses).

UK dividend revenue is disclosed net of any related tax credit. Overseas dividends continueto be disclosed gross of any foreign tax suffered, the tax element being separately disclosedin the tax note.

Authorised unit trusts are valued at cancellation price for funds managed by the managerand a bid price for all other funds. Suspended, delisted, unquoted or manually pricedsecurities are valued by the manager taking into account, where appropriate, latest dealingprices, financial performance and other relevant factors.

Taxation

Foreign exchange

Assets and liabilities have been translated into sterling at the exchange rates prevailing atthe Balance Sheet date.

Accounting and Distribution policies

Basis of accounting

Dividends receivable from equity investments are credited to the income account when theinvestments are first quoted ex-dividend. Interest on deposits is accounted for on an accruals basis. Interest on capital relate to payments made by brazillian corporations as analternative form of dividend distribution. Revenue from other authorised collectiveinvestment schemes is recognised when the investments are quoted ex-dividend.Management fee rebates from underlying funds will be taken to revenue or capitaldepending on the treatment adopted in the underlying funds. Management fee rebatesreceived from the St. James's Place Money Market Unit Trust are recognised as revenue onan accruals basis and form part of the distribution.

Revenue

Provision is made for corporation tax at the current rate on the excess of taxable revenueover allowable expenses.

Transactions involving foreign currencies are converted at the rate ruling on the date of thetransaction.

Deferred tax is provided for on the liability method on all timing differences. A deferred taxasset is only recognised to the extent that a timing difference will be of future benefit.

Valuation of investments


Notes to the Financial Statements


Listed investments have been valued at bid market value at 12.00 midday on 31 March2016 (31/03/15: bid market value at 12.00 midday), net of any accrued interest which isincluded in the Balance Sheet as a revenue related item.

All expenses of the Trust are recognised on an accruals basis and are deducted from revenuewith the exception of handling charges and stamp duty reserve tax which are deducted fromcapital.

The Financial Statements have been prepared under the historical cost basis, as modified bythe revaluation of investments, in compliance with the Financial Conduct Authority'sCollective Investment Schemes Sourcebook. They have been prepared in accordance withUnited Kingdom Generally Accepted Accounting Practice, including Financial ReportingStandard 102 (The Financial Reporting Standard applicable in the UK and Republic ofIreland FRS 102) and in accordance with the Statement of Recommended Practice (SORP)for Financial Statements of Authorised Funds issued by the Investment ManagementAssociation May 2014 (IMA SORP 2014). Both FRS 102 and SORP 2014 have beenadopted in the current year. The changes in the SORP 2014 are presentational only andthere have been no changes to any figures detailed within the financial statements. Thefinancial statements are prepared on the going concern basis.

16


(continued)Notes to the Financial Statements

(g)

(h)

(i)

(j)

(k)

2.01/04/15 to

31/03/1601/04/14 to

31/03/15£000 £000

11,042 323,086(3,388) 1,562

(732) 88(62) (90)

6,860 324,646

3.01/04/15 to

31/03/1601/04/14 to

31/03/15£000 £000

4,608 6,987Overseas dividends 36,323 25,036Distributions from Regulated Collective Investment Schemes Interest distributions 260 194Bank interest 32 135Revenue from Overseas REITs - 60Interest on capital 90 29Management charge rebate on underlying holdings 706 684Scrip dividends 347 419

42,366 33,544

Net capital gains

The Trust may enter into permitted transactions such as derivative contracts or forwardforeign currency transactions. Where these transactions are used to protect or enhancerevenue, the returns are included within net revenue in the Statement of Total Return.

Where the transactions are used to protect or enhance investments, the returns are treatedas capital and included within gains/losses on investments in the Statement of Total Return.Any open positions in these type of transactions at the year end are included in the BalanceSheet at their mark to market value.

Equalisation applies only to units purchased during the distribution period. It is the accruedrevenue element of the purchase price of all such units and is refunded to holders of theseunits as a return of capital. Being capital it is not liable to income tax, but must bededucted from the cost of units for capital gains tax purposes.

There is no distribution for the current year. Where there is distributable income, theManager may choose to pay all remaining revenue, less revenue expenses and taxation as adistribution at the end of the accounting period. In the case of income unitholders this willbe paid as a distribution. In the case of accumulation unitholders the distribution will bereinvested.

