PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORT For the half year: 2 May 2020 to 1 November 2020 (unaudited)

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 2020. PUTM Stock Market Series 3 Unit Trust returned 3.35% (Source: SSGA/HSBC for six months to 1/11/20). Over the same period, the FTSE 250 (ex Investment Trusts) Index returned +3.32% (Source: FactSet, FTSE 250 (ex Investment Trusts) Index for six months to 1/11/20). 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

Nov 19-20 Nov 18-19 Nov 17-18 Nov 16-17 Nov 15-16 % growth % growth % growth % growth % growth

PUTM UK Stock Market (Series 3) Unit Trust -16.97 8.69 -5.08 18.76 3.26

FTSE 250 (ex Invt Trust) Index -16.98 8.90 -5.05 19.01 3.55

Source: Fund performance: SSGA and HSBC to 1 November for each year. Benchmark index performance: FactSet, FTSE 250 (ex Invt Trust) Index Total Return, 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 perf ormance figures are calculated without taking the initial charge into account.

2 Investment review Market Review Market Outlook The FTSE 250 fell over the six-month period. After a The future shape of markets will be influenced by the rapid sell-off in February, caused by the outbreak of the new US president and Congress elections, the outcome of Covid-19 pandemic, the shares of mid-sized companies Brexit discussions, ’s next five-year plan and Covid- rebounded strongly from their March lows. 19 developments. The recent uplift in cyclical indicators As the period began, the UK government and Bank of is likely to continue, given supportive government and England (BoE) acted to reduce the coronavirus-related central bank policies. This should be positive for equity economic impact – cutting interest rates and announcing markets. a record spending package. Stocks rallied in April and accelerated in June as the economy began to reopen after months of economic lockdown. However, the recovery has been neither linear nor as strong as seen in many other developed markets. The BoE’s monetary policy committee held its main interest rate at 0.1% in early August. Speaking later at the Jackson Hole summit, Governor Andrew Bailey confirmed negative rates were ‘in the toolbox’. Brexit negotiations continued throughout the period, with several deadlines for a trade agreement proposed and missed. In September, fresh rows erupted over UK proposals to change customs procedures in Northern , previously laid out in the withdrawal agreement. The period ended with a sell-off in markets as Covid-19 infections climbed once more, nerves increased ahead of November’s US election results and some big tech names gave a somewhat lukewarm outlook for their prospects. Given the extremely stretched valuation of these companies, they led markets down. This also resulted in sector rotation, as investors moved away from large companies, with mid-sized and smaller companies outperforming their larger peers.

3 Portfolio of investments

Investments held at 1 November 2020 Market Percentage of value total net assets Holding Investment £% (01/05/20 – 85.70%) 88.84 Aerospace & Defence (01/05/20 – 2.03%) 2.80 2,084 79,192 0.47 19,751 51,254 0.30 58,119 158,142 0.93 41,002 QinetiQ 96,191 0.56 4,923 Holdings 91,912 0.54 Automobiles & Parts (01/05/20 – 0.24%) 0.34 46,238 Lagonda Global Holdings 24,853 0.14 17,227 TI Fluid Systems 33,593 0.20 Banks (01/05/20 – 1.08%) 1.13 92,422 CYBG 85,269 0.50 27,990 Onesavings Bank 84,250 0.50 2,459 TBC Bank Group 22,156 0.13 Beverages (01/05/20 – 1.05%) 0.85 19,911 145,350 0.85 Chemicals (01/05/20 – 1.34%) 1.17 24,498 91,231 0.53 5,930 108,697 0.64 Construction & Materials (01/05/20 – 2.98%) 2.48 51,347 108,137 0.64 28,941 Ibstock 46,335 0.27 14,851 Marshalls Group 97,348 0.57 3,204 34,283 0.20 14,636 Polypipe Group 67,033 0.39 16,521 Redrow 68,826 0.41 Electricity (01/05/20 – 0.47%) 0.65 13,197 ContourGlobal 25,048 0.15 29,326 85,456 0.50 Electronic & Electrical Equipment (01/05/20 – 3.37%) 3.69 20,179 Morgan Advanced Materials 49,237 0.29 3,646 55,711 0.33 2,488 Renishaw 139,577 0.82 63,506 177,690 1.04 8,381 206,592 1.21 Financial Services (01/05/20 – 8.86%) 8.17 21,592 AJ Bell 89,823 0.53 33,542 120,013 0.70 20,984 49,942 0.29 11,128 Calisen 18,406 0.11 10,973 Close Brothers 116,753 0.69 16,156 Finablr 1,781 0.01

