investment-linked policy sub-funds...

I L P S U B - F U N D S A N N U A L R E P O R T

ST. JAMES’S PLACE INTERNATIONAL PLC SINGAPORE BRANCH

F O R T H E P E R I O D E N D E D 3 0 S E P T E M B E R 2 0 17

I N V E S T M E N T- L I N K E D P O L I C Y S U B - F U N D S

A N N U A L R E P O R T

03

CONTENTS

Message from the Principal Officer 04

ILP Sub-Fund Information 05

SJPISG International Equity GBP 06 SJPISG International Equity SGD 07 SJPISG International Equity USD 08 SJPISG Global Equity GBP 09 SJPISG Global Equity SGD 10 SJPISG Global Equity USD 11 SJPISG Schroder Managed GBP 12 SJPISG Schroder Managed SGD 13 SJPISG Schroder Managed USD 14 SJPISG UK Gilts GBP 15 SJPISG UK Gilts SGD 16 SJPISG Asia Pacific GBP 17 SJPISG Asia Pacific SGD 18 SJPISG Asia Pacific USD 19 SJPISG Strategic Managed GBP 20 SJPISG Strategic Managed SGD 21 SJPISG Strategic Managed USD 22 SJPISG Corporate Bond GBP 23 SJPISG Corporate Bond SGD 24 SJPISG Corporate Bond USD Hedged 25 SJPISG AXA Framlington Managed GBP 26 SJPISG AXA Framlington Managed SGD 27 SJPISG AXA Framlington Managed USD 28 SJPISG Global Managed GBP 29 SJPISG Global Managed SGD 30 SJPISG Global Managed USD 31 SJPISG Worldwide Managed GBP 32 SJPISG Worldwide Managed SGD 33 SJPISG Worldwide Managed USD 34 SJPISG UK Growth GBP 35 SJPISG UK Growth SGD 36 SJPISG Continental European SGD 37 SJPISG Equity Income GBP 38 SJPISG Equity Income SGD 39 SJPISG UK & General Progressive GBP 40 SJPISG UK & General Progressive SGD 41 SJPISG UK & General Progressive USD 42 SJPISG UK High Income GBP 43 SJPISG UK High Income SGD 44 SJPISG Global Smaller Companies GBP 45 SJPISG Global Smaller Companies SGD 46 SJPISG Global Smaller Companies USD 47 SJPISG Investment Grade Corporate Bond GBP 48 SJPISG Investment Grade Corporate Bond SGD 49

SJPISG Investment Grade Corporate Bond USD Hedged 50 SJPISG International Corporate Bond GBP 51 SJPISG International Corporate Bond SGD 52 SJPISG International Corporate Bond USD Hedged 53 SJPISG Ethical GBP 54 SJPISG Ethical SGD 55 SJPISG Ethical USD 56 SJPISG UK Absolute Return GBP 57 SJPISG UK Absolute Return SGD 58 SJPISG UK Absolute Return USD 59 SJPISG UK & International Income GBP 60 SJPISG UK & International Income SGD 61 SJPISG Global Equity Income GBP 62 SJPISG Global Equity Income SGD 63 SJPISG Global Equity Income USD 64 SJPISG Index Linked Gilts GBP 65 SJPISG Index Linked Gilts SGD 66 SJPISG Emerging Markets Equity GBP 67 SJPISG Emerging Markets Equity SGD 68 SJPISG Emerging Markets Equity USD 69 SJPISG Greater European GBP 70 SJPISG Greater European SGD 71 SJPISG Greater European USD 72 SJPISG North American GBP 73 SJPISG North American SGD 74 SJPISG North American USD 75 SJPISG UK Income GBP 76 SJPISG UK Income SGD 77 SJPISG Diversified Bond GBP 78 SJPISG Diversified Bond SGD 79 SJPISG Diversified Bond USD Hedged 80 SJPISG Strategic Income GBP 81 SJPISG Strategic Income SGD 82 SJPISG Strategic Income USD Hedged 83 SJPISG Global Emerging Markets GBP 84 SJPISG Global Emerging Markets SGD 85 SJPISG Global Emerging Markets USD 86 SJPISG Worldwide Income GBP 87 SJPISG Worldwide Income SGD 88 SJPISG Worldwide Income USD 89 SJPISG Diversified Income GBP 90

ILP Sub-Fund Financial Statements 91

Notes to the Financial Statements 124

Independent Auditors Report 125


MESSAGE FROM THE PRINCIPAL OFFICER

Welcome and thank you for choosing St. James’s Place. I am delighted to present the latest annual report of the St. James’s Place International plc (Singapore Branch) Investment Linked Policy Sub-Funds.

It has been another eventful 12 months for global financial markets. The period opened with two major events in the US that buoyed stocks – the surprise election victory of Donald Trump and the first US interest rate rise in nine years. A rising oil price and improving corporate earnings provided further tailwinds, especially among financial and technology stocks. The S&P 500, Dow Jones and Nasdaq indices all pushed through major barriers for the first time.

In Europe, UK growth began to slow and the country received two credit downgrades. Theresa May triggered Article 50, confirmed that the UK would leave the single market and customs union, and called a disastrous snap election. Nevertheless, stocks rose more than 10% and the Bank of England felt confident enough to raise interest rates. Meanwhile, eurozone growth and stocks surged, aided by the election of Emmanuel Macron, a centrist Europhile, as French president.

While Japan began the period looking lacklustre, economic growth and business confidence picked up over the period, despite a series of missile tests by North Korea. Japanese stocks were buoyed by a decisive election victory for Shinzo Abe – inflows from international investors quickly followed. In China, the five-yearly Party Congress saw Xi Jinping consolidate power still further. Mainland Chinese stocks suffered in April on regulatory pressure, but have performed strongly since mid-May, and the economy has continued to grow at above 6.5%.

As always, we encourage you to discuss your portfolio regularly with your St. James’s Place Partner in order to ensure it continues to meet your financial goals.

Andrew SumnerPrincipal OfficerSt. James’s Place International plc (Singapore Branch)

Andrew Sumner

Source: FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE ®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

© S&P Dow Jones LLC 20[17]. All rights reserved.

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I N F O R M AT I O NI N V E S T M E N T- L I N K E D P O L I C Y S U B - F U N D S


A. Investment in Collective Investment Schemes

The ILP sub-fund invests into the St. James’s Place International Equity Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve long-term capital appreciation by investing internationally in a focused portfolio of equities. The Underlying Fund will invest primarily in equities, cash and near cash.

B. Holdings of the ILP sub-fundMarket Value (£000) NAV

St. James’s Place International Equity Unit Trust (UK)

3,866 99.63%

Cash and others (UK) 14 0.37%

G. Top 10 holdings of the Underlying Fund30 September 2017 Market Value (£000) NAV

1. SSgA Liquidity Fund 366,699 8.58%2. Apple Inc 317,442 7.43%3. Facebook Inc 256,766 6.01%4. Alphabet Inc 249,887 5.85%5. Lowe’s Companies Inc 245,103 5.74%6. Visa Inc 240,195 5.62%7. Starbucks Corp 191,435 4.48%8. Microsoft Corp 182,979 4.28%9. EBay Inc 181,040 4.24%10. Wells Fargo & Co 169,878 3.98%

30 September 2016 Market Value (£000) NAV

1. St. James’s Place Money Market Unit Trust

346,353 10.17%

2. Apple Inc 242,123 7.11%3. EBay Inc 192,390 5.65%4. Visa Inc 188,099 5.52%5. Yum Brands Inc 180,732 5.31%6. Microsoft Inc 177,452 5.21%7. Intel Corporation 164,059 4.82%8. Alphabet Inc 156,414 4.59%9. Oracle Corp 152,665 4.48%10. PayPal Holdings Inc 148,416 4.36%

E. Expenses ratio2017 2016

ILP sub-fund* 2.53% -Underlying Fund 1.74% 1.74%The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received.*Includes expense ratio of Underlying Fund.

F. Turnover ratio2017 2016

ILP sub-fund 7.39% -Underlying Fund 50.87% 6.09%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV.

C. Subscriptions and redemptions(£000)

Subscriptions during the period 3,895Redemptions during the period 19

S JP ISG INTERNATIONAL EQUITY GBP SJP ISG INTERNATIONAL EQUITY SGD

H. Debt of sub-fundNil

I. Related party transactionsNil

J. Other material informationNil

M. Underlying Fund financial statementsThe financial statements of the Underlying Fund are available at: www1.sjp.co.uk/press-and-media/ document-library

K. Underlying Fund soft dollars receivedNil

L. Exposure to financial derivativesNil

D. Performance of ILP sub-fund6 months 0.26%Since launch 10 October 2016 7.67%Past performance is not indicative of future performance.

07



B. Holdings of the ILP sub-fundMarket Value (S$000) NAV


15,341 99.63%






346,353 10.17%


D. Performance of ILP sub-fund6 months 4.70%1 year 14.45%Since launch 2 February 2015 6.52%Past performance is not indicative of future performance.


ILP sub-fund* 2.50% 2.53%Underlying Fund 1.74% 1.74%The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received.*Includes expense ratio of Underlying Fund.


ILP sub-fund 2.60% 9.76%Underlying Fund 50.87% 6.09%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV.

C. Subscriptions and redemptions(S$000)

Subscriptions during the period 6,304Redemptions during the period 1,463

S JP ISG INTERNATIONAL EQUITY SGD










B. Holdings of the ILP sub-fundMarket Value (U$000) NAV


1,201 99.63%






S JP ISG INTERNATIONAL EQUITY USD SJP ISG GLOBAL EQUITY GBP

C. Subscriptions and redemptions(U$000)




ILP sub-fund* 2.51% -Underlying Fund 1.74% 1.74%The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. *Includes expense ratio of Underlying Fund.








346,353 10.17%



09


The ILP sub-fund invests into the St. James’s Place Global Equity Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve long-term capital appreciation by investing worldwide in equities. The Underlying Fund will invest primarily in a diversified international equity portfolio, cash and near cash.


St. James’s Place Global Equity Unit Trust (UK)

1,746 99.94%



1. SSgA USD Liquidity Fund 220,015 2.43%2. St. James’s Place Money

Market Unit Trust208,015 2.29%

3. Alibaba Group Holding SPA 74,347 0.82%4. Wells Fargo & Co 70,707 0.78%

5. Facebook Inc 68,055 0.75%6. Shiseido Co Ltd 63,624 0.70%7. Visa Inc 59,766 0.66%8. Berkshire Hathaway Inc 57,598 0.64%9. Priceline Group Inc 54,927 0.61%10. Wabco Holdings Inc 54,657 0.60%



213,066 2.82%

2. JP Morgan Chase & Co. 133,451 1.76%3. American International 78,677 1.04%4. Wells Fargo & Co 71,848 0.95%5. Facebook Inc 56,792 0.75%6. Wesco International Inc 55,946 0.74%7. Visa Inc 51,894 0.69%8. Wabco Holdings Inc 50,382 0.67%9. American International 50,107 0.66%10. Alibaba Group Holding SPA 49,169 0.65%





S JP ISG GLOBAL EQUITY GBP















10,270 99.94%


S JP ISG GLOBAL EQUITY SGD SJP ISG GLOBAL EQUITY USD



D. Performance of ILP sub-fund6 months 6.72% 1 year 15.37%Since launch 2 February 2015 6.16%Past performance is not indicative of future performance.


ILP sub-fund* 2.35% 2.41%Underlying Fund 1.55% 1.57%The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. *Includes expense ratio of Underlying Fund.










213,066 2.82%








11





805 99.94%


S JP ISG GLOBAL EQUITY USD


Subscriptions during the period 814Redemptions during the period 76

D. Performance of ILP sub-fund6 months 9.86% Since launch 10 October 2016 15.90%Past performance is not indicative of future performance.












213,066 2.82%










The ILP sub-fund invests into the St. James’s Place Managed Growth Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve capital appreciation over the medium to long term. The Underlying Fund will achieve this objective by generally investing in quoted securities on a worldwide basis. The Underlying Fund will invest, at the Manager’s discretion, in UK and overseas equities, UK and overseas fixed interest and index linked securities, units and/or shares in other collective investment schemes, cash and near cash.


St. James’s Place Managed Growth Unit Trust (UK)

983 99.96%




960,218 20.91%

2. SSgA GBP Liquidity Fund 320,953 6.99%3. HSBC Holdings Plc 94,779 2.06%4. Royal Bank of

Scotland Group77,766 1.69%

5. South32 Ltd 72,956 1.59%6. Anglo American Plc 70,955 1.55%7. Aviva Plc 70,516 1.54%8. GlaxoSmithKline Plc 67,749 1.48%9. BP Plc 66,930 1.46%10. Barclays Plc 66,537 1.45%



770,325 20.08%

2. SSgA Liquidity Fund 320,203 8.35%3. GlaxoSmithKline Plc 71,473 1.86%4. HSBC Holdings Plc 71,045 1.85%5. WM Morrison Supermarkets 61,511 1.60%6. BP Plc 60,543 1.58%7. RBS Group 60,445 1.58%8. Aviva Plc 56,819 1.48%9. Barclays Plc 56,514 1.47%10. US Treasury 1.375% 2018 56,014 1.46%





S JP ISG SCHRODER MANAGED GBP SJP ISG SCHRODER MANAGED SGD










13





7,172 99.96%




960,218 20.91%






770,325 20.08%






S JP ISG SCHRODER MANAGED SGD



D. Performance of ILP sub-fund6 months 5.82% 1 year 11.23% Since launch 2 February 2015 1.89%Past performance is not indicative of future performance.












644 99.96%


S JP ISG SCHRODER MANAGED USD SJP ISG UK GILTS GBP










960,218 20.91%






770,325 20.08%








15


The ILP sub-fund invests into the St. James’s Place Gilts (UK Gilts) Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide a combination of growth and income, by investing primarily in a portfolio of UK Gilts.


