Phoenix unit trust managers manager’s annuaL rePort For the year: 1 august 2017 to 31 July 2018

Putm groWth unit trust

Contents investment review* 2-3

Portfolio of investments* 4-14 top ten purchases and sales 15 statistical information* 16-18 statements of total return & change in unitholders’ funds 19

Balance sheet 20 notes to the financial statements 21-33

Distribution tables 34 responsibilities of the manager and trustee 35 trustee’s report and directors’ statement 36 independent auditor’s report 37-39

Corporate information* 40-42

*these collectively comprise the authorised Fund manager’s report.

1 investment review Dear Investor Performance Review Welcome to the Putm growth unit trust annual report for over the review period, the Putm growth unit trust the 12 months to 31 July 2018. returned 6.4% (source: investments for 12 months to 31/07/18). this was compared to a return of 8.6% from its benchmark index (source: Datastream, tsgr Blended Benchmark for 12 months to 31/07/18). in the table below, you can see how the Fund performed against its benchmark over the last five discrete one-year periods.

Standardised Past Performance

Jul 17-18 Jul 16-17 Jul 15-16 Jul 14-15 Jul 13-14 % growth % growth % growth % growth % growth

PUTM Growth Unit Trust 6.4 15.0 4.6 7.8 6.6

Benchmark 8.6 12.8 9.5 7.1 4.2

source: Fund performance is standard Life investments, to 31 July for each year. Benchmark index performance is Datastream, tsCa Blended Benchmark to 31 July for each year.

Past performance is not a guide to future performance.

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.

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

2 investment review Portfolio and Market Review Japanese listed refining and petrochemicals group, added to performance. We believe consolidation in the Japanese global equities delivered positive returns over the past 12 refining industry will structurally improve refining margins, months, with several major indices hitting record highs. the which was not priced in by the market. We have begun to improving global economy, robust corporate profits and see these improvements, leading to brokers upgrading monetary policy decisions dictated sentiment. Politics also numbers and, accordingly, to share price outperformance. played a huge role, notably the ongoing Brexit negotiations in the us, Csx is a rail operator working in the east of the and elections across europe (including the uK, germany, country. shares were strong on the back of better-than- France and italy). however, markets were volatile over expected results in april, driven by efficiency improvements much of 2018, with investors concerned that rising and better traffic volumes. additional highlights included inflation would lead to higher interest rates. a possible trade Becton Dickinson & Co, China Lodging and unitedhealth war between the us and China also grabbed the headlines. group. meanwhile, the oil price hit a four-year high in april. a position in us consumer company newell Brands hurt relative returns. We originally saw potential for the company Market Outlook and Fund Strategy to reaccelerate the top line through better innovation and the story of the equity market this year has been the allocation of capital. however, the company suffered supply reintroduction of risk and volatility. higher interest rates chain-issues because of hurricanes in the us. and the removal of monetary policy are causing a slow Disappointing results were also driven by weaker ‘back-to- tightening of liquidity conditions, which is creating stress school’ demand and an inventory correction at one of its in certain emerging market currencies and bond yields. in larger customers. this resulted in the company reducing addition, populist politics are challenging the status quo, guidance for the year and stepping back from its longer- threatening global free trade. Brexit talks are ongoing and term revenue projections. We no longer hold the stock. a source of market risk. But the most important drivers meanwhile, Kraft heinz struggled along with the wider food for stocks – economic data and corporate earnings – sector due to concerns about a deteriorating us retail remain solid, providing reasons to remain constructive. environment in the wake of amazon’s takeover of Whole however, as we move through the remainder of 2018, Foods. investors were also concerned about increased stock prices will have to be justified by the merits of the promotional and brand activity that will affect profitability in underlying company cashflows, rather than by interest- 2018. not holding either microsoft or amazon, both strong rate-driven valuation. performers over the review period, also detracted from returns. Positions in Celgene, acuity Brands and mohawk as for the Fund, we believe our fundamental bottom-up industries also disappointed. investment approach remains the best way to generate robust long-term returns and we continue to shape the on a more positive note, a position in hong Kong-listed portfolio with as much stock-specific risk as possible. Chinese sportswear firm anta sports performed well. We have been positive on the long-term structural growth of sportswear in China, with anta well-positioned in terms of pricing versus the major international brands. Jxtg, the

3 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Fixed Interest (31/07/17 – 14.35%) 14.25 Government Bonds (31/07/17 – 8.72%) 8.72 £100,000 KFW 5.75% 07/06/2032 148,088 0.02 £1,072,000 uK treasury 0.5% 22/07/2022 1,053,626 0.15 £733,000 uK treasury 0.75% 22/07/2023 721,998 0.10 £1,255,000 uK treasury 1.25% 22/07/2027 1,241,433 0.18 £1,001,000 uK treasury 1.5% 22/01/2021 1,017,827 0.15 £1,126,000 uK treasury 1.5% 22/07/2026 1,144,962 0.16 £1,342,854 uK treasury 1.5% 22/07/2047 1,256,898 0.18 £7,000 uK treasury 1.625% 22/10/2028 7,096 0.00 £373,000 uK treasury 1.625% 22/10/2071 375,193 0.05 £2,908,000 uK treasury 1.75% 22/07/2019 2,936,993 0.42 £1,275,000 uK treasury 1.75% 07/09/2022 1,316,144 0.19 £440,000 uK treasury 1.75% 07/09/2037 438,777 0.06 £880,129 uK treasury 1.75% 22/07/2057 899,351 0.13 £1,894,970 uK treasury 2% 22/07/2020 1,940,336 0.28 £1,221,000 uK treasury 2% 07/09/2025 1,289,095 0.18 £322,400 uK treasury 2.25% 07/09/2023 341,599 0.05 £930,025 uK treasury 2.5% 22/07/2065 1,195,900 0.17 £1,271,000 uK treasury 2.75% 07/09/2024 1,391,859 0.20 £1,203,290 uK treasury 3.25% 22/01/2044 1,555,036 0.22 £1,215,320 uK treasury 3.5% 22/01/2045 1,646,564 0.24 £818,542 uK treasury 3.5% 22/07/2068 1,340,788 0.19 £1,309,240 uK treasury 3.75% 07/09/2019 1,353,348 0.19 £453,383 uK treasury 3.75% 07/09/2020 481,774 0.07 £1,219,000 uK treasury 3.75% 07/09/2021 1,327,186 0.19 £1,038,308 uK treasury 3.75% 22/07/2052 1,578,436 0.23 £1,761,000 uK treasury 4% 07/03/2022 1,956,260 0.28 £1,073,625 uK treasury 4% 22/01/2060 1,830,198 0.26 £1,408,746 uK treasury 4.25% 07/12/2027 1,768,075 0.25 £1,527,000 uK treasury 4.25% 07/06/2032 2,026,436 0.29 £1,349,307 uK treasury 4.25% 07/03/2036 1,867,292 0.27 £1,020,563 uK treasury 4.25% 07/09/2039 1,465,304 0.21 £914,000 uK treasury 4.25% 07/12/2040 1,329,011 0.19 £1,016,495 uK treasury 4.25% 07/12/2046 1,569,743 0.23 £870,497 uK treasury 4.25% 07/12/2049 1,390,776 0.20 £1,187,707 uK treasury 4.25% 07/12/2055 2,028,936 0.29 £1,561,000 uK treasury 4.5% 07/03/2019 1,597,371 0.23 £1,868,166 uK treasury 4.5% 07/09/2034 2,608,725 0.37 £1,250,231 uK treasury 4.5% 07/12/2042 1,916,917 0.27 £1,705,741 uK treasury 4.75% 07/03/2020 1,814,840 0.26 £1,440,870 uK treasury 4.75% 07/12/2030 1,959,842 0.28 £1,079,857 uK treasury 4.75% 07/12/2038 1,634,957 0.23 £1,641,000 uK treasury 5% 07/03/2025 2,040,042 0.29 £866,366 uK treasury 6% 07/12/2028 1,247,142 0.18 £825,000 uK treasury 8% 07/06/2021 992,739 0.14 Public Authorities (31/07/17 – 0.14%) 0.13 £160,000 alberta Canada (Province of) 1% 15/11/2021 158,117 0.02 £700,000 Bng 5.375% 07/06/2021 781,380 0.11

