investment review - sjpp.co.uk fileproperty discrete performance (% change) cumulative performance...

INVESTMENTREVIEW

MAY 2014

Investment Performance StatisticsSt. James's Place Life FundsMIXED ASSET Discrete performance (% change) Cumulative performance (% change)

Launchdate

Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11

Apr 09Apr 10 YTD 3 Yr 5 Yr 10 Yr AGR*

AXA Framlington Managed AXA Framlington 07/06 6.4 11.5 -0.1 9.7 27.3 -0.6 18.5 65.6 - 5.2Schroder Managed Schroder 09/96 6.9 15.5 -2.2 4.9 26.9 -0.4 20.7 60.8 92.0 6.7

Strategic Managed18 ThreadneedleInvestments 01/92 5.4 11.2 0.2 7.1 19.9 1.9 17.5 50.8 98.5 7.1

GLOBAL EQUITY Discrete performance (% change) Cumulative performance (% change)Launch

dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Ethical Aberdeen 11/98 1.6 16.7 -8.3 6.4 35.6 3.7 8.8 56.8 104.8 7.4

Global EquityBlackRock; EdgePoint;

Sands Capital;Tweedy, Browne

09/11 3.6 15.6 - - - -0.8 - - - 10.3

Global Equity Income18 Manulife AssetManagement 02/12 7.6 18.8 - - - 0.8 - - - 12.3

Global Managed10 Artisan Partners 07/06 9.3 19.9 5.0 5.0 24.1 -0.1 37.7 79.3 - 6.0High Octane7 Oldfield Partners 04/08 5.1 10.7 -4.2 8.0 31.8 -2.3 11.4 58.6 - 0.4International Equity1 Magellan 04/00 4.0 25.8 -6.0 0.5 33.3 -1.3 22.9 64.7 68.1 5.3

Worldwide Managed15 Burgundy, First Stateand Select Equity 01/07 5.8 18.7 -4.7 9.1 40.7 -0.3 19.7 83.7 - 3.1

UK EQUITY Discrete performance (% change) Cumulative performance (% change)Launch

dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Diversified Income AXA Framlington 10/07 12.8 13.2 0.9 12.1 30.3 1.5 28.8 88.2 - 2.8Equity Income9 RWC Partners 02/10 9.0 24.5 -4.7 4.0 - 2.4 29.3 - - 10.3

UK & General Progressive17 J O Hambro, Majedieand BlackRock 04/10 8.1 11.7 -0.4 13.3 - 1.1 20.2 - - 7.8

UK & International Income Artemis 10/10 10.4 16.7 1.9 - - 1.2 31.3 - - 9.6

UK Equity18 Woodford InvestmentManagement 01/92 12.0 18.2 4.9 11.6 21.9 4.3 38.9 88.9 156.8 9.9

UK Growth12 Majedie 10/07 11.7 18.2 -8.1 9.2 35.6 0.4 21.3 79.6 - 3.1

OVERSEAS EQUITY Discrete performance (% change) Cumulative performance (% change)Launch

dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Continental European2 S.W. Mitchell 01/92 23.9 18.4 -19.3 20.1 26.3 5.2 18.4 79.6 112.0 7.8Emerging Markets Equity Wasatch 04/14 - - - - - - - - - -Far East Aberdeen Asia 01/92 -9.2 13.7 0.5 7.9 42.6 0.6 3.7 59.6 123.7 8.4Global Emerging Markets19 First State 04/10 -3.8 12.3 2.2 10.1 - 1.1 10.5 - - 4.4

Greater European Burgundy and S.W. Mitchell 04/10 11.7 20.4 -4.9 15.7 - 2.4 27.9 - - 9.4

North American3 Aristotle 01/92 8.8 18.1 3.2 -1.1 43.1 0.7 32.6 87.8 58.8 4.7

FIXED INCOME & MONEY MARKET Discrete performance (% change) Cumulative performance (% change)Launch

dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Corporate Bond6 Invesco Perpetual 04/03 5.8 13.5 -0.8 6.7 40.8 2.1 19.1 79.0 54.2 4.4Gilts Wellington 01/92 -3.6 1.2 10.5 3.6 0.7 1.1 7.8 12.5 29.6 2.6Index Linked Gilts BlackRock 02/12 -4.1 4.6 - - - 1.7 - - - 0.2International Corporate Bond Babson Capital 04/10 5.3 10.7 2.4 9.9 - 2.5 19.4 - - 7.1Investment Grade Corporate Bond13 Loomis Sayles 03/09 -1.4 6.9 0.4 4.2 24.4 1.8 5.8 37.3 - 7.3Money Market5 Multi Manager 01/92 -1.2 -1.1 -1.0 -1.0 -1.1 -0.4 -3.3 -5.2 6.3 0.6

PROPERTY Discrete performance (% change) Cumulative performance (% change)Launch

dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Property11 Orchard Street 04/04 6.6 -1.1 1.1 3.3 20.7 2.6 6.6 32.9 7.3 0.7

ALTERNATIVES Discrete performance (% change) Cumulative performance (% change)Launch

dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Alternative Assets BlackRock 08/08 0.7 6.2 -4.9 8.9 17.8 3.7 1.7 30.5 - 3.0Multi Asset PIMCO 02/12 -8.1 3.2 - - - 1.7 - - - -3.6UK Absolute Return BlackRock 04/10 3.6 -6.1 -3.4 0.5 - -1.4 -6.0 - - -1.5

Please be aware that past performance is not indicative of future performance. The value of an investment may fall as well as rise. Returns on equities cannotbe guaranteed. Equities do not provide the security of capital characteristic of a deposit with a bank or building society. All figures are produced on a bid-to-bid basis, net of fund management charges with income reinvested as at 30 April 2014. Superscript numbers following fund names relate to furtherinformation in the notes section on the Market Background page.

* Annualised growth rates are calculated over a ten-year period, or since fund launch if the fund is less than ten years old.

2 INVESTMENT REVIEW

May 2014St. James's Place Life Distribution FundsMIXED ASSET Discrete performance (% change) Cumulative performance (% change)

Launchdate

Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11

Apr 09Apr 10 YTD 3 Yr 5 Yr 10 Yr AGR* Yield

AXA Framlington Managed Dist AXA Framlington 02/10 6.4 11.5 -0.1 9.8 - -0.5 18.5 - - 8.5 1.6%Schroder Managed Dist Schroder 02/10 6.9 15.5 -2.2 5.0 - -0.3 20.8 - - 8.0 1.7%

Strategic Managed Dist18 ThreadneedleInvestments 02/10 5.4 11.3 0.2 7.1 - 1.9 17.6 - - 6.9 2.2%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Ethical Dist Aberdeen 02/10 1.6 16.8 -8.3 6.4 - 3.8 8.9 - - 6.3 1.7%

Global Equity DistBlackRock; EdgePoint;


09/11 3.6 13.8 - - - -0.8 - - - 8.8 1.6%

Global Equity Income Dist18 Manulife AssetManagement 02/12 7.6 16.3 - - - 0.8 - - - 11.3 2.5%

Global Managed Dist10 Artisan Partners 02/10 9.4 20.0 4.9 5.0 - -0.1 37.8 - - 11.7 1.3%High Octane Dist Oldfield Partners 02/10 5.2 10.8 -4.2 8.0 - -2.2 11.5 - - 7.7 2.4%International Equity Dist1 Magellan 02/10 4.0 25.8 -6.0 0.5 - -1.3 23.0 - - 8.2 2.0%

