PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORT For the half year: 1 November 2015 to 30 April 2016

PUTM UK ALL-SHARE INDEX UNIT TRUST

Contents Investment review 2-3

Portfolio of investments 4-14

Top ten purchases and sales 15

Statistical information 16-18

Statements of total return & change in unitholders’ funds 19

Balance sheet 20

Distribution table 21

Corporate information 22

1 Investment review Dear Investor Performance Review Welcome to the Scottish Mutual UK All-Share Index Unit Over the review period, the Scottish Mutual UK All-Share Trust interim report for the six months to 30 April 2016. Index Unit Trust returned 0.2%. Over the same time period, the FTSE All-Share Index returned 0.0% and the UK All Companies sector average -0.5% (Lipper, bid to bid, net income reinvested for six months to 30/04/16).

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

Standardised Past Performance

14-15 13-14 12-13 11-12 Apr 15-16 Apr Apr Apr Apr % growth % growth % growth % growth % growth

Scottish Mutual UK All-Share Unit Trust 0.2 7.3 10.2 17.6 -1.2

Sector Average -0.5 7.8 13.9 19.1 -1.8

Source: Lipper, bid to bid, net income reinvested to end April 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 While the reporting period started relatively healthily, the Investors are nervous of recessionary risks, and while backdrop began to weaken as concerns around weak these risks have generally risen our view is that global global growth and China in particular resurfaced. Central growth will continue to remain positive, albeit somewhat banks remained front and centre as investors speculated dampened and relatively modest compared with longer- about monetary policy. The US Federal Reserve finally term trends. A growth environment will be supportive for increased interest rates, while the European Central Bank UK equities, and we continue to identify attractive stock extended its Eurozone stimulus measures. Domestically, specific opportunities. Uncertainty and concern around data demonstrated the UK’s continuing economic the growth outlook for the Chinese economy, monetary expansion albeit at a slower pace than before. policy in the US, and geo-political tensions as well as As the period progressed, a resurgence in global growth Brexit will act to increase volatility. concerns, further uncertainty around central bank policy and continued commodity price fluctuations ensured it was a period for UK equities. However, while the new year started very weakly, there was a sharp turnaround as a rebound in commodity prices led to a strong rally in associated sectors. Concerns over Chinese economic growth had been the primary driver of commodity price volatility. The Brexit referendum undoubtedly introduced event risk to the UK market and certain sectors, notably real estate and financials, felt the impact of this. Sterling was also weak as a result of the forthcoming referendum and lowering of interest rate expectations.

3 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% UK Equities Oil & Gas Producers (31/10/15 – 10.44%) 10.73 140,362 BP 528,884 3.38 4,623 10,633 0.07 6,053 Enquest 2,467 0.02 846 Nostrum Oil & Gas 2,521 0.02 5,721 Ophir Energy 4,422 0.03 3,472 Premier Oil 2,673 0.02 31,883 Royal Dutch Shell ‘A’ 573,894 3.67 28,779 Royal Dutch Shell ‘B’ 520,180 3.33 1,599 Soco International 2,379 0.01 7,362 20,996 0.13 2,418 Vesuvius 7,832 0.05 Oil – Services (31/10/15 – 0.24%) 0.23 2,962 AMEC 14,840 0.10 1,026 Hunting 3,845 0.02 2,786 Wood Group 17,440 0.11 Chemicals (31/10/15 – 0.73%) 0.67 1,083 Croda International 32,826 0.21 4,600 9,982 0.06 1,594 Johnson Matthey 46,019 0.29 1,986 7,013 0.05 694 9,695 0.06 Forestry & Paper (31/10/15 – 0.27%) 0.25 2,998 Mondi 39,544 0.25 Industrial Metals (31/10/15 – 0.01%) 0.03 2,996 Evraz 4,338 0.03 1,611 600 – Mining (31/10/15 – 3.01%) 3.08 1,145 Acacia Mining 3,918 0.03 9,598 Anglo American 73,146 0.47 3,128 Antofagasta 14,786 0.09 15,872 BHP Billiton 146,356 0.94 1,334 Fresnillo 14,661 0.09 873 1,364 0.01 1,860 Kaz Minerals 3,242 0.02 2,794 Lonmin 5,323 0.03 9,363 Rio Tinto 214,740 1.37 1,070 Vedanta Resources 4,460 0.03 Construction & Materials (31/10/15 – 0.24%) 0.26 6,030 14,575 0.09 421 Keller 3,736 0.03 421 Kier Group 5,052 0.03 3,062 Low & Bonar 1,898 0.01 1,530 Marshalls Group 4,989 0.03 628 Morgan Sindall 4,961 0.03 1,857 Polypipe Group 5,519 0.04

