AsiA PAcific UNiT TRUsT/media/Files/S/SJP-Asia/documents/hong...St. James's Place Asia Pacific Unit...

AsiA PAcific UNiT TRUsT

FOR THE YEAR ENDED 31 MARCH 2017

I. S. Gascoigne D. J. Lamb

PricewaterhouseCoopers LLPAtria One144 Morrison StreetEdinburgh, EH3 8EXUnited Kingdom

United Kingdom

London, EC4V 4LAUnited Kingdom

RegistrarInternational Financial Data Services (UK) Limited

St. Nicholas LaneBasildon, SS15 5FS

IFDS House

(Authorised and regulated by the Financial Conduct Authority)


Independent Auditors

Prospectus and Manager's Reports

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

(Authorised and regulated by the Securities & Futures Commission)

Hong Kong

160 Queen Victoria Street

TrusteeBNY Mellon Trust & Depositary (UK) Limited

Level 25, One Exchange SquareCentral


Investment AdviserFirst State Investments (Hong Kong) Limited

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

Freephone: 0800 027 1031

PO Box 9034, Chelmsford, CM99 2XA

St. James's Place Asia Pacific Unit Trust

ManagerSt. James's Place Unit Trust Group Limited

United Kingdom

1

01/01/92 to 31/03/17

31/03/12 to 31/03/17

31/03/16 to 31/03/17

% change % change % change

+451.2 +31.1 +26.6+553.7 +37.5 +28.0

- - +9.2- - +4.5

+265.0 +70.1 +34.6

The Trust

St. James's Place Asia Pacific Unit Trust is an authorised Unit Trust scheme under section 243 ofthe Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 6December 1991.

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

Prior to 10 October 2016, the name of the Scheme was St. James's Place Far East Unit Trust.

St. James's Place Asia Pacific Unit TrustL Income units (offer to offer)

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

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

Y Accumulation units (offer to offer)*

Source: Lipper for Fund returns

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

* Class H Accumulation and Y Accumulation units were made available on 1 December 2016and the performance shown is from that date.


Report of the Manager

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

Investment Objectives & Policy

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

The Trust's PerformanceThe performance of the Trust since its launch in January 1992, over the five year period sinceMarch 2012 and over the year under review is shown below, together with figures for the mostcommonly quoted indices in comparable markets where the major proportion of the Trust hasbeen invested.

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

The Scheme aims to achieve this objective by predominantly investing into the equities ofcompanies exposed to the Asia Pacific. This includes companies based outside of the region whoderive an economic benefit from countries in the Asia Pacific. The Scheme is intended to beinvested with only limited or no exposure to equities issued by companies in Japan.

The Scheme is also permitted to invest in other types of transferable securities, units and/orshares in collective investment schemes, money market instruments and deposits.

The Scheme is permitted to invest in derivatives for investment purposes (although it isanticipated this will be limited and/or infrequent use) and for the purposes of efficientportfolio management (including hedging).

Please note that the investment objectives of the Scheme were amended by an EGM ofUnitholders on 21 September 2016. Prior to 10 October 2016, the investment objectives wereas follows:

L Accumulation units (offer to offer)H Accumulation units (offer to offer)*

Indices - actualMSCI AC Asia Pacific (Total Return)

2

(continued)



From 10 October 2016, First State Investments (Hong Kong) Limited replaced AberdeenAsset Managers Limited as Investment Adviser to the Trust.

Investment Advisers' Comments

Risk and Reward ProfileThe synthetic risk and reward indicator for the St. James’s Place Asia Pacific Unit Trust, asdisclosed in its most recent Key Investor Information Document (KIID), is a 6. It was calculatedusing indicative performance data for the type of investments held following changes to theScheme which took place on 10 October 2016.

Prior to 10 October 2016 the SRRI was a category 5.

Global equities rose during the period, with central banks’ monetary policies driving sentiment.Markets cheered as Japan and Europe imposed negative interest rates, while tepid economicdata and deflationary pressures forced the US Federal Reserve to keep rates unchanged. Thesestill-accommodative policies also helped markets recover quickly from the temporary jolt ofBritain’s unexpected decision to leave the European Union. Elsewhere, oil prices lifted whenOPEC members reached a preliminary deal to curb production.

In terms of global growth, it seems to be faltering again. Political risks, namely, the outcome ofthe US presidential election and the commencement of the UK’s formal Brexit negotiationprocess are likely to drive volatility. Major central banks have started to realise that prolongedeasy monetary policy lacks the muscle to boost growth, and we are beginning to see the returnof fiscal stimulus, notably in Japan and China.

Despite this challenging environment, we remain focused on quality, and will seek opportunitiesto build our positions in well-managed businesses that are trading at attractive valuations.