Equalisation

Forward currency contracts

Handling chargesCurrency (losses)/gains

Total revenue

Revenue

UK dividends

Distribution policy

Non-derivative securities

Net capital gains

Special dividends

Special dividends are treated as revenue or a repayment of capital reflecting the facts ofeach particular case.

The ordinary element of stocks received in lieu of cash dividends is recognised as revenueand where applicable, is included in the distribution. In the case of enhanced scripdividends, the value of the enhancement is treated as capital.

Scrip dividends

Derivatives

17



4.01/04/15 to

31/03/1601/04/14 to

31/03/15£000 £000

36,336 35,392

108 170

3,963 -ADR Issuance fee 18 -Audit fee 5 9Investment administration fee 68 99

5 2896 1,413

97 1371 4

5,053 1,664

41,497 37,226

5.01/04/15 to

31/03/1601/04/14 to

31/03/15£000 £000

(a)

3,756 3,670

(b)

864 (3,682)

173 (736)

(921) (1,397)(69) (84)

(7,265) (5,007)(3) (1)

8,085 7,2253,756 3,670

3,756 3,670

(c)

(d)

Payable to the Trustee

Total expenses

Taxation

Irrecoverable overseas tax

Analysis of charge in year:

Registrar's feeSafe custody fee

Other expenses

Tax & compliance fee

Management charge

Expenses

Payable to the Manager

Professional fee

Non taxable foreign dividends

Trustee's fee

Corporation Tax at 20% (2015: 20%)

Investment adviser's fee

Total tax charge for year (note 5a)

At the year end, after offset against revenue taxable on receipt, there is a potential deferredtax asset of £30,287,083 (31/03/15: £22,201,954) relating to surplus managementexpenses. No deferred tax asset was recognised in the current or prior year as it wasconsidered unlikely the Trust would generate sufficient taxable profits in the future to utilisethese amounts.

Authorised Unit Trusts are exempt from tax on capital gains, therefore any capital return isnot included in the above reconciliation.

Deferred taxation:

Eligible unrelieved foreign taxation

There is no provision required for deferred taxation at the balance sheet date.

Movement in excess management expensesIrrecoverable overseas tax

Effects of:

Non taxable scrip dividendsUK dividends not subject to corporation tax

Factors affecting total tax charge for the year:

The tax assessed for the year is higher than the standard rate of corporation tax in the UKfor an authorised unit trust of 20% (2015: 20%). The differences are explained below:

Net revenue/(expenses) before taxation

Factors that may affect future tax charges

18



6.01/04/15 to

31/03/1601/04/14 to

31/03/15£000 £000190 5

(329) (95)

(139) (90)

7.01/04/15 to

31/03/1601/04/14 to

31/03/15£000 £000

(2,892) (7,352)2,753 7,262

(139) (90)

8.31/03/16 31/03/15

£000 £0001,589 1,956

83 2,4873,802 2,407

57 -91 60

1,587 1,511

7,209 8,421

9.31/03/16 31/03/15

£000 £00012,434 63,461

1,123 1,835

13,557 65,296

10.31/03/16 31/03/15

£000 £000398 3,003326 818

3,604 204

4,328 4,025

11.

Opening units in issue Creations Cancellations

Units converted

Closing units in issue

11,956,265 123,316,272 (124,141,670) - 11,130,8671,334,095,959 82,068,682 (37,370,109) - 1,378,794,532

12.

Total debtors

Sales awaiting settlement

Purchases awaiting settlement

Cash and bank balances: Sterling

Net expense after taxation

Overseas tax recoverable

Net equalisation for the year

Debtors

Net equalisation for the year

Units in issue

Cash and bank balances: Overseas

Total cash and bank balances

Creditors

Equalisation

Deduct: Revenue received on creation of units

Accrued revenue

Income tax recoverable

Deficit transferred to capital

Add: Revenue deducted on cancellation of units

Amounts receivable for creation of units

Rebate receivable on underlying holdings

Movement between net expenses and net distribution

Reconciliation of the unit movement in the year:

IncomeAccumulation

The Manager's service charge paid to St. James's Place Unit Trust Group Limited is shown innote 4 and details of the value of units created and cancelled by St. James's Place Unit TrustGroup Limited are shown in the Statement of Change in Net Assets Attributable toUnitholders. The net balances due to St. James's Place Unit Trust Group Limited at the yearend in respect of these transactions was £3,038,662 (31/03/15: due from £1,666,018).