4 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Aerospace & Defence (31/10/15 – 1.76%) 1.81 24,019 BAE Systems 115,099 0.74 2,285 3,313 0.02 8,760 Cobham 13,718 0.09 6,829 28,545 0.18 5,142 Qinetiq Group 11,534 0.07 13,644 Rolls-Royce Holdings 92,711 0.59 968,724 Rolls-Royce Holdings ‘C’ Shares –– 3,248 Senior 7,302 0.05 595 Holdings 10,579 0.07 General Industrials (31/10/15 – 0.62%) 0.71 5,376 Rexam 33,681 0.22 1,783 RPC Group 13,060 0.08 6,545 Smith 24,963 0.16 3,023 Smiths Group 34,130 0.22 871 Vitec Group 4,686 0.03 Electronic & Electrical Equipment (31/10/15 – 0.51%) 0.54 2,489 E2V Technologies 5,233 0.03 3,176 Halma 28,711 0.18 2,334 Morgan Advanced 5,660 0.04 398 2,651 0.02 323 Renishaw 6,143 0.04 7,600 14,394 0.09 998 18,802 0.12 591 Xaar 2,881 0.02 Industrial Engineering (31/10/15 – 0.34%) 0.42 1,229 7,497 0.05 1,908 Fenner 2,724 0.02 1,122 Hill and Smith 10,519 0.07 2,100 IMI 19,782 0.12 1,156 Melrose Industries 4,350 0.03 3,650 Severfield-Rowen 1,880 0.01 1,587 Weir Group 19,409 0.12 Industrial Transport (31/10/15 – 0.35%) 0.42 8,956 BBA Group 18,082 0.12 441 Braemar Shipping 1,984 0.01 202 Clarkson 4,937 0.03 424 James Fisher 5,983 0.04 6,768 Royal Mail 32,791 0.21 463 UK Mail Group 1,320 0.01 Support Services (31/10/15 – 3.44%) 3.45 2,053 22,583 0.15 3,413 Ashtead Group 30,854 0.20 761 Atkins 10,357 0.07 4,071 38,593 0.25 1,559 Berendsen 18,505 0.12 536 Brammer 938 0.01 2,402 Bunzl 49,073 0.32 5,107 Group 50,815 0.33 3,898 Carillion 11,495 0.07 763 De La Rue 3,731 0.02

5 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Support Services (continued) 908 Diploma 6,633 0.04 3,691 Electrocomp 9,752 0.06 2,127 17,356 0.11 12,653 G4S 24,041 0.15 12,665 Hays 16,123 0.10 1,963 8,143 0.05 5,456 Howden Joinery Group 26,914 0.17 1,513 Interserve 6,510 0.04 1,355 Intertek Group 44,295 0.28 2,134 Lavendon Group 2,966 0.02 1,348 Mears Group 5,379 0.04 851 Menzies 4,255 0.03 1,591 Michael Page International 6,496 0.04 2,763 Group 7,551 0.05 876 Northgate 3,640 0.02 959 Paypoint 8,209 0.05 2,945 Premier Farnell 3,563 0.02 16,105 Rentokil Initial 28,586 0.18 949 Ricardo 7,706 0.05 637 Robert Walters 2,115 0.01 1,507 RPS Group 2,600 0.02 7,616 Group 7,353 0.05 2,741 Shanks Group 2,193 0.02 4,884 SIG 6,618 0.04 620 Sthree 2,048 0.01 2,116 39,040 0.25 1,128 Xchanging 2,183 0.01 Automobiles & Parts (31/10/15 – 0.22%) 0.23 12,952 GKN 36,421 0.23 Beverages (31/10/15 – 4.22%) 4.40 570 Barr 3,394 0.02 2,011 14,308 0.09 19,446 Diageo 360,237 2.31 7,301 SABMiller 307,044 1.96 1,508 Stock Spirits Group 2,405 0.02 Food Producers (31/10/15 – 2.59%) 0.79 420 Anglo Eastern Plantations 2,121 0.01 2,545 Associated British Foods 78,030 0.50 279 Cranswick 6,420 0.04 928 Dairy Crest 5,211 0.03 757 Devro 2,142 0.02 496 2,800 0.02 5,083 1,982 0.01 4,258 Tate and Lyle 25,229 0.16 Household Goods & Home Construction (31/10/15 – 3.41%) 3.48 6,533 Barratt Developments 34,494 0.22 1,069 26,180 0.17 970 Berkeley Group Holdings 28,411 0.18 1,423 Bovis Homes Group 12,373 0.08