Worldwide Managed Dist15 Burgundy, First Stateand Select Equity 02/10 5.8 18.7 -5.0 9.1 - -0.3 19.3 - - 10.1 1.8%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Diversified Income Dist AXA Framlington 10/07 12.7 13.2 0.8 12.1 30.2 1.5 28.7 87.9 - 2.8 3.3%Equity Income Dist9 RWC Partners 04/07 9.0 24.3 -4.5 4.0 32.4 2.4 29.4 78.2 - 4.6 3.2%

Income Distribution18 Woodford InvestmentManagement 02/93 11.6 16.8 4.8 12.0 20.5 5.1 36.5 84.3 147.9 9.5 3.7%

UK & General Progressive Dist17 J O Hambro, Majedieand BlackRock 04/10 8.1 11.7 -0.4 13.3 - 1.1 20.3 - - 7.8 2.5%

UK & International Income Dist Artemis 10/10 10.4 16.7 2.0 - - 1.2 31.3 - - 9.6 3.4%

UK Equity Dist18 Woodford InvestmentManagement 02/10 12.0 17.8 4.9 11.6 - 4.3 38.4 - - 12.0 3.6%

UK Growth Dist12 Majedie 02/10 11.7 18.2 -8.1 9.3 - 0.4 21.2 - - 10.2 2.5%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Continental European Dist S.W. Mitchell 02/10 23.9 18.4 -19.3 20.2 - 5.2 18.4 - - 11.6 1.6%Emerging Markets Equity Dist Wasatch 04/14 - - - - - - - - - - 0.0%Far East Dist Aberdeen Asia 02/10 -9.2 13.7 0.5 7.9 - 0.7 3.8 - - 5.8 2.2%Global Emerging Markets Dist19 First State 04/10 -3.7 12.3 2.2 10.1 - 1.1 10.5 - - 4.5 1.4%

Greater European Dist Burgundy and S.W. Mitchell 04/10 11.7 20.3 -4.9 15.7 - 2.5 27.9 - - 9.4 1.9%

North American Dist3 Aristotle 02/10 8.8 18.1 3.3 -1.0 - 0.8 32.7 - - 10.9 1.0%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Corporate Bond Dist6 Invesco Perpetual 04/04 5.8 13.1 -0.8 6.8 40.7 2.1 18.7 78.5 54.2 4.4 5.1%Gilts Dist Wellington 02/10 -3.6 0.6 10.5 3.7 - 1.2 7.2 - - 2.7 3.0%Index Linked Gilts Dist BlackRock 02/12 -4.2 3.6 - - - 1.7 - - - -0.3 1.0%International Corporate Bond Dist Babson Capital 04/10 5.4 10.8 2.5 9.9 - 2.6 19.6 - - 7.1 5.7%Investment Grade Corporate BondDist13 Loomis Sayles 03/09 -1.4 7.0 0.5 4.3 24.4 1.8 5.9 37.5 - 7.3 2.5%

Money Market Dist5 Multi Manager 02/10 -1.1 -1.1 -1.1 -1.0 - -0.3 -3.3 - - -1.1 0.3%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Property Dist11 Orchard Street 04/04 6.1 -1.1 1.1 3.4 20.6 2.7 6.1 32.2 7.7 0.7 4.6%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Alternative Assets Dist BlackRock 02/10 0.6 6.2 -4.8 9.0 - 3.6 1.7 - - 3.5 2.4%Multi Asset Dist PIMCO 02/12 -8.0 0.9 - - - 1.7 - - - -4.5 1.7%UK Absolute Return Dist BlackRock 04/10 3.5 -6.1 -3.4 0.5 - -1.4 -6.1 - - -1.5 1.1%

The yields for the Distribution Funds are calculated by dividing the distributions made by the funds in the past year by the funds' selling prices as at 30 April 2014.



3 INVESTMENT REVIEW

May 2014St. James's Place Pension FundsMIXED ASSET Discrete performance (% change) Cumulative performance (% change)

Launchdate

Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


AXA Framlington Managed AXA Framlington 07/06 7.2 13.8 1.0 11.7 28.1 -0.7 23.2 76.1 - 6.2 1.7%Schroder Managed Schroder 09/96 8.2 18.5 -1.8 5.9 28.2 -0.4 25.9 70.9 113.5 7.9 1.9%

Strategic Managed18 ThreadneedleInvestments 01/92 4.4 13.6 1.0 8.0 21.7 0.8 19.7 57.4 115.4 8.0 2.5%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Ethical Aberdeen 11/98 1.8 17.5 -7.8 6.9 36.0 3.9 10.3 60.4 106.5 7.5 2.7%



09/11 4.6 17.4 - - - -1.1 - - - 11.2 1.8%

Global Equity Income18 Manulife AssetManagement 02/12 9.1 23.0 - - - 0.7 - - - 14.8 2.7%

Global Managed10 Artisan Partners 07/06 10.8 25.5 7.4 6.9 24.4 0.3 49.4 98.5 - 7.5 1.8%High Octane7 Oldfield Partners 04/08 6.6 13.1 -4.7 9.3 35.3 -2.7 14.9 70.0 - 1.6 2.1%International Equity1 Magellan 04/00 5.0 25.0 -5.7 1.3 32.6 -1.5 23.8 66.4 79.1 6.0 1.8%

Worldwide Managed15 Burgundy, First Stateand Select Equity 01/07 7.2 23.0 -5.2 10.8 43.0 -0.4 25.0 98.3 - 4.4 2.2%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Diversified Income AXA Framlington 10/07 15.2 15.3 0.6 14.0 32.1 1.6 33.7 101.4 - 3.9 3.4%Equity Income9 RWC Partners 04/07 10.5 28.1 -4.7 4.0 36.7 2.8 35.0 91.9 - 5.9 3.5%

UK & General Progressive17 J O Hambro, Majedieand BlackRock 04/10 10.0 14.7 0.7 16.5 - 0.7 27.1 - - 10.0 3.2%

UK & International Income Artemis 10/10 12.8 20.2 3.1 - - 1.4 39.8 - - 12.0 3.5%

UK Equity18 Woodford InvestmentManagement 01/92 13.0 21.2 4.7 12.6 23.1 4.4 43.4 98.9 184.5 11.0 3.5%

UK Growth12 Majedie 10/07 14.5 21.3 -9.2 10.2 39.1 0.5 26.2 93.3 - 4.5 2.9%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Continental European2 S.W. Mitchell 01/92 26.8 19.0 -18.9 20.6 26.0 6.2 22.3 86.0 123.9 8.4 1.9%Emerging Markets Equity Wasatch 04/14 - - - - - - - - - - 0.0%Far East Aberdeen Asia 01/92 -10.6 16.7 0.6 9.4 49.4 0.7 5.0 71.6 146.3 9.4 2.8%Global Emerging Markets19 First State 04/10 -4.1 15.6 3.5 14.4 - 0.9 14.8 - - 6.6 1.6%

Greater European Burgundy and S.W. Mitchell 04/10 15.0 25.8 -3.8 21.2 - 3.2 39.2 - - 12.8 2.1%