4 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Sovereign/Supranational Bonds (31/07/17 – 0.54%) 0.50 £1,909,000 eiB 5% 15/04/2039 2,873,918 0.41 £510,000 eiB 5.5% 15/04/2025 638,803 0.09 Corporate Bonds (31/07/17 – 4.95%) 4.90 £300,000 aa Bond 2.875% 31/01/2022 291,720 0.04 £200,000 affinity Water Programme Finance 3.278% 22/08/2042 215,540 0.03 £100,000 akelius residential Property 2.375% 15/08/25 96,326 0.01 £225,000 américa móvil 4.948% 22/07/2033 270,823 0.04 £200,000 anglian Water services 1.625% 10/08/2025 193,059 0.03 £240,000 anheuser Busch inBev 2.25% 24/05/2029 229,201 0.03 £200,000 annington Funding 3.184% 12/07/2029 198,243 0.03 £100,000 annington Funding 3.685% 12/07/2034 101,331 0.02 £220,000 aPt Pipelines 3.5% 22/03/2030 225,426 0.03 £162,000 aroundtown 3.25% 18/07/2027 157,919 0.02 £300,000 arqiva Financing 4.882% 31/12/2032 321,411 0.05 £320,000 aspire Defence Finance 4.674% 31/03/2040 356,274 0.05 £100,000 assura Financing 3% 19/07/2028 99,437 0.02 £200,000 at&t 4.375% 14/09/2029 218,060 0.03 £300,000 at&t 7% 30/04/2040 431,366 0.06 £250,000 5.125% Vrn 04/06/2050 257,830 0.04 £450,000 aviva 6.125% 14/11/2036 504,332 0.07 £240,000 aviva 6.625% Vrn 03/06/2041 264,063 0.04 €141,000 3.25% Vrn 28/05/2049 124,425 0.02 £200,000 axa 6.772% Variable Perpetual 211,000 0.03 £180,000 Bank of america 2.3% 25/07/2025 177,098 0.03 £330,000 3.125% 17/01/2024 331,556 0.05 £150,000 Barclays 3.25% 12/02/2027 147,990 0.02 £270,000 Barclays 3.25% 17/01/2033 250,062 0.04 £100,000 Barclays Bank 10% 21/05/2021 119,418 0.02 £120,000 Bat Capital Corporation 2.125% 15/08/2025 115,793 0.02 £150,000 Bat international Finance 1.75% 05/07/2021 149,819 0.02 £150,000 Bat international Finance 2.25% 09/09/2052 111,733 0.02 £100,000 Bat international Finance 6% 24/11/2034 131,995 0.02 £176,000 Bat international Finance 7.25% 12/03/2024 219,349 0.03 £127,000 Bazalgette Finance 2.375% 29/11/2027 124,068 0.02 £200,000 BP Capital markets 2.03% 14/02/2025 199,138 0.03 £153,000 BP Capital markets 2.274% 03/07/2026 152,908 0.02 £100,000 Bromford housing group 3.125% 03/05/2048 99,186 0.02 £220,000 Finance 3.375% 17/06/2021 231,031 0.03 £140,000 Cadent Finance 2.625% 22/09/2038 127,273 0.02 £50,000 Canary Wharf 5.952% 22/01/2035 70,554 0.01 £100,000 Channel Link 3.043% Vrn 30/06/2050 98,560 0.02 £280,000 Citigroup 6.8% 25/06/2038 422,741 0.06 £100,000 Clarion housing group 3.125% 19/04/2048 98,671 0.02 £250,000 Comcast Corporation 5.5% 23/11/2029 312,582 0.05 £120,000 Coventry Building society 1% 05/05/2020 119,152 0.02 £180,000 Crh Finance uK 4.125% 02/12/2029 200,123 0.03 £100,000 CYBg 3.125% Vrn 22/06/2025 98,374 0.02

5 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Corporate Bonds (continued) £225,000 CYBg 5% Vrn 09/02/2026 231,184 0.03 £110,000 Daimler 1.5% 13/01/2022 109,224 0.02 £200,000 Daimler 2.375% 16/12/2021 204,427 0.03 £300,000 Deutsche Bank 1.875% 28/02/2020 298,615 0.04 £100,000 Digital stout holding 2.75% 19/07/2024 100,501 0.02 £270,000 Dignity Finance 4.6956% 31/12/2049 258,255 0.04 £168,000 Direct Line 9.25% Vrn 27/04/2042 205,011 0.03 £200,000 Direct Line group 4.75% Variable Perpetual 181,000 0.03 £100,000 DWr Cymru Financing 2.5% 31/03/2036 97,106 0.01 £350,000 e.on international Finance 6.375% 07/06/2032 474,225 0.07 £200,000 Électricité de France 5.5% 17/10/2041 251,041 0.04 £200,000 Électricité de France 6% Variable Perpetual 206,936 0.03 £600,000 Électricité de France 6.125% 02/06/2034 793,048 0.11 £200,000 enel Finance 5.75% 14/09/2040 252,724 0.04 $119,000 energy transfer Partners 4.95% 15/06/2028 92,549 0.01 £200,000 eversholt Funding 6.359% 02/12/2025 244,658 0.03 £107,000 Finance 2.125% 27/09/2024 106,105 0.02 £150,000 FCe Bank 2.727% 03/06/2022 152,729 0.02 £175,000 Firstgroup 5.25% 29/11/2022 192,296 0.03 £50,000 gDF suez 5% 01/10/2060 73,183 0.01 £200,000 ge Capital uK Funding 5.875% 18/01/2033 261,652 0.04 £125,000 glaxosmithKline Capital 3.375% 20/12/2027 135,636 0.02 £310,000 glaxosmithKline Capital 4.25% 18/12/2045 379,158 0.06 £200,000 great rolling stock 6.5% 05/04/2031 223,477 0.03 £450,000 greene King Finance Frn 15/12/2033 352,849 0.05 £200,000 gwynt y mor oFto 2.778% 17/02/2034 182,452 0.03 £400,000 heathrow Funding 5.225% Vrn 15/02/2025 456,574 0.07 £90,000 heathrow Funding 6.45% 10/12/2033 123,557 0.02 £544,000 heathrow Funding 7.125% 14/02/2024 664,431 0.10 £350,000 highbury Finance 7.017% 20/03/2023 285,312 0.04 £200,000 hsBC Bank 5.375% 22/08/2033 242,074 0.03 £200,000 hsBC holdings 6% 29/03/2040 253,531 0.04 £250,000 hsBC holdings 6.5% 20/05/2024 302,611 0.04 £200,000 hsBC holdings 6.75% 11/09/2028 253,232 0.04 $240,000 hsBC holdings 6.875% Variable Perpetual 191,807 0.03 £250,000 Finance 6.25% 04/12/2018 254,175 0.04 £200,000 innogy Finance 6.125% 06/07/2039 278,097 0.04 £250,000 innogy Finance 6.5% 20/04/2021 281,469 0.04 £230,000 integrated accomodation service 6.48% 31/03/2029 177,743 0.03 £200,000 intu metrocentre Finance 4.125% 06/12/2028 213,785 0.03 £100,000 John Lewis 4.25% 18/12/2034 97,870 0.01 £130,000 John Lewis 8.375% 08/04/2019 135,941 0.02 £200,000 Koninklijke 5% 18/11/2026 229,521 0.03 £340,000 Land securities Capital markets 2.625% 22/09/2039 330,150 0.05 £100,000 Legal & general 5.375% Vrn 27/10/2045 108,826 0.02

