PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORT For the half year: 2 May 2018 to 1 November 2018

PUTM UK STOCK MARKET FUND (SERIES 3)

Contents

Investment review 2-3

Portfolio of investments 4-10

Top ten purchases and sales 11

Statistical information 12-14

Statements of total return & change in unitholders’ funds 15

Balance sheet 16

Distribution table 17

Corporate information 18-19

1 Investment review Dear Investor Performance Review Welcome to the PUTM Stock Market Series 3 Unit Trust Over the review period, the accumulation units in the interim report for the six months to 1 November 2018. PUTM Stock Market Series 3 Unit Trust returned -6.8%. Over the same period, the FTSE 250 Mid ex IT Index returned -6.7% (Source: Standard Life Investments for the six months to 01/11/18). In the table below, you can see how the Fund performed against the FTSE 250 Mid ex IT Index over the last five discrete one-year periods.

Standardised Past Performance

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

PUTM Stock Market Series 3 Unit Trust -5.1 18.8 3.2 14.2 2.2

FTSE 250 Mid ex IT Index -5.1 19.0 3.5 14.5 2.3

Source: Standard Life Investments to 1 November 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 Market Outlook and Fund Strategy UK equities endured a difficult period, as the stock Recently, the market has become significantly more market weathered political upheaval and Brexit-related volatile, given concerns around market levels and global uncertainty. The pound fluctuated, with periods of growth. Risks, such as UK and Italian politics, US/China weakness helping to lift firms that make their revenues trade tensions and monetary tightening remain very overseas. much to the fore and we are seeing some material shift in After a weak start to 2018, the UK equity market stocks. rebounded into the summer months. Sterling weakness Despite this, most macro indicators remain positive and benefited companies that make the bulk of their earnings although the UK economy is set to lag others due to the overseas, pushing the FTSE 100 Index to record highs. In handbrake of Brexit, earnings for UK corporates look particular, oil firms were in the ascendency as crude much more attractive, with an average annual growth reached nearly $80 per barrel in May – its highest level rate of 10% for the next two years. in four years. Meanwhile, retailers benefited from a Over coming months, the UK market is likely to be combination of record-breaking temperatures and increasingly sensitive to EU negotiations, with a deal still increased spending over the two bank holiday weekends, in our view the most likely outcome. While investor focus with the major supermarket chains revealing sales has been on downside risk, we note the upside risk is increases. sterling strength, a rise in domestic equities and However, positive sentiment did not last, with UK shares downside pressure on the more internationally focused falling as stumbling Brexit negotiations, worsening US- FTSE 100 Index. China trade conflict and emerging-market volatility dominated headlines. In particular, the see-saw nature of Brexit negotiations was not helpful for share prices or sterling, with the latter slumping when talks failed to advance meaningfully. On the upside, GDP growth was better than anticipated with healthy consumer spending a driving factor. Unemployment fell to 4%, while the number of people in work and wages earned rose at a healthy pace. In August, the Bank of England increased interest rates to 0.75%, which investors had anticipated.

