PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORT For the half year: 16 May 2020 to 15 November 2020 (unaudited)

PUTM BOTHWELL UK ALL SHARE LISTED EQUITY FUND

Contents Investment review 2-3

Portfolio of investments 4-20

Top ten purchases and sales 21

Statistical information 22-25

Statements of total return & change in net assets attributable to unitholders 26

Balance sheet 27

Distribution table 28

Corporate information 29-30

1 Investment review Dear Investor Performance Review Welcome to the PUTM Bothwell UK All Share Listed Equity Over the review period the PUTM Bothwell UK All Share Fund report for six months to 15th November 2020. Listed Equity Fund returned 13.3%. (Source: BNP IRP, EOD Pricing, Gross of AMC, GBP. This is compared to its benchmark index return of 13.3%. Source: FTSE All Share Total Return.

In the table below, you can see how the Fund performed against its benchmark index over the last five discrete one- year periods.

Standardised Past Performance

1 Jan 20 - 15 Nov 20 16 Nov 19 - 9 Dec 19 Nov 18-19 Nov 17-18 Nov 16-17 Nov 15-16 % growth % growth % growth % growth % growth % growth

PUTM Bothwell UK All -12.5 0.28 6.6 9.2 23.9 -9.8 Share Listed Equity Fund

Benchmark Index -12.8 -0.12 9.1 8.0 25.4 -8.0

Source: Fund performance is gross of AMC, GBP, based upon end of day pricing. Benchmark Index performance is FTSE All Share Total Return.

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 Market and Portfolio Review Market Outlook and Fund Strategy In the UK, the FTSE All Share Index returned 13.3% in The outlook for UK equities remains uncertain in the near- sterling terms in the six months to 15 November 2020. term with the outcome of Brexit negotiations and a successful Equities had plummeted in February and March as Covid-19 rollout of the COVID-19 vaccine both key. With respect to the spread and many countries, including the UK, went into former, there appears to be the slimmest of lights at the end lockdown. However, strong gains followed in April and these of what has seemed like a very long tunnel and potential for continued into May, supported by fiscal and monetary the UK to secure a deal with the EU. If a deal is agreed, measures in the UK and elsewhere in the world. Concerns expect sterling and equities to react positively. Under a no- over Brexit and with value and domestic exposure very much deal scenario the outlook is less clear, but expect sterling to out of favour, UK equities oscillated around a generally weaken. There will at least be the removal of this uncertainty; downward trend for much of the summer, while overseas however, questions over the UK’s economic growth and markets generally made strong gains. Surging infections in stability will be raised and the government’s actions on September prompted the government to tighten restrictions economic support with be important for markets. Fortunately, once more, although these appeared to have little effect and a the UK household sector has squirrelled away about £140bn second national lockdown was announced in England on 31 during the crisis. Therefore, while overall consumer October. The pandemic exacted a heavy toll on the UK confidence barometers look depressed, the breakdown economy, which entered a deep recession after GDP shrank suggests more resilience in perceptions of ‘personal financial by 19.8% over the second quarter. situation’. Additionally, valuations are on the side of UK Growing concerns about the UK’s trade talks with the EU equities, having underperformed their global peers on Brexit added to investors’ worries, as the two sides had yet to make concerns, while a continued rotation into value stocks should a breakthrough in a number of key areas by the end of work in the UK’s favour. October. However, promising news of a vaccine in November If the vaccination programme is rolled out successfully, it is underpinned a dramatic market recovery, more than possible that by summer of 2021 most vulnerable groups will recouping losses over the summer. have been vaccinated and with winter behind us, the The fund performed broadly in line with its benchmark during economy should be able to move into a phase closer to the period, returning 13.3%. The strategy is managed on an normality, albeit with some ongoing health and safety enhanced index basis and maintains a core exposure to the precautions. Markets tend to be forward looking and signs UK equity market. It seeks to add incremental value on top of that the vaccine rollout is permitting the economy to open up that core by implementing three investment strategies: again will be taken positively by investors well before its effect Fundamental, Event Driven and Relative Value. The begins to be seen in economic activity. Fundamental strategy experienced the most volatility, with weakness throughout most of the period mostly offset by a strong rebound in November as value stocks rallied. Relative Value benefited from a narrowing in spreads between related securities, while Event Driven was broadly flat.

3 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Bonds (15/05/20 – 0.26%) 0.45 £1,200,000 Ocado Group 0.75% 18/01/2027 1,343 0.04 £4,200,000 Vodafone Group 1.2% 12/03/2021 4,035 0.11 £10,700,000 Vodafone Group 1.5% 12/03/2022 10,384 0.30 UK Equities (15/05/20 – 87.61%) 85.75 Aerospace & Defence 1.49 52,043 2,077 0.06 5,527,820 BAE Systems 26,042 0.75 352,779 940 0.03 1,342,419 5,047 0.14 1,091,401 QinetiQ 3,388 0.10 12,415,211 Rolls-Royce 11,631 0.33 622,640 Senior 360 0.01 114,606 Holdings 2,464 0.07 Automobiles & Parts 0.04 1,031,729 Lagonda Global Holdings 672 0.02 375,563 TI Fluid Systems 826 0.02 Banks 7.00 22,270 Bank of Georgia Group 233 0.01 29,114,866 Barclays 39,055 1.12 2,140,389 CYBG 2,817 0.08 34,316,768 HSBC Holdings 127,881 3.66 120,028,975 Lloyds Banking Group 41,668 1.19 7,795,989 NatWest Group 11,499 0.33 592,464 OneSavings Bank 2,309 0.07 4,344,720 Standard Chartered 18,109 0.52 68,282 TBC Bank 770 0.02 Beverages 3.29 482,803 4,051 0.12 3,820,351 Diageo 110,886 3.17 Chemicals 0.72 200,177 Croda International 12,447 0.36 313,668 Johnson Matthey 7,804 0.22 509,573 2,149 0.06 132,632 2,682 0.08 Construction & Materials 0.34 1,339,906 3,462 0.10 93,430 Galliford Try 97 0.00 577,361 Ibstock 1,097 0.03 294,333 Marshalls Group 2,338 0.07 87,792 1,212 0.03

