PHOENIX MANAGERS

MANAGER’S INTERIM REPORT For the half year: 1 June 2020 to 30 November 2020 (unaudited)

PUTM UK LISTED EQUITY UNIT TRUST

Contents Investment review 2-4

Portfolio of investments 5-13

Top ten purchases and sales 14

Statistical information 15-18

Statements of total return & change in net assets attributable to unitholders 19

Balance sheet 20

Distribution table 21

Corporate information 22-23

1 Investment review Dear Investor Performance Review (01 June 2020 to 30 June Welcome to the PUTM UK Equity Unit Trust interim report 2020) for the six months to 30 November 2020. The Unit Trust The PUTM UK Equity Unit Trust returned 1.44%. over the changed its investment adviser on 03 July 2020 and review period (Source: Aberdeen Standard Investments for there was a performance holiday during July 2020. the month to 30/06/20). This is compared to its benchmark index, which returned 1.54%. (Source: Datastream, FTSE All-Share - Total Return Index for the month to 30/06/20).

Performance Review (01 August 2020 to 30 November 2020) The PUTM UK Equity Unit Trust returned 8.2%. over the review period (Source: , for four months to 30/11/2020). This is compared to its benchmark index which returned 9.2%. (Source: Invesco, FTSE All-Share Index Index for four months to 30/11/2020).

Standardised Past Performance

Aug 19-Nov 20 Nov 19-Jun 20 Nov 18-19 Nov 17-18 Nov 16-17 Nov 15-16 % growth* % growth** % growth** % growth** % growth** % growth**

PUTM UK Listed Equity Unit Trust 8.2 -17.82 8.5 -4.86 13.7 4.8

Benchmark 9.2 -14.77 11.0 -1.46 13.4 9.8

* Source: Invesco, as of 30 November 2020. ** Source: Fund performance is Aberdeen Standard Investments, benchmark index performance is Datastream, FTSE All-Share – Total Return Index to 30 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 (01 June 2020 to tighten control measures impacted sentiment in the final 30 June 2020) week of the month, amid concerns about the impact on UK equities recorded fell over the review period, as the economy. November was then the best month for the broader economic uncertainty weakened risk appetite. UK equity market in over 30 years, propelled by a series Airline were especially hit by the announcement of of Covid-19 vaccine breakthroughs and optimism over Joe quarantine measures. Overall, technology and basic Biden’s victory in the US presidential election, which, materials were the only sectors to post positive returns, among other things, is considered particularly positive for while energy companies were the worst performers. trade relations. However, it narrowly missed out on recording its biggest gain ever after a subdued end to the May GDP numbers revealed a 1.8% increase from April. month. Further support for equity market sentiment came However, over the three-month period, the decline was from a new study which found that Covid-19 cases fell by 19.1%, an indication of the extent of the pandemic’s almost a third in England during November's national economic fallout. However, the labour market looked lockdown. Travel and leisure companies saw strong somewhat better than expected, with the unemployment returns following the government’s announcement of a rate steady at 3.9%, despite expectations of a 0.3% rise. ‘test to release’ scheme that could dramatically cut Nevertheless, this masked the continued impact of the quarantine times for arrivals from high-risk Covid-19 government’s job-retention scheme, with many expecting countries. The uplift in sentiment led to a decline in unemployment to rise markedly when the scheme ends defensive stocks, which have performed well for much of later in the year. this year. Technology was a laggard as stocks benefitting Bank of England (BoE) economist Andrew Haldane stated from people staying at home due to the pandemic came that the UK’s recovery has been V-shaped. Nevertheless, under pressure following the vaccine announcements. concerns over rising unemployment remain. The UK News that the economy grew 15.5% in the third quarter government unveiled a back-to-work bonus scheme for of the year was received well by the market, nevertheless, businesses to bring furloughed employees back to work the economy is still 9.7% below where it started the year and a £2 billion ‘kickstart scheme’ subsidising work as the impact of the lockdown restrictions continues to be placements for youth at risk of long-term unemployment. felt to varying degrees. In the first half of the reporting period (August until Portfolio and Market Review (01 August 2020 to September), contributions from the IQS’ multi-factor model 30 November 2020) were positive. In particular, Earnings Momentum and The UK equity market ended August in positive territory Price Momentum factors contributed positively. on optimism that the worst of the pandemic’s economic Furthermore, Value factors added to performance. On the damage was behind the country. Indicators published over other hand, the Quality factor, e.g. stocks with a high the month pointed to a robust recovery in economic balance sheet quality, contributed negatively. Stocks with activity in the current quarter, as the economy was a smaller average market capitalisation had no impact on rebounding from the impact of the pandemic more quickly performance, while performance was positively influenced than expected. This changed in September, when the UK by -specific effects. Active sector weights, which are Equity market ended in negative territory reflecting news a by-product of the multi-factor optimisation approach and flow around the pandemic, which included a steep rise in tightly constrained in the portfolio construction, added to confirmed cases of the virus and the increasing prospect performance. of a second lockdown. Furthermore, concerns about a In the second half of the review period (October until stalling economic recovery ahead of the next round of November), the multi-factor UK Enhanced strategy Brexit negotiations also impacted sentiment. Volatility underperformed its benchmark. Relative performance was remained at elevated levels, though it has reduced from mainly driven by the extreme and in part unprecedented the extremes of March and April. Negative market factor rotations that happened in November. Here, Value performance continued into October. The market closed factors contributed positively, as positive news on vaccine on its lowest level since March, as investors priced in a efficiency hit the market on 9th November and provided second wave of Covid-19. With the number of cases some relief for the factor. The announcement drove rising, anticipation that the UK government would further investors out of prior Covid-19 winners and into previously