6 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Corporate Bonds (continued) £100,000 Legal & general 5.875% Variable Perpetual 102,010 0.01 £200,000 Lend Lease europe 6.125% 12/10/2021 223,896 0.03 £100,000 Liberty Living Finance 2.625% 28/11/2024 99,476 0.01 £104,000 Libra Longhurst group treasury 3.25% 15/05/2043 103,272 0.01 £130,000 2.25% 16/10/2024 126,207 0.02 £250,000 Lloyds Banking group 6% 08/02/2029 339,597 0.05 £215,000 Lloyds Banking group 6.5% 17/09/2040 321,107 0.05 £300,000 Lloyds Banking group 7.625% 22/04/2025 384,271 0.05 £230,000 Lloyds Banking group Variable Perpetual 237,498 0.03 £100,000 and Quadrant housing trust 2.625% 28/02/2028 99,304 0.01 £100,000 London and Quadrant housing trust 3.75% 27/10/2049 110,110 0.02 £510,000 Longstone Finance 4.896% 19/04/2031 573,713 0.08 £230,000 LVmh moet hennessy Louis Vuitton 1% 14/06/2022 226,777 0.03 £239,000 marston’s 5.1576% Vrn 15/10/2027 236,739 0.03 £407,000 marston’s 5.641% Vrn 15/07/2035 364,264 0.05 £200,000 merrill Lynch 8.125% 02/06/2028 276,079 0.04 £180,000 morgan stanley 2.625% 09/03/2027 177,190 0.03 £100,000 motability operations 3.625% 10/03/2036 110,649 0.02 £150,000 nationwide Building society 3.25% 20/01/2028 157,290 0.02 £100,000 natWest markets 2.875% Vrn 19/09/2026 98,375 0.01 £300,000 natWest markets 5.125% 13/01/2024 353,194 0.05 £290,000 natWest markets 6.625% 17/09/2018 291,972 0.04 £100,000 newriver reit 3.5% 07/03/2028 97,486 0.01 £150,000 ngg Finance 5.625% Vrn 18/06/2073 164,546 0.02 £400,000 nie Finance 6.375% 02/06/2026 510,385 0.07 £130,000 notting hill housing trust 3.25% 12/10/2048 126,834 0.02 £100,000 optivo Finance 3.283% 22/03/2048 101,446 0.01 £170,000 orange 5.625% 23/01/2034 220,093 0.03 £150,000 orange 5.75% Variable Perpetual 162,332 0.02 £120,000 Paragon treasury 3.625% 21/01/2047 126,506 0.02 £100,000 Penarian housing Finance 3.212% 07/06/2052 97,401 0.01 £160,000 Pennon group 2.875% Variable Perpetual 159,637 0.02 £140,000 Prudential 5% Vrn 20/07/2055 147,022 0.02 £50,000 rabobank nederland 5.375% 03/08/2060 75,086 0.01 £300,000 reed elsevier investment 2.75% 01/08/2019 303,008 0.04 £110,000 santander 1.875% 17/02/2020 110,603 0.02 £300,000 santander 3.625% 14/01/2026 312,565 0.04 £190,000 santander 3.875% 15/10/2029 208,853 0.03 £100,000 scania 1.875% 28/06/2022 99,577 0.01 £100,000 6.25% 07/06/2029 131,634 0.02 £108,970 shaftesbury Carnaby 2.487% 30/09/2031 102,346 0.01 £160,000 shaftesbury Chinatown 2.348% 30/09/2027 152,784 0.02 £228,000 south eastern Power networks 5.5% 05/06/2026 273,837 0.04 £100,000 sse 3.625% Vrn 16/09/2077 101,814 0.01 £100,000 sse 3.875% Variable Perpetual 101,875 0.01 £154,000 sse 5.875% 22/09/2022 179,198 0.03 £100,000 stagecoach group 4% 29/09/2025 104,168 0.01 7 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Corporate Bonds (continued) £100,000 4.375% 18/01/2038 110,804 0.02 £100,000 swiss 6.3024% Variable Perpetual 102,520 0.01 £150,000 telefonica emisiones 5.375% 02/02/2026 174,777 0.02 £400,000 telefonica emisiones 5.597% 12/03/2020 424,948 0.06 £524,000 telereal securitisation 6.1645% 10/12/2031 591,721 0.08 £231,000 5.744% 13/04/2040 258,887 0.04 £150,000 thames Water 3.5% 25/02/2028 157,980 0.02 £250,000 thames Water 5.125% 28/09/2037 311,771 0.04 £110,000 thames Water utilities Cayman Finance 2.375% 03/05/2023 107,179 0.02 £100,000 tritax Big Box reit 3.125% 14/12/2031 98,377 0.01 £100,000 university of Cambridge 2.35% 27/06/2078 97,140 0.01 £100,000 university of oxford 2.544% 08/12/2017 94,358 0.01 £100,000 university of southampton 2.25% 11/04/2057 89,562 0.01 £167,000 Virgin media 6% 15/01/2025 188,026 0.03 £150,000 8.125% 26/11/2018 153,195 0.02 £300,000 Vodafone group 3.375% 08/08/2049 280,376 0.04 £160,000 Volkswagen Financial services 1.75% 17/04/2020 160,298 0.02 €200,000 Volkswagen international Finance 3.375% Variable Perpetual 177,363 0.03 £100,000 Wellcome trust 2.517% 07/02/2118 93,198 0.01 £100,000 Wells Fargo & Company 2% 28/07/2025 96,162 0.01 £100,000 Western Power Distribution 3.625% 06/11/2023 104,762 0.01 £200,000 Western Power Distribution 5.75% 16/04/2032 258,751 0.04 £130,000 Wheatley group Capital 4.375% 28/11/2044 150,906 0.02 £120,000 Yorkshire Building society 3.375% Vrn 13/09/2028 111,962 0.02 £210,000 Yorkshire Building society 4.125% Vrn 20/11/2024 215,493 0.03 £250,000 Yorkshire Power 7.25% 04/08/2028 348,955 0.05 £175,000 Yorkshire Water 6.375% 19/08/2039 263,394 0.04 Warrants (31/07/17 – 0.00%) 0.00 269 Kenmare resources Warrants 16/11/2019+ – 0.00 Equities (31/07/17 – 79.34%) 79.73 UK Equities (31/07/17 – 40.64%) 41.40 Oil & Gas Producers 3,032,643 BP 17,346,718 2.48 765,462 Cairn energy 1,889,160 0.27 877,819 ‘B’ 23,626,498 3.38 1,262,345 tullow oil 2,880,671 0.41 Oil Equipment & Services 675,320 John Wood group 4,462,515 0.64 Chemicals 167,437 6,322,421 0.90 Mining 517,982 anglo american 8,892,715 1.27 216,195 BhP Billiton 3,750,551 0.53 282,822 11,772,466 1.68

8 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Construction & Materials 192,482 Keller 2,082,655 0.30 138,724 Kier group 1,342,848 0.19 613,663 Polypipe group 2,304,918 0.33 Aerospace & Defence 608,792 Bae systems 3,988,805 0.57 715,512 senior 2,326,845 0.33 67,526 ultra electronics 1,114,854 0.16 General Industrials 309,779 rPC group 2,508,590 0.36 811,742 smith (Ds) 4,112,285 0.59 306,714 Vesuvius 1,955,302 0.28 Industrial Engineering 142,163 Bodycote international 1,415,944 0.20 Support Services 332,510 aggreko 2,493,160 0.36 Beverages 152,198 4,272,959 0.61 Household Goods 119,775 Bellway 3,486,650 0.50 239,409 Bovis homes group 2,748,415 0.39 666,666 Countryside Properties 2,225,331 0.32 114,605 Benckiser 7,813,769 1.12 Personal Goods 62,270 2,718,086 0.39 Tobacco 376,781 15,896,390 2.27 171,634 imperial Brands 4,989,400 0.71 Healthcare Equipment & Services 169,672 nmC health 6,433,962 0.92 Pharmaceuticals & Biotechnology 116,362 astraZeneca 6,739,687 0.96 543,319 glaxosmithKline 8,577,920 1.22 351,658 indivior 1,102,096 0.16 General Retailers 1,499,079 Dixons Carphone 2,655,618 0.38 596,901 inchcape 4,232,028 0.60 488,866 JD sports Fashion 2,293,759 0.33 Media 143,296 2,374,415 0.34 83,410 4,072,910 0.58 Travel & Leisure 670,533 Cineworld group 1,829,214 0.26 370,389 mitchells & Butlers 953,381 0.14 1,954,057 thomas Cook group 2,000,954 0.29

