PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORTFor the half year: 16 May 2017 to 15 November 2017

PUTM BOTHWELL ASIA PACIFIC (EXCLUDING JAPAN) FUND

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Contents

Investment review 2-3

Portfolio of investments 4-7

Top ten purchases and sales 8

Statistical information 9-12

Statements of total return & change in net assetsattributable to unitholders 13

Balance sheet 14

Distribution table 15

Appendix 16-17

Corporate information 18-19

PUTM Bothwell Asia Pacific (ex Japan) Fund 29.6 29.3 -9.3 9.4 13.1

Benchmark Index 26.0 30.6 -9.5 7.9 10.3

Nov 16-17 Nov 15-16 Nov 14-15 Nov 13-14 Nov 12-13% growth % growth % growth % growth % growth

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Dear Investor

Welcome to the PUTM Bothwell Asia Pacific (ex Japan)Fund interim report for six months to 15 November2017.

Performance Review

Over the review period the PUTM Bothwell Asia Pacific(ex Japan) Fund returned 13.75%. (Source: StandardLife Investments). This was compared to its benchmarkindex which returned 11.92%. (Source: Datastream,MSCI AC Asia Pacific ex Japan (NR) for six months to15/11/17). The Fund’s benchmark changed from theFTSE AW Asia Pacific ex Japan (TR) Index to the MSCIAC Asia Pacific ex Japan (NR) on 30/04/11.

In the table below, you can see how the Fund performedagainst its benchmark index over the last five discreteone-year periods.

Investment review

Source: Fund performance is Standard Life Investments, benchmark Index performance is Datastream, MSCI AC AsiaPacific ex Japan (NR) to 15 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 backthe full amount invested.

Please note that all past performance figures are calculated without taking the initial charge into account.

Standardised Past Performance

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Portfolio and Market ReviewAsia Pacific had an excellent six months, due to theimproving business and economic climate. The asset classeven managed to shrug off rising geopolitical tensions in theKorean peninsula thanks to robust corporate earnings andpositive reform news. China was the standout market, withsentiment lifted by better industrial economic data and afruitful Q2 business reporting season. Increasing confidencein China was probably the main factor pushing up metalsprices, which lifted a number of Asia Pacific companieselsewhere. Meanwhile, the country’s 19th Party Congressheld no major surprises from a macro or stock-pickingperspective. Elsewhere, India’s Prime Minister Modicontinued his reform agenda, introducing the ambitiousGoods and Sales Tax. Markets initially fell, but have sincerecovered. More recently, the INR 2.1 trillion capitalinfusion into India’s major state banks was seen as apositive. In Taiwan, the technology sector was helped byrobust orders and expectations that the 10th anniversaryiPhone will prove popular with consumers.

Within the Fund, hotel operator China Lodging Group had agood review period after delivering positive Q2 results,boosted by better-than-expected occupancy and room rates.The company’s earnings were subsequently upgraded. InKorea, we had good returns from ING Life Insurance – thisrecent IPO is still being discovered by the market, and thecompany has strong competitive advantages against biggerrivals thanks to the structure of its distribution network,consisting of a young and incentivised salesforce. IT firmSK Hynix was another highlight, due to rising memory chipprices thanks to better industry management of supplyagainst demand. This is boosting the short and medium-term profitability outlook for the group. Additional highlightsincluded Ping An Insurance, Anta Sports Products andChina Merchants Bank.

On the downside, a position in travel services firmCtrip.com weighed on relative performance. The ChinaAviation Authority recently said the practice of bundlingauxiliary services like airport lounges and car parking withair-ticket sales should be stopped. Ctrip.com generates 6-7% of its revenues from such practices. However, webelieve Ctrip.com will adopt international standards (i.e.selling these services separately) and that this is therefore ashort-term issue. As such, our investment thesis remains inplace. National Australia Bank fell on concerns that macroprudential measures to slow the property market will hitrevenue growth. Elsewhere, India‘s Bharat Heavy Electricalsshares sold off thanks to a disappointing corporate update.Positions in Vipshop, ITC and JD.com also disappointed.

Turning to activity, we bought ING Life Insurance. Thecompany is the leader in the professional sales forcedistribution model, with a high online presence andgrowing pool of younger clients. These generate a virtuous

cycle of sales, as well as improving unit costs and margins.Staying in Korea, Woori Bank was added to the portfolio.Consensus estimates do not include improvements in cost-to-income or net interest margins, which should lead tobetter return-on-equity and an improved valuation. Morerecently we purchased shares in Thai telecommunicationbusiness Advance Info Service: investors are mispricing themarket share gains the company will make and thesubsequent boost to revenues. In addition, improvingmargins are likely as competitive pressures diminish due tothe financial constraints of its competitors. Meanwhile, webought LG Chemical as we think the company’s chemicaldivision is well positioned competitively, while its batteryoperations looks set to flourish as demand for electricvehicles picks up.

