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Standard Life Stakeholder Sterling Fund

Code GS

Warning
This fact sheet is intended for individuals who are familiar with investment terminology. Please
contact your financial adviser if you need an explanation of the terms used.

Quarter 2 2006
(unless dated otherwise)
Fund Profile
The fund is designed for investors who are looking for a temporary home for their money when the short-term outlook for
equities, bonds, and property is uncertain. Central to the decision making process is a focus on change investment
philosophy, which combines top down and bottom up insights to identify changes to the key drivers for the market. A broad
range of criteria is used in this process including changes in interest rate expectations, foreign exchange movements, and the
monetary policies of the US and Europe.

Composition of Portfolio as at 30/06/2006 Fund Manager Louise Mckenzie


Launch Date 26/03/2001
1 Other Fixed Interest 1.90%
2 Short Term Cash Instruments 66.26% Current Fund Size £1312.08m
3 Cash 31.84% Sector Money Market

Risk Analysis
Fund Volatility** 0.16
Standard Life Volatility Rating* 1

< more stable 1 2 3 4 5 6 7 less stable >


1

*This rating of a fund is an indicator of how much the


fund price might vary. The higher the volatility rating,
the less stable the fund price is likely to be. Data as of
30/06/2006.
**Volatility source: Morningstar UK. Volatility is the
annualised standard deviation of monthly total returns
over the last 36 months.
3

Top Ten Holdings (30/06/2006) %


Assets in top ten holdings 20.5
1 Mall Fdg FRN 2014-04-22 3.6
2 Rec Retail Parks FRN 2014-10-20 3.1
3 Permanent Financing (No 7) FRN 2.0
2032-09-10
4 Ge Cap Uk Funding, Shannon FRN 1.9
2008-03-03
5 Ge Cap Uk Funding, Shannon FRN 1.9
2011-05-11
6 Citigroup FRN 2010-11-01 1.7
7 Opera Fin (Csc 3) FRN 2017-04-25 1.7
8 GRANITE MORTGAGES 04-1 2044-03-20 1.5
9 Granite Mortgages 01-1 FRN 2041-01-20 1.5
10 Lcp Proudreed FRN 2016-08-20 1.5

Copyright © 2006 Morningstar UK. All rights reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied (save (i) as incidentally necessary in the course of viewing it on-line, and (ii) in the course of printing off
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provided at user's own risk. Morningstar UK will not be responsible for any damages or losses arising from any use of this information and the information must not be relied upon by the user without appropriate verification. Furthermore: (i) no
investment decision should be made in relation to any of the information provided other than on the advice of a professional financial adviser; (ii) past performance is no guarantee of future results; and (iii) the value and income derived from
investments can go down as well as up.
Investment Review & Outlook
Environment Activity Outlook
The Bank of England announced that We continued to increase the Fund’s For much of the quarter, the flat
core inflation will stay very near 2% investment in Floating Rate Notes sterling yield curve constrained the
and that economic growth should (FRNs) taking advantage of opportunities for performance gains.
quicken to above 2.7% in 2006. While reasonable levels of issuance during
we expect inflation to stay close to the quarter. As a positive yield curve
2%, growth above 2.7% may be has developed in the sterling market,
difficult to achieve given the pressures we have taken the opportunity to
on consumers, which include rising lengthen the weighted average
utility bills, increased council taxes, maturity.
above-inflation increases in
transportation costs and extra savings
required for pensions. With this in
mind, interest rates look likely to
remain on hold. Thereafter, whether
the next move is up or down depends
largely on consumer spending and the
impact of energy price increases on
inflation.

Performance Commentary
Although the sterling yield curve has steepened over the last quarter it is still very uncertain in what direction rates may
move. For this reason we have kept cash investments short and liquid. As opportunities arise we will invest further out yield
curve.

Fund Performance - Price Indexed (30/06/2006)

128

124
Figures quoted are calculated on a bid to
120
bid basis over periods to 30/06/2006, with
116 gross income reinvested.
Source: Standard Life Investments.
112 Note: Past performance should not be
108 taken as a guide to future performance
and the value of units can go down as well
104 as up.
100
2001-03-26 2002-07-26 2003-11-26 2005-03-26 2006-07-26
Fund: Standard Life Stakeholder Sterling Fund

Performance (percentage change)


01/10/2001 01/10/2002 01/10/2003 01/10/2004 01/10/2005
Calendar Year Returns 30/09/2002 30/09/2003 30/09/2004 30/09/2005 30/09/2006

Fund 3.3% 2.7% 3.2% 4.0% 3.8%

Standard Life Assurance Limited, registered in Scotland (SC286833), Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH, authorised and regulated by the Financial Services Authority. 0131 225 2552. Calls may be recorded/monitored.
www.standardlife.co.uk

Stock code: GS7