“PUTM ACS Funds” Or the “Scheme”)

PHOENIX UNIT TRUST MANAGERS

MANAGER’S ANNUAL REPORT For the year: 1 February 2020 to 31 January 2021

PUTM Authorised Contractual Scheme (“PUTM ACS Funds” or the “Scheme”)

Contents ACS manager’s report* 2

Accounting policies 3-6

PUTM ACS European ex UK Fund 7-33

PUTM ACS Japan Equity Fund 34-58

PUTM ACS Lothian European ex UK Fund 59-75

PUTM ACS Lothian North American Equity Fund 76-93

PUTM ACS Lothian UK Listed Equity Fund 94-111

PUTM ACS North American Fund 112-149

PUTM ACS UK All-Share Listed Equity Fund 150-179

Responsibilities of the ACS manager and the depositary* 180

Depositary’s report and directors’ statement 181

Independent auditor’s report 182-184

Appendix 185-192

Corporate information* 193-198

*These collectively comprise the ACS Manager’s Report.

1 ACS MANAGER’S REPORT

THE SCHEME PUTM ACS Funds (“the Scheme”) is an Authorised Contractual Scheme. Subsequent references to the ‘Scheme’ relate to PUTM ACS Funds. The Scheme is organised as an umbrella co-ownership scheme comprising separate Sub-funds. Each Sub-fund shall have a segregated portfolio of assets and, accordingly, the assets of a Sub-fund are allocated exclusively to that Sub-fund and shall not be used or made available to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including any other Sub-fund and shall not be available for any other purpose. Unitholders are not liable for the debts of a Sub-fund. The Scheme is subject to the rules of the FCA as set out in the Collective Investment Schemes Sourcebook (“COLL”) which form part of the FCA handbook. The property of the Scheme is entrusted to HSBC Bank Plc as depositary (“the Depositary”). The object of the Scheme is to invest the scheme property through its Sub-funds, and the objective of each Sub-fund is for the ACS Manager on behalf of the unitholders, as co- owners of the relevant Sub-fund’s property, to invest that property in transferable securities, money market instruments, derivatives and forward transactions, deposits, cash, near cash, units in collective investment schemes and immovable property, in accordance with the regulations applicable to the Scheme and each Sub-fund with the aim of spreading investment risk and giving the unitholders the results of the management of that property. Each Sub-fund has a different investment objective, and in the financial statements you will find an investment review for each Sub-fund which includes details of the investment objectives. As at 31 January 2021 there were 7 active Sub-funds in the PUTM ACS Funds.

AUTHORISED STATUS The Financial Conduct Authority authorised the PUTM ACS Funds as a UCITS Scheme.

THE FINANCIAL STATEMENTS We are pleased to present the annual financial statements of the Scheme for the year ended 31 January 2021. As required by the regulations, information for each of the Sub- funds has also been included in these financial statements. On the following pages we review the performance of each of those Sub-funds during the year. We hope that you find the review useful and informative.

2 Accounting Policies

The following accounting policies apply to all Sub-funds, where applicable.

Note 1 Accounting policies (a) Basis of preparation The financial statements have been prepared under the historical cost basis, as modified by the revaluation of investments and in accordance with Financial Reporting Standard (FRS102) and in accordance with the Statement of Recommended Practice (SORP) for Financial Statements of UK Authorised Funds issued by The Investment Association (‘IA’) in May 2014 and as amended in June 2017. The financial statements are prepared on a going concern basis. The ACS Manager has made an assessement of the Sub-funds’ ability to continue as a going concern, and is satisfied it has the resources to continue in business for the foreseeable future and is not aware of any material uncertainties that may cast significant doubt on this assessment. This assessment is made for a period of 12 months from when the financial statements are authorised for issue and considers liquidity, declines in global capital markets, known redemption levels, expense projections, key service provider's operational resilience and the impact of COVID-19. (b) Valuation of investments The quoted investments of the Sub-funds have been valued at bid dealing prices as at close of business on 29 January 2021, the last valuation point in the accounting year, in accordance with the ACS Deed. Investments in collective investment schemes have been valued at bid price for dual priced funds or the single price for single priced funds. Where these investments are managed by the ACS Manager or an associate of the ACS Manager, the holdings have been valued at the cancellation price for dual priced funds or the single price for single priced funds. This price is the last available published price at the year end. Derivatives are valued as at close of business on 29 January 2021, the last valuation point of the accounting year. Exchange traded derivatives are priced at fair value, which is deemed to be the bid price. (c) Foreign exchange Transactions in foreign currencies during the year are translated into Sterling (the functional currency of the Sub-funds), at the rates of exchange ruling on the transaction date. Amounts held in foreign currencies have been translated at the rate of exchange ruling at close of business, 29 January 2021, the last valuation point in the accounting year. (d) Revenue Dividends receivable from equity investments and distributions receivable from collective investment schemes are credited to revenue when they are first quoted ex-dividend. Interest receivable on bank deposits is accounted for on a receipts basis and money market funds is accounted for on an accruals basis. Any commission arising from stocklending is recognised on an accruals basis and is disclosed net of fees.

3 Accounting Policies

Note 1 Accounting policies (continued) (d) Revenue (continued) Dividends received from US REITs are allocated between revenue and capital for distribution purposes. The split is based on the year end tax reporting data issued by the US REIT available on the website www.REIT.com. Where the split of revenue and capital has not been announced at the accounting date a provisional split will be used. The provision will be calculated on the prior year's aggregated dividend split for each US REIT. (e) Special dividends Special dividends are treated either as revenue or repayments of capital depending on the facts of each particular case. It is likely that where the receipt of a special dividend results in a significant reduction in the capital value of the holding, then the special dividend should be treated as capital in nature so as to ensure the matching principle is applied to gains and losses. Otherwise, the special dividend should be treated as revenue. (f) Expenses Expenses are accounted for on an accruals basis. Expenses of the Sub-funds are charged against revenue, except for FCA and costs associated with the purchase and sale of investments, which are charged to capital. (g) Stock dividends The ordinary element of stocks received in lieu of cash is recognised as revenue. Any excess in value of shares received over the amount of cash forgone would be treated as capital. (h) Taxation As the Scheme is an umbrella co-ownership ACS neither the Scheme or its Sub-funds are subject to tax on income or capital gains. On a daily basis unitholders will be advised of their share of the aggregated accrued income, expenses and withholding tax paid. It is the responsibility of the unitholders to maintain a record of the relevant amounts of income equalisation and to make the appropriate adjustment when completing the tax calculations.

Note 2 Distribution policies (a) Basis of distribution Revenue produced by the Sub-funds’ investments accumulates during each accounting period. If, at the end of each accounting period, revenue exceeds expenses, the net revenue of the Sub-fund is available to be accumulated to unitholders. (b) Unclaimed distributions Distributions remaining unclaimed after six years are paid into the Sub-funds as part of the capital property. (c) Apportionment to multiple unit classes With the exception of the ACS Manager’s periodic charge, the allocation of revenue and expenses to each unit class is based upon the proportion of the Sub-funds’ assets attributable to each unit class on the day the revenue is

4 Accounting Policies

Note 2 Distribution policies (continued) (c) Apportionment to multiple unit classes (continued) earned or the expense is suffered. Consequently, the revenue available to distribute for each unit class will differ. (d) Special dividends It is the policy of the Sub-funds, where applicable, to distribute special dividends which have been treated as revenue. (e) Expenses In determining the net revenue available for distribution, FCA fees and charges in relation to safe custody of investments are ultimately borne by capital. (f) Stock dividends It is the policy of the Sub-funds, where applicable, to distribute the revenue element of stock dividends.

Note 3 Risk management policies The risks arising from the Sub-funds’ financial instruments are market price risk, interest rate risk, foreign currency risk, liquidity risk, credit risk and counterparty risk. The ACS Manager’s policies for managing these risks are summarised below and have been applied throughout the year. (a) Market price risk Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Sub-funds might suffer through holding market positions in the face of price movements. The Sub- funds’ investment portfolios are exposed to market fluctuations which are monitored by the ACS Manager in pursuit of the investment objectives and policies. Adherence to investment guidelines and to investment and borrowing powers set out in the ACS Deed, the Prospectus and in the Collective Investment Schemes Sourcebook (“the Sourcebook”) mitigates the risk of excessive exposure to any particular type of security or issuer. (b) Interest rate risk The majority of the Sub-funds’ financial assets are equity shares and other investments which neither pay interest nor have a maturity date. Interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. (c) Foreign currency risk On some of the Sub-funds a substantial proportion of the Sub-funds’ investment portfolio is invested in overseas securities and the Balance sheet can be significantly affected by movements in foreign exchange rates. The Sub-funds may be subject to short term exposure to exchange rate movements between placing the purchase or sale of securities and agreeing a related currency transaction albeit usually the two transactions are agreed at the same time. Any such currency transactions must be used in accordance with the investment objective of the Sub-funds and must be deemed by the Investment Manager to be economically appropriate. Regular production of portfolio risk reports highlight concentrations of risk, including currency risk, for the Sub-funds.

5 Accounting Policies

Note 3 Risk management policies (continued) (d) Liquidity risk The Sub-funds’ assets are comprised of mainly readily realisable securities. If insufficient cash is available to finance unitholder redemptions then securities held by the Sub-fund may need to be sold. The risk of low market liquidity, through reduced trading volumes, may affect the ability of the Sub- funds to trade financial instruments at values previously indicated by financial brokers. From time to time, liquidity may also be affected by stock specific or economic events. To manage these risks the ACS Manager performs market research in order to achieve the best price for any transactions entered into on behalf of the Sub-funds. All stocks are valued daily but those stocks identified as being less liquid are reviewed on a regular basis for pricing accuracy. (e) Counterparty risk Certain transactions in securities that the Sub-funds enter into expose them to the risk that the counterparty will not deliver the investment (purchase) or cash (sale) after the Sub-fund has fulfilled its responsibilities. The Sub-funds only buy and sell investments through brokers which have been approved by the ACS Manager as an acceptable counterparty. This list is reviewed annually. (f) Derivatives Derivative transactions may be used by the Sub-funds for the purposes of meeting their investment objectives and also for hedging. In doing so the ACS Manager may make use of a variety of derivative instruments in accordance with the Sourcebook. The use of derivatives for investment purposes means that the net asset value of the Sub-funds may at times have high volatility, although derivatives will not be used with the intention of raising the risk profile of the Sub-funds. Where derivatives are used for hedging this will not compromise the risk profile of the Sub-funds. Use of derivatives will not knowingly contravene any relevant investment objective or limits. The ACS Manager has used exchange traded futures to hedge the Sub-funds’ assets against market volatility in the FTSE All-Share index and to hedge against assets denominated in foreign currency. The derivative counterparty is shown at the bottom of the Portfolio of investments in each Sub-fund where applicable.

6 PUTM ACS European ex UK Fund Investment review

Dear Investor Performance Review Welcome to the PUTM ACS European ex UK Fund report Over the review period, the PUTM ACS European ex UK for the 12 months to 31 January 2021. Fund returned 6.75% (Source: Factset: Gross of AMC; based on the movement in the Cancellation Price from 31/01/20 to 31/01/21). This was compared to a return of 7.46% for the benchmark index (Source: Factset: MSCI Europe (ex-UK) Index, Total Return from 31/01/20 to 31/01/21, in GBP).

Standardised Past Performance

Jan20 - Jan21 Mar19* - Jan20 % growth % growth

PUTM ACS European ex UK Fund 6.75 10.40 – – –

Benchmark Index 7.46 11.48 – – –

Source: Sub-fund performance: Factset: Gross of AMC; based on the movement in the Cancellation Price from 31 January 2020 to 31 January 2021. Benchmark index performance: MSCI Europe (ex-UK) Index, Total Return from 31 January 2020 to 31 January 2021.*Since inception.

Past performance is not a guide to future performance. Please note that all past performance figures are calculated without taking the initial charge into account. The value of units and the income from them can go down as well as up and is not guaranteed. You may not get back the full amount invested.

7 PUTM ACS European ex UK Fund Investment review

Market Review Sub-fund Review European shares (excluding the UK) finished slightly higher An overweight position in the German fintech firm Wirecard over the period, although there were a few negative outliers, detracted from performance. The share price collapsed after such as Spain and Belgium. accounting fraud was uncovered at the company. The stock At the beginning of 2020, greater clarity on Brexit and a had scored highly on our measures of trend. Conversely, the ‘phase-one’ trade agreement between the US and China Sub-fund benefited from an underweight holding in the also drove markets upwards. However, European investor aerospace manufacturer Airbus. The share price fell confidence nosedived with market returns as Covid-19 because of an expected slump in future aircraft orders due spread around the world. Eurozone economic activity to Covid-19 lockdown measures. Our measures of trend collapsed as countries shut down to tackle the coronavirus. gave Airbus a negative rating. In response, the European Central Bank (ECB) announced Lastly, in terms of our enhanced factors, the value and a massive €750 billion corporate and government bond- prudent management factors underperformed. The factors buying scheme to shore up markets. for trend and sentiment outperformed. Bond buying by central banks around the world ignited a rebound in European bourses from April onwards. Markets Outlook rose on signs of falling infection rates and hopes for the The outlook for European equity markets may be more lifting of lockdown restrictions. While stocks dipped in favourable than it has been for a while. In the near term, September and October due to a dramatic rise in Covid-19 the outlook for 2021 earnings growth recovery looks cases, November saw European equities post one of their attractive and, for the first time in some time, European best months. This was driven by news of major vaccine earnings growth is forecast to outpace that of the US. breakthroughs, a Biden presidency and falling new However, we must bear in mind that it has taken coronavirus cases in the latter half of the month. December unprecedented levels of stimulus to avoid a more severe saw a continuation of this trend. The rollout of vaccinations, crisis. At some point, this debt has to be repaid. a new Brexit trade deal, confirmation of Joe Biden’s US Furthermore, longer-term growth and interest rates are likely presidential victory, a new US stimulus package and the to remain low at a time of rising debt. Some of the issues €500 billion expansion of the ECB’s monetary stimulus that have made Europe unpopular for investors in the past programme all combined for a near-universally positive are less pertinent now – trade wars, populism and politics. month for equities. This was even as a second wave of These have given way to coordinated efforts to support the infections continued to surge through the continent, economy through troubled times. What matters from here is resulting in an extension of lockdown measures. successfully containing Covid-19 and a relatively rapid January 2021 brought a halt to this upward momentum, recovery. and most European indices fell amid renewed lockdown measures, a slow vaccine rollout and a spat with the UK about vaccine supply. In the midst of this, the ECB maintained rates, although it said it stood ‘ready to act’.

8 PUTM ACS European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Europe (31/01/20 – 99.64%) 98.99 Aerospace & Defence (31/01/20 – 1.65%) 1.03 13,279 MTU Aero Engines 2,264 0.21 64,317 Safran 5,921 0.55 43,267 Thales 2,838 0.27 Alternative Energy (31/01/20 – 0.30%) 0.34 23,028 Vestas Windsystems 3,649 0.34 Automobiles & Parts (31/01/20 – 2.13%) 3.64 90,481 BMW 5,620 0.52 259,573 Daimler 13,366 1.24 12,965 Ferrari New 1,975 0.18 58,668 Michelin 5,909 0.55 22,916 Porsche Preference 1,167 0.11 190,667 Stellantis 2,111 0.20 64,783 Volkswagen Preference 8,990 0.84 Banks (31/01/20 – 5.91%) 5.96 777,277 Banco Santander 1,661 0.16 477,112 BNP Paribas 16,789 1.56 235,287 Credit Agricole 1,952 0.18 930,768 Credit Suisse 8,953 0.83 149,917 DNB 2,141 0.20 670,208 ING Groep 4,373 0.41 6,577,297 Intesa Sanpaolo 10,503 0.98 35,931 Julius Baer Group 1,588 0.15 85,018 KBC Group 4,338 0.40 561,416 Mediobanca 3,657 0.34 6,035 Nordea Bank 36 0.00 614,723 Nordea Bank new 3,659 0.34 108,266 Raiffeisen Bank International 1,546 0.14 214,075 Société Générale 2,924 0.27 Beverages (31/01/20 – 1.91%) 1.38 45,965 Anheuser-Busch InBev 2,113 0.19 97,891 Carlsberg ‘B’ 10,519 0.98 39,112 Coca-Cola European Partners 1,324 0.12 10,666 JDE Peet’s 300 0.03 4,620 Pernod Ricard 636 0.06 Chemicals (31/01/20 – 4.04%) 4.29 12,983 Air Liquide 1,550 0.14 60,993 AkzoNobel 4,524 0.42 15,232 Arkema 1,233 0.12 52,062 BASF 2,949 0.27 44,308 Bayer 1,959 0.18

9 PUTM ACS European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Chemicals (continued) 55,904 Brenntag 3,210 0.30 34,867 Covestro 1,726 0.16 721 Ems-Chemie 496 0.05 25,237 Evonik Industries 608 0.06 110,210 Lanxess 6,075 0.57 44,652 Sika 8,857 0.82 67,458 Solvay 5,611 0.52 19,948 Umicore 825 0.08 191,415 Yara International 6,503 0.60 Construction & Materials (31/01/20 – 6.51%) 5.30 142,451 Actividades de Construcción y Servicios 3,239 0.30 142,451 Actividades de Construcción y Servicios Rights 51 0.00 400,827 Assa Abloy ‘B’ 7,260 0.68 176,102 Bouygues 5,048 0.47 167,235 CRH 5,076 0.47 74,635 Eiffage 4,946 0.46 1,172 Ferrovial 21 0.00 17,278 Geberit 7,714 0.72 29,247 HeidelbergCement 1,581 0.15 27,251 Kingspan Group 1,346 0.13 90,720 LafargeHolcim 3,582 0.33 194,082 Saint Gobain 7,052 0.66 251,869 Skanska ‘B’ 4,776 0.44 78,016 Vinci 5,284 0.49 Electricity (31/01/20 – 4.17%) 3.49 212,148 Electricite de France 1,929 0.18 72,360 Endesa 1,351 0.12 1,594,263 Enel 11,553 1.07 109,285 Energias de Portugal 500 0.05 42,737 Fortum 757 0.07 2,014,035 Iberdrola 19,930 1.85 28,924 Iberdrola new 286 0.03 9,113 Orsted 1,260 0.12 Electronic & Electrical Equipment (31/01/20 – 2.68%) 3.02 65,672 Hexagon 4,208 0.39 60,570 Legrand Promesses 4,062 0.38 65,051 Prysmian 1,533 0.15 172,111 Schneider Electric 18,409 1.71 166,339 Uniper 4,238 0.39

10 PUTM ACS European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Financial Services (31/01/20 – 2.97%) 4.64 67,611 Amundi 3,667 0.34 4,943 Groupe Bruxelles Lambert 357 0.03 49,363 Industrivärden ‘C’ 1,146 0.11 249,196 Investor ‘B’ 13,388 1.25 156,251 Kinnevik AB 5,609 0.52 15,127 Partners Group 13,058 1.21 73,735 Prosus 6,249 0.58 611,583 UBS 6,443 0.60 Fixed Line Telecommunications (31/01/20 – 0.61%) 1.02 1,362,138 Koninklijke 3,104 0.29 217,860 Orange 1,870 0.17 43,445 Proximus 666 0.06 4,761 Swisscom 1,892 0.18 4,966,903 Telecom Italia 1,552 0.14 612,348 Telefónica 1,925 0.18 Food & Drug Retailers (31/01/20 – 2.37%) 2.05 196,419 Carrefour 2,431 0.23 37,352 Colruyt 1,677 0.15 58,689 HelloFresh 3,614 0.34 149,253 Jeronimo Martins 1,779 0.17 47,356 Kesko B 897 0.08 557,852 Koninklijke Ahold Delhaiz 11,638 1.08 Food Producers (31/01/20 – 6.02%) 4.54 90,552 Danone 4,379 0.41 539,833 Nestle ‘R’ 44,208 4.11 37,447 Orkla 266 0.02 Forestry & Paper (31/01/20 – 0.91%) Gas, Water & Multiutilities (31/01/20 – 2.44%) 2.26 107,108 E.On 826 0.08 257,417 Enagás 4,139 0.39 124,424 Engie 1,410 0.13 29,476 Naturgy Energy 555 0.05 351,911 Red Electrica Corporation 4,876 0.45 39,428 RWE 1,233 0.12 2,058,549 Snam 7,882 0.73 171,481 Veolia Environnement 3,344 0.31 General Industrials (31/01/20 – 0.41%) 1.38 2,153 Knorr-Bremse 208 0.02 102,284 Siemens 11,578 1.08 39,000 Siemens Energy 1,055 0.10 56,788 Smurfit Kappa 1,991 0.18

11 PUTM ACS European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % General Retailers (31/01/20 – 3.48%) 2.20 72,315 Hennes & Mauritz ‘B’ 1,136 0.11 595,374 Inditex 12,895 1.20 17,629 Kering 8,447 0.78 14,469 Zalando 1,213 0.11 Healthcare Equipment & Services (31/01/20 – 4.66%) 3.76 9,012 Carl Zeiss Meditec 1,023 0.09 25,601 Coloplast ‘B’ 2,799 0.26 46,449 Essilor International 4,808 0.45 24,335 Eurofins Scientific 1,705 0.16 324,477 Fresenius 10,556 0.98 79,518 Fresenius Medical Care 4,705 0.44 215,787 Koninklijke Philips 8,581 0.80 35,707 Sonova ‘N’ 6,293 0.58 Household Goods (31/01/20 – 0.29%) 0.35 34,820 Henkel Preference 2,635 0.25 122,902 Husqvarna ‘B’ 1,115 0.10 Industrial Engineering (31/01/20 – 3.15%) 3.52 219,046 ABB 4,723 0.44 216,098 Alfa Laval 4,152 0.38 16,601 Alstom 659 0.06 174,145 Atlas Copco ‘A’ 6,933 0.64 282,827 Epiroc ‘A’ 3,977 0.37 35,557 GEA Group 896 0.08 57,254 Kone ‘B’ 3,293 0.31 152,269 Sandvik 2,783 0.26 3,845 Sartorius Preference 1,387 0.13 9,392 Schindler participation certificates 1,811 0.17 259,663 Volvo ‘B’ 4,699 0.44 356,064 Wartsila 2,559 0.24 Industrial Metals (31/01/20 – 0.00%) 0.32 686,923 Norsk Hydro 2,225 0.21 150,649 Tenaris 857 0.08 11,827 Voestalpine 314 0.03 Industrial Transportation (31/01/20 –1.77%) 2.45 4,982 A.P. Møller – Mærsk A/S 7,565 0.70 3,426 ADP Promesses 288 0.03 327,963 Bolloré 969 0.09 280,509 Deutsche Post 10,108 0.94 7,134 DSV 815 0.08 39,431 Kuehne & Nagel International 6,552 0.61

12 PUTM ACS European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Life Insurance (31/01/20 – 2.31%) 1.53 127,689 Ageas 4,776 0.45 32,939 CNP Assurances 365 0.03 220,743 NN Group 6,697 0.62 79,619 Poste Italiane 569 0.05 12,146 Swiss Life Rentenanstalt 4,045 0.38 Media (31/01/20 – 0.69%) 1.50 21,654 Evolution Gaming Group 1,549 0.14 16,127 La Francaise des Jeux 506 0.05 35,784 Publicis Groupe 1,353 0.12 137,290 SES Global 855 0.08 281,740 Vivendi 6,309 0.59 92,144 Wolters Kluwer Certificates 5,576 0.52 Mining (31/01/20 – 0.00%) 0.21 92,143 Boliden 2,209 0.21 Mobile Telecommunications (31/01/20 – 0.70%) 0.66 540,803 Deutsche Telekom 7,043 0.66 Non-Equity Investment Instruments (31/01/20 – 0.00%) 0.20 39,402 Exor Holdings 2,140 0.20 Non-Life Insurance (31/01/20 – 5.01%) 3.26 121,839 Allianz 20,151 1.88 232,423 AXA 3,763 0.35 155,307 Gjensidige Forsikring 2,618 0.24 29,525 Hannover Rueck 3,354 0.31 19,911 Muenchener Rueckver 3,874 0.36 15,473 Tr yg 353 0.03 3,215 Zurich Insurance Group 937 0.09 Oil & Gas Producers (31/01/20 – 2.77%) 2.57 169,515 Lundin Energy 3,373 0.31 173,727 Neste Oyj 8,958 0.83 54,164 OMV 1,666 0.16 443,737 Total 13,697 1.27 Personal Goods (31/01/20 – 6.60%) 6.42 34,619 Adidas 8,049 0.75 51,251 CIE Financiere Richemont ‘A’ 3,477 0.32 342,938 Essity ‘B’ 8,010 0.74 9,040 Hermes International 6,739 0.63 30,652 L’Oreal 7,867 0.73 66,251 LVMH 29,207 2.72 61,787 Moncler 2,547 0.24 33,479 Pandora 2,364 0.22 11,107 Puma 794 0.07

13 PUTM ACS European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Pharmaceuticals & Biotechnology (31/01/20 – 12.07%) 10.98 14,036 Genmab 4,091 0.38 5,710 Lonza Group 2,663 0.25 462,743 Novartis ‘R’ 30,505 2.83 399,535 Novo Nordisk ‘B’ 20,296 1.89 47,893 Novozymes 2,117 0.20 114,047 Orion Oyj 3,816 0.35 140,585 Roche Holding 35,348 3.29 273,930 Sanofi 18,697 1.74 1,961 UCB 148 0.01 4,283 Vifor Pharma 425 0.04 Real Estate & Investment Services (31/01/20 – 0.21%) 1.05 591,893 Aroundtown 2,989 0.28 9,492 Fastighets Balder ‘B’ 346 0.03 34,423 LEG Immobilien 3,596 0.33 11,810 Swiss Prime Site 838 0.08 72,525 Vonovia 3,525 0.33 Real Estate Investment Trusts (31/01/20 – 0.02%) 0.37 4,308 Gecina 448 0.04 203,507 Klépierre 3,576 0.33 Software & Computer Services (31/01/20 – 3.50%) 3.95 1,594 Adyen 2,425 0.23 58,205 Atos 3,259 0.30 8,106 Bechtle 1,254 0.12 32,353 Capgemini 3,419 0.32 15,390 Nemetschek 792 0.07 267,895 SAP 24,896 2.31 17,016 Scout24 963 0.09 8,065 TeamViewer 305 0.03 12,364 Temenos Group 1,142 0.11 92,047 United Internet 2,928 0.27 17,263 Worldline 1,070 0.10 Support Services (31/01/20 – 1.25%) 0.35 8,303 Adecco 379 0.03 5,006 Edenred 198 0.02 70,287 Randstad 3,200 0.30 Technology Hardware & Equipment (31/01/20 – 3.24%) 5.58 96,502 ASML Holding 37,519 3.49 447,312 Ericsson ‘B’ 4,117 0.38 61,712 Infineon Technologies 1,806 0.17 89,368 Logitech (registered) 6,793 0.63 761,196 Nokia 2,672 0.25 242,574 ST Microelectronics 7,136 0.66

14 PUTM ACS European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Tobacco (31/01/20 – 0.90%) 0.46 87,817 Swedish Match 4,962 0.46 Travel & Leisure (31/01/20 – 0.08%) Money Markets (31/01/20 – 1.97%) 2.99 €36,644 Aberdeen Standard Liquidity Fund (Lux) – Euro Fund Class Z-3+ 32,157 2.99 Futures (31/01/20 – (0.06%)) (0.03) 1,251 EUX Euro Stoxx 50 March 2021 (300) (0.03)

Portfolio of investments^ 1,064,634 98.99 Net other assets 10,875 1.01 Net assets 1,075,509 100.00

Unless otherwise stated, all investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market. The counterparty for the Futures is Merrill Lynch International. ^ Includes investment liabilities. +SICAVs (open ended investment schemes registered outside the UK)

15 PUTM ACS European ex UK Fund Top ten purchases and sales For the year ended 31 January 2021

Purchases Cost Sales Proceeds £000 £000 Aberdeen Standard Liquidity Fund (Lux) – Aberdeen Standard Liquidity Fund (Lux) – Euro Fund Class Z-3 96,843 Euro Fund Class Z-3 86,658 SAP 14,302 Unilever 18,082 Siemens 12,061 Roche Holding 14,965 ASML Holding 11,576 Enel 11,570 Daimler 10,814 Nestle ‘R’ 10,925 Investor ‘B’ 10,598 ING Groep 10,652 Credit Suisse 10,590 Sandvik 10,385 Deutsche Post 10,512 Zurich Insurance Group 10,196 Total 8,507 Total 10,177 Intesa Sanpaolo 8,498 Koninklijke Philips 9,862 Subtotal 194,301 Subtotal 193,472 Other purchases 492,911 Other sales 539,903

Total purchases for the year 687,212 Total sales for the year 733,375

16 PUTM ACS European ex UK Fund Statistical information

Comparative tables Class ‘B’ Class ‘C’ Accumulation** Accumulation*** 31/01/21 31/01/21 31/01/20 pence pence pence Change in net assets per unit Opening net asset value per unit 100.00 110.29 100.00 Return before operating charges* (0.53) 7.09 10.39 Operating charges (0.02) (0.11) (0.10) Return after operating charges* (0.55) 6.98 10.29

Distributions on accumulation units (0.19) (2.18) (2.63) Retained distributions on accumulation units 0.19 2.18 2.63

Closing net asset value per unit 99.45 117.27 110.29

*after direct transaction costs of:^ 0.05 0.05 0.04

Performance Return after charges (0.55%) 6.33% 10.29%

Other information Closing net asset value (£000) 33,302 159,660 172,567 Closing number of units 33,485,372 136,142,138 156,472,423 Operating charges 0.09% 0.10% 0.11% Direct transaction costs 0.05% 0.05% 0.04%

Prices+ Highest unit price (pence) 105.24 124.08 115.65 Lowest unit price (pence) 99.45 83.48 100.00

^The direct transaction costs includes commission on futures. + High and low price disclosures are based on quoted unit prices. Therefore the opening and closing NAV prices may fall outside the high/low price threshold. **Class ‘B’ Accumulation launched on 27 November 2020, hence there are no comparatives. ***Class ‘C’ Accumulation launched on 27 March 2019.

17 PUTM ACS European ex UK Fund Statistical information

Comparative tables Class ‘D’ Class ‘X’ Accumulation** Accumulation*** 31/01/21 31/01/20 31/01/21 pence pence pence Change in net assets per unit Opening net asset value per unit 110.33 100.00 100.00 Return before operating charges* 7.14 10.43 36.46 Operating charges (0.11) (0.10) (0.11) Return after operating charges* 7.03 10.33 36.35

Distributions on accumulation units (2.22) (2.67) (2.35) Retained distributions on accumulation units 2.22 2.67 2.35

Closing net asset value per unit 117.36 110.33 136.35

*after direct transaction costs of:^ 0.05 0.04 0.06

Performance Return after charges 6.37% 10.33% 36.35%

Other information Closing net asset value (£000) 882,206 910,988 341 Closing number of units 751,688,098 825,719,542 250,000 Operating charges 0.10% 0.11% 0.10% Direct transaction costs 0.05% 0.04% 0.05%

Prices+ Highest unit price (pence) 124.17 115.69 144.30 Lowest unit price (pence) 83.52 100.00 97.08

^The direct transaction costs includes commission on futures. + High and low price disclosures are based on quoted unit prices. Therefore the opening and closing NAV prices may fall outside the high/low price threshold. **Class ‘D’ Accumulation launched on 27 March 2019. ***Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

18 PUTM ACS European ex UK Fund Statistical information

Investment objective The Sub-fund aims to provide a total return (a combination of capital growth and income) by outperforming the MSCI Europe ex UK Index (the "index") before fees by 0.5% to 1% per annum over any given 3 year period.

Investment policy The Sub-fund aims to achieve its objective primarily by investing over 70% of the portfolio in equities or equity related securities of European excluding United Kingdom companies that are constituents of the MSCI Europe ex UK Index. The Sub-fund may invest up to 5% in European ex UK companies listed outside of the MSCI Europe ex UK Index. The Sub-fund is actively managed and the Investment Manager has discretion to select investments. The Sub-fund does not concentrate on any particular sector. Equity related securities will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Manager, influenced significantly by the stock market performance of the company’s ordinary shares. The Sub-fund may also invest in other transferable securities, money market instruments, deposits, cash and near cash and other collective investment schemes. Derivatives will be used for efficient portfolio management only.

Investment strategy Although over 70% is invested in components of the index. The Sub-fund is actively managed and the Investment Manager has discretion to select its investments. The Sub-fund does not concentrate on any particular sector.

Revenue distribution and pricing Units of the Sub-fund are available as either Class ‘B’ Accumulation, ‘C’ Accumulation, ‘D’ Accumulation or ‘X’ Accumulation units (where revenue is reinvested to enhance the unit price). There will be two potential distributions in each accounting year: an interim distribution as at 31 July and a final distribution as at 31 January. At each distribution the net revenue after deduction of expenses, from the investments of the Sub-fund is apportioned amongst the unitholders. Unitholders receive a tax voucher giving details of the distribution and the ACS Manager’s Report no later than two months after these dates.

19 PUTM ACS European ex UK Fund Statistical information

Risk and reward profile The Risk and Reward Indicator table demonstrates where the Sub-fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Sub-fund. The shaded

area in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.

ﬁ Typically lower rewards, Typically higher rewards, lower risk higher risk ﬁ

1 2 3 4 5 6 7

This Sub-fund is ranked at 6 (31/01/20: 5) because funds of this type have experienced high rises and falls in value in the past. Although this is a high risk ranking it is not the highest. The above figure applies to the following unit classes: • Class ‘B’ Accumulation • Class ‘C’ Accumulation • Class ‘D’ Accumulation • Class ‘X’ Accumulation Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. Please note the Sub-fund’s risk category may change in the future. The indicator does not take into account the following risks of investing in this Sub-fund: • The Sub-fund may use derivatives to reduce risk or cost or to generate additional capital or income at low risk, or to meet its investment objective. • Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency rates will reduce the value of your investment. • Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. This means that your money is at greater risk. • Counterparty Risk: the insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Sub-fund to financial loss.

For more information on the Risk and Reward profiles of our Funds, please refer to the most up to date relevant fund and Unit Class Key Investor Information Documents (KIIDs). These are available online at www.phoenixunittrust.co.uk.

20 PUTM ACS European ex UK Fund Annual financial statements For the year ended 31 January 2021

Statement of total return 31/01/21 31/01/20* Notes £000 £000 £000 £000 Income Net capital gains 4 36,514 63,621 Revenue 5 23,934 19,352 Expenses 6 (1,017) (826) Interest payable and similar charges (70) (22) Net revenue before taxation 22,847 18,504 Taxation 7 (2,005) (1,551) Net revenue after taxation 20,842 16,953 Total return before distributions 57,356 80,574 Distributions 8 (20,947) (17,049) Change in net assets attributable to unitholders from investment activities 36,409 63,525

Statement of change in net assets attributable to unitholders 31/01/21 31/01/20* £000 £000 £000 £000 Opening net assets attributable to unitholders 1,083,555 – Amounts receivable on issue of units 751,602 108,381 Amounts receivable on in-specie transfer** – 992,055 Amounts payable on cancellation of units (816,066) (106,792) (64,464) 993,644 Change in net assets attributable to unitholders from investment activities 36,409 63,525 Dilution levy adjustment 122 252 Retained distributions on accumulation units 19,887 26,134 Closing net assets attributable to unitholders 1,075,509 1,083,555

*The Sub-fund launched on 27 March 2019. **Represents the value of units created by in-specie transfer of assets during the year/period.

21 PUTM ACS European ex UK Fund Annual financial statements As at 31 January 2021

Balance sheet 31/01/21 31/01/20 Notes £000 £000 £000 £000 Assets: Fixed assets: Investments 1,064,934 1,080,306 Current assets: Debtors 9 3,469 1,153 Cash and bank balances 10 7,587 3,228 Total current assets 11,056 4,381 Total assets 1,075,990 1,084,687 Liabilities: Investment liabilities (300) (626) Creditors: Bank overdraft 11 – (3) Other creditors 12 (181) (503) Total creditors (181) (506) Total liabilities (481) (1,132) Net assets attributable to unitholders 1,075,509 1,083,555

22 PUTM ACS European ex UK Fund Notes to the financial statements

Notes 1-3 Accounting policies Please see pages 3 to 6 for accounting basis and policies.

