investment grade corporate bond Unit trUst - sjp.co.uk/media/Files/S/sjp-group/document-library/... · Loomis, Sayles & Company L.P. ... St. James's Place Investment Grade Corporate

investment grade corporate bond

Unit trUst

FOR THE PERIOD ENDED 31 MARCH 2016

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 Auditor

Prospectus and Manager's Reports

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

(Authorised by the Securities and Exchange Commission)

United States of America

160 Queen Victoria Street

TrusteeBNY Mellon Trust & Depositary (UK) Limited

One Financial CenterBoston, MA 02111


Investment Adviser Loomis, Sayles & Company L.P.

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

Freephone: 0800 027 1031

PO Box 9034, Chelmsford, CM99 2XA

St. James's Place Investment Grade Corporate Bond Unit Trust

ManagerSt. James's Place Unit Trust Group Limited

United Kingdom

1

06/04/09 to 31/03/16

31/03/11 to 31/03/16

30/09/15 to 31/03/16

% change % change % change

+29.3 -1.8 -1.6+63.1 +14.0 -0.4

- -2.2 -1.5- +1.7 +0.0

+5.3 +3.4 +0.3

+63.4 +31.9 +9.3Barclays Global AGG GBP

St. James's Place Investment Grade Corporate Bond Unit TrustIncome units (offer to offer)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.

Risk and Reward ProfileThe synthetic risk and reward indicator for the St. James’s Place Investment Grade CorporateBond Unit Trust, as disclosed in its most recent Key Investor Information Document (KIID), is a 3. It was calculated using performance data up to 1 February 2016.

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

* Gross Income and Gross Accumulation units were made available on 6 October 2014 and theperformance shown is from that date.

Gross Income units (offer to offer)*

Investment Adviser's CommentsThe performance of the portfolio followed markets, being lower through January beforerecovering as the reporting period came to a close. In late 2015 and early 2016 corporatespreads widened as government yields fell due to persistent worries of Chinese and globalgrowth concerns, commodity weakness, “Brexit” anxiety, and the fears of a potential USrecession. However, mid-February brought about a turning point in market sentiment.

Gross Accumulation units (offer to offer)*Indices - actualMerrill Lynch British Pound LIBOR 3 month ConstantMaturity (TR)

Central banks continued accommodative policies across the globe. After first hiking in December2015, the US Federal Reserve (the Fed) decided to leave the policy rates unchanged at the Marchmeeting due to global risks. The European Central Bank (ECB) expanded its quantitative easingprogram. In Asia, the Bank of Japan (BoJ) surprised the market with a negative policy rate andthe People’s Bank of China took additional easing measures as well, providing a boon to riskassets.

We have been gradually increasing credit allocations during periods of spread widening asvaluations were attractive. Spreads had been reflecting a greater recession risk than we believedwas likely, which created some opportunities. This strategy to favor credit over some of the moredefensive segments of the market is expected to serve as a key driver of return in the short term.The portfolio participated in a round of historically large new issuance by Anheuser-Busch InBevand added Cenovus Energy on weakness, with both names performing well. We sold out of ANZto add a new issue by Macquarie for a yield advantage and diversity away from the Australianhousing market. We also sold down JP Morgan partially and Philip Morris entirely to source aseries of bond purchases in names viewed as having greater upside potential.


Report of the Manager

The Trust's PerformanceThe performance of the Trust since its launch in April 2009, over the five year period since March2011 and over the period under review is shown below, together with figures for the mostcommonly quoted indices in comparable markets where the major proportion of the Trust hasbeen invested.

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

Information Classification: General2

(continued)


Report of the Manager

We expect the Fed to raise rates in a very gradual manner and only when the growth trajectorycan withstand policy adjustment. We believe both the ECB and BoJ will keep policy loose andpossibly ease further in coming quarters.

Therefore, we remain comfortable with the view that corporate bonds will outperformgovernment bonds in coming periods. Credit selection will be critical in extracting value fromoversold parts of the market while avoiding names subject to deteriorating balance sheet quality.

Investment grade communications and consumer goods issuers have performed relatively well,such as Verizon Wireless, CCO Safari, Altria, and AB InBev. Positions in financials, primarilybanks and insurance companies, have weighed on results. Banks have lagged other credit sectorsas investors contemplate lower rates for longer and heightened “Brexit” uncertainty.Additionally, selections from the metals and mining industry underperformed materially in late2015.

Loomis, Sayles & Company L.P. 14 April 2016



Comparative table

as at 31 March 2016 (unaudited)

31/03/16 30/09/15 30/09/14 30/09/13

IncomeClosing net asset value (£’000) 26,466 21,820 80,192 66,324Closing number of units 21,761,325 17,623,518 64,107,721 53,324,164Closing net asset value per unit (p) 121.62 123.81 125.09 124.38Operating charges 1.28% 1.28% 1.30% 1.30%

31/03/16 30/09/15 30/09/14 30/09/13

AccumulationClosing net asset value (£’000) 1,003,918 914,129 964,414 839,211Closing number of units 650,220,285 589,906,336 630,977,057 566,376,105Closing net asset value per unit (p) 154.40 154.96 152.84 148.17Operating charges 1.28% 1.29% 1.30% 1.30%

31/03/16 30/09/15

Gross IncomeClosing net asset value (£’000) 79,266 78,506Closing number of units 65,250,034 63,457,996Closing net asset value per unit (p) 121.48 123.71Operating charges 1.27% 1.29%

31/03/16 30/09/15

Gross AccumulationClosing net asset value (£’000) 296,410 272,686Closing number of units 190,133,891 174,897,114Closing net asset value per unit (p) 155.90 155.91Operating charges 1.28% 1.29%

Net Asset Value and Ongoing Charges Figure


Security Holdings

MarketValue£000

% ofNet

Assets

EURO DENOMINATED BONDS (0.00%) 278,881 19.82Abbey National Treasury Services 0.875% 13/01/2020 5,270,000 4,168 0.30Abbey National Treasury Services 1.125% 14/01/2022 5,365,000 4,205 0.30Abbey National Treasury Services 1.125% 10/03/2025 3,790,000 2,862 0.20ABN AMRO Bank 2.875% 30/06/2025 4,345,000 3,502 0.25Albemarle 1.875% 08/12/2021 5,000,000 3,892 0.28Allianz 2.241% 07/07/2045 17,000,000 12,664 0.90America Movil 1.5% 10/03/2024 6,495,000 5,131 0.36Anheuser-Busch InBev 1.5% 17/03/2025 3,800,000 3,081 0.22Aquarius & Investments PLC for Zurich Insurance 4.25% 02/10/2043