UK Gilts (UK) 141 99.42% Cash and others (UK) 1 0.58%


1. UK Treasury 1.75% 2019 23,531 8.40%2. UK Treasury 4.25% 2032 21,358 7.63%3. UK Treasury 1.50% 2026 20,833 7.44%4. UK Treasury 4.75% 2030 19,198 6.85%

5. UK Treasury 0.75% 2023 17,733 6.33%6. UK Treasury 2.00% 2020 15,026 5.36%7. UK Treasury 0.50% 2022 14,557 5.20%8. UK Treasury 3.75% 2021 14,545 5.19%9. UK Treasury 8.00% 2021 13,522 4.83%10. UK Treasury 2.00% 2025 12,503 4.46%


1. UK Treasury 4.75% 2030 14,449 6.43%2. UK Treasury 3.75% 2021 13,919 6.20%3. UK Treasury 1.00% 2017 13,760 6.13%4. UK Treasury 4.00% 2022 13,588 6.05%5. UK Treasury 8.00% 2021 13,367 5.95%6. UK Treasury 4.25% 2027 12,694 5.65%7. UK Treasury 1.50% 2021 12,445 5.54%8. UK Treasury 1.75% 2019 12,431 5.54%9. UK Treasury 6.00% 2028 11,260 5.01%10. UK Treasury 2.00% 2025 10,741 4.78%





S JP ISG UK GILTS GBP



D. Performance of ILP sub-fund6 months -2.04% Since launch 10 October 2016 -2.75%Past performance is not indicative of future performance.





ILP sub-fund 74.47% -Underlying Fund 49.37% 37.87%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV. L. Exposure to financial derivatives

Nil


SJP ISG AS IA PACIF IC GBP


UK Gilts (UK) 325 99.42% Cash and others (UK) 2 0.58%

S JP ISG UK GILTS SGD



D. Performance of ILP sub-fund6 months 2.27% 1 year -1.52% Since launch 2 February 2015 -4.93%Past performance is not indicative of future performance.






The ILP sub-fund invests into the St. James’s Place Gilts (UK Gilts) Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide a combination of growth and income, by investing primarily in a portfolio of UK Gilts.












17


The ILP sub-fund invests into the St. James’s Place Asia Pacific Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve capital appreciation over the medium to long term. The aim of the Underlying Fund is capital growth from investment principally in the stock markets of Japan, the Far East and the Pacific Basin, which may include investments that are listed, registered or trading within this area.


St. James’s Place Asia Pacific Unit Trust (UK)

3,744 99.85%



1. HDFC Bank Ltd ADR 96,065 5.36%2. Taiwan Semiconductor

Manufacturing Co Ltd ADR95,966 5.36%

3. CSL Ltd 88,988 4.97%4. CK Hutchison Holdings Ltd 77,328 4.32%

5. Newcrest Mining Ltd 63,093 3.52%6. Overseas Chinese

Banking Corp62,259 3.48%

7. Hong Kong & China Gas Co 52,062 2.91%8. Kasikornbank Pcl 51,249 2.86%9. Singapore

Telecommunications Ltd50,852 2.84%

10. Brambles Ltd 50,071 2.80%


1. Aberdeen Global Indian Equity Fund

78,767 4.80%

2. Jardine Strategic Holdings Ltd 70,405 4.29%3. Samsung Electronics Pref 60,417 3.68%4. AIA Group Ltd 56,381 3.44%5. Seven & I Holdings Co Ltd 54,989 3.35%6. Japan Tobacco Inc 52,495 3.20%7. Taiwan Semiconductor 51,656 3.15%8. Shin-Etsu Chemical Co Ltd 50,715 3.09%9. HSBC Holdings Inc 47,775 2.91%10. Overseas Chinese

Banking Co47,224 2.88%





S JP ISG AS IA PACIF IC GBP















17,700 99.85%


S JP ISG AS IA PACIF IC SGD
















10. Brambles Ltd 50,071 2.80%



78,767 4.80%









19





1,617 99.85%


S JP ISG AS IA PACIF IC USD








S JP ISG AS IA PACIF IC SGD









10. Brambles Ltd 50,071 2.80%



78,767 4.80%











The ILP sub-fund invests into the St. James’s Place Strategic Managed Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide capital growth over the medium to long term by investing in UK and overseas assets, including shares, fixed interest and index linked bonds issued by companies and governments, collective investment schemes, cash and similar assets.


St. James’s Place Strategic Managed Unit Trust (UK)

2,965 99.55%



1. AstraZeneca Plc 144,649 2.92%2. GlaxoSmithKline Plc 113,329 2.29%3. Electrocomponents Plc 99,996 2.02%4. WM Morrison

Supermarkets Plc92,920 1.88%

5. Unilever Plc 88,325 1.79%6. Rentokil Initial Plc 85,452 1.73%7. 3I Group Plc 78,934 1.60%8. BT Group Plc 78,448 1.59%9. Royal Dutch Shell Plc (B) 75,279 1.52%10. Legal & General Group Plc 72,817 1.47%


1. AstraZeneca Plc 127,834 2.92%2. GlaxoSmithKline Plc 112,395 2.57%3. BT Group Plc 78,679 1.80%4. Royal Dutch Shell Plc (B) 74,888 1.71%5. Unilever Plc 73,924 1.69%6. Imperial Brands Plc 73,910 1.69%7. WM Morrison Supermarkets 65,119 1.49%8. Rentokil Initial Plc 63,225 1.44%9. BAE Systems Plc 60,880 1.39%10. Relx Plc 59,063 1.35%





S JP ISG STRATEGIC MANAGED GBP







ILP sub-fund 19.85% -Underlying Fund 48.71% 38.97%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV. M. Underlying Fund financial statements

The financial statements of the Underlying Fund are available at: www1.sjp.co.uk/press-and-media/ document-library


21





12,311 99.55%


S JP ISG STRATEGIC MANAGED SGD








S JP ISG STRATEGIC MANAGED GBP


















758 99.55%


S JP ISG STRATEGIC MANAGED USD




















23


The ILP sub-fund invests into the St. James’s Place Corporate Bond Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an attractive level of income as well as capital appreciation by investing in a portfolio of fixed income securities and other financial instruments. It will be actively managed. In normal market conditions the portfolio is expected to be predominantly invested in high yield bonds. However the manager will reduce this proportion as necessary to preserve the capital value of the fund if required by market conditions.


St. James’s Place Corporate Bond Unit Trust (UK)

540 98.08%




108,552 6.24%

2. Iron Mountain Europe Plc 34,619 1.99%3. CNP Assurances SA

7.375% 204127,875 1.60%

4. Societe Generale SA 8.85% 2049

27,585 1.59%

5. Electricite De France SA 6.00% 25,194 1.45%6. Standard Chartered Plc 2034 24,215 1.39%7. EI Group Plc 2018 23,939 1.38%8. HBOS Sterling Fin Jersey 23,571 1.35%9. RAC Bond Co Plc 23,323 1.34%10. Pizza Express Financing 22,931 1.32%


1. Enterprise Inns Plc 37,258 2.15%2. Iron Mountain Europe Plc 34,735 2.00%3. St. James’s Place Money


4. CNP Assurances 26,739 1.54%5. UK Treasury Gilt 1.00% 2017 25,210 1.45%6. RAC Bond Co 4.875% 2046 24,662 1.42%7. Electricite De France SA 23,850 1.37%8. Pizza Express Financing 23,658 1.36%9. Societe Generale 23,476 1.35%10. Standard Chartered Plc 22,111 1.27%





S JP ISG CORPORATE BOND GBP















2,431 98.08%


S JP ISG CORPORATE BOND SGD


Subscriptions during the period 757Redemptions during the period 1,198

D. Performance of ILP sub-fund6 months 7.06% 1 year 9.26% Since launch 2 February 2015 -0.43%Past performance is not indicative of future performance.







108,552 6.24%

2. Iron Mountain Europe Plc 34,619 1.99%3. CNP Assurances SA

7.375% 204127,875 1.60%

4. Societe Generale SA 8.85% 2049

27,585 1.59%












25





1,035 101.59%

Cash and others (UK) (16) (1.59%)

S JP ISG CORPORATE BOND USD HEDGED








S JP ISG CORPORATE BOND SGD



108,552 6.24%

2. Iron Mountain Europe Plc 34,619 1.99%3. CNP Assurances SA 7.375% 2041 27,875 1.60%4. Societe Generale SA 8.85% 2049 27,585 1.59%











L. Exposure to financial derivativesForward foreign exchange contracts

30 September 2017* Notional Amount (U$000)

Unrealised(U$000)

Forward foreign exchange contracts 735 (13)*Note the Underlying Fund was launched in November 2015.



The ILP sub-fund invests into the St. James’s Place Balanced Managed Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund will achieve this objective by generally investing in quoted securities on a worldwide basis. The Underlying Fund will invest, at the Manager’s discretion, in UK and overseas equities, UK and overseas fixed interest and index linked securities, units and/or shares in other collective investment schemes, cash and near cash.


St. James’s Place Balanced Managed Unit Trust (UK)

1,041 99.76%




601,327 16.57%

2. UK Treasury Gilt 5.00% 2025 139,041 3.83%3. Royal Dutch Shell Plc (B) 92,784 2.56%4. UK Treasury 2.50% 2024 85,039 2.34%

5. AXA World Funds Framlington Emerging Markets

80,743 2.23%

6. Bundesobligation 0.25% 2018 70,980 1.96%7. UK Treasury Gilt 4.75% 2020 66,247 1.83%8. BP Plc 63,196 1.74%9. Diageo Plc 58,012 1.60%10. HSBC Holdings Plc 55,200 1.52%



531,774 14.22%

2. UK Treasury Gilt 5.00% 2025 148,351 3.97%3. UK Treasury 2.50% 2024 86,832 2.32%4. Royal Dutch Shell Plc (B) 81,082 2.17%5. Bundesobligation 0.25% 2018 69,897 1.87%6. AXA World Funds Framlington

Emerging Markets64,419 1.72%

7. GlaxoSmithKline Plc 57,166 1.53%8. US Treasury 1.625% 2020 55,295 1.48%9. AstraZeneca Plc 52,489 1.40%10. UK Treasury Gilt 2.50% 2020 49,512 1.32%





S JP ISG AXA FRAMLINGTON MANAGED GBP










27





7,426 99.76%


S JP ISG AXA FRAMLINGTON MANAGED SGD








S JP ISG AXA FRAMLINGTON MANAGED GBP









601,327 16.57%



80,743 2.23%




531,774 14.22%









619 99.76%


S JP ISG AXA FRAMLINGTON MANAGED USD
















601,327 16.57%



80,743 2.23%




531,774 14.22%




29


The ILP sub-fund invests into the St. James’s Place Global Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve long-term capital appreciation by investing worldwide in equities. The Underlying Fund aims to achieve capital appreciation through investment in a global portfolio. The Underlying Fund will invest primarily in UK and overseas equities and may also invest in fixed interest and index linked securities and cash. The Underlying Fund is also permitted to invest in other transferable securities, money market instruments, units in collective investment schemes and deposits. The Underlying Fund will concentrate on seeking opportunities for exceptional growth in stocks which, in the opinion of the Investment Adviser, offer good value for money.


St. James’s Place Global Unit Trust (UK)

1,943 99.98%




298,137 9.16%

2. Samsung Electronics Co Ltd 134,830 4.14%3. Citigroup Inc 117,018 3.59%4. Bank Of New York

Mellon Corp107,922 3.31%

5. Arch Capital Group Ltd 104,492 3.21%6. Baidu Inc ADR 103,500 3.18%7. Marsh & McLennan Cos 98,089 3.01%8. Oracle Corp 97,255 2.99%9. ABB Ltd 91,472 2.81%10. ING Groep NV 89,264 2.74%



254,686 8.92%

2. Oracle Corp 111,946 3.92%3. Samsung Electronics Co Ltd 108,466 3.80%4. Arch Capital Group Ltd 98,914 3.46%5. Bank Of New York


6. Medtronic Plc 90,782 3.18%7. Microsoft Corp 90,033 3.15%8. Qualcomm Inc 88,985 3.12%9. ABB Ltd 86,082 3.02%10. Citigroup Inc 82,567 2.89%





S JP ISG GLOBAL MANAGED GBP









S JP ISG AXA FRAMLINGTON MANAGED USD







11,415 99.98%


S JP ISG GLOBAL MANAGED SGD










298,137 9.16%






254,686 8.92%










31





977 99.98%


S JP ISG GLOBAL MANAGED USD



D. Performance of ILP sub-fund6 months 11.22%Since launch 2 February 2015 19.24%Past performance is not indicative of future performance.





S JP ISG GLOBAL MANAGED SGD



298,137 9.16%






254,686 8.92%











SJP ISG WORLDWIDE MANAGED SGDSJP ISG WORLDWIDE MANAGED GBP


The ILP sub-fund invests into the St. James’s Place Worldwide Opportunities Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve capital appreciation over the medium to long term. The Underlying Fund aims to provide capital appreciation through investment in a portfolio of quoted securities on a worldwide basis. The Underlying Fund will be invested, at the Manager’s discretion, primarily in global equities and may also be invested in cash and near cash.


St. James’s Place Worldwide Opportunities Unit Trust (UK)

2,705 99.57%




391,462 9.98%

2. Nestle SA 146,228 3.73%3. AIA Group Ltd 100,561 2.56%4. Novartis AG 86,026 2.19%

5. United Technologies Corp 85,724 2.19%6. Oracle Corp 81,754 2.08%7. BB & T Corp 80,539 2.05%8. Compass Group Plc 79,420 2.02%9. Paychex Inc 79,310 2.02%10. Johnson & Johnson 79,256 2.02%



365,232 8.10%

2. Henkel Ag & Co 173,256 3.84%3. Unicharm Corp 128,902 2.86%4. United Technologies Corp 89,183 1.98%5. Berkshire Hathaway Inc 87,585 1.94%6. Publicis Groupe 87,404 1.94%

7. Unilever Plc 84,680 1.88%8. Walgreens Boots Alliance 84,521 1.87%9. AIA Group Ltd 82,323 1.82%10. Johnson & Johnson 81,071 1.80%














33

S JP ISG WORLDWIDE MANAGED SGDSJP ISG WORLDWIDE MANAGED GBP





10,626 99.57%











391,462 9.98%





365,232 8.10%










SJP ISG UK GROWTH GBPSJP ISG WORLDWIDE MANAGED USD





404 99.57%











391,462 9.98%





365,232 8.10%









35

S JP ISG UK GROWTH GBP


The ILP sub-fund invests into the St. James’s Place UK Growth Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve capital appreciation over the medium to long term. The Underlying Fund aims to provide capital appreciation through investment in a concentrated portfolio of quoted UK securities. The Trusts’ assets will be invested primarily in UK equities but may also be invested in cash-based investments.