6 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Household Goods & Home Construction (continued) 1,956 Holdings 10,064 0.07 644 Galliford Try 8,263 0.05 2,385 Persimmon 47,247 0.30 4,797 Reckitt Benckiser 321,927 2.06 2,321 Redrow 8,871 0.06 25,009 Taylor Wimpey 45,792 0.29 Leisure Goods (31/10/15 – 0.07%) 0.07 4,395 Group 10,772 0.07 Personal Goods (31/10/15 – 0.34%) 2.14 3,494 Burberry Group 41,858 0.27 1,716 PZ Cussons 5,544 0.04 209 Ted Baker 5,068 0.03 9,203 Unilever 281,474 1.80 Tobacco (31/10/15 – 5.05%) 5.52 14,137 British American Tobacco 591,563 3.78 7,329 Imperial Brands 271,613 1.74 Healthcare Equipment & Services (31/10/15 – 0.63%) 0.79 394 Consort Medical 3,861 0.02 3,014 27,412 0.17 576 NMC Health 6,008 0.04 6,997 Smith & Nephew 80,955 0.52 1,705 Group 5,644 0.04 Pharmaceuticals & Biotechnology (31/10/15 – 6.16%) 6.44 9,718 AstraZeneca 385,999 2.47 3,159 BTG 18,954 0.12 706 7,971 0.05 353 Genus 5,461 0.03 37,134 GlaxoSmithKline 545,870 3.49 1,281 Hikma Pharmaceuticals 28,477 0.18 5,311 8,726 0.06 3,261 5,619 0.04 Food & Drug Retailers (31/10/15 – 1.34%) 1.35 12,763 Booker Group 20,842 0.13 683 7,185 0.05 17,283 33,114 0.21 3,327 Ocado Group 10,184 0.06 11,275 Sainsbury 32,652 0.21 62,453 Tesco 107,731 0.69 General Retailers (31/10/15 – 2.54%) 2.18 1,680 Brown Group 4,570 0.03 1,750 Card Factory 6,414 0.04 396 Carpetright 1,196 0.01 4,527 Darty 7,605 0.05 11,712 Debenhams 9,276 0.06 246 Dignity 6,076 0.04 8,174 34,862 0.22 902 8,114 0.05 2,025 Halfords Group 8,580 0.06 5,549 Home Retail Group 9,472 0.06

7 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% General Retailers (continued) 3,542 Inchcape 24,263 0.16 468 JD Sports Fashion 5,822 0.04 17,149 Kingfisher 62,903 0.40 2,297 Lookers 3,262 0.02 12,897 Marks & Spencer 55,096 0.35 1,311 Mothercare 1,613 0.01 1,111 Next 57,050 0.37 10,958 Pendragon 3,721 0.02 1,638 Poundland Group 2,932 0.02 2,131 Sports Direct International 8,439 0.05 1,312 Topps Tiles 1,797 0.01 1,036 WH Smith 17,539 0.11 Media (31/10/15 – 2.66%) 2.55 560 Bloomsbury Publishing 862 0.01 2,857 Centaur Media 1,507 0.01 5,254 Informa 34,282 0.22 2,801 ITE Group 4,258 0.03 30,563 ITV 68,797 0.44 5,700 Merlin Entertainment 24,476 0.16 3,466 Moneysupermarket.com 10,880 0.07 5,900 Pearson 47,406 0.30 8,354 Relx 100,749 0.64 774 Rightmove Group 30,078 0.19 7,596 Sky 71,061 0.45 2,004 Trinity Mirror 2,270 0.01 1,389 Wireless Group 2,500 0.02 Travel & Leisure (31/10/15 – 3.36%) 3.37 1,322 Carnival 44,776 0.29 1,989 Group 10,273 0.07 12,415 Compass Group 151,215 0.97 920 Domino’s Pizza 8,473 0.05 2,097 EasyJet 31,057 0.20 4,393 Enterprise Industries 3,954 0.02 10,932 First Group 11,107 0.07 521 Fuller Smith ‘A’ 5,418 0.03 310 Go-ahead Group 8,026 0.05 2,628 Greene King 21,799 0.14 1,941 Intercontinental Hotels Group 52,989 0.34 8,159 Ladbrokes 9,587 0.06 4,447 Marston’s 6,470 0.04 1,475 Millennium & Copthorne Hotels 6,817 0.04 2,087 Mitchells & Butlers 5,716 0.04 4,622 15,003 0.10 1,617 Restaurant Group 4,612 0.03 8,477 Saga 17,819 0.11 3,807 SSP Group 11,037 0.07 3,490 Stagecoach Group 9,078 0.06 11,442 Thomas Cook Group 10,235 0.07 1,235 Wetherspoon 8,404 0.05 1,386 Whitbread 54,137 0.35 6,034 William Hill 18,983 0.12