Related party transactions

Cash and bank balances

St. James's Place Unit Trust Group Limited together with the subsidiaries includingassociates are related parties and regarded as controlling parties by virtue of having theability to act in respect of operations of the Trust.

Total creditors

Amounts payable for cancellation of unitsAccrued expenses

19



13.

14.

●

●

●

15.

●

●

●

(a)

The Manager’s objectives in managing investment risk are to ensure that the investmentprofile of the Trust is consistent with its stated investment objectives and risk profile, and toensure appropriate liquidity. Day to day responsibility for managing investment risk isdelegated to the Investment Adviser, who is required to manage the Trust in accordancewith FCA regulations, the Prospectus and the terms of their Investment ManagementAgreement with the Manager. The Manager monitors the activities of the InvestmentAdviser, through a variety of mechanisms including the following:

The main risks arising from the Trust's financial instruments are market price risk, foreigncurrency risk, interest rate risk, credit risk and liquidity risk. The Manager's policies formanaging these risks are summarised below. These policies have remained unchangedsince the beginning of the year to which these financial statements relate (same for 2015).

Ongoing review of the investment performance of the Trust against appropriatebenchmarks.

Derivatives which the Trust may enter into (principally futures contracts, options andcontracts for difference) the purpose of which is to manage the market risk arising from theTrust's investment activities (and related financing)

Cash (including overdrafts) and short-term debtors and creditors that arise directly from itsoperations; and

Derivatives and other financial instruments

Shares in investment trusts and units in collective investment schemes;

In accordance with the investment objectives, as stated on page 2/, the Trust held certainfinancial instruments. These comprise:

Market price risk represents the potential loss the Trust might suffer through holding marketpositions in the face of price movements.

Market price risk

Capital commitments and contingent liabilities

On 31 March 2016, the Trust had no capital commitments (31/03/15: £nil) and nocontingent liabilities (31/03/15: £nil).

The Manager has delegated the investment management of the portfolio to an externalInvestment Adviser who determines the asset allocation and minimises the risk associatedwith particular countries or industry sectors, whilst continuing to follow the Trust’sinvestment objectives. The Manager has the responsibility for monitoring the portfolio toensure compliance with the investment objectives and that an acceptable risk and rewardprofile is maintained.

The Manager, St. James's Place Unit Trust Group Limited, is a subsidiary of St. James's PlaceWealth Management Group plc ('SJPWMG'). Two fellow subsidiaries of SJPWMG, St.James's Place International plc and St. James's Place UK plc, invest some of their life andpension policyholders' funds into the St. James's Place Global Unit Trust. The value of theseinvestments at the year end was £1,541,195,237 (31/03/15: £1,540,616,281).

Risk management

The rules in the Scheme Documents set out the financial instruments in which the Trust mayinvest. The Trust's use of financial instruments during the year satisfies these requirements.

As at 31/03/16 total revenue earned amounts to £259,572. (31/03/15: £194,358).

Initial and ongoing due diligence of Investment Adviser investment and risk managementprocedures – including on site reviews;

Periodic reviews of the investments held by the Trust and their compliance with investmentobjectives and liquidity requirements; and

Included in the investment portfolio is a holding of 184,305,982 units (31/03/15:217,059,192) in St. James's Place Money Market Unit Trust (a St. James's Place Unit TrustGroup Limited fund) with a market value of £192,403,834 (31/03/15: £226,331,961).Revenue and management charge rebates from this holding are shown in note 3 as interestdistributions and management charge rebates on the underlying holdings.

20



01/04/15 to 31/03/16

01/04/14 to 31/03/15

% %

13.54 13.5413.5413.54

(b)

●

●

●

31/03/16 31/03/15Total Total£000 £000

522,919 578,37210,971 3,846

5,359 2,74839,430 45,764

124,499 149,233(57,823) -118,079 91,783

98,914 119,86016,983 10,30525,941 6,477

110,590 103,7113,882 5,475

26,461 23,3582,209 10,4542,422 3,898

1,444,688 1,259,658

2,495,524 2,414,942

CNYDKKEURHKDJPYKRWMXNNOKSEK

Lowest monthly VaRHighest monthly VaR 13.57

The Trust may be subject to short term exposure to exchange rate movements, for instancewhere there is a difference between the date an investment purchase or sale is entered intoand the date when settlement of the proceeds occurs. When the Trust enters into such atransaction which will involve the buying or selling of foreign currency in order to complete,a foreign exchange contract is entered into as soon as possible after the initial transaction inorder to minimise the exchange rate risk.