3 Portfolio of investments (unaudited)

Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% United Kingdom (01/05/18 – 85.87%) 85.99 Aerospace & Defence (01/05/18 – 3.01%) 3.40 178,014 Cobham 191,899 0.85 57,986 304,658 1.34 41,529 QinetiQ 115,326 0.51 30,276 Senior 83,259 0.37 5,284 Holdings 75,931 0.33 Automobiles & Parts (01/05/18 – 0.14%) 0.10 10,826 TI Fluid Systems 22,367 0.10 Banks (01/05/18 – 2.70%) 2.54 2,603 Bank of Georgia 43,012 0.19 93,516 CYBG 258,852 1.14 6,752 Metro Bank 162,048 0.72 18,913 OneSavings Bank 72,285 0.32 2,332 TBC Bank 39,318 0.17 Beverages (01/05/18 – 0.74%) 0.91 6,807 A G Barr 52,346 0.23 19,561 155,021 0.68 Chemicals (01/05/18 – 1.40%) 1.49 44,241 93,437 0.41 19,304 82,660 0.37 6,088 161,088 0.71 Construction & Materials (01/05/18 – 1.71%) 1.85 51,680 138,812 0.61 28,941 Ibstock 65,696 0.29 4,973 Keller 32,722 0.15 6,619 Kier Group 60,266 0.27 15,793 Marshalls Group 70,374 0.31 13,447 Polypipe Group 50,830 0.22 Electricity (01/05/18 – 0.54%) 0.65 15,022 ContourGlobal 29,789 0.13 29,287 117,734 0.52 Electronic & Electrical Equipment (01/05/18 – 2.55%) 2.41 20,226 Morgan Advanced 54,651 0.24 2,518 Renishaw 106,360 0.47 64,246 195,308 0.86 8,852 189,875 0.84 Financial Services (01/05/18 – 9.16%) 8.85 44,930 AA 45,986 0.20 8,235 Amigo Holdings 18,512 0.08 28,599 98,381 0.43 20,984 70,758 0.31 9,446 Charter Court Financial 28,262 0.13 11,421 Close Brothers 170,972 0.76 27,286 IG Group Holdings 167,809 0.74 21,008 Intermediate Capital Group 202,307 0.89 49,439 241,065 1.06

4 Portfolio of investments (unaudited)

Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Financial Services (continued) 77,431 IP Group 87,187 0.39 35,561 113,440 0.50 118,857 187,140 0.83 19,490 Paragon Group of Companies 84,704 0.37 18,796 Provident Financial 99,243 0.44 139,966 Quilter 166,308 0.73 4,090 97,342 0.43 43,675 Tullett Prebon 127,487 0.56 Fixed Line Telecommunications (01/05/18 – 0.41%) 0.52 53,522 TalkTalk Telecom Group 67,545 0.30 3,935 49,660 0.22 Food & Drug Retailers (01/05/18 – 2.24%) 1.44 7,651 90,970 0.40 34,914 SSP Group 236,438 1.04 Food Producers (01/05/18 – 1.55%) 2.06 8,674 Bakkavör Group 12,994 0.06 3,952 Cranswick 114,845 0.51 11,952 Dairy Crest Group 55,147 0.24 5,253 47,907 0.21 34,795 Tate & Lyle 235,562 1.04 Gas, Water & Multiutilities (01/05/18 – 0.86%) 1.05 31,346 239,170 1.05 General Industrials (01/05/18 – 1.65%) 1.80 105,810 86,553 0.38 30,561 RPC Group 232,325 1.03 15,754 Vesuvius 88,616 0.39 General Retailers (01/05/18 – 4.26%) 3.92 22,789 Card Factory 41,955 0.18 73,555 128,133 0.56 6,867 42,472 0.19 15,916 Halfords Group 50,677 0.22 30,312 Inchcape 169,899 0.75 26,303 JD Sports Fashion 110,525 0.49 84,916 Saga 101,814 0.45 14,556 Sports Direct International 49,083 0.22 5,302 Superdry 44,457 0.20 7,847 WH Smith 150,192 0.66 Healthcare Equipment & Services (01/05/18 – 1.05%) 1.38 110,849 Convatec 175,862 0.78 28,761 111,363 0.49 20,616 Group 26,079 0.11

