NORTH AMERICAN UNIT TRUST - St. James's Place...

NORTH AMERICAN UNIT TRUST

FOR THE PERIOD ENDED 30TH SEPTEMBER 2011

H. J. GladmanD. J. LambW. P. Tonks

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 P.O. Box 9034, Chelmsford CM99 2XA.Freephone: 0800 027 1031

Saltire Court20 Castle TerraceEdinburgh, EH1 2EGUnited Kingdom

KPMG Audit Plc

RegistrarInternational Financial Data Services (UK) LimitedIFDS HouseSt. Nicholas LaneBasildon, SS15 5FSUnited Kingdom

(Authorised and regulated by the Financial Services Authority)

Auditor

TrusteeBNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria StreetLondon, EC4V 4LAUnited Kingdom


(Authorised by the Securities and Exchange Commission)

Investment AdviserReed Conner Birdwell LLC11111 Santa Monica Boulevard, Suite 1700,Los Angeles, CA 90025United States of America

St. James's Place Administration Limited

M. S. Wilson (Chairman)D. C. BellamyA. M. CroftI. S. Gascoigne

Secretary of the Manager

Directors of the Manager

St. James's Place North American Unit Trust

ManagerSt. James's Place Unit Trust Group LimitedP.O. Box 9034, Chelmsford, CM99 2XAUnited KingdomFreephone: 0800 027 1031


1

06/04/99 to 30/09/11

30/09/06 to 30/09/11

31/03/11 to 30/09/11

% change % change % change

-25.3 -1.8 -10.9-25.3 -1.8 -10.9

-12.6 +1.3 -12.4

Reed Conner Birdwell LLC 12 October 2011

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.

Investment Adviser's CommentsAfter leading the market earlier in 2011, the portfolio finished the review period lagging thebroader S&P 500 Index. In particular, financials were weak given the ongoing concerns over theEuropean sovereign debt crisis, while the slowdown in consumer spending and business activitypressured Consumer Discretionary and Industrial companies. The portfolio was helped by stabilityin the Consumer Staples and Healthcare sectors as well as merger activity.

Among the portfolio’s strongest performers were Ralcorp, Nalco and Goodrich, all of whichadvanced on takeover offers and were subsequently sold. Among the weaker performers wereBank of New York Mellon which suffered from the low interest rate environment, AES whichfaced softer electricity demand, and ITT which pulled back from an advance earlier this year.The markets’ difficulties can be traced to the developed economies’ high levels of debt – bothpublic and private – in relation to GDP. These economies lack the capacity to spend their wayback to growth. Reducing the debt ratio to manageable levels will be accomplished throughsome combination of economic growth, higher savings and default. The first is presentlyproblematic and the latter two depress the first.

While the developed world lurches from crisis to solution, markets will likely face elevatedvolatility. We do not view this market choppiness – and the related economic and politicalenvironment – as an investment challenge but rather an opportunity due to the attractive pricespresented to investors. Difficulties will be overcome and good businesses will find a way to profit.In response to this environment, we increased the portfolio’s exposure to Consumer Staples(ConAgra Foods, HJ Heinz, Hershey), Healthcare (Abbott Laboratories), and Technology (eBay,EMC, Texas Instruments). In particular, Consumer Staples and Healthcare should hold up wellamidst a slow economy, yet they are also projected to grow in emerging markets as incomes riseon those countries.To develop a view of the future, economists devote many hours contemplating whether the worldshould save or spend its way to growth. While much of the world awaits an answer, ourinvestment team devotes its research to finding great businesses that can withstand – andperhaps thrive – during trying times. The recent portfolio changes meet these criteria, and wewill continue in that vein.

St. James's Place North American Unit TrustIncome units (offer to offer)Accumulation units (offer to offer)Indices - actualStandard & Poor's 500 Index


Report of the Manager

During the period under review, 1 April 2011 to 30 September 2011, the St. James's Place NorthAmerican Unit Trust Income unit offer price fell by 10.9% from 83.84p to 74.69p and theAccumulation unit offer price (in which revenue is reflected in the price rather than distributed)fell by 10.9% from 83.84p to 74.69p. On the 15 November 2011, the latest available datebefore the printing of this report, the Income unit offer price was 78.71p and the Accumulationunit offer price was 78.71p. The estimated yield was 0.00%.