Movements in exchange rates affect revenue received.

Average monthly VaR 13.56

GBPAUDBRLCADCHF

The Trust receives revenue in currencies other than sterling and movements in exchangerates can affect the sterling values of this revenue. The Trust converts all receipts of revenueinto sterling on or near the date of receipt, it does not however hedge or otherwise seek toavoid exchange rate risk on revenue accrued but not received.

Currency

An analysis for all currencies at the year end is shown below:

Net foreign currency assets

Total

The sensitivity of the fund to market risk is calculated using the Value-at-Risk (VaR)approach. VaR is a mathematical-statistical concept and is commonly used as a standardmeasure of risk in the financial sector. The maximum potential loss that a fund could sufferunder normal market conditions within a given time horizon and a certain degree ofconfidence is estimated. An absolute VaR is calculated using the historic return series ofeach fund. Using the Historical VaR approach, a 1% 20-day VaR using 10 years of historicaldaily data is calculated. An annualised VaR limit of 20% is considered for the fund.

Movements in exchange rates affect the value of investments;

The Manager has identified three principal areas where foreign currency risk could impactthe Trust:

Movements in exchange rates affect short term timing differences; and

The revenue and capital value of the Trust’s investments can be significantly affected bycurrency translation movements as a proportion of the Trust’s assets and revenue aredenominated in currencies other than sterling, which is the Trust’s functional currency. Theoverall currency exposure for this fund is reduced by the open forwards exposure.

Foreign currency risk

TWDUSD

21



(c)

(d)

(e)

(f)

(g) Maturity profile of financial liabilities

Interest rate risk

Liquidity risk

Interest receivable on bank deposits or payable on bank overdraft positions will be affectedby fluctuations in interest rates.

Efficient Portfolio Management

Liquidity risk arises where liabilities cannot be met when they fall due or can only be met atan uneconomic price. For instance, this could arise if the Trust faces significant redemptionsin a short period of time. In order to manage this risk the manager monitors the Trust withthe aim of ensuring that it contains diversified liquid assets, that the Trust possessessufficient liquidity for the purpose of meeting the redemption of units, and that the Trust hassources of borrowing available to it.

The efficient portfolio management techniques permitted in the fund as at 31 March 2016comprise of:

All financial liabilities of the Trust at the year end are due to settle in one year or less, or ondemand.

The Manager may use derivative instruments to hedge the value of the investment portfolioagainst market, currency and stock specific risk through investment in warrants, options,forwards and futures. The purpose of the financial instruments is efficient portfoliomanagement. In particular futures may be used to implement the investment policy in atimely manner and to manage market risk arising from the time lag between funds beingreceivable or payable by the Trust and investment and disinvestment in underlying securities. Forwards have been used to manage currency risk. As the trust is not considered asophisticated fund, the manager uses the commitment approach to measure the globalexposure to derivatives.

The external Investment Adviser selects acceptable counterparties through whichinvestments are bought and sold. The Manager has responsibility for monitoring theprocess by which these counterparties are selected to minimise risk.

The Trust’s investments and cash are held on its behalf by State Street Bank and TrustCompany (acting as agent), the custodian to the Trust, and its appointed sub custodians.Bankruptcy or insolvency of the custodian or its sub custodians may cause the Trust’s rightswith respect to securities to be delayed. This risk is managed through ongoing monitoringof the custodian and periodic reviews of its procedures for selecting and monitoring subcustodians, together with ad hoc reviews of custodian and sub custodian credit ratings.

Derivative risk

Credit risk

Certain transactions in securities that the Trust enters into expose it to the risk that thecounterparty will not deliver the investment (purchase) or cash (sale) after the fund hasfulfilled its responsibilities.

Credit risk occurs where there is a risk associated with the uncertainty of a counterparty’sability to meet its obligations. This risk is managed by reviewing the counterparty’s creditrating, at the time of purchase and on an ongoing basis, and ensuring that the portfolio issufficiently diversified. The impact of movements in credit rating and spread, and theireffect on market prices, is considered to be part of market price risk, which is discussedabove.

The revenues in the year were nil with no collateral placed or received.

The efficient portfolio management techniques permitted in the fund as at 31 March 2015comprise of:

Technique Counterparty Exposure (£)Currency Forwards State Street Bank

And Trust Company2,532,673

Exposure (£)Technique CounterpartyCurrency Forwards State Street Bank London 57,822,736

22



(h)

16.

