Phoenix unit trust managers manager’s interim rePort For the half year: 1 February 2020 to 31 July 2020 (unaudited)

Putm aCs uK aLL-share ListeD eQuitY FunD

Contents investment review 2-3

Portfolio of investments 4-11 top ten purchases and sales 12 statistical information 13-15 statements of total return & change in net assets attributable to unitholders 16

Balance sheet 17

Distribution tables 18 appendix 19

Corporate information 20-21

1 investment review Dear Investor Performance Review Welcome to the Putm aCs uK all-share Listed equity over the review period*, the Putm aCs uK all-share Fund interim report for the six months from 1 February Listed equity Fund returned -15.57% (source: 2020 to 31 July 2020. aberdeen standard investments, gross of amC, in gBP, based upon the movement in the Cancellation Price from 01/02/20 to 30/06/20). this was compared to a return of -14.75% for the benchmark index (source: Factset, Ftse all-share index, total return in gBP, from 01/02/20 to 30/06/20).

Standardised Past Performance

01/08/19 - 30/06/20 % growth

PUTM ACS UK All-Share Listed Equity Fund -16.2 – – – –

Benchmark Index -14.7 – – – –

source: Fund performance is aberdeen standard investments, gross of amC, in gBP, based upon the movement in the Cancellation Price from 1 august 2019 to 30 June 2020. Benchmark index performance: Ftse all-share index, total return in gBP from 1 august to 30 June 2020.

Past performance is not a guide to future performance.

Please note that all past performance figures are calculated without taking the ini tial 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.

*the performance review only covers the period to 30 June 2020, as the investment manager changed from asi to invesco during July 2020. the time period in July was too small for invesco to add commentary.

2 investment review Market Review Outlook the uK stock market was among the weakest developed it is clear that recessionary times are coming globally. the markets, falling as coronavirus hit economies and markets uK economy is now officially in a recession and worldwide. unemployment could rise drastically as the furlough During a period of considerable political upheaval, scheme unwinds. While government pledges to do what it investors grappled with Brexit-related uncertainty and the can with Vat cuts and stamp-duty changes, we are yet to economic fallout from the coronavirus pandemic. energy see how demand returns and whether these measures will companies were hit hard by oil oversupply amid a only provide a short-term boost. this recession will worsening economic outlook. healthcare and utilities certainly be more main street than Wall street, and the stocks made gains. effects will be deep and widespread. at the beginning of the period, uK stocks tumbled in line other risks in the market come from a second wave of with their global peers, as the economic fallout from the infections, the us elections in november and escalating coronavirus epidemic became clear. Falls accelerated until us-China trade tensions. Currently, there is little evidence late march, when the uK government and Bank of of a meaningful second wave of infections following the england took action to minimise corporate defaults and job lifting of lockdowns across asia and europe. We know a losses, cutting interest rates and announcing a record second wave is not impossible but most countries are now spending package. better placed to manage it in terms of healthcare capacity and treatment. the news on a vaccine is also promising, stocks rallied in april and made further gains in may and although that might not be this year. the us elections will June as the economy began to reopen after months of become a bigger focus in the third quarter. as for trade economic lockdown. however, this was not enough to wars, President trump may well see taking on China as his offset losses during the first three months of 2020. best chance of winning the election. more generally, we additionally, fears persisted that the uK’s economic feel that economic cycles will be shorter, sharper and more recovery would be slow. volatile.