The Trust's Performance

The performance of the Trust since its launch in April 1999, over the five year period sinceSeptember 2006 and over the period under review is shown below, together with figures for themost commonly quoted indices in comparable markets where the major proportion of the Trusthas been invested.

2

Highest Lowest Highest LowestOffer Bid Offer Bid

p p p p82.12 65.00 82.12 65.0084.99 64.82 84.99 64.8272.69 38.92 72.69 38.9272.06 41.78 72.06 41.7884.40 65.68 84.40 65.6886.60 65.22 86.60 65.22

per £1,000 per £1,000Invested Invested

per unit 03/01/06 per unit at 03/01/06p £ p £- - - -- - - -- - - -- - - -- - - -- - - -

Units in Issue Units in Issue Market NAV per Unit NAV per UnitIncome Accumulation NAV of Trust Income Accumulation

£'000 p p1,392,668 60,118,587 29,153 47.39 47.391,872,853 94,549,482 73,236 75.95 75.951,907,349 146,641,260 118,404 79.71 79.712,177,241 174,716,343 125,638 71.02 71.02

TER†(%)

1.571.63

2011*


Performance Record

Unit Price History

Calendar year

Income Accumulation

20062007200820092010

2011*

Distributions

The record of net distributions paid per unit is shown below:

Calendar year

Income AccumulationNet revenue distributed Net revenue distributed

20062007200820092010

2011*

Net Asset Values

Year endedMarch2009201020112011*

Total Expense RatioYear endedMarch2011

† The Total Expense Ratio (TER) is the total expenses paid by the Trust in the period, annualised,against its average net asset value.

* To 30 September 2011

3

Security Holdings

MarketValue

£

% ofNet

Assets

UNITED STATES (90.76%) 115,041,774 91.57

Aerospace & Defence (1.91%) 3,370,218 2.68General Dynamics 90,400 3,370,218 2.68

Banks (4.34%) 5,102,288 4.06First Republic Bank 156,900 2,364,315 1.88JPMorgan Chase 136,200 2,737,973 2.18

Chemicals (2.16%) 2,443,334 1.95Dow Chemical 160,100 2,443,334 1.95

Electricity (4.79%) 5,297,924 4.22AES 806,060 5,297,924 4.22

Electronic & Electrical Equipment (8.03%) 4,410,605 3.51

Teleflex 126,000 4,410,605 3.51

Equity Investment Instruments (3.81%) 4,906,668 3.91TE Connectivity 263,225 4,906,668 3.91

Financial Services (13.36%) 17,533,610 13.96Bank of New York Mellon 377,800 4,687,674 3.73Equifax 221,800 4,457,333 3.55Federated Investors 207,400 2,435,071 1.94Liberty Media - Interactive 605,250 5,953,532 4.74

Food & Drug Retailers (3.38%) - -

Food Producers (3.89%) 10,936,091 8.71ConAgra Foods 201,900 3,149,872 2.51Hershey 102,100 3,857,474 3.07HJ Heinz 119,200 3,928,745 3.13

Gas, Water & Multiutilities (0.00%) 2,037,252 1.62Questar 176,800 2,037,252 1.62

General Industrials (8.36%) 11,064,013 8.80General Electric 335,400 3,406,691 2.71Loews 249,400 5,632,488 4.48Tyco International 74,810 2,024,834 1.61

General Retailers (6.24%) 9,967,345 7.93eBay 186,100 3,661,139 2.91JC Penney 155,700 2,754,576 2.19Lowe's 276,800 3,551,630 2.83

Health Care Equipment & Service (3.97%) 7,921,840 6.30Abbott Laboratories 112,000 3,723,757 2.96Covidien 145,100 4,198,083 3.34