4 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Construction & Materials (contnued) 286,989 Polypipe Group 1,498 0.04 442,116 Redrow 2,363 0.07 40,000 118 0.00 Electricity 0.76 324,430 ContourGlobal 638 0.02 529,385 1,702 0.05 150,007 Luceco 374 0.01 1,752,125 SSE 23,855 0.68 Electronic & Electrical Equipment 0.88 626,410 Halma 15,228 0.44 436,032 Morgan Advanced Materials 1,247 0.04 88,914 1,805 0.05 50,479 Renishaw 2,713 0.08 1,450,400 4,389 0.13 186,657 4,971 0.14 Equity Investment Instruments 4.13 508,827 Aberdeen Diversified Income and Growth Trust 467 0.01 263,078 Aberdeen New Dawn Investment Trust 781 0.02 83,588 Aberdeen New India Investment Trust 398 0.01 80,181 Aberdeen Standard Equity Income Trust 223 0.01 154,659 Aberforth Smaller Companies Trust 1,670 0.05 542,097 4,754 0.14 62,202 1,630 0.05 285,878 Asia Dragaon Trust 1,407 0.04 182,001 AVI Global Trust 1,432 0.04 61,118 Baillie Gifford European Growth Trust 822 0.02 141,709 Baillie Gifford Japan Trust 1,376 0.04 410,828 Baillie Gifford Shin Nippon Investment Trust 1,064 0.03 372,544 Baillie Gifford UK Growth Fund 767 0.02 186,800 1,980 0.06 80,429 Biotech Growth Trust 1,163 0.03 499,406 BlackRock Frontiers Investment Trust 534 0.01 133,111 BlackRock Greater Europe Investment Trust 643 0.02 86,152 Blackrock Smaller Companies Trust 1,265 0.04 133,818 BlackRock Throgmorton Trust 913 0.03 324,947 Blackrock World Mining Trust 1,402 0.04 206,089 BMO Capital and Income Investment Trust 571 0.02 110,535 BMO Private Equity Trust 345 0.01 9,087 Capital Gearing Trust 416 0.01 695,547 City of Investment Trust 2,438 0.07 228,560 Dunedin Income Growth Investment Trust 633 0.02

5 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Equity Investment Instruments (continued) 302,522 Edinburgh Investment Trust 1,537 0.04 41,113 Electra Private Equity 93 0.00 178,737 European Opportunities Trust 1,282 0.04 317,126 Fidelity Japan Trust 688 0.02 367,976 Finsbury Growth and Income Trust 3,190 0.09 930,664 Foreign & Colonial Investment Trust 7,008 0.20 39,886 Fundsmith Emerging Equities Trust 507 0.01 34,972 Henderson Eurotrust 460 0.01 270,782 Henderson International Income Trust 398 0.01 1,385,990 Henderson Smaller Companies Investment Trust 12,820 0.37 113,528 2,118 0.06 123,184 ICG Enterprise Trust 1,094 0.03 389,923 Impax Environmental Markets Trust 1,606 0.05 53,907 Invesco Perpetual UK Smaller Companies Investment Trust 239 0.01 188,851 J.P. Morgan Asia Growth & Income Trust 867 0.02 172,386 J.P. Morgan China Growth & Income Trust 1,079 0.03 87,131 J.P. Morgan Claverhouse Investment Trust 519 0.01 110,294 J.P. Morgan European Investment Trust 312 0.01 254,974 J.P. Morgan European Smaller Companies Investment Trust 1,109 0.03 570,002 J.P. Morgan Global Emerging Markets Income Trust 732 0.02 131,166 J .P. Morgan Indian Investment Trust 825 0.02 243,202 J.P. Morgan Japanese Investment Trust 1,671 0.05 129,260 J.P. Morgan Japanese Smaller Companies Trust 690 0.02 36,069 J.P. Morgan Mid Cap Investment Trust 381 0.01 74,026 J.P. Morgan Russian Securities Trust 435 0.01 205,511 Corporation 1,196 0.03 313 Lindsell Train Investment Trust 385 0.01 174,865 Lowland Investment Company 1,810 0.05 106,285 Manchester and London Investment Trust 695 0.02 251,695 Merchants Trust 1,023 0.03 110,964 Mid Wynd International Investment Trust 761 0.02 378,535 4,679 0.13 51,894 Montanaro European Smaller Companies Trust 752 0.02 100,515 830 0.02 192,105 Murray International Trust 1,956 0.06 485,757 North American Income Trust 1,117 0.03 366,045 Pacific Assets Trust 1,062 0.03 86,333 1,973 0.06 200,418 Perpetual Income and Growth Trust 488 0.01 4,438 2,030 0.06