5,000,000 4,313 0.31

AT&T 2.75% 19/05/2023 805,000 701 0.05AT&T 1.3% 05/09/2023 1,420,000 1,130 0.08Autostrade per l'Italia 1.125% 04/11/2021 1,745,000 1,418 0.10Autostrade per l'Italia 1.875% 04/11/2025 1,755,000 1,480 0.11Autostrade per l'Italia 1.75% 26/06/2026 4,865,000 4,035 0.29Aviva 6.125% 05/07/2043 3,770,000 3,338 0.24Aviva 3.875% 03/07/2044 2,660,000 2,033 0.14Aviva 3.375% 04/12/2045 2,940,000 2,095 0.15AXA 5.125% 04/07/2043 5,260,000 4,784 0.34AXA 3.375% 06/07/2047 9,565,000 7,538 0.54Ball 3.5% 15/12/2020 1,285,000 1,076 0.08Bank of America 1.375% 26/03/2025 8,355,000 6,487 0.46BNP Paribas 2.625% 14/10/2027 16,825,000 13,267 0.94BorgWarner 1.8% 07/11/2022 5,330,000 4,311 0.31Brisa Concessao Rodoviaria 2% 22/03/2023 3,500,000 2,768 0.20British Telecommunications 0.625% 10/03/2021 6,500,000 5,128 0.36Bundesrepublik Deutschland 1% 15/08/2025 2,470,000 2,117 0.15Carrefour 1.75% 15/07/2022 8,790,000 7,373 0.52Citigroup 1.375% 27/10/2021 6,960,000 5,599 0.40Commerzbank 4% 23/03/2026 4,445,000 3,570 0.25Credit Agricole 2.625% 17/03/2027 8,260,000 6,492 0.46CRH Funding 1.875% 09/01/2024 2,385,000 1,989 0.14Delphi Automotive 1.5% 10/03/2025 2,925,000 2,177 0.15Deutsche Telekom International Finance 1.5% 03/04/2028

1,680,000 1,352 0.10

Discovery Communications 1.9% 19/03/2027 665,000 455 0.03EDP Finance 2.375% 23/03/2023 855,000 689 0.05EDP Finance 2% 22/04/2025 7,635,000 5,850 0.42Engie 0.5% 13/03/2022 9,100,000 7,174 0.51FCE Bank 1.114% 13/05/2020 3,580,000 2,847 0.20Goldman Sachs 2% 27/07/2023 5,920,000 4,826 0.34HBOS 4.5% 18/03/2030 770,000 667 0.05HSBC 3% 30/06/2025 6,710,000 5,353 0.38INEOS Grangemouth 0.75% 30/07/2019 5,405,000 4,391 0.31Intesa Sanpaolo 2.855% 23/04/2025 2,660,000 2,046 0.15Kraft Heinz Foods 2% 30/06/2023 1,925,000 1,584 0.11Legrand 1.875% 16/12/2027 5,000,000 4,193 0.30Magna International 1.9% 24/11/2023 2,350,000 1,925 0.14Metropolitan Life Global Funding I 0.875% 20/01/2022

2,000,000 1,565 0.11

Mohawk Industries 2% 14/01/2022 10,945,000 8,773 0.62Moody's 1.75% 09/03/2027 3,000,000 2,378 0.17Morgan Stanley 1.75% 30/01/2025 2,835,000 2,227 0.16Muenchener Rueckversicherungs-Gesellschaft in Muenchen 6% 26/05/2041

2,300,000 2,164 0.15


Portfolio Statement


5

Security Holdings

MarketValue£000

% ofNet

Assets


Portfolio Statement (continued)


Pernod Ricard 1.875% 28/09/2023 5,000,000 4,160 0.30PPG Industries 1.4% 13/03/2027 2,085,000 1,621 0.12Praxair 1.2% 12/02/2024 2,875,000 2,322 0.17Prologis 1.375% 13/05/2021 3,925,000 3,125 0.22Prologis 3.375% 20/02/2024 5,680,000 5,048 0.36Prologis 3% 02/06/2026 3,465,000 2,985 0.21Prologis International Funding II 1.876% 17/04/2025 5,250,000 4,128 0.29Publicis 1.125% 16/12/2021 2,800,000 2,244 0.16RMAC Securities No 1 FRN 0% 12/06/2044 822,363 588 0.04RTE Reseau de Transport d'Electricite 1.625% 08/10/2024

7,000,000 5,832 0.41

Santander Issuances 2.5% 18/03/2025 1,700,000 1,291 0.09Santander Issuances 3.25% 04/04/2026 5,700,000 4,480 0.32Scentre Group Trust 1 1.375% 22/03/2023 2,540,000 2,021 0.14Schaeffler Finance 3.25% 15/05/2025 2,400,000 1,924 0.14SGSP Australia Assets 2% 30/06/2022 9,820,000 7,894 0.56Sky 1.5% 15/09/2021 6,235,000 5,047 0.36Sky 2.25% 17/11/2025 2,790,000 2,285 0.16Societe Generale 2.625% 27/02/2025 10,300,000 8,039 0.57SSE 1.75% 08/09/2023 2,950,000 2,411 0.17Standard Chartered 4% 21/10/2025 3,115,000 2,392 0.17Unitymedia 3.75% 15/01/2027 5,345,000 3,811 0.27Vesteda Finance 2.5% 27/10/2022 2,598,000 2,147 0.15WPP Finance Deutschland 1.625% 23/03/2030 2,995,000 2,232 0.16ZF North America Capital 2.25% 26/04/2019 4,000,000 3,223 0.23ZF North America Capital 2.75% 27/04/2023 3,100,000 2,448 0.17