4 Portfolio of investments

Investments held at 1 November 2020 Market Percentage of value total net assets Holding Investment £% Financial Services (continued) 26,306 IG Group Holdings 199,926 1.17 49,195 69,857 0.41 77,431 IP Group 60,551 0.36 36,958 101,635 0.60 3,921 Liontrust Asset Management 47,052 0.28 33,037 68,849 0.40 24,597 Ninety One 50,965 0.30 19,490 Paragon 57,729 0.34 17,566 Provident Financial 40,437 0.24 129,780 Quilter 158,461 0.93 4,076 58,368 0.34 42,597 TP ICAP 79,784 0.47 Fixed Line Telecommunications (01/05/20 – 0.84%) 1.23 75,999 47,347 0.28 37,075 59,468 0.35 45,504 TalkTalk Telecom Group 43,570 0.26 4,327 58,328 0.34 Food & Drug Retailers (01/05/20 – 0.76%) 0.55 7,260 92,928 0.55 Food Producers (01/05/20 – 3.27%) 2.92 3,889 Cranswick 123,281 0.72 4,792 55,396 0.33 50,697 46,134 0.27 37,686 SSP Group 70,209 0.41 34,379 Tate and Lyle 202,217 1.19 Gas, Water & Multiutilities (01/05/20 – 0.00%) 0.94 435,527 160,797 0.94 General Industrials (01/05/20 – 0.66%) 0.35 105,673 59,600 0.35 General Retailers (01/05/20 – 5.28%) 4.86 21,945 AO World 78,892 0.46 72,338 69,155 0.41 7,330 95,803 0.56 14,556 53,653 0.32 29,062 Inchcape 143,334 0.84 142,812 Marks & Spencer 126,646 0.74 35,490 Group 137,772 0.81 9,086 Group 36,117 0.21 8,738 WHSmith 86,375 0.51

5 Portfolio of investments

Investments held at 1 November 2020 Market Percentage of value total net assets Holding Investment £% Healthcare Equipment & Services (01/05/20 – 1.83%) 1.76 117,591 Convatec Group 215,779 1.27 30,048 83,654 0.49 Household Goods (01/05/20 – 3.27%) 2.72 9,065 210,943 1.24 38,611 129,115 0.76 17,791 Holdings 38,891 0.23 15,484 84,156 0.49 Industrial Engineering (01/05/20 – 2.96%) 3.75 13,659 88,101 0.52 5,732 Hill and Smith 68,325 0.40 19,660 IMI 202,891 1.19 19,280 Weir Group 279,946 1.64 Industrial Metals (01/05/20 – 0.18%) 0.24 22,458 41,480 0.24 Industrial Transportation (01/05/20 – 1.80%) 2.14 1,919 Clarkson 38,668 0.23 3,034 James Fisher 34,345 0.20 65,725 Royal Mail 148,933 0.87 60,876 Signature Aviation 142,450 0.84 Leisure Goods (01/05/20 – 0.88%) 1.45 2,359 247,459 1.45 Life Insurance (01/05/20 – 0.25%) 0.19 76,572 Just Group 31,532 0.19 Media (01/05/20 – 2.27%) 3.57 2,091 Group 42,656 0.25 28,163 75,984 0.45 7,839 Euromoney Institutional Investor 64,437 0.38 7,163 Future 141,684 0.83 267,563 ITV 189,970 1.12 38,399 Moneysupermarket.com 92,695 0.54 Mining (01/05/20 – 0.83%) 1.16 17,146 36,521 0.21 16,418 Kaz Minerals 102,974 0.61 220,325 Petropavlovsk 57,835 0.34 Non-Equity Investment Instruments (01/05/20 – 0.40%) 0.42 30,855 71,584 0.42