8 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Fixed Line Telecom (31/10/15 – 2.02%) 1.98 63,558 BT Group 280,926 1.80 17,869 Cable & Wireless Communications 13,572 0.09 2,864 Kcom Group 2,943 0.02 3,244 TalkTalk Telecom Group 8,642 0.05 309 3,005 0.02 Mobile Telecom (31/10/15 – 2.90%) 3.09 3,448 Inmarsat 31,997 0.21 204,067 Vodafone Group 450,274 2.88 Electricity (31/10/15 – 0.78%) 0.82 3,394 10,986 0.07 7,769 Scottish and Southern Energy 117,312 0.75 Gas, Water & Multiutilities (31/10/15 – 2.98%) 3.17 39,257 93,078 0.60 28,904 National Grid 281,323 1.80 3,494 28,406 0.18 1,840 Severn Trent 40,738 0.26 5,554 United Utilities Group 51,930 0.33 Banks (31/10/15 – 9.99%) 9.07 384 Bank of Georgia 8,717 0.05 130,537 Barclays 225,894 1.44 149,179 HSBC Holdings 681,300 4.36 487,236 Lloyds Banking Group 326,351 2.09 25,374 Royal Bank of Scotland Group 60,289 0.39 20,372 Standard Chartered 115,061 0.74 Non-Life Insurance (31/10/15 – 0.93%) 0.87 1,634 Admiral Group 30,294 0.20 4,137 Beazley 13,474 0.09 10,946 Direct Line Insurance Group 39,668 0.25 1,607 Group 4,352 0.03 1,266 Jardine Lloyd Thompson 11,002 0.07 7,823 RSA Insurance Group 35,900 0.23 Life Insurance (31/10/15 – 4.70%) 4.16 29,689 Aviva 128,494 0.82 3,918 Just Retirement Group 5,528 0.04 45,553 Legal and General 101,720 0.65 35,101 Old Mutual 65,885 0.42 19,179 Prudential 260,930 1.67 4,183 St.James’s Place 36,434 0.24 15,367 Standard Life 50,296 0.32 General Financial (31/10/15 – 2.53%) 2.75 7,503 3I Group 35,647 0.23 4,937 AA 13,937 0.09 7,440 Aberdeen Asset Management 22,513 0.14 2,715 8,449 0.05 1,061 2,921 0.02 1,297 15,849 0.10 1,858 Hargreaves Lansdown 23,968 0.15 5,041 ICAP 24,010 0.15 3,362 IG Group Holdings 26,072 0.17

9 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% General Financial (continued) 3,190 Intermediate Capital Group 19,778 0.13 2,377 International Personal Finance 6,458 0.04 3,336 17,748 0.11 5,146 IP Group 8,692 0.05 2,833 6,031 0.04 2,452 67,013 0.43 11,158 16,603 0.11 807 P2P Global Investments 7,505 0.05 2,411 Paragon 7,257 0.05 1,161 Provident Financial 33,948 0.22 280 5,832 0.04 749 Schroders 18,897 0.12 1,933 Tullett Prebon 6,564 0.04 2,398 Virgin Money 8,774 0.06 9,351 Worldpay Group 24,967 0.16 Equity Investment Instruments (31/10/15 – 2.94%) 3.01 438 Aberdeen Asian Smaller Companies 3,504 0.02 2,760 Aberdeen New Dawn Investment Trust 4,264 0.03 686 Aberforth Smaller Companies 7,210 0.05 3,896 19,811 0.13 646 Artemis Alpha Trust 1,505 0.01 1,319 Baillie Gifford Japan 5,988 0.04 1,591 9,347 0.06 379 Blackrock Smaller Companies Trust 3,392 0.02 1,665 Blackrock World Mining 4,067 0.03 1,258 British Empire Securities 5,950 0.04 761 Brunner Investment Trust 4,071 0.03 357 8,836 0.06 2,561 City of London Investment Trust 9,678 0.06 1,772 Dexion Equity Alternative+ –– 771 Dexion Equity Alternative Bonus Shares 12 – 3,195 Diverse Income Trust 2,892 0.02 1,216 Edinburgh Dragon Trust 3,028 0.02 1,665 Edinburgh Investment Trust 11,597 0.07 1,043 Edinburgh Worldwide 4,641 0.03 261 Electra Private Equity 9,252 0.06 779 European Investment 5,235 0.03 1,127 F&C Capital & Income 2,970 0.02 5,632 Fidelity China Special Situations 7,840 0.05 3,530 5,824 0.04 1,071 Finsbury Growth and Income Trust 6,319 0.04 3,464 Foreign & Colonial 15,165 0.10 506 Henderon Eurotrust 4,326 0.03 1,064 Henderson Alternative 2,309 0.02 142 Henderson Euro Focus Trust 1,377 0.01 1,865 Henderson High Income 3,245 0.02 910 6,297 0.04 510 5,962 0.04 1,734 Impax Environmental Markets 2,948 0.02 1,125 Invesco Asia 2,036 0.01 1,272 Invesco Income Growth 3,403 0.02