01/04/15 to 31/03/16

01/04/14 to 31/03/15

01/04/15 to 31/03/16

01/04/14 to 31/03/15

£000 £000 £000 £000345,257 159,507 379,403 114,641664,808 550,607 472,770 420,342

1,010,065 710,114 852,173 534,983

- - - -535 401 (344) (276)

535 401 (344) (276)

- - - -338 307 (26) (15)

338 307 (26) (15)

873 708 (370) (291)

1,010,938 710,822 851,803 534,692

01/04/15 to 31/03/16

01/04/14 to 31/03/15

01/04/15 to 31/03/16

01/04/14 to 31/03/15

% % % %

- - - -0.08 0.07 0.07 0.07

- - - -0.05 0.06 0.01 0.00

Total transaction cost expressed as a percentage of net asset value.

01/04/15 to 31/03/16 01/04/14 to 31/03/15

Taxes

The average portfolio dealing spread at the balance sheet date was 0.06% (31/03/15: 0.05%).

Average portfolio dealing spread

Total costs

%%Commissions 0.04

0.01

0.05

0.030.02

0.05

TaxesCollective Investment SchemesEquities

Collective Investment SchemesEquities


Commissions

Trades in the year after transaction costs

Total taxes

Total transaction cost expressed as a percentage of asset type cost.Purchases Sales

Total commissions


Collective Investment Schemes

Purchases Sales

Portfolio transaction costs

Analysis of total trade costs.

Fair value of financial assets and liabilities

There is no material difference between the value of the financial assets and liabilities, asshown in the Balance Sheet, and their fair values.

Total costs

Trades in the year before transaction costs

Commissions

Taxes

Equities

23



17.

Assets Liabilities Assets Liabilities£000 £000 £000 £000

Level 1 2,290,243 - 2,118,992 -Level 2 192,404 (3,561) 226,332 (74)Level 3 - - - -

Total fair value 2,482,647 (3,561) 2,345,324 (74)

Fair value

Valuation technique

31/03/16 31/03/15

The intention of a fair value measurement is to estimate the price at which an asset or aliability could be exchanged in the market conditions prevailing at the measurement date.The measurement assumes the exchange is an orderly transaction (that is, it is not a forcedtransaction, involuntary liquidation or distress sale) between knowledgeable, willingparticipants on an independent basis.

The purpose of the fair value hierarchy is to prioritise the inputs that should be used tomeasure the fair value of assets and liabilities.

The highest priority is given to quoted prices at which a transaction can be entered into andthe lowest priority to unobservable inputs.

The fund has early adopted the March 2016 amendment to section 34 of FRS102 (FairValue Hierarchy disclosures that simplify preparation of financial instrument disclosure),which is applicable to accounting periods beginning on or after 1 January 2017 with earlierapplication permitted.

In accordance with FRS102 the fund classifies fair value measurement under the followinglevels:

Level 1: The unadjusted quoted price in an active market for identical assets or liabilitiesthat the entity can access at the measurement date.

Level 2: Inputs other than quoted prices included within level 1 that are observable (iedeveloped using market data) for the asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable (ie for which market data is unavailable) for the asset or liability.

24

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

Unit Dealings

St. James's Place Global Unit Trust is an authorised Unit Trust scheme under section 243 of theFinancial Services and Markets Act (2000) and is constituted by a Trust Deed dated 8 January2007.


General Information

The Trust

The Unit Trust is subject to the rules of the Financial Conduct Authority's Collective InvestmentScheme Sourcebook and is classified as a UCITS Scheme.

The Trust Manager

The Manager of the Trust is St. James's Place Unit Trust Group Limited which is authorised andregulated by the Financial Conduct Authority.

Investment Objectives

The investment objective of the Scheme is to achieve capital appreciation through investment ina global portfolio. The Scheme will invest primarily in UK and overseas equities and may alsoinvest in fixed interest and index linked securities and cash. The Scheme is also permitted toinvest in other transferable securities, money market instruments, units in collective investmentschemes and deposits. The Scheme will concentrate on seeking opportunities for exceptionalgrowth in stocks which, in the opinion of the Investment Adviser, offer good value for money.The Scheme may also invest in transferable securities in new and emerging markets.

The Scheme is permitted to invest in derivative and forward transactions for the purposes ofefficient portfolio management (including hedging).