5 Portfolio of investments (unaudited)

Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Household Goods (01/05/18 – 3.19%) 3.17 9,183 279,531 1.23 9,734 Bovis Homes Group 99,725 0.44 35,068 108,781 0.48 17,912 Holdings 64,841 0.29 7,740 Galliford Try 70,086 0.31 17,209 Redrow 95,510 0.42 Industrial Engineering (01/05/18 – 3.62%) 3.02 14,382 International 114,840 0.50 6,224 Hill & Smith 64,107 0.28 19,832 IMI 199,113 0.88 19,375 Weir Group 308,159 1.36 Industrial Metals (01/05/18 – 0.20%) 0.22 22,458 49,610 0.22 Industrial Transportation (01/05/18 – 1.38%) 1.30 78,375 BBA Group 191,078 0.84 1,919 Clarkson 46,728 0.21 3,190 James Fisher & Sons 57,037 0.25 Leisure Goods (01/05/18 – 0.23%) 0.33 2,389 76,090 0.33 Life (01/05/18 – 0.34%) 0.31 73,422 Just Group 69,347 0.31 Media (01/05/18 – 3.21%) 2.05 30,521 121,657 0.54 4,248 Euromoney Institutional Investor 54,714 0.24 53,273 Merlin Entertainments 174,043 0.77 38,437 Moneysupermarket.com 114,235 0.50 Mining (01/05/18 – 1.36%) 0.88 18,113 29,506 0.13 17,919 Kaz Minerals 94,111 0.42 326,301 Sirius Minerals 75,898 0.33 Mobile Telecom (01/05/18 – 0.51%) 0.70 34,075 Inmarsat 158,687 0.70 Non-Equity Investment Instruments (01/05/18 – 0.99%) 0.99 57,976 BCA Marketplace 121,460 0.53 30,794 103,745 0.46 Non-Life Insurance (01/05/18 – 1.79%) 2.15 39,725 214,912 0.95 22,039 Group 61,533 0.27 22,501 Hastings Group 41,807 0.18 8,980 Jardine Lloyd Thompson 169,542 0.75

6 Portfolio of investments (unaudited)

Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Oil & Gas Producers (01/05/18 – 1.35%) 2.01 45,249 90,091 0.40 6,036 Oil & Gas 37,846 0.17 59,447 Premier Oil 62,419 0.27 104,877 230,625 1.01 30,568 35,850 0.16 Oil Equipment & Services (01/05/18 – 1.46%) 0.29 9,902 Hunting 66,838 0.29 Personal Goods (01/05/18 – 0.39%) 0.34 14,997 PZ Cussons 32,753 0.15 2,263 Ted Baker 43,563 0.19 Pharmaceuticals & Biotechnology (01/05/18 – 3.61%) 3.24 28,410 BTG 158,386 0.70 7,328 167,372 0.74 4,750 Genus 105,925 0.46 10,382 Hikma Pharmaceuticals 196,998 0.87 55,707 106,707 0.47 Real Estate Investment & Services (01/05/18 – 3.25%) 3.21 54,450 Capital & Counties 139,610 0.61 12,120 CLS Holdings 27,452 0.12 380 Daejan Holdings 22,382 0.10 31,926 Grainger 87,605 0.38 21,650 153,650 0.68 10,297 74,962 0.33 13,353 St Modwen Properties 51,409 0.23 19,941 Unite Group 171,891 0.76 Real Estate Investment Trusts (01/05/18 – 6.47%) 6.60 181,129 Assura 95,817 0.42 10,498 91,910 0.41 7,477 225,357 0.99 58,763 262,906 1.16 65,798 Intu Properties 128,471 0.57 47,097 LondonMetric Property 87,082 0.38 21,445 NewRiver 54,685 0.24 50,470 Primary Health Properties 55,416 0.24 14,520 Holdings 79,134 0.35 17,649 Shaftesbury 161,577 0.71 107,310 Tritax Big Box 153,775 0.68 10,243 101,201 0.45 Software & Computer Services (01/05/18 – 3.45%) 3.33 70,409 Auto Trader Group 288,677 1.27 19,185 Avast 54,485 0.24 4,586 Aveva Group 122,721 0.54 5,116 59,448 0.26 5,921 FDM Group 52,756 0.23 9,632 63,090 0.28 24,872 Sophos Group 114,610 0.51