North American3 Aristotle 01/92 11.2 22.4 3.7 -0.8 43.5 0.9 41.1 100.9 70.5 5.5 1.4%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Corporate Bond6 Invesco Perpetual 04/03 7.8 17.7 0.8 7.7 48.2 2.8 28.0 104.4 83.3 6.2 5.9%Gilts Wellington 01/92 -3.5 1.6 13.8 5.4 0.2 1.2 11.6 17.8 46.3 3.9 1.1%Index Linked Gilts BlackRock 02/12 -4.5 5.5 - - - 1.7 - - - 0.5 1.3%International Corporate Bond Babson Capital 04/10 7.9 14.6 4.4 13.5 - 3.5 29.1 - - 10.2 6.6%Investment Grade Corporate Bond13 Loomis Sayles 03/09 -1.1 9.4 2.3 4.7 31.0 2.4 10.7 51.8 - 9.6 3.0%Money Market5 Multi Manager 01/92 -0.9 -0.7 -0.5 -0.7 -0.7 -0.3 -2.2 -3.5 14.8 1.4 0.4%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Property11 Orchard Street 04/04 7.2 0.8 1.9 4.3 23.2 3.1 10.1 41.5 29.0 2.6 4.7%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Alternative Assets BlackRock 08/08 1.2 6.8 -5.2 10.5 20.8 4.0 2.5 36.9 - 3.5 2.4%Multi Asset PIMCO 02/12 -8.0 3.6 - - - 1.8 - - - -3.2 1.7%UK Absolute Return BlackRock 04/10 4.4 -5.0 -3.1 1.8 - -1.1 -3.8 - - -0.6 1.3%

The pension funds do not make distributions. Payments are made through the cancellation of units from your plan. The yields for these funds are calculated by dividing the gross incomegenerated by the funds’ assets in the last year by the current selling prices as at 30 April 2014. They provide an indication of the withdrawal that you may want to take.



4 INVESTMENT REVIEW

May 2014St. James's Place Unit Trusts (including ISAs)MIXED ASSET Discrete performance (% change) Cumulative performance (% change)

Launchdate

Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Balanced Managed AXA Framlington 04/10 7.0 14.0 1.0 11.8 - -0.6 23.3 - - 7.8 0.5%Managed Growth Schroder 04/10 8.0 18.9 -2.3 6.3 - -0.5 25.5 - - 7.1 0.7%

Strategic Managed18 ThreadneedleInvestments 04/10 5.2 13.7 1.1 8.0 - 1.7 20.8 - - 6.3 1.3%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Ethical Aberdeen 04/99 0.9 18.0 -7.5 6.8 36.3 3.8 10.1 60.3 113.5 7.9 0.0%Global10 Artisan Partners 01/07 11.2 26.0 6.0 5.7 23.3 0.4 48.5 93.4 - 6.9 0.0%



09/11 3.5 17.4 - - - -0.6 - - - 11.5 0.5%

Global Equity Income18 Manulife AssetManagement 04/12 8.2 23.9 - - - 0.4 - - - 15.1 2.8%

High Octane7 Oldfield Partners 04/08 6.2 14.1 -5.5 9.5 35.4 -2.0 14.6 69.8 - 1.5 0.1%International Equity1 Magellan 02/97 4.4 30.8 -6.2 3.6 32.7 -1.2 28.1 76.2 94.0 6.9 0.2%

Worldwide Opportunities15 Burgundy, First Stateand Select Equity 01/07 6.5 23.5 -5.5 10.3 43.7 -0.3 24.3 96.9 - 4.2 0.3%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Allshare Income AXA Framlington 02/09 15.5 16.1 0.7 14.6 33.6 1.5 34.9 106.5 - 17.8 3.5%Equity Income9 RWC Partners 02/97 11.1 28.6 -5.0 4.3 35.2 3.1 35.7 91.4 146.5 9.4 3.6%

UK & General Progressive16 J O Hambro, Majedieand BlackRock 10/89 11.0 14.2 -0.5 12.4 32.9 1.1 26.1 88.4 72.3 5.6 1.2%

UK & International Income Artemis 10/10 12.3 20.2 2.5 - - 1.4 38.3 - - 11.8 3.6%UK Growth12 Majedie 01/07 15.3 21.2 -9.4 11.1 37.1 0.8 26.6 92.9 - 5.4 -

UK High Income18 Woodford InvestmentManagement 01/92 13.2 18.1 4.0 12.9 20.4 3.7 39.0 88.9 168.0 10.4 3.4%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Continental European2 S.W. Mitchell 10/07 25.1 19.8 -18.6 19.4 28.0 6.1 21.9 86.4 - 5.2 0.1%Emerging Markets Equity Wasatch 04/14 - - - - - - - - - - 0.0%Far East Aberdeen Asia 01/92 -10.9 16.6 1.1 9.5 47.5 0.3 5.0 69.5 153.8 9.8 1.0%Global Emerging Markets19 First State 04/10 -4.7 15.3 4.3 11.9 - 1.5 14.6 - - 6.1 0.2%

Greater European Progressive8 Burgundy and S.W. Mitchell 12/69 14.0 25.5 -5.2 17.4 36.3 2.4 35.5 116.9 127.2 8.6 0.5%

North American3 Aristotle 04/99 10.8 23.5 4.0 -1.3 44.9 1.7 42.3 103.6 77.0 5.9 0.0%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Corporate Bond6 Invesco Perpetual 09/95 6.8 16.8 -1.5 8.0 47.3 2.4 22.9 95.4 70.5 5.5 See below

Gilts (Class L) Wellington 03/09 -3.5 2.2 13.5 5.4 0.8 1.2 12.0 19.1 - 2.8 See below

Gilts (Class R) Wellington 12/12 -3.7 - - - - 1.2 - - - -2.3 See below

Index Linked Gilts BlackRock 04/12 -4.6 5.5 - - - 1.7 - - - 0.2 See below

International Corporate Bond Babson Capital 04/10 6.1 12.8 3.0 12.2 - 2.8 23.3 - - 8.6 See below

Investment Grade Corporate Bond13 Loomis Sayles 04/09 -2.0 9.7 0.4 4.7 30.9 2.0 8.0 48.0 - 9.2 -Money Market (Class L) State Street 04/08 0.0 0.1 0.3 0.3 0.2 0.0 0.5 1.1 - 0.7 0.0%Money Market (Class R) State Street 12/12 0.0 - - - - 0.0 - - - 0.0 0.0%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Property11 Orchard Street 01/07 10.9 0.2 0.0 2.9 20.0 2.2 11.1 37.2 - -1.8 4.0%


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Alternative Assets BlackRock 08/08 0.5 7.4 -5.2 10.1 19.5 3.9 2.3 34.6 - 3.7 1.1%Multi Asset PIMCO 04/12 -8.3 3.8 - - - 1.9 - - - -2.2 -UK Absolute Return BlackRock 01/11 2.6 -5.0 -3.2 - - -2.2 -5.7 - - -2.0 0.0%

Distribution Yield Underlying YieldCorporate Bond 5.9% 4.5%Gilts (Class L) 1.4% 0.5%Gilts (Class R) 1.4% 0.4%Index Linked Gilts 1.6% 0.6%International Corporate Bond 6.9% 5.5%Investment Grade Corporate Bond 3.3% 2.1%