3 Investment review shunned value stocks and cyclical names that are dependent on an effective vaccine to reopen the economy. In contrast, Momentum factors were positioned on the other side of this rotation as these factors favoured companies that either benefitted from Covid-19 induced trends or were able to deliver non-cyclical growth. Momentum experienced its worst daily drop on record so far, outweighing the positive performance of Value. Active sector weights, again a by-product of our multi-factor optimisation approach and tightly constrained in the portfolio construction, added to performance. While these effects led to an underperformance of the portfolio during November and subsequently the review period, the pronounced sudden rotations during this time demonstrated the benefits of a diversified multi-factor approach with a focus on risk management, as the diversification between multiple factors helped to stabilise the performance in times with excessive factor movements.

Market Outlook and Fund Strategy The fund strategy is based on a research-driven, quantitative, bottom-up multi-factor investment process. The Invesco Quantitative Strategies (IQS) multi-factor UK Enhanced strategy evaluates the attractiveness of stocks based on the proprietary IQS factors Momentum (Price Momentum and Earnings Momentum), Quality and Value and invests in stocks with high exposure to these factors. Academics as well as practitioners agree that factors have proven to explain wide parts of both returns and risks in equity markets over the long term. Over a full market cycle, the major part of relative performance is expected to be driven by these factors. In terms of portfolio construction, the IQS team tightly constrains the risks taken in sectors and industries, and over time the contribution to return from these sources is expected to be marginal.

The IQS team continues to expect the market to reward stocks with rising earnings outlooks, positive price momentum, strong fundamentals and attractive valuations going forward. Based on the IQS tactical asset allocation model (not applied to the PUTM UK Equity Unit Trust), the team considers the UK Equity market attractively valued, to have low levels of risk aversion and a positive economic outlook. On the other hand, the price trend of the market is in neutral territory.

4 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% UK Equities (31/05/20 – 95.72%) 98.03 Oil & Gas Producers 7.48 474,806 BP 1,208,619 2.61 21,546 35,012 0.08 26,514 Diversified Gas & Oil 28,847 0.06 73,033 ‘A’ 960,822 2.07 96,706 Royal Dutch Shell ‘B’ 1,235,322 2.66 Chemicals 0.44 1,947 116,937 0.25 12,040 51,916 0.11 1,834 36,973 0.08 Forestry & Paper 0.97 26,642 448,784 0.97 Industrial Metals 0.27 17,841 Group 70,597 0.15 26,665 56,956 0.12 Mining 7.58 27,114 Anglo American 620,233 1.34 4,374 Antofagasta 55,309 0.12 64,589 BHP Group 1,115,194 2.40 27,660 31,090 0.07 3,919 Fresnillo 41,091 0.09 6,789 14,651 0.03 20,165 43,919 0.10 176,580 Petropavlovsk 46,970 0.10 31,479 1,546,721 3.33 Construction & Materials 0.22 27,782 72,289 0.16 2,014 Marshalls Group 14,320 0.03 501 RHI Magnesita 16,583 0.03 Aerospace & Defence 1.46 922 39,876 0.08 94,810 BAE Systems 483,910 1.04 6,878 17,229 0.04 18,226 QinetiQ 54,277 0.12 14,357 Rolls-Royce 15,362 0.03 3,237 Holdings 69,142 0.15 General Industrials 1.82 23,338 15,380 0.03 6,606 Ferguson 553,847 1.19 46,732 Smith (DS) 157,253 0.34 6,781 99,850 0.22 3,224 Vesuvius 15,894 0.04