3 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % UK Equities (31/01/20 – 96.37%) 99.06 Aerospace & Defence 1.45 41,710 1,385 0.07 4,295,056 Bae systems 21,046 1.07 824,788 QinetiQ 2,522 0.13 146,500 3,490 0.18 Alternative Energy 0.03 410,991 Bluefield solar income Fund 547 0.03 Banks 6.99 22,989,239 Barclays 23,118 1.18 1,240,547 CYBg 1,085 0.06 21,310,099 hsBC holdings 72,923 3.71 80,871,210 Lloyds Banking group 21,257 1.08 4,369,391 natWest group 4,629 0.24 441,515 onesavings Bank 1,041 0.05 3,434,588 standard Chartered 13,247 0.67 Beverages 2.55 1,794,303 Diageo 50,240 2.55 Chemicals 0.42 88,119 Croda international 5,040 0.26 535,066 1,551 0.08 82,983 1,554 0.08 Construction & Materials 0.40 975,309 2,347 0.12 91,157 marshalls group 542 0.03 992,245 redrow 4,241 0.22 22,682 550 0.03 Electricity 0.99 1,010,586 2,830 0.14 1,284,361 sse 16,710 0.85 Electronic & Electrical Equipments 0.57 41,411 557 0.03 1,815,686 5,073 0.26 211,929 5,444 0.28 Equity Investment Instruments 4.19 207,982 aberdeen asian income Fund 376 0.02 375,882 aberdeen Diversified income & growth trust 323 0.02 129,990 aberdeen new Dawn investment trust 330 0.02 70,271 aberdeen new india investment trust 285 0.01 97,354 aberforth smaller Companies trust 794 0.04 346,393 2,688 0.14 40,236 937 0.05 142,120 asia Dragon trust 567 0.03 118,162 aVi global trust 818 0.04 41,164 Baillie gifford european investment trust 453 0.02 99,807 Baillie gifford Japan trust 790 0.04 306,730 Baillie gifford shin nippon investment 560 0.03 179,962 Baillie gifford uK growth Fund 302 0.02 136,432 1,327 0.07

4 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % Equity Investment Instruments (continued) 43,180 Biotech growth trust 526 0.03 289,408 Blackrock Frontiers investment trust 260 0.01 98,493 Blackrock greater europe investment trust 419 0.02 53,228 Blackrock smaller Companies trust 649 0.03 94,272 Blackrock throgmorton trust 534 0.03 190,742 Blackrock World mining investment trust 768 0.04 127,123 Bmo Capital & income investment trust 313 0.02 86,719 Bmo Private equity trust 270 0.01 36,071 Brunner investment trust 270 0.01 11,963 Capital gearing trust 528 0.03 442,090 City of investment trust 1,393 0.07 516,228 CQs new City high Yield Fund 246 0.01 208,493 Dragon Capital Vietnam enterprise investment 824 0.04 173,638 Dunedin income growth investment trust 438 0.02 189,074 edinburgh investment trust 846 0.04 116,476 european opportunities trust 789 0.04 90,618 Fidelity asian Values 298 0.02 170,698 Fidelity Japan trust 282 0.01 227,574 Finsbury growth & income trust 1,882 0.10 561,239 Foreign & Colonial investment trust 3,738 0.19 31,083 Fundsmith emerging equities trust 334 0.02 927,576 gCP infrastructure investments 1,072 0.05 25,668 henderson european Focus trust 309 0.02 25,593 henderson eurotrust 313 0.02 158,630 henderson Far east income 496 0.03 225,161 henderson international income trust 319 0.02 82,385 henderson smaller Companies investment trust 603 0.03 71,730 1,196 0.06 75,980 iCg enterprise trust 599 0.03 253,881 impax environmental markets trust 843 0.04 44,505 international Biotechnology trust 322 0.02 106,658 J.P. morgan asia growth and income trust 420 0.02 81,791 J.P. morgan China growth and income trust 388 0.02 68,098 J.P. morgan Claverhouse investment trust 372 0.02 128,031 J.P. morgan emerging markets investment trust 1,332 0.07 131,853 J.P. morgan european investment trust 347 0.02 175,729 J.P. morgan european smaller Companies investment trust 633 0.03 344,823 J.P. morgan global emerging markets income trust 393 0.02 87,734 J.P. morgan indian investment trust 480 0.02 173,735 J.P. morgan Japanese investment trust 883 0.05 66,414 J.P. morgan Japanese smaller Companies investment trust 284 0.01 29,382 J.P. morgan mid Cap investment trust 256 0.01 53,867 J.P. morgan russian securities investment trust 332 0.02 127,991 669 0.03 209 Lindsell train investment trust 237 0.01 31,805 Lowland investment Company 289 0.01 101,477 martin Currie global Portfolio trust 321 0.02 134,058 merchants trust 444 0.02