Dealings on the Trust take place on a daily basis. Purchase or sale instructions can be made bytelephone or in writing to St. James's Place Unit Trust Group Limited, PO Box 9034, Chelmsford,CM99 2XA, United Kingdom, freephone: 0800 027 1031.

The most recent issue and redemption prices will be published on the Manager's website:www.sjp.co.uk and are available by calling the Administration Centre on 0800 027 1031.

The Manager adopts a policy of forward pricing, i.e. the order will be transacted on the dealingday following receipt of the client's instructions, or if received before noon, on that dealing day.

In the case of telephone purchases of units from the Manager, settlement must be by return ofpost after receipt of the contract note. In the case of telephone redemptions, the proceeds willnot become payable until the receipt at the Administration Centre of a written request.

A contract note confirming the subscription or redemption price and the number of unitsinvolved will be forwarded, together with a cancellation notice, where appropriate, on the nextbusiness day.

The minimum lump sum investment is £1,500, thereafter the minimum additional investment is£1,000. The minimum monthly investment is £150 and the minimum monthly increment is £50.The minimum annual investment is £1,500 and the minimum annual increment is £500.

Minimum Investment

25


General Information (continued)

(a)

(b)

RemunerationSt. James’s Place PLC (“SJP PLC”) personnel providing services to St. James’s Place Unit TrustGroup Limited (“the Manager ”) are subject to the SJP PLC Remuneration Policy (the“Remuneration Policy”). The Remuneration Policy reflects the remuneration requirements ofthe UCITS V Directive (2014/91/EU). Details of the Remuneration Policy are available throughwww1.sjp.co.uk/about-st-james-place/our-responsibilities/corporate-governance which isupdated periodically to reflect changes to the policy.

To calculate capital gains on accumulation units, the total amount of reinvested net revenue(shown on the annual tax credit vouchers) should be added to the base cost of the unitspurchased. Unitholders should consult their professional advisers for any advice regarding theirtax position.

Income unitholders that receive income distributions by direct credit and accumulationunitholders (where the distribution income is reinvested) receive an annual consolidated taxvoucher in May with all the relevant payment and tax information required to complete a taxreturn.

Tax vouchers will be enclosed if income unitholders receive payment by cheque.

Report

A report is sent semi-annually to all unitholders on or before 31 May and 30 November.

Capital Gains Tax

The Trust is not liable to tax on capital gains and any individual holding units will not be liable tocapital gains tax unless the total chargeable gains for the tax year 2016/2017 exceed £11,100(2015/2016 £11,100).

Management ChargesWith effect from 26 October 2015 the Manager changed the charging structure of the Scheme.The annual management charge has been adjusted to include many of the predictable costs,such as trustee fees and administration fees, which were previously charged directly to theScheme, and to exclude the fees for Investment Advisers, which are now charged directly to theScheme. These changes were presentational only and there has been no overall increase in thetotal charges met by the Scheme. In addition, the way the annual management charge iscalculated has been changed. The charge was previously calculated monthly, based on theScheme value on the first business day of the month; with effect from 26 October 2015 it iscalculated daily, based on the Scheme value every day.

A Preliminary Charge of 5 per cent which is included in the offer price of the Units.

Income Distributions

The Trust Deed permits the following management charges which are receivable by theManager:

An Annual Management Charge at a rate of 1.34 per cent (1.67 per cent prior to 26October 2015) of the value of the Trust.

Tax Vouchers

Income distributions are made annually on or before the 31 May.

Accumulation Distributions

Revenue due to accumulation unitholders is reflected in the price of their units.

Following the implementation of UCITS V in the UK on 18 March 2016, all authorised UCITSManagers are required to comply with the UCITS V Remuneration Code from the start of theirnext accounting year. Under the UCITS V Directive, the Manager is required to discloseinformation relating to the remuneration paid to its staff for the financial year, split into fixedand variable remuneration. The Manager’s Financial Year end is 31 December, it is thereforeanticipated that the Manager’s Remuneration Policy and associated financial disclosures will bemade within the Annual Reports starting from 31 December 2017, following its first fullperformance period. Prior to this date, and in line with the FCA's guidance on the UCITS Vremuneration disclosures, the Manager would be part way through its first performance periodand the information available would not be relevant or provide a proper basis for comparison.

26

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.

Perivan Financial Print 240850 Global (05/16)