7 Portfolio of investments (unaudited)

Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Support Services (01/05/18 – 8.20%) 10.29 17,520 150,076 0.66 36,988 Group 231,101 1.02 125,736 165,657 0.73 8,442 Diploma 111,266 0.49 33,853 Electrocomp 214,289 0.94 24,777 Equiniti Group 56,120 0.25 18,786 72,552 0.32 115,678 G4S 252,409 1.11 100,566 Hays 164,627 0.73 20,378 192,878 0.85 44,506 Howden Joinery Group 216,789 0.96 13,474 IntegraFin 37,592 0.17 23,689 PageGroup 118,682 0.52 85,787 Group 83,599 0.37 43,664 SIG 49,952 0.22 18,694 216,290 0.95 Technology, Hardware & Equipment (01/05/18 – 1.29%) 1.82 5,452 Spirax Sarco Engineering 353,835 1.56 48,934 Communications 58,231 0.26 Travel & Leisure (01/05/18 – 5.61%) 5.37 74,881 Group 226,290 1.00 34,864 Domino's Pizza Group 101,489 0.45 36,770 Ei Group 61,847 0.27 92,521 FirstGroup 80,354 0.35 3,276 Go-Ahead Group 51,073 0.22 23,826 Greene King 119,106 0.52 9,087 Millennium & Copthorne Hotels 45,344 0.20 14,466 Mitchells & Butlers 37,669 0.17 32,497 131,678 0.58 8,854 On the Beach Group 39,179 0.17 13,606 Rank Group 21,824 0.10 32,962 Stagecoach Group 51,783 0.23 104,964 Thomas Cook Group 50,425 0.22 4,919 Wetherspoon (JD) 62,668 0.28 63,297 William Hill 137,861 0.61 Bermuda (01/05/18 – 1.75%) 1.92 Food Producers (01/05/18 – 0.16%) Non-Life Insurance (01/05/18 – 1.59%) 1.92 20,704 339,960 1.50 15,604 94,560 0.42 Canada (01/05/18 – 0.30%) 0.47 Media (01/05/18 – 0.30%) 0.47 25,438 Entertainment One 107,297 0.47

8 Portfolio of investments (unaudited)

Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Cayman Islands (01/05/18 – 0.92%) 1.18 Life Insurance (01/05/18 – 0.92%) 1.18 42,976 Phoenix Group Holdings* 267,955 1.18 Channel Islands (01/05/18 – 4.47%) 3.29 Equity Investment Instruments (01/05/18 – 0.18%) 0.19 50,216 UK Commercial Property Trust 44,039 0.19 Financial Services (01/05/18 – 0.21%) 0.24 9,401 54,620 0.24 Industrial Transportation (01/05/18 – 0.20%) 0.24 24,980 Stobart Group 53,832 0.24 Media (01/05/18 – 1.16%) Mining (01/05/18 – 1.03%) 0.90 78,333 76,359 0.34 17,338 Polymetal International 126,775 0.56 Oil Equipment & Services (01/05/18 – 0.45%) 0.48 19,154 Petrofac 109,829 0.48 Real Estate Investment & Services (01/05/18 – 0.24% ) 0.25 41,438 F&C Commercial Property Trust 56,853 0.25 Support Services (01/05/18 – 0.49%) 0.51 49,208 IWG 116,328 0.51 Travel & Leisure (01/05/18 – 0.51%) 0.48 4,093 Holdings 108,219 0.48 Gibraltar (01/05/18 – 0.23%) 0.18 Travel & Leisure (01/05/18 – 0.23%) 0.18 21,296 41,037 0.18 Ireland (01/05/18 – 1.47%) 1.50 Food & Drug Retailers (01/05/18 – 0.66%) 0.53 18,352 UDG Healthcare 118,646 0.53 Food Producers (01/05/18 – 0.32%) 0.43 51,408 Group 97,752 0.43 Support Services (01/05/18 – 0.49%) 0.54 16,622 New Units 122,753 0.54 Isle of Man (01/05/18 – 2.30%) 0.47 Real Estate Investment & Services (01/05/18 – 0.15%) Software & Computer Services (01/05/18 – 0.69%) 0.47 21,323 107,127 0.47 Travel & Leisure (01/05/18 – 1.46%) Israel (01/05/18 – 0.00%) 0.46 Financial Services (01/05/18 – 0.00%) 0.46 7,586 103,245 0.46

9 Portfolio of investments (unaudited)

Investments held at 1 November 2018 Market Percentage of value total net assets Holding Investment £% Luxembourg (01/05/18 – 1.00%) 1.21 General Retailers (01/05/18 – 1.00%) 1.21 64,733 B&M European Value Retail 274,468 1.21 Netherlands (01/05/18 – 0.29%) 0.29 Construction & Materials (01/05/18 – 0.29%) 0.29 1,741 RHI Magnesita 65,879 0.29

Portfolio of investments 21,993,023 96.96 Net other assets 690,112 3.04 Net assets 22,683,135 100.00

All investments are listed on recognised stock exchanges and are “approved securities” within the meaning of the FCA rules unless otherwise stated. *A related party to the Fund.