Note 4 Net capital gains The net capital gains during the year/period comprise: 31/01/21 31/01/20* £000 £000 Gains on non-derivative securities 30,602 61,567 Gains on derivative contracts 5,612 2,564 Currency gains/(losses) 251 (582) Handling charges (20) (27) Capital special dividends 69 804 French financial transaction tax – (705) Net capital gains 36,514 63,621

Note 5 Revenue 31/01/21 31/01/20* £000 £000 UK dividends – 103 Overseas dividends 23,618 19,153 Stock dividends 200 49 Stocklending commission 113 46 Bank interest – 1 Other income 3 – Total revenue 23,934 19,352

Note 6 Expenses 31/01/21 31/01/20* £000 £000 (a) Payable to the ACS Manager or associates of the ACS Manager and agents of either of them: ACS Manager’s periodic charge 860 689 (b) Payable to the Depositary or associates of the Depositary and agents of either of them: Depositary’s fees 40 31 (c) Other expenses: Audit fee 10 7 Safe custody charges 105 96 Professional fees 1 3 Printing & stationery 1 – 117 106 Total expenses 1,017 826

*The Sub-fund launched on 27 March 2019.

23 PUTM ACS European ex UK Fund Notes to the financial statements

Note 7 Taxation 31/01/21 31/01/20* £000 £000 (a) Analysis of tax charge for the year/period Overseas withholding tax 2,005 1,551 Total taxation 2,005 1,551

As the scheme is an ACS it is not subject to UK tax on income or capital gains.

Note 8 Distributions The distributions take account of amounts added on the issue of units and amounts deducted on the cancellation of units, and comprise: 31/01/21 31/01/20* £000 £000 Interim 14,742 – Final 5,145 26,134 19,887 26,134 Amounts deducted on cancellation of units 2,201 2,221 Amounts added on issue of units (1,141) (11,306) Net distribution for the year/period 20,947 17,049 Net revenue after taxation 20,842 16,953 Expenses taken to capital 105 96 Net distribution for the year/period 20,947 17,049 Details of the distribution per unit are set out in the tables on pages 31 to 33.

Note 9 Debtors 31/01/21 31/01/20 £000 £000 Creations awaiting settlement – 105 Accrued income 32 26 Overseas tax recoverable 3,437 1,022 Total debtors 3,469 1,153

Note 10 Cash and bank balances 31/01/21 31/01/20 £000 £000 Cash and bank balances 1,722 479 Amounts held at futures clearing houses 5,865 2,749 Total cash and bank balances 7,587 3,228

Note 11 Bank overdraft 31/01/21 31/01/20 £000 £000 Bank overdraft – 3 Total bank overdraft – 3

*The Sub-fund launched on 27 March 2019.

24 PUTM ACS European ex UK Fund Notes to the financial statements

Note 12 Other creditors 31/01/21 31/01/20 £000 £000 Cancellations awaiting settlement 75 13 ACS Manager’s periodic charge payable 75 461 Depositary’s fees payable 7 10 Safe custody charges payable 16 11 Audit fee payable 8 7 Handling charges payable – 1 Total other creditors 181 503

Note 13 Reconciliation of units Class ‘B’ Class ‘C’ Class ‘D’ Class ‘X’ Accumulation* Accumulation Accumulation Accumulation** Opening units issued at 01/02/20 – 156,472,423 825,719,542 – Unit movements in year: Units issued 33,485,372 74,528,488 550,123,523 250,000 Units cancelled – (94,858,773) (624,154,967) – Closing units at 31/01/21 33,485,372 136,142,138 751,688,098 250,000 *Class ‘B’ Accumulation launched on 27 November 2020. **Class ‘X’ Accumulation launched on 14 March 2020.

Note 14 Contingencies and commitments At 31 January 2021 the Sub-fund had no outstanding calls on partly paid shares, no potential underwriting commitments or any other contingent liabilities (31/01/20: £nil).

Note 15 Stocklending The total value of securities on loan at the Balance sheet date was £276,493 (31/01/20: £11,069,805). Collateral was held in the following form: 31/01/21 31/01/20 £000 £000 Equity 323 5,029 Government bonds – 6,825 323 11,854 The gross earnings and fees paid for the year/period were £137,538 (31/01/20: £56,367) and £24,757 (31/01/20: £10,146) respectively. The gross earnings were split by the lending agent as follows: – 82% to the Lender (PUTM ACS European ex UK Fund) – 8% to the ACS Manager (Phoenix Unit Trust Managers Limited) – 10% retained by the Lending Agent (eSec) The counterparties for the securities on loan are shown in the appendix on page 130.

25 PUTM ACS European ex UK Fund Notes to the financial statements

Note 16 Unitholders’ funds There are four unit classes in issue within the Sub-fund. These are Class ‘B’ Accumulation, Class ‘C’ Accumulation, Class ‘D’ Accumulation and Class ‘X’ Accumulation. The ACS Manager’s periodic charge in respect of Class ‘B’, Class ‘C’, Class ‘D’ and Class ‘X’ is expressed as an annual percentage of the value of the property of the Sub-fund attributable to each unit class and is currently 0.085% in respect of Class ‘B’ units, Class ‘C’ units, Class ‘D’ units and Class ‘X’ units. Consequently, the level of net revenue attributable to each unit class will differ. Should it be necessary to wind-up the Sub-fund, each unit class will have the same rights as regards to the distribution of the property of the Sub-fund.

Note 17 Related party transactions The ACS Manager is a related party to the Sub-fund by virtue of its controlling influence. The ACS Manager is part of the Phoenix Group. Phoenix Life Limited which is also part of the Phoenix Group, is a material unitholder in the Sub-fund and therefore a related party, holding the following percentage of the units at the year/period end: Class ‘B’ Class ‘C’ Class ‘D’ Class ‘X’ % % % % As at 31 January 2021: 100.00 100.00 100.00 100.00 As at 31 January 2020: n/a 100.00 100.00 n/a ACS Manager’s periodic charge paid to the ACS Manager, Phoenix Unit Trust Managers Limited, or its associates, is shown in Note 6(a) and details of the units issued and cancelled by the ACS Manager are shown in the Statement of change in net assets attributable to unitholders and Note 8. Any balances due to/from the ACS Manager or its associates at 31 January 2021 in respect of these transactions are shown in Notes 9 and 11.

Note 18 Financial instruments In accordance with the investment objective, the Sub-fund holds certain financial instruments. These comprise: • securities held in accordance with the investment objective and policies; • derivative transactions which the Sub-fund may also enter into, the purpose of which is to manage the currency and market risks arising from the Sub- fund’s investment activities; and • cash and short term debtors and creditors arising directly from operations. Counterparty exposure The economic exposure of future derivative contracts is equal to the market value. The value of exposure and the related counterparty are disclosed in the Portfolio of investments.

26 PUTM ACS European ex UK Fund Notes to the financial statements

Note 18 Financial instruments (continued) Currency exposure An analysis of the monetary assets and liabilities at the year/period end is shown below: Net currency assets Net currency assets 31/01/21 31/01/20 Currency Monetary Non- Total Monetary Non- Total exposure monetary exposure exposure monetary exposure exposure exposure £000 £000 £000 £000 £000 £000 Danish Krone 124 55,828 55,952 24 48,954 48,978 Euro 8,918 701,600 710,518 3,994 727,938 731,932 Norwegian Krone 42 13,753 13,795 11 8,160 8,171 Sterling 407 – 407 (401) – (401) Swedish Krona – 89,407 89,407 – 72,795 72,795 Swiss Franc 1,326 202,722 204,048 207 209,621 209,828 US Dollar 58 1,324 1,382 40 12,212 12,252 10,875 1,064,634 1,075,509 3,875 1,079,680 1,083,555 Income received in other currencies is converted to Sterling on or near the date of receipt. The Sub-fund does not hedge or otherwise seek to avoid, movement risk on accrued income.

Interest profile At the year end date, 3.70% (31/01/20: 2.26%) of the Sub-fund’s net assets by value were interest bearing. Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR (London Interbank Offered Rate) or international equivalent. Interest was also earned on the investments in the Aberdeen Standard Liquidity Fund.

Sensitivity analysis Interest rate risk sensitivity As the majority of the Sub-fund’s financial assets are non-interest bearing, the Sub-fund is only subject to limited exposure to fair value interest rate risk due to fluctuations in levels of market interest rates and therefore, no sensitivity analysis has been provided.

Foreign currency risk sensitivity A five percent increase in the value of the Sub-fund’s foreign currency exposure would have the effect of increasing the return and net assets by £53,755,100 (31/01/20: £54,197,800). A five percent decrease would have an equal and opposite effect.

Market price risk sensitivity A five percent increase in the value of the Sub-fund’s portfolio would have the effect of increasing the return and net assets by £53,775,450 (31/01/20: £54,177,750). A five percent decrease would have an equal and opposite effect.

27 PUTM ACS European ex UK Fund Notes to the financial statements

Note 19 Fair value of investments The fair value of the Sub-fund’s investments has been determined using the hierarchy below. This complies with the ‘Amendments to FRS102 – Fair value hierarchy disclosures’ issued by the Financial Reporting Council in March 2016. Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that 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 or liability. For the year ended 31/01/21 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 1,032,777 – – 1,032,777 Money markets 32,157 – – 32,157 1,064,934 – – 1,064,934

Investment liabilities £000 £000 £000 £000 Derivatives (300) – – (300) (300) – – (300)

For the period ended 31/01/20 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 1,058,994 – – 1,058,994 Money markets 21,312 – – 21,312 1,080,306 – – 1,080,306

Investment liabilities £000 £000 £000 £000 Derivatives (626) – – (626) (626) – – (626)

28 PUTM ACS European ex UK Fund Notes to the financial statements

Note 20 Portfolio transaction costs For the year ended 31/01/21 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 589,430 8 – 453 0.08 2 – 589,893 Money markets 96,844 – – – – – – 96,844 Corporate actions 475 – – – – – – 475 Total 686,749 8 453 2 687,212 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 646,640 (9) – – – (1) – 646,630 Money markets 86,658 – – – – – – 86,658 Corporate actions 87 – – – – – – 87 Total 733,385 (9) – (1) 733,375 The Sub-fund has paid £14,569 as commission on purchases and sales of derivatives transactions for the year ended 31/01/21.

Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.05% Other expenses 0.00%

For the period ended 31/01/20 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 446,261 9 – 325 0.07 – – 446,595 Money markets 89,033 – – – – – – 89,033 Corporate actions 453 – – – – – – 453 In-specie transactions 993,528 – – – – – – 993,528 Total 1,529,275 9 325 – 1,529,609 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 444,236 (9) – – – – – 444,227 Money markets 66,385 – – – – – – 66,385 Corporate actions 294 – – – – – – 294 Total 510,915 (9) – – 510,906 The Sub-fund has paid £11,590 as commission on purchases and sales of derivatives transactions for the period ended 31/01/20.

Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.04% Other expenses 0.00% 29 PUTM ACS European ex UK Fund Notes to the financial statements

Note 20 Portfolio transaction costs (continued) Portfolio transaction costs are incurred by the Sub-fund when buying and selling underlying investments. These costs vary depending on the class of investment, country of exchange and method of execution. These costs can be classified as either direct or indirect transaction costs: Direct transaction costs: Broker commissions, fees and taxes. Indirect transaction costs: “Dealing spread” – the difference between buying and selling prices of the underlying investments. At the Balance sheet date the portfolio dealing spread was 0.07% (31/01/20: 0.06%) being the difference between the respective bid and offer prices for the Sub-fund’s investments.

Note 21 Post Balance sheet events As indicated in the accounting policies in Note 1(b), the investments have been valued at close of business on 29 January 2021. Since the balance sheet date, the bid price of each of the Sub-fund’s share classes has moved as follows:

Bid Price Bid Price 29/01/21 11/06/21 pence pence Movement (%) Class ‘B’ Accumulation 99.45 115.80 16.44 Class ‘C’ Accumulation 117.27 136.50 16.40 Class ‘D’ Accumulation 117.36 136.63 16.42 Class ‘X’ Accumulation 136.35 158.61 16.33

30 PUTM ACS European ex UK Fund Distribution tables For the year ended 31 January 2021

Interim distribution in pence per unit Group 1: units purchased prior to 1 February 2020 Group 2: units purchased 1 February 2020 to 31 July 2020

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘C’ Accumulation Group 1 1.621162 — 1.621162 n/a Group 2 1.101780 0.519382 1.621162 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘D’ Accumulation Group 1 1.647188 — 1.647188 n/a Group 2 1.028679 0.618509 1.647188 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep** Class ‘X’ Accumulation Group 1 1.700340 — 1.700340 n/a Group 2 1.700340 0.000000 1.700340 n/a *Class ‘C’ Accumulation and ‘D’ Accumulation launched on 27 March 2019, hence there are no comparatives. **Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

31 PUTM ACS European ex UK Fund Distribution tables For the year ended 31 January 2021

Final distribution in pence per unit Group 1: units purchased prior to 1 August 2020 Group 2: units purchased 1 August 2020 to 31 January 2021

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar* Class ‘B’ Accumulation Group 1 0.190516 — 0.190516 n/a Group 2 0.148254 0.042262 0.190516 n/a

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘C’ Accumulation Group 1 0.558099 — 0.558099 2.631582 Group 2 0.387156 0.170943 0.558099 2.631582

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘D’ Accumulation Group 1 0.574613 — 0.574613 2.666262 Group 2 0.397515 0.177098 0.574613 2.666262

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar** Class ‘X’ Accumulation Group 1 0.650976 — 0.650976 n/a Group 2 0.650976 0.000000 0.650976 n/a *Class ‘B’ Accumulation launched on 27 November 2020, hence there are no comparatives. **Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

32 PUTM ACS European ex UK Fund Distribution tables For the year ended 31 January 2021

Each Sub-fund is tax transparent for income purposes meaning that UK tax-paying unitholders are subject to tax on their share of income, net of allowable expenses, as it arises to the Sub-fund and not on distributions of income after deduction of expenses. On a daily basis unitholders will be advised of their share of aggregated accrued income, expenses and withholding tax paid on overseas dividends, if applicable. When a unit is purchased during the distribution period, part of the purchase price of the unit reflects the relevant share of income and expenses accrued by the Sub-fund, and this will be disclosed on the contract note. This purchased income and expense, a capital sum, should be deducted from the aggregate accrued income or expense as applicable. The subscription price disclosed on the contract note reflects the acquisition cost, which should be adjusted by the capital sum referred to above. It is the responsibility of the unitholder to maintain a record of the relevant amount(s) of income equalisation and to make the appropriate adjustment when completing their tax calculations.

33 PUTM ACS Japan Equity Fund Investment review

Dear Investor Performance Review Welcome to the PUTM ACS Japan Fund report for the Over the review period, the PUTM ACS Japan Fund 12 months to 31 January 2021. returned 4.92% (Source: Factset: Gross of AMC; based on the movement in the Cancellation Price from 31/01/20 to 31/01/21, in GBP). This was compared to a return of 10.72% for the benchmark index (Source: Factset: MSCI Japan Index; Total Return from 31/01/20 to 31/01/21, in GBP).

Standardised Past Performance

Jan20 - Jan21 Mar19* - Jan20 % growth % growth

PUTM ACS Japan Fund 4.92 9.76 – – –

Benchmark Index 10.71 10.50 – – –

Source: Sub-fund performance: Factset: Gross of AMC; based upon the movement in the Cancellation Price from 31 January 2020 to 31 January 2021, in GBP. Benchmark Index performance: MSCI Japan Index; Total Return from 31 January 2020 to 31 January 2021, in GBP. *Since launch.

34 PUTM ACS Japan Equity Fund Investment review

Market Review Outlook and Strategy Equities in Japan increased over the 12 months to the end Favorable fundamentals and a recovery in global trade of January. The coronavirus outbreak rocked Japanese should provide a continued lift for Japanese equities, while stocks in early 2020 and markets dipped precariously. improving governance should drive greater shareholder Sentiment improved in the second quarter of 2020 as the value. Meanwhile, valuation disparities have widened; the government started to ease lockdown measures. The third evolving geopolitical climate presents a risk, while Covid-19 quarter was mixed, although markets saw a slight uptick infections have continued to rise across the globe. In Japan, overall. The fourth quarter saw strong performance, driven the Suga administration will continue to stabilise the by optimism surrounding the vaccine, the US presidential economy as stakes are high ahead of a likely snap election election and a fresh economic stimulus package. later in 2021. And with inflation again receding, Bank of The Bank of Japan maintained its commitment to its Japan governor Haruhiko Kuroda seems intent on current monetary policy, but noted escalating economic maintaining a 2% inflation target. He is also expected to risks from the latest emergency measures in early 2021. announce a review of its stimulus measures in March. While it lowered its growth forecast for the fiscal year Japanese companies generally are now better positioned to ending March 2021 to -5.6% from -5.5%, it also raised its absorb the negative impact of the outbreak. In contrast to estimate for the coming fiscal year's growth from 3.6% to the 2008 global financial crisis, they came into the 3.9%, noting the effects of the fiscal stimulus measures in pandemic with robust balance sheets, higher margins and the US and Japan. a more variable cost structure, providing management with more leeway to protect profits. Sub-fund Review The Sub-fund’s underweight position in Chugai Pharmaceutical weighed the most on returns. The shares rose on news that the company’s arthritis drug may be used for Covid-19 treatment. The stock does not score well on our measures of value. By contrast, electronic equipment manufacturer Kyocera added value. Being underweight the stock benefited the Sub-fund after the share price fell when the company announced a dividend cut for 2020. Our measures of financial strength give Kyocera a negative score. Lastly, in terms of our enhanced factors, the sentiment and financial strength factors outperformed. The value, prudent management and trend factors underperformed.

35 PUTM ACS Japan Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Basic Materials (31/01/20 – 4.37%) 4.17 Chemicals 25,600 Air Water 301 0.08 55,100 Mitsubishi Gas Chemical 914 0.26 16,300 Mitsui Chemicals 340 0.10 5,900 Nippon Paint 386 0.11 42,500 Nippon Sanso Holdings 595 0.17 39,600 Nissan Chemical Industries 1,636 0.46 55,900 Nitto Denko 3,667 1.03 36,600 Shin-Etsu Chemical 4,624 1.29 30,400 Teijin 404 0.11 96,100 Tosoh 1,197 0.33 Industrial Metals 25,600 Sumitomo Metal Mining 808 0.23 Consumer Goods (31/01/20 – 18.93%) 20.63 Automobiles & Parts 32,100 Bridgestone 863 0.24 308,500 Honda Motor 5,927 1.66 900 Koito Manufacturing 42 0.01 67,400 NGK Spark Plug 909 0.25 27,500 Subaru Corporation 383 0.11 104,300 Sumitomo Electric Industries 1,010 0.28 8,500 Suzuki Motor 278 0.08 20,900 Toyota Industries 1,195 0.33 244,100 Toyota Motor 12,393 3.47 63,200 Yamaha Motor 1,011 0.28 Beverages 27,800 Asahi Breweries 814 0.23 105,600 Kirin Holdings 1,649 0.46 13,100 Suntory Beverage & Food 332 0.09 Food Producers 2,900 Ajinomoto 50 0.01 27,700 Meiji Holdings 1,374 0.38 2,800 NH Foods 87 0.02 10,100 Nissin Food Products 635 0.18 58,400 Toyo Suisan Kaisha 2,080 0.58 39,200 Yakult Honsha 1,453 0.41 51,500 Yamazaki Baking 687 0.19 Household Goods 77,700 Daiwa House Industry 1,601 0.45 94,400 IIDA Group Holdings 1,511 0.42 26,200 Makita 905 0.25

36 PUTM ACS Japan Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Household Goods (continued) 17,400 Rinnai 1,323 0.37 304,400 Sekisui House 4,264 1.19 Leisure Goods 13,100 Bandai Namco Holdings 815 0.23 6,100 Konami 271 0.08 17,200 Nintendo 7,242 2.03 239,400 Panasonic 2,248 0.63 6,900 Shimano 1,181 0.33 140,500 Sony 9,773 2.73 13,100 Yamaha 535 0.15 Personal Goods 69,700 Kao 3,678 1.03 1,800 Unicharm 59 0.02 Tobacco 361,100 Japan Tobacco 5,204 1.46 Consumer Services (31/01/20 – 8.85%) 9.02 Food & Drug Retailers 1,100 Cosmos Pharmaceutical 122 0.03 41,700 Lawson 1,465 0.41 38,300 Sundrug 1,104 0.31 41,000 Welcia Holdings 1,015 0.28 General Retailers 6,400 Fast Retailing 3,987 1.12 4,400 Kakaku.Com 93 0.03 12,900 Nitori Holdings 1,865 0.52 108,800 Pan Pacific International Holdings 1,778 0.50 209,200 Seven & I Holdings 5,755 1.61 18,400 Shimamura 1,482 0.41 25,100 Toyota Tsusho 712 0.20 287,800 Yamada Holdings 1,063 0.30 24,600 ZOZO 502 0.14 Media 125,900 Dai Nippon Printing 1,575 0.44 53,100 Dentsu 1,217 0.34 73,200 Hakuhodo DY Holdings 770 0.22 62,200 So-Net M3 3,810 1.07 Travel & Leisure 29,000 Central Japan Railway 2,984 0.83 3,600 East Japan Railway 172 0.05 10,100 Hankyu 237 0.07 13,800 McDonalds 489 0.14 37 PUTM ACS Japan Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Financials (31/01/20 – 14.09%) 10.81 Banks 211,600 Chiba Bank 834 0.23 499,900 Mitsubishi UFJ Financial Group 1,632 0.46 199,400 Mizuho Financial Group 1,909 0.53 453,000 Resona Bank 1,142 0.32 227,800 Sumitomo Mitsui Financial 5,137 1.44 49,400 Sumitomo Mitsui Trust Holdings 1,076 0.30 Financial Services 324,400 Acom 1,038 0.29 347,300 Mitsubishi UFJ Lease & Finance 1,234 0.35 20,500 Nihon M&A Center 865 0.24 1,151,200 Nomura Holdings 4,410 1.23 342,600 Orix 3,989 1.12 Life Insurance 125,100 Japan Post Insurance 1,783 0.50 384,900 T&D Holdings 3,242 0.91 Real Estate Investment Services 43,800 Daito Trust Construction 3,318 0.93 175,300 Mitsubishi Estate 2,008 0.56 40,100 Nomura Real Estate Holdings 649 0.18 146,100 Sumitomo Realty & Development 3,201 0.90 Real Estate Investment Trusts 926 Orix Jreit 1,126 0.32 Healthcare (31/01/20 – 9.98%) 7.82 Healthcare Equipment & Services 129,700 Olympus Optical 1,704 0.48 16,300 Sysmex 1,385 0.39 23,700 Terumo 669 0.19 Pharmaceuticals & Biotechnology 145,700 Astellas Pharma 1,705 0.48 93,800 Chugai Pharmaceutical 3,558 1.00 168,600 Daiichi Sankyo 3,944 1.10 5,100 Dainippon Pharmaceutical 60 0.02 32,500 Eisai 1,724 0.48 131,900 Medipal Holdings 1,950 0.55 4,700 Nippon Shinyaku 252 0.07 77,700 ONO Pharmaceuticals 1,685 0.47 72,000 Otsuka Holdings 2,233 0.62 77,400 Shionogi 3,050 0.85 155,600 Takeda Pharmaceutical 4,001 1.12

38 PUTM ACS Japan Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Industrials (31/01/20 – 23.81%) 26.57 Construction & Materials 11,900 Asahi Glass 300 0.08 34,800 Lixil Group 590 0.17 435,800 Obayashi 2,649 0.74 102,500 Taiheiyo Cement 1,850 0.52 110,700 Taisei 2,603 0.73 Electronic & Electrical Equipment 37,100 Azbil 1,373 0.38 11,400 Fuji Electric 330 0.09 11,100 Hirose Electric 1,266 0.35 129,200 Hitachi 3,869 1.08 43,100 Hoya 4,011 1.12 19,400 Keyence 7,573 2.12 143,200 Minebea 2,306 0.65 71,300 Murata Manufacturing 4,979 1.39 45,700 Nidec 4,401 1.23 29,700 Omron 1,905 0.53 11,800 TDK 1,383 0.39 General Industrials 40,400 Toshiba 958 0.27 Industrial Engineering 131,600 Amada 1,075 0.30 30,800 Daikin Industries 4,723 1.32 16,100 Fanuc 3,061 0.86 23,700 Hoshizaki Electric 1,523 0.43 87,200 Komatsu 1,732 0.48 109,000 Kubota 1,742 0.49 7,700 Kurita Water Industries 227 0.06 404,500 Mitsubishi Electric 4,481 1.25 29,700 Nabtesco 967 0.27 42,600 Shimadzu 1,179 0.33 8,200 SMC 3,612 1.01 2,400 Yaskawa Electric 89 0.02 Industrial Transportation 57,300 Nippon Express 2,830 0.79 81,300 SG Holdings 1,521 0.43 33,700 Yamato Holdings 609 0.17 Support Services 1700 GMO Payment Gateway 177 0.05 242,200 Itochu 5,046 1.41 282,600 Mitsubishi 5,193 1.45

39 PUTM ACS Japan Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Support Services (continued) 318,100 Mitsui 4,284 1.20 15,600 Monotaro 569 0.16 48,800 Persol Holdings 664 0.19 209,200 Recruit Holdings 6,592 1.84 21,400 Sohgo Security Services 764 0.21 4,500 Toppan Printing 47 0.01 Technology (31/01/20 – 9.04%) 9.63 Software & Computer Services 20,300 Capcom 929 0.26 10,000 Cyber Agent 455 0.13 59,900 Nexon 1,325 0.37 63,900 Nomura Research Institute 1,571 0.44 16,700 Oracle Japan 1,433 0.40 19,200 Otsuka 702 0.20 12,600 SCSK 508 0.14 14,800 Square Enix 620 0.17 38,300 Trend Micro 1,524 0.43 152,400 Z Holdings 689 0.19 Technology Hardware & Equipment 15,400 Advantest 887 0.25 185,300 Brother Industries 2,995 0.84 107,900 Canon 1,717 0.48 46,400 Fuji Photo Film 1,932 0.54 41,700 Fujitsu 4,635 1.30 8,700 Lasertec 849 0.24 64,300 NEC 2,545 0.71 124,400 Renesas Electronics 1,038 0.29 6,700 Ricoh 37 0.01 23,300 ROHM 1,718 0.48 42,500 Seiko Epson 524 0.15 20,800 Tokyo Electron 5,745 1.61 Telecommunications (31/01/20 – 8.24%) 7.19 Fixed Line Telecommunications 264,000 Nippon Telegraph & Telephone 4,801 1.34 Mobile Telecommunications 10,000 Hikari Tsushin 1,525 0.43 288,600 KDDI 6,163 1.72 173,300 Softbank 9,770 2.73 361,800 Softbank Corporation 3,455 0.97

40 PUTM ACS Japan Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Utilities (31/01/20 – 0.22%) 0.14 Electricity 100 Chugoku Electric Power 1 0.00 81,800 Tohoku Electric Power 510 0.14 Futures (31/01/20 – (0.06%)) 0.08 105 OSE Topix Index Future March 2021 285 0.08

Portfolio of investments^ 343,305 96.06 Net other assets 14,073 3.94 Net assets 357,378 100.00

41 PUTM ACS Japan Equity Fund Top ten purchases and sales For the year ended 31 January 2021

Purchases Cost Sales Proceeds £000 £000 Japan Tobacco 5,583 NTT DoCoMo 10,204 Mitsui 4,219 Mitsubishi UFJ Financial Group 4,775 Kao 3,900 Fuji Photo Film 4,663 Chugai Pharmaceutical 3,433 Sony 4,481 Nomura Holdings 3,286 MS & AD Insurance Group 4,449 Nidec 3,272 Secom 3,782 Fast Retailing 3,238 Astellas Pharma 3,724 Daito Trust Construction 3,120 Tokio Marine Holdings 3,384 Nitto Denko 3,010 Marubeni 3,199 T&D Holdings 2,887 Nomura Research Institute 3,109 Subtotal 35,948 Subtotal 45,770 Other purchases 193,053 Other sales 218,932

Total purchases for the year 229,001 Total sales for the year 264,702

42 PUTM ACS Japan Equity Fund Statistical information

Comparative tables Class ‘B’ Class ‘C’ Accumulation** Accumulation*** 31/01/21 31/01/21 31/01/20 pence pence pence Change in net assets per unit Opening net asset value per unit 100.00 108.54 100.00 Return before operating charges* (1.24) 5.01 8.65 Operating charges (0.02) (0.12) (0.11) Return after operating charges* (1.26) 4.89 8.54

Distributions on accumulation units (0.13) (2.32) (1.38) Retained distributions on accumulation units 0.13 2.32 1.38

Closing net asset value per unit 98.74 113.43 108.54

*after direct transaction costs of:^ 0.01 0.01 0.00

Performance Return after charges (1.26%) 4.51% 8.54%

Other information Closing net asset value (£000) 10,475 50,815 60,675 Closing number of units 10,608,464 44,799,202 55,899,799 Operating charges 0.11% 0.11% 0.12% Direct transaction costs 0.01% 0.01% 0.00%

Prices+ Highest unit price (pence) 104.07 119.50 111.90 Lowest unit price (pence) 98.56 87.88 98.30

43 PUTM ACS Japan Equity Fund Statistical information

Comparative tables Class ‘D’ Class ‘X’ Accumulation** Accumulation*** 31/01/21 31/01/20 31/01/21 pence pence pence Change in net assets per unit Opening net asset value per unit 108.54 100.00 100.00 Return before operating charges* 5.00 8.65 28.81 Operating charges (0.12) (0.11) (0.12) Return after operating charges* 4.88 8.54 28.69

Distributions on accumulation units (2.32) (1.37) (2.56) Retained distributions on accumulation units 2.32 1.37 2.56

Closing net asset value per unit 113.42 108.54 128.69

*after direct transaction costs of:^ 0.01 0.00 0.01

Performance Return after charges 4.50% 8.54% 28.69%

Other information Closing net asset value (£000) 295,766 324,773 322 Closing number of units 260,763,744 299,218,230 250,000 Operating charges 0.11% 0.12% 0.11% Direct transaction costs 0.01% 0.00% 0.01%

Prices+ Highest unit price (pence) 119.50 111.90 135.63 Lowest unit price (pence) 87.88 98.30 99.77

^The direct transaction costs includes commission on futures. + High and low price disclosures are based on quoted unit prices. Therefore the opening and closing NAV prices may fall outside the high/low price threshold. **Class ‘D’ Accumulation launched on 27 March 2019. ***Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

44 PUTM ACS Japan Equity Fund Statistical information

Investment objective The Sub-fund aims to provide a total return (a combination of capital growth and income) by outperforming the MSCI Japan Index (the “Index”) before fees by 0.5% to 1% per annum over any given 3 year period.

Investment policy The Sub-fund aims to achieve its objective by investing over 70% of the portfolio in equities and equity related securities of Japanese companies that are constituents of the Index. The Sub-fund may invest up to 5% in Japanese companies listed outside of the Index. Equity related securities will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Manager, influenced significantly by the stock market performance of the company’s ordinary shares. The Sub-fund may also invest in other transferable securities, money-market instruments, deposits, cash and near cash and other collective investment schemes. Derivatives will be used for efficient portfolio management only.

Investment strategy Although over 70% is invested in components of the Index. The Sub-fund is actively managed and the Investment Manager has discretion to select its investments. The Sub-fund does not concentrate on any particular sector.

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Statistical information Statistical PUTM ACS Japan Equity Fund Equity Japan ACS PUTM PUTM ACS Japan Equity Fund Annual financial statements For the year ended 31 January 2021

Statement of total return 31/01/21 31/01/20* Notes £000 £000 £000 £000 Income Net capital gains 4 3,820 27,465 Revenue 5 9,112 5,198 Expenses 6 (375) (305) Interest payable and similar charges (3) (1) Net revenue before taxation 8,734 4,892 Taxation 7 (910) (519) Net revenue after taxation 7,824 4,373 Total return before distributions 11,644 31,838 Distributions 8 (7,872) (4,417) Change in net assets attributable to unitholders from investment activities 3,772 27,421

Statement of change in net assets attributable to unitholders 31/01/21 31/01/20* £000 £000 £000 £000 Opening net assets attributable to unitholders 385,448 – Amounts receivable on issue of units 258,936 33,886 Amounts receivable on in-specie transfer** – 354,403 Amounts payable on cancellation of units (298,254) (35,217) (39,318) 353,072 Change in net assets attributable to unitholders from investment activities 3,772 27,421 Dilution levy adjustment 114 81 Retained distributions on accumulation units 7,362 4,874 Closing net assets attributable to unitholders 357,378 385,448

*The Sub-fund launched on 27 March 2019. **Represents the value of units created by in-specie transfer of assets during the year/period.

47 PUTM ACS Japan Equity Fund Annual financial statements As at 31 January 2021

Balance sheet 31/01/21 31/01/20 Notes £000 £000 £000 £000 Assets: Fixed assets: Investments 343,305 375,908 Current assets: Debtors 9 17,930 515 Cash and bank balances 10 14,108 9,601 Total current assets 32,038 10,116 Total assets 375,343 386,024 Liabilities: Investment liabilities – (230) Creditors: Other creditors 11 (17,965) (346) Total creditors (17,965) (346) Total liabilities (17,965) (576) Net assets attributable to unitholders 357,378 385,448

48 PUTM ACS Japan Equity Fund Notes to the financial statements

Notes 1-3 Accounting policies Please see pages 3 to 6 for accounting basis and policies.

Note 4 Net capital gains The net capital gains during the year/period comprise: 31/01/21 31/01/20* £000 £000 Gains on non-derivative securities 2,813 26,867 Gains on derivative contracts 1,069 837 Currency losses (46) (216) Handling charges (16) (23) Net capital gains 3,820 27,465

Note 5 Revenue 31/01/21 31/01/20* £000 £000 Overseas dividends 9,099 5,192 Stocklending commission 13 6 Total revenue 9,112 5,198

Note 6 Expenses 31/01/21 31/01/20* £000 £000 (a) Payable to the ACS Manager or associates of the ACS Manager and agents of either of them: ACS Manager’s periodic charge 295 235 (b) Payable to the Depositary or associates of the Depositary and agents of either of them: Depositary’s fees 20 16 (c) Other expenses: Audit fee 10 7 Safe custody charges 48 44 Printing & stationery 1 – Professional fees 1 3 60 54 Total expenses 375 305

Note 7 Taxation 31/01/21 31/01/ 20* £000 £000 (a) Analysis of tax charge for the year/period Overseas withholding tax 910 519 Total taxation 910 519

As the scheme is an ACS it is not subject to UK tax on income or capital gains. *The Sub-fund launched on 27 March 2019.

49 PUTM ACS Japan Equity Fund Notes to the financial statements

Note 8 Distributions The distributions take account of amounts added on the issue of units and amounts deducted on the cancellation of units, and comprise: 31/01/21 31/01/20* £000 £000 Interim 4,032 – Final 3,330 4,874 7,362 4,874 Amounts deducted on cancellation of units 619 59 Amounts added on issue of units (109) (516) Net distribution for the year/period 7,872 4,417 Net revenue after taxation 7,824 4,373 Expenses taken to capital 48 44 Net distribution for the year/period 7,872 4,417 Details of the distribution per unit are set out in the tables on pages 58 to 60.