The overweight to Taiwan drove performance, where markets were buoyed by foreign demandfor large-cap stocks. Conversely, the overweight to South Africa hurt performance, amid concernsof weak economic growth and political instability.

The top contributors for the period were EOG Resources, an oil and gas company that benefitedfrom an improved outlook for commodities and the engineering company, the Weir Group, whichbenefited from the increase in oil prices.

As for detractors, the IT provider, Cognizant Technology’s stock fell after it disclosed that it wasconducting an internal probe to determine whether its payments in India violated anti-corruptionlaws. Another detractor over the period was Check Point Software who fell on weakness in thebroader cyber-security sector.

We sold Canadian National Railway, which has performed well but faces an increasingly-challenging operating environment. We also exited the French energy management companySchneider, in favour of Japan’s Keyence, a market leader that taps into growing demand forfactory automation.

Elsewhere, we introduced Japanese snack food company Calbee, which has promising long-termprospects, and Casey’s General Stores, an attractively-valued, well-managed US conveniencestore operator.

Aberdeen Asset Managers Limited 9 October 2016

3

(continued)



First State Investments (Hong Kong) Limited 18 April 2017

We initiated a position in Naver, one of the leading online platforms in Korea. Naver operatesthe top search portal in Korea and has been expanding into overseas markets. We believe thecompany has a good track record in terms of growth and return on equity, and it seems to begrowing in the e-commerce space.

We divested MTR Corp (Hong Kong: Industrials) on concerns around slowing passenger numbersand weakening tenant sales.

Our generally cautious stance and positioning across the Asia Pacific portfolios has not changed.Recent surprise political events have again proven, in our view, that the future is thoroughlyunpredictable. Coupled with rising levels of inflation and tightening measures in the US, this hasthe potential to accelerate capital outflows from the region and to weaken Asian currencies.However, as bottom-up investors, our focus remains on finding high-quality management teamsand businesses that have, over time, delivered predictable and sustainable returns.

Over the period covered it was notable that India, the best-performing market in Asia Pacific,shrugged off the turmoil caused by demonetisation last November with a better-than-expectedearnings season. Korea also outperformed the broader market, as technology firms benefitedfrom the renewed product cycle for Samsung Electronics and Apple smartphones. In thePhilippines, soft macro data and weak company results led to the market’s underperformanceover the period.

The portfolio increased in value over the period. Contributors to performance included CSL, anAustralian healthcare company, LG Chem, a Korean materials company, and HDFC Bank, anIndian financial company, shrugged off India’s demonetisation disruption to report an increase innet profits, driven by strong asset growth and better-than-expected net interest income.Detractors included Brambles, an Australian industrials company, and Dr Reddy’s Laboratories,an Indian healthcare provider. Dr Reddy’s Laboratories share price slipped after it announceddelays in a number of key launches in the US. The company also lost an infringement litigationcase against it, which, if overturned, would have granted a 15-18 month early market entry forits Aloxi product.

4


Comparative Table

as at 31 March 2017

31/03/17 31/03/16 31/03/15

L Income

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

Opening net asset value per unit 408.65 469.19 395.91Return before operating charges* 122.91 (49.66) 84.18Operating charges (8.04) (6.69) (6.77)

Return after operating charges* 114.87 (56.35) 77.41Distributions on income units (2.26) (4.19) (4.13)

Closing net asset value per unit 521.26 408.65 469.19

*after direct transaction costs of: 1.07 0.10 0.09

PerformanceReturn after charges† 28.11% (12.01%) 19.55%

Other informationClosing net asset value (£’000) 12,593 10,305 14,221Closing number of units 2,415,950 2,521,728 3,030,967Operating charges** 1.68% 1.61% 1.60%Direct transaction costs 0.22% 0.02% 0.02%

PricesHighest unit price (p) 561.10 605.50 581.80Lowest unit price (p) 397.60 420.30 457.20

Net Asset Value and Ongoing Charges Figure

5


Comparative Table (continued)

as at 31 March 2017

31/03/17 31/03/16 31/03/15

L Accumulation

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

Opening net asset value per unit 484.84 550.61 460.72Return before operating charges* 145.57 (57.95) 97.77Operating charges (9.56) (7.82) (7.88)

Return after operating charges* 136.01 (65.77) 89.89Distributions on accumulation units (2.68) (4.92) (4.80)Retained distributions on accumulation units 2.68 4.92 4.80