6 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Equity Investment Instruments (continued) 222,883 Polar Capital Technology Trust 4,870 0.14 222,740 RIT Capital Partners 4,312 0.12 85,869 Riverstone Energy 235 0.01 289,806 Schroder Asia Pacific Fund 1,669 0.05 137,818 Schroder Asian Total Return 624 0.02 185,321 Schroder Japan Growth Trust 335 0.01 61,884 Schroder UK Mid Cap Fund 349 0.01 1,396,509 Schroder UK Public Private Trust 395 0.01 258,397 Scottish American Investment Trust 1,171 0.03 117,824 Scottish Investments Trust 861 0.02 2,388,349 Scottish Mortgage Investment Trust 24,648 0.71 44,644 Scottish Oriental Smaller Companies Trust 406 0.01 634,815 SDCL Energy Efficiency Income Trust 686 0.02 318,891 Securities Trust of Scotland 633 0.02 155,459 Standard Life UK Smaller Companies Trust 902 0.03 120,713 Temple Bar Investment Trust 1,048 0.03 391,159 Templeton Emerging Markets Investment Trust 3,536 0.10 84,520 TR European Growth Trust 896 0.03 537,002 TR Property Investments Trust 2,059 0.06 479,786 Utilico Emerging Market Trust 866 0.02 89,527 Worldwide Healthcare Trust 3,272 0.09 Financial Services 3.68 1,580,884 3i Group 17,556 0.50 53 7,723 AJ Bell 2,347 0.07 179,542 Arrow Global Group 304 0.01 836,505 3,383 0.10 566,504 1,674 0.05 236,386 Close Brothers 3,125 0.09 81,927 Finablr 9 0.00 592,863 Hargreaves Lansdown 9,355 0.27 654,550 IG Group Holdings 5,148 0.15 459,089 Intermediate Capital Group 7,038 0.20 1,274,028 2,409 0.07 1,655,035 IP Group 1,402 0.04 1,077,599 3,306 0.09 92,374 Liontrust Asset Management 1,242 0.04 511,842 Group 42,964 1.23 4,379,253 M&G 8,025 0.23 719,043 Holdings 1,721 0.05 501,002 Ninety One 1,127 0.03 446,404 1,760 0.05 388,605 Provident Financial 1,073 0.03

7 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Financial Services (continued) 2,970,260 Quilter 4,210 0.12 91,201 1,384 0.04 191,896 Schroders 5,763 0.16 858,794 TP ICAP 1,824 0.05 337,062 VPC Specialty Lending Investments 230 0.01 Fixed Line Telecommunications 0.66 1,645,733 1,231 0.04 14,876,787 BT Group 18,298 0.52 842,680 1,529 0.04 106,531 1,466 0.04 896,711 TalkTalk Telecom Group 860 0.02 Food & Drug Retailers 1.94 167,304 2,812 0.08 3,268,868 Morrison (Wm) Supermarkets 5,676 0.16 732,167 Ocado Group 16,715 0.48 2,742,876 Sainsbury 5,637 0.16 16,478,334 Tesco 36,961 1.06 Food Producers 0.72 590,495 Associated British Foods 11,680 0.33 79,726 Cranswick 2,936 0.08 113,850 Hil ton Food Group 1,316 0.04 1,110,073 1,060 0.03 814,537 SSP Group 2,664 0.08 821,123 Tate & Lyle 5,520 0.16 Forestry & Paper 0.45 921,036 Mondi 15,644 0.45 Gas, Water & Multiutilities 2.53 9,307,103 4,077 0.12 5,921,133 National Grid 56,464 1.62 710,145 7,396 0.21 394,585 Severn Trent 9,869 0.28 1,127,533 United Utilities Group 10,310 0.30 General Industrials 0.60 2,144,009 1,413 0.04 2,211,605 DS Smith 7,221 0.21 698,729 Smiths Group 10,498 0.30 353,231 Vesuvius 1,649 0.05 General Retailers 1.47 513,724 AO World 2,065 0.06 1,471,636 1,729 0.05

8 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % General Retailers (continued) 156,765 1,958 0.06 326,759 1,506 0.04 194,932 Halfords Group 471 0.01 728,598 Inchcape 4,495 0.13 720,012 JD Sports Fashion 5,829 0.17 3,409,320 Kingfisher 10,034 0.29 2,999,021 Marks & Spencer Group 3,710 0.11 207,974 Next Group 13,872 0.40 793,791 Group 3,080 0.09 163,268 WHSmith 2,207 0.06 Healthcare Equipment & Services 0.83 2,420,156 ConvaTec Group 4,937 0.14 662,353 2,093 0.06 1,460,436 Smith & Nephew 21,834 0.63 Household Goods 3.69 1,626,655 Barratt Developments 10,053 0.29 217,254 6,418 0.18 191,404 Berkeley Group Holdings 8,944 0.26 727,430 3,000 0.09 362,755 1,124 0.03 488,844 Persimmon 13,688 0.39 1,043,637 Reckitt Benckiser 72,846 2.09 6,519,313 Taylor Wimpey 9,697 0.28 337,803 2,662 0.08 Industrial Engineering 1.11 276,974 2,057 0.06 120,793 Hill & Smith Holdings 1,578 0.05 423,001 IMI 4,602 0.13 8,098,920 Melrose Industries 12,035 0.34 96,529 Spirax Sarco Engineering 11,149 0.32 440,551 Weir Group 7,172 0.21 Industrial Metals 0.13 902,58 0 Evraz 3,343 0.10 541,484 1,070 0.03 Industrial Transportation 0.27 37,561 Clarkson 916 0.03 100,499 James Fisher 984 0.03 1,412,767 Royal Mail 3,878 0.11 1,427,754 Signature Aviation 3,521 0.10 66,182 Wincanton 156 0.00

9 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Leisure Goods 0.14 49,589 4,882 0.14 Life Insurance 3.55 6,467,426 Aviva 19,991 0.57 1,524,531 Just Group 736 0.02 10,094,939 Legal & General 24,349 0.70 852,062 Phoenix Group Holdings 6,353 0.18 4,277,560 Prudential 53,405 1.53 835,102 St James’s Place Capital 9,098 0.26 3,887,613 Standard Life Aberdeen 10,139 0.29 Media 2.69 50,926 Group 1,268 0.04 741,727 2,556 0.07 172,098 Euromoney Institutional Investor 1,661 0.05 163,497 Future 3,270 0.09 2,653,606 Informa 14,881 0.43 6,047,047 ITV 5,594 0.16 944,576 Moneysupermarket.com 2,454 0.07 1,221,283 Pearson 7,220 0.21 320,269 Reach 477 0.01 3,075,964 RELX 54,491 1.56 Mining 5.77 2,078,289 Anglo American 43,499 1.25 488,5 81 Antofagasta 5,499 0.16 3,497,447 BHP Group 57,022 1.63 315,276 Fresnillo 3,544 0.10 384,686 905 0.03 341,725 Kaz Minerals 2,185 0.06 4,000,288 Petropavlovsk 1,102 0.03 1,849,495 Rio Tinto 87,500 2.51 Mobile Telecommunication 1.18 34,512,599 Vodafone Group 41,208 1.18 Non-Equity Investment Instruments 0.94 53,555 Aberdeen Standard Asia Focus 544 0.02 522,194 Diverse Income Trust 460 0.01 616,495 Fidelity China Special Situations 2,293 0.07 289,775 630 0.02 3,703,471 Henderson UK Smaller Companies Fund 26,191 0.75 713,772 1,882 0.05 234,015 Polar Capital Global Healthcare Trust 559 0.02