The yields in the table are calculated as a percentage of the mid-market unit prices as at 30 April 2014. Yields can fluctuate and therefore are not guaranteed. Yields do not include anypreliminary charge and investors may be subject to tax on distributions. The distribution yields shown for the Corporate Bond Unit Trust, Investment Grade Corporate Bond Unit Trust,International Corporate Bond Unit Trust, Gilts Unit Trust, Index Linked Gilts Unit Trust and the Money Market Unit Trust are gross of tax and reflect the amounts that might beexpected to be distributed over the next 12 months; they are based on a snapshot of the portfolios as at 30 April 2014. For the Money Market Unit Trust the underlying yield is equal tothe distribution yield. For the Corporate Bond Unit Trust, Investment Grade Corporate Bond Unit Trust, International Corporate Bond Unit Trust and Gilts Unit Trust both thedistribution yield and the underlying yield are shown. The distribution yield is higher due to the impact of the expenses that are charged to capital. The yields on all other unit trusts arehistoric yields and reflect distributions over the past 12 months. They are shown net of tax for a basic rate taxpayer. Where funds have been launched within the last twelve months, wedo not display a yield figure. For some unit trusts, a portion of the expenses is charged to capital. This has the effect of increasing the distributions for the year by 1.1% for the CorporateBond Unit Trust, 1.0% for the Investment Grade Corporate Bond Unit Trust, 1.1% for the International Corporate Bond Unit Trust, 1.6% for the Equity Income Unit Trust, 1.9% forthe UK High Income Unit Trust, 2.1% for the Multi Asset Unit Trust, 1.5% for the Property Unit Trust, 0.8% for the Index Linked Gilts Unit Trust, 1.8% for the Allshare Income UnitTrust, 1.9% for the UK & International Income Unit Trust, 0.9% for the Gilts (Class R) Unit Trust and 0.7% for the Gilts (Class L) Unit Trust, and constraining each fund’s capitalperformance to an equivalent extent.

* Annualised growth rates are calculated over a ten-year period, or since fund launch if the fund is less than ten years old.5 INVESTMENT REVIEW

May 2014St. James's Place International Life FundsMIXED ASSET Discrete performance (% change) Cumulative performance (% change)

Launchdate

Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


AXA Framlington Managed (GBP) AXA Framlington 07/06 6.7 13.7 0.5 11.6 27.2 -0.7 21.9 73.2 - 6.1Schroder Managed (GBP) Schroder 01/95 8.0 18.4 -2.7 6.0 26.4 -0.5 24.3 66.5 109.4 7.7

Strategic Managed (GBP)18 ThreadneedleInvestments 10/01 4.8 12.9 0.4 7.9 19.9 1.5 18.8 53.7 106.9 7.5


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Ethical (GBP) Aberdeen 04/10 0.3 17.9 -8.0 4.9 - 3.4 8.9 - - 2.9

Global Equity (GBP)BlackRock; EdgePoint;


09/11 3.1 17.1 - - - -0.8 - - - 11.2

Global Equity Income (GBP)18 Manulife AssetManagement 02/12 7.7 22.9 - - - 0.3 - - - 14.0

Global Managed (GBP)10 Artisan Partners 07/06 10.9 25.6 5.5 5.4 24.0 0.3 47.0 92.2 - 7.0High Octane (GBP)7 Oldfield Partners 04/08 6.2 13.5 -5.7 9.2 35.0 -2.2 13.7 67.5 - 1.4International Equity GBP1 Magellan 01/95 4.1 28.3 -6.0 -0.4 32.7 -1.2 25.5 65.9 82.1 6.2

Worldwide Managed (GBP)15 Burgundy, First Stateand Select Equity 01/07 6.1 23.2 -5.9 10.1 43.3 -0.5 23.0 94.1 - 3.9


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Diversified Income (GBP) AXA Framlington 10/07 14.8 15.2 0.0 13.7 32.3 1.3 32.3 99.0 - 3.5Equity Income (GBP)9 RWC Partners 05/08 10.6 27.4 -4.6 4.2 35.4 2.9 34.5 89.8 - 9.3

UK & General Progressive (GBP)16 J O Hambro, Majedieand BlackRock 05/08 9.9 13.8 -0.8 14.3 32.8 0.8 24.0 88.3 - 4.2

UK & International Income (GBP) Artemis 10/10 11.9 19.6 2.6 - - 1.2 37.3 - - 11.2UK Growth (GBP)12 Majedie 10/07 14.5 21.1 -9.7 12.1 35.7 0.8 25.2 90.4 - 4.0

UK High Income (GBP)18 Woodford InvestmentManagement 05/08 13.1 17.5 4.7 12.2 20.2 3.8 39.2 87.7 - 7.6


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Continental European (GBP) S.W. Mitchell 10/07 24.3 19.5 -19.4 19.3 26.5 5.8 19.7 80.7 - 4.4Emerging Markets Equity (GBP) Wasatch 04/14 - - - - - - - - - -Far East (GBP) Aberdeen Asia 01/95 -11.1 16.1 0.5 8.7 46.4 0.3 3.7 64.9 133.2 8.8Global Emerging Markets (GBP)19 First State 04/10 -5.0 15.0 3.8 10.6 - 1.4 13.3 - - 5.2

Greater European (EUR)8 Burgundy and S.W. Mitchell 01/95 17.2 20.3 3.4 14.5 39.6 4.4 45.9 133.2 103.6 7.4

North American (USD)3 Aristotle 01/95 19.5 16.6 1.3 6.4 46.5 3.2 41.2 120.0 40.0 3.4


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Corporate Bond (GBP)6 Invesco Perpetual 04/03 7.1 17.1 0.4 8.0 46.0 2.7 25.9 98.5 76.8 5.9Index Linked Gilts (GBP) BlackRock 02/12 -4.9 5.0 - - - 1.6 - - - 0.2International Corporate Bond (GBP) Babson Capital 04/10 6.7 13.4 3.8 12.4 - 3.2 25.6 - - 9.1Investment Grade Corporate Bond(GBP)13 Loomis Sayles 03/09 -1.6 9.0 1.7 4.1 30.7 2.3 9.1 48.4 - 9.1

Money Market (Class S) (GBP)5 Multi Manager 01/93 -0.1 -0.1 0.2 0.1 0.0 0.0 0.0 0.1 23.5 2.1Money Market (Class S) (EUR)14 BlackRock 01/93 -0.3 -0.4 0.2 0.0 0.0 -0.1 -0.5 -0.5 12.5 1.2Money Market (EUR)14 BlackRock 01/93 -1.3 -1.4 -0.8 -1.0 -1.0 -0.5 -3.5 -5.4 1.7 0.2Money Market (GBP)5 Multi Manager 01/93 -1.1 -1.1 -0.9 -0.9 -1.0 -0.4 -3.0 -4.8 11.6 1.1Money Market (USD)4 Insight Investment 01/93 -1.5 -1.4 -1.4 -1.3 -1.2 -0.5 -4.2 -6.6 2.5 0.2UK Gilts (GBP) Wellington 01/95 -3.9 1.9 13.3 5.3 0.6 1.0 11.0 17.6 44.1 3.7


dateApr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


Alternative Assets (GBP) BlackRock 08/08 0.4 6.9 -5.4 9.5 19.1 3.9 1.5 32.4 - 3.3Multi Asset (GBP) PIMCO 02/12 -8.5 3.7 - - - 1.8 - - - -2.9UK Absolute Return (GBP) BlackRock 04/10 2.5 -5.5 -3.8 1.2 - -2.3 -6.8 - - -1.6

Please be aware that past performance is not indicative of future performance. The value of an investment may fall as well as rise. Returns on equities cannotbe guaranteed. Equities do not provide the security of capital characteristic of a deposit with a bank or building society. Investment in non-sterlingdesignated securities may rise and fall purely on account of exchange rate fluctuations. All figures are produced on a bid-to-bid basis, net of fundmanagement charges with income reinvested and in each fund's base currency as at 30 April 2014. Superscript numbers following fund names relate tofurther information in the notes section on the Market Background page.