Closing net asset value per unit 620.85 484.84 550.61

*after direct transaction costs of: 1.26 0.12 0.11

PerformanceReturn after charges† 28.05% (11.94%) 19.51%

Other informationClosing net asset value (£’000) 1,748,954 1,370,845 1,547,392Closing number of units 281,705,021 282,741,632 281,033,762Operating charges** 1.68% 1.61% 1.60%Direct transaction costs 0.22% 0.02% 0.02%

PricesHighest unit price (p) 665.40 515.80 500.00Lowest unit price (p) 471.70 357.90 392.90

6



as at 31 March 2017

31/03/17

H Accumulation

Change in net assets per unit (p)

Opening net asset value per unit 567.60Return before operating charges* 56.96Operating charges (4.75)

Return after operating charges* 52.21Distributions on accumulation units -Retained distributions on accumulation units -

Closing net asset value per unit 619.81

*after direct transaction costs of: 1.32

PerformanceReturn after charges† 9.20%

Other informationClosing net asset value (£’000) 11Closing number of units 1,765Operating charges** 2.43%Direct transaction costs 0.22%

PricesHighest unit price (p) 658.20Lowest unit price (p) 556.40

7



as at 31 March 2017

31/03/17

Y Accumulation

Change in net assets per unit (p)

Opening net asset value per unit 567.60Return before operating charges* 57.27Operating charges (2.36)

Return after operating charges* 54.91Distributions on accumulation units (0.07)Retained distributions on accumulation units 0.07

Closing net asset value per unit 622.51

*after direct transaction costs of: 1.33

PerformanceReturn after charges† 9.67%

Other informationClosing net asset value (£’000) 21Closing number of units 3,327Operating charges** 1.20%Direct transaction costs 0.22%

PricesHighest unit price (p) 636.70Lowest unit price (p) 556.40

Please note that following changes to the Scheme which came into effect on 10 October 2016,the Manager estimates that the future Ongoing Charges Figure for L Income and L Accumulationunits will be 2.00%.

†This figure may differ from the performance figure quoted in the Investment Report. TheInvestment Report performance figure is calculated using the last available published price for agiven unit class in the period compared to the equivalent for the prior period. The price per thefinancial statements values the fund on a bid-price basis. The financial statements unit classvaluation is based on market prices on the last day of the period, which can differ from theintraday pricing point of the Trust.

**Operating charges are prepared using the same methodology as the ongoing chargesappearing in the KIID, based on the information in this report.

Class H Accumulation and Y Accumulation units were made available on 1 December 2016.

8

Security Holdings

MarketValue£000

% ofNet

Assets

AUSTRALIA (7.20%) 239,637 13.60Brambles 8,796,973 50,417 2.86CSL 1,270,393 97,675 5.54Newcrest Mining 4,114,409 56,148 3.19Ramsay Health Care 825,392 35,397 2.01

BERMUDA (5.22%) 73,403 4.17Hongkong Land 3,501,900 21,598 1.23Jardine Matheson 692,800 35,746 2.03Li & Fung 46,110,000 16,059 0.91

CAYMAN ISLANDS (0.43%) 118,949 6.75AAC Technologies 2,130,500 20,015 1.13CK Hutchison 10,013,500 98,934 5.62

CHINA (1.75%) 33,131 1.88China Mengniu Dairy 19,912,000 33,131 1.88

HONG KONG (11.66%) 184,222 10.46AIA 5,765,400 29,196 1.66China Mobile 1,753,500 15,413 0.87Henderson Land Development 6,574,000 32,679 1.86Hong Kong & China Gas 33,750,000 54,203 3.07Link REIT# 5,114,000 28,672 1.63Swire Pacific 'A' Shares 3,000,000 24,059 1.37

INDIA (3.67%) 204,592 11.61Dr Reddy's Laboratories ADR 880,341 28,717 1.63HDFC Bank ADR 1,348,430 80,511 4.57Infosys ADR 4,656,480 59,082 3.35Wipro ADR 4,399,183 36,282 2.06

INDONESIA (2.73%) 42,442 2.41Astra International 33,490,700 17,408 0.99Telekomunikasi Indonesia 100,582,900 25,034 1.42

JAPAN (25.16%) 166,124 9.43Daito Trust Construction 280,200 30,774 1.75Keyence 131,500 42,086 2.39MEIJI 334,200 22,246 1.26MISUMI 551,100 7,958 0.45Ryohin Keikaku 203,200 35,573 2.02Tsuruha 103,600 7,662 0.43Unicharm 1,035,200 19,825 1.13

LUXEMBOURG (4.71%) - -

MALAYSIA (1.55%) 21,137 1.20Public Bank 5,853,400 21,137 1.20

PHILIPPINES (2.69%) 30,938 1.76SM Investments 2,773,330 30,938 1.76

SINGAPORE (14.41%) 133,275 7.57DBS 1,810,000 20,150 1.15Oversea-Chinese Banking 10,162,100 56,712 3.22Singapore Telecommunications 25,103,500 56,413 3.20