St. James’s Place UK Growth Unit Trust (UK)

9 90.30%



1. Majedie UK Smaller Companies

27,788 11.23%

2. Royal Dutch Shell Plc (B) 22,285 9.01%3. BP Plc 20,406 8.25%4. HSBC Holdings Plc 15,850 6.41%

5. Tesco Plc 12,814 5.18%6. Vodafone Group Plc 11,107 4.49%7. WM Morrison Supermarkets 10,787 4.36%8. Centrica Plc 10,153 4.10%9. GlaxoSmithKline Plc 9,056 3.66%10. Rentokil Initial Plc 8,082 3.27%



24,556 9.11%

2. Royal Dutch Shell Plc 20,607 7.64%3. BP Plc 20,341 7.55%4. HSBC Holdings Inc 18,847 6.99%5. Vodafone Group Plc 11,992 4.45%6. GlaxoSmithKline Plc 11,606 4.31%7. Rentokil Initial Plc 11,531 4.28%8. Tesco Plc 10,613 3.94%9. Anglo American Plc 10,084 3.74%10. Barclays Plc 9,178 3.40%
















The ILP sub-fund invests into the St. James’s Place UK Growth Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve capital appreciation over the medium to long term. The Underlying Fund aims to provide capital appreciation through investment in a concentrated portfolio of quoted UK securities. The Trusts’ assets will be invested primarily in UK equities but may also be invested in cash-based investments.


St. James’s Place UK Growth Unit Trust (UK)

1 90.30%


S JP ISG UK GROWTH SGD SJP ISG CONTINENTAL EUROPEAN SGD










27,788 11.23%

2. Royal Dutch Shell Plc (B) 22,285 9.01%3. BP Plc 20,406 8.25%4. HSBC Holdings Plc 15,850 6.41%

5. Tesco Plc 12,814 5.18%6. Vodafone Group Plc 11,107 4.49%7. WM Morrison Supermarkets 10,787 4.36%8. Centrica Plc 10,153 4.10%9. GlaxoSmithKline Plc 9,056 3.66%10. Rentokil Initial Plc 8,082 3.27%



24,556 9.11%

2. Royal Dutch Shell Plc 20,607 7.64%3. BP Plc 20,341 7.55%4. HSBC Holdings Inc 18,847 6.99%5. Vodafone Group Plc 11,992 4.45%6. GlaxoSmithKline Plc 11,606 4.31%7. Rentokil Initial Plc 11,531 4.28%8. Tesco Plc 10,613 3.94%9. Anglo American Plc 10,084 3.74%10. Barclays Plc 9,178 3.40%







37


The ILP sub-fund invests into the St. James’s Place Continental European Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve capital appreciation over the medium to long term. The Underlying Fund will achieve this by investing in shares of companies from Continental Europe, including any listed on the London Stock Exchange. In economic conditions judged by the Investment Adviser to be adverse, the Underlying Fund may hold cash or near cash for as long as is necessary to protect the Underlying Fund’s value.


St. James’s Place Continental European Unit Trust (UK)

507 99.33%






S JP ISG UK GROWTH SGD SJP ISG CONTINENTAL EUROPEAN SGD










1. STMicroelectronics NV 23,173 5.69%2. Intesa Sanpaolo 22,718 5.58%3. Dassault Aviation SA 21,391 5.25%4. SEB SA 21,175 5.20%

5. SAP SE 20,553 5.05%6. Legrand SA 19,960 4.90%7. Orpea 19,827 4.87%8. Commerzbank AG 19,728 4.84%9. Saint-Gobain SA 18,997 4.66%10. Deutsche Telekom AG 18,517 4.55%


1. Eurofins Scientific 17,845 5.40%2. Group SEB 17,186 5.20%3. SAP SE 17,029 5.15%4. Deutsche Telekom AG 16,372 4.95%5. Orpea 16,298 4.93%6. Legrand SA 16,286 4.92%7. Dassault Aviation SA 15,666 4.74%8. Essilor International 15,593 4.71%9. Airbus Group SE 15,572 4.71%10. Vallourec SA 15,366 4.65%




The ILP sub-fund invests into the St. James’s Place Equity Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The objective of the Underlying Fund is to achieve an above average level of income and to achieve capital growth over the medium to long term. It is intended that the Underlying Fund will be invested in equities in UK and European companies. There are no specific restrictions on the investment of the Underlying Fund including as to economic sector or geographical area, except as set out below and as provided in the Regulations.


St. James’s Place Equity Income Unit Trust (UK)

342 95.10%






S JP ISG EQUITY INCOME GBP











210,956 10.47%

2. BP Plc 133,506 6.63%3. Royal Dutch Shell Plc (B) 125,715 6.24%4. HSBC Holdings Plc 117,412 5.83%

5. GlaxoSmithKline Plc 114,725 5.70%6. Sky Plc 108,162 5.37%7. RSA Insurance Group Plc 108,115 5.37%8. Unilever Plc 102,586 5.09%9. Smiths Group Plc 100,369 4.98%10. Relx Plc 96,822 4.81%



202,571 10.41%

2. Unilever Plc 147,855 7.60%3. GlaxoSmithKline Plc 136,220 7.00%4. Relx Plc 115,898 5.96%5. AstraZeneca Plc 110,322 5.67%6. Sky Plc 105,736 5.44%7. Smiths Group Plc 98,462 5.06%8. BP Plc 97,165 4.99%9. RSA Insurance Group Plc 94,449 4.86%10. HSBC Holdings Plc 91,356 4.70%


39


The ILP sub-fund invests into the St. James’s Place Equity Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The objective of the Underlying Fund is to achieve an above average level of income and to achieve capital growth over the medium to long term. It is intended that the Underlying Fund will be invested in equities in UK and European companies. There are no specific restrictions on the investment of the Underlying Fund including as to economic sector or geographical area, except as set out below and as provided in the Regulations.


St. James’s Place Equity Income Unit Trust (UK)

728 95.10%






S JP ISG EQUITY INCOME SGD



D. Performance of ILP sub-fund6 months 7.44%1 year 10.29%Since launch 2 February 2015 -0.11%Past performance is not indicative of future performance.








210,956 10.47%

2. BP Plc 133,506 6.63%3. Royal Dutch Shell Plc (B) 125,715 6.24%4. HSBC Holdings Plc 117,412 5.83%

5. GlaxoSmithKline Plc 114,725 5.70%6. Sky Plc 108,162 5.37%7. RSA Insurance Group Plc 108,115 5.37%8. Unilever Plc 102,586 5.09%9. Smiths Group Plc 100,369 4.98%10. Relx Plc 96,822 4.81%



202,571 10.41%

2. Unilever Plc 147,855 7.60%3. GlaxoSmithKline Plc 136,220 7.00%4. Relx Plc 115,898 5.96%5. AstraZeneca Plc 110,322 5.67%6. Sky Plc 105,736 5.44%7. Smiths Group Plc 98,462 5.06%8. BP Plc 97,165 4.99%9. RSA Insurance Group Plc 94,449 4.86%10. HSBC Holdings Plc 91,356 4.70%




The ILP sub-fund invests into the St. James’s Place UK & General Progressive Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to maximise total return, comprising both capital appreciation and income, through investment principally but not exclusively in the United Kingdom. The Underlying Fund may also invest in any other geographic area. The Underlying Fund will concentrate on seeking opportunities for exceptional growth in undervalued stocks which may be less popular but which, in the opinion of the Investment Adviser, offer good value for money.


St. James’s Place UK & General Progressive Unit Trust (UK)

122 99.74%






S JP ISG UK & GENERAL PROGRESS IVE GBP










1. Royal Dutch Shell Plc (B) 109,772 7.37%2. BP Plc 71,246 4.79%3. Relx Plc 66,752 4.48%4. St. James’s Place Money


5. Compass Group Plc 62,239 4.18%6. Ferguson Plc 50,970 3.42%7. Rio Tinto Plc 47,693 3.20%8. GlaxoSmithKline Plc 47,316 3.18%9. Vodafone Group Plc 45,909 3.08%10. Majedie UK Smaller

Companies42,436 2.85%


1. Royal Dutch Shell Plc 24,556 9.11%2. British American Tobacco Plc 20,607 7.64%3. St. James’s Place Money


4. Relx Plc 18,847 6.99%5. Compass Group Plc 11,992 4.45%6. BP Plc 11,606 4.31%7. Wolseley Plc 11,531 4.28%8. Next Plc 10,613 3.94%9. National Grid Plc 10,084 3.74%10. Tesco Plc 9,178 3.40%


41





993 99.74%








S JP ISG UK & GENERAL PROGRESS IVE SGD

D. Performance of ILP sub-fund6 months 4.81%1 year 8.25%Since launch 2 February 2015 0.96%Past performance is not indicative of future performance. H. Debt of sub-fund

Nil




















38 99.74%









S JP ISG UK & GENERAL PROGRESS IVE USD
















43


The ILP sub-fund invests into the St. James’s Place UK High Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income whilst also providing the potential for capital appreciation over the medium to long term. It is the intention to achieve these aims by investment predominantly into UK equities, however, it may also invest into global equities.


St. James’s Place High Income Unit Trust (UK)

1,642 98.54%














1. AstraZeneca Plc 187,248 10.13%2. Imperial Brands Plc 130,409 7.05%3. Legal & General Group Plc 112,137 6.06%4. Abbvie Inc 106,328 5.75%

5. Lloyds Banking Group Plc 77,982 4.22%6. Babcock Intl Group Plc 60,943 3.30%7. Capita Plc 58,377 3.16%8. Alkermes Plc 54,604 2.95%9. BTG Plc 50,987 2.76%10. Roche Holding AG 50,506 2.73%


1. AstraZeneca Plc 180,016 9.53%2. British American Tobacco Plc 164,572 8.72%3. Imperial Brands Plc 152,955 8.10%4. GlaxoSmithKline Plc 147,185 7.79%5. Legal & General Group Plc 90,065 4.77%6. Abbvie Inc 87,953 4.66%7. Provident Financial Plc 86,420 4.58%8. Roche Holding AG 78,780 4.17%9. Reynolds American Inc 71,857 3.81%10. Capita Plc 53,089 2.81%


S JP ISG UK HIGH INCOME GBP

D. Performance of ILP sub-fund6 months -1.41%Since launch 10 October 2016 1.27%Past performance is not indicative of future performance.



The ILP sub-fund invests into the St. James’s Place UK High Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income whilst also providing the potential for capital appreciation over the medium to long term. It is the intention to achieve these aims by investment predominantly into UK equities, however, it may also invest into global equities.


St. James’s Place High Income Unit Trust (UK)

2,654 98.34%








S JP ISG UK HIGH INCOME SGD

D. Performance of ILP sub-fund6 months 2.95%1 year 5.18%Since launch 2 February 2015 -2.30%Past performance is not indicative of future performance. H. Debt of sub-fund

Nil






1. AstraZeneca Plc 187,248 10.13%2. Imperial Brands Plc 130,409 7.05%3. Legal & General Group Plc 112,137 6.06%4. Abbvie Inc 106,328 5.75%

5. Lloyds Banking Group Plc 77,982 4.22%6. Babcock Intl Group Plc 60,943 3.30%7. Capita Plc 58,377 3.16%8. Alkermes Plc 54,604 2.95%9. BTG Plc 50,987 2.76%10. Roche Holding AG 50,506 2.73%


1. AstraZeneca Plc 180,016 9.53%2. British American Tobacco Plc 164,572 8.72%3. Imperial Brands Plc 152,955 8.10%4. GlaxoSmithKline Plc 147,185 7.79%5. Legal & General Group Plc 90,065 4.77%6. Abbvie Inc 87,953 4.66%7. Provident Financial Plc 86,420 4.58%8. Roche Holding AG 78,780 4.17%9. Reynolds American Inc 71,857 3.81%10. Capita Plc 53,089 2.81%


45


The ILP sub-fund invests into the St. James’s Place Global Smaller Companies Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide achieve capital growth through investment generally into shares of smaller companies quoted on global stock exchanges, including those in emerging markets, either directly or indirectly by exchange traded funds. It also invests in the shares of medium and large companies.


St. James’s Place Global Smaller Companies Unit Trust (UK)

2 99.23%















44,875 11.64%

2. Kansai Paint Co. Ltd 10,838 2.81%3. Havas SA 10,048 2.61%4. CNO Financial Group Inc 9,854 2.56%

5. KLX Inc 9,148 2.37%6. Equiniti Group Plc 8,516 2.21%7. ITT Inc 8,291 2.15%8. Dairy Crest Group Plc 8,273 2.15%9. Prologis Property Mexico SA 8,267 2.14%10. Ferroglobe Plc 8,219 2.13%


1.Citigroup Inc 15,446 6.49%2. Komatsu Ltd 15,122 6.36%3. Rio Tinto Plc 15,033 6.32%4. Samsung Electronics Co Ltd 14,476 6.08%5. Mitsubishi UFJ Financial Group 13,722 5.77%6. General Motors Corp 13,145 5.52%7. Tesco Plc 12,035 5.06%8. HP Inc 11,602 4.88%9. Nomura Holdings Inc 11,499 4.83%10. St. James’s Place Money



S JP ISG GLOBAL SMALLER COMPANIES GBP







201 99.23%








S JP ISG GLOBAL SMALLER COMPANIES SGD









44,875 11.64%







47

S JP ISG GLOBAL SMALLER COMPANIES USD





242 99.23%
















44,875 11.64%









The ILP sub-fund invests into the St. James’s Place Investment Grade Corporate Bond Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide an optimum balance of income generation and capital appreciation. To achieve this, the Underlying Fund invests predominantly in a portfolio of investment grade* bonds issued by UK and other European Union companies. (*Investment grade requires a credit rating equivalent to no lower than ‘BBB minus’ from the ratings agency Standard & Poor’s).