9 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Fixed Line Telecommunications 101,857 telecom Plus 1,055,239 0.15 Mobile Telecommunications 5,703,635 Vodafone group 10,687,471 1.53 Electricity 290,737 Drax group 1,057,120 0.15 Gas, Water & Multiutilities 571,995 national grid 4,662,331 0.67 72,431 severn trent 1,401,178 0.20 Banks 2,388,080 Barclays 4,658,189 0.67 2,956,271 hsBC holdings 21,616,254 3.09 826,369 standard Chartered 5,696,988 0.81 595,424 Virgin money holdings 2,364,429 0.34 Financial Services 514,614 ashmore group 1,883,487 0.27 340,641 Close Brothers group 5,457,069 0.78 577,462 John Laing group 1,685,034 0.24 Non-Life Insurance 538,004 Direct Line insurance group 1,829,752 0.26 326,599 esure group 658,424 0.09 Life Insurance 1,009,631 aviva 5,050,174 0.72 1,370,927 Just group 1,490,198 0.21 747,390 Prudential 13,553,918 1.94 Equity Investment Instruments 14,710 Bioscience* – 0.00 Software & Computer Services 33,814 group 883,898 0.13 925,368 5,679,909 0.81 886,956 sophos group 4,379,789 0.62 United States (31/07/17 – 17.29%) 17.59 Oil & Gas Producers 41,343 hess 2,031,656 0.29 47,063 occidental Petroleum 2,978,535 0.42 Chemicals 44,321 Celanese ‘a’ 3,880,192 0.55 71,243 DowDuPont 3,682,855 0.53 Construction & Materials 39,581 Fortune Brands home & security 1,699,078 0.24 17,704 martin marietta materials 2,712,901 0.39 Industrial Transportation 87,766 Csx 4,687,032 0.67 50,203 Knight swift transportation 1,228,185 0.17 Food Producers 55,389 Kraft heinz 2,536,734 0.36 10 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Household Goods 19,236 mohawk industries 2,699,500 0.39 Beverages 12,126 Constellation Brands 1,931,481 0.28 Leisure Goods 16,798 electronic arts 1,610,755 0.23 Healthcare Equipment & Services 37,665 Baxter international 2,042,071 0.29 5,690 Becton Dickinson 1,069,004 0.15 212,157 Boston scientific 5,307,955 0.76 31,150 unitedhealth group 6,007,534 0.86 Pharmaceuticals & Biotechnology 14,245 Vertex Pharmaceuticals 1,887,825 0.27 General Retailers 38,824 Dollar tree 2,655,323 0.38 Travel & Leisure 26,031 mcDonald’s 3,137,683 0.45 Electricity 88,265 Cms energy 3,194,091 0.46 37,017 nextera energy 4,675,358 0.67 Banks 132,404 Bank of america 3,150,656 0.45 56,563 Citigroup 3,106,195 0.44 59,554 First republic Bank 4,467,681 0.64 50,787 JP morgan Chase & Co 4,504,153 0.64 Non-Life Insurance 70,558 aig 2,945,188 0.42 Financial Services 34,774 intercontinental exchange 1,962,742 0.28 36,715 mastercard 5,518,129 0.79 96,657 schwab (Charles) 3,768,022 0.54 Software & Computer Services 13,977 adobe systems 2,573,352 0.37 4,502 alphabet ‘a’ 4,207,020 0.60 4,498 alphabet ‘C’ 4,168,698 0.60 19,300 Facebook 2,508,326 0.36 Technology Hardware & Equipment 34,282 apple 4,946,954 0.71 26,296 Broadcom Corporation 4,499,209 0.64 Real Estate Investment Trusts 44,643 american tower 4,841,469 0.69 13,085 equinix real estate investment trust 4,300,692 0.61 Australia (31/07/17 – 0.32%) 0.55 Beverages 378,198 treasury Wine estates 3,874,534 0.55

11` Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Belgium (31/07/17 – 0.00%) 0.25 Industrial Metals 40,040 umicore 1,782,986 0.25 Bermuda (31/07/17 – 0.00%) 0.66 Mining 2,050,387 Petra Diamonds 952,610 0.14 Technology Hardware & Equipment 223,716 marvell technology group 3,608,487 0.52 Brazil (31/07/17 – 0.40%) 0.27 Banks 332,848 Banco Bradesco 1,921,697 0.27 North America (31/07/17 – 1.31%) 0.70 Media 971,735 entertainment one 3,488,529 0.50 Travel & Leisure 29,354 restaurant Brands 1,402,132 0.20 Cayman Islands (31/07/17 – 1.50%) 1.44 Personal Goods 389,864 anta sports Products 1,505,759 0.22 298,363 shenzhou international 2,772,589 0.40 Travel & Leisure 82,595 Ctrip.com international aDr~ 2,625,570 0.38 48,164 huazhu group aDr~ 1,460,802 0.21 Software & Computer Services 46,527 tencent holdings 1,598,832 0.23 Channel Islands (31/07/17 – 4.12%) 3.23 Mining 1,985,304 6,527,680 0.93 Support Services 880,816 international Workplace group 2,660,945 0.38 Pharmaceuticals & Biotechnology 309,402 shire 13,429,594 1.92 European Equities (31/07/17 – 10.15%) 11.24 Banks 615,444 Banco santander 2,658,297 0.38 212,234 Credit suisse (registered) 2,630,880 0.38 93,232 Danske Bank 2,094,383 0.30 Electricity 624,162 enel 2,647,552 0.38 Construction & Materials 152,752 Crh 4,057,277 0.58 168,882 Crh (London Listed) 4,487,195 0.64 Electronic & Electrical Equipment 65,585 allegion 4,032,665 0.58 185,022 Prysmian spa 3,616,542 0.52

12 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Travel & Leisure 722,519 gVC holdings 8,453,472 1.21 2,095,837 gVC holdings CVrs 238,087 0.03 42,919 Paddy Power 3,507,926 0.50 254,707 ryanair 3,223,746 0.46 181,218 tui 2,971,069 0.42 Software & Computer Services 81,605 scout24 3,232,380 0.46 22,017 ubisoft 1,881,951 0.27 Industrial Engineering 65,942 Kone ‘B’ 2,764,195 0.39 Healthcare Equipment & Services 19,839 orpea 2,109,559 0.30 Fixed Line Telecommunications 293,579 orange 3,837,413 0.55 Mobile Telecommunications 167,701 Deutsche telekom 2,118,801 0.30 Technology Hardware & Equipment 20,465 asmL holding 3,344,446 0.48 196,552 infineon technologies 3,980,314 0.57 10,825 siltronic 1,428,942 0.20 Non-Life Insurance 148,179 asr nederland 5,024,105 0.72 Oil & Gas Producers 155,159 galp energia 2,424,323 0.35 74,370 Lundin Petroleum 1,872,429 0.27 Japanese Equities (31/07/17 – 2.04%) 2.40 Oil & Gas Producers 733,787 Jx holdings 4,095,194 0.59 Industrial Metals 40,652 mitsui mining & smelting 1,221,038 0.17 Electronic & Electrical Equipment 30,139 tDK 2,446,885 0.35 Beverages 97,227 asahi Breweries 3,588,513 0.51 Pharmaceuticals & Biotechnology 67,510 shionogi 2,793,334 0.40 Real Estate Investment Services 147,023 mitsui Fudosan 2,669,147 0.38 Pacific Equities (31/07/17 – 1.57%) 0.00 Chemicals 15,854,000 tianhe Chemicals group* – 0.00

13 Portfolio of investments (unaudited)

Investments held at 31 July 2018 market Percentage of value total net assets holding investment £% Futures (31/07/17 – 0.00%) 0.00 (5) eux euro Bund Future september 2018 5,629 0.00 (43) iCF iCe Long gilt Future september 2018 31,624 0.00 (16) CBt us 10 Year note Future september 2018 4,736 0.00 53 CBt us 5 Year note Future september 2018 (16,050) 0.00 (42) CBt us 10 Year ultra Future september 2018 28,629 0.00 9 mse Canada 10 Year Bond Future september 2018 (6,824) 0.00 61 mse Can 5 Year Bond Future september 2018 (22,465) 0.00 43 sFe australian 10 Year Bond Future september 2018 6,100 0.00 Forward Foreign Exchange Contracts (31/07/17 – 0.00%) 0.00 gBP 433,865 gBP Forward Currency Contract 17/10/2018 433,864 0.06 (usD 581,249) usD Forward Currency Contract 17/10/2018 (440,124) (0.06) gBP 293,733 gBP Forward Currency Contract 17/10/2018 293,733 0.04 (eur 331,955) eur Forward Currency Contract 17/10/2018 (296,622) (0.04) gBP 6,752 gBP Forward Currency Contract 17/10/2018 6,752 0.00 (eur 7,609) eur Forward Currency Contract 17/10/2018 (6,799) 0.00 gBP 9,704 gBP Forward Currency Contract 17/10/2018 9,704 0.00 (usD 12,776) usD Forward Currency Contract 17/10/2018 (9,674) 0.00