In other activity, we sold Taiwanese contact lensesmanufacturer Ginko International, as increasing competitionand brand damage from production suspension makes areturn to growth less likely. We exited China StateConstruction International. Recent tightening of localgovernment finances will slow down the new PPP projectmomentum faster than the market expects. In the thirdquarter, we reduced the position in Korea Telecoms due toincreasing regulatory concerns and the likelihood ofintensifying competition during the next spectrum auction.Lastly, we removed Samsung Engineering from the Funddue to slower-than-expected order recovery and furtherprovisioning for disappointing historical projects.

Market Outlook and Fund Strategy

Asia Pacific markets will continue to take their lead fromglobal events. These include President Trump’s stance ontrade, the strength of economic growth in the developedworld, US Federal Reserve interest rate policy and thepossibility of further geopolitical upheaval. The fortunes ofChina, including any growth-orientated policy measuresenacted by the leadership in Beijing, will also continue todrive sentiment.

From a longer-term perspective, we continue to believe AsiaPacific is generally in a strong position, with compellingdemographics and the ongoing re-orientation of economicgrowth away from exports and towards domesticconsumption. This should be supportive for Asian equitiesover the years ahead, helping underlying cashflows,earnings volatility and dividend growth, to the benefit ofinvestors seeking both capital gain and income.

Against this backdrop, we believe our fundamental bottom-up investment approach remains the best way to generaterobust long-term returns.

Investment review

Portfolio of investments

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Investments held at 15 November 2017 Market Percentage of value total net assets Holding Investment £000 %

Australia (15/05/17 – 18.41%) 17.40 Banks 6.26 717,728 Australia & New Zealand Banking Group 12,032 2.49 472,905 National Australia Bank 8,154 1.68 551,032 Westpac Banking 10,104 2.09

Beverages 1.53 825,726 Treasury Wine Estates 7,397 1.53

Electricity 0.62 1,982,386 Spark Infrastructure 2,992 0.62

Food & Drug Retailers 0.50 159,750 Woolworths 2,399 0.50

General Industrials 0.28 239,158 Brambles 1,347 0.28

Industrial Metals 1.31 3,428,425 Metals X 2,093 0.43 1,965,011 Syrah Resources 4,268 0.88

Life Insurance 1.16 717,560 Challenger 5,622 1.16

Mining 0.17 787,500 Westgold Resources 821 0.17

Non-Life Insurance 1.03 780,801 QBE Insurance Group 5,006 1.03

Pharmaceuticals & Biotechnology 0.90 53,660 CSL 4,362 0.90

Real Estate Investment & Services 0.61 1,233,696 Scentre Group 2,942 0.61

Real Estate Investment Trusts 0.94 917,418 Goodman Group 4,550 0.94

Travel & Leisure 2.09 539,581 Aristocrat Leisure 7,236 1.49 854,104 Qantas 2,903 0.60

Bermuda (15/05/17 – 0.13%) 0.53 Industrial Transportation 0.53 353,713 Orient Overseas (International) 2,571 0.53

Cayman Islands (15/05/17 – 18.36%) 21.43 Food & Drug Retailers 0.37 187,717 CK Hutchison Holdings 1,790 0.37

General Retailers 5.11 163,947 Alibaba Group Holding ADR~ 22,598 4.67 334,272 Vipshop Holdings ADR~ 2,126 0.44

Personal Goods 1.35 1,892,486 Anta Sports Products 6,547 1.35

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Portfolio of investments

Investments held at 15 November 2017 Market Percentage of value total net assets Holding Investment £000 %

Real Estate Investment & Services 2.79 2,518,117 China Resources Land 5,464 1.13 1,253,282 CK Asset Holdings 8,025 1.66

Software & Computer Services 8.95 50,999 Baidu ADR~ 9,075 1.87 262,867 JD.com ADR~ 7,857 1.62 708,673 Tencent Holdings 26,412 5.46

Travel & Leisure 2.86 62,251 China Lodging Group ADR~ 5,848 1.21 170,500 Ctrip.com International ADR~ 5,940 1.23 569,262 Sands China 2,033 0.42

China (15/05/17 – 7.95%) 6.92 Banks 3.94 18,149,740 China Construction Bank 11,798 2.44 2,478,884 China Merchants Bank 7,285 1.50