St. James’s Place Investment Grade Corporate Bond Unit Trust (UK)

2,271 99.33%














1. Morgan Stanley SWAP 64,928 3.31%2. US Treasury 0.25% 2022 32,887 1.68%3. Bundesrepublik 0.50% 2026 29,508 1.50%4. Allianz 2.241% 2045 22,604 1.15%

5. Citigroup Inc 2.65% 2020 21,162 1.08%6. Anheuser Busch InBev Fin

2.65% 202620,345 1.04%

7. Royal Bank Scotland Group 5.125% 2024

18,268 0.93%

8. UK Treasury 5.00% 2025 15,898 0.81%9. General Electric Cap Co

4.125% 204215,478 0.79%

10. AT & T Inc 2.40% 2025 14,723 0.75%


1. US Treasury 2.50% 2046 23,030 1.43%2. US Treasury 1.625% 2026 16,251 1.01%3. AT&T 3.40% 2025 15,851 0.98%4. Macquarie Bank 3.90% 2026 15,699 0.97%5. BNP Paribas 2.625% 2027 15,026 0.93%6. Anheuser-Busch InBev

Finance 3.65% 202614,557 0.90%

7. Allianz 2.241% 2045 12,498 0.78%8. Morgan Stanley 3.875% 2024 12,394 0.77%9. Goldman Sachs 2.75% 2020 11,937 0.74%10. JP Morgan Chase

2.295% 202111,628 0.72%


S JP ISG INVESTMENT GRADE CORPORATE BOND GBP


49





3,985 99.33%








S JP ISG INVESTMENT GRADE CORPORATE BOND SGD










2.65% 202620,345 1.04%


18,268 0.93%


4.125% 204215,478 0.79%

10. AT & T Inc 2.40% 2025 14,723 0.75%


1. US Treasury 2.50% 2046 23,030 1.43%2. US Treasury 1.625% 2026 16,251 1.01%3. AT&T 3.40% 2025 15,851 0.98%4. Macquarie Bank 3.90% 2026 15,699 0.97%5. BNP Paribas 2.625% 2027 15,026 0.93%6. Anheuser-Busch InBev

Finance 3.65% 202614,557 0.90%

7. Allianz 2.241% 2045 12,498 0.78%8. Morgan Stanley 3.875% 2024 12,394 0.77%9. Goldman Sachs 2.75% 2020 11,937 0.74%10. JP Morgan Chase

2.295% 202111,628 0.72%







2,109 102.50%













S JP ISG INVESTMENT GRADE CORPORATE BOND USD HEDGED




Unrealised(U$000)

Forward foreign exchange contracts 1,427 (25)*Note the Underlying Fund was launched in November 2015.




2.65% 202620,345 1.04%


18,268 0.93%


4.125% 204215,478 0.79%

10. AT & T Inc 2.40% 2025 14,723 0.75%


1. US Treasury 2.50% 2046 23,030 1.43%2. US Treasury 1.625% 2026 16,251 1.01%3. AT&T 3.40% 2025 15,851 0.98%4. Macquarie Bank 3.90% 2026 15,699 0.97%5. BNP Paribas 2.625% 2027 15,026 0.93%6. Anheuser-Busch InBev Finance

3.65% 202614,557 0.90%

7. Allianz 2.241% 2045 12,498 0.78%8. Morgan Stanley 3.875% 2024 12,394 0.77%9. Goldman Sachs 2.75% 2020 11,937 0.74%10. JP Morgan Chase 2.295% 2021 11,628 0.72%

51


The ILP sub-fund invests into the St. James’s Place International Corporate Bond Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide a combination of income generation and capital appreciation. To achieve this, the Underlying Fund will invest principally in a portfolio of senior secured high yield corporate debt instruments, primarily issued by North American and European companies. The Underlying Fund may also invest in any other geographic area.


St. James’s Place International Corporate Bond Unit Trust (UK)

1,827 98.74%














1. BONY cash collateral 54,670 4.50%2. SFR 5.62% 2024 37,539 3.09%3. AA 5.50% 2022 32,993 2.71%4. Autodis SA FRN 2022 28,692 2.36%

5. Cognita Financing 7.75% 2021 28,570 2.35%6. Ardagh Holdings 2.75% 2024 27,504 2.26%7. Stonegate Pub Financing Plc

4.875% 202226,917 2.21%

8. Perstrorp Holding 7.625% 2021 25,684 2.11%9. UPC Holding 4.00% 2027 25,419 2.09%10. Amigo Luxembourg

7.625% 202425,385 2.09%


1. Garfunkelux Holding Co SA 45,772 2.17%2. New Red Finance 35,013 1.66%3. Vougeot Bidco Plc 34,213 1.62%4. Travelex Financing Plc 33,231 1.58%5. Unitymedia Hessen 33,091 1.57%6. Lock AS 32,353 1.53%7. Reynolds Group 31,236 1.48%8. TVL Finance Plc 31,147 1.48%9. Citgo Holding Inc 30,729 1.46%10. Swissport Investments SA 30,368 1.44%


S JP ISG INTERNATIONAL CORPORATE BOND GBP







2,600 98.74%








S JP ISG INTERNATIONAL CORPORATE BOND SGD

D. Performance of ILP sub-fund6 months 6.69%1 year 6.96%Since launch 2 February 2015 -0.26%Past performance is not indicative of future performance. H. Debt of sub-fund

Nil








4.875% 202226,917 2.21%


7.625% 202425,385 2.09%




53





2,314 100.48%













S JP ISG INTERNATIONAL CORPORATE BOND USD HEDGED




Unrealised(U$000)

Forward foreign exchange contracts

1,583 (27)

*Note the Underlying Fund was launched in November 2015.




4.875% 202226,917 2.21%


7.625% 202425,385 2.09%





The ILP sub-fund invests into the St. James’s Place Ethical Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve capital appreciation over the medium to long term, by investing worldwide in companies that meet generally accepted ethical criteria (a statement of the ethical investment principles is available on request). The Underlying Fund will invest principally in equities and convertible stock and may hold fixed interest securities. In selecting assets, the Manager will not knowingly invest in any company, industry or country whose business or behaviour offends against generally accepted ethical criteria.


St. James’s Place Ethical Unit Trust (UK)

4 98.75%














1. Taiwan Semiconductor 9,340 3.61%2. St. James’s Place Money


3. EOG Resources Inc 8,688 3.36%4. Visa Inc 8,624 3.33%

5. AIA Group Ltd 8,599 3.32%6. M & T Bank Corp 8,325 3.22%7. Daito Trust Construction 7,516 2.90%8. Experian Plc 6,882 2.66%9. Comcast Corp 6,769 2.61%10. Oracle Corp 6,530 2.52%


1. EOG Resources Inc 9,618 4.18%2. Taiwan Semiconductor 8,536 3.71%3. AIA Group Ltd 8,011 3.48%4. Experian Plc 7,029 3.06%5. Singapore Telecom 6,414 2.79%6. Comcast Corp Class A 6,121 2.66%7. Taiwan Mobile Co Ltd 5,905 2.57%8. Vodafone Group Plc 5,487 2.39%9. Oracle Corp 5,486 2.39%10. Daito Trust Construction 5,413 2.35%


S JP ISG ETHICAL GBP


55





205 98.75%








S JP ISG ETHICAL SGD
















SJP ISG UK ABSOLUTE RETURN GBP





116 98.75%





















S JP ISG ETHICAL USD


57


The ILP sub-fund invests into the St. James’s Place UK Absolute Return Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve a positive absolute return in sterling terms in all market conditions, over rolling twelve month periods. There is no guarantee that a positive return will be achieved over this, or any, time period and therefore capital is at risk. The Underlying Fund will primarily be invested in a portfolio of equities and equity-related securities (including derivatives) of companies incorporated or listed in the UK, cash and near cash.


St. James’s Place Absolute Return Unit Trust (UK)

1,236 99.61%












ILP sub-fund 56.66% -Underlying Fund 1,411.27% 1,327.93%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV.


1. Blackrock Collective 55,514 9.04%2. Mitsubishi UFJ Trust and

Banking 201619,993 3.26%

3. Mizuho Corporate Bank 2016 17,995 2.93%4. Mizuho Bank Australia 2017 9,994 1.63%

5. Banque Federative du Credit 2018

9,973 1.62%

6. Banque Federative du Credit 8,992 1.46%7. Cash Collateral 7,822 1.27%8. Norinchukin Bank 15.11.2017 6,997 1.14%9. Norinchukin Bank 13.11.2017 5,998 0.98%10. HSBC Bank Plc 2018 5,986 0.97%


1. Blackrock Collective 50,557 9.80%2. Bank of Tokyo Mitsubishi 2017 21,977 4.26%3. Mitsubishi UFJ Trust and

Banking 201616,999 3.30%

4. Commonwealth Bank Australia 2016

16,997 3.30%

5. Norinchukin Bank 25.10.2016 11,997 2.33%6. Mizuho Corporate Bank 2016 8,801 1.71%7. Better Capital 6,637 1.29%8. Capital & Counties Properties 5,601 1.09%9. Norinchukin Bank 13.10.2016 5,499 1.07%10. Bank of Montreal 2017 4,997 0.97%


S JP ISG UK ABSOLUTE RETURN GBP







4,370 99.61%












ILP sub-fund 20.53% 11.71%Underlying Fund 1,411.27% 1,327.93%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV.



Banking 201619,993 3.26%



9,973 1.62%




Banking 201616,999 3.30%


16,997 3.30%



S JP ISG UK ABSOLUTE RETURN USDSJP ISG UK ABSOLUTE RETURN SGD


59





75 99.61%












ILP sub-fund 106.00% -Underlying Fund 1,411.27% 1,327.93%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV.



Banking 201619,993 3.26%



9,973 1.62%




Banking 201616,999 3.30%


16,997 3.30%



S JP ISG UK ABSOLUTE RETURN USD




The ILP sub-fund invests into the St. James’s Place UK & International Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income with the potential for capital appreciation over the medium to long-term. The Underlying Fund will be invested primarily in UK and international equities.


St. James’s Place UK & International Income Unit Trust (UK)

144 94.23%














1. BP Plc 99,480 4.51%2. 3I Group Plc 87,041 3.94%3. Relx Plc 77,470 3.51%4. Royal Dutch Shell Plc (B) 74,465 3.37%

5. Bayer AG 72,284 3.27%6. GlaxoSmithKline Plc 72,271 3.27%7. Aviva Plc 66,927 3.03%8. Informa Banking Group Plc 65,846 2.98%9. Lloyds Banking Group Plc 64,945 2.94%10. Rio Tinto Plc 64,267 2.91%



112,165 5.67%

2. BP Plc 77,886 3.94%3. 3I Group Plc 73,239 3.70%4. Relx Plc 70,549 3.56%5. BT Group Plc 62,869 3.18%6. AstraZeneca Plc 61,644 3.11%7. GlaxoSmithKline Plc 61,528 3.11%8. Imperial Brands Plc 60,949 3.08%9. Royal Dutch Shell Plc Class B 50,370 2.55%10. Lloyds Banking Group Plc 49,963 2.52%


S JP ISG UK & INTERNATIONAL INCOME GBP


S JP ISG UK & INTERNATIONAL INCOME SGD

61


The ILP sub-fund invests into the St. James’s Place UK & International Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income with the potential for capital appreciation over the medium to long-term. The Underlying Fund will be invested primarily in UK and international equities.


St. James’s Place UK & International Income Unit Trust (UK)

614 94.23%








S JP ISG UK & INTERNATIONAL INCOME SGD








1. BP Plc 99,480 4.51%2. 3I Group Plc 87,041 3.94%3. Relx Plc 77,470 3.51%4. Royal Dutch Shell Plc (B) 74,465 3.37%

5. Bayer AG 72,284 3.27%6. GlaxoSmithKline Plc 72,271 3.27%7. Aviva Plc 66,927 3.03%8. Informa Banking Group Plc 65,846 2.98%9. Lloyds Banking Group Plc 64,945 2.94%10. Rio Tinto Plc 64,267 2.91%



112,165 5.67%

2. BP Plc 77,886 3.94%3. 3I Group Plc 73,239 3.70%4. Relx Plc 70,549 3.56%5. BT Group Plc 62,869 3.18%6. AstraZeneca Plc 61,644 3.11%7. GlaxoSmithKline Plc 61,528 3.11%8. Imperial Brands Plc 60,949 3.08%9. Royal Dutch Shell Plc Class B 50,370 2.55%10. Lloyds Banking Group Plc 49,963 2.52%




The ILP sub-fund invests into the St. James’s Place Global Equity Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide income, together with the potential for long-term capital appreciation, through investing primarily in global equities.


St. James’s Place Global Equity Income Unit Trust (UK)

825 97.57%














1. Well Fargo & Co 118,628 4.84%2. Roche Holding AG 98,630 4.03%3. Nestle SA 95,128 3.88%4. Amcor Ltd 88,029 3.59%

5. Total SA 77,653 3.17%6. Verizon Communications Inc 75,103 3.07%7. Koninklijke Philips NV 75,074 3.06%8. British American Tobacco Plc 75,026 3.06%9. Procter & Gamble Co 74,897 3.06%10. United Technologies Corp 74,674 3.05%


1. Microsoft Corp 79,330 4.02%2. Apple Inc 79,027 4.01%3. Well Fargo & Co 74,248 3.76%4. Koninklijke Philips NV 73,805 3.74%5. PNC Financial Services Group 72,160 3.66%6. Roche Holding AG 68,754 3.48%7. Procter & Gamble Co 64,270 3.26%8. Bridgestone Corp 63,810 3.23%9. Nestle SA 63,272 3.21%10. Japan Tobacco Inc 63,042 3.20%


S JP ISG GLOBAL EQUITY INCOME GBP


S JP ISG GLOBAL EQUITY INCOME SGD

63





1,653 97.57%








S JP ISG GLOBAL EQUITY INCOME SGD


















87 97.57%





ILP sub-fund* 2.65% -Underlying Fund 1.70% -The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. *Includes expense ratio of Underlying Fund.



S JP ISG GLOBAL EQUITY INCOME USD


S JP ISG INDEX L INKED GILTS GBP












65

S JP ISG GLOBAL EQUITY INCOME USD


The ILP sub-fund invests into the St. James’s Place Index Linked Gilts Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide a combination of growth and income, by investing primarily in a portfolio of UK index linked gilts.


St. James’s Place Index Linked Gilts Unit Trust (UK)

407 99.70%



















S JP ISG INDEX L INKED GILTS GBP

D. Performance of ILP sub-fund6 months -1.49%Since launch 10 October 2016 -2.25%Past performance is not indicative of future performance.



The ILP sub-fund invests into the St. James’s Place Index Linked Gilts Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide a combination of growth and income, by investing primarily in a portfolio of UK index linked gilts.