10 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Non-Life Insurance 0.97 342,108 Admiral Group 9,928 0.28 1,014,674 Beazley 3,793 0.11 2,323,245 Direct Line Insurance 6,793 0.19 552,622 Hastings Group Holdings 1,379 0.04 1,714,976 RSA Insurance Group 11,254 0.32 376,101 Sabre Insurance Group 976 0.03 Oil & Gas Producers 6.43 32,980,320P B 78,114 2.24 969,452 1,387 0.04 1,001,828 Diversified Gas & Oil 1,118 0.03 157,683 Oil & Gas 1,068 0.03 6,011,335 Royal Dutch Shell ‘A’ 70,403 2.02 6,422,335 Royal Dutch Shell ‘B’ 71,570 2.05 39,110 9 0.00 726,253 676 0.02 Oil Equipment & Services 0.08 1,011,268 2,752 0.08 Personal Goods 2.84 667,720 Burberry Group 10,760 0.31 359,424 PZ Cussons 870 0.02 1,846,551 Unilever 87,674 2.51 Pharmaceuticals & Biotechnology 9.52 2,178,984 AstraZeneca 188,112 5.39 169,505 5,828 0.17 100,878 Genus 4,388 0.13 8,504,073 GlaxoSmithKline 122,187 3.50 280,314 Hikma Pharmaceuticals 7,454 0.21 1,249,209 1,562 0.04 106,604 Oxford Biomedica 915 0.03 253,692 PureTech Health 713 0.02 1,064,168 1,115 0.03 Real Estate & Investment Services 1.97 125,705 Alternative Credit Investments 1,099 0.03 401,841 Baillie Gifford US Growth Trust 1,077 0.03 761,438 BB Healthcare Trust 1,340 0.04 1,208,186 BMO Global Smaller Companies 1,602 0.05 67,545 1,939 0.06 1,157,158 Capital & Counties Properties 1,632 0.05 1,260,775 1,369 0.04 524,942 Edinburgh Worldwide Investment Trust 1,598 0.05 626,140 European Assets Trust 664 0.02

11 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Real Estate & Investment Services (continued) 629,427 1,712 0.05 1,074,119 Grainger 3,113 0.09 536,943 3,693 0.11 2,680,422 Greencoat UK Wind 3,565 0.10 622,529 1,892 0.05 3,118,615 HICL Infrastructure 5,470 0.16 394,276 J.P. Morgan American Investment Trust 2,208 0.06 2,037,923 J.P. Morgan Emerging Markets Investment Trust 2,511 0.07 243,878 J.P. Morgan Global Growth & Income Trust 924 0.03 204,648 J.P. Morgan Smaller Companies Investment Trust 602 0.02 1,431,468 Land Securities 9,682 0.28 1,325,535 Mercantile Investment Trust 3,062 0.09 405,104 Montanaro UK Smaller Companies Investment Trust 527 0.02 220,192 2,129 0.06 218,524 Smithson Investment Trust 3,444 0.10 339,684 St Modwen Properties 1,291 0.04 96,994 Target Healthcare 110 0.00 601,249 Unite Group 6,445 0.18 1,466,366 3,079 0.09 Real Estate Investment Trust 1.68 4,599,763 Assura 3,496 0.10 236,872 REIT 2,653 0.08 1,562,388 British Land 7,410 0.21 165,545 REIT 5,301 0.15 795,972 GCP Student Living 1,114 0.03 2,859,277 658 0.02 1,492,577 Londonmetric Property 3,421 0.10 943,081 LXI REIT 1,156 0.03 537,137 NewRiver REIT 364 0.01 1,982,628 Primary Health Properties REIT 2,970 0.09 314,244 Holdings 2,539 0.07 1,989,014 Segro REIT 18,363 0.53 356,224 Shaftesbury REIT 2,061 0.06 23,034 Shaftesbury Rights – 0.00 274,284 Triple Point Social Housing REIT 296 0.01 3,118,648 Tritax Big Box REIT 5,093 0.15 209,956 1,493 0.04 Software & Computer Services 1.49 1,501,922 Auto Trader Group 8,450 0.24 865,899 Avast 3,916 0.11 109,755 Aveva Group 4,505 0.13

12 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Software & Computer Services (continued) 118,996 2,694 0.08 177,782 FDM Group Holdings 1,884 0.05 118,001 Group 1,402 0.04 576,813 International 1,424 0.04 169,165 NCC Group 328 0.01 1,445,464 Rightmove 9,268 0.27 1,890,997 Sage Group 12,783 0.37 200,953 2,243 0.06 763,662 3,198 0.09 Support Services 3.55 411,490 2,154 0.06 738,595 Ashtead Group 23,591 0.68 1,095,745 3,028 0.09 393,174 920 0.03 567,543 Bunzl 13,848 0.40 2,554,698 1,000 0.03 185,234 CMC Markets 654 0.02 177,625 Diploma 4,075 0.12 698,477 5,679 0.16 340,301 Equiniti Group 364 0.01 379,012 1,073 0.03 2,612,143 G4S 5,561 0.16 3,163,351 Hays 4,191 0.12 437,123 5,280 0.15 946,919 Howden Joinery Group 5,992 0.17 459,245 IntegraFin Holdings 2,280 0.07 271,367 Intertek Group 16,494 0.47 62,849 Northgate 140 0.00 470,122 PageGroup 1,988 0.06 128,813 Paypoint 715 0.02 2,964,595 Rentokil Initial 16,080 0.46 200,429 RWS Holdings 1,140 0.03 1,858,834 Group 2,192 0.06 415,964 5,387 0.15 Technology Hardware & Equipment 0.07 903,287 Communications 2,389 0.07 Tobacco 3.69 3,845,812 British American Tobacco 107,279 3.07 1,594,406 Imperial Brands 21,612 0.62