Portfolio Statement

as at 31 March 2017

9

Security Holdings

MarketValue£000

% ofNet

Assets


Portfolio Statement (continued)

as at 31 March 2017

SOUTH KOREA (4.26%) 171,256 9.72Amorepacific Preference Shares 233,744 27,780 1.58LG 807,299 40,581 2.30LG Chem 171,420 36,191 2.05LG Household & Health Care 67,388 39,197 2.23NAVER 44,801 27,507 1.56

TAIWAN (4.76%) 191,410 10.87Asustek Computer 187,000 1,482 0.08Delta Electronics 9,018,000 38,784 2.21MediaTek 3,502,000 19,927 1.13Taiwan Semiconductor Manufacturing 17,990,000 89,988 5.11Uni-President Enterprises 27,378,000 41,229 2.34

THAILAND (2.19%) 43,513 2.47Kasikornbank 'A' Shares 9,851,300 43,513 2.47

UNITED STATES (4.29%) 31,718 1.80ResMed 5,570,173 31,718 1.80

Investment Assets 1,685,747 95.70

Total other assets (net) 75,832 4.30

Net assets 1,761,579 100.00

# Real Estate Investment Trust (REIT).

All investments held are listed, unless otherwise stated.

Stocks shown as ADRs represent American Depositary Receipts.

Comparative figures shown in brackets relate to 31 March 2016.

10

Material Portfolio Changes

PurchasesCost

£000TOPIX Index Futures December 2016 337,331Institutional Cash Series 320,000CK Hutchison 200,959S&P 500 E Mini Index Futures December 2016 188,549Taiwan Semiconductor Manufacturing 168,451CSL 163,291HDFC Bank ADR 148,517MSCI Singapore Index Futures October 2016 128,924Brambles 121,855MSCI Taiwan Index Futures October 2016 116,401

SalesProceeds

£000TOPIX Index Futures December 2016 335,539Institutional Cash Series 320,062S&P 500 E Mini Index Futures December 2016 188,931Jardine Strategic 152,479Taiwan Semiconductor Manufacturing 142,085AIA 140,798Samsung Electronics Preference Shares 138,018MSCI Singapore Index Futures October 2016 129,313Shin-Etsu Chemical 117,108MSCI Taiwan Index Futures October 2016 116,109

Purchases and sales of futures have been included at the value of their exposure.Stocks shown as ADRs represent American Depositary Receipts.


11

London May 2017

DDiirreeccttoorrss ooff tthhee MMaannaaggeerr''ss CCeerrttiiffiiccaattee

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

AA.. MM.. CCrroofftt DD.. JJ.. LLaammbb

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

SStt.. JJaammeess''ss PPllaaccee AAssiiaa PPaacciiffiicc UUnniitt TTrruussttSSttaatteemmeenntt ooff tthhee MMaannaaggeerr''ss RReessppoonnssiibbiilliittiieess iinn rreellaattiioonn ttoo tthhee FFiinnaanncciiaall SSttaatteemmeennttss ooff tthhee TTrruusstt

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

In preparing the Financial Statements the Manager is required to:

select suitable accounting policies and then apply them consistently;

make judgements and estimates that are reasonable and prudent;

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

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

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

12

Statement of the Depositary's Responsibilities in Respect of the Scheme and Report of theDepositary to the Unitholders of the St. James's Place Asia Pacific Unit Trust for the yearended 31 March 2017

The Depositary in its capacity as Trustee of St. James's Place Asia Pacific Unit Trust must ensurethat the Trust is managed in accordance with the Financial Conduct Authority’s CollectiveInvestment Schemes Sourcebook, and, from 22 July 2014 the Investment Funds Sourcebook, theFinancial Services and Markets Act 2000, as amended, (together “the Regulations”), the TrustDeed and Prospectus (together “the Scheme documents”) as detailed below."

• the Trust’s cash flows are properly monitored and that cash of the Trust is booked in cashaccounts in accordance with the Regulations;

The Depositary must in the context of its role act honestly, fairly, professionally, independentlyand in the interests of the Trust and its investors.

The Depositary is responsible for the safekeeping all of custodial assets and maintaining a recordof all other assets of the Trust in accordance with the Regulations.

• any consideration relating to transactions in the Trust’s assets is remitted to the Trust withinthe usual time limits;

• the Trust’s income is applied in accordance with the Regulations; and

• the sale, issue, repurchase and cancellation of units are carried out in accordance with theRegulations;

• the value of units of the Trust are calculated in accordance with the Regulations;

• the instructions of the Authorised Fund Manager (“the AFM”), which is the UCITSManagement Company, are carried out (unless they conflict with the Regulations).