10 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Equity Investment Instruments (continued) 1,334 Invesco Perpetual UK Smaller Companies 5,056 0.03 2,211 J.P. Morgan American Investment Trust 6,359 0.04 877 J.P. Morgan Emerging Markets Investment Trust 5,087 0.03 2,002 J.P. Morgan Euro Investment Trust 4,805 0.03 910 J.P. Morgan European Smaller Companies 2,402 0.02 824 J.P. Morgan Indian Investment Trust 4,202 0.03 598 J.P. Morgan Mid Cap Investment Trust 5,786 0.04 452 J.P. Morgan Smaller Companies 3,752 0.02 1,257 Jupiter European Opportunities 6,675 0.04 3,835 16,222 0.10 428 Jupiter US Smaller 2,782 0.02 296 Keystone Investment Trust 4,973 0.03 576 2,771 0.02 648 Martin Currie Asia 1,763 0.01 2,601 Martin Currie Global 4,682 0.03 593 Mercantile Investment Trust 9,915 0.06 433 Merchants Trust 1,773 0.01 2,239 9,585 0.06 765 Montanaro UK Smaller Companies 3,618 0.02 869 Murray International 8,329 0.05 2,530 Pacific Assets 4,934 0.03 848 Pacific Horizon 1,440 0.01 1,277 Perpetual Income and Growth 4,900 0.03 25 Personal Assets 9,240 0.06 815 Polar Capital Technology Trust 4,654 0.03 1,026 RIT Capital Partners 16,991 0.11 1,526 Schroder Income Growth 3,781 0.03 2,661 Schroder Japan Growth 3,539 0.02 3,343 Schroder UK Growth 5,098 0.03 737 Schroder UK Mid Capital Fund 3,213 0.02 869 Scottish Investments 5,388 0.04 9,880 Scottish Mortgage 25,461 0.16 2,171 Securities Trust Scotland 2,904 0.02 651 Standard Life Equity Income Trust 2,723 0.02 1,580 Standard Life European Private Equity Trust 3,531 0.02 1,894 SVG Capital 9,858 0.06 354 Temple Bar 3,735 0.02 3,224 Templeton Emerging Markets 14,572 0.09 2,781 TR Property Investments 8,262 0.05 1,756 13,021 0.08 1,595 Witan Pacific 3,708 0.02 8,025 Woodford Patient Capital Trust 7,949 0.05 393 Worldwide Healthcare 6,988 0.05 Software & Computer Services (31/10/15 – 0.93%) 0.95 6,701 Auto Trader Group 25,209 0.16 610 Aveva Group 9,882 0.06 705 5,918 0.04 274 Fidessa Group 6,636 0.04 2,665 Just Eat 10,183 0.07 1,343 International 20,427 0.13

11 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Software & Computer Services (continued) 3,148 NCC Group 8,632 0.06 8,599 Sage Group 51,250 0.33 856 SDL 3,490 0.02 2,144 Zoopla Property Group 6,318 0.04 Technology Hardware & Equipment (31/10/15 – 0.98%) 0.86 10,573 Arm Holdings 100,919 0.65 2,141 Imagination Technologies 3,319 0.02 1,011 Laird 3,584 0.02 621 Spirax Sarco Engineering 21,275 0.14 6,521 Communications 5,086 0.03 Real Estate (31/10/15 – 2.88%) 2.70 12,461 Assura 7,047 0.04 876 7,043 0.04 8,187 British Land 59,069 0.38 5,099 Capital & Countries Properties 18,122 0.12 4,674 Capital & Regional 2,956 0.02 128 CLS Holdings 2,165 0.01 1,691 Countrywide 6,055 0.04 105 Daejan Holdings 5,912 0.04 744 24,678 0.16 3,144 Foxtons Group 4,496 0.03 2,399 Grainger 5,347 0.03 2,846 Great Portland Estate 21,729 0.14 6,314 36,905 0.24 2,619 Hansteen Holdings 2,711 0.02 441 Helical Bar 1,686 0.01 7,593 Intu Properties 23,273 0.15 6,203 Land Securities 70,590 0.45 4,749 London Metric Property 7,575 0.05 503 LSL Property Services 1,460 0.01 2,120 McCarthy And Stone 4,882 0.03 3,104 Primary Health Properties 3,283 0.02 2,984 Holdings 10,014 0.06 964 7,143 0.05 5,466 Segro 22,913 0.15 1,971 Shaftesbury 18,153 0.12 2,692 St Modwen Properties 8,555 0.05 895 Town Centre Securities 2,721 0.02 10,107 Town Centre Securities 13,705 0.09 1,444 U And I Group 2,892 0.02 1,807 Unite Group 11,357 0.07 810 6,788 0.04 Europe Beverages (31/10/15 – 0.14%) 0.14 1,567 Coca Cola 21,875 0.14 Construction & Materials (31/10/15 – 0.69%) 0.80 6,253 CRH 124,935 0.80 Food Producers (31/10/15 – 0.06%) 0.08 3,238 Group 11,838 0.08