STERLING DENOMINATED BONDS (95.43%) 97,911 6.97Asciano Finance 5% 19/09/2023 3,292,000 3,462 0.25AXA 7.125% 15/12/2020 2,825,000 3,350 0.24British Telecommunications 5.75% 07/12/2028 4,725,000 5,967 0.42Centrica 4.375% 13/03/2029 4,725,000 5,140 0.37Co-Operative Bank 4.75% 11/11/2021 3,735,000 4,135 0.29CRH Finance UK 4.125% 02/12/2029 3,490,000 3,729 0.27Finmeccanica 8% 16/12/2019 975,000 1,131 0.08Gwynt y Mor OFTO 2.778% 17/02/2034 1,775,183 1,749 0.12HSBC 5.75% 20/12/2027 3,805,000 4,154 0.30HSBC Bank 5.375% 04/11/2030 5,630,000 6,025 0.43Iberdrola Finanzas 7.375% 29/01/2024 1,650,000 2,164 0.15Kelda Finance No 3 5.75% 17/02/2020 3,500,000 3,676 0.26Kraft Heinz Foods 4.125% 01/07/2027 1,940,000 2,051 0.15Legal & General 5.5% 27/06/2064 1,845,000 1,669 0.12NWEN Finance 5.875% 21/06/2021 5,568,000 5,823 0.41Petrobras Global Finance 6.25% 14/12/2026 3,000,000 2,059 0.15Prudential 5% 20/07/2055 3,850,000 3,375 0.24QBE Capital Funding IV 7.5% 24/05/2041 1,550,000 1,670 0.12Residential Mortgage Securities 22 FRN 0.95288% 14/11/2039

1,861,620 1,695 0.12

Standard Chartered 5.125% 06/06/2034 3,440,000 3,059 0.22Telefonica Emisiones 5.375% 02/02/2026 2,800,000 3,224 0.23Tesco 5% 24/03/2023 6,445,000 6,477 0.46Time Warner Cable 5.25% 15/07/2042 4,035,000 3,711 0.26Trinity Square 2015-1 PLC FRN 1.786% 15/07/2051 2,110,000 2,082 0.15UK Treasury 5% 07/03/2025 3,750,000 4,919 0.35Veolia Environnement 4.85% Perpetual 200,000 205 0.01Virgin Media Secured Finance 4.875% 15/01/2027 4,650,000 4,429 0.31Western Power Distribution 3.625% 06/11/2023 2,415,000 2,462 0.18

6

Security Holdings

MarketValue£000

% ofNet

Assets




Wods Transmission 3.446% 24/08/2034 4,187,461 4,319 0.31

US DOLLAR DENOMINATED BONDS (0.00%) 944,529 67.1921st Century Fox America 4% 01/10/2023 4,000,000 2,994 0.21AbbVie 2.9% 06/11/2022 10,000,000 7,018 0.50ABN AMRO Bank 4.75% 28/07/2025 8,535,000 5,960 0.42Abu Dhabi National Energy 5.875% 13/12/2021 2,600,000 2,017 0.14Actavis Funding SCS 3% 12/03/2020 2,965,000 2,116 0.15Actavis Funding SCS 3.45% 15/03/2022 2,990,000 2,145 0.15Actavis Funding SCS 3.8% 15/03/2025 3,035,000 2,182 0.16Actavis Funding SCS 4.55% 15/03/2035 2,350,000 1,672 0.12AerCap 4.625% 30/10/2020 6,160,000 4,378 0.31AIA 3.2% 11/03/2025 4,000,000 2,774 0.20Air Lease 4.25% 15/09/2024 8,600,000 5,897 0.42Aircastle 5% 01/04/2023 495,000 343 0.02Ally Financial 3.75% 18/11/2019 8,000,000 5,500 0.39Ally Financial 4.125% 13/02/2022 9,000,000 6,140 0.44Altria 4% 31/01/2024 9,500,000 7,191 0.51America Movil 4.375% 16/07/2042 2,160,000 1,444 0.10American Airlines 2016-1 Class B Pass Through Trust 5.25% 15/07/2025

4,965,000 3,444 0.24

American International 4.7% 10/07/2035 6,000,000 4,093 0.29Anadarko Petroleum 5.55% 15/03/2026 3,630,000 2,514 0.18Anheuser-Busch InBev Finance 2.65% 01/02/2021 8,800,000 6,258 0.45Anheuser-Busch InBev Finance 3.65% 01/02/2026 7,555,000 5,488 0.39Anheuser-Busch InBev Finance 4.7% 01/02/2036 1,295,000 966 0.07Anheuser-Busch InBev Finance 4.9% 01/02/2046 6,515,000 4,996 0.36Anthem 2.25% 15/08/2019 14,001,000 9,744 0.69Anthem 3.125% 15/05/2022 3,000,000 2,091 0.15Anthem 3.5% 15/08/2024 3,000,000 2,093 0.15ArcelorMittal 6.25% 05/08/2020 3,740,000 2,539 0.18Arrow Electronics 3.5% 01/04/2022 2,040,000 1,416 0.10AT&T 4.45% 01/04/2024 445,000 332 0.02AT&T 3.4% 15/05/2025 20,000,000 13,867 0.99AT&T 5.15% 15/03/2042 175,000 123 0.01AT&T 4.3% 15/12/2042 4,000,000 2,513 0.18AT&T 4.75% 15/05/2046 4,200,000 2,815 0.20Aviation Capital 6.75% 06/04/2021 3,060,000 2,388 0.17Aviation Capital 4.875% 01/10/2025 1,000,000 688 0.05Avnet 4.625% 15/04/2026 4,320,000 3,002 0.21BAE Systems 3.85% 15/12/2025 5,495,000 3,893 0.28Baidu 3.25% 06/08/2018 2,000,000 1,422 0.10Ball 4% 15/11/2023 600,000 411 0.03Baltimore Gas & Electric 3.35% 01/07/2023 5,000,000 3,585 0.25Bank of America 2% 11/01/2018 4,000,000 2,781 0.20Bank of America 3.3% 11/01/2023 6,000,000 4,195 0.30Bank of America 4% 01/04/2024 8,000,000 5,797 0.41Bank of America 3.95% 21/04/2025 7,175,000 4,934 0.35Bank of Nova Scotia 1.45% 25/04/2018 4,000,000 2,772 0.20Barclays 2.875% 08/06/2020 3,080,000 2,105 0.15Barclays 4.375% 11/09/2024 11,150,000 7,255 0.52Barclays 3.65% 16/03/2025 970,000 632 0.04Barclays 4.375% 12/01/2026 3,845,000 2,623 0.19Becton Dickinson 2.675% 15/12/2019 2,000,000 1,418 0.10Becton Dickinson 3.734% 15/12/2024 4,000,000 2,943 0.21BG Energy 4% 15/10/2021 2,510,000 1,815 0.13Bharti Airtel 4.375% 10/06/2025 6,040,000 4,259 0.30