Note 9 Debtors 31/01/21 31/01/20 £000 £000 Sales awaiting settlement 17,414 1 Accrued income 516 514 Total debtors 17,930 515

Note 10 Cash and bank balances 31/01/21 31/01/20 £000 £000 Cash and bank balances 13,757 9,035 Amounts held at futures clearing houses 351 566 Total cash and bank balances 14,108 9,601

Note 11 Other creditors 31/01/21 31/01/20 £000 £000 Cancellations awaiting settlement 170 – Purchases awaiting settlement 17,748 167 ACS Manager’s periodic charge payable 25 160 Depositary’s fees payable 3 5 Safe custody charges payable 8 5 Audit fee payable 9 7 Handling charges payable 2 2 Total bank overdraft 17,965 346

*The Sub-fund launched on 27 March 2019.

50 PUTM ACS Japan Equity Fund Notes to the financial statements

Note 12 Reconciliation of units Class ‘B’ Class ‘C’ Class ‘D’ Class ‘X’ Accumulation* Accumulation Accumulation Accumulation** Opening units issued at 01/02/20 – 55,899,799 299,218,230 – Unit movements in year: Units issued 11,378,522 27,166,477 202,152,055 250,000 Units cancelled (770,058) (38,267,074) (240,606,541) – Closing units at 31/01/21 10,608,464 44,799,202 260,763,744 250,000 *Class ‘B’ Accumulation launched on 27 November 2020. **Class ‘X’ Accumulation launched on 14 March 2020.

Note 13 Contingencies and commitments At 31 January 2021 the Sub-fund had no outstanding calls on partly paid shares, no potential underwriting commitments or any other contingent liabilities (31/01/20: £nil).

Note 14 Stocklending The total value of securities on loan at the Balance sheet date was £4,727,975 (31/01/20: £5,966,013). Collateral was held in the following form: 31/01/21 31/01/20 £000 £000 Equity 5,149 6,633 5,149 6,633 The gross earnings and fees paid for the year/period were £15,122 (31/01/20: £6,849) and £2,722 (31/01/20: £1,233) respectively. The gross earnings were split by the lending agent as follows: – 82% to the Lender (PUTM ACS Japan Equity Fund) – 8% to the ACS Manager (Phoenix Unit Trust Managers Limited) – 10% retained by the Lending Agent (eSec) The counterparties for the securities on loan are shown in the appendix on page 132.

Note 15 Unitholders’ funds There are four unit classes in issue within the Sub-fund. These are Class ‘B’ Accumulation, Class ‘C’ Accumulation, Class ‘D’ Accumulation and Class ‘X’ Accumulation. The ACS Manager’s periodic charge in respect of Class ‘B’, Class ‘C’, Class ‘D’ and Class ‘X’ is expressed as an annual percentage of the value of the property of the Sub-fund attributable to each unit class and is currently 0.085% in respect of Class ‘B’, Class ‘C’, Class ‘D’ and Class ‘X’ units. Consequently, the level of net revenue attributable to each unit class will differ. Should it be necessary to wind-up the Sub-fund, each unit class will have the same rights as regards to the distribution of the property of the Sub-fund.

51 PUTM ACS Japan Equity Fund Notes to the financial statements

ACS Manager’s periodic charge paid to the ACS Manager, Phoenix Unit Trust Managers Limited, or its associates, is shown in Note 6(a) and details of the units issued and cancelled by the ACS Manager are shown in the Statement of change in net assets attributable to unitholders and Note 8. Any balances due to/from the ACS Manager or its associates at 31 January 2021 in respect of these transactions are shown in Notes 9 and 11.

Note 17 Financial instruments In accordance with the investment objective, the Sub-fund holds certain financial instruments. These comprise: • securities held in accordance with the investment objective and policies; • derivative transactions which the Sub-fund may also enter into, the purpose of which is to manage the currency and market risks arising from the Sub-fund’s investment activities; and • cash and short term debtors and creditors arising directly from operations. Counterparty exposure The economic exposure of future derivative contracts is equal to the market value. The value of exposure and the related counterparty are disclosed in the Portfolio of investments. Currency exposure An analysis of the monetary assets and liabilities at the year/period end is shown below: Net currency assets Net currency assets 31/01/21 31/01/20 Currency Monetary Non- Total Monetary Non- Total exposure monetary exposure exposure monetary exposure exposure exposure £000 £000 £000 £000 £000 £000 Sterling 735 – 735 (179) – (179) Japanese Yen 13,338 343,305 356,643 9,949 375,678 385,627 14,073 343,305 357,378 9,770 375,678 385,448 Income received in other currencies is converted to Sterling on or near the date of receipt. The Sub-fund does not hedge or otherwise seek to avoid, movement risk on accrued income.

52 PUTM ACS Japan Equity Fund Notes to the financial statements

Note 17 Financial instruments (continued) Interest profile At the year/period end date, 3.95% (31/01/20: 2.49%) of the Sub-fund’s net assets by value were interest bearing. Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR (London Interbank Offered Rate) or international equivalent. Sensitivity analysis Interest rate risk sensitivity As the majority of the Sub-fund’s financial assets are non-interest bearing, the Sub-fund is only subject to limited exposure to fair value interest rate risk due to fluctuations in levels of market interest rates and therefore, no sensitivity analysis has been provided. Foreign currency risk sensitivity A five percent increase in the value of the Sub-fund’s foreign currency exposure would have the effect of increasing the return and net assets by £17,832,150 (31/01/20: £19,281,350). A five percent decrease would have an equal and opposite effect. Market price risk sensitivity A five percent increase in the value of the Sub-fund’s portfolio would have the effect of increasing the return and net assets by £17,868,900 (31/01/20: £19,272,400). A five percent decrease would have an equal and opposite effect.

Note 18 Fair value of investments The fair value of the Sub-fund’s investments has been determined using the hierarchy below. This complies with the ‘Amendments to FRS102 – Fair value hierarchy disclosures’ issued by the Financial Reporting Council in March 2016. Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that 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 or liability. For the year ended 31/01/21 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 343,020 – – 343,020 Derivatives 285 – – 285 343,305 – – 343,305

For the period ended 31/01/20 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 375,908 – – 375,908 375,908 – – 375,908

Investment liabilities £000 £000 £000 £000 Derivatives (230) – – (230) (230) – – (230)

53 PUTM ACS Japan Equity Fund Notes to the financial statements

Note 19 Portfolio transaction costs For the year ended 31/01/21 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 228,994 7 0.00 – – – – 229,001 Total 228,994 7 – – 229,001 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 264,710 (9) 0.00 – – – – 264,701 Corporate actions 1 – – – – – – 1 Total 264,711 (9) – – 264,702 The Sub-fund has paid £2,538 as commission on purchases and sales of derivatives transactions for the year ended 31/01/21.

Commission, taxes and other expenses as % of average net assets: Commission 0.01% Taxes 0.00% Other expenses 0.00%

For the period ended 31/01/20 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 181,271 6 0.00 – – – – 181,277 In-specie transactions 351,127 – – – – – – 351,127 Total 532,398 6 – – 532,404 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 183,331 (5) 0.00 – – – – 183,326 Corporate actions 1 – – – – – – 1 Total 183,332 (5) – – 183,327 The Sub-fund has paid £1,875 as commission on purchases and sales of derivatives transactions for the period ended 31/01/20.

Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.00% Other expenses 0.00%

54 PUTM ACS Japan Equity Fund Notes to the financial statements

Note 19 Portfolio transaction costs (continued) Portfolio transaction costs are incurred by the Sub-fund when buying and selling underlying investments. These costs vary depending on the class of investment, country of exchange and method of execution. These costs can be classified as either direct or indirect transaction costs: Direct transaction costs: Broker commissions, fees and taxes. Indirect transaction costs: “Dealing spread” – the difference between buying and selling prices of the underlying investments. At the Balance sheet date the portfolio dealing spread was 0.31% (31/01/20: 0.19%) being the difference between the respective bid and offer prices for the Sub-fund’s investments.

55 PUTM ACS Japan Equity Fund Distribution tables For the year ended 31 January 2021

Interim distribution in pence per unit Group 1: units purchased prior to 1 February 2020 Group 2: units purchased 1 February 2020 to 31 July 2020

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘C’ Accumulation Group 1 1.233863 — 1.233863 n/a Group 2 0.011890 1.221973 1.233863 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘D’ Accumulation Group 1 1.233053 — 1.233053 n/a Group 2 0.025065 1.207988 1.233053 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep** Class ‘X’ Accumulation Group 1 1.328640 — 1.328640 n/a Group 2 1.328640 0.000000 1.328640 n/a *Class ‘C’ Accumulation and ‘D’ Accumulation launched on 27 March 2019, hence there are no comparatives. **Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

56 PUTM ACS Japan Equity Fund Distribution tables For the year ended 31 January 2021

Final distribution in pence per unit Group 1: units purchased prior to 1 August 2020 Group 2: units purchased 1 August 2020 to 31 January 2021

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar* Class ‘B’ Accumulation Group 1 0.125795 — 0.125795 n/a Group 2 0.125795 0.000000 0.125795 n/a

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘C’ Accumulation Group 1 1.084360 — 1.084360 1.375115 Group 2 1.043261 0.041099 1.084360 1.375115

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘D’ Accumulation Group 1 1.084520 — 1.084520 1.372036 Group 2 1.043495 0.041025 1.084520 1.372036

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar** Class ‘X’ Accumulation Group 1 1.229144 – 1.229144 n/a Group 2 1.229144 0.000000 1.229144 n/a *Class ‘B’ Accumulation launched on 27 November 2020, hence there are no comparatives. **Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

57 PUTM ACS Japan Equity Fund Distribution tables For the year ended 31 January 2021

58 PUTM ACS Lothian European ex UK Fund Investment review

Dear Investor Performance Review Welcome to the PUTM ACS Lothian European (ex UK) Over the review period, the PUTM ACS European (ex UK) Fund report from the Sub-fund’s inception on 20 Fund returned 1.05% (Source: Factset: Gross of AMC; November 2020 to 31 January 2021. based on the movement in the Cancellation Price from 20/11/20 to 31/01/21). This was compared to a return of 1.12% for the benchmark index (Source: Factset: MSCI Europe (ex-UK) Index, Total Return from 20/11/20 to 31/01/21, in GBP).

Standardised Past Performance

Nov20* - Jan21 % growth

PUTM ACS Lothian European (ex UK) Fund 1.05 – – –

Benchmark Index 1.12 – – –

Source: Sub-fund performance: Factset: Gross of AMC; based on the movement in the Cancellation Price from 20 November 2020 to 31 January 2021. Benchmark index performance: MSCI Europe (ex-UK) Index, Total Return from 20 November 2020 to 31 January 2021.*Since inception.

Past performance is not a guide to future performance. Please note that all past performance figures are calculated without taking the initial charge into account.

The value of units and the income from them can go down as well as up and is not guaranteed. You may not get back the full amount invested.

59 PUTM ACS Lothian European ex UK Fund Investment review

Market Review practices and use of its K15 insulation. Despite only 5% of European equities rose over the review period. Stocks the insulation used on the tower being Kingspan product initially moved higher amid falling Covid-19 cases and and being used without the company’s prior knowledge, rising investor optimism towards Joe Biden’s victory in the this was sufficient to lead to a sharp sell-off in Kingspan’s US presidential election. Thereafter, European Union (EU) share price. Elsewhere, airline manufacturer Airbus and leaders approved a €750 billion coronavirus recovery fund, airline operator Ryanair also detracted from performance as well as a €1.1 trillion seven-year EU budget, which after the reintroduction of lockdown measures led to more drove stocks higher. News of the new coronavirus strain short-term uncertainty for the travel industry. However, we and the imposition of higher US tariffs on certain EU believe both will be long-term winners in their sectors due products later pushed down European stocks. However, a to their positioning and financial firepower. Smoke-free last-minute Brexit trade deal and the start of the European tobacco product manufacturer Swedish Match also suffered vaccination programme supported sentiment. However, at as investors rotated away from more defensive names in the beginning of 2021, markets retracted somewhat as general. tensions between Europe and the UK over vaccine exports intensified. Volatility remains high in the short term as Outlook investors switch between favouring stable growth and By and large, companies in Europe have survived the value-exposed stocks. challenges of lockdown better than the market consensus expected and financial performance has been strong Sub-fund Review enough for some companies to consider reinstating The Sub-fund underperformed slightly over the period. dividends and share buybacks and to contemplate takeover From a sector perspective, an underweight exposure to activity. This has vindicated our preference for companies basic materials and overweight positioning within the with sufficient financial firepower to survive the current consumer discretionary sector detracted from performance. crisis and the potential to take market share over the long Meanwhile, stock selection in the industrials and consumer term from weaker peers. Examples within the Sub-fund services sectors also weighed on performance. On the other include CRH, Kingspan, Ryanair and Airbus. hand, the Sub-fund’s overweight positioning and stock Tightening Covid-19 restrictions as a new, more virulent selection within the technology sector contributed to strain of the virus spreads and disappointing vaccination performance. Elsewhere, stock selection within the rates in some geographies means that economic policy is consumer goods, consumer discretionary and healthcare likely to remain accommodative for some time. We remain sectors aided performance. underweight the banking sector where earnings are On a stock-specific basis, the Sub-fund benefited strongly negatively affected by the current low interest-rate from its exposure to technology companies like lithography environment. Meanwhile, restrictions imposed by regulators equipment manufacturer ASML and semiconductor have also affected the sector. We retain a preference for manufacturer Infineon. Both are benefiting from a strong banks that are strongly capitalised with robust domestic uptick in demand. Holding an overweight position in steel franchises and multiple means of growing earnings despite maker ArcelorMittal has benefited from more optimism the low interest-rate environment. These include Crédit about the economic outlook as well as their own discipline Agricole, Nordea and Austria’s BAWAG. We remain positive in strengthening the balance sheet and focusing on on companies exposed to the investment necessary to aid profitability over volumes. Single-use medical scope energy transition and reduce carbon emissions, backed by manufacturer Ambu also outperformed as fears of cross the EU Green Deal and various country support measures. contamination boosted demand for its products. Utilities We have significant positions in companies producing continued to perform well. The Sub-fund benefited from sustainable building products (such as Kingspan and CRH), overweight positions in Ørsted, which develops, constructs renewable fuels and power generation firms (Neste and and operates offshore wind farms, and Siemens Energy. Ørsted) and those developing solutions to lower energy Conversely, Kingspan was the top detractor. The attention of consumption (Schneider). the Grenfell Tower Inquiry led to concerns about the firm’s

60 PUTM ACS Lothian European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Europe 99.95 Aerospace & Defence 2.75 953,362 Airbus 70,159 1.78 578,758 Thales 37,963 0.97 Automobiles & Parts 2.03 777,925 Daimler 40,056 1.02 393,395 Michelin 39,625 1.01 Banks 6.27 747,611 Bawag Group 23,825 0.61 4,978,516 Credit Agricole 41,306 1.05 5,091,638 Finecobank Banco Fineco 57,998 1.47 942,103 Julius Baer Group 41,645 1.06 5,005,827 Mediobanca 32,605 0.83 8,269,102 Nordea Bank 49,206 1.25 Beverages 2.58 678,321 Heineken 51,551 1.31 361,284 Pernod Ricard 49,767 1.27 Chemicals 2.40 565,582 AkzoNobel 41,952 1.07 411,462 Koninklijke DSM 52,402 1.33 Construction & Materials 4.88 1,695,080 Assa Abloy ‘B’ 30,702 0.78 1,398,225 Bouygues 40,080 1.02 1,331,040 CRH 40,403 1.03 804,192 Kingspan Group 39,737 1.01 605,827 Vinci 41,035 1.04 Electricity 4.49 11,414,066 Enel 82,715 2.11 1,245,999 Fortum 22,058 0.56 518,484 Orsted 71,697 1.82 Electronic & Electrical Equipment 2.41 886,269 Schneider Electric 94,798 2.41 Financial Services 4.97 491,194 Amundi 26,639 0.68 384,284 Deutsche Boerse 45,065 1.15 59,905 Partners Group 51,711 1.31 850,410 Prosus 72,078 1.83 Food & Drug Retailers 0.73 1,517,000 Kesko B 28,721 0.73

61 PUTM ACS Lothian European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Food Producers 7.26 13,136 Barry Callebaut 21,270 0.54 446,045 Kerry Group 44,159 1.12 1,864,871 Marine Harvest 30,176 0.77 2,318,662 Nestle ‘R’ 189,881 4.83 Gas, Water & Multiutilities 2.86 3,925,315 Engie 44,469 1.13 2,173,591 RWE 67,979 1.73 General Industrials 3.48 799,741 Siemens 90,524 2.30 1,707,040 Siemens Energy AG 46,169 1.18 Industrial Engineering 3.79 1,395,038 Alstom 55,342 1.41 928,575 Atlas Copco ‘A’ 36,966 0.94 3,126,999 Volvo ‘B’ 56,584 1.44 Industrial Transportation 2.59 595,078 DSV 67,983 1.73 2,682,544 Ryanair 33,926 0.86 Media 2.57 678,486 Schibsted 18,659 0.47 2,278,018 Vivendi 51,010 1.30 516,491 Wolters Kluwer Certificates 31,255 0.80 Mining 0.85 2,100,292 ArcelorMittal 33,521 0.85 Mobile Telecommunications 1.34 4,364,388 Telenor 52,563 1.34 Non-Life Insurance 5.58 4,561,944 AXA 73,852 1.88 284,383 Muenchener Rueckver 55,327 1.41 1,080,434 Tr yg 24,624 0.62 225,242 Zurich Insurance Group 65,677 1.67 Oil & Gas Producers 3.11 517,154 Galp Energia 3,790 0.10 982,275 Neste Oyj 50,648 1.29 2,191,992 Total 67,662 1.72 Personal Goods 3.23 210,447 LVMH 92,777 2.36 163,176 The Swatch Group ‘B’ 34,316 0.87 Pharmaceuticals & Biotechnology 11.73 1,430,061 Ambu 49,774 1.27

62 PUTM ACS Lothian European ex UK Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 %

Pharmaceuticals & Biotechnology (continued) 1,520,799 Novartis ‘R’ 100,254 2.55 2,070,860 Novo Nordisk ‘B’ 105,197 2.68 547,074 Roche Holding 137,552 3.50 996,370 Sanofi 68,009 1.73 Software & Computer Services 8.34 34,141 Adyen 51,938 1.32 789,926 Amadeus IT Group 36,704 0.93 940,191 SAP 87,373 2.22 222,360 Teleperformance 53,136 1.35 694,085 Ubisoft Entertainment 50,526 1.29 780,489 Worldline 48,364 1.23 Technology Hardware & Equipment 6.51 478,993 ASML Holding 186,228 4.74 2,381,161 Infineon Technologies 69,699 1.77 Tobacco 0.87 602,684 Swedish Match 34,055 0.87 Travel & Leisure 1.62 317,061 Flutter Entertainment 43,143 1.10 749,371 Thule Group 20,307 0.52 Money Markets 0.71 £27,902 Aberdeen Standard Liquidity Fund (Lux) – Seabury Sterling 3 Fund Class Z-1~ 27,897 0.71

Portfolio of investments 3,928,764 99.95 Net other assets 2,053 0.05 Net assets 3,930,817 100.00

Unless otherwise stated, all investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market. The Sub-fund launched on 20 November 2020, hence there are no comparatives. ~SICAVs (open ended investment schemes registered outside the UK)

63 PUTM ACS Lothian European ex UK Fund Top ten purchases and sales For the period ended 31 January 2021

Purchases Cost Sales Proceeds £000 £000 Nestle ‘R’ 203,573 Aberdeen Standard Liquidity Fund (Lux) - Aberdeen Standard Liquidity Fund (Lux) – Seabury Sterling 3 Fund Class Z-1 144,538 Seabury Sterling 3 Fund Class Z-1 172,441 Bayer 49,690 ASML Holding 167,770 KBC Group 29,532 Roche Holding 140,314 ASML Holding 18,150 Novo Nordisk ‘B’ 107,738 Galp Energia 17,354 Novartis ‘R’ 101,792 AXA 11,871 Schneider Electric 96,799 Vivendi 11,832 LVMH 94,600 Wolters Kluwer Certificates 10,082 AXA 88,211 Swedish Match 10,029 Enel 85,703 ArcelorMittal 9,178 Subtotal 1,258,941 Subtotal 312,256 Other purchases 3,029,518 Other sales 80,285

Total purchases for the period 4,288,459 Total sales for the period 392,541

64 PUTM ACS Lothian European ex UK Fund Statistical information

Comparative table Class ‘D’ Accumulation** 31/01/21 pence Change in net assets per unit Opening net asset value per unit 100.00 Return before operating charges* 0.83 Operating charges – Return after operating charges* 0.83

Distributions on accumulation units (0.12) Retained distributions on accumulation units 0.12

Closing net asset value per unit 100.83

*after direct transaction costs of: 0.00

Performance Return after charges 0.83%

Other information Closing net asset value (£000) 3,930,817 Closing number of units 3,898,636,144 Operating charges 0.02% Direct transaction costs 0.00%

Prices+ Highest unit price (pence) 106.65 Lowest unit price (pence) 99.36

+ High and low price disclosures are based on quoted unit prices. Therefore the opening and closing NAV prices may fall outside the high/low price threshold. **The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021.

65 PUTM ACS Lothian European ex UK Fund Statistical information

Investment objective The Sub-fund aims to provide a total return (a combination of capital growth and income) by outperforming the FTSE World Europe ex UK Index (the “Index”) before fees by 1.5% to 2.5% per annum over any given 3 year period.

Investment policy The Sub-fund aims to achieve its objective by investing at least 80% of the portfolio in shares of European companies which are constituents of the FTSE World Europe ex UK Index, though not necessarily in the same proportions of the Index at all times. The Sub-fund’s holdings will typically consist of equities or “equity related securities” which will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Manager, influenced significantly by the stock market performance of the company’s ordinary shares. The Sub-fund may also invest in other transferable securities, which are non-approved securities (essentially unlisted securities), money-market instruments, deposits, cash and near cash and other collective investment schemes. Derivatives may be used for efficient portfolio management only.

Investment strategy Although at least 80% of the Sub-fund is invested in components of the Index, the Sub-fund is actively managed. The Investment Manager uses research techniques to select individual holdings. The research process is focused on identifying companies where the management team have a different view of a company’s prospects to that of the market, and which align with their views regarding future economic and business conditions. The Investment Manager references the Index, which means that while the Sub-fund is not required to match the weightings of the Index and does not concentrate on any particular sector, the Sub-fund is managed within constraints, so that divergence from the Index is controlled. The Sub-fund’s portfolio may, therefore, be similar to the components of the Index.

Revenue distribution and pricing Units of the Sub-fund are available as Class ‘D’ Accumulation units (where revenue is reinvested to enhance the unit price). There will be two potential distributions in each accounting year: an interim distribution as at 31 July and a final distribution as at 31 January. At each distribution the net revenue after deduction of expenses, from the investments of the Sub-fund is apportioned amongst the unitholders. Unitholders receive a tax voucher giving details of the distribution and the ACS Manager’s Report no later than two months after these dates. Due to a delay in the 31 January 2021 distribution this will be received no later than four months after these dates.

66 PUTM ACS Lothian European ex UK Fund Statistical information

ﬁ Typically lower rewards, Typically higher rewards, lower risk higher risk ﬁ

1 2 3 4 5 6 7

This Sub-fund is ranked at 6 because Sub-funds of this type have experienced high rises and falls in value in the past. Although this is a high risk ranking it is not the highest. The above figure applies to the following unit class: • Class ‘D’ Accumulation Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. Please note the Sub-fund’s risk category may change in the future. The indicator does not take into account the following risk of investing in this Sub-fund: • The Sub-fund may use derivatives to reduce risk or cost or to generate additional capital or income at low risk, or to meet its investment objective. • Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency rates will reduce the value of your investment.

67 PUTM ACS Lothian European ex UK Fund Annual financial statements For the period ended 31 January 2021

Statement of total return 31/01/21* Notes £000 £000 Income Net capital gains 4 32,711 Revenue 5 5,312 Expenses 6 (72) Interest payable and similar charges (1) Net revenue before taxation 5,239 Taxation 7 (570) Net revenue after taxation 4,669 Total return before distributions 37,380 Distributions 8 (4,669) Change in unitholders’ funds from investment activities 32,711

Statement of change in unitholders’ funds 31/01/21* £000 £000 Opening net assets – Amounts receivable on issue of units 12,598 Amounts receivable on in-specie transfer** 3,995,977 Amounts payable on cancellation of units (115,154) 3,893,421 Change in unitholders’ funds from investment activities 32,711 Dilution levy adjustment 88 Retained distributions on accumulation units 4,597 Closing net assets 3,930,817

*The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021. **Represents the value of units created by in-specie transfer of assets during the period.

68 PUTM ACS Lothian European ex UK Fund Annual financial statements As at 31 January 2021

Balance sheet 31/01/21* Notes £000 £000 Assets: Fixed assets: Investments 3,928,764 Current assets: Debtors 9 2,332 Cash and bank balances 10 207 Total current assets 2,539 Total assets 3,931,303 Liabilities:

Creditors: Other creditors 11 (486) Total creditors (486) Total liabilities (486)

Net assets 3,930,817

Unitholders’ funds 3,930,817

*The Sub-fund launched on 20 November 2020, hence there are no comparatives.

69 PUTM ACS Lothian European ex UK Fund Notes to the financial statements

Notes 1-3 Accounting policies Please see pages 3 to 6 for accounting basis and policies. Note 4 Net capital gains The net capital gains during the period comprise: 31/01/21* £000 Gains on non-derivative securities 32,852 Currency losses (141) Net capital gains 32,711

Note 5 Revenue 31/01/21* £000 Overseas dividends 5,312 Total revenue 5,312

Note 6 Expenses 31/01/21* £000 (a) Payable to the ACS Manager or associates of the ACS Manager and agents of either of them: ACS Manager’s periodic charge 51 (b) Payable to the Depositary or associates of the Depositary and agents of either of them: Depositary’s fees 13 (c) Other expenses: Audit fee 8 Total expenses 72

Note 7 Taxation 31/01/21* £000 Overseas withholding tax 570 Total taxation 570 As the scheme is an ACS it is not subject to UK tax on income or capital gains. Note 8 Distributions The distributions take account of amounts added on the issue of units and amounts deducted on the cancellation of units, and comprise: 31/01/21* £000 Final 4,597 4,597 Amounts deducted on cancellation of units 81 Amounts added on issue of units (9) Net distribution for the period 4,669 Details of the distribution per unit are set out in the table on page 75.

*The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021.

70 PUTM ACS Lothian European ex UK Fund Notes to the financial statements

Note 9 Debtors 31/01/21** £000 Creations awaiting settlement 290 Sales awaiting settlement 1,898 Overseas tax recoverable 81 Prepaid expenses 63 Total debtors 2,332

Note 10 Cash and bank balances 31/01/21** £000 Cash and bank balances 207 Total cash and bank balances 207

Note 11 Other creditors 31/01/21** £000 Cancellations awaiting settlement 450 ACS Manager’s periodic charge payable 16 Depositary’s fees payable 12 Audit fee payable 8 Total other creditors 486

**The Sub-fund launched on 20 November 2020, hence there are no comparatives.

Note 12 Reconciliation of units Class ‘D’ Accumulation Opening units issued at 20/11/20* – Unit movements in period: Units issued 4,008,180,179 Units cancelled (109,544,035) Closing units at 31/01/21 3,898,636,144 *The Sub-fund launched on 20 November 2020. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021.

Note 13 Contingencies and commitments At 31 January 2021 the Sub-fund had no outstanding calls on partly paid shares, no potential underwriting commitments or any other contingent liabilities.

Note 14 Unitholders’ funds There is one unit classes in issue within the Sub-fund. This is Class ‘D’ Accumulation. The ACS Manager’s periodic charge in respect of Class ‘D’ is expressed as an annual percentage of the value of the property of the Sub-fund attributable to each unit class and is currently 0.0075% in respect of Class ‘D’ units.

71 PUTM ACS Lothian European ex UK Fund Notes to the financial statements

Note 15 Related party transactions The ACS Manager is a related party to the Sub-fund by virtue of its controlling influence. The ACS Manager is part of the Phoenix Group. Phoenix Life Limited which is also part of the Phoenix Group, is a material unitholder in the Sub-fund and therefore a related party, holding the following percentage of the units at the period end: Class ‘D’ % As at 31 January 2021: 100.00 ACS Manager’s periodic charge paid to the ACS Manager, Phoenix Unit Trust Managers Limited, or its associates, is shown in Note 6(a) and details of the units issued and cancelled by the ACS Manager are shown in the Statement of change in unitholders’ funds and Note 8. Any balances due to/from the ACS Manager or its associates at 31 January 2021 in respect of these transactions are shown in Notes 9 and 11.

Note 16 Financial instruments In accordance with the investment objective, the Sub-fund holds certain financial instruments. These comprise: • securities held in accordance with the investment objective and policies; • derivative transactions which the Sub-fund may also enter into, the purpose of which is to manage the currency and market risks arising from the Sub-fund’s investment activities; and • cash and short term debtors and creditors arising directly from operations. Counterparty exposure There was no counterparty exposure held at the period end. Currency exposure An analysis of the monetary assets and liabilities at the period end is shown below: Net currency assets 31/01/21* Non- Currency Monetary monetary Total exposure exposure exposure £000 £000 £000 Sterling 33 27,897 27,930 Danish Krone 33 319,275 319,308 Euro 1,938 2,659,274 2,661,212 Norwegian Krone – 101,398 101,398 Swedish Krona – 178,614 178,614 Swiss Franc 49 642,306 642,355 2,053 3,928,764 3,930,817 Income received in other currencies is converted to Sterling on or near the date of receipt. The Sub-fund does not hedge or otherwise seek to avoid, movement risk on accrued income.

*The Sub-fund launched on 20 November 2020, hence there are no comparatives.

72 PUTM ACS Lothian European ex UK Fund Notes to the financial statements

Note 16 Financial instruments (continued) Interest profile At the period end date, 0.71% of the Sub-fund’s net assets by value were interest bearing. Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR (London Interbank Offered Rate) or international equivalent. Interest was also earned on the investments in the Aberdeen Standard Liquidity Fund.

Foreign currency risk sensitivity A five percent increase in the value of the Sub-fund’s foreign currency exposure would have the effect of increasing the return and net assets by £195,144,350. A five percent decrease would have an equal and opposite effect.

Market price risk sensitivity A five percent increase in the value of the Sub-fund’s portfolio would have the effect of increasing the return and net assets by £196,540,850. A five percent decrease would have an equal and opposite effect.

Note 17 Fair value of investments The fair value of the Sub-fund’s investments has been determined using the hierarchy below. This complies with the ‘Amendments to FRS102 – Fair value hierarchy disclosures’ issued by the Financial Reporting Council in March 2016. Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that 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 or liability. For the period ended 31/01/21* Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 3,900,867 – – 3,900,867 Money markets 27,897 – – 27,897 3,928,764 – – 3,928,764

*The Sub-fund launched on 20 November 2020, hence there are no comparatives.

73 PUTM ACS Lothian European ex UK Fund Notes to the financial statements

Note 18 Portfolio transaction costs For the period ended 31/01/21* Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 132,127 79 0.06 – – £000 – 132,206 Money markets 172,441 – – – – – – 172,441 Corporate actions 8,749 – – – – – – 8,749 In–specie transactions 3,975,063 – – – – – – 3,975,063 Total 4,288,380 79 – – 4,288,459 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 248,113 (110) (0.04) – – – – 248,003 Money markets 144,538 – – – – – – 144,538 Total 392,651 (110) – – 392,541

Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.00% Other expenses 0.00%

Note 19 Post Balance sheet events As indicated in the accounting policies in Note 1(b), the investments have been valued at close of business on 29 January 2021. Since the balance sheet date, the bid price of each of the Sub-fund’s share classes has moved as follows:

Bid Price Bid Price 29/01/21 11/06/21 pence pence Movement (%) Class ‘D’ Accumulation 100.83 112.54 11.61

74 PUTM ACS Lothian European ex UK Fund Distribution table For the period ended 31 January 2021

Final distribution in pence per unit Group 1: units purchased on 20 November 2020 Group 2: units purchased 21 November 2020 to 31 January 2021

2021 pence per unit Net payable income Equalisation 31 May* Class ‘D’ Accumulation Group 1 0.117918 — 0.117918 Group 2 0.040041 0.077877 0.117918

* The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021. Each Sub-fund is tax transparent for income purposes meaning that UK tax-paying unitholders are subject to tax on their share of income, net of allowable expenses, as it arises to the Sub-fund and not on distributions of income after deduction of expenses. On a daily basis unitholders will be advised of their share of aggregated accrued income, expenses and withholding tax paid on overseas dividends, if applicable. When a unit is purchased during the distribution period, part of the purchase price of the unit reflects the relevant share of income and expenses accrued by the Sub-fund, and this will be disclosed on the contract note. This purchased income and expense, a capital sum, should be deducted from the aggregate accrued income or expense as applicable. The subscription price disclosed on the contract note reflects the acquisition cost, which should be adjusted by the capital sum referred to above. It is the responsibility of the unitholder to maintain a record of the relevant amount(s) of income equalisation and to make the appropriate adjustment when completing their tax calculations.

75 PUTM ACS Lothian North American Equity Fund Investment review

Dear Investor Performance Review Welcome to the PUTM ACS Lothian North American Over the review period, the PUTM ACS Lothian North Equity Fund report for the period covering 19 November American Equity Fund returned -0.32% (Source: Factset: 2020 until 31 January 2021. Gross of AMC; based on the movement in the Cancellation Price from 19/11/20 to 31/01/21, in GBP). This was compared to a return of 0.13% for the benchmark index (Source: Factset: S&P 500 Index; Total Return from 19/11/20 to 31/01/21, in GBP).

Standardised Past Performance

Nov20* - Jan21 % growth

PUTM ACS Lothian North American Equity Fund -0.32 – – –

Benchmark Index 0.13 – – –

Source: Sub-fund performance: Factset: Gross of AMC; based upon the movement in the Cancellation Price from 19 November 2020 to 31 January 2021, in GBP. Benchmark Index performance: S&P 500 Index; Total Return from 19 November 2020 to 31 January 2021, in GBP. *Since inception.

Past performance is not a guide to future performance.

Please note that all past performance figures are calculated without taking the initial charge into account.

The value of units and the income from them can go down as well as up and is not guaranteed. You may not get back the full amount invested.