10 Top ten purchases and sales For the half year ended 1 November 2018

Purchases Cost Sales Proceeds £ £ G4S 351,706 Ocado Group 444,473 Quilter 220,874 GVC Holdings 412,538 Mediclinic International 168,784 Rightmove Group 373,620 Plus500 111,433 361,143 Laird 79,756 UBM 315,827 Premier Oil 75,801 NEX Group 283,334 Phoenix Group Holdings 70,831 Zoopla Property Group 111,060 Spirent Communications 63,056 Fidessa Group 105,427 Ei Group 62,752 Fenner 89,084 AA 62,170 Laird 79,227

Subtotal 1,267,163 Subtotal 2,575,733 Other purchases 1,930,573 Other sales 1,890,993

Total purchases for the half year 3,197,736 Total sales for the half year 4,466,726

11 Statistical information

Comparative table Accumulation 01/11/18 01/05/18 01/05/17 01/05/16 pence pence pence pence Change in net assets per unit Opening net asset value per unit 588.25 551.89 469.29 472.11 Return before operating charges* (33.48) 36.88 83.32 (2.36) Operating charges (0.19) (0.52) (0.72) (0.46) Return after operating charges* (33.67) 36.36 82.60 (2.82) Distributions on accumulation units (8.99) (16.05) (14.53) (13.29) Retained distributions on accumulation units 8.99 16.05 14.53 13.29

Closing net asset value per unit 554.58 588.25 551.89 469.29

*after direct transaction costs of: 0.38 0.68 0.66 0.81

Performance Return after charges (5.72%) 6.59% 17.60% (0.60%)

Other information Closing net asset value (£000) 22,683 25,376 26,874 25,996 Closing number of units 4,090,164 4,313,746 4,869,506 5,539,343 Operating charges 0.06% 0.09% 0.15% 0.11% Direct transaction costs 0.06% 0.12% 0.13% 0.17%

Prices+ Highest unit price (pence) 616.90 596.43 552.10 498.21 Lowest unit price (pence) 527.80 540.26 420.00 417.89

+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.

12 Statistical information

Investment objective The objective of the Fund is to provide long term total return derived from the capital and income returns of UK Equities.

Investment policy The Fund will usually be invested in a diversified portfolio of UK Equities. This will be achieved by investment in equities to achieve a return in line with a representative index, FTSE 250 Mid ex IT index. The Manager may choose to invest in equities of other Geographical areas or invest in other securities issued by Governments, Public Authorities, Supranationals and Corporate entities if such investment in the opinion of the Manager is considered appropriate for achieving the objective of the Fund. The Fund may also invest in deposits, collective investment schemes, money market instruments and use derivative contracts within the scope set out in the Prospectus.

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 1 November and a final distribution as at 1 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.

13 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 5 (01/05/18: 5) because funds of this type have experienced medium to high rises and falls in value in the past. Although this is a high risk ranking it is not the highest. The above figure applies to the following unit class:

• Accumulation Please note that even the lowest risk class can lose you money and that extreme market circumstances can mean you suffer severe losses in all cases. Please note the Fund’s risk category may change in the future. The indicator does not take into account the following risks of investing in this Fund: • The small differences in returns between the index tracking Fund and the Index (and tracking error) are due to levels of cash, expenses and portfolio turnover. • Counterparty Risk: the insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. • 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.

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.