7

Security Holdings

MarketValue£000

% ofNet

Assets




BNZ International Funding 2.35% 04/03/2019 8,000,000 5,593 0.40BOC Aviation Pte 3% 30/03/2020 6,000,000 4,195 0.30BP Capital Markets 3.245% 06/05/2022 17,725,000 12,573 0.89Brixmor Operating Partnership 3.875% 15/08/2022 9,365,000 6,329 0.45Burlington Northern Santa Fe 5.05% 01/03/2041 3,000,000 2,368 0.17Celgene 3.55% 15/08/2022 5,915,000 4,291 0.31Celgene 4.625% 15/05/2044 3,000,000 2,113 0.15Cemex 7.75% 16/04/2026 4,600,000 3,266 0.23Cenovus Energy 3% 15/08/2022 230,000 141 0.01Cenovus Energy 3.8% 15/09/2023 590,000 369 0.03Chesapeake Energy 4.875% 15/04/2022 6,000,000 1,479 0.11Cielo 3.75% 16/11/2022 8,000,000 4,997 0.36Cigna 3.25% 15/04/2025 3,100,000 2,133 0.15CIT 4.25% 15/08/2017 3,000,000 2,115 0.15Citigroup 2.65% 26/10/2020 7,000,000 4,882 0.35Citigroup 4.4% 10/06/2025 6,000,000 4,233 0.30Citigroup 4.45% 29/09/2027 10,000,000 6,923 0.49Cloverie via Swiss Re Corporate Solutions 4.5% 11/09/2044

4,050,000 2,698 0.19

Comcast 4.2% 15/08/2034 2,000,000 1,463 0.10COMM 2014-KYO Mortgage Trust RFN 1.338% 11/06/2027

3,420,000 2,348 0.17

COMM 2014-UBS3 Mortgage Trust 3.819% 10/06/2047

1,435,000 1,067 0.08

COMM 2015-PC1 Mortgage Trust 3.902% 10/07/2050

1,700,000 1,272 0.09

Concho Resources 5.5% 01/04/2023 1,485,000 1,005 0.07Continental Resources 4.5% 15/04/2023 705,000 406 0.03Continental Resources 3.8% 01/06/2024 6,795,000 3,787 0.27Corning 2.9% 15/05/2022 8,002,000 5,576 0.40Corp Nacional del Cobre de Chile 4.5% 16/09/2025 3,000,000 2,107 0.15Corpbanca 3.875% 22/09/2019 5,000,000 3,546 0.25Cox Communications 4.7% 15/12/2042 555,000 315 0.02Cox Communications 4.5% 30/06/2043 650,000 360 0.03Credit Suisse Commercial Mortgage Trust Series 2007-C5 5.695% 15/09/2040

4,133,908 2,962 0.21

CRH America 3.875% 18/05/2025 7,000,000 5,000 0.36Crown Castle International 3.4% 15/02/2021 3,000,000 2,110 0.15CVS Health 4.125% 15/05/2021 6,500,000 4,923 0.35CVS Health 4.75% 01/12/2022 8,105,000 6,288 0.45CVS Health 5.125% 20/07/2045 2,530,000 2,028 0.14DDR 4.625% 15/07/2022 6,725,000 4,942 0.35Delhaize 5.7% 01/10/2040 5,660,000 4,216 0.30Delphi 4.15% 15/03/2024 2,560,000 1,821 0.13Delphi Automotive 3.15% 19/11/2020 10,255,000 7,245 0.52Delphi Automotive 4.25% 15/01/2026 4,045,000 2,901 0.21Delta Air Lines 2015-1 Class B Pass Through Trust 4.25% 30/01/2025

1,033,443 712 0.05

Devon Energy 3.25% 15/05/2022 990,000 578 0.04Devon Energy 5.85% 15/12/2025 1,665,000 1,108 0.08Diamond Offshore Drilling 4.875% 01/11/2043 675,000 306 0.02DP World 6.85% 02/07/2037 1,960,000 1,392 0.10Eaton 4% 02/11/2032 2,000,000 1,395 0.10Ecopetrol 4.125% 16/01/2025 3,500,000 2,045 0.15EDP Finance 4.125% 15/01/2020 2,865,000 1,992 0.14Embraer Netherlands Finance 5.05% 15/06/2025 6,569,000 3,980 0.28

8

Security Holdings

MarketValue£000

% ofNet

Assets




Emirates Telecommunications 2.375% 18/06/2019 6,000,000 4,195 0.30Enel Finance International 6% 07/10/2039 9,380,000 7,539 0.54Energy Transfer Partners 3.6% 01/02/2023 4,000,000 2,403 0.17Energy Transfer Partners 5.15% 01/02/2043 2,570,000 1,370 0.10ERAC USA Finance 3.8% 01/11/2025 13,530,000 9,725 0.69ERAC USA Finance 5.625% 15/03/2042 5,503,000 4,314 0.31Express Scripts 4.5% 25/02/2026 4,750,000 3,408 0.24FedEx 4.55% 01/04/2046 4,800,000 3,390 0.24Flextronics International 4.75% 15/06/2025 190,000 128 0.01Ford Motor 6.625% 01/10/2028 6,500,000 5,399 0.38Ford Motor Credit 3.2% 15/01/2021 6,000,000 4,246 0.30Ford Motor Credit 3.664% 08/09/2024 5,849,000 4,078 0.29Ford Motor Credit 4.134% 04/08/2025 6,850,000 4,937 0.35Freeport-McMoRan 5.4% 14/11/2034 510,000 214 0.02Freeport-McMoRan 5.45% 15/03/2043 2,560,000 1,084 0.08GE Capital International Funding 2.342% 15/11/2020 10,000,000 7,082 0.50GE Capital International Funding 3.373% 15/11/2025 10,000,000 7,354 0.52GE Capital International Funding 4.418% 15/11/2035 10,000,000 7,445 0.53General Electric 4.125% 09/10/2042 12,060,000 8,778 0.62General Motors 6.75% 01/04/2046 335,000 263 0.02General Motors Financial 3.1% 15/01/2019 8,000,000 5,602 0.40General Motors Financial 4.375% 25/09/2021 15,000,000 10,742 0.76General Motors Financial 4% 15/01/2025 5,000,000 3,357 0.24Gilead Sciences 4.75% 01/03/2046 3,000,000 2,269 0.16GO Financial Auto Securitization Trust 2015-2 3.27% 15/11/2018