5 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % Equity Investment Instruments (continued) 55,111 mid Wynd international 346 0.02 234,067 2,556 0.13 20,529 montanaro european smaller Companies trust 262 0.01 73,949 541 0.03 133,634 murray international trust 1,256 0.06 510,100 nB global Floating rate income Fund 414 0.02 11,938 north atlantic smaller Companies investment trust 344 0.02 139,640 Pacific assets trust 349 0.02 67,804 Pacific horizon investment trust 339 0.02 57,889 1,175 0.06 224,296 Perpetual income & growth trust 505 0.03 2,710 1,211 0.06 139,572 Polar Capital technology trust 2,722 0.14 134,787 rit Capital Partners 2,324 0.12 198,133 ruffer investment Company 474 0.02 181,136 schroder asia Pacific Fund 830 0.04 111,747 schroder asian total return Fund 417 0.02 154,711 schroder Japan growth investment trust 249 0.01 49,162 schroder uK mid Cap Fund 210 0.01 1,124,553 schroder uK Public Private trust 282 0.01 164,282 scottish american investment trust 677 0.03 81,966 scottish investment trust 598 0.03 1,490,243 scottish mortgage investment trust 12,950 0.66 35,096 scottish oriental smaller Companies trust 288 0.01 366,236 sDCL energy efficiency income trust 406 0.02 1,749,395 sequoia economic infrastructure income Fund 1,833 0.09 90,141 standard Life european Private equity trust 273 0.01 111,257 standard Life uK smaller Companies trust 551 0.03 74,531 temple Bar investment trust 522 0.03 255,659 templeton emerging markets investment trust 2,035 0.10 56,856 tr european growth trust 506 0.03 339,082 tr Property investment trust 1,160 0.06 409,813 troy income & growth trust 293 0.02 206,879 utilico emerging markets trust 358 0.02 194,360 VinaCapital Vietnam opportunity Fund 595 0.03 76,705 Witan Pacific investment trust 268 0.01 57,398 Worldwide healthcare trust 1,940 0.10 Financial Services 4.09 763,078 3i group 6,787 0.35 195,359 aJ Bell 842 0.04 291,516 462 0.02 334,428 1,305 0.07 364,064 954 0.05 248,045 Close Brothers 2,716 0.14 300,177 hargreaves Lansdown 5,250 0.27 914,194 holdings 6,724 0.34 135,366 intermediate Capital group 1,822 0.09 1,692,587 international Public Partnership 2,762 0.14 2,591,032 3,892 0.20 247,066 J.P. morgan global Core real assets 271 0.01

6 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % Financial Services (continued) 226,854 670 0.03 63,469 Liontrust asset management 781 0.04 324,528 27,520 1.40 1,967,341 2,434 0.12 379,281 merian Chrysalis investment Company 493 0.03 413,049 4,924 0.25 1,429,236 Quilter 2,090 0.11 296,634 schroder oriental income Fund 654 0.03 133,096 schroders 3,946 0.20 498,340 1,184 0.06 619,402 tP iCaP 2,053 0.10 Fixed Line Telecommunications 0.37 6,729,112 Bt group 6,634 0.34 38,651 517 0.03 Food & Drug Retailers 1.18 5,267,551 morrison (Wm) supermarkets 9,840 0.50 3,393,619 sainsbury (J) 6,351 0.32 2,861,903 tesco 6,213 0.32 109,266 uDg healthcare 777 0.04 Food Producers 1.27 790,170 associated British Foods 13,943 0.71 62,648 Cranswick 2,242 0.11 479,932 group 612 0.03 1,268,382 tate & Lyle 8,260 0.42 Forestry & Paper 0.84 1,206,936 mondi 16,438 0.84 Gas, Water & Multiutilities 2.59 2,112,510 1,030 0.05 3,589,782 national grid 32,308 1.64 342,021 3,644 0.19 82,925 severn trent 2,032 0.10 1,323,035 united utilities 11,907 0.61 General Industrials 0.55 1,037,134 587 0.03 2,114,736 smith (Ds) 5,524 0.28 306,864 smiths group 4,158 0.21 145,888 Vesuvius 595 0.03 General Retailers 2.15 2,696,870 B&m european Value 12,486 0.63 1,914,878 1,409 0.07 332,626 4,088 0.21 510,371 1,285 0.07 980,163 inchcape 4,207 0.21 6,758,202 Kingfisher 16,348 0.83 174,422 Lookers 37 0.00 837,238 group 2,602 0.13