76 PUTM ACS Lothian North American Equity Fund Investment review

Market Review Biden with a Democratic-controlled Congress weighed on US equities finished the period up. The presidential the industry. On the positive side, Goldman Sachs was election in November and strong efficacy in Covid-19 the top contributor to performance, as its shares rose vaccine trials boosted investor optimism for economic amid increased optimism around a post-pandemic recovery. The market shifted to 'risk-on' mode as vaccine economic recovery. The investment bank also performed programmes started to be rolled out, increasing the better than expected in its latest round of stress tests and likelihood that 2021 would bring a sense of economic benefited from the removal of share buyback restrictions normalcy at some point. Following a rocky start to 2021, on large banks. Citigroup, another beneficiary of the which saw rioters storm the US Capitol building, US positive market sentiment, also contributed to returns, as President Joe Biden’s inauguration ceremony went the bank pointed to potential reserve releases in 2021. smoothly. However, in the last week of trading, retail Broadcom was another contributor to performance, driven investors triggered a massive distortion in the market by by solid earnings results and increasing momentum in collectively buying into heavily shorted stocks, causing wireless technology, given the continued content growth their prices to rocket. This tempered investor risk in 5G. appetite. Most sectors fell over the period, with only oil & gas, technology and healthcare generating positive Outlook and Strategy returns, overall. We remain mindful of how much of the expected economic improvement has been priced in, but recognise Sub-fund Review that favourable economic conditions would likely The Sub-fund underperformed the benchmark over the continue to support rising markets. Conditions that period. Underperformance was driven by stock selection, support rising equity markets – low interest rates and low while sector allocation was positive. Stock selection in inflation – remain in place for now. While we see early industrials weighed the most on returns. Healthcare and signs that inflation could start to come through and rates consumer goods also detracted from performance. could rise in response, the levels will likely remain low However, stock selection in financials was notably strong. enough to continue serving as a tailwind. However, The Sub-fund’s underweight in financials had been valuations in the market are far from cheap, so any reduced in anticipation of sector rotation, with an economic concerns that might hit corporate profitability emphasis on stocks that would respond well. are being monitored. In addition, as the Biden administration moves past Covid-19 issues and towards its agenda, concerns on higher taxes, drug pricing and At the stock level, the Sub-fund’s overweight position in increased regulation will likely become more prominent. Fidelity National Information Services (part of the support services sub-sector) was the biggest relative detractor Every sector is being reviewed and considered in the from performance. The press reported that Fidelity had context of environmental, social and governance issues, considered but aborted a merger with peer Global exposure to growth and value, industrial cycles and other Payments. This was taken badly by the market, which risk factors. Although our focus remains on stock picking questioned the motivation behind the deal and Fidelity’s from a bottom-up perspective, portfolio construction seeming willingness to overpay. Not holding Tesla also considerations are applied to mitigate unintended detracted from returns. The electric vehicle manufacturer thematic concerns and to manage unintended relative was added to the S&P 500 in December, and the market bets. responded positively. An overweight position in L3 Harris Technologies was another detractor, in an environment that was not supportive for the defence contractor. Questions about the defence budget under President

77 PUTM ACS Lothian North American Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % United States 92.12 Automobiles & Parts 0.76 617,867 Genuine Parts 42,241 0.76 Banks 4.40 4,614,021 Bank of America 99,458 1.79 349,990 First Republic Bank 36,941 0.66 1,162,018 JP Morgan Chase & Co 108,797 1.95 Beverages 1.57 569,457 Constellation Brands 87,413 1.57 Chemicals 1.32 378,431 Air Products & Chemicals 73,388 1.32 Electricity 3.53 1,067,150 Alliant Energy 37,807 0.68 1,427,387 CMS Energy 59,135 1.06 1,699,548 NextEra Energy 100,027 1.79 Electronic & Electrical Equipment 1.32 1,276,537 Emerson Electric 73,727 1.32 Financial Services 8.66 866,425 American Express 73,348 1.32 596,637 Goldman Sachs Group 117,820 2.11 864,033 Intercontinental Exchange 69,427 1.25 608,356 Mastercard 139,999 2.51 2,182,664 Schwab (Charles) 81,858 1.47 Fixed Line Telecommunications 1.60 474,432 L3 Harris Technologies 59,256 1.06 751,340 Verizon Communications 29,945 0.54 Food Producers 1.84 2,545,968 Mondelez International 102,732 1.84 General Industrials 1.96 766,743 Honeywell International 108,953 1.96 General Retailers 9.96 143,757 Amazon.com 335,598 6.02 455,726 Burlington Store 82,470 1.48 629,956 Lowe’s Companies 76,524 1.37 1,298,187 TJX 60,476 1.09 Healthcare Equipment & Services 4.82 1,152,522 Baxter International 64,483 1.16 3,166,384 Boston Scientific 81,719 1.46 503,902 UnitedHealth Group 122,453 2.20

78 PUTM ACS Lothian North American Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Industrial Engineering 1.36 2,554,391 Allison Transmission 75,653 1.36 Industrial Transportation 3.46 950,279 CSX 59,341 1.06 712,765 J.B. Hunt Transport Services 69,870 1.25 429,159 Kansas City Southern 63,289 1.14 3,477 Union Pacific 500 0.01 Media 1.53 192,739 Charter Communications ‘A’ 85,276 1.53 Mobile Telecommunications 1.41 854,655 T-Mobile US 78,414 1.41 Oil & Gas Producers 1.81 2,385,826 Conoco Phillips 69,549 1.25 848,620 EOG Resources 31,474 0.56 Personal Goods 0.32 240,023 Ralph Lauren 17,663 0.32 Pharmaceuticals & Biotechnology 6.74 1,509,484 AbbVie 112,640 2.02 1,926,975 Bristol Myers Squibb 86,203 1.55 1,334,836 Horizon Therapeutics 70,455 1.27 894,236 Johnson & Johnson 106,075 1.90 Real Estate Investment Trusts 2.17 556,996 American Tower 92,217 1.65 1,277,367 MGM Growth Properties 28,958 0.52 Software & Computer Services 18.25 245,301 Adobe 81,881 1.47 758,974 Akamai Technologies 61,345 1.10 169,672 Alphabet ‘A’ 225,417 4.04 47,140 Alphabet ‘C’ 62,890 1.13 930,621 Facebook 174,962 3.14 2,432,711 Microsoft 410,507 7.37 Support Services 3.84 882,651 Fidelity National Information 79,298 1.42 1,016,299 Fiserv 75,934 1.36 727,384 Waste Management 58,945 1.06 Technology Hardware & Equipment 8.32 3,812,174 Apple 365,893 6.56 298,942 Broadcom Corporation 97,903 1.76 Tobacco 1.17 1,129,517 Philip Morris International 65,466 1.17

79 PUTM ACS Lothian North American Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Bermuda 0.98 Technology Hardware & Equipment 0.98 1,453,131 Marvell Technology Group 54,402 0.98 Canada 1.01 Food & Drug Retailers 1.01 2,542,508 Alimentation Couche-Tard 56,526 1.01 Ireland 0.94 Healthcare Equipment & Services 0.94 642,897 Medtronic 52,089 0.94 Israel 1.50 Technology Hardware & Equipment 1.50 440,450 Nice ADR 83,561 1.50 Netherlands 1.21 Technology Hardware & Equipment 1.21 579,080 NXP Semiconductors 67,637 1.21 Money Markets 2.15 £119,683 Aberdeen Standard Liquidity Fund (Lux) – Seabury Sterling 3 Fund Class Z-1~ 119,660 2.15

Portfolio of investments 5,567,888 99.91 Net other assets 4,946 0.09 Net assets 5,572,834 100.00

Unless otherwise stated, all investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market. The Sub-fund launched on 20 November 2020, hence there are no comparatives. ~SICAVs (open ended investment schemes registered outside the UK)

80 PUTM ACS Lothian North American Equity Fund Top ten purchases and sales For the period ended 31 January 2021

Purchases Cost Sales Proceeds £000 £000 Microsoft 389,245 Citigroup 116,945 Apple 340,788 Walt Disney 94,599 Amazon.com 337,495 Aberdeen Standard Liquidity Fund (Lux) – Alphabet ‘A’ 224,855 Seabury Sterling 3 Fund Class Z-1 90,410 Aberdeen Standard Liquidity Fund (Lux) – Union Pacific 79,021 Seabury Sterling 3 Fund Class Z-1 210,095 Trane Technologies 72,327 Facebook 191,317 NXP Semiconductors 19,429 Mastercard 153,046 L3 Harris Technologies 17,495 UnitedHealth Group 127,960 Honeywell International 117,674 JP Morgan Chase & Co 114,427 Subtotal 2,206,902 Subtotal 490,226 Other purchases 3,892,044 Other sales –

Total purchases for the period 6,098,946 Total sales for the period 490,226

At a minimum, the ten largest purchases and ten largest sales will normally be disclosed. However, as there were less than ten sales during the period, all sales have been disclosed.

81 PUTM ACS Lothian North American Equity Fund Statistical information

Comparative table Class ‘D’ Accumulation** 31/01/21 pence Change in net assets per unit Opening net asset value per unit 100.00 Return before operating charges* (0.50) Operating charges – Return after operating charges* (0.50)

Distributions on accumulation units (0.23) Retained distributions on accumulation units 0.23

Closing net asset value per unit 99.50

*after direct transaction costs of: 0.00

Performance Return after charges (0.50%)

Other information Closing net asset value (£000) 5,572,834 Closing number of units 5,600,725,285 Operating charges 0.01% Direct transaction costs 0.00%

Prices+ Highest unit price (pence) 104.66 Lowest unit price (pence) 99.48

82 PUTM ACS Lothian North American Equity Fund Statistical information

Investment objective The Sub-fund aims to provide a total return (a combination of capital growth and income) by outperforming the S&P 500 Index (the “Index”) before fees by 1.5% to 2.5% per annum over any given 3 year period.

Investment policy The Sub-fund aims to achieve its objective by investing at least 80% of the portfolio in shares of US companies which are constituents of the S&P 500 Index, though not necessarily in the same proportions of the Index at all times. The Sub-fund’s holdings will typically consist of equities or “equity related securities” which will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Manager, influenced significantly by the stock market performance of the company’s ordinary shares. The Sub-fund may also invest in other transferable securities, which are non-approved securities (essentially unlisted securities), money-market instruments, deposits, cash and near cash and other collective investment schemes. Derivatives may be used for efficient portfolio management only.

83 PUTM ACS Lothian North American Equity Fund Statistical information

area in the table below shows the Sub-fund’s ranking on the Risk and Reward Indicator.

ﬁ Typically lower rewards, Typically higher rewards, lower risk higher risk ﬁ

1 2 3 4 5 6 7

84 PUTM ACS Lothian North American Equity Fund Annual financial statements For the period ended 31 January 2021

Statement of total return 31/01/21* Notes £000 £000 Income Net capital losses 4 (40,499) Revenue 5 12,832 Expenses 6 (99) Interest payable and similar charges (1) Net revenue before taxation 12,732 Taxation 7 (20) Net revenue after taxation 12,712 Total deficit before distributions (27,787) Distributions 8 (12,712) Change in unitholders’ funds from investment activities (40,499)

Statement of change in unitholders’ funds 31/01/21* £000 £000 Opening net assets – Amounts receivable on issue of units 19,555 Amounts receivable on in-specie transfer** 5,617,651 Amounts payable on cancellation of units (36,606) 5,600,600 Change in unitholders’ funds from investment activities (40,499) Dilution levy adjustment 29 Retained distributions on accumulation units 12,704 Closing net assets 5,572,834

85 PUTM ACS Lothian North American Equity Fund Annual financial statements As at 31 January 2021

Balance sheet 31/01/21* Notes £000 £000 Assets: Fixed assets: Investments 5,567,888 Current assets: Debtors 9 24,034 Cash and bank balances 10 1 Total current assets 24,035 Total assets 5,591,923 Liabilities: Creditors: Bank overdraft 11 (514) Other creditors 12 (18,575) Total creditors (19,089)

Net assets 5,572,834

Unitholders’ funds 5,572,834

*The Sub-fund launched on 20 November 2020, hence there are no comparatives.

86 PUTM ACS Lothian North American Equity Fund Notes to the financial statements

Notes 1-3 Accounting policies Please see pages 3 to 6 for accounting basis and policies. Note 4 Net capital losses The net capital losses during the period comprise: 31/01/21* £000 Losses on non-derivative securities (40,829) Losses on derivative contracts (33) Currency gains 363 Net capital losses (40,499)

Note 5 Revenue 31/01/21* £000 Overseas dividends 12,832 Total revenue 12,832

Note 6 Expenses 31/01/21* £000 (a) Payable to the ACS Manager or associates of the ACS Manager and agents of either of them: ACS Manager’s periodic charge 74 (b) Payable to the Depositary or associates of the Depositary and agents of either of them: Depositary’s fees 17 (c) Other expenses: Audit fee 8 Total expenses 99

Note 7 Taxation 31/01/21* £000 Analysis of tax charge for the period Overseas withholding tax 20 Total taxation 20

As the scheme is an ACS it is not subject to UK tax on income or capital gains. Note 8 Distributions The distributions take account of amounts added on the issue of units and amounts deducted on the cancellation of units, and comprise: 31/01/21* £000 Final 12,704 12,704 Amounts deducted on cancellation of units 42 Amounts added on issue of units (34) Net distribution for the period 12,712 Details of the distribution per unit are set out in the table on page 93. *The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021. 87 PUTM ACS Lothian North American Equity Fund Notes to the financial statements

Note 9 Debtors 31/01/21** £000 Sales awaiting settlement 19,403 Accrued income 4,586 Overseas tax recoverable 10 Prepaid expenses 35 Total debtors 24,034

Note 10 Cash and bank balances 31/01/21** £000 Cash and bank balances 1 Total cash and bank balances 1

Note 11 Bank overdraft 31/01/21** £000 Bank overdraft 514 Total bank overdraft 514

Note 12 Other creditors 31/01/21** £000 Cancellations awaiting settlement 600 Purchases awaiting settlement 17,926 ACS Manager’s periodic charge payable 27 Depositary’s fees payable 14 Audit fee payable 8 Total other creditors 18,575 **The Sub-fund launched on 20 November 2020, hence there are no comparatives.

Note 13 Reconciliation of units Class ‘D’ Accumulation Opening units issued at 20/11/20* – Unit movements in period: Units issued 18,939,444 Units cancelled (35,864,869) In-specie transactions 5,617,650,710 Closing units at 31/01/21 5,600,725,285 *The Sub-fund launched on 20 November 2020. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021.

Note 14 Contingencies and commitments At 31 January 2021 the Sub-fund had no outstanding calls on partly paid shares, no potential underwriting commitments or any other contingent liabilities.

88 PUTM ACS Lothian North American Equity Fund Notes to the financial statements

Note 15 Unitholders’ funds There is one unit class in issue within the Sub-fund. This is Class ‘D’ Accumulation. The ACS Manager’s periodic charge in respect of Class ‘D’ is expressed as an annual percentage of the value of the property of the Sub-fund attributable to each unit class and is currently 0.0075% in respect of Class ‘D’ units.

Note 16 Related party transactions The ACS Manager is a related party to the Sub-fund by virtue of its controlling influence. The ACS Manager is part of the Phoenix Group. Phoenix Life Limited which is also part of the Phoenix Group, is a material unitholder in the Sub-fund and therefore a related party, holding the following percentage of the units at the period end. Class ‘D’ % As at 31 January 2021: 100.00 ACS Manager’s periodic charge paid to the ACS Manager, Phoenix Unit Trust Managers Limited, or its associates, is shown in Note 6(a) and details of the units issued and cancelled by the ACS Manager are shown in the Statement of change in unitholders’ funds and Note 8. Any balances due to/from the ACS Manager or its associates at 31 January 2021 in respect of these transactions are shown in Notes 9 and 12.

89 PUTM ACS Lothian North American Equity Fund Notes to the financial statements

Note 17 Financial instruments (continued) Currency exposure An analysis of the monetary assets and liabilities at the period end is shown below: Net currency assets 31/01/21* Currency Non- Monetary monetary Total exposure exposure exposure £000 £000 £000 Sterling (618) 119,660 119,042 Canadian Dollar – 56,526 56,526 US Dollar 5,564 5,391,702 5,397,266 4,946 5,567,888 5,572,834 Income received in other currencies is converted to Sterling on or near the date of receipt. The Sub-fund does not hedge or otherwise seek to avoid, movement risk on accrued income. * The Sub-fund launched on 20 November 2020, hence there are no comparatives.

Interest profile At the period end date, 2.14% of the Sub-fund’s net assets by value were interest bearing. Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR (London Interbank Offered Rate) or international equivalent. Interest was also earned on the investments in the Aberdeen Standard Liquidity Fund.

Foreign currency risk sensitivity A five percent increase in the value of the Sub-fund’s foreign currency exposure would have the effect of increasing the return and net assets by £272,689,600. A five percent decrease would have an equal and opposite effect.

Market price risk sensitivity A five percent increase in the value of the Sub-fund’s portfolio would have the effect of increasing the return and net assets by £278,641,700. A five percent decrease would have an equal and opposite effect.

90 PUTM ACS Lothian North American Equity Fund Notes to the financial statements

Note 18 Fair value of investments The fair value of the Sub-fund’s investments has been determined using the hierarchy below. This complies with the ‘Amendments to FRS102 – Fair value hierarchy disclosures’ issued by the Financial Reporting Council in March 2016. Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that 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 or liability. For the period ended 31/01/21* Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 5,448,228 – – 5,448,228 Money markets 119,660 – – 119,660 5,567,888 – – 5,567,888

* The Sub-fund launched on 20 November 2020, hence there are no comparatives.

91 PUTM ACS Lothian North American Equity Fund

Note 19 Portfolio transaction costs For the period ended 31/01/21* Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 426,451 126 0.03 – – – – 426,577 Money markets 210,095 – – – – – – 210,095 In–specie transactions 5,462,274 – – – – – – 5,462,274 Total 6,098,820 126 – – 6,098,946 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 399,940 (115) 0.03 – – (9) – 399,816 Money markets 90,410 – – – – – – 90,410 Total 490,350 (115) – (9) 490,226

Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.00% Other expenses 0.00%

Note 20 Post Balance sheet events As indicated in the accounting policies in Note 1(b), the investments have been valued at close of business on 29 January 2021. Since the balance sheet date, the bid price of each of the Sub-fund’s share classes has moved as follows:

Bid Price Bid Price 29/01/21 11/06/21 pence pence Movement (%) Class ‘D’ Accumulation 99.50 112.14 12.70

92 PUTM ACS Lothian North American Equity Fund Distribution table For the period ended 31 January 2021

Final distribution in pence per unit

Group 1: units purchased on 20 November 2020 Group 2: units purchased 21 November 2020 to 31 January 2021

2021 pence per unit Net payable income Equalisation 31 May*

Class ‘D’ Accumulation Group 1 0.226830 — 0.226830 Group 2 0.046688 0.180142 0.226830

93 PUTM ACS Lothian UK Listed Equity Fund Investment review

Dear Investor Performance Review Welcome to the PUTM ACS Lothian UK Listed Equity Fund Over the review period, the PUTM ACS Lothian UK Listed report from the Sub-fund’s inception on 19 November Equity Fund returned 2.41% (Source: Factset: Gross of 2020 to 31 January 2021. AMC; based on the movement in the Cancellation Price from 20/11/20 to 31/01/21, in GBP). This was compared to a return of 1.90% for the benchmark index (Source: Factset: FTSE 350 Index; Total Return from 20/11/20 to 31/01/21, in GBP).

Standardised Past Performance

Nov20*Nov20 -- Jan21Jan21 % growth

PUTM ACS Lothian EuropeanUK Listed (ex-UK)Equity Fund Fund 1.052.41 – – –

BenchmarkFTSE 350 Index Index 1.121.90 – – –

Source: Sub-fund performance: Factset: Gross of AMC; based upon the movement in the Cancellation Price from 20 November 2020 to 31 January 2021, in GBP. Benchmark Index performance: FTSE 350 Index; Total Return from 20 November 2020 to 31 January 2021, in GBP. *Since inception.

Past Performance is not a guide to future performance

Please note that all past performance figures are calculated without taking the initial charge into account.

The value of units and the income from them can go down as well as up and is not guaranteed. You may not get back the full amount invested.

94 PUTM ACS Lothian UK Listed Equity Fund Investment review

Market Review Outlook and Strategy Equities in the UK rose over the period, despite the Covid-19 Since the announcement of successful trials for Covid-19 vaccines pandemic continuing to disrupt markets. The UK became the first in the fourth quarter of 2020, there has been a marked change in country to approve a coronavirus vaccine at the beginning of market direction. The ability for investors to have some measure of December, which lifted stocks. Further, the UK and European confidence that economic restrictions can come to an end within Union (EU) signed the Brexit agreement on Christmas Eve. In an investment time-horizon allows us to look past the current January, initial optimism regarding a global economic recovery in situation and consider equity valuations based on earnings and 2021, and following a post-Brexit trade deal, faded after most of cash flow projections in a more normalised environment. This the UK entered a new lockdown. Tensions also persisted with the means areas of the stock market that have been out of favour have EU over vaccine exports. Vaccine supply shortages in Europe led rallied. In particular, value outperforming growth, meaning there to threats of an export ban by the EU, which it quickly withdrew. was a slight reversal in a trend that we have seen for much of the News flow surrounding new Covid-19 virus strains continued last 10 years. alongside fears of an extension to the lockdown, which prompted There is a reasonable chance that this dominant trend reverses equities to decline. However, the UK’s own vaccination further in 2021. Provided economies can reopen, we are likely to programme ramped up, with roughly nine million people receiving see strong economic growth and higher activity as consumer their first dose by month-end. demand returns and companies restock after a depressed period. This scenario benefits more cyclical stocks, such as industrials, Sub-fund Review mining and energy. By sector, an overweight position in basic materials and underweight We have benefited from this factor shift, and the Sub-fund in financials helped, as did stock selection within the consumer continues to be slightly overweight value and market sensitivity as services and consumer goods sectors. However, the overweight factors, although we have taken action to moderate large factor exposure to consumer goods and underweight positioning in bets in the Sub-fund. However, we have kept a meaningful consumer services weighed on relative performance. Elsewhere, exposure to these areas (value and market sensitivity), as well as stock selection within the financials and utilities sectors detracted, to UK domestically focused companies as a result of the Brexit as did an overweight exposure to healthcare. trade deal. While this has been helpful, we will continue to aim for On an individual-stock basis, the Sub-fund benefited from names a balanced portfolio. that had suffered during the coronavirus lockdown. Sports betting There are also remaining reasons to be careful. While vaccines and gaming company Entain (formerly GVC) performed well, with should give some confidence that the current pandemic will the demand for its services increasing as competitive sports become manageable, the timing of any return to normal is not yet resumed. The Sub-fund’s overweight holdings in chemical company set and the outcome for the economy and corporates remains Johnson Matthey and Mitchells & Butler, the pub and restaurant unclear. Companies and the economy are likely to face testing chain, were also positive contributors. A lack of exposure to Experian times in the meantime. and Lloyds also helped returns. Our positioning is driven by individual stocks. We will continue to Negative contributors included our overweight holding in BAE analyse companies carefully and pay attention to balance-sheet Systems. Concerns over defence spending globally and a preference health to ensure our holdings can survive any bumps in the road. among investors for less defensive sectors of the market weighed on The removal of a number of key (macro) risks for UK equities BAE Systems, with the stock struggling to perform. AstraZeneca also (Covid-19 and a hard Brexit) is a big positive. Their removal weighed on returns. The now well-known pharmaceutical company should allow a refocusing on company fundamentals, something suffered from bad press in the latter half of the period and has seen we believe will benefit performance over time. the use of its vaccine suspended in some countries. Other detractors The Sub-fund will focus on bottom-up analysis and hold the included our overweight holdings in Phoenix Group and Prudential, highest-conviction ideas from the analyst in each sector. Portfolio and not holding Scottish Mortgage Investment Trust. construction will then focus on delivering a low level of factor risk to create a portfolio that has the potential to deliver outperformance based on stock-specific investment cases through the economic and style cycles.

95 PUTM ACS Lothian UK Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % UK Equities 99.71 Aerospace & Defence 1.96 28,862,117 BAE Systems 133,343 1.36 63,806,413 Rolls-Royce 58,510 0.60 Banks 5.98 102,048,242 Barclays 136,275 1.39 79,406,838 HSBC Holdings 303,930 3.10 33,021,664 Standard Chartered 146,583 1.49 Beverages 5.42 4,753,812 Coca Cola 102,730 1.05 14,517,205 Diageo 428,040 4.37 Chemicals 1.46 4,294,051 Johnson Matthey 126,717 1.29 2,830,492 Synthomer 12,165 0.12 222,171 Victrex 5,208 0.05 Construction & Materials 0.94 5,609,233 Balfour Beatty 15,089 0.15 9,444,519 Kier Group 7,263 0.07 1,048,451 Marshalls Group 6,810 0.07 12,413,343 Polypipe Group 63,556 0.65 Electricity 0.63 4,157,394 SSE 61,696 0.63 Financial Services 4.91 17,743,390 Ashmore Group 80,023 0.82 7,257,034 Close Brothers 102,324 1.04 4,273,016 Intermediate Capital Group 72,641 0.74 24,743,354 John Laing Group 78,387 0.80 836,244 London Stock Exchange 72,636 0.74 5,805,541 M&G Prudential 10,212 0.10 2,083,356 Network International 7,150 0.07 14,287,410 OSB Group 58,578 0.60 Fixed Line Telecommunications 0.46 3,432,381 Telecom Plus 44,621 0.46 Food Producers 1.27 1,485,459 Just Eat Takeaway.Com 124,363 1.27 Forestry & Paper 0.97 5,510,890 Mondi 95,173 0.97

96 PUTM ACS Lothian UK Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Gas, Water & Multiutilities 3.25 28,447,226 National Grid 241,801 2.47 8,337,026 United Utilities 76,867 0.78 General Industrials 1.93 2,798,589 Coats Group 1,718 0.02 27,741,405 Smith (DS) 100,951 1.03 17,280,870 Vesuvius 86,059 0.88 General Retailers 2.61 2,256,614 Dunelm Group 26,086 0.27 21,555,619 Inchcape 143,345 1.46 3,686,148 Watches of Switzerland Group 23,555 0.24 4,102,901 WH Smith 62,774 0.64 Healthcare Equipment & Services 1.60 37,885,106 ConvaTec Group 75,770 0.77 5,294,711 Smith & Nephew 81,618 0.83 Household Goods 5.46 2,667,367 Bellway 73,486 0.75 25,006,491 Countryside Properties 107,828 1.10 13,584,510 Crest Nicholson Holdings 43,932 0.45 2,713,637 Persimmon 69,225 0.71 3,843,312 Reckitt Benckiser 238,132 2.43 267,964 Vistry group 2,259 0.02 Industrial Engineering 1.71 9,379,305 Bodycote 65,983 0.67 17,786,513 Melrose Industries 29,970 0.31 3,764,225 Weir Group 71,332 0.73 Life Insurance 3.94 19,186,945 Aviva 64,295 0.66 46,776,177 Just Group 35,503 0.36 5,994,926 Phoenix Group Holdings 40,430 0.41 21,002,656 Prudential 246,256 2.51 Media 2.62 3,862,674 Euromoney Institutional Investor 36,850 0.38 12,091,675 RELX 219,162 2.24 Mining 9.90 6,776,291 Anglo American 163,546 1.67 12,810,548 BHP Group 257,684 2.63 6,152,650 Centamin 7,057 0.07 69,351,158 Glencore 170,847 1.74 47,002,603 Petra Diamonds 803 0.01 6,641,244 Rio Tinto 371,113 3.78

97 PUTM ACS Lothian UK Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Mobile Telecommunications 2.72 213,591,697 Vodafone 266,605 2.72 Non-Life Insurance 0.32 10,567,858 Direct Line Insurance 31,651 0.32 Oil & Gas Producers 8.19 103,562,651 BP 281,173 2.87 19,954,949 Cairn Energy 35,979 0.37 9,719,299 Energean Oil & Gas 76,365 0.78 2,135,077 Royal Dutch Shell ‘A’ 28,567 0.29 29,451,088 Royal Dutch Shell ‘B’ 374,677 3.82 43,168,680 Savannah Energy 5,849 0.06 Oil Equipment & Services 0.64 21,333,918 John Wood Group 62,508 0.64 Personal Goods 4.11 9,510,033 Unilever 403,225 4.11 Pharmaceuticals & Biotechnology 10.82 270,005 ABCAM 4,474 0.05 7,411,368 AstraZeneca 555,186 5.66 376,926 Clinigen Group 2,884 0.03 1,664,792 Dechra Pharmaceuticals 60,032 0.61 526,252 Genus 25,913 0.26 26,579,502 GlaxoSmithKline 360,631 3.68 37,776,505 Indivior 51,754 0.53 Real Estate & Investment Services 0.76 8,446,973 Grainger 22,486 0.23 5,445,050 Unite Group 52,136 0.53 Software & Computer Services 2.09 3,882,409 Auto Trader Group 21,889 0.22 2,152,257 Avast 10,163 0.10 3,825,000 Aveva Group 139,077 1.42 216,322 Blue Prism Group 3,392 0.03 2,099,571 Softcat 31,704 0.32 Support Services 2.47 491,969 Electrocomponents 4,317 0.04 5,614,673 Grafton Group 48,623 0.50 7,274,866 Howden Joinery Group 48,873 0.50 18,940,110 International Workplace Group 59,358 0.61 16,255,989 Rentokil Initial 80,857 0.82 Tobacco 4.61 13,235,914 British American Tobacco 351,744 3.59 6,827,077 Imperial Brands 100,358 1.02

98 PUTM ACS Lothian UK Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Travel & Leisure 4.23 32,649,266 Cineworld Group 25,166 0.26 19,459,112 FirstGroup 13,952 0.14 2,332,496 Go-Ahead Group 22,963 0.23 18,833,016 GVC Holdings 233,624 2.38 16,820,738 888 Holdings 50,715 0.52 178,287 JET2 2,352 0.02 16,620,274 Mitchells & Butlers 49,528 0.51 4,499,955 Saga 11,106 0.11 535,096 Wetherspoon (JD) 6,154 0.06 Money Markets 1.73 £169,492 Aberdeen Standard Liquidity Fund (Lux) - Seabury Sterling 3 Fund Class Z-1~ 169,460 1.73

Portfolio of investments 9,777,730 99.71 Net other assets 28,051 0.29 Net assets 9,805,781 100.00

Unless otherwise stated, all investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market. The Sub-fund launched on 20 November 2020, hence there are no comparatives. ~ SICAV (open ended investment schemes registered outside the UK)

99 PUTM ACS Lothian UK Listed Equity Fund Top ten purchases and sales For the period ended 31 January 2021

Purchases Cost Sales Proceeds £000 £000 AstraZeneca 610,719 Aberdeen Standard Liquidity Fund (Lux) – Aberdeen Standard Liquidity Fund (Lux) – Seabury Sterling 3 Fund Class Z-1 287,810 Seabury Sterling 3 Fund Class Z-1 457,284 Barratt Developments 79,524 Diageo 432,576 Phoenix Group Holdings 65,258 Unilever 428,150 Associated British Foods 64,036 GlaxoSmithKline 419,114 M&G Prudential 49,634 British American Tobacco 367,098 GlaxoSmithKline 48,862 Royal Dutch Shell ‘B’ 354,981 St.James’s Place 45,382 Rio Tinto 317,534 Dixons Carphone 34,221 HSBC Holdings 304,009 Synthomer 26,830 Prudential 270,882 National Express 24,789 Subtotal 3,962,347 Subtotal 726,346 Other purchases 6,455,048 Other sales 108,452

Total purchases for the period 10,417,395 Total sales for the period 834,798

100 PUTM ACS Lothian UK Listed Equity Fund Statistical information

Comparative table Class ‘D’ Accumulation** 31/01/21 pence Change in net assets per unit Opening net asset value per unit 100.00 Return before operating charges* 2.40 Operating charges – Return after operating charges* 2.40

Distributions on accumulation units (0.34) Retained distributions on accumulation units 0.34

Closing net asset value per unit 102.40

*after direct transaction costs of: 0.02

Performance Return after charges 2.40%

Other information Closing net asset value (£000) 9,805,781 Closing number of units 9,575,957,842 Operating charges 0.01% Direct transaction costs 0.02%

Prices+ Highest unit price (pence) 110.06 Lowest unit price (pence) 98.42

101 PUTM ACS Lothian UK Listed Equity Fund Statistical information

Investment objective The Sub-fund aims to provide a total return (a combination of capital growth and income) by outperforming the FTSE 350 Total Return Index (the “Index”) before fees by 1% to 2% per annum over any given 3 year period.

Investment policy The Sub-fund aims to achieve its objective by investing at least 80% of the portfolio in shares of UK companies which are constituents of the FTSE 350 Total Return Index. The Sub-fund’s holdings will typically consist of equities or “equity related securities” which will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Adviser, influenced significantly by the stock market performance of the company’s ordinary shares. The Sub-fund may also invest in other transferable securities, which are nonapproved securities (essentially unlisted securities), money-market instruments, deposits, cash and near cash and other collective investment schemes.

Derivatives may be used for efficient portfolio management and hedging only.

Revenue distribution and pricing Units of the Sub-fund are available Class ‘D’ Accumulation units (where revenue is reinvested to enhance the unit price). There will be two potential distributions in each accounting year: an interim distribution as at 31 July and a final distribution as at 31 January. At each distribution the net revenue after deduction of expenses, from the investments of the Sub-fund is apportioned amongst the unitholders. Unitholders receive a tax voucher giving details of the distribution and the ACS Manager’s Report no later than two months after these dates. Due to a delay in the 31 January 2021 distribution this will be received no later than four months after these dates.

102

103

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Statistical information Statistical PUTM ACS Lothian UK Listed Equity Fund Equity Listed UK Lothian ACS PUTM PUTM ACS Lothian UK Listed Equity Fund Annual financial statements For the period ended 31 January 2021

Statement of total return 31/01/21* Notes £000 £000 Income Net capital gains 4 202,681 Revenue 5 33,465 Expenses 6 (169) Interest payable and similar charges (2) Net revenue before taxation 33,294 Taxation 7 – Net revenue after taxation 33,294 Total return before distributions 235,975 Distributions 8 (33,294) Change in unitholders’ funds from investment activities 202,681

Statement of change in unitholders’ funds 31/01/21* £000 £000 Opening net assets – Amounts receivable on issue of units 46,479 Amounts receivable on in-specie transfer** 9,690,136 Amounts payable on cancellation of units (166,824) 9,569,791 Change in unitholders’ funds from investment activities 202,681 Dilution levy adjustment 276 Retained distributions on accumulation units 33,033 Closing net assets 9,805,781

104 PUTM ACS Lothian UK Listed Equity Fund Annual financial statements As at 31 January 2021

Balance sheet 31/01/21* Notes £000 £000 Assets: Fixed assets: Investments 9,777,730 Current assets: Debtors 9 41,117 Cash and bank balances 10 1 Total current assets 41,118 Total assets 9,818,848 Liabilities: Creditors: Other creditors 11 (13,067) Total creditors (13,067)

Net assets 9,805,781

Unitholders’ funds 9,805,781

*The Sub-fund launched on 20 November 2020, hence there are no comparatives.

105 PUTM ACS Lothian UK Listed Equity Fund Notes to the financial statements

Notes 1-3 Accounting policies Please see pages 3 to 6 for accounting basis and policies.

Note 4 Net capital gains The net capital gains during the period comprise: 31/01/21* £000 Gains on non-derivative securities 195,134 Capital special dividends 7,547 Net capital gains 202,681

Note 5 Revenue 31/01/21* £000 UK dividends 28,021 Overseas dividends 702 Stock dividends 4,742 Total revenue 33,465

Note 6 Expenses 31/01/21* £000 (a) Payable to the ACS Manager or associates of the ACS Manager and agents of either of them: ACS Manager’s periodic charge 136 (b) Payable to the Depositary or associates of the Depositary and agents of either of them: Depositary’s fees 25 (c) Other expenses: Audit fee 8 Total expenses 169

Note 7 Taxation 31/01/21* £000 Analysis of tax charge for the period Overseas withholding tax – Total taxation –

As the scheme is an ACS it is not subject to UK tax on income or capital gains.

* The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021.

106 PUTM ACS Lothian UK Listed Equity Fund Notes to the financial statements

Note 8 Distributions The distributions take account of amounts added on the issue of units and amounts deducted on the cancellation of units, and comprise: 31/01/21* £000 Final 33,033 Amounts deducted on cancellation of units 379 Amounts added on issue of units (118) Net distribution for the period 33,294 Details of the distribution per unit are set out in the table on page 111. *The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021. Note 9 Debtors 31/01/21** £000 Creations awaiting settlement 1,370 Sales awaiting settlement 18,656 Prepaid expenses 21 Accrued income 21,070 Total debtors 41,117 Note 10 Cash and bank balances 31/01/21** £000 Cash and bank balances 1 Total cash and bank balances 1 Note 11 Other creditors 31/01/21** £000 Cancellations awaiting settlement 930 Purchases awaiting settlement 12,055 ACS Manager's periodic charge payable 53 Depositary’s fees payable 21 Audit fee payable 8 Total other creditors 13,067 ** The Sub-fund launched on 20 November 2020, hence there are no comparatives. Note 12 Reconciliation of units Class ‘D’ Accumulation Opening units issued at 20/11/20* – Unit movements in period: Units issued 44,634,017 Units cancelled (158,812,057) In-specie transactions 9,690,135,882 Closing units at 31/01/21 9,575,957,842 *The Sub-fund launched on 20 November 2020. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021.

107 PUTM ACS Lothian UK Listed Equity Fund Notes to the financial statements

Note 13 Contingencies and commitments At 31 January 2021 the Sub-fund had no outstanding calls on partly paid shares, no potential underwriting commitments or any other contingent liabilities.