Industrial Engineering (5.72%) 6,872,821 5.47ITT 141,800 3,953,487 3.15Woodward 159,800 2,919,334 2.32

Life Insurance (1.81%) 2,522,539 2.01Symetra Financial 465,000 2,522,539 2.01

Non Life Insurance (8.45%) 5,600,346 4.46Alleghany 30,463 5,600,346 4.46

Oil & Gas Producers (5.50%) 7,969,644 6.34Chesapeake Energy 279,000 4,791,034 3.81Hess 89,300 3,178,610 2.53


Investment Assets

as at 30 September 2011 (unaudited)

4

Security Holdings

MarketValue

£

% ofNet

Assets


Investment Assets (continued)


Real Estate Investment & Services (1.24%) - -

Software & Computer Services (3.80%) - -

Technology Hardware & Equipment (0.00%) 7,085,236 5.64EMC 300,600 4,109,516 3.27Texas Instruments 170,800 2,975,720 2.37

UNITED KINGDOM (5.10%) 2,251,965 1.79St. James's Place Money Market Unit Trust (Acc)† 2,170,111 2,251,965 1.79

Investment assets 117,293,739 93.36

Total other assets (net) 8,344,105 6.64

Net assets 125,637,844 100.00

Comparative figures shown in brackets relate to 31 March 2011.† During the period under review the Manager decided to place some of the sterling cash held ondeposit 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 is ratedAAA by Standard & Poors. Previously named St. James's Place Cash Unit Trust (Acc) until 12September 2011. This investment is a related party.

5

Summary of Material Portfolio Changes

PurchasesCost

£St. James's Place Money Market Unit Trust (Acc)† 24,668,689HJ Heinz 3,861,704Abbott Laboratories 3,793,265EMC 3,687,679Hershey 3,602,416eBay 3,592,902Dow Chemical 3,497,034Nalco 3,430,180Texas Instruments 3,416,839General Dynamics 3,405,587JC Penney 3,398,722ConAgra Foods 3,378,724General Electric 3,238,477First Republic Bank 3,170,366Federated Investors 3,158,744Hess 3,012,561Questar 2,068,761Symetra Financial 1,773,744Alleghany 1,631,768Chesapeake Energy 1,537,453

Other purchases 11,805,788Total purchases for the period 95,131,403

SalesProceeds

£St. James's Place Money Market Unit Trust (Acc)† 28,459,563White Mountains Insurance 7,014,677Ralcorp 5,912,959Wendy's 5,580,735Coinstar 5,310,540Yahoo! 4,716,109Nalco 4,374,132Goodrich 2,837,242Tyco International 2,716,378Central Garden and Pet Company (non voting shares) 2,707,453Pioneer Natural Resources 2,229,170Spartech 2,112,095Hilltop 1,290,848JPMorgan Chase Warrants Expiry 28/10/2018 1,255,345Total sales for the period 76,517,246


† This investment is a related party. St. James's Place Money Market Unit Trust (Acc) previously named St. James's Place Cash Unit Trust (Acc) until 12 September 2011.

6

£ £ £ £

(14,610,946) (8,157,944)756,082 509,598

(1,053,638) (664,740)(2,519) (1,273)

(300,075) (156,415)(94,299) (82,175)

(394,374) (238,590)

(15,005,320) (8,396,534)- -

(15,005,320) (8,396,534)

£ £ £ £118,404,390 73,236,468

26,565,576 23,419,259

(4,326,051) (826,387)

22,239,525 22,592,872(751) (546)

(15,005,320) (8,396,534)

125,637,844 87,432,260

Bid Offerp p

70.96 74.6970.96 74.69

The prices per unit as at 30 September 2011 were:

Income unitsAccumulation units

Closing net assets attributable to unitholders

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.