St. James’s Place Index Linked Gilts Unit Trust (UK)

490 99.70%








S JP ISG INDEX L INKED GILTS SGD


S JP ISG EMERGING MARKETS EQUITY GBP












67


The ILP sub-fund invests into the St. James’s Place Emerging Markets Equity Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to seek to achieve long-term capital appreciation. The Underlying Fund aims to achieve this objective by primarily investing into a focused portfolio of the securities of companies which are either listed on the exchanges of countries in emerging markets or which are economically exposed to emerging markets.


St. James’s Place Emerging Markets Equity Unit Trust (UK)

2,447 99.78%














1. Alibaba Group Holding ARD 32,953 5.71%2. Bajaj Finanace Ltd 32,907 5.70%3. Tencent Holdings Ltd 28,700 4.97%4. MercadoLibre Inc 27,110 4.70%

5. Medy-Tox Inc 26,003 4.50%6. NMC Health Plc 25,653 4.44%7. Ctrip.com International ADR 24,938 4.32%8. Raia Drogasil SA 22,918 3.97%9. HDFC Bank Limited Foreign 22,851 3.96%10. Naspers Ltd 21,628 3.75%



36,218 10.83%

2. Macquarie Cash 23,207 6.94%3. MercadoLibre Inc 17,187 5.14%4. Medy-Tox Inc 15,645 4.68%5. GT Capital Holdings Inc 15,633 4.67%6. Promotora y Operadora

de Infrae14,251 4.26%

7. Gentera 13,542 4.05%8. Grupo Aeroportuario

del Pacifico13,529 4.04%

9. Grupo Financiero Interacciones 13,116 3.92%10. BGF Retail Co Ltd 11,443 3.42%


S JP ISG EMERGING MARKETS EQUITY GBP













36,218 10.83%


de Infrae14,251 4.26%









11,710 99.78%








S JP ISG EMERGING MARKETS EQUITY SGD


S JP ISG EMERGING MARKETS EQUITY USD

69











36,218 10.83%


de Infrae14,251 4.26%









895 99.78%








S JP ISG EMERGING MARKETS EQUITY USD

D. Performance of ILP sub-fund6 months 12.82%Since launch 2 February 2015 9.43%Past performance is not indicative of future performance.



The ILP sub-fund invests into the St. James’s Place Greater European Progressive Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to maximise total return by way of capital appreciation and income. It is intended that at least 80% of the Underlying Fund’s assets will be invested in Europe, including the United Kingdom. The remainder of the assets can be invested in any other geographic area.


St. James’s Place Greater European Progressive Unit Trust (UK)

494 99.64%














1. SAP SE 63,316 5.37%2. St. James’s Place Money


3. Novartis AG 45,090 3.83%4. Publicis Groupe 44,945 3.81%

5. Henkel AG & Co KGaA 41,075 3.48%6. British American Tobacco Plc 40,782 3.46%7. Heineken Holding NV 34,049 2.89%8. Unilever Plc 33,473 2.84%9. StMicroelectronics NV 32,997 2.80%10. Brenntag AG 29,951 2.54%


1. SAP SE 59,140 5.79%2. Henkel AG & Co KGaA 51,341 5.03%3. Publicis Groupe 47,901 4.69%4. British American Tobacco Plc 47,701 4.67%5. Novartis AG 42,418 4.15%6. Heineken Holding NV 37,657 3.69%7. Eurofins Scientific 35,427 3.47%8. Unilever Plc 28,015 2.74%9. Colruyt SA 27,760 2.72%10. Hannover Rueck SE 25,087 2.46%


S JP ISG GREATER EUROPEAN GBP


71

S JP ISG GREATER EUROPEAN GBP





4,039 99.64%








S JP ISG GREATER EUROPEAN SGD

D. Performance of ILP sub-fund6 months 8.07%1 year 16.79%Since launch 2 February 2015 5.28%Past performance is not indicative of future performance. H. Debt of sub-fund

Nil


















181 99.64%








S JP ISG GREATER EUROPEAN USD















73

S JP ISG GREATER EUROPEAN USD


The ILP sub-fund invests into the St. James’s Place North American Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to maximise total return, comprising both capital appreciation and income, through investments principally but not exclusively in North American (United States of America, Canada and Mexico) stock markets. The Underlying Fund will invest in a wide range of North American securities which may include investments that are listed, registered or trading within this area.


St. James’s Place North American Unit Trust (UK)

678 99.57%














1. Baxter International Inc 45,173 3.85%2. Adobe Systems Inc 44,976 3.84%3. Abbvie Inc 43,859 3.74%4. Bank of America Corp 40,677 3.47%

5. Microchip Technology Inc 38,625 3.29%6. Microsoft Corp 36,969 3.15%7. Danaher Corp 36,517 3.11%8. Oshkosh Corp 36,443 3.11%9. Ameriprise Financial Inc 35,323 3.01%10. General Dynamics Corp 33,700 2.87%


1. Baxter International Inc 35,101 3.75%2. Medtronic Plc 34,260 3.66%3. Adobe Systems Inc 32,428 3.47%4. Abbvie Inc 31,983 3.42%5. Amgen Inc 29,989 3.21%6. Microsoft Corp 28,333 3.03%7. Martin Marietta Material 28,154 3.01%8. Time Warner Inc 26,924 2.88%9. Walgreens Boots Alliance 26,759 2.86%10. Texas Instruments Inc 26,395 2.82%


S JP ISG NORTH AMERICAN GBP







4,258 99.57%








S JP ISG NORTH AMERICAN SGD













75
















527 99.57%








S JP ISG NORTH AMERICAN USD




The ILP sub-fund invests into the St. James’s Place UK Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income with the potential for capital growth over the medium to long-term. The Underlying Fund will be predominantly invested into UK equities. From time to time the Scheme may also invest into the securities of companies not exposed to the UK.


St. James’s Place UK Income Unit Trust (UK)

162 99.45%














1. Royal Dutch Shell Plc (B) 45,827 8.75%2. BP Plc 42,390 8.10%3. HSBC Holdings Plc 38,710 7.39%4. Legal & General Group Plc 34,198 6.53%

5. Aviva Plc 31,820 6.08%6. Phoenix Group Holdings 24,655 4.71%7. Pearson Plc 20,485 3.91%8. Centrica Plc 19,674 3.76%9. International Consolidated

Airlines Gp SA18,090 3.45%

10. Ashmore Group Plc 16,283 3.11%


1. Legal & General Group Plc 26,249 6.06%2. Aviva Plc 24,029 5.54%3. Phoenix Group Holdings 19,352 4.46%4. Pearson Plc 18,582 4.29%5. BP Plc 16,886 3.90%6. St. James’s Place Money


7. Admiral Group Plc 14,672 3.39%8. GlaxoSmithKline Plc 14,095 3.25%9. Tullett Prebon Plc 13,999 3.23%10. Imperial Brands Plc 13,697 3.16%


S JP ISG UK INCOME GBP


77


The ILP sub-fund invests into the St. James’s Place UK Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income with the potential for capital growth over the medium to long-term. The Underlying Fund will be predominantly invested into UK equities. From time to time the Scheme may also invest into the securities of companies not exposed to the UK.


St. James’s Place UK Income Unit Trust (UK)

279 99.45%








S JP ISG UK INCOME SGD








1. Royal Dutch Shell Plc (B) 45,827 8.75%2. BP Plc 42,390 8.10%3. HSBC Holdings Plc 38,710 7.39%4. Legal & General Group Plc 34,198 6.53%

5. Aviva Plc 31,820 6.08%6. Phoenix Group Holdings 24,655 4.71%7. Pearson Plc 20,485 3.91%8. Centrica Plc 19,674 3.76%9. International Consolidated

Airlines Gp SA18,090 3.45%

10. Ashmore Group Plc 16,283 3.11%


1. Legal & General Group Plc 26,249 6.06%2. Aviva Plc 24,029 5.54%3. Phoenix Group Holdings 19,352 4.46%4. Pearson Plc 18,582 4.29%5. BP Plc 16,886 3.90%6. St. James’s Place Money


7. Admiral Group Plc 14,672 3.39%8. GlaxoSmithKline Plc 14,095 3.25%9. Tullett Prebon Plc 13,999 3.23%10. Imperial Brands Plc 13,697 3.16%




The ILP sub-fund invests into the St. James’s Place Diversified Bond Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide a balance of income and capital growth by investing directly and indirectly into a wide range of different bonds. This may include bonds that are issued by governments or corporations, including those in both developed and emerging economies.


St. James’s Place Diversified Bond Unit Trust (UK)

2,166 99.57%














1. US Treasury 1.25% 2019 23,224 2.19%2. Australia Commonwealth

5.75% 202115,688 1.48%

3. Australia Commonwealth 2.20% 2021

15,354 1.45%

4. Japan Treasury 11/12/2017 14,622 1.38%

5. US Treasury 0.625% 2018 13,532 1.28%6. Japan Treasury 23/10/2017 12,593 1.19%7. Ripon Mortgages FRN 10,156 0.96%8. Nationwide Building Society FRN 9,764 0.92%9. Coventry Building Society FRN 7,835 0.74%10. Freddie Mac Structured

Credit 20296,680 0.63%



9,023 1.51%

2. US Treasury 2.50% 2046 8,956 1.49%3. US Treasury 0.10% 2016 8,485 1.42%4. Freddie Mac Debt Notes 2029 5,118 0.85%5. Countrywide Cert 2046 4,641 0.77%6. IndyMac INDX Loan Trust 2035 2,982 0.50%7. Fannie Mae 2029 2,883 0.48%8. Fannie Mae 2025 2,850 0.48%9. HCA 5.875% 01/05/2023 2,770 0.46%10. WaMu Mortgage Cert

2007 Trust2,754 0.46%


S JP ISG DIVERSIF IED BOND GBP


S JP ISG DIVERSIF IED BOND SGD

79





3,241 99.57%








S JP ISG DIVERSIF IED BOND SGD

D. Performance of ILP sub-fund6 months 6.11%1 year 6.48%Since launch 2 November 2015 -4.23%Past performance is not indicative of future performance.








5.75% 202115,688 1.48%


15,354 1.45%

4. Japan Treasury 11/12/2017 14,622 1.38%


Credit 20296,680 0.63%



9,023 1.51%

2. US Treasury 2.50% 2046 8,956 1.49%3. US Treasury 0.10% 2016 8,485 1.42%4. Freddie Mac Debt Notes 2029 5,118 0.85%5. Countrywide Cert 2046 4,641 0.77%6. IndyMac INDX Loan Trust 2035 2,982 0.50%7. Fannie Mae 2029 2,883 0.48%8. Fannie Mae 2025 2,850 0.48%9. HCA 5.875% 01/05/2023 2,770 0.46%10. WaMu Mortgage Cert

2007 Trust2,754 0.46%







2,318 102.29%









S JP ISG DIVERSIF IED BOND USD HEDGED

D. Performance of ILP sub-fund6 months 2.55%1 year 4.68%Since launch 2 November 2015 3.84%Past performance is not indicative of future performance.



Unrealised(U$000)


S JP ISG STRATEGIC INCOME GBP







5.75% 202115,688 1.48%


15,354 1.45%

4. Japan Treasury 11/12/2017 14,622 1.38%


Credit 20296,680 0.63%



9,023 1.51%

2. US Treasury 2.50% 2046 8,956 1.49%3. US Treasury 0.10% 2016 8,485 1.42%4. Freddie Mac Debt Notes 2029 5,118 0.85%5. Countrywide Cert 2046 4,641 0.77%6. IndyMac INDX Loan Trust 2035 2,982 0.50%7. Fannie Mae 2029 2,883 0.48%8. Fannie Mae 2025 2,850 0.48%9. HCA 5.875% 01/05/2023 2,770 0.46%10. WaMu Mortgage Cert 2007 Trust 2,754 0.46%

81


The ILP sub-fund invests into the St. James’s Place Strategic Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income with the potential for capital growth over the medium to long-term. The Underlying Fund invests mainly in bonds that are issued by companies in both developed and emerging economies, and also invests into government bonds and the shares of different companies. There is no restriction on the credit rating of the bonds that the fund may hold.


St. James’s Place Strategic Income Unit Trust (UK)

3,881 98.71%















28,320 0.98%


27,554 0.95%

3. AT & T Inc 27,375 0.94%4. Prime Security Services

9.25% 202326,318 0.91%

5. UK Treasury Bill 2017 25,000 0.86%6. Pfizer Inc 23,993 0.83%7. Roche Holdings AG 22,070 0.76%8. GTT Communications Inc

7.875% 202421,808 0.75%

9. Clear Channel Worldwide 7.625% 2020

20,228 0.70%

10. UK Treasury Bill 2018 19,964 0.69%


1. UK Treasury 0.00% 2016 24,999 1.70%2. UK Treasury 0.00% 2017 24,973 1.70%3. St. James’s Place Money


4. First Data Private Placement 2023 14,242 0.97%5. AT&T 13,737 0.94%6. UK Mortgages 13,495 0.92%7. Regional Care Hospital

Partners 8.25% 202313,474 0.92%

8. Procter & Gamble 13,438 0.92%9. APX 7.875% 2022 13,333 0.91%10. WideOpen West Finance

10.25% 201912,975 0.88%

S JP ISG STRATEGIC INCOME GBP








7,198 98.71%








S JP ISG STRATEGIC INCOME SGD


S JP ISG STRATEGIC INCOME USD HEDGED








28,320 0.98%


27,554 0.95%

3. AT & T Inc 27,375 0.94%4. Prime Security Services

9.25% 202326,318 0.91%


7.875% 202421,808 0.75%


20,228 0.70%

10. UK Treasury Bill 2018 19,964 0.69%




4. First Data Private Placement 2023 14,242 0.97%5. AT&T 13,737 0.94%6. UK Mortgages 13,495 0.92%7. Regional Care Hospital

Partners 8.25% 202313,474 0.92%


10.25% 201912,975 0.88%


83

S JP ISG STRATEGIC INCOME SGD





5,035 101.40%













S JP ISG STRATEGIC INCOME USD HEDGED



Unrealised(U$000)





28,320 0.98%


27,554 0.95%

3. AT & T Inc 27,375 0.94%4. Prime Security Services 9.25% 2023 26,318 0.91%


7.875% 202421,808 0.75%


20,228 0.70%

10. UK Treasury Bill 2018 19,964 0.69%




4. First Data Private Placement 2023 14,242 0.97%5. AT&T 13,737 0.94%6. UK Mortgages 13,495 0.92%7. Regional Care Hospital Partners

8.25% 202313,474 0.92%


10.25% 201912,975 0.88%



The ILP sub-fund invests into the St. James’s Place Global Emerging Markets Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide capital growth. To achieve this, the Underlying Fund principally invests worldwide in shares of companies either based in emerging market countries, or whose activities predominately take place within emerging economies.