13 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Travel & Leisure 2.46 256,372 Carnival 2,770 0.08 1,818,625 Group 797 0.02 2,943,924 Compass Group 40,435 1.16 752,135 Domino’s Pizza Group 2,461 0.07 719,491 EasyJet 5,298 0.15 2,041,044 Firstgroup 1,194 0.03 305,202 InterContinental Hotels 13,658 0.39 476,333 Mitchells & Butlers 1,041 0.03 1,306,769 2,972 0.09 120,619 Wetherspoon (JD) 1,250 0.04 337,895 Whitbread 9,393 0.27 1,634,347 William Hill 4,370 0.13 Unquoted Equities 0.00 1,357 HIE Ventures ‘A’ Shares+ – 0.00 5,426 HIE Ventures+ – 0.00 72,899 NMC Health+ – 0.00 Overseas equities (15/05/20 – 9.51%) 10.63 Alternative Energy 0.02 570,360 Bluefield Solar Income Fund 761 0.02 Beverages 0.25 662,813 C&C Group 1,245 0.04 334,163 Coca Cola 7,368 0.21 Construction & Materials 2.03 1,326,713 CRH 39,788 1.14 369,428 Ferguson 29,525 0.85 50,449 RHI Magnesita 1,551 0.04 Electronic & Electrical Equipment 0.02 20,391 XP Power 842 0.02 Equity Investment Instruments 0.33 563,054 Aberdeen Asia Income Fund 1,126 0.03 2,172,924 CQS New City High Yield Fund 1,043 0.03 307,882 Dragon Capital Vietnam Enterprise Investment 1,558 0.04 1,400,804 GCP Infrastructure Investments 1,538 0.04 231,992 Henderson Far East Income 715 0.02 363,949 NB Global Monthly Income Fund 285 0.01 608,359 Ruffer Investment Company 1,460 0.04 3,116,949 Sequoia Economic Infrastructure Income Fund 3,316 0.09 256,745 SME Credit Realisation Fund 154 0.00 311,462 VinaCapital Vietnam Opportunity Fund 1,103 0.03

14 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Financial Services 0.49 496,008 847 0.02 2,758,420 International Public Partnership 4,767 0.14 2,496,459 2,906 0.08 547,867 Merian Chrysalis Investment Trust 783 0.02 174,607 2,582 0.07 216,870 1,297 0.04 451,382 Schroder Oriental Income Fund 1,095 0.03 1,123,970 3,113 0.09 Food & Drug Retailers 0.54 191,626 Just Eat 16,116 0.46 389,603 UDG Healthcare 2,834 0.08 Food Producers 0.02 659,139 Group 791 0.02 General Industrials 0.37 399,129 Smurfit Kappa Group 12,908 0.37 General Retailers 0.20 1,397,714 B & M European Value Retail 7,036 0.20 Media 0.41 1,984,681 WPP 14,381 0.41 Mining 1.32 1,743,004 2,022 0.06 18,114,433 Glencore 34,330 0.98 573,992 Polymetal International 9,752 0.28 Non-Equity Investment Instruments 0.15 74,422 BH Global 1,388 0.04 1,112,606 Bilfinger Berger Global Infrastructure SICAV~ 1,929 0.06 188,996 Genesis Emerging Market Fund 1,582 0.05 Non-Life Insurance 0.23 545,322 5,680 0.16 366,864 2,614 0.07 Oil Equipment & Services 0.02 349,505 Petrofac 544 0.02 Real Estate & Investment Services 0.77 992,431 3,007 0.09 1,217,316 Foresight Solar Fund 1,254 0.04 1,251,352 GCP Asset Backed Income Fund 1,126 0.03 158,996 Harbourvest Global Private Equity 2,735 0.08 1,143,313 1,338 0.04 936,450 JLEN Environmental Assets Group 1,110 0.03

15 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Real Estate & Investment Services (continued) 578,387 KKV Secured Loan Fund 81 0.00 79,900 NB Private Equity Partners 839 0.02 1,062,178 Nextenergy Solar Fund 1,134 0.03 332,281 Pershing Square Holding 7,526 0.22 2,771,317 Renewables Infrastructure 3,686 0.11 1,321,438 1,126 0.03 863,823 Starwood European Real Estate Finance 760 0.02 1,151,161 TwentyFour Income Fund 1,220 0.03 Software & Computer Services 0.06 515,974 1,939 0.06 Support Services 1.82 168,975 DCC 9,970 0.29 1,467,039 Experian 45,009 1.29 410,018 3,368 0.10 1,427,614 International Workplace Group 4,805 0.14 Technology Hardware & Equipments 0.01 292,535 BATM Advanced Communications 274 0.01 Travel & Leisure 1.57 195,557 Flutter Entertainment 26,342 0.75 138,771 Group 1,463 0.04 945,582 GVC Holdings 9,452 0.27 6,546,906 International Consolidated Airlines Group 9,467 0.27 143,262 On the Beach Group 503 0.01 504,086 Restaurant Group 336 0.01 722,732 TUI AG 2,822 0.08 114,164 Holdings 4,989 0.14 Contracts For Difference (15/05/20 – (0.03%)) 0.17 62,332 Ashtead Group Contract for Difference 73 0.00 Notional value - £1,917,410 30,816 Associated British Foods Contract for Difference 34 0.00 Notional value - £575,525 66,526 AstraZeneca Contract for Difference 197 0.01 Notional value - £5,546,127 88,045 Babcock International Contract for Difference 13 0.00 Notional value - £230,440 275,457 BAE Systems Contract for Difference 11 0.00 Notional value - £1,286,932 779,638 Balfour Beatty Contract for Difference 144 0.00 Notional value - £1,870,304 1,116,423 Barclays Contract for Difference 191 0.01 Notional value - £1,306,325