12 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Food & Drug Retailer (31/10/15 – 0.05%) 0.08 1,911 UDG Healthcare 11,743 0.08 General Retailers (31/10/15 – 0.09%) 0.08 4,538 B&M European Value 12,815 0.08 Support Services (31/10/15 – 0.27%) 0.33 663 DCC 40,178 0.26 1,672 11,662 0.07 Travel & Leisure (31/10/15 – 0.79%) 1.07 13,637 Inter Consolidated Airlines 72,276 0.46 632 Paddy Power 57,133 0.37 3,816 TUI 37,912 0.24 Non-Equity Investment Instruments 31/10/15 – 0.00%) 0.04 5,116 Bilfinger Berger Global Infrastructure 6,958 0.04 Canada Media (31/10/15 – 0.03%) 0.03 2,368 Entertainment One 4,471 0.03 Isle of Man Oil & Gas Producers (31/10/15 – 0.01%) 0.01 1,442 Exillon Energy 923 0.01 Oil Equipment & Services (31/10/15 – 0.01%) 0.01 1,998 Lamprell 1,728 0.01 Software & Computer Services (31/10/15 – 0.06%) 0.14 3,100 Paysafe Group 11,969 0.08 1,189 9,613 0.06 Bermuda Non-Life Insurance (31/10/15 – 0.22%) 0.20 2,563 23,195 0.15 1,585 8,789 0.05 Equity Investment Instruments (31/10/15 – 0.01%) 0.02 1,314 Utilico Emerging Markets 2,329 0.02 Mining (31/10/15 – 0.02%) 0.02 2,977 Petra Diamonds 3,498 0.02 Cayman Islands Financials (31/10/15 – 0.09%) 0.10 1,761 Phoenix Group Holdings* 15,224 0.10 Channel Islands Equity Investment Instruments (31/10/15 – 0.36%) 0.45 2,363 Aberdeen Asia Income 3,899 0.02 228 BH Macro 4,423 0.03 7,640 GCP Infrastructure 9,092 0.06 646 Harbourvest Global Private Equity 6,008 0.04 13,240 HICL Infrastructure 21,647 0.14 2,837 Highbridge Multi Strategy Fund 5,189 0.03 5,650 John Laing Infrastructure 7,096 0.05 9,998 NB Global Floating Fund 9,203 0.06 4,036 UK Commercial Property Trust 3,334 0.02

13 Portfolio of investments

Investments held at 30 April 2016 Market Percentage of value total net assets Holding Investment £% Financial Services (31/10/15 – 0.21%) 0.26 8,874 Henderson Group 23,152 0.15 8,401 International Public Partnership 12,165 0.08 2,956 Schroder Oriental Income 5,668 0.03 Industrial Transportation (31/10/15 – 0.01%) 0.01 1,432 Stobart Group 1,450 0.01 Media (31/10/15 – 1.04%) 1.13 3,882 UBM 22,166 0.14 9,635 WPP 154,256 0.99 Mining (31/10/15 – 0.95%) 1.36 9,539 10,855 0.07 87,691 Glencore 138,201 0.88 1,666 Ploymetal International 11,804 0.08 785 Rangold Resources 51,496 0.33 Non-Equity Investment Instruments (31/10/15 – 0.22%) 0.17 4,716 8,479 0.05 181 BH Global 2,273 0.02 1,084 Genesis Emerging Market 5,366 0.03 10,325 Renewables Infrastructure 10,593 0.07 Non-Life Insurance (31/10/15 – 0.09%) Oil Equipment & Services – 0.12% (31/10/15 – 0.11%) 0.12 955 Cape 2,170 0.01 2,016 Petrofac 17,297 0.11 Pharmaceuticals & Biotechnology (31/10/15 – 1.38%) 1.21 4,502 Shire 188,634 1.21 Real Estate & Investment Trusts (31/10/15 – 0.15%) 0.12 5,924 F&C Commercial Property Trust 7,897 0.05 572 Kennedy Wilson 6,206 0.04 7,616 Schroder Real Estate investment 4,474 0.03 Support Services (31/10/15 – 1.13%) 1.16 7,345 Experian 92,474 0.59 4,786 Regus Group 14,042 0.09 1,947 Wolseley 75,174 0.48 Travel & Leisure (31/10/15 – 0.00%) 0.04 341 Holdings 6,431 0.04 Futures (31/10/15 – 0.05%)

Portfolio of investments 15,396,564 98.52 Ne t other assets 230,998 1.48 Net assets 15,627,562 100.00

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

14 Top ten purchases and sales For the half year ended 30 April 2016

Purchases Cost Sales Proceeds £ £ HSBC Holdings 193,959 Royal Dutch Shell ‘B’ 298,445 Royal Dutch Shell ‘A’ 185,529 HSBC Holdings 240,695 British American Tobacco 167,575 British American Tobacco 204,617 BP 143,437 Royal Dutch Shell ‘A’ 186,149 Royal Dutch Shell ‘B’ 138,918 BP 170,457 GlaxoSmithKline 138,836 GlaxoSmithKline 167,151 Vodafone Group 118,166 Vodafone Group 143,888 Lloyds Banking Group 112,431 AstraZeneca 122,677 AstraZeneca 103,792 Diageo 121,679 Diageo 99,788 Lloyds Banking Group 117,234