5 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% Industrial Engineering 0.50 4,128 29,185 0.06 1,021 Hill & Smith 13,661 0.03 10,290 IMI 115,865 0.25 543 Spirax Sarco Engineering 60,870 0.13 755 12,846 0.03 Industrial Transportation 0.53 80,586 248,366 0.53 Alternative Energy 0.03 9,047 Bluefield Solar Inc ome Fund 11,806 0.03 Oil Equipment & Services 0.12 19,390 56,580 0.12 Support Services 4.90 13,343 76,589 0.16 8,254 262,560 0.57 13,579 47,173 0.10 15,732 375,366 0.81 2,430 DCC ( listed) 138,510 0.30 21,893 Group 591,549 1.27 1,900 16,293 0.04 38,201 Hays 50,578 0.11 4,750 49,590 0.11 18,550 Howden Joinery Group 117,904 0.25 3,555 IntegraFin Holdings 17,206 0.04 4,261 Group 239,042 0.52 57,863 289,894 0.62 Beverages 2.37 37,826 1,101,304 2.37 Food Producers 1.01 11,192 239,397 0.52 1,384 Cranswick 48,052 0.10 28,029 Tate and Lyle 179,890 0.39 Food & Drug Retailers 1.43 74,993 J Sainsbury 161,910 0.35 116,404 Morrison (WM) Supermarkets 211,797 0.46 3,262 72,906 0.16 86,462 196,182 0.42 2,415 UDG Healthcare 19,175 0.04 Personal Goods 2.06 20,786 955,325 2.06 Household Goods 5.43 15,226 95,772 0.21 5,172 148,954 0.32 7,151 336,312 0.72

6 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% Household Goods (continued) 11,985 51,464 0.11 6,017 Holdings 18,219 0.04 21,498 Persimmon 582,811 1.26 15,384 Benckiser 1,011,344 2.18 116,238 183,598 0.40 10,610 90,344 0.19 Tobacco 4.51 60,681 1,608,047 3.47 34,624 483,351 1.04 Healthcare Equipment & Services 0.66 79,869 Convatec Group 165,968 0.36 27,880 NMC Health – 0.00 9,510 Smith & Nephew 141,176 0.30 Pharmaceuticals & Biotechnology 9.37 31,803 AstraZeneca 2,520,388 5.43 537 Genus 22,522 0.05 109,364 GlaxoSmithKline 1,514,035 3.26 10,142 268,560 0.58 18,928 21,956 0.05 General Retailers 2.66 9,90 7 AO World 34,625 0.07 59,596 B&M European Value 286,001 0.62 42,316 48,029 0.10 7,350 91,067 0.20 11,278 49,556 0.11 21,660 Inchcape 129,960 0.28 149,182 Kingfisher 413,085 0.89 1,509 Next Group 101,103 0.22 18,502 Group 79,559 0.17 Travel & Leisure 2.96 14,571 40,435 0.09 9,014 Carnival 123,537 0.27 34,437 473,337 1.02 24,413 Domino’s Pizza 80,709 0.17 13,388 easyJet 107,158 0.23 4,075 Group 45,559 0.10 4,473 InterContinental Hotels 210,320 0.45 93,334 International Consolidated Airlines 146,908 0.32 18,947 41,570 0.09 13,260 TUI 67,334 0.14 3,300 Wetherspoon (JD) 37,521 0.08 Leisure Goods 0.40 1,857 183,379 0.40