(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust inaccordance with the Regulations and the Scheme documents of the Trust.

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

Manager

Date May 2017

The Depositary also has a duty to take reasonable care to ensure that the Trust is managed inaccordance with the Regulations and the Scheme documents of the Trust in relation to theinvestment and borrowing powers applicable to the Trust.

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

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price ofthe Trust’s units and the application of the Trust’s income in accordance with the Regulationsand the Scheme documents of the Trust; and

13

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

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

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

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

Other matters on which we are required to report by exception

Propriety of accounting records and information and explanations received

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

proper accounting records have not been kept; or

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

We have no exceptions to report arising from this responsibility.

Independent Auditors' Report to the Unitholders of


Our opinion

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

give a true and fair view of the financial position of the Trust as at 31 March 2017 and ofthe net revenue and the net capital gains of its scheme property for the year then ended;and

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

What we have audited

The financial statements, included within the Long Report, which are prepared by St. James’sPlace Unit Trust Group Limited (the “Authorised Fund Manager”), comprise:

the balance sheet as at 31 March 2017;

the statement of total return for the year then ended;

the statement of change in net assets attributable to unitholders for the year then ended;

the notes to the financial statements, which include a summary of significant accountingpolicies and other explanatory information; and

the distribution tables.

The financial reporting framework that has been applied in their preparation is United KingdomGenerally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” andapplicable law), the Statement of Recommended Practice ‘Financial Statements of UK AuthorisedFunds’ issued by the Investment Management Association (the “Statement of RecommendedPractice for UK Authorised Funds”), the Collective Investment Schemes sourcebook and the TrustDeed.

14

(continued)

Independent Auditors' Report to the Unitholders of


Responsibilities for the financial statements and the audit

Our responsibilities and those of the Authorised Fund Manager

The maintenance and integrity of the St. James’s Place website is the responsibility of the Authorised Fund Manager; the work carriedout by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for anychanges that may have occurred to the financial statements since they were initially presented on the website.Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation inother jurisdictions.

PricewaterhouseCoopers LLPChartered Accountants and Statutory AuditorsEdinburgh

M

What an audit of financial statements involves

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

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

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

the overall presentation of the financial statements.

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

As explained more fully in the Statement of the Manager's Responsibilities set out on page 12,the Authorised Fund Manager is responsible for the preparation of the financial statements andfor being satisfied that they give a true and fair view.

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

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

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

We primarily focus our work in these areas by assessing the Authorised Fund Manager’sjudgements against available evidence, forming our own judgements, and evaluating thedisclosures in the financial statements.

We test and examine information, using sampling and other auditing techniques, to the extentwe consider necessary to provide a reasonable basis for us to draw conclusions. We obtain auditevidence through testing the effectiveness of controls, substantive procedures or a combination ofboth.

15

Note £000 £000 £000 £000

2 376,664 (204,301)3 36,717 38,5074 (26,992) (22,504)

(30) -

9,695 16,003

5 (2,093) (1,961)

7,602 14,042

384,266 (190,259)6 (7,602) (14,042)

376,664 (204,301)

£000 £000 £000 £0001,381,150 1,561,613

66,072 66,728

(69,850) (56,811)

(3,778) 9,917

376,664 (204,301)7,543 13,921

1,761,579 1,381,150

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

Amounts payable on cancellation of units*

* Prior year creations and cancellations have been reclassified due to reallocations from incometo accumulation units to make these comparable to current year.

Closing net assets attributable to unitholders

Income

for the year ended 31 March 2017

01/04/16 to 31/03/17 01/04/15 to 31/03/16


Revenue

Distribution

Expenses

Net revenue before taxation

Total return before distribution

Interest payable and similar charges

Taxation

Net revenue after taxation

Change in net assets attributable to unitholders from investment activities

Statement of Change in Net Assets Attributable to Unitholders

Statement of Total Return


Net capital gains/(losses)

01/04/16 to 31/03/17 01/04/15 to 31/03/16

Amounts receivable oncreation of units*

Retained distribution on accumulation units

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

16


31/03/17 31/03/16

Note £000 £000

1,685,747 1,335,319

8 16,360 17,780

9 73,483 30,577

1,775,590 1,383,676

Liabilities

Creditors

(55) (106)

(13,956) (2,420)

(14,011) (2,526)1,761,579 1,381,150

Total assets

Debtors

Cash and bank balances

Current assets

Distribution payable

as at 31 March 2017

Other creditors 110

Total liabilitiesNet assets attributable to unitholders

Balance Sheet

Assets

Investments

17

1.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

Notes to the Financial Statements


Listed investments have been valued at bid market value at 12.00 midday on 31/03/2017(31/03/2016: bid market value at 12.00 midday), net of any accrued interest which isincluded in the Balance Sheet as a revenue related item.