St. James’s Place Global Emerging Markets Unit Trust (UK)

484 99.79%














1. Uni President Enterprises 50,535 6.74%2. Tiger Brands Ltd 46,528 6.20%3. Banco Bradesco SA 34,053 4.54%4. Deutsche Global Liquidity

Series Plc31,514 4.20%

5. Heineken Holding NV 30,753 4.10%6. Standard Bank Group Ltd 30,492 4.07%7. Housing Development Finance

Corp Ltd28,504 3.80%

8. Unilever Plc 28,053 3.74%9. LG Corp 27,839 3.71%10. Tata Consultancy SVCS Ltd 26,807 3.57%


1. Housing Development Finance 58,324 8.11%2. Uni President Enterprises 45,110 6.27%3. Banco Bradesco SA 43,357 6.03%4. Tiger Brands Ltd 37,182 5.17%5. Remgro Ltd 34,010 4.73%6. Standard Bank Group Ltd 31,982 4.45%7. Unilever Plc 31,441 4.37%8. Unicharm Corp 27,999 3.89%9. Weg SA 27,279 3.79%10. Bank Pekao SA 25,625 3.56%


S JP ISG GLOBAL EMERGING MARKETS GBP


S JP ISG GLOBAL EMERGING MARKETS SGD

85





981 99.79%








S JP ISG GLOBAL EMERGING MARKETS SGD











Corp Ltd28,504 3.80%










324 99.79%








S JP ISG GLOBAL EMERGING MARKETS USD


S JP ISG WORLDWIDE INCOME GBP










Corp Ltd28,504 3.80%





87


The ILP sub-fund invests into the St. James’s Place Worldwide Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to provide income. To achieve this, the Underlying Fund predominantly invests in global company shares, but may also hold other assets such as cash.


St. James’s Place Worldwide Income Unit Trust (UK)

103 79.87%

Cash and others (UK) 26 20.13% H. Debt of sub-fundNil







E. Expenses ratio2017

ILP sub-fund* 2.60%Underlying Fund 1.71%The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received. *Includes expense ratio of Underlying Fund.

F. Turnover ratio2017

ILP sub-fund 0.00%Underlying Fund 11.68%The turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage of the daily average NAV.


1. Imperial Brands Plc 11,738 5.58%2. Microsoft Corp 11,735 5.58%3. GlaxoSmithKline Plc 10,995 5.23%4. Novartis AG 10,124 4.81%

5. Johnson & Johnson 9,701 4.61%6. Nestle SA 8,989 4.27%7. Visa Inc 7,819 3.72%8. British American Tobacco Plc 7,604 3.62%9. Japan Tobacco Inc 7,591 3.61%10. Procter & Gamble Co 7,419 3.53%


S JP ISG WORLDWIDE INCOME GBP

D. Performance of ILP sub-fund6 months -3.23%Since launch 10 October 2016 -0.98%Past performance is not indicative of future performance.






81 79.87%








S JP ISG WORLDWIDE INCOME SGD


S JP ISG WORLDWIDE INCOME USD










89

S JP ISG WORLDWIDE INCOME SGD





35 79.87%








S JP ISG WORLDWIDE INCOME USD













The ILP sub-fund invests into the St. James’s Place Allshare Income Unit Trust (“the Underlying Fund”) which is constituted in the form of a mutual fund but may hold a cash balance to optimise dealing efficiencies. The Underlying Fund aims to achieve an above average level of income whilst also providing the potential for capital appreciation over the medium to long-term. The Underlying Fund invests predominantly in the shares of UK companies.


St. James’s Place Allshare Income Unit Trust (UK)

65 99.03%














1. Royal Dutch Shell Plc (B) 53,485 5.35%2. BP Plc 44,123 4.42%3. HSBC Holdings Plc 44,016 4.41%4. British American Tobacco Plc 42,170 4.22%


39,596 3.96%

6. GlaxoSmithKline Plc 29,870 2.99%7. Hilton Food Group Plc 26,145 2.62%8. Vodafone Group Plc 22,371 2.24%9. Phoenix Group Holdings 22,199 2.22%10. AstraZeneca Plc 20,919 2.09%


1. Royal Dutch Shell Plc B 50,652 4.96%2. British American Tobacco 48,427 4.74%3. BP Plc 41,542 4.07%4. HSBC Holdings Plc 34,819 3.41%5. GlaxoSmithKline Plc 32,710 3.20%6. AstraZeneca Plc 30,811 3.02%7. Vodafone Group Plc 28,859 2.83%8. Hilton Food Group Plc 26,445 2.59%9. Imperial Brands Plc 25,331 2.48%10. Conviviality Plc 23,439 2.30%


S JP ISG DIVERSIF IED INCOME GBP


91

F I N A N C I A LI N F O R M AT I O N

I N V E S T M E N T- L I N K E D P O L I C Y S U B - F U N D S


SJPISG International Equity GBP

£

SJPISG International Equity SGD

S$

SJPISG International Equity USD

U$

Collective Investment Schemes 3,865,608 15,340,887 1,201,237Cash and cash equivalents 22,774 90,381 7,077Investment settlements due 6,745 26,768 2,096Amount due from policyholders 14,613 57,992 4,541Management fee rebate 3,903 15,487 1,213Other assets - - - Total assets 3,913,643 15,531,515 1,216,164

Cash and cash equivalents - - -Outstanding investment settlements (26,670) (105,840) (8,288)Amount due to policyholders (6,745) (26,768) (2,096)Expenses due (263) (1,046) (82)Other liabilities - - -Total liabilities (33,678) (133,654) (10,466)

Value of fund as at 30 September 2017 3,879,965 15,397,861 1,205,698

STATEMENT OF ASSETS AND L IABIL IT IES AS AT 30 SEPTEMBER 2017


SJPISG International Equity GBP

£

SJPISG International Equity SGD

S$

SJPISG International Equity USD

U$

Value of Fund at beginning of the period - 8,920,483 -Subscriptions during the period 3,894,919 6,303,591 1,178,463Redemptions during the period (19,301) (1,463,379) (71,548)Income on investments 15,477 169,583 7,199

Realised gain/(loss) on the disposal of investments

2,593 28,404 1,206

Unrealised gain/(loss) on investments 10,576 1,705,416 101,681Other fund related expenses (24,299) (266,237) (11,303)

Net increase/(decrease) in the net asset value for the period

3,879,965 6,477,378 1,205,698


CAPITAL ACCOUNT FOR THE PERIOD ENDED 30 SEPTEMBER 2017


93

SJPISG Global Equity GBP

£

SJPISG Global Equity SGD

S$

SJPISG Global Equity USD

U$

Collective Investment Schemes 1,745,908 10,269,854 805,312Cash and cash equivalents 16,021 94,238 7,390Investment settlements due 2,690 15,823 1,241Amount due from policyholders - - -Management fee rebate 1,733 10,193 799Other assets - - -Total assets 1,766,352 10,390,108 814,742

Cash and cash equivalents - - -Outstanding investment settlements (13,949) (82,051) (6,434)Amount due to policyholders (5,380) (31,647) (2,482)Expenses due (119) (701) (55)Other liabilities - - -Total liabilities (19,448) (114,399) (8,971)

Value of fund as at 30 September 2017 1,746,904 10,275,709 805,771




SJPISG Global Equity GBP

£

SJPISG Global Equity SGD

S$

SJPISG Global Equity USD

U$

Value of Fund at beginning of the period - 6,193,298 - Subscriptions during the period 1,725,952 3,585,535 813,670 Redemptions during the period (599) (685,540) (76,418) Income on investments 8,099 126,918 4,572


3,125 48,963 1,763



1,746,904 4,082,411 805,771





SJPISG Schroder Managed GBP

£

SJPISG Schroder Managed SGD

S$

SJPISG Schroder Managed USD

U$

Collective Investment Schemes 983,014 7,171,898 643,738Cash and cash equivalents 12,394 90,421 8,116Investment settlements due 15,603 99,224 10,218Amount due from policyholders - - - Management fee rebate 970 7,080 635Other assets - - -Total assets 1,011,981 7,368,623 662,707

Cash and cash equivalents (12,690) (92,583) (8,310)Outstanding investment settlements - - -Amount due to policyholders (15,785) (100,552) (10,337)Expenses due (67) (488) (44)Other liabilities - - -Total liabilities (28,542) (193,623) (18,691)

Value of fund as at 30 September 2017 983,439 7,175,000 644,016


SJPISG Schroder Managed GBP

£

SJPISG Schroder Managed SGD

S$

SJPISG Schroder Managed USD

U$

Value of Fund at beginning of the period - 5,037,084 0Subscriptions during the period 1,058,632 2,460,400 619,605Redemptions during the period (83,647) (1,016,712) (28,810)Income on investments 7,110 106,953 5,053


3,694 55,557 2,624

Unrealised gain/(loss) on investments 6,603 666,385 51,906 Other fund related expenses (8,953) (134,667) (6,362)


983,439 2,137,916 644,016




95


SJPISG UK Gilts GBP

£

SJPISG UK Gilts SGD

S$

Collective Investment Schemes 141,567 324,692Cash and cash equivalents 639 1,466Investment settlements due - -Amount due from policyholders - -Management fee rebate 92 212Other assets 496 1,137Total assets 142,794 327,507

Cash and cash equivalents - -Outstanding investment settlements (381) (875)Amount due to policyholders - -Expenses due (17) (38)Other liabilities - -Total liabilities (398) (913)

Value of fund as at 30 September 2017 142,396 326,594



SJPISG UK Gilts GBP

£

SJPISG UK Gilts SGD

S$

Value of Fund at beginning of the period - 469,798 Subscriptions during the period 162,193 171,225Redemptions during the period (17,276) (305,536)Income on investments 1,132 7,025


(174) (1,081)

Unrealised gain/(loss) on investments (2,006) (5,691)Other fund related expenses (1,473) (9,146)


142,396 (143,204)





SJPISG Asia Pacific GBP

£

SJPISG Asia Pacific SGD

S$

SJPISG Asia Pacific USD

U$

Collective Investment Schemes 3,743,898 17,700,267 1,617,386Cash and cash equivalents 15,784 74,622 6,819Investment settlements due 4,902 23,174 2,118Amount due from policyholders - - -Management fee rebate 3,714 17,561 1,605Other assets - - -Total assets 3,768,298 17,815,624 1,627,928

Cash and cash equivalents - - -Outstanding investment settlements (13,536) (63,995) (5,935)Amount due to policyholders (4,902) (23,174) (2,142)Expenses due (256) (1,212) -Other liabilities - - -Total liabilities (18,694) (88,381) (8,077)



SJPISG Asia Pacific GBP

£

SJPISG Asia Pacific SGD

S$

SJPISG Asia Pacific USD

U$

Value of Fund at beginning of the period - 12,114,156 -Subscriptions during the period 3,705,720 6,064,593 1,517,085Redemptions during the period (3,936) (1,730,725) (35,235)Income on investments 17,399 218,635 9,334


3,250 40,842 1,744



3,749,604 5,613,087 1,619,851




97


SJPISG Strategic Managed GBP

£

SJPISG Strategic Managed SGD

S$

SJPISG Strategic Managed USD

U$

Collective Investment Schemes 2,964,600 12,311,258 757,577Cash and cash equivalents 19,080 79,233 4,876Investment settlements due 23,085 95,866 5,899Amount due from policyholders 14,895 61,855 3,806Management fee rebate 2,847 11,826 728Other assets - - -Total assets 3,024,507 12,560,038 772,886

Cash and cash equivalents (21,644) (89,883) (5,531)Outstanding investment settlements (7,447) (30,926) (1,903)Amount due to policyholders (17,321) (71,929) (4,426)Expenses due (201) (835) (52)Other liabilities - - -Total liabilities (46,613) (193,573) (11,912)




SJPISG Strategic Managed GBP

£

SJPISG Strategic Managed SGD

S$

SJPISG Strategic Managed USD

U$

Value of Fund at beginning of the period - 9,865,193 -Subscriptions during the period 3,034,161 3,877,265 750,251Redemptions during the period (89,416) (2,489,961) (49,049)Income on investments 30,890 348,551 9,540


5,684 64,138 1,756

Unrealised gain/(loss) on investments 18,379 947,307 55,210Other fund related expenses (21,804) (246,028) (6,734)


2,977,894 2,501,272 760,974




SJPISG Corporate Bond GBP

£

SJPISG Corporate Bond SGD

S$

SJPISG Corporate Bond USD Hedged

U$

Collective Investment Schemes 539,713 2,431,228 1,035,497Cash and cash equivalents 19,459 87,658 14,046Investment settlements due - 35,357 -Amount due from policyholders 7,849 1,868 -Management fee rebate 415 16,460 821Other assets 3,654 - -Total assets 571,090 2,572,571 1,050,364

Cash and cash equivalents - - -Outstanding investment settlements (20,752) (93,479) (18,039)Amount due to policyholders - - -Expenses due (59) (267) -Derivative liability - - (300)Other liabilities - - (12,755)Total liabilities (20,811) (93,746) (31,094)

Value of fund as at 30 September 2017 550,279 2,478,825 1,019,270



SJPISG Corporate Bond GBP

£

SJPISG Corporate Bond SGD

S$

SJPISG Corporate Bond USD Hedged

U$

Value of Fund at beginning of the period - 2,681,283 -Subscriptions during the period 554,510 756,833 1,000,840Redemptions during the period (541) (1,197,608) (9,026)Income on investments 6,711 167,107 11,483


693 17,247 (19,038)

Unrealised gain/(loss) on investments (8,782) 111,522 41,219Other fund related expenses (2,312) (57,559) (6,208)


550,279 (202,458) 1,019,270

Value of fund as at 30 September 2017 550,279 2,478,825 1,019,270



99



SJPISG AXA Framlington Managed GBP

£

SJPISG AXA Framlington Managed SGD

S$

SJPISG AXA Framlington Managed USD

U$

Collective Investment Schemes 1,040,939 7,426,168 618,495Cash and cash equivalents 12,319 87,888 7,320Investment settlements due 13,623 97,188 8,094Amount due from policyholders - - -Management fee rebate 1,044 7,447 621Other assets - - -Total assets 1,067,925 7,618,691 634,530