7 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% Media 3.43 787 Group 18,888 0.04 3,542 Future 60,568 0.13 192,473 ITV 182,156 0.39 4,116 Moneysupermarket.com 10,249 0.02 3,897 Pearson 25,658 0.06 48,703 RELX 861,313 1.86 58,397 WPP 430,736 0.93 Mobile Telecommunications 1.84 687,721 Group 855,387 1.84 Fixed Line Telecommunications 0.43 148,702 BT Group 177,104 0.38 7,550 11,310 0.02 869 12,601 0.03 Gas, Water & Multiutilities 2.27 46,683 20,760 0.04 75,047 National Grid 650,207 1.40 7,558 72,693 0.16 1,833 44,102 0.10 29,237 Group 263,542 0.57 Banks 7.87 492,644 675,809 1.46 27,414 CYBG 35,268 0.08 452,423 HSBC Holdings 1,784,583 3.85 1,733,015 649,881 1.40 96,556 Royal Bank of Group 155,455 0.33 75,899 348,528 0.75 Life Insurance 4.40 135,138 438,388 0.95 197,109 Legal & General 502,628 1.08 62,346 Prudential 748,464 1.61 11,705 St.James’s Place 119,859 0.26 83,844 Aberdeen 230,487 0.50 Non-Life Insurance 0.72 4,195 120,606 0.26 41,001 Direct Line Insurance Group 121,855 0.26 13,815 RSA Insurance Group 93,141 0.20 Real Estate Investment Services 2.89 12,950 Infrastructure Fund 38,656 0.08 6,209 Baillie Gifford US Growth Trust 17,696 0.04 10,617 BB Healthcare Trust 18,367 0.04 355 BH Macro Fund 12,425 0.03 14,550 BMO Global Smaller Companies 19,934 0.04 771 23,014 0.05 33,782 Capital & Counties Properties 46,146 0.10

8 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% Real Estate Investment Services (continued) 11,732 12,061 0.03 6,771 CVC Credit Partners European Opportunities 6,270 0.01 8,235 Worldwide 26,764 0.06 9,297 European Assets Trust 10,227 0.02 9,909 27,200 0.06 14,597 Foresight Solar Fund 14,743 0.03 11,129 GCP Asset Backed Income Fund 9,905 0.02 27,367 Grainger 77,886 0.17 5,945 Great Portland REIT 38,488 0.08 38,871 Greencoat UK Wind 50,610 0.11 1,833 HarbourVest Global Private Equity 32,701 0.07 8,916 HgCapital Trust 26,837 0.06 41,477 HICL Infrastructure 70,179 0.15 14,660 17,812 0.04 4,678 J.P. Morgan American Investment Trust 26,571 0.06 3,459 J.P. Morgan Global Growth & Income 13,179 0.03 12,917 Jlen Environmental Asset Group 14,596 0.03 2,279 JP Morgan Smaller Companies Investment Trust 6,974 0.02 27,525 JPMorgan Emerging Markets Investment Trust 33,993 0.07 22,974 Land Securities 152,892 0.33 4,698 Montanaro UK Smaller Companies 6,013 0.01 1,023 NB Private Equity Partners 10,793 0.02 14,082 NextEnergy Solar Fund 14,899 0.03 3,384 82,739 0.18 37,450 Renewables Infrastructure 47,262 0.10 1,639 15,202 0.03 26,792 24,006 0.05 2,667 Smithson Investment Trust 42,619 0.09 10,380 Starwood European Real Estate Finance 9,446 0.02 17,693 The Mercantile Investment Trust 39,898 0.09 12,373 TwentyFour Income Fund 13,054 0.03 15,307 Unite Group 153,682 0.33 18,187 37,647 0.08 Real Estate Investment Trust 1.37 20,988 Assura REIT 15,489 0.03 3,562 REIT 40,357 0.09 23,817 REIT 112,964 0.24 1,175 REIT 36,331 0.08 12,063 GCP Student Living 17,298 0.04 120,098 26,878 0.06 15,758 LondonMetric Property 34,888 0.08 1,914 Holdings REIT 14,834 0.03 23,750 REIT 218,120 0.47 5,450 Shaftesbury REIT 28,858 0.06 40,615 Tritax Big Box REIT 66,446 0.14 3,341 REIT 23,320 0.05