8,082,350 5,580 0.40

Goldman Sachs 2.75% 15/09/2020 15,100,000 10,622 0.76Goldman Sachs 3.625% 22/01/2023 10,000,000 7,161 0.51Goldman Sachs 4% 03/03/2024 3,956,000 2,868 0.20HCA 5% 15/03/2024 5,000,000 3,555 0.25HCA 5.875% 15/02/2026 2,500,000 1,779 0.13HCP 3.4% 01/02/2025 3,500,000 2,215 0.16Hewlett Packard Enterprise 4.9% 15/10/2025 2,020,000 1,424 0.10Hewlett Packard Enterprise 6.2% 15/10/2035 2,045,000 1,382 0.10Hewlett Packard Enterprise 6.35% 15/10/2045 3,075,000 2,080 0.15Holcim Capital 6.5% 12/09/2043 2,155,000 1,711 0.12Hologic 5.25% 15/07/2022 3,000,000 2,161 0.15Home Depot 2.625% 01/06/2022 10,422,000 7,478 0.53Host Hotels & Resorts 4.75% 01/03/2023 6,000,000 4,310 0.31Hyundai Capital America 3% 30/10/2020 9,690,000 6,825 0.49Imperial Brands Finance 4.25% 21/07/2025 13,095,000 9,633 0.69Intesa Sanpaolo 5.017% 26/06/2024 2,475,000 1,605 0.11Intesa Sanpaolo 5.71% 15/01/2026 3,800,000 2,558 0.18Itau Unibanco 2.85% 26/05/2018 6,000,000 4,109 0.29Jabil Circuit 4.7% 15/09/2022 5,045,000 3,459 0.25JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11 5.742573% 15/06/2049

1,014,515 721 0.05

JPMorgan Chase 2.55% 29/10/2020 15,000,000 10,524 0.75JPMorgan Chase 3.25% 23/09/2022 8,000,000 5,763 0.41JPMorgan Chase 3.9% 15/07/2025 7,500,000 5,505 0.39Kimco Realty 3.2% 01/05/2021 5,600,000 3,959 0.28Kimco Realty 3.4% 01/11/2022 2,015,000 1,414 0.10Kimco Realty 4.25% 01/04/2045 4,400,000 2,893 0.21Kinder Morgan 5.05% 15/02/2046 12,500,000 7,334 0.52Kraft Heinz Foods 5% 04/06/2042 3,000,000 2,256 0.16Lennar 4.875% 15/12/2023 3,995,000 2,753 0.20

9

Security Holdings

MarketValue£000

% ofNet

Assets




Liberty Mutual 4.95% 01/05/2022 5,000,000 3,752 0.27Lloyds Bank 2.7% 17/08/2020 4,300,000 3,013 0.21Lloyds Banking Group 4.5% 04/11/2024 10,130,000 7,045 0.50Lloyds Banking Group 4.65% 24/03/2026 4,845,000 3,324 0.24Lockheed Martin 3.8% 01/03/2045 3,930,000 2,615 0.19Lockheed Martin 4.7% 15/05/2046 5,680,000 4,360 0.31Macquarie Bank 3.9% 15/01/2026 19,190,000 13,420 0.95Masco 3.5% 01/04/2021 2,400,000 1,680 0.12McGraw Hill Financial 4.4% 15/02/2026 8,755,000 6,532 0.46McKesson 4.883% 15/03/2044 2,005,000 1,469 0.10Meccanica 6.25% 15/01/2040 2,000,000 1,319 0.09Medco Health Solutions 4.125% 15/09/2020 1,900,000 1,397 0.10Medtronic 3.5% 15/03/2025 4,000,000 2,950 0.21Merck 2.35% 10/02/2022 5,000,000 3,530 0.25Methanex 3.25% 15/12/2019 2,252,000 1,453 0.10MetLife 4.125% 13/08/2042 1,620,000 1,074 0.08MetLife 4.05% 01/03/2045 3,005,000 1,950 0.14Mexichem 5.875% 17/09/2044 2,300,000 1,428 0.10Micron Technology 5.25% 01/08/2023 320,000 186 0.01Micron Technology 5.625% 15/01/2026 2,850,000 1,583 0.11ML-CFC Commercial Mortgage Trust 2007-6 5.485% 12/03/2051

1,753,559 1,243 0.09

Morgan Stanley 3.875% 29/04/2024 15,000,000 10,868 0.77MPLX 5.5% 15/02/2023 2,000,000 1,336 0.10MTN Mauritius Investment 4.755% 11/11/2024 690,000 430 0.03Myriad International 5.5% 21/07/2025 6,180,000 4,296 0.31Nabors Industries 5% 15/09/2020 3,000,000 1,797 0.13NBCUniversal Media 5.15% 30/04/2020 9,565,000 7,530 0.54Newfield Exploration 5.625% 01/07/2024 930,000 609 0.04Noble Energy 5.25% 15/11/2043 4,285,000 2,567 0.18Northrop Grumman 3.85% 15/04/2045 2,500,000 1,706 0.12OCP 6.875% 25/04/2044 2,000,000 1,441 0.10Omnicom 3.625% 01/05/2022 3,000,000 2,181 0.16OneMain Financial Issuance Trust 2016-2 4.1% 20/03/2028