Note 15 Related party transactions The ACS Manager is a related party to the Sub-fund by virtue of its controlling influence. The ACS Manager is part of the Phoenix Group. Phoenix Life Limited which is also part of the Phoenix Group, is a material unitholder in the Sub-fund and therefore a related party, holding the following percentage of the units at the period end. Class ‘D’ % As at 31 January 2021: 100.00 ACS Manager’s periodic charge paid to the ACS Manager, Phoenix Unit Trust Managers Limited, or its associates, is shown in Note 6(a) and details of the units issued and cancelled by the ACS Manager are shown in the Statement of change in unitholders’ funds and Note 8. Any balances due to/from the ACS Manager or its associates at 31 January 2021 in respect of these transactions are shown in Notes 9 and 11.

108 PUTM ACS Lothian UK Listed Equity Fund Notes to the financial statements

Note 16 Financial instruments (continued) Currency exposure An analysis of the monetary assets and liabilities at the period end is shown below: Net currency assets 31/01/21* Currency Non- Monetary monetary Total exposure exposure exposure £000 £000 £000 Sterling 19,547 9,777,730 9,797,277 Euro 8,504 - 8,504 28,051 9,777,730 9,805,781 Income received in other currencies is converted to Sterling on or near the date of receipt. The Sub-fund does not hedge or otherwise seek to avoid, movement risk on accrued income. * The Sub-fund launched on 20 November 2020, hence there are no comparatives. Interest profile At the period end date, 1.73% of the Sub-fund’s net assets by value were interest bearing. Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR (London Interbank Offered Rate) or international equivalent. Interest was also earned on the investments in the Aberdeen Standard Liquidity Fund.

Foreign currency risk sensitivity A five percent increase in the value of the Sub-fund’s foreign currency exposure would have the effect of increasing the return and net assets by £425,200. A five percent decrease would have an equal and opposite effect.

Market price risk sensitivity A five percent increase in the value of the Sub-fund’s portfolio would have the effect of increasing the return and net assets by £490,289,050. A five percent decrease would have an equal and opposite effect.

109 PUTM ACS Lothian UK Listed Equity Fund Notes to the financial statements

Note 17 Fair value of investments (continued) For the period ended 31/01/21* Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 9,608,270 – – 9,608,270 Money markets 169,460 – – 169,460 9,777,730 – – 9,777,730

Note 18 Portfolio transaction costs For the period ended 31/01/21* Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 334,326 194 0.06 1,661 0.50 – – 336,181 Money markets 457,284 – – – – – – 457,284 Corporate actions 47,318 – – – – – – 47,318 In–specie transactions 9,576,612 – – – – – – 9,576,612 Total 10,415,540 194 1,661 – 10,417,395 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 547,315 (327) (0.06) – – – – 546,988 Money markets 287,810 – – – – – – 287,810 Total 835,125 (327) – – 834,798

Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.02% Other expenses 0.00%

* The Sub-fund launched on 20 November 2020, hence there are no comparatives. Therefore, this statement only covers the period from 20 November 2020 to 31 January 2021. Portfolio transaction costs are incurred by the Sub-fund when buying and selling underlying investments. These costs vary depending on the class of investment, country of exchange and method of execution. These costs can be classified as either direct or indirect transaction costs: Direct transaction costs: Broker commissions, fees and taxes. Indirect transaction costs: “Dealing spread” - the difference between buying and selling prices of the underlying investments. At the Balance sheet date the portfolio dealing spread was 0.62% being the difference between the respective bid and offer prices for the Sub-fund's investments. Note 19 Post Balance sheet events As indicated in the accounting policies in Note 1(b), the investments have been valued at close of business on 29 January 2021. Since the balance sheet date, the bid price of each of the Sub-fund’s share classes has moved as follows: Bid Price Bid Price 29/01/21 11/06/21 pence pence Movement (%) Class ‘D’ Accumulation 102.40 117.44 14.69

110 PUTM ACS Lothian UK Listed Equity Fund Distribution table For the period ended 31 January 2021

Final distribution in pence per unit Group 1: units purchased on 20 November 2020 Group 2: units purchased 21 November 2020 to 31 January 2021

2021 pence per unit Net payable income Equalisation 31 May* Class ‘D’ Accumulation Group 1 0.344960 — 0.344960 Group 2 0.079018 0.265942 0.344960

The subscription price disclosed on the contract note reflects the acquisition cost, which should be adjusted by the capital sum referred to above. It is the responsibility of the unitholder to maintain a record of the relevant amount(s) of income equalisation and to make the appropriate adjustment when completing their tax calculations.

111 PUTM ACS North American Fund Investment review

Dear Investor Performance Review Welcome to the PUTM ACS North American Fund report Over the review period, the PUTM ACS North American for the 12 months to 31 January 2021. Fund returned 13.98% (Source: Factset: Gross of AMC; based on the movement in the Cancellation Price from 31/01/20 to 31/01/21; GBP). This was compared to a return of 14.03% by its benchmark index (Source: Factset: FTSE North America Index; Total Return from 31/01/20 to 31/01/21; GBP).

Standardised Past Performance

Jan20 - Jan21 Mar 19* - Jan20 % growth % growth

PUTM ACS North American Fund 13.98 15.67 – – –

Benchmark Index 14.03 15.66 – – –

Sub-fund performance: Factset: Gross of AMC: based on the movement in the Cancellation Price from 31 January 2020 to 31 January 2021 in GBP. Benchmark index performance: FTSE North America Index, Total Return from 31 January 2020 to 31 January 2021 in GBP).*Since launch.

Past performance is not a guide to future performance.

Please note that all past performance figures are calculated without taking the initial charge into account. The value of units and the income from them can go down as well as up and is not guaranteed. You may not get back the full amount invested.

112 PUTM ACS North American Fund Investment review

Market Review Outlook US shares registered positive returns over the past 12 We remain mindful of how much of the expected economic months. Lockdowns implemented across the country to improvement has been priced in. We are also aware of the combat the coronavirus sparked precipitous falls in late potential for negative reactions from vaccine delays or a February and early March 2020. However, drastic slower economic response after the coronavirus pandemic government and central-bank responses then drove a ends. However, conditions that support rising equity dramatic market recovery, which stalled in September and markets – low interest rates and low inflation – remain in October before resuming in November and continuing into place. December, taking equity markets to new all-time highs. This momentum stalled a little in January 2021. An initial US-China trade agreement, supportive central- bank policy, and robust corporate earnings fueled a rally that led to the S&P 500 Index hitting a new high in February. But in late February, stocks crashed as countries began to shut down in response to the spread of Covid-19. The Fed reacted by cutting interest rates to near zero. Massive subsequent stimulus by the authorities spurred a strong rally in US stocks from April. In November, the election of a new US president, Joe Biden, coupled with three major vaccine announcements, were positives for equities. Up to October, growth companies were in demand. After news of viable vaccines for Covid-19 was announced, investors switched their attention to stocks that benefit the most during the early stages of an economic recovery. This saw cyclical-value stocks start to outperform, such as banks, oil companies, auto firms, semiconductors businesses and smaller companies. The more defensive consumer staples and utilities sectors underperformed. This trend continued through to the end of January. Despite daily coronavirus cases continuing to tick upward, equities ended the year at new all-time highs, with Trump finally signing a new US$900 billion stimulus package. January 2021 saw markets pull back slightly, despite positive early announcements on corporate earnings.

113 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % United States (31/01/20 – 90.31%) 91.63 Aerospace & Defence (31/01/20 – 2.11%) 1.01 26,415 Arconic 473 0.03 35,804 Boeing 5,061 0.30 16,995 General Dynamics 1,815 0.11 2,989 HEICO 256 0.02 5,204 HEICO ‘A’ 402 0.02 2,648 Huntington Ingalls Industries 303 0.02 16,591 Lockheed Martin 3,888 0.23 10,471 Northrop Grumman 2,183 0.13 2,426 Teledyne Technologies 631 0.04 15,238 Textron 502 0.03 3,497 TransDigm Group 1,409 0.08 Automobiles & Parts (31/01/20 – 0.76%) 2.22 5,855 Autoliv 378 0.02 16,325 BorgWarner 499 0.03 261,130 Ford Motor 2,001 0.12 83,725 General Motors 3,090 0.19 16,414 Gentex 395 0.02 9,404 Genuine Parts 643 0.04 4,009 Lear 440 0.03 20,267 LKQ 517 0.03 50,704 Tesla Motors 29,289 1.74 Banks (31/01/20 – 4.89%) 3.59 518,650 Bank of America 11,180 0.67 53,496 Bank of New York Mellon 1,551 0.09 139,613 Citigroup 5,894 0.35 28,523 Citizens Financial Group 757 0.04 9,310 Comerica 387 0.02 7,065 Commerce Bancshares 344 0.02 47,606 Fifth Third Bancorp 1,002 0.06 11,561 First Republic Bank 1,220 0.07 67,597 Huntingdon Bancshares 651 0.04 203,105 JP Morgan Chase & Co 19,016 1.13 65,022 KeyCorp 798 0.05 8,570 M&T Bank 826 0.05 28,425 PNC Financial Services 2,967 0.18 64,308 Regions Financial 795 0.05 3,440 SVB Financial 1,095 0.06 90,280 Truist Financial Corporation 3,152 0.19 91,101 US Bancorp 2,842 0.17 251,766 Wells Fargo 5,467 0.33 10,803 Zions Bancorporation 347 0.02

114 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Beverages (31/01/20 – 1.72%) 1.34 12,089 Brown-Forman ‘B’ 630 0.04 259,214 Coca-Cola 9,087 0.54 10,685 Constellation Brands 1,640 0.10 11,907 Molson Coors Beverage 435 0.02 24,722 Monster Beverage 1,562 0.09 93,069 PepsiCo 9,251 0.55 Chemicals (31/01/20 – 0.99%) 0.97 14,802 Air Products & Chemicals 2,871 0.17 7,063 Albemarle 835 0.05 5,570 Avery Dennison 612 0.04 7,796 Celanese ‘A’ 694 0.04 14,288 CF Industries 430 0.03 49,717 Dow 1,879 0.11 49,259 Dupont De Nemours 2,850 0.17 9,076 Eastman Chemicals 650 0.04 16,693 Ecolab 2,483 0.15 8,666 FMC 683 0.04 7,160 International Flavours & Fragrances 587 0.03 15,796 PPG Industries 1,549 0.09 2,333 Westlake Chemical 130 0.01 Construction & Materials (31/01/20 – 0.45%) 0.39 9,216 Fortune Brands Home & Security 579 0.03 8,380 Jacobs Engineering Group 615 0.04 4,160 Martin Marietta Materials 871 0.05 17,589 Masco 696 0.04 5,522 Sherwin-Williams 2,781 0.17 8,847 Vulcan Materials 960 0.06 Electricity (31/01/20 – 2.41%) 1.89 44,247 AES 786 0.05 16,718 Alliant Energy 592 0.03 33,273 American Electric Power 1,960 0.12 3,901 Avangrid 131 0.01 19,123 CMS Energy 792 0.05 22,432 Consolidation Edison 1,155 0.07 54,643 Dominion Energy 2,898 0.17 12,861 DTE Energy 1,111 0.06 23,963 Edison International 1,014 0.06 13,448 Entergy 933 0.05 22,989 Eversource Energy 1,465 0.09 65,225 Exelon 1,973 0.12 36,285 FirstEnergy 813 0.05

115 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Electricity (continued) 131,256 NextEra Energy 7,725 0.46 16,276 NRG Energy 491 0.03 7,530 Pinnacle West Capital 412 0.02 51,590 PPL 1,039 0.06 33,829 Public Service Enterprise Group 1,389 0.08 70,793 Southern 3,035 0.18 32,650 Vistra Energy 475 0.03 35,193 Xcel Energy 1,639 0.10 Electronic & Electrical Equipment (31/01/20 – 0.77%) 0.85 20,713 Agilent Technologies 1,813 0.11 15,346 Ametek 1,266 0.07 19,543 Amphenol 1,777 0.10 5,057 Arrow Electronics 360 0.02 39,882 Emerson Electric 2,303 0.14 2,370 IPG Photonics Corporation 385 0.02 12,522 Keysight Technologies 1,290 0.08 1,579 Mettler Toledo International 1,341 0.08 6,975 Roper Technologies 1,995 0.12 16,691 Trimble Navigation 801 0.05 3,513 Zebra Technologies ‘A’ 991 0.06 Financial Services (31/01/20 – 5.42%) 5.03 25,003 Ally Financial 688 0.04 43,839 American Express 3,711 0.22 7,899 Ameriprise Financial 1,138 0.07 9,868 BlackRock 5,033 0.30 30,325 Capital One Financial 2,302 0.14 7,196 CBOE Global Holdings 480 0.03 23,792 Chicago Mercantile Exchange 3,144 0.19 20,514 Discover Financial Services 1,247 0.07 8,098 Equifax 1,044 0.06 26,724 Equitable Holdings 482 0.03 18,129 Frank Resources 347 0.02 22,207 Goldman Sachs Group 4,385 0.26 37,121 Intercontinental Exchange 2,983 0.18 36,378 KKR & Co. 1,032 0.06 2,468 MarketAxess Holdings 970 0.06 59,155 Mastercard 13,613 0.81 10,885 Moody’s 2,109 0.12 89,362 Morgan Stanley 4,361 0.26 5,452 MSCI 1,569 0.09 7,660 NASDAQ 753 0.04 12,857 Northern Trust 835 0.05

116 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Financial Services (continued) 8,215 Raymond James Financial 597 0.04 16,144 S&P Global 3,725 0.22 4,814 Santander Consumer USA 77 0.00 92,331 Schwab (Charles) 3,463 0.21 7,580 SEI Investments 292 0.02 24,761 Square 3,893 0.23 23,568 State Street 1,201 0.07 39,021 Synchrony Financial 956 0.06 15,148 T Rowe Price Group 1,726 0.10 113,216 Visa 15,939 0.95 27,440 Western Union 445 0.03 Fixed Line Telecommunications (31/01/20 – 1.97%) 1.36 478,153 AT&T 9,966 0.59 14,029 L3 Harris Technologies 1,752 0.11 277,841 Verizon Communications 11,074 0.66 Food & Drug Retailers (31/01/20 – 0.83%) 0.77 9,754 AmerisourceBergen 740 0.04 19,580 Cardinal Health 766 0.05 87,648 CVS Health 4,567 0.27 29,910 Keurig Dr Pepper 693 0.04 51,835 Kroger 1,302 0.08 10,818 McKesson HBOC 1,374 0.08 32,471 Sysco 1,690 0.10 48,503 Walgreens Boots Alliance 1,775 0.11 Food Producers (31/01/20 – 1.04%) 0.89 37,093 Archer Daniels Midland 1,350 0.08 13,061 Campbell Soup 457 0.03 32,632 ConAgra Foods 822 0.05 40,660 General Mills 1,720 0.10 9,876 Hershey 1,045 0.06 18,681 Hormel Foods 637 0.04 4,491 Ingredion 247 0.02 7,392 JM Smucker 626 0.04 16,802 Kellogg 721 0.04 43,356 Kraft Heinz 1,057 0.06 9,765 Lamb Weston Holdings 531 0.03 16,603 McCormick 1,081 0.06 94,671 Mondelez International 3,820 0.23 19,247 Tyson Foods 901 0.05 Forestry & Paper (31/01/20 – 0.05%) 0.06 26,321 International Paper 964 0.06

117 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Gas, Water & Multiutilities (31/01/20 – 0.84%) 0.64 16,484 Ameren 872 0.05 12,132 American Water Works 1,404 0.08 8,348 Atmos Energy 541 0.03 33,712 CenterPoint Energy 518 0.03 49,244 Duke Energy 3,371 0.20 15,150 Evergy 593 0.04 25,617 Nisource 413 0.03 19,413 Sempra Energy 1,750 0.10 21,149 WEC Energy Group 1,367 0.08 General Industrials (31/01/20 – 1.74%) 1.69 37,678 3M Co 4,818 0.29 21,360 Ball 1,369 0.08 41,977 Danaher 7,275 0.43 19,915 Fortive 958 0.06 582,621 General Electric 4,531 0.27 47,080 Honeywell International 6,690 0.40 6,269 Packaging Coporation of America 613 0.03 8,572 Parker-Hannifin 1,652 0.10 17,168 WestRock Company 518 0.03 General Retailers (31/01/20 – 7.52%) 9.23 4,377 Advance Auto Parts 475 0.03 28,433 Amazon.com 66,376 3.95 1,563 Autozone 1,272 0.08 15,280 Best Buy 1,211 0.07 4,349 Burlington Store 787 0.05 10,887 Carmax 933 0.06 13,737 Copart 1,098 0.06 29,588 Costco Wholesale 7,585 0.45 16,868 Dollar General 2,391 0.14 15,712 Dollar Tree 1,163 0.07 72,030 Home Depot 14,196 0.84 50,678 Lowe’s Companies 6,156 0.37 3,070 MercadoLibre 3,972 0.24 28,516 NetFlix 11,046 0.66 4,783 O’Reilly Automotive 1,480 0.09 78,747 PayPal Holdings 13,430 0.80 14,881 Rollins 390 0.02 23,395 Ross Stores 1,896 0.11 33,505 Target 4,417 0.26 80,330 TJX 3,742 0.22 7,736 Tractor Supply Company 798 0.05 3,604 Ulta Beauty 734 0.04 93,439 Wal-Mart Stores 9,558 0.57

118 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Healthcare Equipment & Services (31/01/20 – 4.31%) 4.71 2,963 Abiomed 751 0.04 5,226 Align Technology 1,995 0.12 16,690 Anthem 3,606 0.21 34,127 Baxter International 1,909 0.11 18,497 Becton Dickinson 3,523 0.21 1,413 Bio-Rad Laboratories 590 0.04 95,776 Boston Scientific 2,472 0.15 38,483 Centene 1,690 0.10 23,757 Cigna Corporation 3,751 0.22 5,102 DaVita 436 0.03 14,631 Dentsply Sirona 570 0.03 6,160 Dexcom 1,682 0.10 41,331 Edwards Lifesciences 2,485 0.15 17,860 HCA Holdings 2,114 0.13 17,163 Hologic 996 0.06 8,858 Humana 2,470 0.15 5,632 Idexx Laboratories 1,960 0.12 4,390 Insulet 852 0.05 7,760 Intuitive Surgical 4,219 0.25 6,492 Laboratory Corporation of America Holdings 1,082 0.06 3,270 Masimo 608 0.04 8,948 Quest Diagnostics 842 0.05 9,596 ResMed 1,406 0.08 9,541 Schein Henry 457 0.03 23,222 Stryker 3,737 0.22 7,204 Teladoc Health 1,386 0.08 3,109 Teleflex 854 0.05 3,269 The Cooper Companies 866 0.05 26,482 Thermo Fisher Scientific 9,820 0.58 63,300 UnitedHealth Group 15,382 0.92 4,928 Universal Health Services 447 0.03 6,073 Varian Medical Systems 775 0.05 4,095 Waters 789 0.05 4,912 West Pharmaceutical Services 1,071 0.06 13,870 Zimmer Biomet Holdings 1,552 0.09 Household Goods (31/01/20 – 1.63%) 1.51 16,629 Church & Dwight 1,021 0.06 8,446 Clorox 1,286 0.08 22,128 D.R.Horton 1,238 0.07 18,115 Lennar 1,097 0.07 1,095 Lennar ‘B’ 53 0.00

119 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Household Goods (continued) 3,887 Mohawk Industries 406 0.02 25,699 Newell Brands 449 0.03 227 NVR 735 0.04 163,407 Procter & Gamble 15,251 0.91 17,898 Pulte Group 566 0.03 3,600 Snap-on 471 0.03 10,323 Stanley Black & Decker 1,304 0.08 4,739 Wayfair ‘A’ 940 0.06 4,082 Whirlpool 549 0.03 Industrial Engineering (31/01/20 – 1.05%) 1.36 58,140 Carrier Global Corporation 1,630 0.10 36,301 Caterpillar 4,828 0.29 9,870 Cummins 1,685 0.10 21,009 Deere & Company 4,416 0.26 9,619 Dover 816 0.05 5,041 IDEX 684 0.04 21,099 Illinois Tool Works 2,984 0.18 29,076 Otis Worldwide Corporation 1,369 0.08 22,711 Paccar 1,507 0.09 7,761 Rockwell Automation 1,403 0.08 12,112 Wabtec 654 0.04 11,972 Xylem 842 0.05 Industrial Metals (31/01/20 – 0.17%) 0.19 97,074 Freeport McMoRan Copper 1,901 0.11 20,170 Nucor 716 0.04 5,521 Southern Copper Corporation 267 0.02 13,414 Steel Dynamics 335 0.02 Industrial Transportation (31/01/20 – 1.41%) 1.49 8,870 CH Robinson Worldwide 552 0.03 51,122 CSX 3,192 0.19 11,299 Expeditors International Washington 736 0.04 16,192 Fedex 2,775 0.17 5,612 J.B. Hunt Transport Services 550 0.03 6,252 Kansas City Southern 922 0.06 17,156 Norfolk Southern 2,955 0.18 6,529 Old Dominion Freight Line 922 0.05 45,521 Union Pacific 6,543 0.39 48,027 United Parcel Services 5,418 0.32 6,077 XPO Logistics 489 0.03

120 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Leisure Goods (31/01/20 – 0.37%) 0.44 51,171 Activision 3,391 0.20 19,117 Electronic Arts 1,993 0.12 8,513 Hasbro 581 0.03 3,887 Polaris Industries 330 0.02 7,631 Take Two Interactive 1,113 0.07 Life Insurance (31/01/20 – 0.59%) 0.42 46,562 Aflac 1,531 0.09 3,917 Assurant 386 0.02 6,894 Globe Life 454 0.03 12,888 Lincoln National 427 0.02 51,536 Metlife 1,806 0.11 18,178 Principal Financial Group 652 0.04 26,497 Prudential Financial 1,510 0.09 8,408 Voya Financial 340 0.02 Media (31/01/20 – 2.22%) 2.24 9,708 Charter Communications ‘A’ 4,295 0.26 303,849 Comcast 10,957 0.65 10,442 Discovery ‘A’ 315 0.02 20,766 Discovery Communications 530 0.03 16,444 Dish Network 347 0.02 2,485 FactSet 547 0.03 22,293 Fox Corporation ‘A’ 506 0.03 10,573 Fox Corporation ‘B’ 230 0.01 26,000 Interpublic Group of Companies 456 0.03 10,830 Liberty Broadband 1,150 0.07 1,655 Liberty Broadband ‘A’ 175 0.01 5,552 Liberty Siriusxm Group 163 0.01 11,609 Liberty Siriusxm Group ‘C’ 342 0.02 25,962 News 367 0.02 8,348 News Corporation ‘B’ 115 0.01 14,233 Omnicom 646 0.04 77,499 Sirius XM Holdings 353 0.02 36,319 ViacomCBS 1,290 0.08 121,186 Walt Disney 14,832 0.88 Mining (31/01/20 – 0.12%) 0.14 20,941 Newmont Goldcorp 901 0.05 32,864 Newmont Mining 1,426 0.09 Mobile Telecommunications (31/01/20 – 0.12%) 0.27 19,595 Altice USA 507 0.03 73,224 Lumen Technologies 659 0.04 36,869 T-Mobile US 3,383 0.20

121 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Non-Life Insurance (31/01/20 – 2.72%) 2.19 57,747 AIG 1,574 0.09 914 Alleghany 377 0.02 20,329 Allstate 1,585 0.09 26,317 Arch Capital Group 602 0.04 26 Berkshire Hathaway 6,500 0.39 88,684 Berkshire Hathaway ‘B’ 14,703 0.87 15,772 Brown & Brown 495 0.03 10,020 Cincinnati Financial 613 0.04 2,012 CNA Financial 56 0.00 12,780 Gallagher (Arthur J) 1,073 0.06 23,930 Hartford Financial Services 837 0.05 15,745 Loews 519 0.03 905 Markel 639 0.04 33,917 Marsh & McLennan 2,714 0.16 39,178 Progressive 2,486 0.15 16,937 Travelers 1,681 0.10 9,318 W.R. Berkley 421 0.03 Oil & Gas Producers (31/01/20 – 2.94%) 1.75 26,234 Cabot Oil & Gas 350 0.02 15,486 Cheniere Energy 713 0.04 129,149 Chevron 8,008 0.48 91,062 Conoco Phillips 2,655 0.16 5,362 Continental Resources 77 0.00 10,542 Diamondback Energy 435 0.02 39,017 EOG Resources 1,447 0.09 283,790 Exxon Mobil 9,263 0.55 18,381 Hess 722 0.04 43,332 Marathon Petroleum 1,362 0.08 56,193 Occidental Petroleum 821 0.05 29,228 Phillips 66 1,443 0.09 10,990 Pioneer Natural Resources 967 0.06 27,296 Valero Energy 1,121 0.07 Oil Equipment & Services (31/01/20 – 0.64%) 0.38 43,935 Baker Hughes 642 0.04 58,626 Halliburton 752 0.04 130,308 Kinder Morgan 1,336 0.08 29,662 Oneok 860 0.05 93,018 Schlumberger 1,505 0.09 81,411 Williams Companies 1,259 0.08

122 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Personal Goods (31/01/20 – 1.19%) 1.13 56,492 Colgate-Palmolive 3,208 0.19 14,847 Estee Lauder 2,559 0.15 22,760 Kimberly-Clark 2,188 0.13 7,607 Lululemon Athletica 1,821 0.11 82,189 Nike B 7,995 0.48 21,584 VF 1,206 0.07 Pharmaceuticals & Biotechnology (31/01/20 – 6.60%) 6.73 115,901 Abbott Laboratories 10,425 0.62 118,125 AbbVie 8,815 0.52 14,242 Alexion Pharmaceuticals 1,589 0.09 7,726 Alnylam Pharmaceuticals 847 0.05 39,061 Amgen 6,860 0.41 10,279 Biogen IDEC 2,114 0.13 12,088 BioMarin Pharmaceutical 728 0.04 151,807 Bristol Myers Squibb 6,791 0.40 50,224 Corteva 1,458 0.09 30,381 Elanco Animal Health 642 0.04 56,480 Eli Lilly 8,549 0.51 9,949 Exact Sciences Corporation 994 0.06 84,192 Gilead Sciences 4,021 0.24 9,834 Illumina 3,049 0.18 12,189 Incyte 796 0.05 12,730 IQVIA Holdings 1,648 0.10 176,817 Johnson & Johnson 20,974 1.25 169,397 Merck & Co 9,505 0.57 19,114 Moderna 2,408 0.14 372,882 Pfizer 9,746 0.58 6,461 Regeneron Pharmaceuticals 2,366 0.14 5,040 Sarepta Therapeutics 328 0.02 8,484 Seagen 1,014 0.06 17,401 Vertex Pharmaceuticals 2,900 0.17 80,775 Viatris 998 0.06 31,867 Zoetis 3,576 0.21 Real Estate & Investment Services (31/01/20 – 0.57%) 0.27 22,331 CBRE Group 991 0.06 27,854 Crown Castle Real Estate Investment Trust 3,226 0.19 3,921 Zillow Group 396 0.02

123 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Real Estate Investment Trusts (31/01/20 – 2.35%) 2.20 36,520 AGNC Investment Corporation Real Estate Investment Trust 415 0.02 8,963 Alexandria Real Estate 1,089 0.06 29,576 American Tower 4,897 0.29 93,948 Annaly Mortgage Management 556 0.03 9,421 AvalonBay Communities 1,122 0.07 10,411 Boston Properties 691 0.04 18,700 Digital Realty 1,958 0.12 24,656 Duke Realty 710 0.04 5,954 Equinix Real Estate Investment Trust 3,203 0.19 11,636 Equity Lifestyle Properties 515 0.03 24,607 Equity Residential 1,104 0.07 4,365 Essex Property Real Estate Investment Trust 761 0.05 8,439 Extra Space Storage 699 0.04 5,035 Federal Realty Investment Trust 321 0.02 36,096 Healthpeak Properties 779 0.05 46,783 Host Marriott 461 0.03 37,554 Invitation Homes Real Estate Investment Trust 806 0.05 19,138 Iron Mountain Real Estate Investment Trust 469 0.03 27,637 Kimco Realty 332 0.02 7,623 Mid-America Apartment Communities 737 0.04 49,343 Prologis 3,706 0.22 10,097 Public Storage 1,672 0.10 23,533 Realty Income 1,012 0.06 11,275 Regency Centers 387 0.02 7,404 SBA Communications 1,447 0.09 21,654 Simon Property Group 1,465 0.09 7,081 Sun Communities Real Estate Investment Trust 738 0.04 19,603 UDR 548 0.03 24,985 Ventas 838 0.05 14,637 VEREIT 376 0.02 11,740 Vornado Realty Trust 340 0.02 11,649 W.P. Carey Real Estate Investment Trust 563 0.03 27,995 Welltower 1,234 0.07 50,008 Weyerhaeuser 1,134 0.07 Software & Computer Services (31/01/20 – 13.60%) 16.14 32,256 Adobe 10,767 0.64 10,703 Akamai Technologies 865 0.05 20,129 Alphabet ‘A’ 26,742 1.59 19,497 Alphabet ‘C’ 26,011 1.55 5,736 Ansys 1,478 0.09 14,698 Autodesk 2,967 0.18

124 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Software & Computer Services (continued) 2,739 Booking 3,868 0.23 18,459 Cadence Design Systems 1,751 0.10 9,496 CDW 910 0.05 20,371 Cerner 1,188 0.07 8,250 Citrix Systems 800 0.05 35,799 CognizantTechnology Solutions 2,031 0.12 4,601 Coupa Software 1,038 0.06 10,204 Datadog 764 0.05 11,937 Docusign 2,025 0.12 43,981 eBay 1,808 0.11 3,557 EPAM Systems 891 0.05 7,899 Etsy 1,145 0.07 161,015 Facebook 30,272 1.80 1,873 Fair Isaac 614 0.04 8,900 Fortinet 937 0.06 5,791 Gartner 640 0.04 11,257 GoDaddy 644 0.04 86,349 Hewlett-Packard 775 0.05 5,020 IAC 766 0.05 59,570 International Business Machines 5,164 0.31 16,894 Intuit 4,440 0.26 5,102 Jack Henry & Associates 538 0.03 9,005 Leidos Holdings 695 0.04 16,526 Lyft 535 0.03 14,989 Match Group 1,525 0.09 502,133 Microsoft 84,732 5.04 36,749 NortonLifeLock 564 0.03 7,698 Okta 1,451 0.09 126,352 Oracle 5,559 0.33 6,233 Palo Alto Networks 1,596 0.09 3,298 Paycom Software 912 0.05 6,982 PTC 675 0.04 5,269 RingCentral 1,429 0.09 58,790 Salesforce.com 9,647 0.57 13,034 ServiceNow 5,145 0.31 25,516 Slack Technologies 784 0.05 10,644 Splunk 1,279 0.08 15,038 SS&C Technologies 688 0.04 10,125 Synopsys 1,882 0.11 2,767 The Trade Desk ‘A’ 1,541 0.09 9,374 Twilio 2,453 0.15 52,201 Twitter 1,920 0.11

125 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Software & Computer Services (continued) 2,654 Tyler Technologies 817 0.05 92,396 Uber Technologies 3,428 0.20 9,054 Veeva Systems 1,821 0.11 6,760 VeriSign 955 0.06 5,390 VMware 541 0.03 7,966 Vontier Corporation 188 0.01 11,793 Workday 1,952 0.12 9,691 Zillow 921 0.05 11,196 Zoom Video Communications ‘A’ 3,034 0.18 4,835 Zscaler 703 0.04 Support Services (31/01/20 – 2.03%) 1.69 15,274 Aramark Holdings 381 0.02 28,812 Automatic Data Processing 3,461 0.21 7,659 Broadridge Financial Solutions 788 0.05 5,909 Cintas 1,368 0.08 2,610 Costar Group 1,709 0.10 38,334 Fastenal 1,272 0.08 41,396 Fidelity National Information 3,719 0.22 38,480 Fiserv 2,875 0.17 5,520 FleetCor Technologies 974 0.06 18,358 FNFV Group 485 0.03 19,952 Global Payments 2,565 0.15 2,979 Grainger W.W. 791 0.05 21,485 Paychex 1,366 0.08 14,052 Republic Services 926 0.05 7,470 Robert Half International 367 0.02 12,717 TransUnion 805 0.05 4,819 United Rentals 853 0.05 10,617 Verisk Analytics 1,418 0.08 28,297 Waste Management 2,293 0.14 Technology Hardware & Equipment (31/01/20 – 9.60%) 12.01 80,281 Advanced Micro Devices 5,005 0.30 24,652 Analog Devices 2,640 0.16 1,082,144 Apple 103,864 6.18 61,423 Applied Materials 4,322 0.26 3,928 Arista Networks 880 0.05 26,482 Broadcom Corporation 8,673 0.52 284,735 Cisco Systems 9,242 0.55 50,199 Corning 1,311 0.08 17,319 Dell Technologies 919 0.06 4,079 F5 Networks 581 0.03 92,060 HP 1,631 0.10

126 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Technology Hardware & Equipment (continued) 275,096 Intel 11,112 0.66 21,999 Juniper Networks 391 0.02 10,394 KLA Tencor 2,118 0.13 9,718 LAM Research 3,420 0.20 17,775 Maxim Integrated Products 1,134 0.07 16,726 MicrochipTechnology 1,655 0.10 74,550 Micron Technology 4,248 0.25 11,386 Motorola Solutions 1,388 0.08 14,817 NetApp 716 0.04 39,584 Nvidia 14,962 0.89 7,636 Qorvo 950 0.06 75,464 Qualcomm 8,583 0.51 11,165 Skyworks Solutions 1,375 0.08 11,071 Teradyne 914 0.05 61,550 Texas Instruments 7,423 0.44 20,385 Western Digital 837 0.05 16,354 Xilinx 1,553 0.09 Tobacco (31/01/20 – 0.73%) 0.58 124,687 Altria Group 3,730 0.22 104,334 Philip Morris International 6,047 0.36 Travel & Leisure (31/01/20 – 1.84%) 1.86 8,906 American Airlines Group 111 0.01 1,865 Chipotle Mexican Grill 2,009 0.12 8,705 Darden Restaurants 741 0.04 10,708 Delta Airlines 296 0.02 2,608 Domino s Pizza 704 0.04 9,048 Expedia 816 0.05 18,275 Hilton Worldwide 1,349 0.08 22,231 Las Vegas Sands 778 0.05 9,492 Live Nation 459 0.03 17,994 Marriott International 1,523 0.09 49,917 McDonald’s 7,549 0.45 31,502 MGM Resorts International 655 0.04 95,578 Raytheon Technolog 4,642 0.27 9,895 Southwest Airlines 317 0.02 78,368 Starbucks 5,524 0.33 5,016 United Airlines Holdings 146 0.01 2,673 Vail Resorts 517 0.03 6,551 Wynn Resorts 475 0.03 20,182 Yum! Brands 1,491 0.09 26,816 Yum! China 1,108 0.06

127 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Bermuda (31/01/20 – 0.37%) 0.31 Banks (31/01/20 – 0.04%) 0.03 5,359 Credicorp 587 0.03 Financial Services (31/01/20 – 0.13%) 0.10 26,577 IHS Markit 1,686 0.10 Food Producers (31/01/20 – 0.02%) 0.03 9,075 Bunge 432 0.03 Industrial Transportation (31/01/20 – 0.04%) Non-Life Insurance (31/01/20 – 0.09%) 0.05 2,636 Everest Re Group 405 0.03 3,386 RenaissanceRe Holdings 371 0.02 Technology Hardware & Equipment (31/01/20 – 0.05%) 0.10 44,604 Marvell Technology Group 1,670 0.10 Canada (31/01/20 – 4.57%) 4.01 Automobiles & Parts (31/01/20 – 0.05%) 0.06 18,483 Magna International 945 0.06 Banks (31/01/20 – 1.31%) 1.13 42,946 Bank of Montreal 2,326 0.14 81,153 Bank of Nova Scotia 3,153 0.19 29,882 Canadian Imperial Bank 1,855 0.11 22,511 National Bank of Canada 921 0.05 95,612 Royal Bank of Canada 5,641 0.34 121,368 Toronto Dominion Bank 5,013 0.30 Chemicals (31/01/20 – 0.08%) 0.08 38,212 Nutrien 1,370 0.08 Electricity (31/01/20 – 0.09%) 0.08 31,054 Fortis 915 0.06 21,131 Hydro One 356 0.02 Financial Services (31/01/20 – 0.18%) 0.16 89,478 Brookfield Asset 2,525 0.15 5,581 IGM Financial 107 0.01 Fixed Line Telecommunications (31/01/20 – 0.08%) 0.06 20,239 BCE 625 0.04 28,469 Telus 428 0.02 Food & Drug Retailers (31/01/20 – 0.17%) 0.14 55,986 Alimentation Couche-Tard 1,245 0.07 10,924 Loblaw 384 0.02 16,885 Metro 531 0.03 4,833 Weston George 255 0.02