9 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% 4.31 16,863 3i Group 182,205 0.39 4,317 AJ Bell 17,959 0.04 6,418 11,578 0.02 7,390 31,496 0.07 8,045 21,480 0.05 5,481 72,130 0.16 6,633 95,250 0.21 20,202 IG Group Holdings 163,434 0.35 2,991 Intermediate Capital Group 49,292 0.11 34,327 International Public Partnership 58,974 0.13 57,257 108,101 0.23 5,013 15,711 0.03 5,439 JPMorgan Global Core Real Assets 5,406 0.01 1,403 Liontrust Asset Management 19,011 0.04 6,955 558,904 1.20 66,042 M&G Prudential 125,282 0.27 43,475 51,474 0.11 8,349 Merian Chrysalis Investment 12,690 0.03 8,320 Oc topus Renewables Infrastructure Trust 8,986 0.02 9,757 OSB GROUP PLC 38,028 0.08 9,128 141,712 0.31 31,584 Quilter 44,123 0.10 6,530 Schroder Oriental Income Fund 16,194 0.03 2,941 94,759 0.20 11,196 27,038 0.06 13,688 TP ICAP 29,703 0.06 Electronic & Electrical Equipment 0.61 915 17,531 0.04 40,124 122,298 0.26 4,683 125,879 0.27 382 XP Power 16,770 0.04 Electricity 1.00 22,332 76,956 0.17 28,351 SSE 386,849 0.83 Equity Investment Instruments 4.47 4,578 Aberdeen Asia Income Fund 9,614 0.02 8,274 Aberdeen Diversified Income and Growth Trust 7,794 0.02 2,861 Aberdeen New Dawn Investment Trust 8,526 0.02 1,547 Aberdeen New India Investment Trust 7,364 0.02 2,144 Aberforth Smaller Companies 25,171 0.05 6,987 61,905 0.13 971 26,994 0.06 3,128 Asia Dragon Trust 15,171 0.03 2,601 AVI Global Trust 21,302 0.05 1,452 Baillie Gifford China Growth Trust 7,289 0.02

10 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% Equity Investment Instruments (continued) 906 Baillie Gifford European Growth Trust 12,095 0.03 2,198 Baillie Gifford Japan Investment Trust 22,156 0.05 6,753 Baillie Gifford Shin Nippon Investment 17,355 0.04 3,961 Baillie Gifford UK Growth Fund 8,199 0.02 2,933 Bankers Investmen t Trust 31,324 0.07 951 Biotech Growth Trust 14,075 0.03 6,371 BlackRock Frontiers Investment Trust 7,040 0.02 2,169 BlackRock Greater European Investment Trust 10,758 0.02 1,172 BlackRock Smaller Companies 17,228 0.04 2,076 BlackRock Throgmorton Trust 14,075 0.03 4,199 BlackRock World Mining Investment Trust 18,833 0.04 2,798 BMO Capital and Income Investment Trust 7,974 0.02 1,909 BMO Private Equity Trust 5,555 0.01 794 Brunner Investment Trust 6,670 0.01 263 Capital Gearing Trust 12,098 0.03 9,504 City of London Investment Trust 33,692 0.07 11,364 CQS New City High Yield Fund 5,534 0.01 4,590 Dragon Capital Vietnam Enterprise Investment 24,235 0.05 3,822 Dunedin Income Growth Investment Trust 10,625 0.02 4,162 Edinburgh Investment Trust 22,100 0.05 2,564 European Opportunities Trust 18,486 0.04 1,995 Fidelity Asian Values 7,860 0.02 3,757 Fidelity Japanese Values Investment Trust 8,228 0.02 4,754 Finsbury Growth and Income Trust 40,647 0.09 11,641 Foreign & Colonial Investment Trust 87,308 0.19 684 Fundsmith Emerging Equities Trust 8,721 0.02 20,420 GCP Infrastructure Investments 22,135 0.05 565 Henderson European Focus Trust 7,938 0.02 564 Henderson Eurotrust 7,783 0.02 3,492 Henderson Far East Income 11,070 0.02 4,957 Henderson International Income Trust 7,287 0.02 1,814 Henderson Smaller Companies Investment Trust 17,687 0.04 1,611 30,641 0.07 4,833 Hipgnosis Songs Fund 5,292 0.01 1,673 ICG Enterprise Trust 15,291 0.03 6,000 Impax Environmental Markets 25,470 0.05 980 International Biotechnology 8,036 0.02 2,348 JPMorgan Asia Growth & Income 10,965 0.02 1,801 JPMorgan Chinese Investment Trust 11,022 0.02 1,499 JPMorgan Claverhouse Investment Trust 8,994 0.02 3,023 JPMorgan European Investment Trust 8,706 0.02 3,868 JPMorgan European Smaller Companies Investment Trust 17,445 0.04 7,591 JPMorgan Global Emerging Markets Income Trust 10,058 0.02 1,932 JPMorgan Indian Investment Trust 12,365 0.03