6 Portfolio of investments

Investments held at 1 November 2020 Market Percentage of value total net assets Holding Investment £% Non-Life Insurance (01/05/20 – 3.04%) 2.86 44,240 Beazley 129,092 0.76 99,451 Direct Line Insurance Group 265,335 1.56 22,501 Hastings Group 56,117 0.33 16,190 Sabre Insurance Group 36,832 0.21 Oil & Gas Producers (01/05/20 – 0.71%) 1.37 39,379 55,091 0.32 48,766 Diversified Gas & Oil 54,325 0.32 7,328 Oil & Gas 39,798 0.23 15,898 Vesuvius 62,575 0.37 30,568 22,254 0.13 Oil Equipment & Services (01/05/20 – 0.59%) 0.62 49,972 104,791 0.62 Personal Goods (01/05/20 – 0.17%) 0.20 14,997 PZ Cussons 34,268 0.20 Pharmaceuticals & Biotechnology (01/05/20 – 2.32%) 3.68 7,717 270,867 1.59 4,841 Genus 199,643 1.17 52,257 52,022 0.31 4,355 Oxford Biomedica 35,188 0.21 9,570 PureTech Health 23,399 0.14 43,132 45,202 0.26 Real Estate Investment & Services (01/05/20 – 4.34%) 4.00 53,830 Capital & Counties Properties 55,983 0.33 46,038 48,156 0.28 12,120 CLS Holdings 23,367 0.14 47,026 Grainger 129,886 0.76 18,934 Great Portland REIT 108,416 0.64 9,611 78,137 0.46 13,353 St Modwen Prop erties 43,130 0.25 23,792 Unite Group 193,429 1.14 Real Estate Investment Trusts (01/05/20 – 7.68%) 7.29 186,951 Assura 140,400 0.82 11,429 122,062 0.72 7,410 Derwent 195,179 1.15 31,255 GCP Student Living 33,630 0.20 62,389 Londonmetric Property 133,013 0.78 37,830 LXi REIT 40,856 0.24 92,361 Primary Health Properties 131,892 0.77 14,547 Holdings 114,339 0.67 16,236 Shaftesb ury 73,387 0.43 1,959 Rights – 0.00 7 Portfolio of investments

Investments held at 1 November 2020 Market Percentage of value total net assets Holding Investment £% Real Estate Investment Trusts (continued) 127,744 Tritax Big Box REIT 198,386 1.17 9,650 58,334 0.34 Software & Computer Services (01/05/20 – 3.99%) 3.12 5,279 120,889 0.71 6,417 FDM Group 64,042 0.37 4,170 Group 50,540 0.30 24,552 International 53,646 0.31 6,452 SDL 43,745 0.26 9,263 104,950 0.62 33,896 93,553 0.55 Support Services (01/05/20 – 11.71%) 10.53 17,932 79,331 0.47 35,045 75,487 0.44 14,232 30,385 0.18 120,978 29,628 0.17 8,065 CMC Markets 26,292 0.16 7,923 Diploma 176,208 1.04 32,326 220,948 1.30 20,458 50,081 0.29 111,802 Group 4 Securicor 228,859 1.34 116,383 Hays 124,530 0.73 41,776 Howden Joinery Group 264,191 1.55 18,713 IntegraFin Holdings 90,290 0.53 23,689 PageGroup 84,617 0.50 91,600 Group 119,263 0.70 18,172 192,805 1.13 Technology Hardware & Equipment (01/05/20 – 0.65%) 0.72 43,026 Communications 122,194 0.72 Travel & Leisure (01/05/20 – 3.60%) 4.92 20,667 54,561 0.32 9,939 Carnival 83,925 0.49 7 2,759 Group 20,416 0.12 32,899 Domino’s Pizza 110,804 0.65 23,342 easyJet 116,453 0.68 93,452 FirstGroup 38,315 0.23 5,361 Group 63,796 0.38 14,989 Mitchells & Butlers 23,233 0.14 39,658 58,694 0.34 13,606 Rank Group 12,055 0.07 5,805 Wetherspoon (JD) 49,575 0.29 75,300 William Hill 206,473 1.21