6 INVESTMENT REVIEW

Unit Trust PortfoliosDefensive Portfolio

Fund & asset allocationIndex Linked Gilts 15%Multi Asset 15%UK Absolute Return 15%Alternative Assets 10%Gilts 10%

International Corporate Bond 10%Investment Grade CorporateBond

10%

Worldwide Opportunities 10%International Equity 5%

Bonds 49.3%Alternatives 32.0%International Equities 13.5%Cash 2.6%UK Equities 1.8%Property 0.8%

Conservative Portfolio

Fund & asset allocationGlobal Equity 15%Multi Asset 15%Alternative Assets 10%Index Linked Gilts 10%International Corporate Bond 10%

Investment Grade CorporateBond

10%

UK Absolute Return 10%Worldwide Opportunities 10%Corporate Bond 5%International Equity 5%

Bonds 39.0%Alternatives 27.0%International Equities 26.6%Cash 3.6%UK Equities 3.0%Property 0.8%

Balanced Portfolio

Fund & asset allocationAlternative Assets 10%Global 10%Global Equity 10%International Corporate Bond 10%Investment Grade CorporateBond

10%

Multi Asset 10%Property 10%UK & General Progressive 10%Worldwide Opportunities 10%Far East 5%Emerging Markets Equity 5%

International Equities 34.3%Bonds 24.6%UK Equities 13.2%Alternatives 12.0%Property 8.2%Cash 7.7%

Managed Funds Portfolio

Fund & asset allocationManaged Growth 15%Strategic Managed 15%Balanced Managed 14%Global 14%Global Equity 14%

International Equity 14%Worldwide Opportunities 14%

International Equities 59.5%UK Equities 23.4%Cash 10.8%Bonds 6.3%

Adventurous Portfolio

Fund & asset allocationFar East 15%Emerging Markets Equity 15%Greater European Progressive 15%High Octane 15%North American 15%

UK & General Progressive 15%Corporate Bond 10%

International Equities 65.8%UK Equities 20.1%Bonds 8.8%Cash 5.3%

Immediate Income Portfolio

Fund & asset allocationProperty 20%Global Equity Income 15%UK & International Income 15%Corporate Bond 10%Gilts 10%

Index Linked Gilts 10%International Corporate Bond 10%Investment Grade CorporateBond

10%

Bonds 48.2%Property 14.8%UK Equities 14.6%International Equities 14.2%Cash 8.2%

Balanced Income Portfolio

Fund & asset allocationProperty 15%Allshare Income 10%Equity Income 10%Global Equity Income 10%International Corporate Bond 10%

Investment Grade CorporateBond

10%

Multi Asset 10%UK & International Income 10%UK High Income 10%Corporate Bond 5%

UK Equities 37.1%Bonds 24.2%Property 11.1%International Equities 10.1%Alternatives 10.0%Cash 7.5%

Deferred Income Portfolio

Fund & asset allocationAllshare Income 15%Equity Income 15%Global Equity Income 15%UK & International Income 15%UK High Income 15%

Corporate Bond 10%International Corporate Bond 10%Alternative Assets 5%

UK Equities 55.7%Bonds 21.3%International Equities 15.9%Cash 5.7%Alternatives 1.0%Property 0.4%

7 INVESTMENT REVIEW

Life & Pension FundsAXA Framlington Managed Fund

Portfolio Manager: Richard Peirson - UK equity manager

Top ten holdings & asset allocationBundesobligation 0.25% 2.6%Axa World Funds Framling 2.1%UK Treasury 2.5% 2020 1.9%HSBC Holdings Plc 1.8%UK Treasury 5% 2025 1.8%

BP Plc 1.6%GlaxoSmithKline Plc 1.6%Royal Dutch Shell Plc (B) 1.5%AXA Fram Emerging Mkts 1.3%Vodafone Group Plc 1.3%

UK 42.0%European 14.4%North American 13.9%Asia & Pacific 7.4%Cash & Fixed Interest 22.3%

Global Managed FundPortfolio Manager: Dan O'Keefe, David Samra and James Hamel

Top ten holdings & asset allocationOracle Corp 4.9%Bank of New York Mellon Corp 3.4%Microsoft Corp 3.4%Johnson & Johnson 3.1%Arch Capital Group Ltd 2.9%

Royal Bank of Scotland 2.9%Novartis AG 2.9%Compass Group Plc 2.8%Tesco Plc 2.7%Medtronic Inc 2.7%

North American 48.1%UK 17.4%European 15.7%Asia & Pacific 6.1%Cash & Fixed Interest 12.7%

Strategic Managed FundPortfolio Manager: Richard Colwell, Stephen Thornber and Jim Cielinski

Top ten holdings & asset allocationUK Treasury 2.5% 2016 4.7%BT Group Plc 4.5%British American Tobacco Plc 3.8%GlaxoSmithKline Plc 3.5%UK Treasury 1.25% 2017 3.0%

AstraZeneca Plc 3.0%Imperial Tobacco Group Plc 2.4%BAE Systems Plc 1.8%Reckitt Benckiser Group Plc 1.8%Capita Plc 1.8%

UK 41.1%European 12.2%North American 9.6%Asia & Pacific 3.9%Cash & Fixed Interest 33.2%

Schroder Managed FundPortfolio Manager: Nick Kirrage and Kevin Murphy - UK equity managers

Top ten holdings & asset allocationS&P 500 Future 10.6%AstraZeneca Plc 2.8%GlaxoSmithKline Plc 1.7%Schroder QEP US Core Fund 1.6%BP Plc 1.6%

Barclays Plc 1.5%Vodafone Group Plc 1.5%Rentokil Initial Plc 1.5%Resolution Ltd 1.5%Royal Bank of Scotland 1.3%

UK 33.7%European 14.9%North American 12.4%Asia & Pacific 7.2%Other 0.1%Cash & Fixed Interest 31.7%

Worldwide Managed FundPortfolio Manager: Richard Rooney, Jonathan Asante and George Loening

Top ten holdings & asset allocationUnilever Plc 1.9%O Reilly Automotive Inc 1.6%Intertek Group Plc 1.6%Chubb Corp 1.5%GlaxoSmithKline Plc 1.4%

Nestle SA 1.4%Harley Davidson Inc 1.4%Sherwin Williams 1.4%Sirona Dental Systems Inc 1.3%Markel Corp 1.3%

North American 44.9%European 21.5%UK 13.5%Cash & Fixed Interest 10.7%Asia & Pacific 7.7%Other 1.7%

International Equity FundPortfolio Manager: Hamish Douglass

Top ten holdings & asset allocationeBay Inc 6.6%Microsoft Corp 6.4%Oracle Corp 6.2%Tesco Plc 5.7%Target Corp 5.7%

DirecTV 5.1%Yum Brands Inc 4.6%Visa Inc (A) 4.5%Lowe's Comp Inc 4.4%Nestle SA 4.4%

North American 72.2%European 19.1%UK 6.7%Cash & Fixed Interest 2.0%

Global Equity FundPortfolio Manager: BlackRock; EdgePoint; Sands Capital; Tweedy, Browne

Top ten holdings & asset allocationWells Fargo & Co 1.1%TE Connectivity Ltd 0.8%Alere Inc 0.7%Microsoft Corp 0.7%American International Group 0.7%

Total SA 0.7%JPMorgan Chase 0.6%Service Corp International 0.6%Visa Inc (A) 0.6%Roche Holding AG 0.5%