5,000,000 3,495 0.25

Pacific Gas & Electric 3.5% 15/06/2025 3,000,000 2,191 0.16Pernod Ricard 4.45% 15/01/2022 5,000,000 3,736 0.27Pernod Ricard 5.5% 15/01/2042 8,490,000 6,326 0.45Pioneer Natural Resources 3.45% 15/01/2021 1,600,000 1,101 0.08Pioneer Natural Resources 3.95% 15/07/2022 2,000,000 1,407 0.10Pioneer Natural Resources 4.45% 15/01/2026 3,460,000 2,408 0.17Principal Financial 3.4% 15/05/2025 9,111,000 6,244 0.44Principal Life Global Funding II 2.625% 19/11/2020 8,000,000 5,611 0.40Prudential Financial 5.375% 21/06/2020 6,513,000 5,033 0.36PulteGroup 4.25% 01/03/2021 1,745,000 1,232 0.09QEP Resources 5.375% 01/10/2022 265,000 162 0.01QEP Resources 5.25% 01/05/2023 585,000 356 0.03Quicken Loans 5.75% 01/05/2025 2,045,000 1,377 0.10Royal Bank of Scotland 6.4% 21/10/2019 6,347,000 4,938 0.35Royal Bank of Scotland 5.125% 28/05/2024 14,000,000 9,376 0.67Santander 4.5% 17/07/2025 6,000,000 4,263 0.30Santander 4.75% 15/09/2025 5,545,000 3,640 0.26Santander Issuances 5.179% 19/11/2025 1,600,000 1,070 0.08Scentre Group Trust 1 2.375% 05/11/2019 5,000,000 3,482 0.25Sempra Energy 3.75% 15/11/2025 3,300,000 2,344 0.17Shell International Finance 2.25% 06/01/2023 16,215,000 10,902 0.78

10

Security Holdings

MarketValue£000

% ofNet

Assets




Sigma Alimentos 5.625% 14/04/2018 3,890,000 2,854 0.20Sky 3.75% 16/09/2024 6,000,000 4,241 0.30SM Energy 6.125% 15/11/2022 140,000 70 -SM Energy 6.5% 01/01/2023 20,000 10 -SM Energy 5% 15/01/2024 325,000 156 0.01SM Energy 5.625% 01/06/2025 1,055,000 502 0.04Solvay Finance America 3.4% 03/12/2020 2,535,000 1,775 0.13Solvay Finance America 4.45% 03/12/2025 1,320,000 932 0.07Southwestern Electric Power 3.55% 15/02/2022 7,000,000 5,075 0.36Spirit Airlines 2015-1 Pass Through Trust B 4.45% 01/10/2025

4,000,000 2,632 0.19

Standard Chartered 3.95% 11/01/2023 4,000,000 2,679 0.19Sydney Airport Finance 3.375% 30/04/2025 5,000,000 3,415 0.24Targa Resources Partners 4.125% 15/11/2019 3,060,000 2,008 0.14TC Ziraat Bankasi 4.25% 03/07/2019 3,000,000 2,084 0.15Telecom Italia Capital 6.375% 15/11/2033 2,386,000 1,638 0.12Telecom Italia Capital 6% 30/09/2034 4,300,000 2,814 0.20Telefonica Emisiones 5.462% 16/02/2021 1,825,000 1,431 0.10Telefonica Emisiones 4.57% 27/04/2023 1,359,000 1,027 0.07Telefonica Emisiones 7.045% 20/06/2036 4,000,000 3,471 0.25Tenet Healthcare 4.5% 01/04/2021 6,500,000 4,502 0.32Tenet Healthcare 4.375% 01/10/2021 1,480,000 1,023 0.07Time Warner 5.35% 15/12/2043 5,241,000 3,883 0.28Time Warner 4.65% 01/06/2044 3,990,000 2,703 0.19Time Warner Cable 5.875% 15/11/2040 1,910,000 1,361 0.10Time Warner Cable 5.5% 01/09/2041 4,091,000 2,796 0.20Trans-Allegheny Interstate Line 3.85% 01/06/2025 3,000,000 2,136 0.15Travelers 4.3% 25/08/2045 4,000,000 2,958 0.21TTX 2.6% 15/06/2020 5,000,000 3,469 0.25Turkiye Is Bankasi 5% 30/04/2020 3,000,000 2,084 0.15Tyson Foods 2.65% 15/08/2019 1,985,000 1,409 0.10Tyson Foods 3.95% 15/08/2024 3,855,000 2,825 0.20Tyson Foods 4.875% 15/08/2034 6,010,000 4,402 0.31United Airlines 2014-1 Class B Pass Through Trust 4.75% 11/10/2023

4,760,464 3,265 0.23

United Airlines 2014-2 Class B Pass Through Trust 4.625% 03/03/2024

4,754,733 3,264 0.23

UnitedHealth 2.7% 15/07/2020 4,870,000 3,507 0.25UnitedHealth 4.75% 15/07/2045 4,620,000 3,673 0.26US Airways 2013-1 Class A Pass Through Trust 3.95% 15/05/2027

7,238,760 5,146 0.37

US Treasury 0.625% 30/09/2017 620,000 430 0.03US Treasury 1% 15/03/2019 9,960,000 6,937 0.49US Treasury 1.125% 28/02/2021 10,105,000 6,980 0.50US Treasury 2.5% 15/08/2023 22,635,000 16,717 1.19US Treasury 2.5% 15/02/2046 3,000,000 2,024 0.14Vale Overseas 4.375% 11/01/2022 2,500,000 1,456 0.10Verizon Communications 3.5% 01/11/2024 2,015,000 1,462 0.10Verizon Communications 5.05% 15/03/2034 8,000,000 5,966 0.42Verizon Communications 3.85% 01/11/2042 11,000,000 6,804 0.48Verizon Communications 4.862% 21/08/2046 6,380,000 4,663 0.33Verizon Communications 4.522% 15/09/2048 4,890,000 3,369 0.24Viacom 4.375% 15/03/2043 2,717,000 1,455 0.10Viacom 5.85% 01/09/2043 60,000 40 -Viacom 5.25% 01/04/2044 100,000 62 -WEA Finance 3.25% 05/10/2020 8,020,000 5,649 0.40

11

Security Holdings

MarketValue£000

% ofNet

Assets




Wells Fargo Commercial Mortgage Trust 2015-NXS4 3.718% 15/12/2048

1,234,000 910 0.06

Welltower 4% 01/06/2025 5,695,000 3,912 0.28Whiting Petroleum 5.75% 15/03/2021 5,265,000 2,440 0.17Whiting Petroleum 6.25% 01/04/2023 2,384,000 1,117 0.08Whiting Petroleum 5% 15/03/2019 350,000 167 0.01Williams Partners 4% 15/09/2025 5,520,000 3,084 0.22Williams Partners 5.1% 15/09/2045 4,000,000 1,991 0.14Willow No 2 Ireland PLC for Zurich Insurance 4.25% 01/10/2045