11 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% Equity Investment Instruments (continued) 3,824 JPMorgan Japanese Investment Trust 26,921 0.06 1,462 JPMorgan Japanese Smaller Companies Investment Trust 7,719 0.02 647 JPMorgan Mid Cap Investment Trust 6,858 0.01 1,186 JPMorgan Russian Securities Investment Trust 7,163 0.02 1,935 Keystone Investment Trust 5,495 0.01 2,817 Investment Trust 17,353 0.04 5 Lindsell Train Investment Trust 6,525 0.01 700 Lowland Investment Trust 8,120 0.02 2,234 Martin Currie Global Portfolio 7,953 0.02 2,951 Merchants Investment Trust 12,394 0.03 1,213 Mid Wynd International Investment Trust 8,345 0.02 4,798 60,935 0.13 452 Montanaro European Smaller Companies Trust 6,690 0.01 3,063 Murray Income Investment Trust 24,810 0.05 3,002 Murray International Investment Trust 32,482 0.07 9,789 NB Global Floating Fund 7,733 0.02 3,625 North American Income Trust 8,446 0.02 263 North Atlantic Smaller Companies Investment Trust 8,390 0.02 3,074 Pacific Assets Investment Trust 9,345 0.02 1,493 Pacific Horizon Investment Trust 10,630 0.02 1,300 Investment Trust 29,965 0.06 63 Personal Assets Investment Trust 28,571 0.06 2,964 Polar Capital Technology Trust 64,171 0.14 2,796 RIT Capital Partners Investment Trust 54,690 0.12 4,362 Ruffer 10,774 0.02 3,987 Schroder Asia Pacific Investment Trust 23,164 0.05 2,460 Schroder Asian Total Return Investment Trust 11,390 0.02 3,405 Schroder Japan Growth Investment Trust 6,384 0.01 1,082 Schroder UK Mid Cap Fund 6,362 0.01 24,756 Schroders Publ ic Private Trust 6,498 0.01 3,616 Scottish American Investment Trust 16,272 0.03 1,805 Scottish Investment Trust 12,635 0.03 31,964 Scottish Mortgage Investment Trust 353,841 0.76 773 Scottish Oriental Smaller Companies 7,405 0.02 10,230 SDCL Energy Efficiency Income Trust 10,946 0.02 35,995 Sequoia Economic Infrastructure Income Fund 38,011 0.08 1,985 Standard Life European Private Equity Trust 7,007 0.01 2,450 Standard Life UK Smaller Companies Trust 14,210 0.03 1,641 Temple Bar Investment Trust 15,475 0.03 5,255 Templeton Emerging Markets Investment Trust 47,873 0.10 1,252 TR European Growth Investment Trust 14,774 0.03 7,618 TR Property Investment Trust 29,634 0.06 9,021 Troy Income & Growth Trust 6,441 0.01 4,554 Utilico Emerging Market Trust 8,516 0.02

12 Portfolio of investments

Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £% Equity Investment Instruments (continued) 4,278 VinaCapital Vietnam Opportunity Fund 16,342 0.04 1,265 Worldwide Healthcare Trust 45,414 0.10 Non-Equity Investment Instruments 0.27 844 Aberdeen Standard Asia Focus 9,031 0.02 493 BH Global 9,268 0.02 14,977 Bilfinger Berger Global Infrastructure SICAV+ 25,820 0.05 8,852 Diverse Income Trust 8,055 0.02 8,250 Fidelity China Special Situations 31,226 0.07 5,055 11,778 0.02 2,877 Genesis Emerging Market 23,735 0.05 3,139 Polar Capital Global Healthcare Growth & Income Trust 7,345 0.02 Software & Computer Services 2.80 47,351 265,734 0.57 45,494 229,517 0.50 3,355 75,219 0.16 1,983 FDM Group Holdings 20,504 0.04 2,434 Group 30,036 0.06 18,732 72,099 0.16 49,145 313,840 0.68 40,776 248,407 0.54 3,774 43,439 0.09 Technology Hardware & Equipment 0.17 30,853 Communications 79,909 0.17

Portfolio of investments 45,480,937 98.03 Net other assets 912,248 1.97

Net assets 46,393,185 100.00

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. + (open ended investment schemes registered outside the UK).