7 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % Healthcare Equipment & Services 0.70 3,614,244 Convatec group 7,351 0.37 540,763 nmC health – 0.00 430,369 smith & nephew 6,531 0.33 Household Goods 5.72 689,002 Barratt Developments 3,518 0.18 234,064 5,959 0.30 359,417 Berkeley group 16,008 0.81 542,360 1,537 0.08 454,585 holdings 850 0.04 837,020 Persimmon 20,105 1.02 719,213 reckitt Benckiser 55,423 2.82 5,260,050 taylor Wimpey 6,225 0.32 471,529 2,895 0.15 Industrial Engineering 0.43 186,802 1,052 0.05 465,664 imi 4,862 0.25 24,555 spirax sarco engineering 2,529 0.13 Industrial Metals 0.11 1,206,668 2,142 0.11 Industrial Transportation 0.31 3,836,527 royal mail 6,171 0.31 Leisure Goods 0.38 84,056 7,380 0.38 Life Insurance 4.48 6,122,052 aviva 16,144 0.82 1,663,730 Just group 745 0.04 8,929,411 Legal and general 19,100 0.97 721,794 Phoenix group holdings 4,754 0.24 2,982,265 Prudential 32,969 1.68 529,671 st.James’s Place 4,989 0.25 3,794,134 standard Life aberdeen 9,500 0.48 Media 3.24 35,611 group 846 0.04 160,283 Future 2,212 0.11 10,129,677 itV 5,741 0.29 186,269 moneysupermarket.com 547 0.03 101,250 Pearson 538 0.03 2,329,631 reLx 37,624 1.91 2,872,801 WPP 16,317 0.83 Mining 8.17 1,120,887 anglo american 20,961 1.07 194,380 antofagasta 1,997 0.10 3,321,359 BhP group 54,968 2.80 4,358,830 8,857 0.45 912,514 2,449 0.12 7,990,679 Petropavlovsk 2,893 0.15 1,482,741 rio tinto 68,428 3.48

8 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % Mobile Telecommunications 1.93 32,896,302 Vodafone 38,015 1.93 Non-Equity Investment Instruments 0.27 38,339 aberdeen standard asia Focus 370 0.02 22,370 Bh global 402 0.02 666,631 Bilfinger Berger global infrastructure siCaV~ 1,120 0.06 402,099 Diverse income trust 322 0.02 381,664 Fidelity China special situations 1,156 0.06 229,627 402 0.02 130,690 genesis emerging market Fund 951 0.05 142,621 Polar Capital global healthcare trust 344 0.02 Non-Life Insurance 0.70 189,844 admiral group 4,552 0.23 1,855,383 Direct Line insurance 5,497 0.28 470,246 hastings group 979 0.05 625,181 rsa insurance group 2,683 0.14 Oil & Gas Producers 7.70 22,364,347 BP 61,535 3.13 975,024 1,165 0.06 3,493,442 royal Dutch shell ‘a’ 39,182 1.99 4,587,401 royal Dutch shell ‘B’ 49,581 2.52 Oil Equipment & Services 0.09 877,454 1,676 0.09 Other Equities 1.35 308,275 Ferguson 20,938 1.06 87,863 Keystone investment trust 218 0.01 2,988,565 m&g Prudential 4,798 0.24 164,686 north american income trust 359 0.02 377,968 octopus renewables infrastructure 427 0.02 Personal Goods 2.29 986,014 unilever 45,090 2.29 Pharmaceuticals & Biotechnology 11.28 1,479,298 astraZeneca 126,169 6.42 24,321 genus 826 0.04 5,498,654 glaxosmithKline 84,118 4.28 458,937 hikma Pharmaceuticals 9,867 0.50 856,532 Vectura 851 0.04 Real Estate & Investment Services 2.89 630,194 1,828 0.09 282,039 Baillie gifford us growth trust 589 0.03 482,266 BB healthcare trust 757 0.04 16,106 Bh macro 530 0.03 660,929 Bmo global smaller Companies 785 0.04 35,038 920 0.05 1,528,726 Capital & Counties Properties 2,137 0.11 530,914 599 0.03 307,548 CVC Credit Partners european opportunities 265 0.01 333,867 edinburgh Worldwide investment trust 885 0.05 422,320 european assets trust 408 0.02