Total purchases 4,430,692 Total sales 5,300,835

15 Statistical information

Performance record Class ‘A’ Accumulation Lowest Highest redemption issue price price Year to 31 December pence pence 2011 164.55 216.64 2012 181.13 228.46 2013 212.15 271.10 2014 233.29 283.91 2015 242.38 301.60 1 January to 30 April 227.86 286.50

Distribution record Net distribution pence per unit* Year to 31 December Class ‘A’ Accumulation 2011 6.0503 2012 7.6547 2013 8.0940 2014 8.5935 2015 9.2721 1 January to 30 April 1.2589 *paid during the period

Accounting period statistics Total Net asset net asset Units in value per As at 30 September value (£) issue unit in pence 2013 Class ‘A’ Accumulation 16,975,919 6,825,816 248.70 2014 Class ‘A’ Accumulation 17,134,672 6,831,339 250.82 2015 Class ‘A’ Accumulation 17,005,808 6,571,789 258.77 2016** Class ‘A’ Accumulation 15,627,562 6,007,940 260.12 **As at 30 April 2016

16 Statistical information

Investment objective The Fund aims to match closely the performance of the FTSE Actuaries All-Share Index or any successor or substitute index as modified from time to time, on a capital only and total return (after charges) basis.

Investment policy It is intended that the investment objective will be achieved by the use of a partial replication methodology. This process will involve investing in instruments relating to index components, though not necessarily in the proportions as the index at all times. Consequently, the Scheme 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 of the Scheme. It is intended that the Scheme will normally be close to fully invested as outlined above.

Revenue distribution and pricing Units of the Fund are available as Class ‘A’ Accumulation units (where revenue is reinvested to enhance the unit price). There will be four potential distributions in each accounting year: quarterly distributions as at 31 January and 31 July, an interim distribution as at 30 April and a final distribution as at 31 October. At each distribution the net revenue after deduction of expenses, arising in the preceding quarter 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.

Ongoing charges figure The Ongoing Charges Figure (OCF) shows the operating expenses, annualised, of each unit class as a percentage of average net assets of that class for the preceding period. % As at 30 April 2016 0.20 As at 30 April 2015 0.07

17 Statistical information

Risk and reward profile The Risk and Reward Indicator table demonstrates where the Fund ranks in terms of its potential risk and reward. The higher the rank the greater the potential reward but the greater the risk of losing money. It is based on past data, may change over time and may not be a reliable indication of the future risk profile of the Fund. The shaded area in

the table below shows the Fund’s ranking on the Risk and Reward Indicator. fi Typically lower rewards, Typically higher rewards, lower risk higher risk fi

123 4 567

This Fund is ranked at 5 because funds of this type have experienced medium 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: • Class ‘A’ A ccumulation 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: • This Fund may use derivatives to reduce risk or cost or to generate additional capital or income at low risk, or to meet its investment objective. • The small differences in the returns between the index tracking Fund and the Index (and tracking error) are due to levels of cash, expenses and portfolio turnover. • Counterparty Risk: the insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. For more information on the Risk and Reward profiles of our funds, please refer to the most up to date relevant fund and Unit Class Key Investor Information Documents (KIIDs). These are available online at www.phoenixunittrust.co.uk

Directors’ statement This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued and amended by the Financial Conduct Authority.

24 June 2016 Craig Baker, Director Shamira Mohammed, Director

18 Interim financial statements (unaudited) For the half year ended 30 April 2016

Statement of total return 30/04/16 30/04/15 £ £ £ £ Income Net capital (losses)/gains (264,533) 1,216,298 Revenue 310,679 319,314 Expenses (14,498) (6,242) Net revenue before taxation 296,181 313,072 Taxation (294) (2,180) Net revenue after taxation 295,887 310,892 Total return before distributions 31,354 1,527,190 Distributions (295,883) (310,890) Change in unitholders’ funds from investment activities (264,529) 1,216,300

Statement of change in unitholders’ funds 30/04/16 30/04/15 * £ £ £ £ Opening net assets 17,005,808 17,134,672 Amounts receivable on issue of units 4,197 121,809

Amounts payable on cancellation of units (1,404,823) (615,794) (1,400,626) (493,985) Change in unitholders’ funds from investment activities (264,529) 1,216,300 Retained distributions on accumulation units 286,909 307,275

Closing net assets 15,627,562 18,164,262

*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.