128 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Food Producers (31/01/20 – 0.02%) 0.02 15,680 Saputo Group 299 0.02 Gas, Water & Multiutilities (31/01/20 – 0.01%) 0.01 8,485 Canadian Utilities ‘A’ 152 0.01 General Retailers (31/01/20 – 0.06%) 0.05 3,806 Canadian Tire 359 0.02 19,409 Dollarama 552 0.03 Industrial Metals (31/01/20 – 0.02%) 0.02 31,054 Teck Resources 412 0.02 Industrial Transportation (31/01/20 – 0.35%) 0.34 47,739 Canadian National Railway 3,517 0.21 9,101 Canadian Pacific Rail 2,226 0.13 Life Insurance (31/01/20 – 0.30%) 0.24 18,092 Great West Lifeco 300 0.02 130,031 Manulife Financial Corporation 1,713 0.10 36,595 Power Corporation of Canada 621 0.04 39,287 Sun Life Financial 1,323 0.08 Media (31/01/20 – 0.08%) 0.06 30,749 Shaw Communications 384 0.02 11,267 Thomson Reuters 668 0.04 Mining (31/01/20 – 0.27%) 0.28 16,156 Agnico Eagle Mines 821 0.05 118,556 Barrick Gold 1,929 0.12 12,539 Franco Nevada 1,087 0.06 30,030 Silver Wheaton 898 0.05 Mobile Telecommunications (31/01/20 – 0.06%) 0.05 23,485 Rogers Communications 772 0.05 Non-Life Insurance (31/01/20 – 0.09%) 0.07 1,813 Fairfax Financial Holdings 478 0.03 9,563 Intact Financial 769 0.04 Oil & Gas Producers (31/01/20 – 0.50%) 0.30 77,540 Canadian Natural Resources 1,277 0.08 68,404 Cenovus Energy 294 0.02 15,081 Imperial Oil 209 0.01 102,391 Suncor Energy 1,249 0.07 63,080 TC Energy 1,971 0.12 Oil Equipment & Services (31/01/20 – 0.36%) 0.24 135,833 Enbridge 3,327 0.20 36,879 Pembina Pipeline 706 0.04

129 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Pharmaceuticals & Biotechnology (31/01/20 – 0.04%) 0.02 20,825 Bausch Health 384 0.02 Real Estate Investment Trusts (31/01/20 – 0.02%) Software & Computer Services (31/01/20 – 0.29%) 0.47 15,360 CGI 896 0.05 1,281 Constellation Software 1,136 0.07 6,102 Shopify 4,877 0.29 1,262 Shopify ‘A’ 1,002 0.06 2,382 Topicus.com – 0.00 Support Services (31/01/20 – 0.09%) 0.08 17,676 Waste Connections 1,265 0.08 Travel & Leisure (31/01/20 – 0.05%) 0.05 19,771 Restaurant Brands International 830 0.05 Cayman Islands (31/01/20 – 0.01%) 0.01 Food Producers (31/01/20 – 0.01%) 0.01 6,016 Herbalife Nutrition 223 0.01 Channel Islands (31/01/20 – 0.11%) 0.13 Automobiles & Parts (31/01/20 – 0.08%) 0.10 17,933 Aptiv 1,743 0.10 Software & Computer Services (31/01/20 – 0.03%) 0.03 8,717 Amdocs 448 0.03 Ireland (31/01/20 – 2.19%) 1.99 Chemicals (31/01/20 – 0.37%) 0.37 35,219 Linde 6,289 0.37 Electronic & Electrical Equipment (31/01/20 – 0.04%) 0.03 6,166 Allegion 481 0.03 General Industrials (31/01/20 – 0.13%) 0.24 26,802 Eaton 2,296 0.14 15,994 Trane Technologies 1,670 0.10 General Retailers (31/01/20 – 0.11%) 0.10 48,686 Johnson Controls International 1,763 0.10 Healthcare Equipment & Services (31/01/20 – 0.57%) 0.48 89,942 Medtronic 7,287 0.43 5,626 Steris 765 0.05 Industrial Engineering (31/01/20 – 0.13%) 0.03 11,044 Pentair 438 0.03

130 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Non-Life Insurance (31/01/20 – 0.09%) 0.21 15,189 Aon 2,245 0.13 8,614 Willis Towers Watson 1,272 0.08 Pharmaceuticals & Biotechnology (31/01/20 – 0.26%) 0.04 3,618 Jazz Pharmaceuticals 409 0.02 9,141 Perrigo 284 0.02 Support Services (31/01/20 – 0.44%) 0.45 42,739 Accenture 7,527 0.45 Technology Hardware & Equipment (31/01/20 – 0.05%) 0.04 15,038 SeagateTechnology 723 0.04 Israel (31/01/20 – 0.04%) 0.07 Software & Computer Services (31/01/20 – 0.04%) 0.07 7,019 Check Point Software Technologies 653 0.04 3,200 Wix.com 574 0.03 Liberia (31/01/20 – 0.07%) 0.03 Travel & Leisure (31/01/20 – 0.07%) 0.03 12,284 Royal Caribbean Cruises 582 0.03 Luxembourg (31/01/20 – 0.06%) 0.12 Software & Computer Services (31/01/20 – 0.06%) 0.12 8,793 Spotify Technology 2,018 0.12 Netherlands (31/01/20 – 0.26%) 0.24 Chemicals (31/01/20 – 0.07%) 0.06 17,169 Lyondell Basell Industries 1,072 0.06 Industrial Transportation (31/01/20 – 0.02%) Software & Computer Services (31/01/20 – 0.05%) 0.05 19,993 Yandex 912 0.05 Technology Hardware & Equipment (31/01/20 – 0.12%) 0.13 18,660 NXP Semiconductors 2,180 0.13 Panama (31/01/20 – 0.06%) 0.03 Travel & Leisure (31/01/20 – 0.06%) 0.03 32,424 Carnival 441 0.03 Singapore (31/01/20 – 0.02%) 0.02 Electronic & Electrical Equipment (31/01/20 – 0.02%) 0.02 33,507 Flex 430 0.02 Switzerland (31/01/20 – 0.39%) 0.36 Electronic & Electrical Equipment (31/01/20 – 0.11%) 0.12 22,070 TE Connectivity 1,936 0.12

131 PUTM ACS North American Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Non-Life Insurance (31/01/20 – 0.23%) 0.19 30,130 Chubb 3,192 0.19 Technology Hardware & Equipment (31/01/20 – 0.05%) 0.05 10,010 Garmin 837 0.05 United Kingdom (31/01/20 – 0.32%) 0.21 Beverages (31/01/20 – 0.03%) 0.03 13,298 Coca-Cola European Partners 450 0.03 Electronic & Electrical Equipment (31/01/20 – 0.03%) 0.02 10,325 Sensata Technologies Holding 409 0.02 Media (31/01/20 – 0.04%) 0.06 11,840 Liberty Global 208 0.01 24,862 Liberty Global 437 0.03 23,843 Nielsen Holdings 388 0.02 Non-Life Insurance (31/01/20 – 0.17%) Pharmaceuticals & Biotechnology (31/01/20 – 0.00%) 0.01 6,800 Royalty Pharma 232 0.01 Software & Computer Services (31/01/20 – 0.05%) 0.09 8,789 Atlassian Corporation 1,479 0.09 Virgin Islands (31/01/20 – 0.01%) Other Equities (31/01/20 – 0.01%) Money Markets (31/01/20 – 1.05%) 0.63 $14,491 Aberdeen Standard Liquidity Fund (Lux) – US Dollar Fund Class Z-1+ 10,553 0.63 Futures (31/01/20 – 0.02%) 0.01 93 CME S&P 500 E Mini Index Futures March 2021 88 0.01

Portfolio of investments 1,677,434 99.80 Net other assets 3,331 0.20 Net assets 1,680,765 100.00

132 PUTM ACS North American Fund Top ten purchases and sales For the year ended 31 January 2021

Purchases Cost Sales Proceeds £000 £000 Aberdeen Standard Liquidity Fund (Lux) – Aberdeen Standard Liquidity Fund (Lux) – US Dollar Fund Class Z-1 263,603 US Dollar Fund Class Z-1 267,550 Zoom Video Communications ‘A’ 4,051 Apple 21,896 Amazon.com 2,933 Microsoft 14,369 Apple 2,877 Amazon.com 10,066 Microsoft 2,290 Facebook 5,068 Tesla Motors 1,301 Alphabet ‘C’ 4,774 Teladoc Health 1,226 Alphabet ‘A’ 4,079 T-Mobile US 1,137 AbbVie 3,887 Moderna 1,130 Johnson & Johnson 3,770 West Pharmaceutical Services 1,126 Visa 3,654 Subtotal 281,674 Subtotal 339,113 Other purchases 68,198 Other sales 237,603

Total purchases for the year 349,872 Total sales for the year 576,716

133 PUTM ACS North American Fund Statistical information

Comparative tables Class ‘B’ Class ‘C’ Accumulation** Accumulation*** 31/01/21 31/01/21 31/01/20 pence pence pence Change in net assets per unit Opening net asset value per unit 100.00 116.63 100.00 Return before operating charges* (0.23) 15.93 16.70 Operating charges (0.01) (0.08) (0.07) Return after operating charges* (0.24) 15.85 16.63

Distributions on accumulation units (0.23) (1.80) (1.53) Retained distributions on accumulation units 0.23 1.80 1.53

Closing net asset value per unit 99.76 132.48 116.63

*after direct transaction costs of:^ 0.00 0.00 0.00

Performance Return after charges (0.24%) 13.59% 16.63%

Other information Closing net asset value (£000) 54,000 197,330 208,155 Closing number of units 54,130,599 148,947,628 178,472,250 Operating charges 0.07% 0.07% 0.07% Direct transaction costs 0.00% 0.00% 0.00%

Prices+ Highest unit price (pence) 104.44 138.66 121.98 Lowest unit price (pence) 99.71 92.16 100.00

134 PUTM ACS North American Fund Statistical information

Comparative tables Class ‘D’ Class ‘X’ Accumulation** Accumulation*** 31/01/21 31/01/20 31/01/21 pence pence pence Change in net assets per unit Opening net asset value per unit 116.90 100.00 100.00 Return before operating charges* 16.32 16.97 27.82 Operating charges (0.08) (0.07) (0.07) Return after operating charges* 16.24 16.90 27.75

Distributions on accumulation units (2.12) (1.79) (1.57) Retained distributions on accumulation units 2.12 1.79 1.57

Closing net asset value per unit 133.14 116.90 127.75

*after direct transaction costs of:^ 0.00 0.00 0.00

Performance Return after charges 13.89% 16.90% 27.75%

Other information Closing net asset value (£000) 1,429,116 1,526,281 319 Closing number of units 1,073,387,356 1,305,581,992 250,000 Operating charges 0.07% 0.07% 0.07% Direct transaction costs 0.00% 0.00% 0.00%

Prices+ Highest unit price (pence) 139.34 122.26 133.75 Lowest unit price (pence) 92.42 100.00 88.81

^The direct transaction costs includes commission on futures. + High and low price disclosures are based on quoted unit prices. Therefore the opening and closing NAV prices may fall outside the high/low price threshold. **Class ‘D’ Accumulation launched on 27 March 2019. ***Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

135 PUTM ACS North American Fund Statistical information

Investment objective The Sub-fund aims to provide a total return (a combination of capital growth and income), delivering an overall return in line with the FTSE North America Index (the “Index”), before management fees and expenses.

Investment policy It will seek to achieve this objective by investing over 90% of the portfolio in equities and equity related securities of companies that are constituents of the Index in approximate proportion to their weightings in the index. From time to time, the Sub- fund may acquire or hold securities that are not index constituents, as a result of corporate actions. Equity related securities will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Manager, influenced significantly by the stock market performance of the company’s ordinary shares. The Sub-fund may also invest in other transferable securities, moneymarket instruments, deposits, cash and near cash and other collective investment schemes. Derivatives will be used for efficient portfolio management only.

Investment strategy A minimum of 90% of the Sub-fund is invested in components of the Index. The Sub- fund will seek to physically replicate the Index. This process will involve investing in components of the Index, though not necessarily in the same proportions of the Index at all times. Consequently, the Sub-fund may not track the Index exactly but will contain a meaningful exposure to the market. Stock index futures contracts may also be used to manage the cash portion of the Sub-fund. It is intended that the Sub-fund will normally be close to fully invested as outlined above. The Investment Manager may use various indexation or sampling techniques to achieve the objective of tracking the Index. In doing so the Investment Manager may use discretion in deciding which investments are to be included in the portfolio. The number of investments so included may vary. In accordance with the FCA Rules, the Investment Manager may at its discretion replace the current Index with such similar index as it may consider appropriate subject to regulatory approval.

Revenue distribution and pricing Units of the Sub-fund are available as Class ‘B’ Accumulation, ‘C’ Accumulation, ‘D’ Accumulation or ‘X’ Accumulation units (where revenue is reinvested to enhance the unit price). There will be two potential distributions in each accounting year: an interim distribution as at 31 July and a final distribution as at 31 January. At each distribution the net revenue after deduction of expenses, from the investments of the Sub-fund is apportioned amongst the unitholders. Unitholders receive a tax voucher giving details of the distribution and the ACS Manager’s Report no later than two months after these dates.

136 PUTM ACS North American Fund Statistical information

ﬁ Typically lower rewards, Typically higher rewards, lower risk higher risk ﬁ

1 2 3 4 5 6 7

This Fund is ranked at 6 (31/01/20: 5) because Sub-funds of this type have experienced high rises and falls in value in the past. Although this is a high risk ranking it is not the highest. The above figure applies to the following unit classes: • Class ‘B’ Accumulation • Class ‘C’ Accumulation • Class ‘D’ Accumulation • Class ‘X’ Accumulation Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. Please note the Sub-fund’s risk category may change in the future. The indicator does not take into account the following risks of investing in this Sub-fund: • The Sub-fund may use derivatives to reduce risk or cost or to generate additional capital or income at low risk, or to meet its investment objective. • The small differences in the returns between the index tracking Fund and the Index (and tracking error) are due to levels of cash, expenses and portfolio turnover. • Investing overseas can bring additional returns and spread risk to different markets. There are risks, however, that changes in currency rates will reduce the value of your investment. • Counterparty Risk: the insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Sub-fund to financial loss.

137 PUTM ACS North American Fund Annual financial statements For the year ended 31 January 2021

Statement of total return 31/01/21 31/01/20* Notes £000 £000 £000 £000 Income Net capital gains 4 184,034 171,154 Revenue 5 29,605 24,122 Expenses 6 (1,053) (788) Interest payable and similar charges (2) – Net revenue before taxation 28,550 23,334 Taxation 7 (540) (427) Net revenue after taxation 28,010 22,907 Total return before distributions 212,044 194,061 Distributions 8 (28,103) (22,982) Change in net assets attributable to unitholders from investment activities 183,941 171,079

Statement of change in net assets attributable to unitholders 31/01/21 31/01/20* £000 £000 £000 £000 Opening net assets attributable to unitholders 1,734,436 – Amounts receivable on issue of units 1,338,905 164,442 Amounts receivable on in-specie transfer** – 1,514,710 Amounts payable on cancellation of units (1,603,638) (142,117) (264,733) 1,537,035 Change in net assets attributable to unitholders from investment activities 183,941 171,079 Dilution levy adjustment 225 168 Retained distributions on accumulation units 26,896 26,154 Closing net assets attributable to unitholders 1,680,765 1,734,436

*The Sub-fund launched on 27 March 2019. **Represents the value of units created by in-specie transfer of assets during the year/period.

138 PUTM ACS North American Fund Annual financial statements As at 31 January 2021

Balance sheet 31/01/21 31/01/20 Notes £000 £000 £000 £000 Assets: Fixed assets: Investments 1,677,434 1,731,954 Current assets: Debtors 9 1,733 1,748 Cash and bank balances 10 2,108 1,970 Total current assets 3,841 3,718 Total assets 1,681,275 1,735,672 Liabilities: Creditors: Other creditors 11 (510) (1,236) Total creditors (510) (1,236) Net assets attributable to unitholders 1,680,765 1,734,436

139 PUTM ACS North American Fund Notes to the financial statements

Notes 1-3 Accounting policies Please see pages 3 to 6 for accounting basis and policies.

Note 4 Net capital gains The net capital gains during the year/period comprise: 31/01/21 31/01/20* £000 £000 Gains on non-derivative securities 172,493 168,298 Gains on derivative contracts 8,416 2,854 Currency gains/(losses) 2,574 (132) Handling charges (76) (75) Capital special dividends 627 209 Net capital gains 184,034 171,154

Note 5 Revenue 31/01/21 31/01/20* £000 £000 UK dividends 74 103 Overseas dividends 28,122 23,782 Stocklending commission 48 4 US Reits 1,232 – Bank interest 2 7 Liquidity interest 137 226 Total revenue 29,605 24,122

Note 6 Expenses 31/01/21 31/01/20* £000 £000 (a) Payable to the ACS Manager or associates of the ACS Manager and agents of either of them: ACS Manager’s periodic charge 899 671 (b) Payable to the Depositary or associates of the Depositary and agents of either of them: Depositary’s fees 46 35 (c) Other expenses: Audit fee 10 7 Safe custody charges 82 72 FTSE License fee 14 – Printing & stationery 1 – Professional fees 1 3 108 82 Total expenses 1,053 788

Note 7 Taxation 31/01/21 31/01/20* £000 £000 (a) Analysis of tax charge for the year/period Overseas withholding tax 540 427 Total taxation 540 427

As the scheme is an ACS it is not subject to UK tax on income or capital gains. *The Sub-fund launched on 27 March 2019.

140 PUTM ACS North American Fund Notes to the financial statements

Note 8 Distributions The distributions take account of amounts added on the issue of units and amounts deducted on the cancellation of units, and comprise: 31/01/21 31/01/20* £000 £000 Interim 14,495 – Final 12,401 26,154 26,896 26,154 Amounts deducted on cancellation of units 4,388 835 Amounts added on issue of units (3,181) (4,007) Net distribution for the year/period 28,103 22,982 Net revenue after taxation 28,010 22,907 Expenses taken to capital 82 72 Irrecoverable withholding tax on capital special dividends 11 3 Net distribution for the year/period 28,103 22,982 Details of the distribution per unit are set out in the tables on pages 94 to 96.

Note 9 Debtors 31/01/21 31/01/20 £000 £000 Creations awaiting settlement 150 – Accrued income 1,577 1,745 Overseas tax recoverable 6 3 Total debtors 1,733 1,748

Note 10 Cash and bank balances 31/01/21 31/01/20 £000 £000 Cash and bank balances 1,555 1,420 Amounts held at futures clearing houses 553 550 Total cash and bank balances 2,108 1,970

Note 11 Other creditors 31/01/21 31/01/20 £000 £000 Cancellations awaiting settlement 400 751 ACS Manager’s periodic charge payable 76 458 Depositary’s fees payable 8 12 Safe custody charges payable 11 8 Audit fee payable 8 7 Handling charges payable 7 – Total bank overdraft 510 1,236

*The Sub-fund launched on 27 March 2019.

141 PUTM ACS North American Fund Notes to the financial statements

Note 12 Reconciliation of units Class ‘B’ Class ‘C’ Class ‘D’ Class ‘X’ Accumulation* Accumulation Accumulation Accumulation** Opening units issued at 01/02/20 – 178,472,250 1,305,581,992 – Unit movements in year: Units issued 54,130,599 95,995,858 926,849,762 250,000 Units cancelled – (125,520,480) (1,159,044,398) – Closing units at 31/01/21 54,130,599 148,947,628 1,073,387,356 250,000 *Class ‘B’ Accumulation launched on 27 November 2020. **Class ‘X’ Accumulation launched on 14 March 2020.

Note 14 Stocklending The total value of securities on loan at the Balance sheet date was £885,880 (31/01/20: £11,703,427). Collateral was held in the following form: 31/01/21 31/01/20 £000 £000 Government bonds 196 7,035 Equities 763 5,457 959 12,492 The gross earnings and fees paid for the year/period were £57,961 (31/01/20: £4,741) and £10,433 (31/01/20: £853) respectively. The gross earnings were split by the lending agent as follows: – 82% to the Lender (PUTM ACS North American Fund) – 8% to the ACS Manager (Phoenix Unit Trust Managers Limited) – 10% retained by the Lending Agent (eSec) The counterparties for the securities on loan are shown in the appendix on page 134.

Note 15 Unitholders’ funds There are four unit classes in issue within the Sub-fund. These are Class ‘B’ Accumulation, Class ‘C’ Accumulation, Class ‘D’ Accumulation and Class ‘X’ Accumulation. The ACS Manager’s periodic charge in respect of Class ‘B’, Class ‘C’, Class ‘D’ and Class ‘X’ is expressed as an annual percentage of the value of the property of the Sub-fund attributable to each unit class and is currently 0.055% in respect of Class ‘B’ units, Class ‘C’ units, Class ‘D’ units and Class ‘X’ units. Consequently, the level of net revenue attributable to each unit class will differ. Should it be necessary to wind-up the Sub-fund, each unit class will have the same rights as regards to the distribution of the property of the Sub-fund.

142 PUTM ACS North American Fund Notes to the financial statements

Note 17 Financial instruments In accordance with the investment objective, the Sub-fund holds certain financial instruments. These comprise: • securities held in accordance with the investment objective and policies; • derivative transactions which the Sub-fund may also enter into, the purpose of which is to manage the currency and market risks arising from the Sub-fund’s investment activities; and • cash and short term debtors and creditors arising directly from operations. Counterparty exposure The economic exposure of future derivative contracts is equal to the market value. The value of exposure and the related counterparty are disclosed in the Portfolio of investments. Currency exposure An analysis of the monetary assets and liabilities at the year/period end is shown below: Net currency assets Net currency assets 31/01/21 31/01/20 Currency Monetary Non- Total Monetary Non- Total exposure monetary exposure exposure monetary exposure exposure exposure £000 £000 £000 £000 £000 £000 Sterling (174) – (174) (1,233) – (1,233) Canadian Dollar 233 63,323 63,556 293 78,085 78,378 US Dollar 3,272 1,614,111 1,617,383 3,422 1,653,869 1,657,291 3,331 1,677,434 1,680,765 2,482 1,731,954 1,734,436 Income received in other currencies is converted to Sterling on or near the date of receipt. The Sub-fund does not hedge or otherwise seek to avoid, movement risk on accrued income.

143 PUTM ACS North American Fund Notes to the financial statements

Note 17 Financial instruments (continued) Interest profile At the year/period end date, 0.75% (31/01/20: 1.16%) of the Sub-fund’s net assets by value were interest bearing. Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR (London Interbank Offered Rate) or international equivalent. Interest was also earned on the investments in the Aberdeen Standard Liquidity Fund. Sensitivity analysis Interest rate risk sensitivity As the majority of the Sub-fund’s financial assets are non-interest bearing, the Sub-fund is only subject to limited exposure to fair value interest rate risk due to fluctuations in levels of market interest rates and therefore, no sensitivity analysis has been provided. Foreign currency risk sensitivity A five percent increase in the value of the Sub-fund’s foreign currency exposure would have the effect of increasing the return and net assets by £84,046,950 (31/01/20: £86,783,450). A five percent decrease would have an equal and opposite effect. Market price risk sensitivity A five percent increase in the value of the Sub-fund’s portfolio would have the effect of increasing the return and net assets by £84,038,250 (31/01/20: £86,721,800). A five percent decrease would have an equal and opposite effect.

Note 18 Fair value of investments The fair value of the Sub-fund’s investments has been determined using the hierarchy below. This complies with the ‘Amendments to FRS102 – Fair value hierarchy disclosures’ issued by the Financial Reporting Council in March 2016. Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that 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 or liability. For the year ended 31/01/21 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 1,666,793 – – 1,666,793 Derivatives 88 – – 88 Money markets 10,553 – – 10,553 1,677,434 – – 1,677,434

For the period ended 31/01/20 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 1,713,499 – – 1,713,499 Derivatives 255 – – 255 Money markets 18,200 – – 18,200 1,731,954 – – 1,731,954

144 PUTM ACS North American Fund Notes to the financial statements

Note 19 Portfolio transaction costs For the year ended 31/01/21 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 86,073 2 – – – – – 86,075 Money markets 263,603 – – – – – – 263,603 Corporate actions 194 – – – – – – 194 Total 349,870 2 – – 349,872 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 306,087 (10) – – – (6) – 306,071 Money markets 267,550 – – – – – – 267,550 Corporate actions 3,095 – – – – – – 3,095 Total 576,732 (10) – (6) 576,716 The Sub-fund has paid £6,882 as commission on purchases and sales of derivatives transactions for the year ended 31/01/21. Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.00% Other expenses 0.00%

For the period ended 31/01/20 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 171,649 3 – – – – – 171,652 Money markets 110,093 – – – – – – 110,093 Corporate actions 56 – – – – – – 56 In-specie transactions 1,510,586 – – – – – – 1,510,586 Total 1,792,384 3 – – 1,792,387 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 131,459 (3) – – – (2) – 131,454 Money markets 91,183 – – – – – – 91,183 Corporate actions 6,349 – – – – – – 6,349 Total 228,991 (3) – (2) 228,986 The Sub-fund has paid £3,739 as commission on purchases and sales of derivatives transactions for the period ended 31/01/20. Commission, taxes and other expenses as % of average net assets: Commission 0.00% Taxes 0.00% Other expenses 0.00%

145 PUTM ACS North American Fund Notes to the financial statements

Note 19 Portfolio transaction costs (continued) Portfolio transaction costs are incurred by the Sub-fund when buying and selling underlying investments. These class of investment, country of exchange and method of execution. These costs can be classified as either direct or indirect transaction costs: Direct transaction costs: Broker commissions, fees and taxes. Indirect transaction costs: “Dealing spread” – the difference between buying and selling prices of the underlying investments. At the Balance sheet date the portfolio dealing spread was 0.07% (31/01/20: 0.04%) being the difference between the respective bid and offer prices for the Sub-fund’s investments.

Bid Price Bid Price 29/01/21 11/06/21 pence pence Movement (%) Class ‘B’ Accumulation 99.76 111.20 11.47 Class ‘C’ Accumulation 132.48 147.63 11.44 Class ‘D’ Accumulation 133.14 148.48 11.52 Class ‘X’ Accumulation 127.75 142.46 11.51

146 PUTM ACS North American Fund Distribution tables For the year ended 31 January 2021

Interim distribution in pence per unit Group 1: units purchased prior to 1 February 2020 Group 2: units purchased 1 February 2020 to 31 July 2020

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘C’ Accumulation Group 1 0.931316 — 0.931316 n/a Group 2 0.725434 0.205882 0.931316 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘D’ Accumulation Group 1 1.092525 — 1.092525 n/a Group 2 0.117288 0.975237 1.092525 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep** Class ‘X’ Accumulation Group 1 0.650500 — 0.650500 n/a Group 2 0.650500 0.000000 0.650500 n/a *Class ‘C’ Accumulation and ‘D’ Accumulation launched on 27 March 2019, hence there are no comparatives. **Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

147 PUTM ACS North American Fund Distribution tables For the year ended 31 January 2021

Final distribution in pence per unit Group 1: units purchased prior to 1 August 2020 Group 2: units purchased 1 August 2020 to 31 January 2021

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar* Class ‘B’ Accumulation Group 1 0.225524 — 0.225524 n/a Group 2 0.179932 0.045592 0.225524 n/a

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘C’ Accumulation Group 1 0.868620 — 0.868620 1.534123 Group 2 0.603205 0.265415 0.868620 1.534123

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘D’ Accumulation Group 1 1.023176 — 1.023176 1.793518 Group 2 0.711090 0.312086 1.023176 1.793518

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar** Class ‘X’ Accumulation Group 1 0.918272 — 0.918272 n/a Group 2 0.918272 0.000000 0.918272 n/a *Class ‘B’ Accumulation launched on 27 November 2020, hence there are no comparatives. **Class ‘X’ Accumulation launched on 14 March 2020, hence there are no comparatives.

148 PUTM ACS North American Fund Distribution tables For the year ended 31 January 2021

149 PUTM ACS UK All-Share Listed Equity Fund Investment review

Dear Investor Performance Review During ASI Management Welcome to the PUTM ACS UK All-Share Listed Equity Over the review period, the PUTM ACS UK All-Share Listed Equity Fund Fund report for the period 1 February 2020 to 31 January returned -15.57% (Source: Aberdeen Standard Investments, Gross of AMC, GBP, based upon the movement in the Cancellation Price from 2021. 01/02/20 to 30/06/20). This was compared to a return of -14.75% by its benchmark index (Source: Datastream, FTSE All-Share, Total Return, During the year, the Sub-fund underwent an Investment GBP from 01/02/20 to 30/06/20). Manager change. Changing from management under Aberdeen Standard Investments to Invesco. During July 2020, the Sub-fund underwent an investment manager transition. Phoenix agreed for the Sub-fund to have a performance holiday during this period while the Sub-fund was in a transition state. Standardised Past Performance 01/02/2020 - 28/03/2019 - 30/06/2020 31/01/2020 % growth % growth

PUTM ACS UK All-Share Listed Equity Fund -15.57 4.31 – – –

Benchmark Index -14.75 6.10 – – –

Source: Sub-fund performance is Aberdeen Standard Investments, Gross of AMC, GBP, based upon the movement in the Cancellation Price for the relevant dates above. Benchmark index performance: FTSE All-Share Index, Total Return in GBP for the relevant dates above.

Performance Review During Invesco Management The PUTM ACS UK All-Share Listed Equity Fund returned 11.25% over the review period (Source: Invesco, for six months to 31/01/21). This is compared to its benchmark index which returned 12.47% (Source: Invesco, FTSE All-Share Index for six months to 31/01/21).

Standardised Past Performance Aug20 - Jan21* (since inception) % growth

PUTM ACS UK All-Share Listed Equity Fund 11.25 – – – –

Benchmark 12.47 – – – –

Source: Invesco, as of 31 January 2021.

150 PUTM ACS UK All-Share Listed Equity Fund Investment review

Portfolio and Market Review over. However, the UK equity market dipped towards the The UK equity market ended August in positive territory on end of the month as stalled vaccine rollouts in the EU led to optimism that the worst of the pandemic’s economic a row between the EU and the UK over vaccine supplies. A damage was behind the country. Indicators published over new lockdown in the UK and elsewhere around the world the month pointed to a robust recovery in economic activity further tempered gains. in the current quarter, as the economy was rebounding from the impact of the pandemic more quickly than Sub-fund Review expected. This changed in September, when the UK equity In the first months of the reporting period (August until market ended in negative territory reflecting news flow September), contributions from the IQS’ multi-factor model around the pandemic, which included a steep rise in were positive. In particular, Earnings Momentum and Price confirmed cases of the virus and the increasing prospect of Momentum factors contributed positively. Furthermore, a second lockdown. Furthermore, concerns about a stalling Value factors added to performance. On the other hand, the economic recovery ahead of the next round of Brexit Quality factor, e.g. stocks with a high balance sheet quality, negotiations also impacted sentiment. Negative market contributed negatively. Stocks with a smaller average performance continued into October. The market closed on market capitalisation had no impact on performance, while its lowest level since March, as investors priced in a second performance was positively influenced by stock-specific wave of Covid-19. November was then the best month for effects. Active sector weights, which are a by-product of the the UK equity market in over 30 years, propelled by a multi-factor optimisation approach and tightly constrained series of Covid-19 vaccine breakthroughs and optimism in the portfolio construction, added to performance. over Joe Biden’s victory in the US presidential election, In the following months of the review period (October until which, among other things, is considered particularly December), the multi-factor UK Enhanced strategy positive for trade relations. Further support for equity market underperformed its benchmark. Relative performance was sentiment came from a new study which found that Covid- mainly driven by the extreme and in part unprecedented 19 cases fell by almost a third in England during factor rotations that happened in November. Here, Value November's national lockdown. Travel and leisure factors contributed positively, as positive news on vaccine companies saw strong returns following the government’s efficiency hit the market on 9th November and provided announcement of a ‘test to release’ scheme that could some relief for the factor. The announcement drove dramatically cut quarantine times for arrivals from high-risk investors out of prior Covid-19 winners and into previously Covid-19 countries. The uplift in sentiment led to a decline shunned value stocks and cyclical names that are in defensive stocks, which have performed well for much of dependent on an effective vaccine to reopen the economy. this year. Technology was a laggard as stocks benefitting In contrast, Momentum factors were positioned on the from people staying at home due to the pandemic came other side of this rotation as these factors favoured under pressure following the vaccine announcements. The companies that either benefitted from Covid-19 induced UK equity market ended December in positive territory, trends or were able to deliver non-cyclical growth. fuelled by the start of the mass Covid-19 vaccination Momentum experienced its worst daily drop on record so programme, the approval of the vaccine made by far, outweighing the positive performance of Value. Active AstraZeneca and Oxford University as well as the sector weights, again a by-product of our multi-factor announcement of a long-awaited Brexit deal. Despite the optimisation approach and tightly constrained in the strong end to the year, the UK equity market recorded its portfolio construction, added to performance. overall worst year since the 2008 financial crisis. Within the financial sector, banks gained in the final month of the While these effects led to an underperformance of the year following the eleventh-hour post-Brexit trade deal, portfolio during November and subsequently the whole while insurance and other financial firms continued to review period, the pronounced sudden rotations during this struggle amid uncertainty over access to European markets. time demonstrated the benefits of a diversified multi-factor Coming into the new year, the UK equity market rallied approach with a focus on risk management, as the amid optimism stemming from the rollout of the Covid-19 diversification between multiple factors helped to stabilise vaccine and relief that the years of Brexit uncertainty were the performance in times with excessive factor movements.