Portfolio of investments^ 657,690,698 93.98 Net other assets 42,156,637 6.02 Net assets 699,847,335 100.00

all investments with the exception of the Forward Foreign exchange Contracts are listed on recognised stock exchanges and are “approved securities” within the meaning of the FCa rules unless otherwise stated. the counterparty for the Futures Contracts is morgan stanley. the counterparties for the Forward Foreign exchange Contracts are Barclays, uBs and goldman sachs. +the Kenmare resources warrants are not listed and have an exercise price of 29.09p. * in liquidation/suspended ~aDr – american Depositary receipt ^includes investment liabilities

Credit Ratings £% investment grade 96,481,060 96.75 non investment grade 1,561,786 1.57 unrated 1,678,883 1.68 total investment in bonds 99,721,729 100.00

14 top ten purchases and sales For the year ended 31 July 2018

Purchases Cost Sales Proceeds £ £ Crh (London Listed) 4,806,904 uK treasury 1% 07/09/2017 10,657,588 British american tobacco 4,427,157 glencore 7,318,934 John Wood group 4,365,403 Babcock international 6,240,167 nextera energy 4,323,633 samsung electronics 5,155,670 mastercard 4,283,671 international airlines group 4,988,914 uK treasury 4.25% 07/12/2027 4,262,303 Wells Fargo & Company 4,466,519 Prysmian spa 4,123,285 Visteon Corporation 4,445,496 orange 3,810,689 apple 4,275,562 Jx holdings 3,748,158 activision 4,001,712 mohawk industries 3,743,871 Yamaha 3,976,879 Subtotal 41,895,074 Subtotal 55,527,441 Other purchases 170,096,449 Other sales 199,002,310

Total purchases for the year 211,991,523 Total sales for the year 254,529,751

15 statistical information

Comparative table Accumulation 31/07/18 31/07/17 31/07/16 pence pence pence Change in net assets per unit opening net asset value per unit 219.06 190.43 181.86 return before operating charges* 13.15 29.02 8.90 operating charges (0.41) (0.39) (0.33) return after operating charges* 12.74 28.63 8.57

Distributions on accumulation units (5.41) (4.80) (4.40) retained distributions on accumulation units 5.41 4.80 4.40

Closing net asset value per unit 231.80 219.06 190.43

* after direct transaction costs of:^ 0.19 0.22 0.15

Performance return after charges 5.82% 15.03% 4.71%

Other information Closing net asset value (£000) 699,847 724,597 692,103 Closing number of units 301,917,621 330,771,654 363,438,535 operating charges 0.18% 0.19% 0.19% Direct transaction costs 0.09% 0.10% 0.09%

Prices+ highest unit price (pence) 245.30 232.28 201.01 Lowest unit price (pence) 211.82 188.02 160.90

^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.

16 statistical information

Investment objective the objective of the Fund is to provide an above average return over the medium term using the ia mixed investment 40-85% shares benchmark. the Fund is a medium risk managed fund designed to provide medium risk investors with exposure to securities in a manner designed to balance risks associated with volatile situations which can arise in financial markets.

Investment policy the scheme will primarily invest in a range of worldwide equities and bonds. the Fund may hold cash and near cash assets where reasonably necessary to fund redemptions of units, for the efficient management of the Fund, or for purposes ancillary to the objectives of the Fund. it may borrow, providing such borrowing is on a temporary basis, and does not exceed the limits applicable to the Fund.

Revenue distribution and pricing units of the Fund are available as 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 January and a final distribution as at 31 July. at each distribution the net revenue after deduction of expenses, arising in the preceding six months from the investments of the Fund is apportioned amongst the unitholders. unitholders receive a tax voucher giving details of the distribution and the manager’s report no later than two months after these dates.

17 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 4 (31/07/17: 4) because funds of this type have experienced average rises and falls in value in the past. the above figure applies to the following unit class: • 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: • 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. • Bonds are affected by changes in interest rates, inflation and any decline in creditworthiness of the bond issuer. Bonds that produce a higher level of income usually also carry greater risk as such bond issuers may have difficulty in paying their debts. • 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.

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.

18 annual financial statements For the year ended 31 July 2018

Statement of total return 31/07/18 31/07/17 notes ££ £ £ income net capital gains 4 22,725,203 82,855,609 revenue 5 19,057,285 18,713,033 expenses 6 (1,256,834) (1,314,944) interest payable and similar charges (1,100) (1,384) net revenue before taxation 17,799,351 17,396,705 taxation 7 (718,394) (771,925) net revenue after taxation 17,080,957 16,624,780 total return before distributions 39,806,160 99,480,389 Distributions 8 (17,080,981) (16,624,755) Change in unitholders’ funds from investment activities 22,725,179 82,855,634

Statement of change in unitholders’ funds 31/07/18 31/07/17 £ £ £ £ opening net assets 724,596,676 692,102,807 amounts receivable on issue of units 519,344 2,270,910 amounts payable on cancellation of units (64,613,919) (68,804,298) (64,094,575) (66,533,388) Change in unitholders’ funds from investment activities 22,725,179 82,855,634 retained distributions on accumulation units 16,620,055 16,171,623

Closing net assets 699,847,335 724,596,676

19 annual financial statements as at 31 July 2018

Balance sheet 31/07/18 31/07/17 notes £ £ £ £ Assets: Fixed assets: investments 657,745,233 678,910,218 Current assets: Debtors 9 5,074,432 2,666,604 Cash and bank balances 10 39,787,793 44,367,152 total current assets 44,862,225 47,033,756 total assets 702,607,458 725,943,974

Liabilities: investment liabilities (54,535) (33,686) Creditors: Bank overdraft 11 (3,008) (7,613) other creditors 12 (2,702,580) (1,305,999) total creditors (2,705,588) (1,313,612) total liabilities (2,760,123) (1,347,298) net assets 699,847,335 724,596,676

unitholders’ funds 699,847,335 724,596,676

20 notes to the financial statements

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 compliance with Financial reporting standard (Frs102) and in accordance with the statement of recommended Practice (sorP) for financial statements of authorised Funds issued by the investment association in may 2014 (and amended in June 2017). the financial statements have been prepared on a going concern basis. unless otherwise stated all accounting policies are consistent with those of the prior year. (b) Valuation of investments the quoted investments of the Fund have been valued at bid dealing prices as at 12 noon on 31 July 2018, the last valuation point in the accounting year, in accordance with the trust Deed. Derivatives are valued as at 12 noon on 31 July 2018, the last valuation point of the accounting year. exchange traded derivatives are priced at fair value, which is deemed to be the bid price. over-the-counter derivatives are priced at fair value using valuation models or data sourced from market data providers. (c) Foreign exchange transactions in foreign currencies during the year are translated into sterling (the functional currency of the Fund), 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 12 noon, 31 July 2018, the last valuation point in the accounting year. (d) Revenue Dividends receivable from equity investments are credited to revenue when they are first quoted ex-dividend. interest receivable on bank deposits is accounted for on an accruals basis. interest receivable from debt securities is accounted for on an effective interest rate basis. accrued interest purchased or sold is excluded from the cost of the security and is accounted for as revenue. (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) 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. (g) Expenses expenses are accounted for on an accruals basis. expenses of the Fund are charged against revenue, except for costs associated with the purchase and sale of investments, which are charged to capital.

21 notes to the financial statements

Note 1 Accounting policies (continued) (h) Taxation the charge for taxation is based on taxable income for the year less allowable expenses. uK dividends and franked distributions from uK collective investment schemes are disclosed net of any related tax credit. overseas dividends, unfranked distributions from uK collective investment schemes, and distributions from overseas collective investment schemes are disclosed gross of any tax suffered, the tax element being separately disclosed in the taxation note. (i) Deferred taxation Deferred tax is provided at current rates of corporation tax on all timing differences which have originated but not reversed by the Balance sheet date. Deferred tax is not recognised on permanent differences. Deferred tax assets are recognised only to the extent that the manager considers it is more likely than not that there will be taxable profits from which underlying timing differences can be deducted.