All expenses of the Trust are recognised on an accruals basis and are deducted fromrevenue with the exception of handling charges which are deducted from capital.

The Financial Statements have been prepared under the historical cost basis, as modified bythe revaluation of investments, in compliance with the Financial Conduct Authority'sCollective Investment Schemes Sourcebook. They have been prepared in accordance withUnited Kingdom Generally Accepted Accounting Practice, including Financial ReportingStandard 102 (The Financial Reporting Standard applicable in the UK and Republic ofIreland FRS 102) and in accordance with the Statement of Recommended Practice (SORP)for Financial Statements of Authorised Funds issued by the Investment ManagementAssociation May 2014 (IMA SORP 2014). The financial statements are prepared on thegoing concern basis.

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

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

Distribution policy

Valuation of investments


Accounting and Distribution policies

Basis of accounting

Dividends receivable from equity investments are credited to the revenue account when theinvestments are first quoted ex-dividend. Dividends from unquoted stocks are credited torevenue when the dividend is declared. Dividends from Real Estate Investment Trusts('REITs') are recognised as distributable income when the securities are quoted ex-dividend.Revenue from other authorised collective investment schemes are recognised when theinvestments are quoted ex-dividend. Management fee rebates from underlying funds will betaken to revenue or capital depending on the treatment adopted in the underlying funds.

Revenue

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

Taxation

Foreign exchange

The manager has chosen to pay all revenue less revenue expenses and taxation as a finaldistribution at the end of the accounting period. In the case of income unitholders this willbe paid as a distribution. In the case of accumulation unitholders the distribution will bereinvested. Equalisation on distributions received is deducted from the cost of theinvestment.

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

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

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

Expenses

18




(continued)

(h)

(i)

(j)

2.01/04/16 to

31/03/1701/04/15 to

31/03/16£000 £000

385,036 (203,862)(2,894) -(5,354) -

(112) (430)(12) (9)

376,664 (204,301)

3.01/04/16 to

31/03/1701/04/15 to

31/03/16£000 £000

1,094 591Overseas dividends 31,260 32,387Bank interest 10 42Revenue from Overseas REITs 521 -Management charge rebate on underlying holdings 686 1,130Scrip dividends 3,254 4,357Futures returns (108) -

36,717 38,507

Non-derivative securities


Special dividends

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

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

Scrip dividends

UK dividends

Forward currency contractsFutures contracts

Handling chargesCurrency losses

Total revenue

Revenue

Equalisation

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


19




(continued)

4.01/04/16 to

31/03/1701/04/15 to

31/03/16£000 £000

21,687 20,263

- 58

Audit fee - 3- 471- 248- 75- 49

Investment adviser's fee 5,305 1,337

5,305 2,183

26,992 22,504

With effect from 26 October 2015 all expenses are now paid by the Manager out of theAnnual Management Charge with exception of the Investment Adviser fees and AMC feerebates. This includes current year Audit Fee of £9,360 (31/03/2016: £9,360). Forpresentation purposes in the table above, all expenses other than Investment Adviser feeshave been shown as part of the Annual Management Charges for the full year from 1 April2016.

Payable to the Manager

Registrar's fee

Other expenses

Tax & compliance fee

Management charge

Expenses

Safe custody fee

ADR Issuance fee

Trustee's feePayable to the Trustee

Total expenses

Following a change of Investment Adviser, with effect from 10 October 2016 theInvestment Adviser Fee (IAF) for this Scheme was changed to 0.60 per cent (0.24 per centpreviously).

20




(continued)

5.01/04/16 to

31/03/1701/04/15 to

31/03/16£000 £000

(a)2,093 1,961

(b)

9,695 16,003

1,939 3,201

(219) (118)(651) (872)

(6,252) (6,477)5,183 4,2662,093 1,961

2,093 1,961

(c)

(d)

6.