9 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % Real Estate & Investment Services (continued) 441,056 1,125 0.06 663,080 Foresight solar Fund 713 0.04 505,535 gCP asset Backed income Fund 460 0.02 1,238,433 grainger 3,579 0.18 269,032 great Portland reit 1,585 0.08 1,587,509 greencoat uK Wind 2,321 0.12 85,260 harbourVest global Private equity 1,303 0.07 405,018 hgCapital trust 996 0.05 1,929,200 hiCL infrastructure 3,237 0.16 665,940 776 0.04 222,417 J.P. morgan american investment trust 1,071 0.05 157,162 J.P. morgan global growth & income trust 526 0.03 103,509 J.P. morgan smaller Comapanies investment trust 238 0.01 586,783 John Laing environmental assets group 701 0.04 659,514 KKV secured Loa n Fund 157 0.01 1,039,644 Land securities 5,992 0.31 844,068 mercantile investment trust 1,543 0.08 213,414 montanaro uK smaller Companies investment trust 233 0.01 46,439 nB Private equity Partners 414 0.02 639,717 nextenergy solar Fund 682 0.03 211,640 Pershing square holding 3,966 0.20 90,687 Pollen street secured Lending 673 0.03 1,715,849 renewables infrastructure 2,282 0.12 74,185 555 0.03 1,212,416 891 0.05 122,888 smithson investment trust 1,814 0.09 471,531 starwood european real estate Finance 397 0.02 562,020 twentyFour income Fund 551 0.03 692,696 unite group 6,491 0.33 910,049 1,625 0.08 Real Estate Investment Trust 1.36 949,746 assura 749 0.04 161,172 1,636 0.08 1,077,789 British Land reit 3,946 0.20 53,175 1,526 0.08 536,103 gCP student Living 669 0.03 1,193,417 765 0.04 713,108 Londonmetric Property 1,643 0.08 86,600 holdings 661 0.03 1,074,736 segro 10,403 0.53 246,625 shaftesbury 1,263 0.06 1,837,909 tritax Big Box 2,781 0.14 151,205 928 0.05 Software & Computer Services 3.27 2,452,385 auto trader group 13,150 0.67 2,058,721 avast 11,827 0.60 151,820 3,008 0.15 89,751 FDm group 834 0.04 110,166 group 1,207 0.06 847,650 2,526 0.13

10 Portfolio of investments

Investments held at 31 July 2020 market Percentage of value total net assets holding investment £000 % Software & Computer Services (continued) 2,223,919 rightmove 12,298 0.63 1,674,711 sage group 12,202 0.62 284,483 3,584 0.18 903,818 3,697 0.19 Support Services 4.76 603,791 2,322 0.12 373,533 ashtead group 9,096 0.46 1,328,049 3,830 0.19 554, 528 Bunzl 12,189 0.62 109,953 DCC (London listed) 7,510 0.38 386,505 equiniti group 491 0.02 905,860 experian group 24,241 1.23 1,728,708 hays 1,884 0.10 214,949 2,855 0.15 839,449 howden Joinery group 4,113 0.21 160,886 integraFin holdings 870 0.04 192,820 intertek group 10,366 0.53 2,618,430 rentokil initial 13,988 0.71 Technology Hardware & Equipment 0.20 1,396,159 Communications 3,902 0.20 Tobacco 4.89 3,012,778 British american tobacco 76,058 3.87 1,568,555 imperial Brands 20,015 1.02 Travel & Leisure 1.91 506,265 923 0.05 407,922 Carnival 3,371 0.17 1,560,022 Compass group 16,388 0.83 964,102 Domino’s Pizza 3,072 0.16 605,822 easyJet 2,987 0.15 135,235 group 1,256 0.06 22,500 intercontinental hotels 791 0.04 827,131 international Consolidated airlines 1,363 0.07 857,393 1,298 0.07 460,809 tui 1,328 0.07 148,110 Wetherspoon 1,252 0.06 3,357,164 William hill 3,502 0.18 Money Markets (31/01/20 – 3.29%) Futures (31/01/20 – (0.10)%)

Portfolio of investments 1,947,821 99.06 Net other assets 18,532 0.94 Net assets 1,966,353 100.00

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. ~ siCaV (open ended investment schemes registered outside the uK).