6,800,000 4,450 0.32

WPP Finance 2010 4.75% 21/11/2021 5,290,000 3,999 0.28WPP Finance 2010 3.75% 19/09/2024 2,955,000 2,074 0.15WPP Finance 2010 5.625% 15/11/2043 5,970,000 4,243 0.30YPF 8.5% 23/03/2021 3,075,000 2,136 0.15Zimmer Biomet 3.55% 01/04/2025 7,380,000 5,160 0.37

NON EQUITY INVESTMENT INSTRUMENTS (2.17%) - -

DERIVATIVES (-0.02%) (31,118) (2.22)

Futures - -US Treasury 2 Year Note CBT Futures June 2016 (583) 109 0.01

Interest Rate Swaps - -Morgan Stanley Interest Rate Swap Pay 0.026% 28/10/2017

(40,000,000) (61) (0.01)

Morgan Stanley Interest Rate Swap Pay 1.001% 17/11/2017

(20,000,000) (91) -


(33,000,000) (738) (0.06)


(132,500,000) (1,785) (0.12)


(118,651,500) (1,208) (0.09)


(45,000,000) (481) (0.04)


(250,000,000) (3,698) (0.27)


(12,500,000) (340) (0.03)


(248,000,000) (4,515) (0.32)


(29,000,000) (262) (0.02)


(35,000,000) (1,644) (0.12)


(78,500,000) (2,919) (0.21)


(132,000,000) (3,666) (0.26)


(40,000,000) (1,273) (0.09)


(165,000,000) (5,524) (0.39)


(107,544,800) (4,076) (0.29)


(25,000,000) (1,286) (0.09)

12

Security Holdings

MarketValue£000

% ofNet

Assets





(2,000,000) (140) (0.01)


(30,000,000) (1,692) (0.12)


(11,000,000) (1,003) (0.07)


(9,562,650) (601) (0.04)


(20,000,000) (1,371) (0.10)


(36,000,000) (2,591) (0.19)


(1,500,000) (186) (0.02)


(5,938,920) (475) (0.03)

Forward Currency Contracts - -Bought USD16,500,000 for GBP11,377,600 Settlement 15/06/2016

78 0.01

Bought USD4,200,000 for GBP2,968,418 Settlement 15/06/2016

(53) -

Bought USD85,000,000 for GBP59,210,343 Settlement 15/06/2016

(198) (0.01)

Sold USD870,650,000 for GBP613,652,382 Settlement 15/06/2016

9,195 0.65


6,834 0.49


114 0.01


92 0.01


59 -


(32) -

Sold EUR6,890,000 for GBP5,355,280 Settlement 15/06/2016

(99) (0.01)

13

Security

MarketValue£000

% ofNet

Assets





(183) (0.01)


(5,408) (0.38)

Investment assets^ 1,290,203 91.76

Total other assets (net) 115,857 8.24

Net assets 1,406,060 100.00

^ Including investment liabilities of (£47,599K).

Derivative contracts were traded on an eligible derivatives exchange.

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

Comparative figures shown in brackets relate to 30 September 2015.

All investments are approved securities as defined in the Collective Investment Schemessourcebook unless otherwise stated.

14

Material Portfolio Changes

PurchasesCost

£000UK Long Gilt Bond Futures December 2015 833,231US Treasury 10 Year Note CBT Futures December 2015 668,006US Treasury 0.625% 30/09/2017 163,352Morgan Stanley Interest Rate Swap Pay 1.626% 19/11/2020 163,126Morgan Stanley Interest Rate Swap Pay 1.517% 04/11/2020 161,645US Treasury 2 Year Note CBT Futures December 2015 151,530US Treasury 2 Year Note CBT Futures March 2016 147,626Euro-Bund Futures December 2015 109,126Morgan Stanley Interest Rate Swap Pay 2.088% 04/11/2025 106,686Morgan Stanley Interest Rate Swap Pay 1.374% 21/10/2020 106,493

SalesProceeds

£000UK Long Gilt Bond Futures December 2015 772,821US Treasury 10 Year Note CBT Futures December 2016 674,557US Treasury 0.625% 30/09/2017 164,256Morgan Stanley Interest Rate Swap Pay 1.626% 19/11/2020 163,126Morgan Stanley Interest Rate Swap Pay 1.517% 04/11/2020 161,645US Treasury 2 Year Note CBT Futures December 2016 149,460US Treasury 2 Year Note CBT Futures March 2016 137,050Euro-Bund Futures December 2015 110,818Morgan Stanley Interest Rate Swap Pay 2.088% 04/11/2025 106,686Morgan Stanley Interest Rate Swap Pay 1.374% 21/10/2020 106,493

Purchases and sales of futures have been included at the value of their exposure.


15

£000 £000 £000 £000

(15,821) 45,18124,233 18,079(8,538) (7,298)

(49) (1)

15,646 10,780(3,522) -

12,124 10,780

(3,697) 55,961(20,570) (17,570)

(24,267) 38,391

£000 £000 £000 £0001,287,140 1,044,606

247,076 252,958

(123,157) (124,350)

123,919 128,608

(24,267) 38,39119,268 14,069

1,406,060 1,225,674Closing net assets attributable to unitholders

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

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

01/10/15 to 31/03/16 01/10/14 to 31/03/15

Amounts receivable oncreation of units*

Retained distribution on accumulation units

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

Amounts payable on cancellation of units*

Comparative information is provided for the Statement of Change in Net Assets Attributable toUnitholders. Since this information is for the prior interim period, the net assets at the end ofthat period do not correspond to the net assets at the start of the current period.

for the period ended 31 March 2016 (unaudited)

Revenue

Distributions

Expenses

Net revenue before taxation

Total return before distributions

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

Net capital (losses)/gains

Statement of Total Return


Income


01/10/15 to 31/03/16 01/10/14 to 31/03/15



31/03/16 30/09/15

£000 £000 £000 £000

1,337,802 1,256,176

69,666 28,584

69,831 18,082

1,477,299 1,302,842

Liabilities

(47,599) (244)

Creditors

- (37)

(5,856) (5,553)

(17,784) (9,868)

(71,239) (15,702)1,406,060 1,287,140

Cash and bank balances

Investment liabilities

Total assets

Debtors


Balance Sheet

Assets

Investments

Accounting and Distribution policies

Basis of accounting

Current assets

Bank overdrafts

Distribution payable

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

Directors' Certificate

Other creditors

Total liabilitiesNet assets attributable to unitholders

London

The Financial Statements have been prepared under the historical cost basis, as modified by therevaluation of investments, in compliance with the Financial Conduct Authority's CollectiveInvestment Schemes Sourcebook. They have been prepared in accordance with United KingdomGenerally Accepted Accounting Practice, including Financial Reporting Standard 102 (TheFinancial Reporting Standard applicable in the UK and Republic of Ireland FRS 102) and inaccordance with the Statement of Recommended Practice (SORP) for Financial Statements ofAuthorised Funds issued by the Investment Management Association May 2014 (IMA SORP2014). The changes in the SORP 2014 are presentational only and there have been no changes toany figures detailed with the financial statements. The financial statements are prepared on thegoing concern basis.