8 Portfolio of investments

Investments held at 1 November 2020 Market Percentage of value total net assets Holding Investment £% Bermuda (01/05/20 – 1.36%) 1.88 Non-Life Insurance (01/05/20 – 1.36%) 1.88 24,840 205,476 1.21 18,090 114,781 0.67 Channel Islands (01/05/20 – 4.40%) 4.08 Equity Investment Instruments (01/05/20 – 0.20%) 0.20 50,216 UK Commercial Property Trust 33,795 0.20 Financial Services (01/05/20 – 1.24%) 1.00 102,565 109,847 0.65 9,906 60,228 0.35 Mining (01/05/20 – 0.70%) 0.57 77,629 96,493 0.57 Oil Equipment & Services (01/05/20 – 0.21%) 0.12 18,224 Petrofac 21,003 0.12 Real Estate Investment & Services (01/05/20 – 0.45%) 0.46 41,438 BMO Commercial Property Trust 25,443 0.15 73,023 53,088 0.31 Support Services (01/05/20 – 0.66%) 0.79 53,129 International Workplace Group 133,885 0.79 Travel & Leisure (01/05/20 – 0.94%) 0.94 5,006 Holdings 159,992 0.94 (01/05/20 – 0.59%) 0.56 Travel & Leisure (01/05/20 – 0.59%) 0.56 32,037 TUI 95,054 0.56 Ireland (01/05/20 – 1.90%) 1.78 Beverages (01/05/20 – 0.27%) 0.21 22,541 C&C Group 36,156 0.21 Food & Drug Retailers (01/05/20 – 0.71%) 0.77 18,152 UDG Healthcare 130,967 0.77 Food Pr oducers (01/05/20 – 0.33%) 0.17 32,213 Group 28,347 0.17 Support Services (01/05/20 – 0.59%) 0.63 15,822 107,036 0.63 Isle of Man (01/05/20 – 2.24%) 0.44 Software & Computer Services (01/05/20 – 0.32%) 0.44 22,223 75,425 0.44

9 Portfolio of investments

Investments held at 1 November 2020 Market Percentage of value total net assets Holding Investment £% Travel & Leisure (01/05/20 – 1.92%) 0.00 (01/05/20 – 0.60%) 0.68 Financial Services (01/05/20 – 0.60%) 0.68 7,729 115,819 0.68 Luxembourg (01/05/20 – 1.25%) 0.00 General Retailers (01/05/20 – 1.25%) 0.00 (01/05/20 – 0.34%) 0.32 Construction & Materials (01/05/20 – 0.34%) 0.32 2,192 RHI Magnesita 54,800 0.32 (01/05/20 – 0.19%) 0.24 Electronic & Electrical Equipment (01/05/20 – 0.19%) 0.24 1,049 XP Power 41,540 0.24

Portfolio of investments 16,826,455 98.82 Net other assets 200,498 1.18 Net assets 17,026,953 100.00

Unless otherwise stated, all investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market.

10 Top ten purchases and sales For the half year ended 1 November 2020

Purchases Cost Sales Proceeds £ £ Centrica 188,295 Kingfisher 329,851 Meggitt 184,379 GVC Holdings 329,818 easyJet 174,783 B&M European Value 291,017 ITV 173,735 253,526 Carnival 124,535 Avast 207,839 Indivior 63,876 Martsons 31,248 Liontrust Asset Management 57,151 Daejan Holdings 30,590 Diversified Gas & Oil 51,472 Paypoint 30,069 Vectura Group 51,335 29,789 Civitas Social Housing 50,443 Forterra 28,722

Subtotal 1,120,004 Subtotal 1,562,469 Other purchases 1,130,215 Other sales 941,292

Total purchases for the half year 2,250,219 Total sales for the half year 2,503,761

11 Statistical information

Comparative table Accumulation 01/11/20 01/05/20 01/05/19 01/05/18 pence pence pence pence Change in net assets per unit Opening net asset value per unit 466.53 575.70 588.25 551.89 Return before operating charges* 22.38 (108.60) (12.10) 36.88 Operating charges (0.24) (0.57) (0.45) (0.52) Return after operating charges* 22.14 (109.17) (12.55) 36.36 Distributions on accumulation units (3.99) (14.94) (16.75) (16.05)