19 Interim financial statements (unaudited) As at 30 April 2016

Balance sheet 30/04/16 31/10/15 £ £ £ £ Assets Fixed assets: Investments assets 15,396,564 16,554,478 Current assets: Debtors 96,710 39,786 Cash and bank balances 147,884 425,339 Total current assets 244,594 465,125 Total assets 15,641,158 17,019,603

Liabilities Creditors: Other creditors (13,596) (13,795) Total creditors (13,596) (13,795) Total liabilities (13,596) (13,795) Net assets 15,627,562 17,005,808 Unitholders’ funds 15,627,562 17,005,808

Notes to the interim financial statements

Accounting policies The interim financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds issued by The Investment Association in May 2014. Previously the requirements for the Statement of Recommended Practice (SORP) issued by the Investment Management Association in October 2010 had been applied. The impact is minimal for an interim reporting period and limited to some presentational amendments to the Statement of Total Return, Statement of Change in Unitholders’ Funds and the Balance Sheet. The presentational amendments had no impact on the total return or net assets in either the current or preceding year. The full disclosures under the new SORP will first be presented for the annual financial statements prepared for the year to 31 October 2016. Unless otherwise stated all other accounting policies applied are consistent with those of the Annual Report for the year ended 31 October 2015 and are described in those financial statements.

Post balance sheet event Please note the Manager of the Scottish Mutual Funds has changed from Scottish Mutual Investment Managers Limited to Phoenix Unit Trust Managers Limited (PUTM) with effect from 2 November 2015. As a result the Fund was re-named PUTM UK All- Share Index Unit Trust.

20 Distribution tables For the half year ended 30 April 2016

Quarter 1 distribution in pence per unit Group 1: units purchased prior to 1 November 2015 Group 2: units purchased 1 November 2015 to 31 January 2016 2016 2015 pence pence per unit per unit Gross Tax credit Net paid paid income at 10% income Equalisation 31 Mar 31 Mar Class ‘A’ Accumulation Group 1 1.3988 0.1399 1.2589 — 1.2589 1.3166 Group 2 1.1957 0.1196 1.0761 0.1828 1.2589 1.3166

Quarter 2 distribution in pence per unit Group 1: units purchased prior to 1 February 2016 Group 2: units purchased 1 February 2016 to 30 April 2016 2016 2015 pence pence per unit per unit Net payable paid income Equalisation 30 Jun 30 Jun Class ‘A’ Accumulation Group 1 3.4725 — 3.4725 3.2867 Group 2 3.4725 — 3.4725 3.2867

Equalisation This applies only to units purchased during the distribution period (Group 2 shares). 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.

21 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 Mangers Limited is part of the Phoenix Group. Ignis Investment Services Limited is part of the Standard Life Investments group (Standard Life Investments (Holdings) Limited) and its subsidiaries. Unit prices appear daily on our website www.phoenixunittrust.co.uk

Manager (resigned 2 November 2015) Registrar and correspondence address Scottish Mutual Investments Managers Limited Phoenix Unit Trust Managers Limited 50 Bothwell Street, PO Box 12997 Glasgow G2 6HR Chelmsford Tel: 0141 222 8000 CM99 2EN Registered in Scotland – No.SC088674 Authorised and regulated by the Financial Conduct Member of The Investment Association Authority Authorised and regulated by the Financial Conduct Authority Investment Adviser Ignis Investment Services Limited Manager (appointed 2 November 2015) 50 Bothwell Street Phoenix Unit Trust Managers Limited (PUTM) Glasgow G2 6HR 1 Wythall Green Way, Wythall, Birmingham, B47 6WG Registered in Scotland – No.SC101825 Tel: 0330 1233 703 Authorised and regulated by the Financial Conduct Registered in England – No.03588031 Authority Authorised and regulated by the Financial Conduct Trustee Authority National Westminster Bank Directors Younger Building, 1st Floor * Appointed with effect 2 November 2015 3 Redheughs Avenue Andrew Moss* PUTM Director, Chief Executive Edinburgh EH12 9RH Phoenix Life; Authorised by the Prudential Regulation Authority and Shamira Mohammed* PUTM Director, Finance Director regulated by the Financial Conduct Authority and the Phoenix Life; Prudential Regulation Authority Craig Baker* PUTM Director, Head of Investment Independent Auditor to the Fund Management Phoenix Life; Ernst & Young LLP Mike Urmston* Non Executive Director of PUTM Ten George Street Resigned with effect 2 November 2015 Edinburgh EH2 2DZ C Walklin Authorised status C Clark This Fund is an Authorised Unit Trust scheme under J Aird section 243 of the Financial Services & Markets Act 2000 and is categorised under the Collective Investment Schemes Sourcebook as a UCITS fund.

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.

22 Notes

23 Notes

24

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. Phoenix Unit Trust Managers Limited and its subsidiaries are part of the Phoenix Group (Phoenix Group plc and its subsidiaries). B669.04.16