Collective Investment Schemes (12,690) (90,531) (7,540)Cash and cash equivalents - - -Investment settlements due (11,757) (83,874) (6,986)Amount due from policyholders (71) (507) (42)Management fee rebate - - -Other assets (24,518) (174,912) (14,568)



SJPISG AXA Framlington Managed GBP

£

SJPISG AXA Framlington Managed SGD

S$

SJPISG AXA Framlington Managed USD

U$



3,565 58,632 2,483



1,043,407 1,783,329 619,962




SJPISG Global Managed GBP

£

SJPISG Global Managed SGD

S$

SJPISG Global Managed USD

U$

Collective Investment Schemes 1,943,361 11,415,025 976,855Cash and cash equivalents 631 3,708 317Investment settlements due 10,025 58,883 5,039Amount due from policyholders - - -Management fee rebate 1,939 11,388 974Other assets - - -Total assets 1,955,956 11,489,004 983,185

Cash and cash equivalents (2,175) (12,773) (1,093)Outstanding investment settlements - - -Amount due to policyholders (9,807) (57,606) (4,930)Expenses due (132) (775) (65)Other liabilities - - -Total liabilities (12,114) (71,154) (6,088)




SJPISG Global Managed GBP

£

SJPISG Global Managed SGD

S$

SJPISG Global Managed USD

U$



6,838 101,340 3,679



1,943,842 3,405,078 977,097



101

SJPISG Worldwide Managed GBP

£

SJPISG Worldwide Managed SGD

S$

SJPISG Worldwide Managed USD

U$

Collective Investment Schemes 2,705,304 10,625,658 404,285Cash and cash equivalents 1,001 3,930 150Investment settlements due 8,631 33,901 1,290Amount due from policyholders 29,225 114,787 4,367Management fee rebate 2,743 10,774 410Other assets - - -Total assets 2,746,904 10,789,050 410,502

Cash and cash equivalents (3,060) (12,022) (457)Outstanding investment settlements (22,512) (88,419) (3,364)Amount due to policyholders (4,040) (15,868) (604)Expenses due (182) (716) (28) Other liabilities - - -Total liabilities (29,794) (117,025) (4,453)





SJPISG Worldwide Managed GBP

£

SJPISG Worldwide Managed SGD

S$

SJPISG Worldwide Managed USD

U$



14,806 179,650 3,094



2,717,110 1,161,724 406,049





SJPISG UK Growth GBP

£

SJPISG UK Growth SGD

S$

Collective Investment Schemes 8,974 670Cash and cash equivalents 956 71Investment settlements due - -Amount due from policyholders - -Management fee rebate 9 1Other assets - -Total assets 9,939 742

Cash and cash equivalents - -Outstanding investment settlements - -Amount due to policyholders - -Expenses due (1) -Other liabilities - -Total liabilities (1) 0

Value of fund as at 30 September 2017 9,938 742


SJPISG UK Growth GBP

£

SJPISG UK Growth SGD

S$

Value of Fund at beginning of the period - 19,157 Subscriptions during the period 2,854 50,090Redemptions during the period (3,773) (54,262)Income on investments 112 292


897 2,339

Unrealised gain/(loss) on investments 10,031 (16,398)Other fund related expenses (183) (476)


9,938 (18,415)

Value of fund as at 30 September 2017 9,938 742



103


SJPISG Continental European SGD

S$

Collective Investment Schemes 507,029Cash and cash equivalents 2,911Investment settlements due -Amount due from policyholders -Management fee rebate 552Other assets -Total assets 510,492

Cash and cash equivalents -Outstanding investment settlements -Amount due to policyholders -Expenses due (65)Other liabilities -Total liabilities (65)

Value of fund as at 30 September 2017 510,427


SJPISG Continental European SGD

S$

Value of Fund at beginning of the period 506,053Subscriptions during the period 146,416 Redemptions during the period (301,977)Income on investments 7,809

Realised gain on the disposal of investments

56,507

Unrealised gain on investments 108,197Other fund related expenses (12,578)


4,374




SJPISG Equity Income GBP

£

SJPISG Equity Income SGD

S$

Value of Fund at beginning of the period - 637,627Subscriptions during the period 357,816 276,797Redemptions during the period (2) (226,194)Income on investments 1,549 32,919


0 0

Unrealised gain/(loss) on investments 1,224 61,403Other fund related expenses (803) (17,081)


359,784 127,844



SJPISG Equity Income GBP

£

SJPISG Equity Income SGD

S$

Collective Investment Schemes 342,156 727,966Cash and cash equivalents 583 1,241Investment settlements due -Amount due from policyholders 33,509 71,294Management fee rebate 314 667Other assets 2,367 5,036 Total assets 378,929 806,204

Cash and cash equivalents - -Outstanding investment settlements (19,121) (40,682)Amount due to policyholders - -Expenses due (24) (51) Other liabilities - -Total liabilities (19,145) (40,733)




105


SJPISG UK & General Progressive GBP

£

SJPISG UK & General Progressive SGD

S$

SJPISG UK & General Progressive USD

U$

Value of Fund at beginning of the period - 1,370,461 - Subscriptions during the period 123,772 460,893 36,767Redemptions during the period (804) (946,139) (204)Income on investments 1,109 24,256 239


2,810 61,449 605

Unrealised gain/(loss) on investments (3,088) 53,434 1,030Other fund related expenses (1,292) (28,261) (278)


122,507 (374,368) 38,159

Value of fund as at 30 September 2017 122,507 996,093 38,159



SJPISG UK & General Progressive GBP

£

SJPISG UK & General Progressive SGD

S$

SJPISG UK & General Progressive USD

U$

Collective Investment Schemes 122,182 993,455 38,058Cash and cash equivalents 221 1,795 69Investment settlements due 2,283 18,560 711Amount due from policyholders - - - Management fee rebate 130 1,060 41Other assets - - -Total assets 124,816 1,014,870 38,879

Cash and cash equivalents - - -Outstanding investment settlements - - -Amount due to policyholders (2,283) (18,560) (711)Expenses due (26) (217) (9)Other liabilities - - -Total liabilities (2,309) (18,777) (720)




SJPISG UK High Income GBP

£

SJPISG UK High Income SGD

S$

Value of Fund at beginning of the period - 2,983,429Subscriptions during the period 1,614,421 417,079Redemptions during the period (192) (844,770)Income on investments 38,430 142,243


609 2,254

Unrealised gain/(loss) on investments 30,510 58,033Other fund related expenses (17,444) (64,565)


1,666,334 (289,726)

Value of fund as at 30 September 2017 1,666,334 2,693,703


SJPISG UK High Income GBP

£

SJPISG UK High Income SGD

S$

Collective Investment Schemes 1,641,984 2,654,340 Cash and cash equivalents 3,795 6,135 Investment settlements due 5,299 8,565Amount due from policyholders 32,731 52,911Management fee rebate 1,654 2,674Other assets 17,127 27,688Total assets 1,702,590 2,752,313

Cash and cash equivalents (2,649) (4,283)Outstanding investment settlements (33,495) (54,145)Amount due to policyholders - -Expenses due (112) (182)Other liabilities - -Total liabilities (36,256) (58,610)

Value of fund as at 30 September 2017 1,666,334 2,693,703



107

SJPISG Global Smaller Companies GBP

£

SJPISG Global Smaller Companies SGD

S$

SJPISG Global Smaller Companies USD

U$

Value of Fund at beginning of the period - - - Subscriptions during the period 2,311 186,186 248,045Redemptions during the period (188) (4) (35,763)Income on investments 198 975 1,907


105 514 1,005

Unrealised gain/(loss) on investments (440) 16,391 31,697Other fund related expenses (311) (1,530) (2,993)


1,675 202,532 243,898




SJPISG Global Smaller Companies GBP

£

SJPISG Global Smaller Companies SGD

S$

SJPISG Global Smaller Companies USD

U$

Collective Investment Schemes 1,662 200,977 242,025Cash and cash equivalents 11 1,350 1,626Investment settlements due 119 14,435 17,383Amount due from policyholders - - -Management fee rebate 2 221 266Other assets - - -Total assets 1,794 216,983 261,300

Cash and cash equivalents - - -Outstanding investment settlements - - -Amount due to policyholders (119) (14,436) (17,384)Expenses due - (15) (18)Other liabilities - -Total liabilities (119) (14,451) (17,402)




SJPISG Investment Grade Corporate Bond GBP

£

SJPISG Investment Grade Corporate Bond SGD

S$

SJPISG Investment Grade Corporate Bond

USD HedgedU$

Value of Fund at beginning of the period - 4,393,214 155,742Subscriptions during the period 2,276,939 1,552,657 1,897,719Redemptions during the period (9,494) (2,232,341) (60,289)Income on investments 22,317 147,480 13,068


1,800 11,893 (28,777)



2,286,809 (381,681) 1,902,056



SJPISG Investment Grade Corporate Bond GBP

£

SJPISG Investment Grade Corporate Bond SGD

S$

SJPISG Investment Grade Corporate Bond

USD HedgedU$

Collective Investment Schemes 2,271,424 3,984,544 2,109,304Cash and cash equivalents 2,663 4,671 293Investment settlements due 5,095 8,937 -Amount due from policyholders 11,972 21,003 6,660Management fee rebate 1,801 3,159 1,655Other assets 14,661 25,719 4,605Total assets 2,307,616 4,048,033 2,122,517

Cash and cash equivalents (2,547) (4,469) (28,106)Outstanding investment settlements (18,106) (31,762) (11,010)Amount due to policyholders - - -Expenses due (154) (269) (518)Derivative liability - - (25,085)Other liabilities - - -Total liabilities (20,807) (36,500) (64,719)




109

SJPISG International Corporate Bond GBP

£

SJPISG International Corporate Bond SGD

S$

SJPISG International Corporate Bond

USD HedgedU$

Value of Fund at beginning of the period - 2,830,680 - Subscriptions during the period 1,853,140 1,131,334 2,319,965Redemptions during the period (228) (1,495,153) (83,554)Income on investments 18,186 164,176 16,674


(390) (3,521) (41,047)



1,850,742 (197,932) 2,303,480




SJPISG International Corporate Bond GBP

£

SJPISG International Corporate Bond SGD

S$

SJPISG International Corporate Bond

USD HedgedU$

Collective Investment Schemes 1,827,494 2,599,678 2,314,478Cash and cash equivalents 40,858 58,122 15,292Investment settlements due - - -Amount due from policyholders 18,766 26,695 -Management fee rebate 1,317 1,874 1,768Other assets 20,993 29,863 9,600Total assets 1,909,428 2,716,232 2,341,138

Cash and cash equivalents - - -Outstanding investment settlements (58,502) (83,221) (9,581)Amount due to policyholders - - -Expenses due (184) (263) (605)Derivative liability - - (27,472)Other liabilities - - -Total liabilities (58,686) (83,484) (37,658)




SJPISG Ethical GBP

£

SJPISG Ethical SGD

S$

SJPISG Ethical USD

U$

Value of Fund at beginning of the period - 133,993 - Subscriptions during the period 12,025 70,889 137,992Redemptions during the period - (35,543) (35,137)Income on investments 16 2,813 1,421


19 3,430 1,732

Unrealised gain/(loss) on investments (8,316) 36,092 13,848Other fund related expenses (22) (4,068) (2,054)


3,722 73,613 117,802



SJPISG Ethical GBP

£

SJPISG Ethical SGD

S$

SJPISG Ethical USD

U$

Collective Investment Schemes 3,675 205,001 116,324 Cash and cash equivalents 43 2,402 1,363 Investment settlements due 388 21,622 12,269Amount due from policyholders - - -Management fee rebate 4 226 128Other assets - - - Total assets 4,110 229,251 130,084

Cash and cash equivalents - - -Outstanding investment settlements - - -Amount due to policyholders (388) (21,622) (12,269)Expenses due - (23) (13)Other liabilities - - -Total liabilities (388) (21,645) (12,282)




111

SJPISG UK Absolute Return GBP

£

SJPISG UK Absolute Return SGD

S$

SJPISG UK Absolute Return USD

U$

Value of Fund at beginning of the period - 4,915,253 - Subscriptions during the period 1,341,740 1,655,254 72,006Redemptions during the period (98,116) (2,423,828) -Income on investments 7,303 69,120 224


3,940 37,296 121



1,240,677 (528,117) 75,225




SJPISG UK Absolute Return GBP

£

SJPISG UK Absolute Return SGD

S$

SJPISG UK Absolute Return USD

U$

Collective Investment Schemes 1,235,793 4,369,869 74,929 Cash and cash equivalents 2,036 7,201 123Investment settlements due 3,349 11,842 203Amount due from policyholders - - -Management fee rebate 1,256 4,440 77Other assets - - -Total assets 1,242,434 4,393,352 75,332

Cash and cash equivalents (1,674) (5,921) (102)Outstanding investment settlements - - -Amount due to policyholders - - -Expenses due (83) (295) (5)Other liabilities - -Total liabilities (1,757) (6,216) (107)




SJPISG UK & International Income GBP

£

SJPISG UK & International Income SGD

S$



97 2,524

Unrealised gain/(loss) on investments 5,718 50,959Other fund related expenses (498) (12,917)


152,516 (2,799)



SJPISG UK & International Income GBP

£

SJPISG UK & International Income SGD

S$

Collective Investment Schemes 143,709 614,180Cash and cash equivalents 505 2,158Investment settlements due - -Amount due from policyholders 16,367 69,950Management fee rebate 129 549Other assets - -Total assets 160,710 686,837

Cash and cash equivalents - -Outstanding investment settlements (8,183) (34,974)Amount due to policyholders - -Expenses due (11) (43)Other liabilities - -Total liabilities (8,194) (35,017)




113

SJPISG Global Equity Income GBP

£

SJPISG Global Equity Income SGD

S$

SJPISG Global Equity Income USD

U$

Value of Fund at beginning of the period - 1,170,443 -Subscriptions during the period 855,246 828,113 86,697Redemptions during the period (59) (507,819) (1)Income on investments 7,366 60,479 328