01/04/16 to 31/03/17

01/04/15 to 31/03/16

£000 £000Final distribution 7,598 14,027

370 400(366) (385)

7,602 14,042

7.01/04/16 to

31/03/1701/04/15 to

31/03/16£000 £000

7,602 14,042

7,602 14,042

Distributions

Corporation Tax at 20% (2016: 20%)

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

Movement in excess management expensesIrrecoverable overseas tax

Effects of:

Non taxable scrip dividendsUK dividends not subject to corporation tax

Total tax charge for year (note 5a)

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

Deferred taxation:

Factors that may affect future tax charges

Movement between net revenue and net distribution

Net revenue before taxation

The tax assessed for the year is higher than the standard rate of corporation tax in the UKfor an authorised unit trust of 20% (2016: 20%). The differences are explained below:

Non taxable foreign dividends

Factors affecting total tax charge for the year:

At the year end, after offset against revenue taxable on receipt, there is a potential deferredtax asset of £27,702,013 (31/03/16: £22,519,355) relating to surplus managementexpenses. No deferred tax asset was recognised in the current or prior year as it wasconsidered unlikely the Trust would generate sufficient taxable profits in the future to utilisethese amounts.

Net revenue after taxation

Net distribution for the year

Net distribution for the year

The distribution takes account of revenue received on the creation of units and revenuededucted on the cancellation of units and comprises:

Deduct: Revenue received on creation of unitsAdd: Revenue deducted on cancellation of units

Taxation

Irrecoverable overseas taxAnalysis of charge in year:

21




(continued)

8.31/03/17 31/03/16

£000 £0009,175 9,0361,839 1,3105,319 7,352

27 82

16,360 17,780

9.31/03/17 31/03/16

£000 £00024,918 30,42048,565 157

73,483 30,577

10.31/03/17 31/03/16

£000 £00010,358 -

- 5683,598 1,852

13,956 2,420

11.

Opening units in issue

Units converted Creations Cancellations

Closing units in issue

2,521,728 - 354,542 (460,320) 2,415,950282,741,632 - 11,226,954 (12,263,565) 281,705,021

- - 1,765 - 1,765- - 3,327 - 3,327

12.

13.

Cash and bank balances

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

The Manager's service charge paid to St. James's Place Unit Trust Group Limited is shownin note 4 and details of the value of units created and cancelled by St. James's Place UnitTrust Group Limited are shown in the Statement of Change in Net Assets Attributable toUnitholders. The net balances due to St. James's Place Unit Trust Group Limited at the yearend in respect of these transactions was £115,851 (31/03/16: £835,993).

Other creditors

Any transactions with related parties (connected persons) have been entered into in theordinary course of business and on normal commercial terms.

Total other creditors

Reconciliation of the unit movement in the year:

L IncomeL AccumulationH Accumulation

Rebate receivable on underlying holdings

The Manager, St. James's Place Unit Trust Group Limited, is a subsidiary of St. James'sPlace Wealth Management Group plc ('SJPWMG'). Two fellow subsidiaries of SJPWMG,St. James's Place International plc and St. James's Place UK plc, invest some of their life andpension policyholders' funds into the St. James's Place Asia Pacific Unit Trust. The value ofthese investments at the year end was £1,202,451,060 (31/03/16: £949,934,590).

Total cash and bank balances

Cash and bank balances: Overseas

Amounts payable for cancellation of unitsAccrued expenses

Units in issue

Y Accumulation

Debtors

Accrued revenueAmounts receivable for creation of units

Purchases awaiting settlement

Cash and bank balances: Sterling

Capital commitments and contingent liabilities

On 31 March 2017, the Trust had no capital commitments (31/03/16: £nil) and nocontingent liabilities (31/03/16: £nil).

Sales awaiting settlement

Total debtors

Related party transactions

22




(continued)

14.

15.

(a)

01/04/16 to 31/03/17

01/04/15 to 31/03/16

% %13.50 12.1113.68 12.2113.62 12.18

Risk management

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

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

The actual VaR is summarised in the table below:

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

Market price risk

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

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

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

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

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

Derivatives and other financial instruments

Equity shares and units in collective investment schemes; and

Average monthly VaR

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

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

The main risks arising from the Trust's financial instruments are market price risk, foreigncurrency risk, interest rate risk, credit risk and liquidity risk. The Manager's policies formanaging these risks are summarised below. These policies have remained unchangedsince the beginning of the year to which these financial statements relate (same for 2016).

Lowest monthly VaRHighest monthly VaR

23




(continued)

(b)

31/03/17 31/03/16Total Total£000 £000

23,132 94,608273,038 101,409355,466 256,761

42,442 37,692167,061 349,676170,249 57,185

17,403 21,57330,938 38,146

133,275 207,31343,512 30,459

192,586 65,740312,477 120,588

1,761,579 1,381,150

(c)

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

Foreign currency risk

SGDTHB

Movements in exchange rates affect the value of investments;

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

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

PHP

USDTWD

MYR

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

Interest rate risk

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

Movements in exchange rates affect revenue received.