North American 38.5%Asia & Pacific 23.2%European 18.2%UK 7.4%Other 7.0%Cash & Fixed Interest 5.7%

8 INVESTMENT REVIEW8 INVESTMENT REVIEW

Unit TrustsAllshare Income

Portfolio Manager: George Luckraft

Top ten holdings & asset allocationRoyal Dutch Shell Plc (B) 5.2%GlaxoSmithKline Plc 4.1%HSBC Holdings Plc 3.7%BP Plc 3.6%British American Tobacco Plc 3.1%

Hilton Food Group Plc 2.1%Vodafone Group Plc 2.1%Cineworld Group Plc 2.0%Rio Tinto Plc 1.9%Hellermanntyton Group Plc 1.9%

Financials 27.5%Industrials 16.3%Consumer Goods 11.1%Oil & Gas 9.8%Consumer Services 7.7%Basic Materials 5.6%Health Care 5.5%Telecommunications 5.2%Cash 2.8%Other 8.5%

Alternative AssetsPortfolio Manager: BlackRock Market Advantage Team

Top ten holdings & asset allocationDJ UBS Commodity Swap 20.3%JPMorgan $ Em Mkts Bond 18.7%BlackRock IL Gilts Tracker 14.6%iBoxx $ High Yield Corp Bond 11.4%BlackRock CIF Global Prop Sec 7.9%

S&P Global Water 6.0%FTSE Global Infrastructure 5.0%iBoxx $ Corporate Bond 4.9%S&P Global Clean Energy 2.0%S&P Global Timber 2.0%

Commodities 21.7%Emerging Market Debt 20.2%Index Linked Gilts 15.7%High Yield Debt 12.3%Property 8.5%Water 6.5%Infrastructure 5.4%US Corporate Bond 5.3%Clean Energy 2.2%Timber 2.2%

Continental EuropeanPortfolio Manager: Stuart Mitchell

Top ten holdings & asset allocationIntesa Sanpaolo 6.9%Banco Popular Espanol 5.4%Volkswagen AG (Pref) 4.9%BNP Paribas 4.9%Mediaset SpA 4.8%

ING Group 4.6%Telecom Italia Spa 4.4%EDF 4.4%Orange 4.3%Banco Santander SA 4.3%

France 34.8%Germany 22.6%Spain 18.4%Italy 16.2%Netherlands 4.6%Sweden 3.2%Cash 0.2%

Corporate BondPortfolio Manager: Paul Read and Paul Causer

Top ten holdings & asset allocationEnterprise Inns Plc 6.5% 2.5%CNP Assurances 7.375% 1.8%Electricite de France 6% 1.7%Societe Generale 8.875% 1.6%RBS Plc 1.894% 1.4%

Koninklijke Kpn Nv 6.875% 1.4%Enel SpA 7.75% 1.3%Unicredit Intl Bank 8.5925% 1.3%Volkswagen Intl Fin Nv 3.75% 1.3%Credit Agricole SA 8.125% 1.2%

BB 33.4%B 22.1%BBB 18.1%Not Rated 8.3%A 6.0%CCC 0.7%Cash 11.4%

Emerging Markets EquityPortfolio Manager: Ajay Krishnan and Roger Edgley

Top ten holdings & asset allocationiShares MSCI Emerging Mkts 18.4%Intl Container Term Servs 7.3%Promotora y Operadora deInfraestructura

6.9%

Life Healthcare 6.4%Kasikornbank PCL 6.3%

Sino Biopharmaceutical 6.2%Sanlam Ltd 6.1%Galaxy Entertainment Group 6.1%SJM Holdings Ltd 6.0%Bangkok Dusit Medical Services 5.8%

South Africa 18.4%Hong Kong 16.1%Cayman Islands 13.6%Philippines 12.6%Thailand 12.1%Mexico 7.8%China 3.5%Korea, Republic Of 3.1%United States 3.0%Other 9.8%

Equity IncomePortfolio Manager: Nick Purves

Top ten holdings & asset allocationAstraZeneca Plc 8.7%GlaxoSmithKline Plc 5.9%British Sky Broadcasting 5.6%Next Plc 5.5%Royal Dutch Shell Plc (B) 5.3%

BP Plc 4.9%Unilever Plc 4.9%Legal & General Group Plc 4.5%RSA Insurance Group Plc 4.4%BT Group Plc 4.3%

Consumer Services 22.1%Financials 17.4%Health Care 14.6%Oil & Gas 10.2%Telecommunications 7.1%Consumer Goods 4.9%Industrials 4.2%Utilities 3.4%Cash 15.1%Other 1.0%

EthicalPortfolio Manager: Jamie Cumming

Top ten holdings & asset allocationEOG Resources Inc 3.9%Pepsico Inc 3.8%Casino Guichard Perrachon 3.7%Samsung Electronics 3.5%Zurich Insurance Group AG 3.5%

Taiwan Semiconductor 3.4%Banco Bradesco ADR 3.2%Tenaris SA 3.0%Centrica Plc 3.0%Eni SpA 2.8%

North American 26.2%Asia & Pacific 22.7%European 22.6%UK 17.0%Other 8.8%Cash & Fixed Interest 2.7%

Far EastPortfolio Manager: Hugh Young

Top ten holdings & asset allocationAberdeen Global Indian E 4.7%Samsung Electronics Pref 4.0%BHP Billiton Ltd 3.6%Overseas Chinese Banking Co 3.5%Rio Tinto Ltd 3.5%

Jardine Strategic Hldgs 3.5%Taiwan Semiconductor 3.5%AIA Group Ltd 3.1%Canon Inc 3.1%HSBC Holdings Plc 3.0%

Japan 22.3%Singapore 14.4%Hong Kong 13.7%Australia 10.7%India 9.0%United Kingdom 5.7%China 5.6%Taiwan 4.6%Korea, Republic Of 4.2%Other 9.8%


Unit TrustsGilts

Portfolio Manager: Haluk Soykan and Paul Grainger

Top ten holdings & asset allocationUK Treasury 1.75% 2017 8.8%UK Treasury 1.75% 2019 8.2%UK Treasury 3.75% 2021 7.8%UK Treasury 8.75% 2017 6.4%UK Treasury 4% 2022 6.4%

UK Treasury 5% 2025 5.7%UK Treasury 2% 2016 5.6%UK Treasury 2.75% 2015 5.4%UK Treasury 3.75% 2019 4.4%UK Treasury 5% 2014 4.4%

Maturity 5 to 10 years 38.3%Maturity 1 to 3 years 22.2%Maturity 3 to 5 years 14.0%Maturity 10 to 20 years 12.6%Maturity less than 1 year 9.8%Cash 3.1%

Global Emerging MarketsPortfolio Manager: Jonathan Asante

Top ten holdings & asset allocationUnilever Plc 9.3%SAB Miller Plc 6.0%Standard Bank Group Ltd 4.1%Samsung Fire & Marine Ins 3.7%Bank Pekao SA 3.7%

Tiger Brands Ltd 3.4%Uni President Enterprises 3.1%Unicharm Corp 2.6%Shoprite Holdings Ltd 2.6%Colgate Palmolive Co 2.5%

United Kingdom 18.2%South Africa 12.9%India 9.9%Korea, Republic Of 7.5%Taiwan 7.0%Brazil 6.7%Poland 4.6%Switzerland 4.5%Cash 6.0%Other 22.7%

Global Equity IncomePortfolio Manager: Paul Boyne and Doug McGraw

Top ten holdings & asset allocationNovartis AG 4.1%British American Tobacco Plc 3.5%Roche Holding AG 3.4%BT Group Plc 3.4%Philip Morris International 3.0%