13 Top ten purchases and sales For the half year ended 30 November 2020

Purchases Cost Sales Proceeds £ £ Royal Dutch Shell ‘A’ 986,176 Aberdeen Standard Liquidity Fund Diageo 773,377 (Lux) Sterling Fund – Class Z-1 1,944,125 Experian Group 625,350 Prudential 956,310 London Stock Exchange 607,048 GVC Holdings 929,816 RELX 576,768 Royal Dutch Shell ‘B’ 872,793 Lloyds Banking Group 542,201 Close Brothers Group 766,405 Persimmon 525,233 GlaxoSmithKline 716,222 Legal & General 449,407 Group 640,423 Compass Group 402,739 Glencore 613,062 Aviva 398,539 Grainger 592,911 Anglo American 582,973 Subtotal 5,886,838 Subtotal 8,615,040 Other purchases 17,061,778 Other sales 16,389,782

Total purchases for the half year 22,948,616 Total sales for the half year 25,004,822

14 Statistical information

Comparative tables Income 30/11/20 31/05/20 31/05/19 31/05/18 pence pence pence pence Change in net assets per unit Opening per unit 482.19 581.01 654.87 640.43 Return before operating charges* 24.72 (78.05) (47.05) 41.31 Operating charges (2.48) (5.94) (6.38) (6.69) Return after operating charges* 22.24 (83.99) (53.43) 34.62 Distributions on income units (5.66) (14.83) (20.43) (20.18)

Closing net asset value per unit 498.77 482.19 581.01 654.87

*after direct transaction costs of: 1.25 0.37 0.50 0.89

Performance Return after charges 4.61% (14.46%) (8.16%) 5.41%

Other information Closing net asset value (£000) 13 12 15 23 Closing number of units 2,525 2,525 2,525 3,552 Operating charges 1.04% 1.05% 1.04% 1.04% Direct transaction costs 0.26% 0.06% 0.08% 0.14%

Prices+ Highest unit price (pence) 540.04 662.07 699.36 724.61 Lowest unit price (pence) 444.97 387.26 540.35 597.73

+ 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.

15 Statistical information

Comparative tables Accumulation 30/11/20 31/05/20 31/05/19 31/05/18 pence pence pence pence Change in net assets per unit Opening net asset value per unit 1,087.82 1,276.23 1,389.40 1,317.74 Return before operating charges* 55.76 (175.25) (99.52) 85.55 Operating charges (5.60) (13.16) (13.65) (13.89) Return after operating charges* 50.16 (188.41) (113.17) 71.66 Distributions on accumulation units (12.75) (32.75) (43.88) (41.83) Retained distributions on accumulation units 12.75 32.75 43.88 41.83

Closing net asset value per unit 1,137.98 1,087.82 1,276.23 1,389.40

*after direct transaction costs of: 2.82 0.81 1.07 1.85

Performance Return after charges 4.61% (14.76%) (8.15%) 5.44%

Other information Closing net asset value (£000) 46,380 46,117 58,709 69,603 Closing number of units 4,075,695 4,239,372 4,600,204 5,009,542 Operating charges 1.04% 1.05% 1.04% 1.04% Direct transaction costs 0.26% 0.06% 0.08% 0.14%

Prices+ Highest unit price (pence) 1,218.94 1,477.73 1,484.05 1,512.04 Lowest unit price (pence) 1,002.80 864.66 1,166.08 1,247.33

+ High and low price disclosures are based on quoted unit prices. Therefore, the opening and closing NAV prices may fall outside the high/low price threshold.

16 Statistical information

Investment objective The Fund aims to provide a total return (a combination of capital growth and income) by outperforming the FTSE All Share Index (the “Index”) before fees by 0.75% to 1.25% over any given 3 year period.

Investment policy The Fund aims to achieve its objective by investing over 70% of the portfolio in equities and equity related securities of companies listed in the that are constituents of the FTSE All Share Index. The Fund may invest up to 15% in listed UK companies outside of the Index. The Fund may also invest in convertible stocks, stock exchange listed warrants, depositary 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 Manager, influenced significantly by the stock market performance of the company’s ordinary shares. Not more than 10% in value of the property of any of the Schemes may consist of transferable securities, which are non-approved securities and/or unlisted securities. The Fund may invest in collective investment schemes, money-market instruments, deposits, cash and near cash assets. Derivatives will be used for efficient portfolio management only.