Note 2 Distribution policies (a) Basis of distribution revenue produced by the Fund’s investments accumulates during each accounting period. if, at the end of each accounting period, revenue exceeds expenses, the net revenue of the Fund is available to be accumulated to unitholders. the Fund is not more than 60% invested in qualifying investments (as defined by si 2006/964, reg 20) and will pay a dividend distribution. (b) Unclaimed distributions Distributions remaining unclaimed after six years are paid into the Fund as part of the capital property. (c) Stock dividends it is the policy of the Fund, where applicable, to distribute the revenue element of stock dividends. (d) Special dividends it is the policy of the Fund, where applicable, to distribute special dividends which have been treated as revenue. (e) Interest from debt securities Future cash flows on all assets are considered when calculating revenue on an effective interest rate basis and where, in the manager’s view there is doubt as to the final maturity value, an estimate of the final redemption proceeds will be made in determining those cash flows. the impact of this will be to reduce the revenue from debt securities, and therefore the revenue distributed, whilst preserving capital within the Fund. (f) Expenses Costs arising from the filing of european withholding tax reclaims are charged to revenue but deducted from capital for the purpose of calculating the distribution. on receipt of any withholding tax reclaims relevant costs are transferred back to revenue and deducted from the distribution.

22 notes to the financial statements

Note 3 Risk management policies the risks arising from the Fund’s financial instruments are market price risk, interest rate risk, foreign currency risk, liquidity risk, credit risk and counterparty risk. the 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 Fund might suffer through holding market positions in the face of price movements. the Fund’s investment portfolio is exposed to market fluctuations which are monitored by the manager in pursuit of the investment objectives and policies. adherence to investment guidelines and to investment and borrowing powers set out in the trust 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 Fund’s assets are comprised partly of fixed interest rate securities. there is therefore a risk that the capital value of investments will vary as a result of the market’s sentiment regarding future interest rates. expectations of future rates may result in an increase or decrease in the value of investments held. in general, if interest rates rise the revenue potential of the Fund also rises but the value of fixed interest rate securities will decline. a decline in interest rates will in general have the opposite effect. any transactions in fixed interest securities must be used in accordance with the investment objective of the Fund and must be deemed by the investment manager to be economically appropriate. regular production of portfolio risk reports highlight concentrations of risk, including interest rate risk, for this Fund. interest receivable on bank deposits or payable on bank overdraft positions will be affected by fluctuations in interest rates. (c) Foreign currency risk a proportion of the Fund’s investment portfolio is invested in overseas securities and the Balance sheet can be affected by movements in foreign exchange rates. the Fund 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 Fund 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 Fund. (d) Liquidity risk the Fund’s assets are comprised of mainly readily realisable securities. if insufficient cash is available to finance unitholder redemptions then securities held by the Fund may need to be sold. the risk of low market liquidity, through reduced trading volumes, may affect the ability of the Fund 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 manager performs market research in order to achieve the best price for any transactions entered into on behalf of the Fund. all stocks are valued daily but those stocks identified as being less liquid are reviewed on a regular basis for pricing accuracy.

23 notes to the financial statements

Note 3 Risk management policies (continued) (e) Credit risk at the Balance sheet date some 4.90% (31/07/17: 4.95%) of the Fund’s assets were held in corporate bonds, 0.50% (31/07/17: 0.54%) in sovereign/supranational bonds, 0.13% (31/07/17: 0.14%) in public authorities and 8.72% (31/07/17: 8.72%) in government bonds. Corporate, sovereign/supranational, public authorities and government bonds involve the risk that the bond issuer will be unable to meet its liability to pay interest or redeem the bond. the Fund manager selects bonds taking into account the credit rating, bearing in mind the Fund's objective. (f) Counterparty risk Certain transactions in securities that the Fund enters into expose it to the risk that the counterparty will not deliver the investment (purchase) or cash (sale) after the Fund has fulfilled its responsibilities. the Fund only buys and sells investments through brokers which have been approved by the manager as an acceptable counterparty. this list is reviewed annually. (g) Derivatives Derivative transactions may be used by the Fund for the purposes of meeting its investment objectives and also for hedging. in doing so the 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 Fund may at times have high volatility, although derivatives will not be used with the intention of raising the risk profile of the Fund. Where derivatives are used for hedging this will not compromise the risk profile of the Fund. use of derivatives will not knowingly contravene any relevant investment objective or limits. the manager has used exchange traded futures to hedge the value of those assets denominated in foreign currency. as at 31 July 2018 there are open futures positions as shown in the Portfolio of investments. the Fund has used forward foreign currency contracts to hedge the currencies which are physically owned during the year. the purpose of undertaking these contracts is to protect the portfolio as far as possible from a movement in the value of exchange rates. the derivative counterparties are shown at the bottom of the Portfolio of investments on page 14.

Note 4 Net capital gains the net capital gains during the year comprise: 31/07/18 31/07/17 £ £ gains on non-derivative securities 22,478,477 82,432,377 gains/(losses) on derivative contracts 146,748 (72,412) Currency (losses)/gains (5,889) 105,666 handling charges (26,027) (22,827) Capital special dividends 86,607 412,805 research commission reimbursement 45,287 – net capital gains 22,725,203 82,855,609

24 notes to the financial statements

Note 5 Revenue 31/07/18 31/07/17 £ £ uK dividends 11,746,540 11,948,495 overseas dividends 4,800,735 4,052,117 interest on debt securities 2,477,281 2,711,610 Bank interest 35,334 3,062 Deposit interest (2,667) (2,251) inland revenue interest 62 – total revenue 19,057,285 18,713,033

Note 6 Expenses 31/07/18 31/07/17 £ £ (a) Payable to the manager or associates of the manager and agents of either of them: manager’s periodic charge 1,168,414 1,178,593

(b) Payable to the trustee or associates of the trustee and agents of either of them: trustee’s fees 39,391 78,197

(c) other expenses: audit fee 7,980 7,980 safe custody charges 33,519 32,895 Printing & stationery 1,902 445 FCa fee 124 101 Legal fee – 184 report & accounts fee – 1,902 Professional fees 5,354 14,647 Dividend collection expenses 150 – 49,029 58,154 total expenses 1,256,834 1,314,944

25 notes to the financial statements

Note 7 Taxation 31/07/18 31/07/17 £ £ (a) analysis of tax charge for the year Corporation tax 313,856 327,906 Double tax relief (47,581) (36,516) overseas withholding tax 419,068 379,855 Prior year adjustment – (739) reclaimable tax written off 33,051 101,419 total taxation (note 7(b)) 718,394 771,925

(b) Factors affecting the tax charge for the year the tax assessed for the year is lower than that calculated when the standard rate of corporation tax for authorised unit trusts is applied to total revenue return. the differences are explained below: net revenue before taxation 17,799,351 17,396,705 Corporation tax at 20% (31/07/17: 20%) 3,559,870 3,479,341 effects of: Double tax relief (47,581) (36,516) overseas withholding tax 419,068 379,855 Prior year adjustment – (739) reclaimable tax written off 33,051 101,419 revenue not subject to taxation (3,246,014) (3,151,435) total tax charge for the year (note 7(a)) 718,394 771,925 authorised unit trusts are exempt from tax on capital gains in the uK. (c) Provision for deferred taxation no deferred tax asset has been recognised in the year or the prior years.

26 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: 31/07/18 31/07/17 £ £ interim 6,782,371 6,691,377 Final 9,837,684 9,480,246 16,620,055 16,171,623 amounts deducted on cancellation of units 464,782 478,248 amounts added on issue of units (3,856) (25,116) net distribution for the year 17,080,981 16,624,755

net revenue after taxation 17,080,957 16,624,780 movement of undistributed revenue 24 (25) net distribution for the year 17,080,981 16,624,755 Details of the distribution per unit are set out in the tables on page 34.