Nordea Bank AB 2.8%HSBC Holdings Plc 2.6%RTL Group 2.5%Target Corp 2.5%Statoil ASA 2.3%

European 34.8%North American 32.9%UK 19.8%Asia & Pacific 8.7%Cash & Fixed Interest 3.8%

Greater European ProgressivePortfolio Manager: Kenneth A. Broekaert and Stuart Mitchell

Top ten holdings & asset allocationHenkel AG & Co KGaA 4.2%SAP AG 4.1%British American Tobacco Plc 4.0%Heineken Holding NV 3.5%Hannover Rueck SE 3.5%

GlaxoSmithKline Plc 2.8%Novartis AG 2.7%Colruyt SA 2.6%Intesa Sanpaolo 2.6%Unilever Plc 2.5%

Consumer Goods 21.9%Financials 19.2%Industrials 14.8%Consumer Services 12.1%Health Care 10.1%Technology 6.2%Telecommunications 3.9%Utilities 3.5%Cash 6.6%Other 1.7%

High OctanePortfolio Manager: Richard Oldfield

Top ten holdings & asset allocationMitsubishi UFJ Financial 6.0%General Motors Co 4.75% 5.6%Rio Tinto Plc 5.3%Samsung Electronics Co Ltd 5.1%Hewlett Packard Co 5.0%

Microsoft Corp 4.9%Citigroup Inc 4.6%Japan Airlines Co Ltd 4.6%Lukoil Oao Spon Adr 4.6%Tesco Plc 4.5%

North American 28.5%Asia & Pacific 27.2%European 26.5%UK 13.4%Cash & Fixed Interest 4.4%

Index Linked GiltsPortfolio Manager: Francis Rayner

Top ten holdings & asset allocationUK Treasury 2.5% 2016 29.8%UK Treasury 1.25% 2017 19.8%UK Treasury 2.5% 2020 9.7%UK Treasury 1.875% 2022 9.5%UK Treasury 1.25% 2027 9.0%

UK Treasury 2.5% 2024 9.0%UK Treasury 0.125% 2029 6.2%UK Treasury 0.125% 2024 4.5%UK Treasury 0.125% 2019 2.2%

Maturity 1 to 3 years 29.8%Maturity 5 to 10 years 25.9%Maturity 10 to 20 years 24.3%Maturity 3 to 5 years 19.8%Cash 0.2%

International Corporate BondPortfolio Manager: Zak Summerscale

Top ten holdings & asset allocationVougeot Bidco Plc 7.875% 1.8%New Look Bondco I Plc 8.75% 1.6%Gala Group Finance Plc 8.875% 1.4%Lowell Group Fin Plc 10.75% 1.4%Travelex Financing Plc 8% 1.4%

Care UK Health 9.75% 1.3%Shelf Drill Hold Ltd 8.625% 1.3%Pinnacle Operating Corp 9% 1.2%Accuride Corp 9.5% 1.2%TPC Group Inc 8.75% 1.2%

B 72.3%BB 16.3%Not Rated 4.7%BBB 2.5%CCC 1.3%D 0.3%Cash 2.6%

Investment Grade Corporate BondPortfolio Manager: Kenneth M. Buntrock

Top ten holdings & asset allocationNetwork Rail Infra Fin 4.625% 8.0%Deutsche Telekom Int Fin 6.5% 2.2%KFW 5.55% 2.1%Swedish Export Credit 1.875% 2.1%Imperial Tobacco Finance 5.5% 2.0%

Barclays Bank Plc 5.75% 1.8%Daimler Intl Finance Bv 3.5% 1.7%Centrica Plc 4.375% 1.6%London Power Ntwks 5.125% 1.6%Deutsche Bahn Fin Bv 1.375% 1.6%

BBB 40.3%A 30.8%AAA 14.1%AA 7.5%BB 3.4%Not Rated 3.1%B 0.4%Cash 0.4%


Unit TrustsMulti Asset

Portfolio Manager: Mihir Worah, Curtis Mewbourne, Vineer Bhansali

Top ten holdings & asset allocationPIMCO GIS Income 15.4%German Bund 2018 10.6%PIMCO GIS Emerging Mkts 7.7%PIMCO Eqs Dividend 7.2%PIMCO StocksPLUS 6.6%

PIMCO Unconstrained Bd 5.8%PIMCO GIS Capital Securities 4.5%PIMCO GIS Em Mkts Local Bd 4.1%Vanguard Em Mkts ETF 4.0%Brazil Treasury Bond 2021 3.4%

Dev Bonds, Cash, & Other 38.7%Developed Equities 38.4%EM Equities 14.8%EM Bonds 4.6%REITS 2.5%Commodities 1.0%

North AmericanPortfolio Manager: Howard Gleicher

Top ten holdings & asset allocationPhillips 66 3.2%Halliburton Co 3.1%TE Connectivity Ltd 3.0%Walgreen Co 3.0%Time Warner Inc 2.9%

eBay Inc 2.8%Charles Schwab Corp 2.7%Mondelez International Inc 2.7%Abbvie Inc 2.7%Bank of America Corp 2.6%

Financials 17.8%Industrials 15.9%Consumer Services 13.9%Technology 11.8%Consumer Goods 11.1%Oil & Gas 10.9%Health Care 6.9%Basic Materials 5.2%Utilities 2.0%Cash 4.5%

PropertyPortfolio Manager: Chris Bartram

Top ten holdings & asset allocationSuffolk Retail Park, Ipswich 4.8%Richmond Riverside 4.4%Bauhaus, Quay Street,Manchester

4.3%

St Andrews House, Cambridge 4.0%1-5 Poland Street, London W1 4.0%

Novotel, Victoria St., Bristol 3.3%Armada Way, Plymouth 3.3%Stadium Retail Park, Wembley 3.2%Travelodge, Great DucieStreet, Manchester

3.2%

St Catherines Walk,Carmarthen

3.1%

Office 23.3%Retail Warehouse 17.9%Industrials 13.8%Leisure 6.5%Shopping Centres 5.6%Retail 4.1%Indirect 2.8%Cash 26.0%

UK & General ProgressivePortfolio Manager: John Wood, James de Uphaugh and Luke Chappell

Top ten holdings & asset allocationRoyal Dutch Shell Plc (B) 4.6%British American Tobacco Plc 4.5%GlaxoSmithKline Plc 4.0%Compass Group Plc 4.0%BP Plc 3.9%

Next Plc 3.6%Reed Elsevier Plc 3.5%BG Group Plc 3.2%Reckitt Benckiser Group Plc 3.2%AstraZeneca Plc 2.8%

Consumer Services 21.5%Consumer Goods 13.4%Industrials 12.6%Oil & Gas 12.3%Health Care 9.8%Other 9.2%Financials 6.6%Utilities 4.0%Cash 10.6%

UK & International IncomePortfolio Manager: Adrian Frost and Adrian Gosden

Top ten holdings & asset allocationBP Plc 4.4%GlaxoSmithKline Plc 4.1%HSBC Holdings Plc 4.0%AstraZeneca Plc 3.6%Novartis AG 3.5%

Imperial Tobacco Group Plc 2.9%Rio Tinto Plc 2.9%Legal & General Group Plc 2.9%Glencore Xstrata Plc 2.8%Royal Dutch Shell Plc (B) 2.6%