Retained distributions on accumulation units 3.99 14.94 16.75 16.05

Closing net asset value per unit 488.67 466.53 575.70 588.25

*after direct transaction costs of: 0.31 0.85 0.77 0.68

Performance Return after charges 4.75% (18.96%) (2.13%) 6.59%

Other information Closing net asset value (£000) 17,027 16,667 22,562 25,376 Closing number of units 3,484,319 3,572,467 3,919,065 4,313,746 Operating charges 0.09% 0.10% 0.08% 0.09% Direct transaction costs 0.06% 0.15% 0.13% 0.12%

Prices+ Highest unit price (pence) 533.20 657.70 616.90 596.43 Lowest unit price (pence) 439.80 363.30 493.80 540.26

+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 Fund aims to provide a total return (a combination of capital growth and income) by delivering an overall return in line with the FTSE 250 (ex IT) Index (the “Index”) before fees.

Investment policy The Fund will seek to physically replicate the Index, which consists of a diversified portfolio of UK equities. This process will involve investing in components of the Index, though not necessarily in the same proportions of the Index at all times. Consequently, the Fund may not track the Index exactly but will contain a meaningful exposure to the market. Stock index futures contracts may also be used to manage the cash portion the Fund. It is intended that the Fund will normally be close to fully invested as outlined above. The Scheme may also invest in deposits, collective investment schemes, money market instruments and use derivative contracts.

Investment strategy It is anticipated that for the Fund that in normal market conditions the tracking error of the Fund will be a maximum of 0.5%. The tracking error measures the standard deviation of the relative returns. It is the annualised standard deviation of the returns of a fund minus those of its benchmark (relative returns) and not the standard deviation of each fund’s unique returns. The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and return characteristics. 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.

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, 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 6 (01/05/20: 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 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 the returns between the index tracking Fund and the Index (and tracking error) are due to levels of cash, expenses and portfolio turnover. • Counterparty Risk: the insolvency of any institutions providing services such as safekeeing 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.

21 December 2020 Craig Baker, Director Andrew Moss, Director

14 Interim financial statements For the half year ended 1 November 2020

Statement of total return 01/11/20 01/11/19 £ £ £ £ Income Net capital gains 651,697 225,959 Revenue 152,324 403,873 Expenses (7,858) (7,605) Net revenue before taxation 144,466 396,268 Taxation (4,090) (8,201) Net revenue after taxation 140,376 388,067 Total return before distributions 792,073 614,026 Distributions (140,378) (388,068) Change in unitholders’ funds from investment activities 651,695 225,958

Statement of change in unitholders’ funds 01/11/20 01/11/19* £ £ £ £ Opening net assets 16,666,580 22,561,925

Amounts payable on cancellation of units (430,294) (1,060,970) (430,294) (1,060,970) Change in unitholders’ funds from investment activities 651,695 225,958 Retained distributions on accumulation units 138,972 376,439 Closing net ass ets 17,026,953 22,103,352

*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 As at 1 November 2020

Balance sheet 01/11/20 01/05/20 £ £ £ £ Assets: Fixed assets: Investments 16,826,455 16,427,780 Current assets: Debtors 25,828 56,224 Cash and bank balances 188,213 199,076 Total current assets 214,041 255,300 Total assets 17,040,496 16,683,080

Liabilities: Creditors: Other creditors (13,543) (16,500) Total liabilities (13,543) (16,500)

Net assets 17,026,953 16,666,580 Unitholders’ funds 17,026,953 16,666,580

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 2020 and are described in those financial statements.

16 Distribution table For the half year ended 1 November 2020

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

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 1 Jan 1 Jan Accumulation Group 1 3.9885 — 3.9885 10.0920 Group 2 3.9885 0.0000 3.9885 10.0920

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

18 Corporate information

Manager Investment Manager Phoenix Unit Trust Managers Limited (PUTM) State Street Global Advisors Limited 1 Wythall Green Way 20 Churchill Place Wythall Canary Wharf B47 6WG London E14 5HJ Tel: 0330 1233 703 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 Mike Urmston Non Executive Director of PUTM; and the Prudential Regulation Authority. 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 Investment Adviser Schemes Sourcebook as a UCITS fund. Ignis Investment Services Limited 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: 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.

B660.11.20