11 top ten purchases and sales For the half year ended 31 July 2020

Purchases Cost Sales Proceeds £000 £000 aberdeen standard Liquidity Fund (Lux) aberdeen standard Liquidity Fund (Lux) – sterling Fund 88,149 – sterling Fund 172,072 reckitt Benckiser 31,706 Crh 3,286 4 astraZeneca 27,927 tesco 38,176 sse 27,824 glaxosmithKline 27,161 London stock exchange 27,532 glencore 23,523 national grid 25,210 3i group 21,485 experian group 24,990 halma 19,941 BP 22,996 rio tinto 19,594 rio tinto 22,930 taylor Wimpey 18,513 Bae systems 22,787 Compass group 18,414 Subtotal 322,051 Subtotal 402,165 Other purchases 669,061 Other sales 680,337

Total purchases for the half year 991,112 Total sales for the half year 1,082,502

12 statistical information

Comparative table Class ‘C’ Class ‘D’ Class ‘X’ Accumulation* Accumulation* Accumulation** 31/07/20 31/01/20 31/07/20 31/01/20 31/07/20 Change in net assets per unit pence pence pence pence pence opening net asset value per unit 104.71 100.00 104.75 100.00 100.00 return before operating charges* (19.92) 4.76 (19.95) 4.80 9.63 operating charges (0.03) (0.05) (0.03) (0.05) (0.03) return after operating charges* (19.95) 4.71 (19.98) 4.75 9.60 Distributions on accumulation units (1.44) (3.59) (1.40) (3.60) (0.95) retained distributions on accumulation units 1.44 3.59 1.40 3.60 0.95 Closing net asset value per unit 84.76 104.71 84.77 104.75 109.60 *after direct transaction costs of:^ 0.21 0.18 0.21 0.18 0.25

Performance return after charges (19.05)% 4.71% (19.07)% 4.75% 9.60%

Other information Closing net asset value (£000) 1,046,903 1,319,326 919,176 1,231,539 274 Closing number of units 1,235,117,424 1,259,924,900 1,084,256,883 1,175,667,727 250,000 operating charges 0.07% 0.07% 0.07% 0.07% 0.07% Direct transaction costs 0.23% 0.17% 0.23% 0.17% 0.23%

Prices+ highest unit price (pence) 107.87 110.10 107.86 110.09 119.84 Lowest unit price (pence) 70.43 99.34 70.40 99.34 90.79

^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 ‘C’ accumulation and Class ‘D’ accumulation launched on 27 march 2019. **Class ‘x’ accumulation launched on 14 march 2020.

13 statistical information

Investment objective the 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 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 that are constituents of the index. the 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 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 Fund is actively managed and the investment manager has discretion to select its investment. the Fund does not concentrate on any particular sector.

Revenue distribution and pricing units of the Fund are available as Class ‘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 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.

14 statistical information

Risk and reward profile the risk and reward indicator table demonstrates where the 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 Fund. the shaded area in

the table below shows the Fund’s ranking on the risk and reward indicator. fi Typically lower rewards, Typically higher rewards, lower risk higher risk fi

123 4 567 this Fund is ranked at 6 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 ‘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 Fund’s risk category may change in the future. the indicator does not take into account the following risks of investing in this Fund: • the 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. • 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 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.

Directors’ statement this report has been prepared in accordance with the requirements of the Collective investment schemes sourcebook as issued and amended by the Financial Conduct authority.

Craig Baker, Director 28 september 2020 andrewmoss, Director

15 interim financial statements For the half year ended 31 July 2020

Statement of total return 31/07/20* £000 £000 income net capital losses (514,904) revenue 35,939 expenses (1,847) net revenue before taxation 34,092 taxation (237) net revenue after taxation 33,855 total deficit before distributions (481,049) Distributions (33,871) Change in net assets attributable to unitholders from investment activities (514,920)

Statement of change in net assets attributable to unitholders 31/07/20* £000 £000 opening net assets attributable to unitholders 2,550,865 amounts receivable on issue of units 12,494 amounts payable on cancellation of units (115,291) (102,797) Dilution adjustment 190 Change in net assets attributable to unitholders from investment activities (514,920) retained distributions on accumulation units 33,015 Closing net assets attributable to unitholders 1,966,353

*as the Fund launched 27 march 2019, there are no comparatives.