16 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Contracts For Difference (continued) 69,307 Bellway Contract for Difference 165 0.00 Notional value - £1,882,705 1,670,742 BP Contract for Difference 302 0.01 Notional value - £3,654,680 108,890 British American Tobacco Contract for Difference 191 0.01 Notional value - £2,846,818 1,013,203 BT Group Contract for Difference 122 0.00 Notional value - £1,123,945 248,758 Countryside Properties Contract for Difference 97 0.00 Notional value - £928,337 64,591 CRH Contract for Difference 19 0.00 Notional value - £1,918,070 42,366 Derwent London REIT Contract for Difference 97 0.00 Notional value - £1,259,982 147,783 DFS Furniture Contract for Difference 35 0.00 Notional value - £301,197 106,909 Diageo Contract for Difference 150 0.00 Notional value - £2,953,263 413,831 DS Smith Contract for Difference 46 0.00 Notional value - £1,305,312 255,970 EasyJet Contract for Difference 294 0.01 Notional value - £1,590,550 804,972 Contract for Difference 166 0.00 Notional value - £719,211 – Flutter Entertainment Contract for Difference 89 0.00 Notional value - £797,591 426 FTSE 250 Index Contract for Difference (278) (0.01) Notional value - £8,487,405 63,343 GlaxoSmithKline Contract for Difference 17 0.00 Notional value - £892,931 472,092 Glencore Contract for Difference 60 0.00 Notional value - £834,836 84,781 Great Portland Estates Contract for Difference 29 0.00 Notional value - £553,813 27,157 Grubhub Contract for Difference – 0.00 Notional value - £1,513,874 (129,179) Halma Contract for Difference 30 0.00 Notional value - (£3,170,605) 1,436,245 Hammerson Contract for Difference (82) 0.00 Notional value - £411,947 589,029 HSBC Holdings Contract for Difference 378 0.01 Notional value - £1,817,450

17 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Contracts For Difference (continued) 654,432 Ibstock Contract for Difference 99 0.00 Notional value - £1,144,634 220,982 Imperial Brands Contract for Difference 74 0.00 Notional value - £2,921,009 38,034 Inchcape Contract for Difference 6 0.00 Notional value - £228,314 110,303 Informa Contract for Difference 80 0.00 Notional value - £538,261 113,494 Intermediate Capital Group Contract for Difference 142 0.00 Notional value - £1,598,159 308,285 International PER Finance Contract for Difference 25 0.00 Notional value - £211,056 2,086,528 ITV Contract for Difference 239 0.01 Notional value - £1,691,084 171,447 John Laing Group Contract for Difference 4 0.00 Notional value - £521,775 70,936 Johnson Matthey Contract for Difference 36 0.00 Notional value - £1,728,640 (18,220) Just Eat Contract for Difference 10 0.00 Notional value - (£1,542,124) 2,381,573 Just Group Contract for Difference 61 0.00 Notional value - £1,089,091 87,554 Land Securities Contract for Difference 66 0.00 Notional value - £526,327 1,358,407 Legal & General Contract for Difference 392 0.01 Notional value - £2,884,228 1,203,274 M&G Contract for Difference 129 0.00 Notional value - £2,075,905 526,035 Melrose Industries Contract for Difference 48 0.00 Notional value - £734,102 335,776 National Grid Contract for Difference 30 0.00 Notional value - £3,171,726 1,295,408 NatWest Group Contract for Difference 214 0.01 Notional value - £1,696,975 1,322 Ocado Group Contract for Difference 2 0.00 Notional value - £29,539 423,52 1 OneSavings Bank Contract for Difference 202 0.01 Notional value - £1,448,949 345,000 Perpetual Income & Growth Contract for Difference 49 0.00 Notional value - £790,903 289,934 Phoenix Group Holdings Contract for Difference 112 0.00 Notional value - £2,050,020

18 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Contracts For Difference (continued) 341,059 Prudential Contract for Difference 328 0.01 Notional value - £3,929,630 32,989 Reckitt Benckiser Contract for Difference (47) 0.00 Notional value - £2,349,481 83,897 RELX Contract for Difference 21 0.00 Notional value - £1,465,274 18,691 Rio Tinto Contract for Difference 15 0.00 Notional value - £869,571 247,919 Royal Dutch Shell ‘A’ Contract for Difference 300 0.01 Notional value - £2,589,613 1,152,500 Royal Dutch Shell ‘B’ Contract for Difference 1,245 0.04 Notional value - £11,598,503 166,950 RSA Insurance Group Contract for Difference 206 0.01 Notional value - £889,159 (111,654) RWS Holdings Contract for Difference 5 0.00 Notional value - (£640,464) (291,495) Sainsbury Contract for Difference (3) 0.00 Notional value - (£595,596) (28,750) Severn Trent Contract for Difference (1) 0.00 Notional value - (£718,555) 179,598 Shaftesbury REIT Contract for Difference 88 0.00 Notional value - £950,934 (10,603) Smith & Nephew Contract for Difference (1) 0.00 Notional value - (£157,750) 72,408 Smiths Group Contract for Difference 37 0.00 Notional value - £1,050,467 51,852 Spectris Contract for Difference (4) 0.00 Notional value - £1,385,168 160,444 St James’s Place Capital Contract for Difference 145 0.00 Notional value - £1,603,494 424,784 Standard Chartered Contract for Difference 84 0.00 Notional value - £1,686,956 115,691 Temple Bar Investment Trust Contract for Difference 107 0.00 Notional value - £897,515 225,872 Tesco Contract for Difference 13 0.00 Notional value - £493,858 183,061 THG Holdings Contract for Difference 22 0.00 Notional value - £1,131,479 259,242 TI Fluid Systems Contract for Difference 42 0.00 Notional value - £528,805 (202,270) Unilever Contract for Difference (154) 0.00 Notional value - (£9,450,145)