1,679 13,784 75



845,324 523,820 89,533




SJPISG Global Equity Income GBP

£

SJPISG Global Equity Income SGD

S$

SJPISG Global Equity Income USD

U$

Collective Investment Schemes 824,794 1,653,115 87,359Cash and cash equivalents 3,226 6,466 342Investment settlements due - - -Amount due from policyholders 33,116 66,374 3,508Management fee rebate 803 1,608 85Other assets 6,149 12,325 650Total assets 868,088 1,739,888 91,944

Cash and cash equivalents - - -Outstanding investment settlements (22,707) (45,511) (2,405)Amount due to policyholders - - -Expenses due (57) (114) (6)Other liabilities - - -Total liabilities (22,764) (45,625) (2,411)




SJPISG Index Linked Gilts GBP

£

SJPISG Index Linked Gilts SGD

S$



840 3,633

Unrealised gain/(loss) on investments (6,598) (3,173)Other fund related expenses (3,067) (13,253)


408,453 (15,454)



SJPISG Index Linked Gilts GBP

£

SJPISG Index Linked Gilts SGD

S$

Collective Investment Schemes 407,244 490,011Cash and cash equivalents 762 917Investment settlements due - -Amount due from policyholders - -Management fee rebate 337 405Other assets 153 184Total assets 408,496 491,517

Cash and cash equivalents - -Outstanding investment settlements - -Amount due to policyholders - -Expenses due (43) (52)Other liabilities -Total liabilities (43) (52)




115

SJPISG Emerging Markets Equity GBP

£

SJPISG Emerging Markets Equity SGD

S$

SJPISG Emerging Markets Equity USD

U$

Value of Fund at beginning of the period - 7,763,226 - Subscriptions during the period 2,413,456 4,031,599 834,270Redemptions during the period (3,093) (1,054,807) (26,195)Income on investments 10,449 128,809 4,296


2,427 29,914 998



2,452,464 3,972,569 897,152




SJPISG Emerging Markets Equity GBP

£

SJPISG Emerging Markets Equity SGD

S$

SJPISG Emerging Markets Equity USD

U$

Collective Investment Schemes 2,447,171 11,710,469 895,216Cash and cash equivalents 16,098 77,033 5,889Investment settlements due - - -Amount due from policyholders - - -Management fee rebate 2,510 12,010 918Other assets - - -Total assets 2,465,779 11,799,512 902,023

Cash and cash equivalents - - -Outstanding investment settlements (13,146) (62,909) (4,809)Amount due to policyholders - - -Expenses due (169) (808) (62)Other liabilities - -Total liabilities (13,315) (63,717) (4,871)




SJPISG Greater European GBP

£

SJPISG Greater European SGD

S$

SJPISG Greater European USD

U$

Value of Fund at beginning of the period - 2,884,100 - Subscriptions during the period 497,910 1,148,027 175,547Redemptions during the period (778) (538,746) (5,529)Income on investments 2,025 57,333 646


1,070 30,303 341



495,549 1,169,487 181,277




SJPISG Greater European GBP

£

SJPISG Greater European SGD

S$

SJPISG Greater European USD

U$

Collective Investment Schemes 493,768 4,039,017 180,625Cash and cash equivalents 15,435 126,261 5,646Investment settlements due - - -Amount due from policyholders 11,061 90,475 4,046Management fee rebate 478 3,910 175Other assets - - -Total assets 520,742 4,259,663 190,492





117

SJPISG North American GBP

£

SJPISG North American SGD

S$

SJPISG North American USD

U$

Value of Fund at beginning of the period - 3,491,697 - Subscriptions during the period 694,923 1,468,092 609,302Redemptions during the period (960) (1,378,721) (124,618)Income on investments 2,000 55,478 4,770


3,794 105,239 9,046



680,729 785,099 529,244




SJPISG North American GBP

£

SJPISG North American SGD

S$

SJPISG North American USD

U$

Collective Investment Schemes 677,787 4,258,316 526,958Cash and cash equivalents 17,511 110,016 13,614Investment settlements due 15,325 95,717 11,845Amount due from policyholders - - -Management fee rebate 662 4,157 514Other assets - - -Total assets 711,285 4,468,206 552,931





SJPISG UK Income GBP

£

SJPISG UK Income SGD

S$

Value of Fund at beginning of the period - 236,630Subscriptions during the period 164,865 252,261Redemptions during the period (5,784) (250,672)Income on investments 2,766 18,621


728 4,900

Unrealised gain/(loss) on investments 1,467 26,347Other fund related expenses (1,050) (7,067)


162,992 44,390




SJPISG UK Income GBP

£

SJPISG UK Income SGD

S$

Collective Investment Schemes 162,088 279,462Cash and cash equivalents 787 1,357Investment settlements due - -Amount due from policyholders - -Management fee rebate 137 237Other assets 2,248 3,874Total assets 165,260 284,930

Cash and cash equivalents - -Outstanding investment settlements (2,247) (3,874)Amount due to policyholders - -Expenses due (21) (36)Other liabilities - -Total liabilities (2,268) (3,910)




119

SJPISG Diversified Bond GBP

£

SJPISG Diversified Bond SGD

S$

SJPISG Diversified Bond USD Hedged

U$



597 3,260 (26,493)



2,175,883 698,913 1,828,405




SJPISG Diversified Bond GBP

£

SJPISG Diversified Bond SGD

S$

SJPISG Diversified Bond USD Hedged

U$

Collective Investment Schemes 2,166,489 3,240,885 2,317,744Cash and cash equivalents 2,550 3,815 2,037Investment settlements due 5,491 8,214 -Amount due from policyholders - - 37,430Management fee rebate 1,660 2,483 1,787Other assets 23,702 35,455 13,682Total assets 2,199,892 3,290,852 2,372,680

Cash and cash equivalents (2,746) (4,107) (28,341)Outstanding investment settlements (21,235) (31,586) (49,882)Amount due to policyholders (28) - -Expenses due - (222) (760)Derivative liability - - (27,878)Other liabilities - - -Total liabilities (24,009) (35,915) (106,861)




SJPISG Strategic Income GBP

£

SJPISG Strategic Income SGD

S$

SJPISG Strategic Income USD Hedged

U$



3,846 21,970 (76,185)



3,931,368 2,075,403 4,575,472



SJPISG Strategic Income GBP

£

SJPISG Strategic Income SGD

S$

SJPISG Strategic Income USD Hedged

U$

Collective Investment Schemes 3,880,627 7,197,881 5,034,845Cash and cash equivalents 2,442 4,530 4,451Investment settlements due 13,082 24,264 9,989Amount due from policyholders 59,961 111,217 54,166Management fee rebate 3,618 6,710 4,681Other assets 63,838 118,407 52,738Total assets 4,023,568 7,463,009 5,160,870

Cash and cash equivalents (4,955) (9,191) (49,463)Outstanding investment settlements (81,327) (150,848) (102,569)Amount due to policyholders (5,649) (10,478) -Expenses due (269) (496) (1,215)Derivative liability - - (42,344)Other liabilities - - -Total liabilities (92,200) (171,013) (195,591)




121


SJPISG Global Emerging Markets GBP

£

SJPISG Global Emerging Markets SGD

S$

SJPISG Global Emerging Markets USD

U$

Value of Fund at beginning of the period - - -Subscriptions during the period 493,392 975,578 320,361Redemptions during the period (161) (12,790) (16,852)Income on investments 1,101 2,129 2,923


(46) (89) (122)



485,401 983,339 324,878




SJPISG Global Emerging Markets GBP

£

SJPISG Global Emerging Markets SGD

S$

SJPISG Global Emerging Markets USD

U$

Collective Investment Schemes 484,378 981,266 324,193Cash and cash equivalents 56,782 115,031 38,004Investment settlements due 4,290 8,691 2,871Amount due from policyholders - - -Management fee rebate 431 872 288Other assets - - -Total assets 545,881 1,105,860 365,356





SJPISG Worldwide Income GBP

£

SJPISG Worldwide Income SGD

S$

SJPISG Worldwide Income USD

U$

Value of Fund at beginning of the period - - - Subscriptions during the period 129,647 106,485 42,713Redemptions during the period 0 (4,224) (0)Income on investments 2,323 1,193 239


0 0 0

Unrealised gain/(loss) on investments (784) (840) 549Other fund related expenses (1,605) (824) (165)


129,581 101,790 43,336




SJPISG Worldwide Income GBP

£

SJPISG Worldwide Income SGD

S$

SJPISG Worldwide Income USD

U$

Collective Investment Schemes 103,499 81,301 34,613Cash and cash equivalents 701 550 234Investment settlements due - - -Amount due from policyholders 50,618 39,762 16,928Management fee rebate 97 77 33Other assets - - -Total assets 154,915 121,690 51,808





123

SJPISG Diversified Income GBP

£

Value of Fund at beginning of the period -Subscriptions during the period 60,667Redemptions during the period 0 Income on investments 2,045


0

Unrealised gain/(loss) on investments 3,383Other fund related expenses (943)


65,152





SJPISG Diversified Income GBP

£

Collective Investment Schemes 64,520Cash and cash equivalents 550Investment settlements due -Amount due from policyholders -Management fee rebate 67Other assets 878Total assets 66,015

Cash and cash equivalents -Outstanding investment settlements (853)Amount due to policyholders (10)Expenses due -Other liabilities -Total liabilities (863)



NOTES TO THE F INANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2017

Accounting policies

The significant accounting policies adopted in the preparation of the financial statements are set out below:

• Basis of preparation The financial statements are prepared in accordance with the historical cost convention, except for financial

investments which are stated at fair value. The financial statements are for a period from 1 October 2016 (or from the date of commencement of the respective investment linked sub-fund, whichever is later) to 30 September 2017. The financial statements are presented in Singapore Dollars, United States Dollars and Pounds Sterling. The functional currency of the funds is Pounds Sterling.

• Revenue and expense recognition Dividends are recognised in the Capital Account and are accrued on an ex-dividend basis. Interest income is

recognised on an accruals basis. Expenses are recognised on an accruals basis.

• Realised and unrealised gains and losses recognised in the Capital Account Realised gains and losses on disposals of financial instruments represent the difference between an instrument’s initial

purchase price, or if they have been previously revalued, their valuation at the last balance sheet date, and disposal amount. Unrealised gains and losses comprise changes in the fair value of financial instruments for the period.

• Investments The Funds recognise financial assets when the Fund becomes a party to the contractual provisions of the instrument

recognised at the trade date. On initial recognition financial assets are recorded in the Statement of Assets and Liabilities at fair value. Financial assets are subsequently measured at fair value, which is the bid price on the balance sheet date. Subsequent changes in the fair value of financial assets are recorded through the Capital Account.

• Contingent liabilities and commitments There were no contingent liabilities or commitments as at 30 September 2017.

• Foreign currency translations Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rate

of exchange ruling at the period end. Transactions in foreign currencies are translated to the functional currency at rates ruling on transaction dates. Assets and Liabilities are translated from the functional currency into the presentation currency at the closing rate at the balance sheet date and income and expenses are translated at average exchange rates for the year. Differences in exchange are recognised in the Capital Account.

• New fund launches Four new ILP Sub-Funds: Diversified Income, Global Emerging Markets, Worldwide Income and Global

Smaller Companies were launched on 10 October 2016.

• Extend number of currencies and US dollar-hedged versions of funds The currencies that our funds are priced in are extended, to include British Pounds and US Dollars and have

US Dollar-hedged versions of Corporate Bond and International Corporate Bond funds, effective from 10 October 2016. A total of nine sub-funds had no policyholder activity during the period ended 30 September 2017, therefore, these funds have not been presented in the Annual Report.

• Name change The pre-fix for all fund names was changed from SJPA to SJPISG on 10 October 2016. In addition, SJPA Far

East Fund SGD has been renamed as SJPISG Asia Pacific SGD, effective from 10 October 2016.

INDEPENDENT AUDITOR’S REPORT

125

Our Opinion In our opinion, the accompanying financial statements of the investment-linked funds as set out on pages 91 to 124 (the “Funds”) of St. James’s Place International plc, Singapore Branch (the “Branch”) are properly drawn up, in all material respects, in accordance with the stated accounting policies as set out in page 124.

What we have auditedThe financial statements of the Funds comprise:• the Statements of Assets and Liabilities as at 30 September 2017;• the Capital Accounts for the financial period from 1 October 2016 (or the date of commencement of the

respective Funds, whichever is later) to 30 September 2017; and• the notes to the financial statements, including a summary of significant accounting policies.

Basis for OpinionWe conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

IndependenceWe are independent of the Branch in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code.

Emphasis of Matter – Basis of Accounting and Restriction on Distribution and UseWe draw attention to page 124 to the financial statements which describe the basis of accounting. The financial statements are prepared to assist the Branch to comply with MAS Notice 307 Investment Linked-Life Insurance Policies. As a result, the financial statements may not be suitable for another purpose.

This report is intended for the sole benefit and use of the Branch and is not intended to nor may it be relied upon by any other party, other than the Branch. We accept no liability or responsibility to any other party to whom this report is disclosed or otherwise made available to.

This report relates solely to the financial statements of the Funds of the Branch and does not extend to the financial statements of the Branch taken as a whole. Our report is not modified in respect of this matter.

Other Information Management is responsible for the other information. The other information comprises the Message from the Principal Officer and ILP Sub-Fund Information, and excludes the financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

INDEPENDENT AUDITOR’S REPORT


Responsibilities of the Management and those Charged with Governance for the Financial StatementsManagement is responsible for the preparation of these financial statements in accordance with the accounting policies set out in page 124 to the financial statements, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Funds’ ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to terminate the Funds or to cease the Funds’ operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Funds’ financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial StatementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,

design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Branch’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each Fund to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause any or all of the Funds to cease to continue as a going concern.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Public Accountants and Chartered AccountantsSingapore, 21 December 2017

I L P S U B - F U N D S A N N U A L R E P O R TP A R T N E R S I N M A N A G I N G Y O U R W E A L T H

St. James’s Place International Plc (Singapore Branch) is registered by the Monetary Authority of Singapore to conduct life insurance business in Singapore. Registered in Singapore number T14FC0072F. Office address: 1 Raffles Place, #15-61 One Raffles Place (Tower 2), Singapore 048616.

St. James’s Place International Plc (Singapore Branch) is part of the St. James’s Place Wealth Management Group. The title ‘Partner’ is the marketing term used to describe St. James’s Place representatives.

H2SJP27328 12/17

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