27 December 2018 Craig Baker, Director Andrew Moss, Director

14 Interim financial statements (unaudited) For the half year ended 1 November 2018

Statement of total return 01/11/18 01/11/17 £ £ £ £ Income Net capital (losses)/gains (1,743,769) 778,215 Revenue 391,505 429,280 Expenses (6,962) (10,015) Net revenue before taxation 384,543 419,265 Taxation (6,491) (3,084) Net revenue after taxation 378,052 416,181 Total (deficit)/return before distributions (1,365,717) 1,194,396 Distributions (378,053) (416,180) Change in unitholders’ funds from investment activities (1,743,770) 778,216

Statement of change in unitholders’ funds 01/11/18 01/11/17 £ £ £ £ Opening net assets 25,375,651 26,874,170 Amounts receivable on issue of units – – Amounts payable on cancellation of units (1,316,554) (1,945,881) (1,316,554) (1,945,881) Change in unitholders’ funds from investment activities (1,743,770) 778,216 Retained distributions on accumulation units 367,808 398,660 Closing net assets 22,683,135 26,105,165

*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.

15 Interim financial statements (unaudited) As at 1 November 2018

Balance sheet 01/11/18 01/05/18 £ £ £ £ Assets: Fixed assets: Investments 21,993,023 25,020,432 Current assets: Debtors 72,088 155,336 Cash and bank balances 923,584 212,949 Total current assets 995,672 368,285 Total assets 22,988,695 25,388,717

Liabilities: Creditors: Other creditors (305,560) (13,066) Total liabilities (305,560) (13,066)

Net assets 22,683,135 25,375,651 Unitholders’ funds 22,683,135 25,375,651

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 1 May 2018 and are described in those financial statements.

16 Distribution table For the half year ended 1 November 2018

Interim distribution in pence per unit Group 1: units purchased prior to 2 May 2018 Group 2: units purchased 2 May 2018 to 1 November 2018

2019 2018 pence pence per unit per unit Net payable paid income Equalisation 1 Jan 1 Jan Accumulation Group 1 8.9925 — 8.9925 8.8304 Group 2 8.9925 0.0000 8.9925 8.8304

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.

17 Corporate information

The information in this report is designed to enable unitholders to make an informed judgement on the activities of the Fund during the period it covers and the results of those activities at the end of the period. Phoenix Unit Trust Managers Limited is part of the Phoenix Group. Ignis Investment Services Limited is part of the Standard Life Aberdeen plc group and its subsidiaries. Unit prices appear daily on our website www.phoenixunittrust.co.uk. 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. 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. The Manager’s Financial Year end is 31 December, it is therefore anticipated that the Manager’s Remuneration Policy and associated financial disclosures will be made within the Annual Reports starting from 31 December 2017, following its first full performance period. Prior to this date, and in line with the FCA’s guidance on the UCITS V remuneration disclosures, the Manager would be part way through its first performance period and the information available would not be relevant or provide a proper basis for comparison.

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.

18 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 Authorised and regulated by the Financial Conduct Authority. and the Prudential Regulation Authority. Directors Independent Auditor Andrew Moss PUTM Director, Chief Executive Ernst & Young LLP Phoenix Life; Atria One Craig Baker PUTM Director, Head of Investment 144 Morrison Street Management Phoenix Life; Edinburgh EH3 8EX Mike Urmston Non Executive Director of PUTM Authorised status Nick Poyntz-Wright Non Executive Director of PUTM This Fund is an Authorised Unit Trust scheme under (appointed 6 July 2018). section 243 of the Financial Services & Markets Act 2000 and is categorised under the Collective Investment Registrar and correspondence address Schemes Sourcebook as a UCITS fund. Phoenix Unit Trust Managers Limited PO Box 12997 Investment Manager Chelmsford CM99 2EN State Street Global Advisors Limited Authorised and regulated by the Financial Conduct Authority. 20 Churchill Place Canary Wharf Investment Adviser London E14 5HJ Ignis Investment Services Limited Authorised and regulated by the Financial Conduct Authority. 1 George Street Edinburgh EH2 2LL Registered in Scotland – No.SC101825 Authorised and regulated by the Financial Conduct Authority.

19 Notes

20

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.

B660.11.18