Amounts receivable oncreation of unitsAmounts payable on cancellation of units

Stamp duty reserve taxChange in net assets attributable to unitholders from investment activities (see above)

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

Finance costs: Equalisation

Change in net assets attributable to unitholders from investment activities

Statement of Change in Net Assets Attributable to Unitholders

for the period 01 April 2011 to 30 September 2011 (unaudited)

01/04/11 to 30/09/11 01/04/10 to 30/09/11

ExpensesFinance costs: Interest

Net expenses before taxationTaxation

Net deficit after taxation

Total return before equalisation

01/04/11 to 30/09/11 01/04/10 to 30/09/11

Income Net capital losses Revenue

Statement of Total Return



7


30/09/11 31/03/11

£ £ £ £

117,293,739 113,496,543495,857 1,776,343

7,864,024 10,282,976

8,359,881 12,059,319

125,653,620 125,555,862

Creditors (15,776) (4,813,669)- (2,337,803)

(15,776) (7,151,472)

125,637,844 118,404,390

Directors

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

H. J. Gladman London

A. M. Croft 17 November 2011


Basis of accountingThe interim financial statements have been prepared on the same basis as the audited annualfinancial statements for the year ended 31 March 2011. They have been prepared under thehistorical cost basis, as modified by the revaluation of investments, and in accordance with theStatement of Recommended Practice (SORP) for Financial Statements of Authorised Funds issuedby the Investment Management Association (IMA) in October 2010 (the IMA SORP 2010).

Directors' Certificate

Total liabilities

Net assets attributable to unitholders

Accounting policies

Cash and bank balances

Total other assets

Total assets

Liabilities

Bank overdrafts


AssetsInvestment assetsDebtors

Balance Sheet

8

(a)

(b)

Management Charges

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

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

An Annual Management Charge at a rate of 1.5 per cent of the value of the Trust.

The minimum lump sum investment is £1,500, thereafter the minimum additional investment is£1000. The minimum monthly investment to the Unit Trust Investment Plan is £150 and theminimum monthly increment is £50. The minimum annual investment to the Unit TrustInvestment Plan is £1,500 per Trust and the minimum annual increment is £500.

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, P.O. 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 the dealing day, onthat 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.

Telephone instructions are not accepted for ISA wrapped investments or the Unit TrustInvestment Plan (Regular Premium Unit Trust).

A contract note confirming the subscription or redemption price and the number of units involvedwill be forwarded, together with a cancellation notice, where appropriate, on the next businessday.

The most recent issue and redemption prices will be published in the Daily Telegraph and on theManager's website: www.sjp.co.uk.

Minimum Investment

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.

European Savings Directive

It is the Manager's intention that the Trust will not normally hold 15% or more of its value inmoney debt instruments.

The Unit Trust is subject to the rules of the Financial Services 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 a member of theIMA and is authorised and regulated by the Financial Services Authority.

Investment Objectives

The Scheme aims to maximise total return, comprising both capital appreciation and income,through investments principally but not exclusively in North American (United States of America,Canada and Mexico) stock markets. The Scheme will invest in a wide range of North Americansecurities which may include investments that are listed, registered or trading within this area.

St. James's Place North American Unit Trust is an authorised Unit Trust scheme under section 243of the Financial Services and Markets Act (2000) and is constituted by a Trust Deed dated 12March 1999.


General Information (continued)

The Trust

9


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 accumulation unitholders(where the distribution income is reinvested) receive an annual consolidated tax voucher in Maywith all the relevant payment and tax information required to complete a tax return.

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 each year.

Capital Gains Tax

The Trust is not liable to tax on capital gains and an individual holding units will not be liable tocapital gains tax unless the total chargeable gains for the tax year 2011/2012 exceed £10,600(2010/2011 £10,100).

Tax Vouchers

Income Distributions

Income distributions are made semi-annually on or before 31 May and 30 November each year.

Accumulation Distributions

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

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NOTES

11

Notes 2 pages_Layout 1 09/06/2011 08:13 Page 11

NOTES

12

Notes 2 pages_Layout 1 09/06/2011 08:13 Page 12

UK members of the St. James’s Place Wealth Management Group are authorised and regulated by the Financial Services Authority.

St. James’s Place Unit Trust Group Limited: Registered Offi ceSt. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP

United Kingdom. Registered in England Number 947644

Perivan Financial Print 223666 North American (11/11)

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