151 PUTM ACS UK All-Share Listed Equity Fund Investment review

In December, the portfolio ended the year on a positive achieve stable positive relative returns above the note, as factor performances stabilised. Positive factor benchmark over a whole cycle irrespective of shorter term contributions continued into January, although the portfolio market environments and without any need to take views. lagged the benchmark, mainly driven by implied active In that sense and in terms of an outlook, we expect any sector weights and other stock specific effects. particularly pronounced factor movements observed at any point in time to resolve over the course of a cycle by way of Market Outlook and Sub-fund Strategy medium-term mean reversion. The Sub-fund strategy is based on a research-driven, quantitative, bottom-up multi-factor investment process. The Invesco Quantitative Strategies (IQS) multi-factor UK Enhanced strategy evaluates the attractiveness of stocks based on the proprietary IQS factors Momentum (Price Momentum and Earnings Momentum), Quality and Value and invests in stocks with high exposure to these factors. Academics as well as practitioners agree that factors have proven to explain wide parts of both returns and risks in equity markets over the long term. Over a full market cycle, the major part of relative performance is expected to be driven by these factors. In terms of portfolio construction, the IQS team tightly constrains the risks taken in sectors and industries, and over time the contribution to return from these sources is expected to be marginal. The IQS team continues to expect the market to reward stocks with rising earnings outlooks, positive price momentum, strong fundamentals and attractive valuations going forward. Based on the IQS tactical asset allocation model (not applied to the PUTM ACS UK All-Share Listed Equity Fund), the team considers the UK equity market attractively valued, to have low levels of risk aversion and a positive economic outlook. On the other hand, the price trend of the market is in neutral territory. The Invesco UK Enhanced Equity strategy is designed with a view through the cycle. By carefully diversifying across different factors the strategy seeks to automatically diversify across different cyclical profiles as well. Value is considered the contrarian factor in the portfolio. Overweighting cheaper stocks in the market seeks to build exposure that tends to do best in a more risk friendly market environment. In contrast, active Momentum exposure captures the trend- following part of equity markets. Furthermore, the strategy adds overweights to high Quality stocks in order to provide cushion in down markets as well as to reduce active risk. Given the strong evidence for the structural and persistent existence of factor premiums, i.e. the finding that all these factors generate an excess return relative to the broad market in the long run, it is the intention of the strategy to

152 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % UK Equities (31/01/20 – 96.37%) 98.11 Aerospace & Defence 1.02 77,351 Avon Rubber 2,394 0.06 5,164,472 BAE Systems 23,860 0.61 846,045 Chemring Group 2,496 0.06 1,496,918 QinetiQ 4,509 0.11 2,183,149 Rolls-Royce 2,002 0.05 266,301 Ultra Electronics Holdings 5,307 0.13 Alternative Energy 0.03 748,363 Bluefield Solar Income Fund 1,010 0.03 Banks 7.23 40,950,903 Barclays 54,686 1.39 2,170,992 CYBG 2,815 0.07 38,429,520 HSBC Holdings 147,089 3.73 127,740,996 Lloyds Banking Group 42,155 1.07 7,878,867 NatWest Group 11,629 0.30 5,959,582 Standard Chartered 26,455 0.67 Beverages 2.70 206,520 Coca Cola 4,463 0.11 3,460,943 Diageo 102,046 2.59 Chemicals 0.44 193,891 Croda International 12,184 0.31 1,170,338 Synthomer 5,030 0.13 Construction & Materials 0.43 2,350,745 Balfour Beatty 6,324 0.16 236,731 CRH (London Listed) 7,154 0.18 164,664 Marshalls Group 1,070 0.03 59,263 RHI Magnesita 2,299 0.06 Electricity 1.06 1,848,345 Drax Group 6,905 0.18 2,343,915 SSE 34,784 0.88 Electronic & Electrical Equipments 0.65 72,133 Oxford Instruments 1,431 0.04 3,341,128 Rotork 10,879 0.28 382,780 Spectris 11,621 0.29 31,425 XP Power 1,568 0.04 Equity Investment Instruments 4.43 378,134 Aberdeen Asia Income Fund 832 0.02 677,089 Aberdeen Diversified Income and Growth Trust 636 0.02 237,224 Aberdeen New Dawn Investment Trust 766 0.02 128,756 Aberdeen New India Investment Trust 649 0.02 174,377 Aberforth Smaller Companies 2,068 0.05

153 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Equity Investment Instruments (continued) 570,519 Alliance Trust 4,946 0.13 74,387 Allianz Technology Trust 2,157 0.05 235,221 Asia Dragon Trust 1,261 0.03 198,403 AVI Global Trust 1,686 0.04 105,330 Baillie Gifford China Growth Trust 567 0.01 68,532 Baillie Gifford European Growth Trust 922 0.02 170,770 Baillie Gifford Japan Investment Trust 1,697 0.04 521,725 Baillie Gifford Shin Nippon Investment 1,268 0.03 324,741 Baillie Gifford UK Growth Fund 711 0.02 232,611 Bankers Investment Trust 2,489 0.06 80,067 Biotech Growth Trust 1,259 0.03 525,627 BlackRock Frontiers Investment Trust 620 0.02 183,326 BlackRock Greater European Investment Trust 961 0.02 95,672 BlackRock Smaller Companies 1,569 0.04 158,027 BlackRock Throgmorton Trust 1,192 0.03 318,553 Blackrock World Mining Investment Trust 1,679 0.04 229,702 BMO Capital and Income Investment Trust 632 0.02 157,927 BMO Private Equity Trust 482 0.01 65,526 Brunner Investment Trust 552 0.01 21,905 Capital Gearing Trust 1,023 0.03 744,070 City of London Investment Trust 2,604 0.07 946,356 CQS New City High Yield Fund 483 0.01 353,887 Dragon Capital Vietnam Enterprise Investment 2,021 0.05 313,912 Dunedin Income Growth Investment Trust 888 0.02 339,021 Edinburgh Investment Trust 1,800 0.05 189,674 European Opportunities Trust 1,368 0.03 164,174 Fidelity Asian Values Investment Trust 685 0.02 265,534 Fidelity Japanese Values Investment Trust 579 0.01 393,416 Finsbury Growth and Income Trust 3,313 0.08 958,783 Foreign & Colonial Investment Trust 7,287 0.19 56,877 Fundsmith Emerging Equities Trust 802 0.02 1,571,275 GCP Infrastructure Investments 1,678 0.04 135,994 Graphite Enterprise Trust 1,308 0.03 46,785 Henderson European Focus Trust 646 0.02 46,947 Henderson Eurotrust 653 0.02 290,198 Henderson Far East Income 929 0.02 413,034 Henderson International Income Trust 630 0.02 148,432 Henderson Smaller Companies Investment Trust 1,493 0.04 118,520 Herald Investment Trust 2,607 0.07 482,675 Impax Environmental Markets 2,216 0.06 82,014 International Biotechnology 664 0.02 151,910 Invesco Asia Investment Trust 577 0.01 195,772 JP Morgan Asia Growth and Income 973 0.02

154 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Equity Investment Instruments (continued) 136,642 JP Morgan Chinese Investment Trust 1,003 0.03 123,198 JP Morgan Claverhouse Investment Trust 747 0.02 238,852 JP Morgan European Investment Trust 731 0.02 295,236 JP Morgan European Smaller Companies Investment Trust 1,329 0.03 633,540 JP Morgan Global Emerging Markets Income Trust 928 0.02 146,519 JP Morgan Indian Investment Trust 1,001 0.03 295,867 JP Morgan Japanese Investment Trust 2,044 0.05 122,326 JP Morgan Japanese Smaller Companies Investment Trust 653 0.02 53,640 JP Morgan Mid Cap Investment Trust 569 0.01 98,602 JP Morgan Russian Securities Investment Trust 615 0.02 232,508 Law Debenture Investment Trust 1,488 0.04 379 Lindsell Train Investment Trust 498 0.01 57,285 Lowland Investment Trust 644 0.02 184,982 Martin Currie Global Portfolio 671 0.02 240,523 Merchants Investment Trust 1,049 0.03 101,068 Mid Wynd International Investment Trust 716 0.02 395,065 Monks Investment Trust 5,326 0.14 37,868 Montanaro European Smaller Companies Trust 595 0.02 221,833 Murray Income Investment Trust 1,784 0.05 225,835 Murray International Investment Trust 2,430 0.06 519,726 NB Global Monthly Income Fund 429 0.01 21,897 North Atlantic Smaller Companies Investment Trust 843 0.02 254,821 Pacific Assets Investment Trust 846 0.02 127,950 Pacific Horizon Investment Trust 980 0.02 98,490 Pantheon International Investment Trust 2,324 0.06 5,135 Personal Assets Investment Trust 2,308 0.06 242,343 Polar Capital Technology Trust 5,501 0.14 228,478 RIT Capital Partners Investment Trust 4,592 0.12 363,235 Ruffer 977 0.02 300,701 Schroder Asia Pacific Investment Trust 1,885 0.05 202,940 Schroder Asian Total Return Investment Trust 1,015 0.03 281,012 Schroder Japan Growth Investment Trust 551 0.01 89,786 Schroder UK Mid Cap Fund 510 0.01 1,795,360 Schroder UK Public Private Trust 619 0.02 301,009 Scottish American Investment Trust 1,373 0.03 149,462 Scottish Investment Trust 1,031 0.03 2,564,118 Scottish Mortgage Investment Trust 32,205 0.82 64,680 Scottish Oriental Smaller Companies 626 0.02 948,045 SDCL Energy Efficiency Income Trust 1,014 0.03 3,046,594 Sequoia Economic Infrastructure Income Fund 3,290 0.08 164,561 Standard Life European Private Equity Trust 625 0.02

155 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Equity Investment Instruments (continued) 202,897 Standard Life UK Smaller Companies Trust 1,177 0.03 131,857 Temple Bar Investment Trust 1,197 0.03 428,363 Templeton Emerging Markets Investment Trust 4,147 0.11 94,344 TR European Growth Investment Trust 1,175 0.03 627,367 TR Property Investment Trust 2,393 0.06 745,688 Troy Income & Growth Trust 522 0.01 380,200 Utilico Emerging Markets Trust 726 0.02 313,950 VinaCapital Vietnam Opportunity Fund 1,289 0.03 106,096 Worldwide Healthcare Trust 3,947 0.10 Financial Services 4.05 1,721,892 3i Group 19,130 0.49 355,807 AJ Bell 1,532 0.04 529,392 Apax Global Alpha 1,026 0.03 611,130 Ashmore Group 2,756 0.07 666,504 Brewin Dolphin 1,956 0.05 441,589 Close Brothers Group 6,226 0.16 546,477 Hargreaves Lansdown 9,334 0.24 1,655,124 IG Group Holdings 12,405 0.31 241,286 Intermediate Capital Group 4,102 0.10 2,850,106 International Public Partnership 4,879 0.12 4,720,810 Investec 8,986 0.23 451,940 JP Morgan Global Core Real Assets 399 0.01 416,192 John Laing Group 1,318 0.03 115,906 Liontrust Asset Management 1,460 0.04 599,472 London Stock Exchange 52,070 1.32 3,603,692 Man Group 5,270 0.13 699,297 Merian Chrysalis Investment 1,360 0.03 750,951 Plus500 10,055 0.26 2,579,159 Quilter 3,980 0.10 497,409 Schroder Oriental Income Fund 1,318 0.03 241,660 Schroders 8,258 0.21 844,466 Syncona 2,149 0.05 Fixed Line Telecommunications 0.46 1,977,713 Airtel Africa 1,570 0.04 11,669,445 BT Group 14,651 0.37 640,111 Helios Towers 1,019 0.03 70,793 Telecom Plus 920 0.02 Food & Drug Retailers 1.30 9,556,396 Morrison (WM) Supermarkets 17,130 0.43 6,089,370 Sainsbury (J) 14,882 0.38 7,335,519 Tesco 17,561 0.45 202,157 UDG Healthcare 1,645 0.04

156 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Food Producers 0.74 50,277 Associated British Foods 1,064 0.03 112,951 Cranswick 3,856 0.10 27,385 Just Eat Takeaway.Com 2,293 0.06 1,100,342 Premier Foods 1,030 0.03 1,666,947 SSP Group 4,831 0.12 2,302,080 Tate and Lyle 15,852 0.40 Forestry & Paper 0.95 2,177,346 Mondi 37,603 0.95 Gas, Water & Multiutilities 2.05 3,824,756 Centrica 1,980 0.05 6,512,641 National Grid 55,357 1.41 48,430 Severn Trent 1,119 0.03 2,386,268 United Utilities Group 22,001 0.56 General Industrials 0.64 1,913,818 Coats Group 1,175 0.03 2,429,389 Smith (DS) 8,841 0.22 546,457 Smiths Group 7,752 0.20 185,291 Smurfit Kappa 6,478 0.16 260,631 Vesuvius 1,298 0.03 General Retailers 2.86 581,178 AO World 1,810 0.05 4,954,798 B&M European Value 26,518 0.67 4,073,431 Dixons Carphone 4,460 0.11 618,468 Dunelm Group 7,150 0.18 910,067 Frasers Group 3,886 0.10 1,752,606 Inchcape 11,655 0.30 13,705,723 Kingfisher 37,979 0.96 174,422 Lookers 67 0.00 122,514 Next Group 9,470 0.24 1,977,089 Pets at Home Group 7,960 0.20 289,033 Watches of Switzerland Group 1,847 0.05 Healthcare Equipment & Services 0.36 6,565,165 ConvaTec Group 13,130 0.33 540,763 NMC Health – 0.00 68,537 Smith & Nephew 1,056 0.03 Household Goods 4.33 1,261,187 Barratt Developments 8,056 0.20 138,775 Bellway 3,823 0.10 596,773 Berkeley Group Holdings 24,999 0.63 1,856,161 Persimmon 47,351 1.20

157 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Household Goods (continued) 988,414 Reckitt Benckiser 61,242 1.55 12,751,671 Taylor Wimpey 18,675 0.47 843,390 Vistry group 7,110 0.18 Industrial Engineering 0.46 83,491 Hill and Smith 1,129 0.03 859,347 IMI 10,699 0.27 45,235 Spirax Sarco Engineering 5,012 0.13 61,717 Weir Group 1,170 0.03 Industrial Metals 0.50 2,659,942 Evraz Group 13,326 0.34 2,181,997 Ferrexpo 6,158 0.16 Industrial Transportation 0.71 6,905,626 Royal Mail 27,940 0.71 Leisure Goods 0.41 156,845 Games Workshop 16,186 0.41 Life Insurance 4.33 11,003,559 Aviva 36,873 0.94 15,977,641 Legal and General 38,985 0.99 5,361,190 Prudential 62,860 1.60 954,809 St.James’s Place 11,200 0.28 6,823,465 Standard Life Aberdeen 20,614 0.52 Media 3.47 59,996 4imprint Group 1,425 0.04 292,535 Future 5,084 0.13 17,767,550 ITV 18,816 0.48 325,445 Pearson 2,643 0.07 3,976,097 RELX 72,067 1.83 4,719,054 WPP 36,139 0.92 Mining 8.96 2,276,559 Anglo American 54,945 1.40 1,060,121 Antofagasta 15,154 0.38 5,549,232 BHP Group 111,623 2.83 106,861 Fresnillo 1,055 0.03 5,696,707 Glencore 14,034 0.36 1,632,617 Hochschild Mining 3,745 0.10 1,985,168 Petropavlovsk 574 0.01 2,715,306 Rio Tinto 151,731 3.85 Mobile Telecommunications 1.86 58,717,097 Vodafone Group 73,291 1.86

158 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Non-Equity Investment Instruments 0.28 69,761 Aberdeen Standard Asia Focus 820 0.02 40,597 BH Global 771 0.02 1,122,013 Bilfinger Berger Global Infrastructure SICAV~ 1,937 0.05 736,886 Diverse Income Trust 713 0.02 632,663 Fidelity China Special Situations 2,638 0.07 411,784 Fidelity Special Values 978 0.02 220,765 Genesis Emerging Market 1,947 0.05 839,410 KKV Secured Loan Fund 285 0.01 261,074 Polar Capital Global Healthcare Growth and Income Trust 645 0.02 Non-Life Insurance 0.51 346,908 Admiral Group 9,994 0.25 3,422,019 Direct Line Insurance Group 10,249 0.26 Oil & Gas Producers 7.44 37,815,542 BP 102,669 2.61 1,400,275 Diversified Gas & Oil 1,610 0.04 6,237,554 Royal Dutch Shell ‘A’ 83,458 2.12 8,274,592 Royal Dutch Shell ‘B’ 105,269 2.67 Oil Equipment & Services 0.12 1,558,824 John Wood Group 4,567 0.12 Other Equities 1.61 296,503 Augmentum Fintech 406 0.01 570,330 Ferguson Newco 48,489 1.23 161,234 Keystone Investment Trust 522 0.01 5,398,557 M&G Prudential 9,496 0.24 299,252 North American Income Trust 688 0.02 690,672 Octopus Renewables Infrastructure Trust 742 0.02 801,998 OSB Group 3,288 0.08 Personal Goods 4.62 4,288,426 Unilever 181,829 4.62 Pharmaceuticals & Biotechnology 8.53 2,613,226 AstraZeneca 195,757 4.97 212,444 Dechra Pharmaceuticals 7,661 0.19 68,919 Genus 3,394 0.09 7,578,436 GlaxoSmithKline 102,824 2.61 1,042,235 Hikma Pharmaceuticals 24,972 0.63 1,370,688 Vectura Group 1,593 0.04 Real Estate & Investment Services 2.70 1,051,630 3i Infrastructure Fund 3,134 0.08 165,341 Alternative Credit Investments 1,432 0.04 527,614 Baillie Gifford US Growth Trust 1,799 0.05 159 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Real Estate & Investment Services (continued) 888,826 BB Healthcare Trust 1,609 0.04 29,584 BH Macro Fund 985 0.03 1,088,562 BMO Global Smaller Companies 1,537 0.04 59,587 Caledonia Investments 1,618 0.04 2,640,719 Capital & Counties Properties 3,694 0.09 561,358 Civitas Social Housing 604 0.02 457,287 CVC Credit Partners European Opportunities 443 0.01 622,693 Edinburgh Worldwide Investment Trust 2,360 0.06 774,809 European Assets Trust 899 0.02 756,664 Fidelity European Values 2,073 0.05 1,210,486 Foresight Solar Fund 1,229 0.03 921,858 GCP Asset Backed Income Fund 848 0.02 463,500 Grainger 1,234 0.03 485,652 Great Portland REIT 3,168 0.08 3,156,362 Greencoat UK Wind 4,318 0.11 146,737 HarbourVest Global Private Equity 2,744 0.07 692,002 HgCapital Trust 2,218 0.06 3,442,602 HICL Infrastructure 6,004 0.15 1,793,683 Hipgnosis Songs Fund 2,143 0.05 359,090 JP Morgan American Investment Trust 2,047 0.05 2,201,618 JP Morgan Emerging Markets Investment Trust 2,959 0.07 286,508 JP Morgan Global Growth and Income Investment Trust 1,083 0.03 185,848 JP Morgan Smaller Comapanies Investment Trust 602 0.02 1,070,755 Jlen Environmental Asset Group 1,226 0.03 1,865,233 Land Securities 11,466 0.29 386,795 Montanaro UK Smaller Companies Investment Trust 511 0.01 84,204 NB Private Equity Partners 998 0.03 1,163,945 Nextenergy Solar Fund 1,211 0.03 276,232 Pershing Square Holding 6,643 0.17 3,290,157 Renewables Infrastructure 4,178 0.11 133,402 Savills 1,399 0.04 2,164,214 Sirius Real Estate 2,045 0.05 229,398 Smithson Investment Trust 3,739 0.09 854,049 Starwood European Real Estate Finance 752 0.02 1,453,100 The Mercantile Investment Trust 3,328 0.08 1,029,893 TwentyFour Income Fund 1,092 0.03 1,218,257 Unite Group 11,665 0.30 1,436,855 Witan Investment Trust 3,183 0.08 Real Estate Investment Trust 1.30 1,742,926 Assura 1,260 0.03 296,927 Big Yellow Group Real Estate Investment Trust 3,278 0.08

160 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Real Estate Investment Trust (continued) 1,947,141 British Land Real Estate Investment Trust 8,727 0.22 97,908 Derwent London 3,102 0.08 846,836 GCP Student Living 1,240 0.03 1,340,099 Londonmetric Property 3,045 0.08 158,983 Safestore Holdings 1,284 0.03 1,996,732 Segro 19,009 0.48 438,221 Shaftesbury Real Estate Investment Trust 2,445 0.06 3,390,774 Tritax Big Box Real Estate Investment Trust 6,246 0.16 266,771 Workspace Group 1,909 0.05 Software & Computer Services 2.34 3,418,236 Auto Trader Group 19,272 0.49 3,049,979 Avast 14,402 0.37 282,870 Computacenter 6,647 0.17 265,926 FDM Group Holdings 2,686 0.07 207,377 Kainos Group 2,567 0.07 1,528,103 Playtech 7,104 0.18 4,103,498 Rightmove 24,588 0.62 2,449,718 Sage Group 14,448 0.37 10,918 Softcat 165 0.00 Support Services 4.89 1,255,533 Aggreko 7,345 0.19 683,913 Ashtead Group 25,216 0.64 537,853 Babcock International 1,253 0.03 1,345,232 Bunzl 31,613 0.80 201,135 DCC (London listed) 11,095 0.28 1,876,953 Experian Group 47,975 1.22 461,471 Grafton Group 3,996 0.10 3,115,352 Hays 4,383 0.11 398,236 Homeserve 4,158 0.11 1,564,152 Howden Joinery Group 10,508 0.27 290,741 IntegraFin Holdings 1,593 0.04 347,059 Intertek Group 19,144 0.49 4,836,341 Rentokil Initial 24,056 0.61 Technology Hardware & Equipment 0.15 2,557,808 Spirent Communications 6,100 0.15 Tobacco 4.26 4,972,192 British American Tobacco 132,136 3.35 2,439,039 Imperial Brands 35,854 0.91 Travel & Leisure 2.93 135,545 888 Holdings 409 0.01 766,960 Carnival 8,935 0.23

161 PUTM ACS UK All-Share Listed Equity Fund Portfolio of investments (unaudited)

Investments held at 31 January 2021 Market Percentage of value total net assets Holding Investment £000 % Travel & Leisure (continued) 1,103,495 Compass Group 14,456 0.37 2,045,680 Domino’s Pizza 6,730 0.17 145,177 EasyJet 1,057 0.03 349,893 Flutter Entertainment 47,655 1.21 336,887 Gamesys Group 4,278 0.11 431,875 Intercontinental Hotels 19,521 0.50 7,508,908 International Consolidated Airlines 10,734 0.27 465,606 National Express 1,164 0.03 Money Markets (31/01/20 – 3.29%) Futures (31/01/20 – (0.10%)) (0.02) 703 ICF FTSE 100 Index Future March 2021 (658) (0.02)

Portfolio of investments^ 3,863,091 98.09 Net other assets 75,158 1.91 Net assets 3,938,249 100.00

162 PUTM ACS UK All-Share Listed Equity Fund Top ten purchases and sales For the year ended 31 January 2021

Purchases Cost Sales Proceeds £000 £000 Unilever 146,947 Aberdeen Standard Liquidity Fund (Lux) – AstraZeneca 125,389 Sterling Fund 172,072 Aberdeen Standard Liquidity Fund (Lux) – GlaxoSmithKline 55,019 Sterling Fund 88,149 CRH (London Listed) 43,286 HSBC Holdings 86,855 Compass Group 41,408 Rio Tinto 86,319 Tesco 38,176 British American Tobacco 81,247 Associated British Foods 29,598 BP 70,177 Smith & Nephew 25,019 Reckitt Benckiser 68,965 BAE Systems 23,700 GlaxoSmithKline 65,467 Glencore 23,523 Flutter Entertainment 61,513 HSBC Holdings 22,072 Subtotal 881,028 Subtotal 473,873 Other purchases 2,198,148 Other sales 974,076

Total purchases for the year 3,079,176 Total sales for the year 1,447,949

163 PUTM ACS UK All-Share Listed Equity Fund Statistical information

Comparative tables Class ‘B’ Class ‘C’ Accumulation** Accumulation*** 31/01/21 31/01/21 31/01/20 pence pence pence Change in net assets per unit Opening net asset value per unit 100.00 104.71 100.00 Return before operating charges* 0.90 (10.30) 4.76 Operating charges – (0.04) (0.05) Return after operating charges* 0.90 (10.34) 4.71

Distributions on accumulation units (0.38) (2.86) (3.59) Retained distributions on accumulation units 0.38 2.86 3.59

Closing net asset value per unit 100.90 94.37 104.71

*after direct transaction costs of:^ 0.19 0.16 0.18

Performance Return after charges 0.90% (9.87%) 4.71%

Other information Closing net asset value (£000) 1,873,438 1,079,353 1,319,326 Closing number of units 1,856,764,240 1,143,695,587 1,259,924,900 Operating charges 0.02% 0.02% 0.07% Direct transaction costs 0.18% 0.18% 0.17%

Prices+ Highest unit price (pence) 108.47 108.57 110.10 Lowest unit price (pence) 98.25 70.33 99.34

164 PUTM ACS UK All-Share Listed Equity Fund Statistical information

Comparative tables Class ‘D’ Class ‘X’ Accumulation** Accumulation*** 31/01/21 31/01/20 31/01/21 pence pence pence Change in net assets per unit Opening net asset value per unit 104.75 100.00 100.00 Return before operating charges* (10.32) 4.80 11.57 Operating charges (0.04) (0.05) (0.03) Return after operating charges* (10.36) 4.75 11.54

Distributions on accumulation units (2.82) (3.60) (0.95) Retained distributions on accumulation units 2.82 3.60 0.95

Cancellation price – – (111.54)

Closing net asset value per unit 94.39 104.75 –

*after direct transaction costs of:^ 0.16 0.18 0.20

Performance Return after charges (9.89%) 4.75% 11.54%

Other information Closing net asset value (£000) 985,458 1,231,539 n/a Closing number of units 1,044,075,237 1,175,667,727 n/a Operating charges 0.02% 0.07% 0.02% Direct transaction costs 0.18% 0.17% 0.18%

Prices+ Highest unit price (pence) 108.55 110.09 120.66 Lowest unit price (pence) 70.30 99.34 90.67

^The direct transaction costs includes commission on futures. + High and low price disclosures are based on quoted unit prices. Therefore the opening and closing NAV prices may fall outside the high/low price threshold. **Class ‘D’ Accumulation launched on 27 March 2019. ***Class ‘X’ Accumulation launched on 14 March 2020 and terminated on 21 October 2020.

165 PUTM ACS UK All-Share Listed Equity Fund Statistical information

Investment objective The Sub-fund aims to provide a total return (a combination of capital and income) by outperforming the FTSE All Share Index (the “Index”) before fees by 0.5% to 1% per annum over any given 3 year period.

Investment policy The Sub-fund aims to achieve its objective primarily by investing over 70% of the portfolio in equities and equity related securities of companies listed in the United Kingdom that are constituents of the index. The Sub-fund may invest up to 5% in UK companies listed outside of the index. “Equity related securities” will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Manager influenced significantly by the stock market performance of the company’s ordinary shares. The Sub-fund may also invest in other transferable securities, money market instruments, deposits, cash and near cash and other collective investment schemes. Derivatives will be used for efficient portfolio management only.

Investment strategy Although over 70% is invested in components of the index, the Sub-fund is actively managed and the Investment Manager has discretion to select its investment. The Sub-fund does not concentrate on any particular sector.

Revenue distribution and pricing Units of the Sub-fund are available as either Class ‘B’ Accumulation, ‘C’ Accumulation or ‘D’ Accumulation units (where revenue is reinvested to enhance the unit price). There will be two potential distributions in each accounting year: an interim distribution as at 31 July and a final distribution as at 31 January. At each distribution the net revenue after deduction of expenses, from the investments of the Sub-fund is apportioned amongst the unitholders. Unitholders receive a tax voucher giving details of the distribution and the ACS Manager’s Report no later than two months after these dates.

166 PUTM ACS UK All-Share Listed Equity Fund Statistical information

Sub-fund’s ranking on the Risk and Reward Indicator.

ﬁ Typically lower rewards, Typically higher rewards, lower risk higher risk ﬁ

1 2 3 4 5 6 7

This Sub-fund is ranked at 6 (31/01/20: 6) because Sub-funds of this type have experienced high rises and falls in value in the past. Although this is a high risk ranking it is not the highest. The above figure applies to the following unit classes: • Class ‘B’ Accumulation • Class ‘C’ Accumulation • Class ‘D’ Accumulation Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. Please note the Sub-fund’s risk category may change in the future. The indicator does not take into account the following risks of investing in this Sub-fund: • The Sub-fund may use derivatives to reduce risk or cost or to generate additional capital or income at low risk, or to meet its investment objective. • The small differences in the returns between the index tracking Sub-fund and the Index (and tracking error) are due to levels of cash, expenses and portfolio turnover. • Counterparty Risk: the insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Sub-fund to financial loss.

167 PUTM ACS UK All-Share Listed Equity Fund Annual financial statements For the year ended 31 January 2021

Statement of total return 31/01/21 31/01/20* Notes £000 £000 £000 £000 Income Net capital losses 4 (318,313) (14,556) Revenue 5 75,744 51,240 Expenses 6 (2,101) (965) Interest payable and similar charges – (16) Net revenue before taxation 73,643 50,259 Taxation 7 (709) (584) Net revenue after taxation 72,934 49,675 Total (deficit)/return before distributions (245,379) 35,119 Distributions 8 (73,113) (49,771) Change in net assets attributable to unitholders from investment activities (318,492) (14,652)

Statement of change in net assets attributable to unitholders 31/01/21 31/01/20* £000 £000 £000 £000 Opening net assets attributable to unitholders 2,550,865 – Amounts receivable on issue of units 927,074 301,980 Amounts payable on in-specie transfer** 1,716,554 2,466,471 Amounts payable on cancellation of units (1,009,819) (291,255) 1,633,809 2,477,196 Change in net assets attributable to unitholders from investment activities (318,492) (14,652) Dilution levy adjustment 1,118 743 Retained distributions on accumulation units 70,949 87,578 Closing net assets attributable to unitholders 3,938,249 2,550,865

*The Sub-fund launched on 27 March 2019. **Represents the value of units created by in-specie transfer of assets during the year/period.

168 PUTM ACS UK All-Share Listed Equity Fund Annual financial statements As at 31 January 2021

Balance sheet 31/01/21 31/01/20 Notes £000 £000 £000 £000 Assets: Fixed assets: Investments 3,863,749 2,542,209 Current assets: Debtors 9 18,365 3,985 Cash and bank balances 10 77,045 7,822 Total current assets 95,410 11,807 Total assets 3,959,159 2,554,016 Liabilities: Investment liabilities (658) (2,469) Creditors: Other creditors 11 (20,252) (682) Total creditors (20,252) (682) Total liabilities (20,910) (3,151) Net assets attributable to unitholders 3,938,249 2,550,865

169 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

Notes 1-3 Accounting policies Please see pages 3 to 6 for accounting basis and policies.

Note 4 Net capital losses The net capital losses during the year/period comprise: 31/01/21 31/01/20* £000 £000 Losses on non-derivative securities (309,686) (14,677) Losses on derivative contracts (10,287) (633) Currency (losses)/gains (11) 22 Handling charges (2) (25) Capital special dividends 1,673 757 Net capital losses (318,313) (14,556)

Note 5 Revenue 31/01/21 31/01/20* £000 £000 UK dividends 66,167 41,968 UK property REIT income distributions 525 531 Overseas dividends 8,784 7,269 Interest on debt securities 24 – Stock dividends – 1,293 Stocklending commission 126 6 Bank interest – 6 Liquidity interest 118 167 Total revenue 75,744 51,240

Note 6 Expenses 31/01/21 31/01/20* £000 £000 (a) Payable to the ACS Manager or associates of the ACS Manager and agents of either of them: ACS Manager’s periodic charge 812 895 (b) Payable to the Depositary or associates of the Depositary and agents of either of them: Depositary’s fees 54 38 (c) Other expenses: Audit fee 10 7 Safe custody charges 30 22 License fees 30 – Professional fees 2 3 Broker adjustments 1,163 – 1,235 32 Total expenses 2,101 965

*The Sub-fund launched on 27 March 2019.

170 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

Note 7 Taxation 31/01/21 31/01/20* £000 £000 (a) Analysis of tax charge for the year/period Overseas withholding tax 709 584 Total taxation 709 584

As the scheme is an ACS it is not subject to UK tax on income or capital gains.

Note 8 Distributions The distributions take account of amounts added on the issue of units and amounts deducted on the cancellation of units, and comprise: 31/01/21 31/01/20* £000 £000 Interim 33,015 – Final 37,934 87,578 Amounts deducted on cancellation of units 8,412 7,618 Amounts added on issue of units (6,248) (45,425) Net distribution for the year/period 73,113 49,771 Net revenue after taxation 72,934 49,675 Expenses taken to capital 30 22 Irrecoverable withholding tax on capital special dividends 149 74 Net distribution for the year/period 73,113 49,771 Details of the distribution per unit are set out in the tables on pages 123 and 124.

Note 9 Debtors 31/01/21 31/01/20 £000 £000 Sales awaiting settlement 10,330 16 Accrued income 7,584 3,775 Overseas tax recoverable 449 194 Handling charges prepaid 2 – Total debtors 18,365 3,985

Note 10 Cash and bank balances 31/01/21 31/01/20 £000 £000 Cash and bank balances 74,042 2,517 Amounts held at futures clearing houses 3,003 5,305 Total cash and bank balances 77,045 7,822 *The Sub-fund launched on 27 March 2019.

171 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

Note 11 Other creditors 31/01/21 31/01/20 £000 £000 Cancellations awaiting settlement 10,451 54 Purchases awaiting settlement 9,731 – ACS Manager’s periodic charge payable 49 606 Depositary’s fees payable 12 13 Safe custody charges payable 1 2 Audit fee payable 8 7 Total creditors 20,252 682

Note 12 Reconciliation of units Class ‘B’ ’Class ‘C’ Class ‘D’ Class ‘X’ Accumulation* Accumulation Accumulation Accumulation** Opening units issued at 01/02/20 – 1,259,924,900 1,175,667,727 – Unit movements in year: Units issued 1,867,386,403 161,761,557 725,906,737 250,000 Units cancelled (10,622,163) (277,990,870) (857,499,227) (250,000) Closing units at 31/01/21 1,856,764,240 1,143,695,587 1,044,075,237 – *Class ‘B’ Accumulation launched on 27 November 2020. **Class ‘X’ Accumulation launched on 14 March 2020 and terminated on 21 October 2020.

Note 14 Stocklending The total value of securities on loan at the Balance sheet date was £30,579,448 (31/01/20: £5,543,345). Collateral was held in the following form: 31/01/21 31/01/20 £000 £000 Government bonds 10,255 3,885 UK equities 22,508 3,174 32,763 7,059 The gross earnings and fees paid for the year/period were £154,073 (31/01/20: £6,816) and £27,733 (31/01/20: £1,227) respectively. The gross earnings were split by the lending agent as follows: – 82% to the Lender (PUTM ACS UK All-Share Listed Equity Fund) – 8% to the ACS Manager (Phoenix Unit Trust Managers Limited) – 10% retained by the Lending Agent (eSec) The counterparties for the securities on loan are shown in the appendix on page 136.

172 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

Note 15 Unitholders’ funds There are three unit classes in issue within the Sub-fund. These are Class ‘B’ Accumulation, Class C’ Accumulation and Class ‘D’ Accumulation. The ACS Manager’s periodic charge in respect of Class ‘B’, Class ‘C’ and Class ‘D’ is expressed as an annual percentage of the value of the property of the Sub-fund attributable to each unit class and is currently 0.015% in respect of Class ‘B’ units, Class ‘C’ units and Class ‘D’ units. Consequently, the level of net revenue attributable to each unit class will differ. Should it be necessary to wind-up the Sub-fund, each unit class will have the same rights as regards to the distribution of the property of the Sub-fund.

Note 16 Related party transactions The ACS Manager is a related party to the Sub-fund by virtue of its controlling influence. The ACS Manager is part of the Phoenix Group. Phoenix Life Limited which is also part of the Phoenix Group, is a material unitholder in the Sub-fund and therefore a related party, holding the following percentage of the units at the year/period end: Class ‘B’ Class ‘C’ Class ‘D’ % % % As at 31 January 2021: 98.92 100.00 100.00 As at 31 January 2020: n/a 100.00 100.00 ACS Manager’s periodic charge paid to the ACS Manager, Phoenix Unit Trust Managers Limited, or its associates, is shown in Note 6(a) and details of the units issued and cancelled by the ACS Manager are shown in the Statement of change in net assets attributable to unitholders and Note 8. Any balances due to/from the ACS Manager or its associates at 31 January 2021 in respect of these transactions are shown in Notes 9 and 11.

173 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

Note 17 Financial instruments (continued) Currency exposure An analysis of the monetary assets and liabilities at the year/period end is shown below: Net currency assets Net currency assets 31/01/21 31/01/20 Currency Monetary Non- Total Monetary Non- Total exposure monetary exposure exposure monetary exposure exposure exposure £000 £000 £000 £000 £000 £000 Sterling 72,066 3,863,091 3,935,157 10,157 2,539,740 2,549,897 Euro 2,630 – 2,630 940 – 940 US Dollar 462 – 462 28 – 28 75,158 3,863,091 3,938,249 11,125 2,539,740 2,550,865 Income received in other currencies is converted to Sterling on or near the date of receipt. The Sub-fund does not hedge or otherwise seek to avoid, movement risk on accrued income.