Note 9 Debtors 31/07/18 31/07/17 £ £ sales awaiting settlement 2,764,685 502,743 accrued income 2,121,346 1,967,823 overseas tax recoverable 188,401 196,038 total debtors 5,074,432 2,666,604

Note 10 Cash and bank balances 31/07/18 31/07/17 £ £ Cash and bank balances 39,559,750 44,115,516 amounts held at futures clearing houses 228,043 251,636 total cash and bank balances 39,787,793 44,367,152

Note 11 Bank overdraft 31/07/18 31/07/17 £ £ amounts due to futures clearing houses 3,008 7,613

27 notes to the financial statements

Note 12 Other creditors 31/07/18 31/07/17 £ £ Cancellations awaiting settlement 773,700 527,600 Purchases awaiting settlement 1,671,113 542,395 manager’s periodic charge payable 101,106 101,331 trustee’s fees payable 9,830 16,675 safe custody charges payable 5,298 3,002 audit fee payable 7,980 7,980 FCa fee payable 43 48 handling charges payable 5,235 1,578 Corporation tax payable 128,275 105,390 total other creditors 2,702,580 1,305,999

Note 13 Reconciliation of units accumulation opening units issued at 01/08/17 330,771,654 unit movements in year: units issued 233,025 units cancelled (29,087,058) Closing units at 31/07/18 301,917,621

Note 14 Contingencies and commitments at 31 July 2018 the Fund had no outstanding calls on partly paid shares, no potential underwriting commitments or any other contingent liabilities (31/07/17: £nil). Following the ruling on Denkavit’s case with the european Court of Justice regarding taxation withheld on overseas dividends, the manager has taken steps to make claims with certain european tax authorities for repayment of taxation suffered by the Fund on dividend income.

Note 15 Related party transactions the manager is a related party to the Fund by virtue of its controlling influence. the manager is part of the Phoenix group. Phoenix Life Limited which is also part of the Phoenix group, is a material unitholder in the Fund and therefore a related party, holding 100% of the units at the year end (31/07/17: 100%). manager’s periodic charge paid to the manager, Phoenix unit trust managers Limited, (and registration fees paid to standard Life investments (mutual Funds) Limited) or its associates are shown in note 6(a) and details of the units issued and cancelled by the manager are shown in the statement of change in unitholders’ funds and note 8. any balances due to/from the manager or its associates at 31 July 2018 in respect of these transactions are shown in notes 9 and 12.

28 notes to the financial statements

Note 16 Financial instruments in accordance with the investment objective, the Fund holds certain financial instruments. these comprise: • securities held in accordance with the investment objective and policies; • derivative transactions which the Fund may also enter into, the purpose of which is to manage the currency and market risks arising from the Fund’s investment activities; and • cash and short term debtors and creditors arising directly from operations. Counterparty exposure at 31 July 2018, the Fund had the following counterparty exposure on open Forward Foreign exchange Contracts: Barclays £30 the economic exposure of future derivative contracts is equal to the market value. the value of exposure and the related counterparties are disclosed in the Portfolio of investments. Currency exposure an analysis of the monetary assets and liabilities at the year end is shown below: net currency assets net currency assets 31/07/18 31/07/17 Currency monetary non- total monetary non- total exposure monetary exposure exposure monetary exposure exposure exposure £ £ £ £ £ £ sterling 40,351,318 432,878,159 473,229,477 44,070,979 443,175,481 487,246,460 euro 619,101 53,644,751 54,263,852 369,301 35,025,891 35,395,192 us Dollar 236,550 136,105,763 136,342,313 247,419 141,465,171 141,712,590 other foreign currencies* 949,668 35,062,025 36,011,693 1,032,445 59,209,989 60,242,434 42,156,637 657,690,698 699,847,335 45,720,144 678,876,532 724,596,676 * foreign currencies included within ‘other foreign currencies’ above amounts to less than 10% (31/07/17: less than 10%) of the net asset value of the Fund. income received in other currencies is converted to sterling on or near the date of receipt. the Fund does not hedge or otherwise seek to avoid, movement risk on accrued income.

29 notes to the financial statements

Note 16 Financial instruments (continued) Interest profile the interest rate risk profile of financial assets and liabilities at 31 July 2018 was: Currency Fixed rate Floating rate Financial assets total financial assets financial assets not carrying interest ££ ££ sterling 93,464,933 44,658,289 337,808,835 475,932,057 euro – 301,788 54,268,382 54,570,170 us Dollar 92,549 191,807 136,523,805 136,808,161 other foreign currencies* – 800,156 35,240,937 36,041,093 93,557,482 45,952,040 563,841,959 703,351,481

Currency Floating rate Financial liabilities total financial liabilities not carrying interest £££ sterling – (2,702,580) (2,702,580) euro (2,897) (303,421) (306,318) us Dollar – (465,848) (465,848) other foreign currencies* (111) (29,289) (29,400) (3,008) (3,501,138) (3,504,146)

the interest rate risk profile of financial assets and liabilities at 31 July 2017 was: Currency Fixed rate Floating rate Financial assets total financial assets financial assets not carrying interest ££ ££ sterling 96,533,983 49,042,602 342,641,864 488,218,449 euro 338,202 271,041 34,966,956 35,576,199 us Dollar 690,744 554,421 140,641,148 141,886,313 other foreign currencies* – 941,207 59,321,806 60,263,013 97,562,929 50,809,271 577,571,774 725,943,974

Currency Floating rate Financial liabilities total financial liabilities not carrying interest £££ sterling – (971,989) (971,989) euro (6) (181,001) (181,007) us Dollar – (173,723) (173,723) other foreign currencies* (7,607) (12,972) (20,579) (7,613) (1,339,685) (1,347,298) interest rates earned/paid on deposits are earned/paid at a rate linked to LiBor (London interbank offered rate) or international equivalent.

30 notes to the financial statements

Note 16 Financial instruments (continued) Sensitivity analysis Interest rate risk sensitivity Changes in interest rates or changes in expectation of future interest rates may result in an increase or decrease in the market value of the investments held. a one percent increase in interest rates (based on current parameters used by the manager's investment risk department) would have the effect of increasing the return and net assets by £54,658,076 (31/07/17: £48,185,678). a one percent decrease would have an equal and opposite effect. Foreign currency risk sensitivity a five percent increase in the value of the Fund’s foreign currency exposure would have the effect of increasing the return and net assets by £11,337,526 (31/07/17: £11,955,845). a five percent decrease would have an equal and opposite effect. Price risk sensitivity a five percent increase in the value of the Fund’s portfolio would have the effect of increasing the return and net assets by £34,992,366 (31/07/17: £36,229,833). a five percent decrease would have an equal and opposite effect.

Note 17 Fair value of investments the fair value of the 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.

31 notes to the financial statements

Note 17 Fair value of investments (continued) For the year ended 31/07/18 Level 123Total Investment assets ££££ equities 551,512,794 – 6,433,962 557,946,756 Bonds 65,497,131 34,224,598 – 99,721,729 Derivatives 70,618 30 6,100 76,748 617,080,543 34,224,628 6,440,062 657,745,233

Investment liabilities ££££ Derivatives (45,339) (9,196) – (54,535) (45,339) (9,196) – (54,535)

For the year ended 31/07/17 Level 123Total Investment assets ££££ equities 574,869,220 ––574,869,220 Bonds 68,143,151 35,861,897 – 104,005,048 Derivatives 18,121 17,829 – 35,950 643,030,492 35,879,726 – 678,910,218

Investment liabilities ££££ Derivatives (26,473) (7,213) – (33,686) (26,473) (7,213) – (33,686)

32 notes to the financial statements

Note 18 Portfolio transaction costs For the year ended 31/07/18 Other Total Value Commission Taxes Expenses costs Analysis of total purchases costs ££%£%£%£ equity transactions 163,805,085 98,275 0.06 332,144 0.20 815 0.00 164,236,319 Bond transactions 46,281,195 –– –– ––46,281,195 Corporate actions 1,474,009 –– –– ––1,474,009 total 211,560,289 98,275 332,144 815 211,991,523

Other Total Value Commission Taxes Expenses proceeds Analysis of total sales costs ££%£%£%£ equity transactions 204,666,660 (138,475) (0.07) (3,247) 0.00 (23,236) (0.01) 204,501,702 Bond transactions 34,248,015 –– –– ––34,248,015 Corporate actions 15,780,034 –– –– ––15,780,034 total 254,694,709 (138,475) (3,247) (23,236) 254,529,751 Commission, taxes and fees as % of average net assets: Commission 0.04% taxes 0.05% other expenses 0.00%

For the year ended 31/07/17 Other Total Value Commission Taxes Expenses costs Analysis of total purchases costs ££%£%£%£ equity transactions 180,990,324 166,989 0.09 370,732 0.20 1,536 0.00 181,529,581 Bond transactions 31,268,531 –– –– ––31,268,531 Corporate actions 1,772,563 –– –– ––1,772,563 total 214,031,418 166,989 370,732 1,536 214,570,675

Other Total Value Commission Taxes Expenses proceeds Analysis of total sales costs ££%£%£%£ equity transactions 228,939,086 (198,075) (0.09) (1,510) 0.00 (9,754) 0.00 228,729,747 Bond transactions 21,212,881 –– –– ––21,212,881 Corporate actions 13,469,278 –– –– ––13,469,278 total 263,621,245 (198,075) (1,510) (9,754) 263,411,906 Commission, taxes and fees as % of average net assets: Commission 0.05% taxes 0.05% other expenses 0.00% Portfolio transaction costs are incurred by the 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 0.12% (31/07/17: 0.10%) being the difference between the respective bid and offer prices for the Fund's investments.