Investment Strategy Although over 70% of the Fund is invested in components of the Index, the Fund is actively managed. The Investment Adviser uses research techniques to select individual holdings. The research process is focused on identifying companies where the management team have a different view of the company's prospects to that of the market, and which align with their views regarding future economic and business conditions. The Investment Adviser references the index, which means that while the Fund is not required to match the weightings of the Index and does not concentrate on any particular sector, the Fund is managed so that divergence from the Index is controlled. The Fund’s portfolio may, therefore, be similar to components of the Index.

Revenue distribution and pricing Units of the Fund are available as either Income units (where revenue is distributed to unitholders) or 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 30 November and a final distribution as at 31 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.

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 4567

This Fund is ranked at 6 (31/05/20: 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: • Accumulation • Income 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: • 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.

28 January 2021 Craig Baker, Director Andrew Moss, Director

18 Interim financial statements For the half year ended 30 November 2020

Statement of total return 30/11/20 30/11/19 £ £ £ £ Income Net capital gains 1,488,463 2,198,549 Revenue 769,170 1,237,492 Expenses (230,975) (306,837) Interest payable and similar charges (26) (43) Net revenue before taxation 538,169 930,612 Taxation (6,807) – Net revenue after taxation 531,362 930,612 Total return before distributions 2,019,825 3,129,161 Distributions (531,362) (930,608) Change in net assets attributable to unitholders from investment activities 1,488,463 2,198,553

Statement of change in net assets attributable to unitholders 30/11/20 30/11/19* £ £ £ £ Opening net assets attributable to unitholders 46,128,803 58,723,742 Amounts receivable on issue of units 45,847 – Amounts payable on cancellation of units (1,789,612) (3,801,630) (1,743,765) (3,801,630) Change in net assets attributable to unitholders from investment activities 1,488,463 2,198,553 Retained distributions on accumulation units 519,684 896,598 Closing net assets attributable to unitholders 46,393,185 58,017,263

*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 As at 30 November 2020

Balance sheet 30/11/20 31/05/20 £ £ £ £ Assets: Fixed assets: Investments 45,480,937 46,046,581 Current assets: Debtors 159,985 139,565 Cash and bank balances 790,951 25,123 Total current assets 950,936 164,688 Total assets 46,431,873 46,211,269

Liabilities: Creditors: Other creditors (38,545) (82,331) Distribution payable (143) (135) Total liabilities (38,688) (82,466)

Net assets attributable to unitholders 46,393,185 46,128,803

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 31 May 2020 and are described in those financial statements.

20 Distribution table For the half year ended 30 November 2020

Interim distribution in pence per unit Group 1: units purchased prior to 1 June 2020 Group 2: units purchased 1 June 2020 to 30 November 2020 2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Jan 31 Jan Income Group 1 5.6558 — 5.6558 9.4735 Group 2 5.6558 0.0000 5.6558 9.4735

Accumulation Group 1 12.7508 — 12.7508 20.8075 Group 2 2.9131 9.8377 12.7508 20.8075

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.

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 Managers Limited is part of the . Ignis Investment Services Limited is part of the 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.

22 Corporate information

Manager Investment Adviser (to 02/07/20) Phoenix Unit Trust Managers Limited (PUTM) Ignis Investment Services Limited 1 Wythall Green Way 1 George Street Wythall Edinburgh EH2 2LL Birmingham B47 6WG Registered in Scotland – No.SC101825 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. Investment Adviser (from 03/07/20) Invesco Asset Management Limited Directors Perpetual Park Andrew Moss PUTM Director, Chief Executive Perpetual Park Drive Phoenix Life; Henley-On-Thames Craig Baker PUTM Director, Head of Investment Oxfordshire RG9 1HH Management Phoenix Life; Trustee Mike Urmston Non Executive Director of PUTM; HSBC Bank plc Nick Poyntz-Wright Non Executive Director of PUTM. 1-2 Lochside Way Edinburgh Park Registrar and correspondence address Edinburgh EH12 9DT Phoenix Unit Trust Managers Limited Authorised by the Prudential Regulation Authority and Floor 1, 1 Grand Canal Square regulated by the Financial Conduct Authority and the Grand Canal Harbour Prudential Regulation Authority. Dublin 2 Ireland Independent Auditor Authorised and regulated by the Financial Conduct Authority. Ernst & Young LLP Atria One 144 Morrison Street Edinburgh EH3 8EX Authorised status This Fund is an Authorised Unit Trust scheme under section 243 of the Financial Services & Markets Act 2000 and is categorised under the Collective Investment Schemes Sourcebook as a UCITS fund.

23 Notes

24

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.

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