Interest profile At the year/period end date, 1.96% (31/01/20: 3.60%) of the Sub-fund’s net assets by value were interest bearing. Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR (London Interbank Offered Rate) or international equivalent. Interest was also earned on the investments in the Aberdeen Standard Liquidity Fund. Sensitivity analysis Interest rate risk sensitivity As the majority of the Sub-fund’s financial assets are non-interest bearing, the Sub- fund is only subject to limited exposure to fair value interest rate risk due to fluctuations in levels of market interest rates and therefore, no sensitivity analysis has been provided. Foreign currency risk sensitivity A five percent increase in the value of the Sub-fund’s foreign currency exposure would have the effect of increasing the return and net assets by £154,600 (31/01/20: £48,400). A five percent decrease would have an equal and opposite effect. Market price risk sensitivity A five percent increase in the value of the Sub-fund’s portfolio would have the effect of increasing the return and net assets by £196,912,450 (31/01/20: £127,543,250). A five percent decrease would have an equal and opposite effect.

174 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

For the year ended 31/01/21 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 3,863,749 – – 3,863,749 3,863,749 – – 3,863,749

Investment liabilities £000 £000 £000 £000 Derivatives (658) – – (658) (658) – – (658)

For the period ended 31/01/20 Level 1 2 3 Total Investment assets £000 £000 £000 £000 Equities 2,458,286 – – 2,458,286 Money markets 83,923 – – 83,923 2,542,209 – – 2,542,209

Investment liabilities £000 £000 £000 £000 Derivatives (2,469) – – (2,469) (2,469) – – (2,469)

175 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

Note 19 Portfolio transaction costs For the year ended 31/01/21 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 1,269,120 463 0.04 6,347 0.50 – – 1,275,930 Money markets 97,807 – – – – – – 97,807 Corporate actions 325 – – – – – – 325 In-specie transactions 1,705,114 – – – – – – 1,705,114 Total 3,072,366 463 6,347 – 3,079,176 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 1,272,341 (482) (0.04) (1) – – – 1,271,858 Money markets 172,072 – – – – – – 172,072 Corporate actions 4,019 – – – – – – 4,019 Total 1,448,432 (482) (1) – 1,447,949 The Sub-fund has paid £16,692 as commission on purchases and sales of derivatives transactions for the year ended 31/01/21. Commission, taxes and other expenses as % of average net assets: Commission 0.02% Taxes 0.16% Other expenses 0.00%

For the period ended 31/01/20 Other Total Value Commission Taxes expenses costs Analysis of total purchases costs £000 £000 % £000 % £000 % £000 Equity transactions 539,841 50 0.01 2,620 0.49 – – 542,511 Money markets 181,595 – – – – – – 181,595 Corporate actions 3,109 – – – – – – 3,109 In–specie transactions 2,430,916 – – – – – – 2,430,916 Total 3,155,461 50 2,620 – 3,158,131 Other Total Value Commission Taxes expenses costs Analysis of total sales costs £000 £000 % £000 % £000 % £000 Equity transactions 486,210 (73) (0.02) – – (1) – 486,136 Money markets 97,672 – – – – – – 97,672 Corporate actions 17,437 – – – – – – 17,437 Total 601,319 (73) – (1) 601,245 The Sub-fund has paid £9,715 as commission on purchases and sales of derivatives transactions for the period ended 31/01/20.

Commission, taxes and other expenses as % of average net assets: Commission 0.01% Taxes 0.16% Other expenses 0.00%

176 PUTM ACS UK All-Share Listed Equity Fund Notes to the financial statements

Note 19 Portfolio transaction costs (continued) The purchases and sales of securities incurred no direct transaction costs during the year or prior period.

Portfolio transaction costs are incurred by the Sub-fund when buying and selling underlying investments. These costs vary depending on the class of investment, country of exchange and method of execution. These costs can be classified as either direct or indirect transaction costs: Direct transaction costs: Broker commissions, fees and taxes. Indirect transaction costs: “Dealing spread” – the difference between buying and selling prices of the underlying investments. At the Balance sheet date the portfolio dealing spread was 0.08% (31/01/20: 0.08%)

being the difference between the respective bid and offer prices for the Sub-fund’s

investments.

Bid Price Bid Price 29/01/21 11/06/21 pence pence Movement (%) Class ‘B’ Accumulation 100.90 115.01 13.98 Class ‘C’ Accumulation 94.37 107.52 13.93 Class ‘D’ Accumulation 94.39 107.48 13.87

177 PUTM ACS UK All-Share Listed Equity Fund Distribution tables For the year ended 31 January 2021

Interim distribution in pence per unit Group 1: units purchased prior to 1 February 2020 Group 2: units purchased 1 February 2020 to 31 July 2020

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘C’ Accumulation Group 1 1.441730 — 1.441730 n/a Group 2 0.605644 0.836086 1.441730 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep* Class ‘D’ Accumulation Group 1 1.402367 — 1.402367 n/a Group 2 0.522008 0.880359 1.402367 n/a

2020 2019 pence pence per unit per unit Net paid paid income Equalisation 30 Sep 30 Sep** Class ‘X’ Accumulation Group 1 0.952328 — 0.952328 n/a Group 2 0.952328 0.000000 0.952328 n/a *Class ‘C’ Accumulation and ‘D’ Accumulation launched on 27 March 2019, hence there are no comparatives. **Class ‘X’ accumulation launched on 14 March 2020 and terminated on 21 October 2020.

178 PUTM ACS UK All-Share Listed Equity Fund Distribution tables For the year ended 31 January 2021

Final distribution in pence per unit Group 1: units purchased prior to 1 August 2020 Group 2: units purchased 1 August 2020 to 31 January 2021

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar* Class ‘B’ Accumulation Group 1 0.375229 — 0.375229 n/a Group 2 0.213261 0.161968 0.375229 n/a

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘C’ Accumulation Group 1 1.414274 — 1.414274 3.592613 Group 2 0.742387 0.671887 1.414274 3.592613

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Mar 31 Mar Class ‘D’ Accumulation Group 1 1.416738 — 1.416738 3.599103 Group 2 0.744542 0.672196 1.416738 3.599103 *Class ‘B’ Accumulation launched on 27 November 2020, hence there are no comparatives.

179 Responsibilities of the ACS manager and the depositary

a) The ACS Manager of the Sub-funds is required by the Financial Conduct Authority’s Collective Investment Schemes Sourcebook (‘the Sourcebook’) to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Sub-funds at the end of that period and the net revenue or expense and the net gains or losses on the property of the Sub-funds for the period then ended.

In preparing these financial statements, the ACS Manager is required to: • select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are prudent and reasonable;

• state whether applicable accounting standards have been followed subject to any material departure disclosed and explained in the financial statements; and

• prepare the financial statements on the basis that the Sub-funds will continue in operation unless it is inappropriate to presume this.

The ACS Manager is also required to manage the Sub-funds in accordance with the ACS Deed, the Prospectus and the Sourcebook, maintain proper financial records to enable them to ensure that the financial statements comply with the Statement of Recommended Practice for Authorised Funds as issued by the IA in May 2014 (amended June 2017) and the Sourcebook and take reasonable steps for the prevention and detection of fraud and other irregularities. b) The Depositary must ensure that the Scheme is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (together ‘the Regulations’) and the Contractual Scheme Deed and Prospectus (together the ‘Scheme documents’) as detailed below.

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

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

The Depositary must ensure that: • the Scheme’s cash flows are properly monitored and that cash of the Scheme is booked in cash accounts in accordance with the Regulations;

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

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

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

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

• the instructions of the Authorised Fund Manager (‘the AFM’), which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).

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

180 Depositary’s report and directors’ statement

Report of the Depositary to the Unitholders of the PUTM ACS Funds for the year from 1 February 2020 to 31 January 2021. Having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the Scheme, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the AFM: i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Scheme’s units and the application of the Scheme’s income in accordance with the Regulations and the Scheme documents of the Scheme; and

ii) has observed the investment and borrowing powers and restrictions applicable to the Scheme in accordance with the Regulations and the Scheme documents of the Scheme.

London HSBC Bank plc 17 June 2021

Directors’ statement In accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority, we hereby certify the report on behalf of the Directors of Phoenix Unit Trust Managers Limited.

Birmingham Craig Baker, Director

17 June 2021 Andrew Moss, Director

181 Independent auditor’s report to the unitholders of PUTM Authorised Contractual Scheme

Opinion We have audited the financial statements of PUTM Authorised Contractual Scheme (“the Scheme”) including its Sub-funds for the year ended 31 January 2021, which comprise the Statement of Total Return, the Statement of Change in Net Assets Attributable to Unitholders, the Balance Sheet, the Distribution Tables and the related notes, which include a summary of significant accounting policies.The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: • give a true and fair view of the financial position of the Scheme comprising of its Sub-funds as at 31 January 2021 and of the net revenue and the net capital gains/losses on the property of the Scheme comprising its Sub-funds for the year then ended; and • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the Scheme in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (“FRC”) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern In auditing the financial statements of each of the Sub-funds, we have concluded that the Scheme Manager’s (“the Manager”) use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Scheme’s ability to continue as a going concern for a period of 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Manager with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Scheme’s ability to continue as a going concern.

Other information The other information comprises the information included in the Annual Report other than the financial statements and our auditor’ report thereon. The Manager is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard.

182 Independent auditor’s report to the unitholders of PUTM Authorised Contractual Scheme

Opinions on other matters prescribed by the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority (“the FCA”) In our opinion: • the financial statements have been properly prepared in accordance with the Statement of Recommended Practice relating to Authorised Funds, the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority and the Contractual Scheme Deed; • there is nothing to indicate that adequate accounting records have not been kept or that the financial statements are not in agreement with those records; and • the information given in the Manager’s report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception We have nothing to report in respect of the following matter in relation to which the Collective Investment Schemes Sourcebook of the Financial Conduct Authority requires us to report to you if, in our opinion: • we have not received all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.

Responsibilities of the Manager As explained more fully in the Manager’s responsibilities statement set out on page 180, the Manager is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Manager is responsible for assessing the Scheme’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Manager either intends to wind up or terminate the Scheme or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. Our approach was as follows: • We obtained an understanding of the legal and regulatory frameworks that are applicable to the Scheme and determined that the most significant are United Kingdom Generally Accepted Accounting Practice, the Investment Management Association Statement of Recommended practice (the “IMA SORP”), the FCA

183 Independent auditor’s report to the unitholders of PUTM Authorised Contractual Scheme

Collective Investment Schemes Sourcebook, the Contractual Scheme Deed and the Prospectus. • We understood how the Scheme is complying with those frameworks through discussions with the Manager and the Scheme’s administrator and a review of the Scheme’s documented policies and procedures. • We assessed the susceptibility of the Scheme’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override, specifically management’s propensity to influence revenue and amounts available for distribution. We identified a fraud risk with respect to the incomplete or inaccurate income recognition through incorrect classification of special dividends and the resulting impact to amounts available for distribution. Our procedures involved journal entry testing by specific risk criteria, with a focus on manual top side financial statement adjustments and journals indicating large or unusual transactions based on our understanding of the business. We tested the appropriateness of management’s classification of material special dividends as either a capital or revenue return. We incorporated unpredictability into the nature, timing and extent of our testing. • Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved review of the reporting to the Manager with respect to the application of the documented policies and procedures and review of the financial statements to test compliance with the reporting requirements of the Scheme. • Due to the regulated nature of the Scheme, the Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities to identify non-compliance with the applicable laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report This report is made solely to the Scheme’s unitholders, as a body, pursuant to Paragraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority. Our audit work has been undertaken so that we might state to the unitholders of the Scheme those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Scheme and the unitholders of the Scheme as a body, for our audit work, for this report, or for the opinions we have formed.

Ernst & Young LLP Statutory Auditor Edinburgh 17 June 2021

Notes: 1. The maintenance and integrity of the Phoenix Unit Trust Managers Limited web site is the responsibility of the ACS Manager; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the web site. 2. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

184 PUTM ACS European ex UK Fund Appendix (unaudited)

The Sub-fund carried out stocklending activities for the purpose of efficient portfolio management and in order to generate income. Revenue earned from these activities is shown in the Statement of Total Return.

Global Data Amount of securities and commodities on loan % of total lendable assets* Securities 0.03

Amount of assets engaged in each type of SFT Amount of assets % of AUM £276,493 0.03

* Total lendable assets excludes cash and cash equivalents. It also excludes other monetary amounts such as net debtors and creditors which are not deemed ‘lendable assets’.

Concentration Data Top ten collateral issuers (across all SFT) Collateral Fair value Issuer Holding £000 Meggit 3,701 15 Money Supermarket.com 5,604 15 Johnson Controls International 417 15 Merck & Co 264 15 Lancashire Com 2,184 15 Micro Focus International 3,503 15 Michelin 153 15 Teleperformance 62 15 Microsoft 86 15 Viacom CBS 406 15

All counterparties Gross volume of outstanding transactions Fair value Counterparty £000 Bank of Nova Scotia 323

185 PUTM ACS European ex UK Fund Appendix (unaudited)

Aggregate Data Type and quality of collateral Fair value Type Quality* £000 Equity n/a 323 323

* Quality of collateral has been interpreted as pertaining to bond instruments, which have been assessed and reported in accordance with whether they are considered investment grade, below investment grade or not- rated.

Maturity tenor of collateral Fair value Maturity £000 Rolling Maturity 5,323 323

Currency of collateral Fair value Currency £000 Sterling 323 323

Maturity tenor of SFTs Fair value Maturity £000 Rolling Maturity 276 276

Country in which counterparties are established Counterparty All counterparties are UK based

Return and cost Gross return Cost % of overall Net return £000 £000 returns £000 Fund 138 (25) 82.00 113 138 (25) 113

The gross earnings were split by the lending agent as follows: - 82% to the Lender (PUTM ACS European ex UK Fund) - 8% to the Manager (Phoenix Unit Trust Managers Limited) - 10% retained by the Lending Agent (eSec)

186 PUTM ACS Japan Equity Fund Appendix (unaudited)

Global Data Amount of securities and commodities on loan % of total lendable assets* Securities 1.38

Amount of assets engaged in each type of SFT Amount of assets % of AUM £4,727,975 1.32

* Total lendable assets excludes cash and cash equivalents. It also excludes other monetary amounts such as net debtors and creditors which are not deemed ‘lendable assets’.

Concentration Data Top ten collateral issuers (across all SFT) Collateral Fair value Issuer Holding £000 Capital One Financial 3,082 240 CBOE Global Markets 3,559 240 Regency Centers 6,906 240 CHUBB 2,238 240 American International Group 8,557 240 Willis Towers Watson 1,596 240 Franklin Resources 11,874 240 Hartford Financial Services Group 6,721 240 Synchrony Financial 9,174 240 Regions Financial 18,697 240

All counterparties Gross volume of outstanding transactions Fair value Counterparty £000 HSBC Bank 4,728

187 PUTM ACS Japan Equity Fund Appendix (unaudited)

Aggregate Data Type and quality of collateral Fair value Type Quality* £000 Equity n/a 5,149 5,149

Maturity tenor of collateral Fair value Maturity £000 Rolling Maturity 5,149 5,149

Currency of collateral Fair value Currency £000 Sterling 5,149 5,149

Maturity tenor of SFTs Fair value Maturity £000 Rolling Maturity 4,728 4,728

Country in which counterparties are established Counterparty All counterparties are UK based

Return and cost Gross return Cost % of overall Net return £000 £000 returns £000 Fund 16 (3) 82.00 13 16 (3) 13

The gross earnings were split by the lending agent as follows: - 82% to the Lender (PUTM ACS Japan Equity Fund) - 8% to the ACS Manager (Phoenix Unit Trust Managers Limited) - 10% retained by the Lending Agent (eSec)

188 PUTM ACS North American Fund Appendix (unaudited)

Global Data Amount of securities and commodities on loan % of total lendable assets* Securities 0.05

Amount of assets engaged in each type of SFT Amount of assets % of AUM £885,880 0.05

* Total lendable assets excludes cash and cash equivalents. It also excludes other monetary amounts such as net debtors and creditors which are not deemed ‘lendable assets’.

Concentration Data Top ten collateral issuers (across all SFT) Collateral Fair value Issuer Holding £000 US Treasury 2.0% 31/10/2022 259,000 196 Colgate-Palmolive 780 45 Discovery 1,505 45 Kellogg 1,026 45 General Mills 1,040 45 Bristol-Myers Squibb 991 45 Verisk Analytics 331 45 Cadence Design Systems 464 45 Ansys 170 45 AmerisourceBergen Corporation 577 45

All counterparties Gross volume of outstanding transactions Fair value Counterparty £000 Goldman Sachs International 886

189 PUTM ACS North American Fund Appendix (unaudited)

Aggregate Data Type and quality of collateral Fair value Type Quality* £000 Equity n/a 763 Bonds Investment grade 196 959

Maturity tenor of collateral Fair value Maturity £000 Rolling Maturity 959 959

Currency of collateral Fair value Currency £000 Sterling 959 959

Maturity tenor of SFTs Fair value Maturity £000 Rolling Maturity 886 886

Country in which counterparties are established Counterparty All counterparties are UK based

Return and cost Gross return Cost % of overall Net return £000 £000 returns £000 Fund 58 (10) 82.00 48 58 (10) 48

The gross earnings were split by the lending agent as follows: - 82% to the Lender (PUTM ACS North American Fund) - 8% to the ACS Manager (Phoenix Unit Trust Managers Limited) - 10% retained by the Lending Agent (eSec)

190 PUTM ACS UK All-Share Listed Equity Fund Appendix (unaudited)

Global Data Amount of securities and commodities on loan % of total lendable assets* Securities 0.79

Amount of assets engaged in each type of SFT Amount of assets % of AUM 30,579,448 0.78

* Total lendable assets excludes cash and cash equivalents. It also excludes other monetary amounts such as net debtors and creditors which are not deemed ‘lendable assets’.

Concentration Data Top ten collateral issuers (across all SFT) Collateral Fair value Issuer Holding £000 US Treasury Bond 2.5% 15/05/2046 11,973,000 10,102 AmerisourceBergen 17,519 1,365 Ansys 5,161 1,365 Colgate-Palmolive 23,661 1,365 Vertex Pharmaceuticals 8,141 1,365 Bristol Myers Squibb 30,065 1,365 General Mills 31,549 1,365 Cadence Design Systems 14,086 1,365 Discovery ‘A’ 45,654 1,365 Ecolab 8,871 1,365

All counterparties Gross volume of outstanding transactions Fair value Counterparty £000 Goldman Sachs International 27,202 Credit Suisse 3,013 UBS (London Branch) 190 Bank of Nova Scotia (London Branch) 174

191 PUTM ACS UK All-Share Listed Equity Fund Appendix (unaudited)

Aggregate Data Type and quality of collateral Fair value Type Quality* £000 Equity n/a 22,508 Bonds Investment grade 10,255 32,763

Maturity tenor of collateral Fair value Maturity £000 Rolling Maturity 32,763 32,763

Currency of collateral Fair value Currency £000 Sterling 32,763 32,763

Maturity tenor of SFTs Fair value Maturity £000 Rolling Maturity 30,579 30,579

Country in which counterparties are established Counterparty All counterparties are UK based

Return and cost Gross return Cost % of overall Net return £000 £000 returns £000 Fund 154 (28) 82.00 126 154 (28) 126

The gross earnings were split by the lending agent as follows: - 82% to the Lender (PUTM ACS UK All-Share Listed Equity Fund) - 8% to the ACS Manager (Phoenix Unit Trust Managers Limited) - 10% retained by the Lending Agent (eSec)

192 Corporate information (unaudited)

The information in this report is designed to enable unitholders to make an informed judgement on the activities of the Sub-funds during the period it covers and the results of those activities at the end of the period. Phoenix Unit Trust Managers Limited is part of the Phoenix Group. Ignis Investment Services Limited is part of the Standard Life Aberdeen plc group and its subsidiaries. Unit prices appear daily on our website www.phoenixunittrust.co.uk. Administration & Dealing: 0345 584 2803 (between the hours of 9am & 5pm).

Remuneration The ACS Manager has adopted a remuneration policy, up-to-date details of which can be found on www.phoenixunittrust.co.uk. This statement describes how remuneration and benefits are calculated and identifies the committee which oversees and controls this policy. A paper copy of these details can be requested free of charge from the ACS Manager. This statement fulfils Phoenix Unit Trust Managers Limited’s (‘the ACS Manager’) obligations as an authorised UCITS Manager in respect of compliance with the UCITS V Remuneration Code and contains relevant remuneration disclosures. PUTM Unit Trusts are managed by Phoenix Unit Trust Managers Limited, which is a subsidiary of Phoenix Life Limited, part of The Phoenix Group plc (‘the Group’). The Remuneration Committee (‘the Committee’) of the Group has established a Remuneration Policy which applies to all entities of the Group. The guiding principles of this policy ensure sound and effective risk management so as not to encourage risk-taking outside of the Group’s risk appetite, and support management in the operation of their business through identification of minimum control standards and key controls. The Committee approves the list of UCITS Code Staff annually and identified UCITS Code Staff are annually notified of their status and the associated implications. Further information on the Group Remuneration Policy can be found in the Group annual reports and accounts which can be found on www.phoenixgroup.com. The below table provides detail of remuneration provided, split between fixed and variable remuneration, for UCITS Code Staff (defined as all staff whose professional activities have material impact on the risk profiles of the fund it manages).

As at 31 December 2020 Headcount Total remuneration Phoenix Unit Trust Managers 2 90,001.02 of which Fixed Remuneration 2 58,675.02 Variable Remuneration 1 31,326.00 Carried Interest n/a

Highest paid Director’s Remuneration 42,117.08

The Directors are employed by fellow entities of the Group. The total compensation paid to the Directors of the ACS Manager is in respect of services to the ACS Manager, irrespective of which entity within the Phoenix Group has paid the compensation. Please note that due to the employment structure and resourcing practices of the Group, the staff indicated in this table may also provide services to other companies in the Group.

193 Corporate information (unaudited)

The table states the actual number of employees who are fully or partly involved in the activities of the ACS Manager, no attempt has been made to apportion the time spent specifically in support of each Sub- fund as this data is not captured as part of the ACS Manager’s normal processes. The remuneration disclosed is the total remuneration for the year and has been apportioned between the provisions of services to the ACS Manager and not the Sub-funds. Total remuneration can include any of the following: – Fixed pay and annual/long term incentive bonuses. – Where fixed pay is directly attributable to PUTM Unit Trusts (for example, fees for Phoenix Unit Trust Managers Limited), 100% of those fees. – For other individuals, pro-rated using the average AUM of PUTM Unit Trusts (as a proportion of the aggregate average AUM of The Phoenix Group plc) as proxy. Senior Management includes – PUTM Board and PUTM Executive Committees. Other Code Staff includes all other UCITS Code Staff not covered by the above.

Assessment of Value – PUTM ACS European ex UK Fund We are required to perform an annual assessment of the value for money for each unit class of PUTM ACS European ex UK Fund. This has been performed based on the information available as at 31 January 2021. We have performed this review having regard to a wide range of factors. In doing so, we have made comparison with the other unit classes of the relevant fund, with the unit classes and sub-funds within our fund ranges and also with comparable unit classes and sub-funds in the rest of the market. Broadly speaking, assessment of value requires consideration of a combination of factors, including the return achieved, the price paid, the risk taken and the quality and range of services provided by the asset manager. This also needs to be considered in the context of the investment objectives and policy for the fund, the target investor and the recommended holding period. In considering cost, regard needs to be had to the total cost of investing, including any adviser charges, platform charges, adviser fees and the on-going annual management charge. Regard also needs to be had to the degree of active management; as an investor, you would not be receiving value, if you were being charged fees for active portfolio management, where in fact, the fund’s composition of performance is staying very close to a benchmark. These factors also need to be considered in the context of the size of the portfolio and the ability of larger funds to benefit from economies of scale. As regards performance, it is important that performance is considered over an appropriate timescale given the fund’s objectives, and should be measured net of fees. Based on our assessment of the value of each unit class, PUTM can confirm that the fund meets the required Assessment of Value criteria. No immediate action is required. Further details of the Assessment of Value can be found at the following link: https://www.phoenixunittrust.co.uk/report-and-accounts.aspx

Assessment of Value – PUTM ACS Japan Equity Fund We are required to perform an annual assessment of the value for money for each unit class of PUTM ACS Japan Equity Fund. This has been performed based on the information available as at 31 January 2021. We have performed this review having regard to a wide range of factors. In doing so, we have made comparison with the other unit classes of the relevant fund, with the unit classes and sub-funds within our fund ranges and also with comparable unit classes and sub-funds in the rest of the market. Broadly speaking, assessment of value requires consideration of a combination of factors, including the return achieved, the price paid, the risk taken and the quality and range of services provided by the asset

194 Corporate information (unaudited) manager. This also needs to be considered in the context of the investment objectives and policy for the fund, the target investor and the recommended holding period. In considering cost, regard needs to be had to the total cost of investing, including any adviser charges, platform charges, adviser fees and the on-going annual management charge. Regard also needs to be had to the degree of active management; as an investor, you would not be receiving value, if you were being charged fees for active portfolio management, where in fact, the fund’s composition of performance is staying very close to a benchmark. These factors also need to be considered in the context of the size of the portfolio and the ability of larger funds to benefit from economies of scale. As regards performance, it is important that performance is considered over an appropriate timescale given the fund’s objectives, and should be measured net of fees. Based on our assessment of the value of each unit class, PUTM can confirm that the fund meets the required Assessment of Value criteria in all regards with exception to performance. This has been reviewed and steps are being taken to change investment strategy for the fund. This will be completed by the next Assessment of value in 2022. Further details of the Assessment of Value can be found at the following link: https://www.phoenixunittrust.co.uk/report-and-accounts.aspx

Assessment of Value – PUTM ACS Lothian European ex UK Fund We are required to perform an annual assessment of the value for money for each unit class of PUTM ACS Lothian European ex UK Fund. This has been performed based on the information available as at 31 January 2021. We have performed this review having regard to a wide range of factors. In doing so, we have made comparison with the other unit classes of the relevant fund, with the unit classes and sub-funds within our fund ranges and also with comparable unit classes and sub-funds in the rest of the market. Broadly speaking, assessment of value requires consideration of a combination of factors, including the return achieved, the price paid, the risk taken and the quality and range of services provided by the asset manager. This also needs to be considered in the context of the investment objectives and policy for the fund, the target investor and the recommended holding period. In considering cost, regard needs to be had to the total cost of investing, including any adviser charges, platform charges, adviser fees and the on-going annual management charge. Regard also needs to be had to the degree of active management; as an investor, you would not be receiving value, if you were being charged fees for active portfolio management, where in fact, the fund’s composition of performance is staying very close to a benchmark. These factors also need to be considered in the context of the size of the portfolio and the ability of larger funds to benefit from economies of scale. As regards performance, it is important that performance is considered over an appropriate timescale given the fund’s objectives, and should be measured net of fees. Based on our assessment of the value of each unit class, PUTM can confirm that the fund meets the required Assessment of Value criteria. No immediate action is required. Further details of the Assessment of Value can be found at the following link: https://www.phoenixunittrust.co.uk/report-and-accounts.aspx

Assessment of Value – PUTM ACS Lothian North American Equity Fund We are required to perform an annual assessment of the value for money for each unit class of PUTM ACS Lothian North American Equity Fund. This has been performed based on the information available as at 31 January 2021. We have performed this review having regard to a wide range of factors. In doing so, we have made comparison with the other unit classes of the relevant fund, with the unit classes and sub-funds within our fund ranges and also with comparable unit classes and sub-funds in the rest of the market.

195 Corporate information (unaudited)

Broadly speaking, assessment of value requires consideration of a combination of factors, including the return achieved, the price paid, the risk taken and the quality and range of services provided by the asset manager. This also needs to be considered in the context of the investment objectives and policy for the fund, the target investor and the recommended holding period. In considering cost, regard needs to be had to the total cost of investing, including any adviser charges, platform charges, adviser fees and the on-going annual management charge. Regard also needs to be had to the degree of active management; as an investor, you would not be receiving value, if you were being charged fees for active portfolio management, where in fact, the fund’s composition of performance is staying very close to a benchmark. These factors also need to be considered in the context of the size of the portfolio and the ability of larger funds to benefit from economies of scale. As regards performance, it is important that performance is considered over an appropriate timescale given the fund’s objectives, and should be measured net of fees. Based on our assessment of the value of each unit class, PUTM can confirm that the fund meets the required Assessment of Value criteria. No immediate action is required. Further details of the Assessment of Value can be found at the following link: https://www.phoenixunittrust.co.uk/report-and-accounts.aspx

Assessment of Value – PUTM ACS Lothian UK Listed Equity Fund We are required to perform an annual assessment of the value for money for each unit class of PUTM ACS Lothian UK Listed Equity Fund. This has been performed based on the information available as at 31 January 2021. We have performed this review having regard to a wide range of factors. In doing so, we have made comparison with the other unit classes of the relevant fund, with the unit classes and sub-funds within our fund ranges and also with comparable unit classes and sub-funds in the rest of the market. Broadly speaking, assessment of value requires consideration of a combination of factors, including the return achieved, the price paid, the risk taken and the quality and range of services provided by the asset manager. This also needs to be considered in the context of the investment objectives and policy for the fund, the target investor and the recommended holding period. In considering cost, regard needs to be had to the total cost of investing, including any adviser charges, platform charges, adviser fees and the on-going annual management charge. Regard also needs to be had to the degree of active management; as an investor, you would not be receiving value, if you were being charged fees for active portfolio management, where in fact, the fund’s composition of performance is staying very close to a benchmark. These factors also need to be considered in the context of the size of the portfolio and the ability of larger funds to benefit from economies of scale. As regards performance, it is important that performance is considered over an appropriate timescale given the fund’s objectives, and should be measured net of fees. Based on our assessment of the value of each unit class, PUTM can confirm that the fund meets the required Assessment of Value criteria. No immediate action is required. Further details of the Assessment of Value can be found at the following link: https://www.phoenixunittrust.co.uk/report-and-accounts.aspx

Assessment of Value – PUTM ACS North American Fund We are required to perform an annual assessment of the value for money for each unit class of PUTM ACS North American Fund. This has been performed based on the information available as at 31 January 2021. We have performed this review having regard to a wide range of factors. In doing so, we have made comparison with the other unit classes of the relevant fund, with the unit classes and sub-funds within our fund ranges and also with comparable unit classes and sub-funds in the rest of the market.

196 Corporate information (unaudited)

Broadly speaking, assessment of value requires consideration of a combination of factors, including the return achieved, the price paid, the risk taken and the quality and range of services provided by the asset manager. This also needs to be considered in the context of the investment objectives and policy for the fund, the target investor and the recommended holding period. In considering cost, regard needs to be had to the total cost of investing, including any adviser charges, platform charges, adviser fees and the on-going annual management charge. Regard also needs to be had to the degree of active management; as an investor, you would not be receiving value, if you were being charged fees for active portfolio management, where in fact, the fund’s composition of performance is staying very close to a benchmark. These factors also need to be considered in the context of the size of the portfolio and the ability of larger funds to benefit from economies of scale. As regards performance, it is important that performance is considered over an appropriate timescale given the fund’s objectives, and should be measured net of fees. Based on our assessment of the value of each unit class, PUTM can confirm that the fund meets the required Assessment of Value criteria in all regards. Further details of the Assessment of Value can be found at the following link: https://www.phoenixunittrust.co.uk/report-and-accounts.aspx

Assessment of Value – PUTM ACS UK All-Share Listed Equity Fund We are required to perform an annual assessment of the value for money for each unit class of PUTM ACS UK All-Share Listed Equity Fund. This has been performed based on the information available as at 31 January 2021. We have performed this review having regard to a wide range of factors. In doing so, we have made comparison with the other unit classes of the relevant fund, with the unit classes and sub-funds within our fund ranges and also with comparable unit classes and sub-funds in the rest of the market. Broadly speaking, assessment of value requires consideration of a combination of factors, including the return achieved, the price paid, the risk taken and the quality and range of services provided by the asset manager. This also needs to be considered in the context of the investment objectives and policy for the fund, the target investor and the recommended holding period. In considering cost, regard needs to be had to the total cost of investing, including any adviser charges, platform charges, adviser fees and the on-going annual management charge. Regard also needs to be had to the degree of active management; as an investor, you would not be receiving value, if you were being charged fees for active portfolio management, where in fact, the fund’s composition of performance is staying very close to a benchmark. These factors also need to be considered in the context of the size of the portfolio and the ability of larger funds to benefit from economies of scale. As regards performance, it is important that performance is considered over an appropriate timescale given the fund’s objectives, and should be measured net of fees. Based on our assessment of the value of each unit class, PUTM can confirm that the fund meets the required Assessment of Value criteria. No immediate action is required. Further details of the Assessment of Value can be found at the following link: https://www.phoenixunittrust.co.uk/report-and-accounts.aspx

Risks The price of units and the revenue from them can go down as well as up and investors may not get back the amount they invested, particularly in the case of early withdrawal. Tax levels and reliefs are those currently applicable and may change. The value of any tax relief depends on personal circumstances. Management charges on some funds are charged to capital and therefore a reduction in capital may occur. Depending on the Sub-fund, the value of your investment may change with currency movements.

197 Corporate information (unaudited)

Authorised Contractual Scheme (“ACS”) Manager Investment Adviser Phoenix Unit Trust Managers Limited (PUTM) Ignis Investment Services Limited 1 Wythall Green Way 1 George Street Wythall Edinburgh EH2 2LL Birmingham B47 6WG Registered in Scotland – No.SC101825 Tel: 0345 584 2803 Authorised and regulated by the Financial Conduct Authority. Registered in England – No.03588031 Authorised and regulated by the Financial Conduct Authority. Investment Adviser (PUTM ACS UK All-Share Listed Equity)

Directors Invesco Asset Management Limited Andrew Moss PUTM Director, Chief Executive Perpetual Park Phoenix Life; Perpetual Park Drive Craig Baker PUTM Director, Head of Investment Henley-On-Thames Management Phoenix Life; Oxfordshire RG9 1HH Mike Urmston Non Executive Director of PUTM; Authorised and regulated by the Financial Conduct Authority. Nick Poyntz-Wright Non Executive Director of PUTM. Depositary HSBC Bank plc Registrar and correspondence address 1-2 Lochside Way Phoenix Unit Trust Managers Limited Edinburgh Park Floor 1, 1 Grand Canal Square Edinburgh EH12 9DT Grand Canal Harbour Authorised by the Prudential Regulation Authority and Dublin 2 regulated by the Financial Conduct Authority and the Ireland Prudential Regulation Authority. Authorised and regulated by the Financial Conduct Authority. Independent Auditor Ernst & Young LLP Atria One 144 Morrison Street Edinburgh EH3 8EX

Authorised status PUTM ACS Funds is an authorised contractual scheme in co-ownership form authorised by the FCA with effect from 19 December 2018.

198 199 200

Contact: Client Services Call: 0345 584 2803 Correspondence Address: Floor 1, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland Visit: phoenixunittrust.co.uk

Telephone calls may be monitored and/or recorded for the purposes of security, internal training, accurate account operation, internal customer monitoring and to improve the quality of service. Please note the Key Investor Information Document (KIID), the Supplementary Information Document (SID) and the full prospectus are available free of charge. These are available by contacting Client Services on 0345 584 2803. Phoenix Unit Trust Managers Limited does not accept liability for any claims or losses of any nature arising directly or indirectly from use of the data or material in this report. The information supplied is not intended to constitute investment, tax, legal or other advice. Phoenix Unit Trust Managers Limited* is a Phoenix Group Company. Registered in England No 3588031. Registered office: 1 Wythall Green Way, Wythall, Birmingham B47 6WG. *Authorised and regulated by the Financial Conduct Authority.