19 Portfolio of investments

Investments held at 15 November 2020 Market Percentage of value total net assets Holding Investment £000 % Contracts For Difference (continued) 201,896 Unilever Contract for Difference 232 0.01 Notional value - (£9,298,536) (72,005) United Utilities Group Contract for Difference (13) 0.00 Notional value - (£645,604) 62,592 Weir Group Contract for Difference 18 0.00 Notional value - £1,001,159 Futures (15/05/20 – 0.00%) 0.00 81 ICF FTSE 100 Index Future December 2020 (12) 0.00 (3) ICF Long Gilt Future December 2020 4 0.00 Forward Foreign Exchange Contracts (15/05/20 – 0.02%) 0.00 GBP 2,700,000 GBP Forward Currency Contract 25/11/2020 2,700 0.08 (USD 3,463,093) USD Forward Currency Contract 25/11/2020 (2,631) (0.08) USD 1,927,491 USD Forward Currency Contract 25/11/2020 1,464 0.04 (GBP 1,500,000) GBP Forward Currency Contract 25/11/2020 (1,500) (0.04) GBP 2,054,902 GBP Forward Currency Contract 25/11/2020 2,055 0.06 (USD 2,700,000) USD Forward Currency Contract 25/11/2020 (2,051) (0.06)

Portfolio of investments^ 3,387,287 97.00

Net other assets 104,647 3.00

Net assets 3,491,934 100.00

Unless otherwise stated, all investments with the exceptions of Contract for difference and Forward Foreign Exchange contracts are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market. The counterparty for the Future is UBS. The counterparties for the Forwards Foreign Exchange Contracts are Merrill Lynch and UBS. The counterparty for the CFD is UBS. ^ Includes investment liabilities +In liquidation ~ SICAV (Open ended investment schemes registered outside the UK).

Credit Ratings £000 % Non-investment grade 15,762 100.00

Total investment in bonds 15,762 100.00

20 Top ten purchases and sales For the half year ended 15 November 2020

Purchases Cost Sales Proceeds £000 £000 AstraZeneca 95,393 Vodafone Group 12,931 HSBC Holdings 68,246 Henderson UK Smaller Companies Fund 3,678 GlaxoSmithKline 63,437 Ocado Group 0.875% 09/12/2025 3,209 Diageo 56,690 BP 3,137 British American Tobacco 55,896 Lloyds Banking Group 3,000 Unilever 44,865 Royal Dutch Shell ‘A’ 2,462 BP 43,979 HSBC Holdings 2,026 Rio Tinto 43,858 Ocado Group 0.75% 18/01/2027 1,966 Reckitt Benckiser 37,396 Ocado Group 804 Royal Dutch Shell ‘B’ 37,056 Aviva 436 Subtotal 546,816 Subtotal 33,649 Other purchases 1,209,849 Other sales 4,982

Total purchases for the half year 1,756,665 Total sales for the half year 38,631

21 Statistical information

Comparative tables Class ‘A’ Accumulation 15/11/20 15/05/20 15/05/19 15/05/18 pence pence pence pence Change in net assets per unit Opening net asset value per unit 136.76 169.11 179.02 166.33 Return before operating charges* 18.12 (29.83) (7.34) 15.25 Operating charges (1.11) (2.52) (2.57) (2.56) Return after operating charges* 17.01 (32.35) (9.91) 12.69 Distributions on accumulation units (1.02) (4.54) (4.59) (4.07) Retained distributions on accumulation units 1.02 4.54 4.59 4.07 Closing net asset value per unit 153.77 136.76 169.11 179.02 * after direct transaction costs of:^ 0.09 0.42 0.45 0.26

Performance Return after charges 12.44% (19.13%) (5.54%) 7.63%

Other information Closing net asset value (£000) 258,194 212,578 272,553 321,344 Closing number of units 167,912,816 155,442,663 161,168,880 179,498,901 Operating charges 1.52% 1.52% 1.52% 1.52% Direct transaction costs 0.06% 0.25% 0.27% 0.16%

Prices+ Highest unit price (pence) 167.33 194.89 197.13 193.48 Lowest unit price (pence) 135.90 116.62 152.50 158.46

^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.

22 Statistical information

Comparative tables Class ‘B’ Accumulation 15/11/20 15/05/20 15/05/19 15/05/18 pence pence pence pence Change in net assets per unit Opening net asset value per unit 157.19 191.72 200.49 183.49 Return before operating charges* 20.81 (34.49) (8.73) 17.04 Operating charges (0.02) (0.04) (0.04) (0.04) Return after operating charges* 20.79 (34.53) (8.77) 17.00 Distributions on accumulation units (2.44) (7.74) (7.77) (7.32) Retained distributions on accumulation units 2.44 7.74 7.77 7.32 Closing net asset value per unit 177.98 157.19 191.72 200.49 * after direct transaction costs of:^ 0.10 0.48 0.51 0.29

Performance Return after charges 13.23% (18.01%) (4.37%) 9.26%

Other information Closing net asset value (£000) 3,233,740 1,314,177 2,609,571 3,131,077 Closing number of units 1,816,887,271 836,063,312 1,361,162,465 1,561,750,778 Operating charges 0.02% 0.02% 0.02% 0.02% Direct transaction costs 0.06% 0.25% 0.27% 0.16%

Prices+ Highest unit price (pence) 180.31 207.44 205.38 201.50 Lowest unit price (pence) 157.96 133.66 171.95 177.08

^The direct transaction costs includes commission on futures. + High and low price disclosures are based on quoted unit prices. Therefore, the opening and closing NAV prices may fall outside the high/low price threshold.