Net foreign currency assets

Movements in exchange rates affect short term timing differences; and

Total

Currency

HKDIDRJPY

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

KRW

GBPAUD

24




(continued)

(d)

(e)

(f)

(g)

(h)

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

Credit risk

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

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

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

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

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

Derivative risk

Liquidity risk

Maturity profile of financial liabilities

Fair value of financial assets and liabilities

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

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

25




(continued)

16.

01/04/16 to

31/03/17

01/04/15 to

31/03/16

01/04/16 to

31/03/17

01/04/15 to

31/03/16£000 £000 £000 £000

320,000 - 400,755 -4,874,967 165,252 4,832,327 146,711

- - - -

5,194,967 165,252 5,233,082 146,711

- - - -916 92 (923) (98)

48 - (52) -

964 92 (975) (98)

- - - -450 56 (1,170) (91)

- - - -

450 56 (1,170) (91)

1,414 148 (2,145) (189)

5,196,381 165,400 5,230,937 146,522

01/04/16 to

31/03/17

01/04/15 to

31/03/16

01/04/16 to

31/03/17

01/04/15 to

31/03/16% % % %

- - - -0.02 0.06 0.02 0.07

- - - -

- - - -0.01 0.03 0.02 0.06

- - - -

Collective Investment SchemesEquitiesFutures

Commissions

Trades in the year after transaction costs

Purchases Sales

Total costs

Trades in the year before transaction costs

Commissions

Taxes

Futures

Purchases Sales

Collective Investment SchemesEquities

Portfolio transaction costs

Analysis of total trade costs.

Taxes

Total costs

%%Commissions 0.12

0.10

There have been no soft commission arrangements relating to dealings in the property ofthe scheme during the year (31/03/16: £nil).

0.22

0.010.01

0.02

Average portfolio dealing spread

TaxesCollective Investment SchemesEquitiesFutures

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

01/04/16 to 31/03/17 01/04/15 to 31/03/16


Total taxes

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

The average portfolio dealing spread at the balance sheet date was 0.20% (31/03/16:0.28%).

Total commissions


26




(continued)

17.

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

Level 1 1,685,747 - 1,258,048 -Level 2 - - 77,271 -Level 3 - - - -

Total fair value 1,685,747 - 1,335,319 -

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

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

Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset orliability.

Fair value

Valuation technique

31/03/17 31/03/16

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

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

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

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

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

27

Group 1

Group 2

Netrevenue Equalisation


31/05/17

Distribution paid

31/05/16

Group 1 (p) (p) (p) (p)Final 2.257 - 2.257 4.194

Group 2 (p) (p) (p) (p)Final - 2.257 2.257 4.194



31/05/17

Distribution paid

31/05/16

Group 1 (p) (p) (p) (p)Final 2.678 - 2.678 4.924

Group 2 (p) (p) (p) (p)Final - 2.678 2.678 4.924



31/05/17

Group 1 (p) (p) (p)Final - - -

Group 2 (p) (p) (p)Final - - -



31/05/17

Group 1 (p) (p) (p)Final 0.071 - 0.071

Group 2 (p) (p) (p)Final 0.071 - 0.071Class H Accumulation and Y Accumulation units were made available on 1 December 2016.

Y Accumulation

Final Units purchased on or after 1 April 2016 to 31 March 2017

Final Units purchased prior to 1 April 2016


Distribution Tables

Distribution in pence per unit

L Income

L Accumulation

H Accumulation

28

(a)

(b)

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

A Preliminary Charge of 5 per cent which is included in the offer price of the Units. ForClass Y units the Preliminary Charge is 0 per cent.

Income Distributions

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

An Annual Management Charge at a rate of 1.36 per cent for Class L Income andAccumulation Units, and 1.86 per cent for Class H Accumulation Units, and 0.66 per centfor Class Y Accumulation Units of the value of the Trust.


General Information

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

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

Unit Dealings

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

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

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

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

Minimum Investment

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

Accumulation Distributions

Renaming of Unit Classes

On 10 October 2016 the Manager denominated the existing unit class in the fund as ‘Class L’units. This change has no impact on the way in which the fund is managed or how daily unitprices are calculated.

H & Y Unit Classes

On 10 October 2016 the Manager launched Class H and Class Y accumulation unit classes.Restrictions apply to all Class H and Class Y units, please see the Prospectus for details. Pleasenote that Class H and Class Y accumulation units were first issued on 1 December 2016.

Management Charges

29


General Information (continued)

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

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

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

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

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

Capital Gains Tax

The Trust is not liable to tax on capital gains and any individual holding units will not be liable tocapital gains tax unless the total chargeable gains for the tax year 2017/2018 exceed £11,300(2016/2017 £11,100).

Remuneration

Tax Certificates

30

Perivan Financial Print 245233 Asia Pacific (05/17)

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

St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 947644.

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