16 interim financial statements as at 31 July 2020

Balance sheet 31/07/20 31/01/20 £000 £000 £000 £000 Assets: Fixed assets: investments 1,947,821 2,542,209 Current assets: Debtors 7,221 3,985 Cash and bank balances 18,041 7,822 total current assets 25,262 11,807 total assets 1,973,083 2,554,016

Liabilities: investment liabilities – (2,469) Creditors: other creditors (6,730) (682) total creditors (6,730) (682) total liabilities (6,730) (3,151) net assets attributable to unitholders 1,966,353 2,550,865

Notes to the interim financial statements

Accounting policies the interim financial statements have been prepared under the historical cost basis, as modified by the valuation of investments and in compliance with Frs102 and in accordance with the statement of recommended Practice (2014 sorP) for financial statements of authorised Funds issued by the investment association in may 2014 (and amended in June 2017). unless otherwise stated all accounting policies applied are consistent with those of the annual report for the year ended 31 January 2020 and are described in those financial statements.

17 Distribution table For the half year ended 31 July 2020

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 pence per unit net payable income equalisation 30 sep*

Class ‘C’ Accumulation group 1 1.441730 — 1.441730 group 2 0.605644 0.836086 1.441730

2020 pence per unit net payable income equalisation 30 sep*

Class ‘D’ Accumulation group 1 1.402367 — 1.402367 grou p 2 0.522008 0.880359 1.402367

2020 pence per unit net payable income equalisation 30 sep**

Class ‘X’ Accumulation group 1 0.952328 — 0.952328 group 2 0.952328 0.000000 0.952328

*the Fund launched on 27 march 2019 hence there are no comparatives. **Class ‘x’ accumulation launched on 14 march 2020. each 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 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 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.

18 appendix the Fund carried out stock lending 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. as at 31 July 2020 there were no securities on loan or Collateral held. thus none of the disclosure is given.

Return and cost Gross return Cost % of overall Net return £000 £000 returns £000 Fund 45 10 82.00 35 45 10 35 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 manager (Phoenix unit trust managers Limited) - 10% retained by the Lending agent (esec)

19 Corporate information

the information in this report is designed to enable unitholders to make an informed judgement on the activities of the Fund 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. these details describe how remuneration and benefits are calculated and identify the committee which oversees and controls the policy. a paper copy of these details can be requested free of charge from the aCs manager. Following the implementation of uCits V in the uK on 18 march 2016, all authorised uCits managers are required to comply with the uCits V remuneration Code from the start of their next accounting year. under the uCits V Directive, the aCs manager is required to disclose information relating to the remuneration paid to its staff for the financial year, split into fixed and variable remuneration.

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 fund, the value of your investment may change with currency movements.

20 Corporate information

Authorised Contractual Scheme (“ACS”) Manager Investment Adviser Phoenix unit trust managers Limited (Putm) invesco asset management Limited 1 Wythall green Way Perpetual Park Wythall Perpetual Park Drive Birmingham B47 6Wg henley‐on‐thames tel: 0345 584 2803 oxfordshire rg91hh registered in england – no.03588031 authorised and regulated by the Financial Conduct authority. authorised and regulated by the Financial Conduct authority. Former Investment Adviser Directors ignis investment services Limited Andrew Moss Putm Director, Chief executive 1 george street Phoenix Life; edinburgh eh2 2LL Craig Baker Putm Director, head of investment registered in scotland – no.sC101825 management Phoenix Life; authorised and regulated by the Financial Conduct authority. Mike Urmston non executive Director of Putm; Trustee Nick Poyntz-Wright non executive Director of Putm. hsBC Bank plc 1-2 Lochside Way Registrar and correspondence address edinburgh Park Phoenix unit trust managers Limited edinburgh eh12 9Dt Floor 1, 1 grand Canal square authorised by the Prudential regulation authority grand Canal harbour and regulated by the Financial Conduct authority and the Dublin 2 Prudential regulation authority. ireland authorised and regulated by the Financial Conduct authority. Independent Auditor ernst & Young LLP atria one 144 morrison street edinburgh eh3 8ex

Authorised status this Fund is an authorised unit trust scheme under section 243 of the Financial services & markets act 2000 and is categorised under the Collective investment schemes sourcebook as a uCits fund.

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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.

B669.08.20