23 Statistical information

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

Investment policy The Fund aims to achieve its objective primarily by investing 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 Listed companies outside of the FTSE All Share Index. The Fund’s holdings will typically consist of equities or “equity related securities” which will include convertible stocks, stock exchange listed warrants, depository receipts, and any other such investments which entitle the holder to subscribe for or convert into the equity of the company and/or where the share price performance is, in the opinion of the Investment Adviser, influenced significantly by the stock market performance of the company’s ordinary shares. The Fund may also invest in other transferable securities, which are non-approved securities (essentially unlisted securities), money-market instruments, deposits, cash and near cash and other collective investment schemes. Derivatives will be used for efficient portfolio management only.

Investment strategy Although at least 70% of the Fund is invested in components of the index, the fund is actively managed. The Investment Adviser uses numerical techniques to select investments, seeking to improve the level of return that can be achieved for a level of risk similar to that of the index. The Fund is managed within constrains, so that divergence from the index is controlled. The Fund’s portfolio may, therefore, be similar to the components of the Index.

Revenue distribution and pricing Units of the Fund are available as either Class ‘A’ Accumulation or ‘B’ 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 15 November and a final distribution as at 15 May. 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.

24 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 (15/05/20: 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 ‘A’ Accumulation • Class ‘B’ 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 risk(s) 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. 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 14 January 2021 Andrew Moss, Director

25 Interim financial statements For the half year ended 15 November 2020

Statement of total return 15/11/20 15/11/19 £000 £000 £000 £000 Income Net capital gains/(losses) 182,035 (29,238) Revenue 26,291 75,317 Expenses (2,024) (2,401) Interest payable and similar charges (119) (11) Net revenue before taxation 24,148 72,905 Taxation (163) (795) Net revenue after taxation 23,985 72,110 Total return before distribution 206,020 42,872 Distributions (24,000) (72,146) Change in net assets attributable to unitholders from investment activities 182,020 (29,274)

Statement of change in net assets attributable to unitholders 15/11/20 15/11/19* £000 £000 £000 £000 Opening net assets attributable to unitholders 1,526,755 2,882,124 Amounts receivable on issue of units 187,226 86,063 Amounts receivable on in-specie transfer** 1,566,766 – Amounts payable on cancellation of units (16,858) (68,790) 1,737,134 17,273 Change in net assets attributable to unitholders from investment activities 182,020 (29,274) Retained distributions on accumulation units 46,025 73,076 Closing net assets attributable to unitholders 3,491,934 2,943,199

*Please note that the comparative figures are for the comparative interim period. The brought forward net assets for the current period do not, therefore equal the carried forward figure in the comparative. **Represents the value of units issued by in-specie transfer of assets during the half year.

26 Interim financial statements As at 15 November 2020

Balance sheet 15/11/20 15/05/20 £000 £000 £000 £000 Assets: Fixed assets: Investments 3,388,199 1,488,974

Current assets: Debtors 87,086 7,772 Cash and bank balances 51,760 33,151 Total current assets 138,846 40,923 Total assets 3,527,045 1,529,897

Liabilities: Investment liabilities (912) (2,350) Creditors: Bank overdraft (7,182) – Other creditors (27,017) (792) Total creditors (34,199) (792) Total liabilities (35,111) (3,142) Net assets attributable to unitholders 3,491,934 1,526,755

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 15 May 2020 and are described in those financial statements.

27 Distribution tables For the half year ended 15 November 2020

Interim distribution in pence per unit Group 1: units purchased prior to 16 May 2020 Group 2: units purchased 16 May 2020 to 15 November 2020

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 15 Jan 15 Jan Class ‘A’ Accumulation Group 1 1.0201 — 1.0201 3.1560 Group 2 1.0044 0.0157 1.0201 3.1560

Class ‘B’ Accumulation Group 1 2.4389 — 2.4389 4.9628 Group 2 2.0354 0.4035 2.4389 4.9628

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.

28 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. Unit prices appear daily on our website www.phoenixunittrust.co.uk. Administration & Dealing: 0345 584 2803 (between the hours of 9am & 5pm).

Remuneration The 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 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 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.

29 Corporate information

Manager Investment Adviser Phoenix Unit Trust Managers Limited (PUTM) Henderson Global Investors Limited 1 Wythall Green Way 201 Bishopsgate Wythall London Birmingham B47 6WG EC2M 3AE Tel: 0345 584 2803 Authorised and regulated by the Financial Conduct Authority. Registered in England – No.03588031 Authorised and regulated by the Financial Conduct Authority. Trustee HSBC Bank plc Directors 1-2 Lochside Way Andrew Moss PUTM Director, Chief Executive Edinburgh Park Phoenix Life; Edinburgh EH12 9DT Craig Baker PUTM Director, Head of Investment Authorised by the Prudential Regulation Authority Management Phoenix Life; and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Mike Urmston Non Executive Director of PUTM; Nick Poyntz-Wright Non Executive Director of PUTM. Independent Auditor Ernst & Young LLP Registrar and correspondence address Atria One Phoenix Unit Trust Managers Limited 144 Morrison Street Floor 1, 1 Grand Canal Square Edinburgh EH3 8EX Grand Canal Harbour Dublin 2 Authorised status Ireland This Fund is an Authorised Unit Trust scheme under Authorised and regulated by the Financial Conduct Authority. section 243 of the Financial Services & Markets Act 2000 and is categorised under the Collective Investment Schemes Sourcebook as a UCITS fund.

30 Notes

31 Notes

32

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.

B548.11.20