33 Distribution tables For the year ended 31 July 2018

Interim distribution in pence per unit group 1: units purchased prior to 1 august 2017 group 2: units purchased 1 august 2017 to 31 January 2018

2018 2017 pence pence per unit per unit net paid paid income equalisation 31 mar 31 mar Accumulation group 1 2.1485 — 2.1485 1.9382 group 2 0.5655 1.5830 2.1485 1.9382

Final distribution in pence per unit group 1: units purchased prior to 1 February 2018 group 2: units purchased 1 February 2018 to 31 July 2018

2018 2017 pence pence per unit per unit net payable paid income equalisation 30 sep 30 sep Accumulation group 1 3.2584 — 3.2584 2.8661 group 2 1.3455 1.9129 3.2584 2.8661

Equalisation this applies only to units purchased during the distribution period (group 2 units). it is the average amount of revenue included in the purchase price of all group 2 units and is refunded to the holders of these units as a return of capital. Being capital it is not liable to income tax but must be deducted from the cost of the units for capital gains tax purposes.

34 responsibilities of the manager and the trustee a) the manager of the Fund 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 Fund at the end of that period and the net revenue or expense and the net gains or losses on the property of the Fund for the period then ended. in preparing these financial statements, the 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 Fund will continue in operation unless it is inappropriate to presume this. the manager is also required to manage the Fund in accordance with the trust 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 and the sourcebook and take reasonable steps for the prevention and detection of fraud and other irregularities. b) the Depositary in its capacity as trustee of the Putm growth unit trust must ensure that the trust is managed in accordance with the Financial Conduct authority’s Collective investment schemes sourcebook, the Financial services and markets act 2000, as amended, (together ‘the regulations’), the trust 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 trust and its investors. the Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the trust in accordance with the regulations. the Depositary must ensure that: • the trust’s cash flows are properly monitored and that cash of the trust 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 trust are calculated in accordance with the regulations; • any consideration relating to transactions in the trust's assets is remitted to the trust within the usual time limits; • the trust’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 trust is managed in accordance with the regulations and the scheme documents of the trust in relation to the investment and borrowing powers applicable to the trust.

35 trustee’s report and directors’ statement

Report of the Trustee to the Unitholders of the PUTM Growth Unit Trust for the year from 1 August 2017 to 31 July 2018 having carried out such procedures as we considered necessary to discharge our responsibilities as Depositary of the trust, it is our opinion, based on the information available to us and the explanations provided, that, in all material respects the trust, acting through the aFm: i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the trust’s units and the application of the trust’s income in accordance with the regulations and the scheme documents of the trust; and ii) has observed the investment and borrowing powers and restrictions applicable to the trust in accordance with the regulations and the scheme documents of the trust.

London hsBC Bank plc 17 october 2018

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 october 2018 andrew moss, Director

36 independent auditor’s report to the unitholders of the Putm growth unit trust

Opinion We have audited the financial statements of the Putm growth unit trust (“the Fund”) for the year ended 31 July 2018 which comprise the statement of total return, the statement of Change in unitholders’ Funds, the Balance sheet, the Distribution tables and the related notes 1 to 18, including a summary of significant accounting policies. the financial reporting framework that has been applied in their preparation is applicable law and accounting standards (united Kingdom generally accepted accounting Practice) including Frs 102 ‘the Financial reporting standard applicable to the uK and republic of ireland’. in our opinion, the financial statements: • give a true and fair view of the financial position of the Fund as at 31 July 2018 and of the net revenue and the net capital gains on the scheme property of the Fund for the year then ended; and • have been properly prepared in accordance with united Kingdom generally accepted accounting Practice including Frs 102 ‘the Financial reporting standard applicable to the uK and republic of ireland’.

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 Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in the uK, including the FrC’s 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 We have nothing to report in respect of the following matters in relation to which the isas (uK) require us to report to you where: • the manager’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Fund’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

37 independent auditor’s report to the unitholders of the Putm growth unit trust

Other information the other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. the manager is responsible for the other information. 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. in connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority 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 trust Deed; • 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; and • there is nothing to indicate that proper accounting records have not been kept or that the financial statements are not in agreement with those records.

Matters on which we are required to report by exception We have nothing to report in respect of the following in relation to which the Collective investment schemes sourcebook of the Financial Conduct authority rules 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 35, 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 Fund’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 liquidate the Fund or to cease operations, or has no realistic alternative but to do so.

38 independent auditor’s report to the unitholders of the Putm growth unit trust

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. 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 unitholders of the Fund, 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 Fund 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 Fund and the unitholders of the Fund as a body, for our audit work, for this report, or for the opinions we have formed.

ernst & Young LLP statutory auditor edinburgh 17 october 2018

notes: 1. the maintenance and integrity of the Phoenix unit trust managers Limited web site is the responsibility of the 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.

39 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 plc group and its subsidiaries. unit prices appear daily on our website www.phoenixunittrust.co.uk. Dealing: 0370 707 0073 administration: 0330 1233 703

Remuneration the 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 manager. this statement fulfils Phoenix unit trust managers Limited’s (‘the 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 2017 headcount total remuneration Phoenix Unit Trust Managers 2 32,845.47 of which Fixed remuneration 2 24,592.57 Variable remuneration 1 8,252.90 Carried interest n/a Highest paid Director’s Remuneration 22,845.47

40 Corporate information the Directors are employed by fellow entities of the group. the total compensation paid to the Directors of the manager is in respect of services to the 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. the table states the actual number of employees who are fully or partly involved in the activities of the manager, no attempt has been made to apportion the time spent specifically in support of each fund as this data is not captured as part of the 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 manager and not the fund. 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.

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

41 Corporate information

Manager Trustee Phoenix unit trust managers Limited (Putm) hsBC Bank plc 1 Wythall green Way 1-2 Lochside Way Wythall edinburgh Park Birmingham B47 6Wg edinburgh eh12 9Dt tel: 0330 1233 703 authorised by the Prudential regulation authority registered in england – no.03588031 and regulated by the Financial Conduct authority and authorised and regulated by the Financial Conduct authority. the Prudential regulation authority.

Directors Independent Auditor Andrew Moss Putm Director, Chief executive ernst & Young LLP Phoenix Life; atria one Shamira Mohammed Putm Director, Finance Director 144 morrison street Phoenix Life (resigned 13 June edinburgh eh3 8ex 2017); Craig Baker Putm Director, head of investment Authorised status management Phoenix Life; this Fund is an authorised unit trust scheme under Mike Urmston non executive Director of Putm section 243 of the Financial services & markets act 2000 and is categorised under the Collective Registrar and correspondence address investment schemes sourcebook as a uCits fund. Phoenix unit trust managers Limited Po Box 12997 Chelmsford Cm99 2en authorised and regulated by the Financial Conduct authority.

Investment Adviser ignis investment services Limited 1 george street edinburgh eh2 2LL registered in scotland – no.sC101825 authorised and regulated by the Financial Conduct authority.

42 notes

43 notes

44

Contact: Client Services Call: 0330 1233 703 Correspondence address: PO Box 12997 Chelmsford CM99 2EN 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 0330 1233 703. 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.

B610.08.18