Financials 21.2%Health Care 15.8%Oil & Gas 10.6%Consumer Services 10.3%Industrials 8.5%Basic Materials 7.8%Consumer Goods 7.5%Utilities 6.1%Cash 4.6%Other 7.6%

UK GrowthPortfolio Manager: James de Uphaugh, Chris Field, Matthew Smith, Adam Parker

Top ten holdings & asset allocationRoyal Dutch Shell Plc (B) 10.1%Majedie Special Situations 8.5%BP Plc 8.4%GlaxoSmithKline Plc 6.5%AstraZeneca Plc 5.7%

Vodafone Group Plc 4.6%Centrica Plc 4.2%BT Group Plc 3.6%BAE Systems Plc 3.6%Marks & Spencer Group Plc 3.2%

Oil & Gas 18.6%Consumer Services 16.2%Health Care 13.5%Financials 13.3%Telecommunications 8.2%Industrials 8.1%Utilities 6.7%Basic Materials 1.1%Cash 4.3%Other 10.0%

UK High IncomePortfolio Manager: Neil Woodford

Top ten holdings & asset allocationAstraZeneca Plc 11.1%GlaxoSmithKline Plc 9.3%British American Tobacco Plc 8.2%Imperial Tobacco Group Plc 6.7%BT Group Plc 6.1%

BAE Systems Plc 4.6%Capita Plc 4.6%Rolls Royce Holdings Plc 4.6%Reckitt Benckiser Group Plc 4.4%Centrica Plc 3.9%

Health Care 26.2%Industrials 23.4%Consumer Goods 20.0%Financials 14.0%Utilities 8.7%Telecommunications 6.9%Basic Materials 0.3%Other 0.5%


Market BackgroundMain IndicesEQUITY INDICES Discrete performance (% change) Cumulative performance (% change)

Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


FTSE 100 9.3 16.4 -2.0 12.9 35.8 1.8 24.8 91.4 116.8 8.0FTSE All Share 10.5 17.8 -2.0 13.7 36.6 1.5 27.6 98.2 128.9 8.6Dow Jones Industrial Average 3.0 17.2 5.9 6.8 30.5 -1.9 27.9 78.1 70.3 5.5S&P 500 10.3 21.1 6.9 6.9 33.6 0.4 42.9 104.0 106.4 7.5DJ Euro Stoxx 50 18.4 28.2 -26.0 14.3 19.9 2.5 12.3 54.0 107.2 7.6Nikkei 225 -9.3 24.5 0.9 -5.3 26.9 -11.6 13.9 36.9 38.0 3.3MSCI Emerging Markets -9.5 8.5 -10.2 10.7 52.1 -2.0 -11.9 48.4 200.6 11.6FTSE Asia Pacific -8.4 21.7 -5.1 5.4 38.8 -3.9 5.8 54.7 111.2 7.8MSCI World 7.5 21.8 -2.0 8.5 32.6 0.3 28.2 84.5 109.8 7.7

CASH & FIXED INTEREST INDICES Discrete performance (% change) Cumulative performance (% change)Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


FTSE All Stocks (UK Gilts) -3.0 6.0 12.8 6.4 2.7 2.9 16.0 26.9 70.4 5.5Merrill Lynch Sterling Non-Gilt All Stocks 0.1 15.1 6.7 6.7 21.5 3.6 23.0 59.3 - 5.8Merrill Lynch Global High Yield -0.9 20.1 6.2 5.3 43.3 1.9 26.4 90.6 152.6 9.7Merrill Lynch GBP LIBOR 3-month Constant Maturity 0.5 0.8 0.9 0.7 1.0 0.2 2.2 4.0 34.1 3.0Moneyfacts 90 Day Notice £10,000 0.9 1.2 1.2 1.1 1.1 0.3 3.3 5.5 25.7 2.3

OTHER INDICES Discrete performance (% change) Cumulative performance (% change)Apr 13Apr 14

Apr 12Apr 13

Apr 11Apr 12

Apr 10Apr 11


IPD UK All Property 14.9 2.8 6.1 9.9 20.0 5.2 25.4 65.3 76.3 5.8Halifax Property Index 6.9 3.8 -0.4 -4.6 9.0 2.3 10.5 14.9 15.0 1.4

Exchange RatesSTERLINGUS$ 1.69Euro 1.22Yen 172.54

Leading Indicators

Bank of England Base Rate 0.50%Federal Funds Target Rate 0-0.25%European Central Bank Base Rate 0.25%Moneyfacts 90 Day Notice £10,000** 0.9%

Retail Price Index 2.5%Consumer Price Index 1.6%

St. James's Place Bank Rates †

iSaver0.95% AER/Gross p.a.Cash ISA0.96% AER/Gross p.a.Direct Access Savings0.05% AER/Gross p.a.

For further information, please contact yourSt. James's Place Partner or go towww.sjpbank.co.uk

Notes:Please be aware that past performance is not indicative of future performance. The value of an investment may fall as well as rise. You may get backless than the amount invested. Returns on equities cannot be guaranteed. Equities do not provide the security of capital characteristic of a depositwith a bank or building society. All figures are produced on a bid-to-bid basis in sterling terms, income reinvested as at 30 April 2014. Source:Financial Express.

† St. James's Place Bank is a division of Bank of Scotland Plc and rates shown are effective from 24 March 2014.* Annualised growth rates are calculated over a ten-yearperiod, or since fund launch if the fund is less than ten years old.** Average 90 Day Savings Account, £10,000+, gross of income reinvested1.Prior to 4.02.13 this fund was managed by GAM.2.Prior to 17.09.07 this fund was managed by Bank of Ireland Asset Management and listed as Greater European.3.Pleasenote that as at 3.01.12 Reed Conner & Birdwell (RCB) was renamed Aristotle Capital Management.4.Prior to 10.03.08 the dollar Money Market Fund was managed byCapita and has since been managed by Insight Investment Management.5.Since 1.02.09 the Life Money Market, Pension Money Market, International sterling Money Marketand International sterling (Class S) Money Market funds were diversified across four manager firms including BlackRock, HSBC, Royal Bank of Scotland and InsightInvestment Management. As at 14.04.14 Royal Bank of Scotland were removed from this panel.6.Prior to 7.04.08 this fund was managed by Wellington Management.7.Priorto 14.08.09 this fund was jointly managed by Thornburg and Oldfield Partners.8.Prior to 1.09.09 this fund was managed by THS Partners.9.Prior to 18.10.10 this fund wasmanaged by Schroder Investment Management.10.Prior to 18.10.10 this fund was managed by Newton Investment Management.11.Prior to 12.09.11 this fund was managedby Invista Real Estate Investment Management.12.Prior to 10.04.12 this fund was managed by RWC Partners.13.Prior to 10.04.12 this fund was managed by InvescoPerpetual.14.Prior to 15.10.12 the euro Money Market and euro Money Market (Class S) funds were managed by Insight Investment Management and have since beenmanaged by BlackRock.15.Prior to 7.10.13 this fund was managed by Polaris Capital Management.16.Prior to 1.09.09 this fund was managed by THS Partners and prior to7.10.13 Liberty Square Asset Management co-managed the fund.17.Prior to 7.10.13 Liberty Square Asset Management co-managed the fund.18.Prior to 28.04.14 this fundwas managed by Invesco Perpetual.19.Closed to new business with effect from 28.04.14.

The 'St. James's Place Partnership' and the titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives. Members of the St. James's Place Partnership represent St. James's Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority.

St. James's Place Wealth Management plc Registered Office: St. James's Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number4113955.

12 INVESTMENT REVIEW

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