27 May 2016

A. M. Croft D. J. Lamb


Group 1

Group 2

Grossrevenue

Incometax

Netrevenue Equalisation

Distributions paid to/ payable

31/07/16

Distributions paid to

31/07/15

Group 1 (p) (p) (p) (p) (p) (p)First interim 1.046 0.209 0.837 - 0.837 0.806Second interim 1.154 0.231 0.923 - 0.923 0.786

Group 2 (p) (p) (p) (p) (p) (p)First interim 0.586 0.117 0.469 0.368 0.837 0.806Second interim 0.564 0.113 0.451 0.472 0.923 0.786

Grossrevenue

Incometax



31/05/16


31/05/15

Group 1 (p) (p) (p) (p) (p) (p)First interim 1.309 0.262 1.047 - 1.047 0.983Second interim 1.458 0.292 1.166 - 1.166 0.966

Group 2 (p) (p) (p) (p) (p) (p)First interim 0.677 0.135 0.542 0.505 1.047 0.983Second interim 0.701 0.140 0.561 0.605 1.166 0.966

Grossrevenue

Incometax



31/05/16


31/05/15

Group 1 (p) (p) (p) (p) (p) (p)First interim 1.045 - 1.045 - 1.045 1.005Second interim 1.156 - 1.156 - 1.156 0.980

Group 2 (p) (p) (p) (p) (p) (p)First interim 0.536 - 0.536 0.509 1.045 1.005Second interim 0.561 - 0.561 0.595 1.156 0.980

Grossrevenue

Incometax



31/05/16


31/05/15

Group 1 (p) (p) (p) (p) (p) (p)First interim 1.316 - 1.316 - 1.316 1.228Second interim 1.468 - 1.468 - 1.468 1.207

Group 2 (p) (p) (p) (p) (p) (p)First interim 0.682 - 0.682 0.634 1.316 1.228Second interim 0.703 - 0.703 0.765 1.468 1.207

First interim Units purchased on or after 1 October 2015 to 31 December 2015Second interim Units purchased on or after 1 January 2016 to 31 March 2016

First interim Units purchased prior to 1 October 2015Second interim Units purchased prior to 1 January 2016


Distribution Tables

Distributions in pence per unit

Income

Accumulation

Gross Income

Gross Accumulation


St. James's Place Investment Grade Corporate Bond Unit Trust is an authorised Unit Trustscheme under section 243 of the Financial Services and Markets Act (2000) and is constitutedby a Trust Deed dated 2 April 2009.


General Information

The Trust

The investment objective of the Scheme is to provide an optimum balance of income generationand capital appreciation.

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

The Trust Manager

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

Investment Objectives

The investment objective of the Scheme is to provide an optimum balance of income generationand capital appreciation.

To achieve this, the Scheme will invest predominantly in a portfolio of investment grade*company debt securities. The Scheme may invest in any geographic area.

The Scheme is also permitted to invest in other asset classes permitted for UCITS Schemesincluding transferable securities, debt securities (which may include some or all of governmentbonds, supranational bonds, asset backed securities and mortgage backed securities), moneymarket instruments, cash and near cash, units in collective investment schemes, and deposits.

The Scheme is permitted to invest in derivatives for investment purposes and for the purposes ofefficient portfolio management (including hedging).

*Investment grade requires a credit rating equivalent to no lower than a ‘BBB minus’ from theratings agency Standard & Poor’s.

Please note that the investment objectives of the Scheme were amended by anExtraordinary General Meeting of Unitholders on 18 August 2015. The investmentobjectives prior to 19 October 2015 were as follows:

To achieve this, the Scheme will invest predominantly in a portfolio of investment grade* UKand EC company debt securities.

The Scheme is also permitted to invest in other asset classes permitted for UCITS Schemesincluding transferable securities, money market instruments, cash and near cash, units incollective investment schemes and deposits.

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

*Investment grade requires a credit rating equivalent to no lower than a 'BBB minus' from theratings agency Standard & Poor's.

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.



General Information (continued)

(a)(b)

Gross Unit Classes

On 6 October 2014 the Manager launched gross income and accumulation unit classes in theScheme. Gross income units and gross accumulation units are only available for investmentsheld within an ISA.

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

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

(67,445,640)

MORGAN STANLEY AND CO INC 481,109,447

BANK OF AMERICA, N.A. 955,883,528

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

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

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

An Annual Management Charge at a rate of 1.12 per cent (1.21 per cent prior to 26October 2015) of the value of the Trust.

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

Efficient Portfolio Management

Technique Counterparty Exposure (£)Exchange Traded Futures JP Morgan Chase Bank N.A (88,519,237)

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.

JP Morgan Chase Bank N.A

Currency Forwards

Exchange Traded Futures

The efficient portfolio management techniques permitted in the fund as at 30 September 2015comprise of:

Technique Counterparty Exposure (£)



General Information (continued)

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

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

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

Report

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

Capital Gains Tax

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

Income Distributions

Tax Vouchers

Income distributions are made quarterly on or before the 31 January, 30 April, 31 July and 31October.

Accumulation Distributions

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


Perivan Financial Print 240850 Investment Grade Corporate Bond (05/16)

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.

Documents

investment grade corporate bond Unit trUst - sjp.co.uk/media/Files/S/sjp-group/document-library/... · Loomis, Sayles & Company L.P. ... St. James's Place Investment Grade Corporate