Life Insurance 2.30 1,555,336 Ping An Insurance 11,154 2.30

Oil & Gas Producers 0.68 6,107,397 China Petroleum & Chemical 3,275 0.68

Hong Kong (15/05/17 – 9.27%) 8.13 Banks 1.40 1,868,308 Bank of China (Hong Kong) 6,781 1.40

Life Insurance 2.12 1,632,872 AIA Group 10,264 2.12

Mobile Telecommunications 1.42 507,584 China Mobile (HK) 3,880 0.80 2,619,919 China Unicom 2,993 0.62

Oil & Gas Producers 1.08 5,107,984 CNOOC 5,249 1.08

Pharmaceuticals & Biotechnology 0.74 3,375,359 Sino Biopharmaceutical 3,567 0.74

Real Estate Investment & Services 1.37 2,038,859 Hang Lung Properties 3,468 0.72 254,983 Sun Hung Kai Properties 3,159 0.65

India (15/05/17 – 7.82%) 6.12 Banks 0.82 632,645 Axis Bank 3,993 0.82

Construction & Materials 1.16 399,393 Larsen & Toubro 5,626 1.16

Industrial Engineering 1.88 1,936,024 Bharat Heavy Electricals 1,991 0.41 36,565 Tata Motors ‘A’ 101 0.02 1,033,093 Voltas 7,024 1.45

Portfolio of investments

Investments held at 15 November 2017 Market Percentage of value total net assets Holding Investment £000 %

Mining 0.33 496,351 Coal India 1,574 0.33

Software & Computer Services 0.77 118,407 Tata Consultancy Services 3,730 0.77

Tobacco 1.16 1,896,097 ITC 5,593 1.16

Indonesia (15/05/17 – 1.55%) 1.86 Banks 0.82 10,152,532 Bank Mandiri 3,975 0.82

Industrial Engineering 0.62 1,636,290 United Tractors 3,003 0.62

Support Services 0.42 5,265,383 AKR Corporindo 2,047 0.42

Malaysia (15/05/17 – 0.37%) 0.35 Travel & Leisure 0.35 2,922,058 Airasia Berhad 1,702 0.35

Papua New Guinea (15/05/17 – 0.59%) 0.53 Oil & Gas Producers 0.53 623,759 Oil Search 2,558 0.53

Philippines (15/05/17 – 0.04%)

Singapore (15/05/17 – 4.41%) 3.80 Banks 2.87 405,215 Development Bank of Singapore 5,357 1.11 613,735 United Overseas Bank 8,550 1.76

Real Estate Investment & Services 0.93 2,280,488 Capitaland 4,495 0.93

South Korea (15/05/17 – 15.83%) 14.29 Automobiles & Parts 0.46 29,696 Hyundai Motor 2,221 0.46

Banks 1.82 124,827 KB Financial Group 4,877 1.01 118,769 Shinhan Financial Group 3,927 0.81

Chemicals 1.09 19,603 LG Chem 5,309 1.09

Electronic & Electrical Equipment 1.39 5,309 Samsung SDI 6,716 1.39

Fixed Line Telecommunications 0.53 127,349 KT Corporation 2,557 0.53

Life Insurance 0.97 136,186 ING Life Insurance 4,716 0.97

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Portfolio of investments

Investments held at 15 November 2017 Market Percentage of value total net assets Holding Investment £000 %

Technology Hardware & Equipment 8.03 11,779 Samsung Electronics 22,263 4.60 3,769 Samsung Electronics Preference 5,659 1.17 195,209 SK Hynix 10,934 2.26

Taiwan (15/05/17 – 9.61%) 10.27 Chemicals 0.60 1,236,459 Formosa Plastics 2,885 0.60

Electronic & Electrical Equipment 1.88 3,511,992 Hon Hai Precision Industry 9,115 1.88

Food & Drug Retailers 1.16 791,596 President Chain Store 5,605 1.16

Life Insurance 0.73 2,833,286 Cathay Financial Holding 3,555 0.73

Technology Hardware & Equipment 5.90 2,275,806 Macronix International 2,859 0.59 4,300,219 Taiwan Semiconductor Manufacturing 25,679 5.31

Thailand (15/05/17 – 1.00%) 2.63 Banks 0.58 553,631 Kasikornbank 2,802 0.58

Mobile Telecommunications 1.24 1,444,980 Advanced Info Service 6,001 1.24

Oil & Gas Producers 0.81 414,000 PTT Public 3,905 0.81

United Kingdom (15/05/17 – 1.74%) 2.09 Mining 2.09 509,616 BHP Billiton 6,964 1.44 89,176 Rio Tinto 3,174 0.65

Money Markets (15/05/17 – 0.37%) 0.61 £2,946,283 Standard Life Investments Sterling Liquidity Fund Class ‘0’ GBP+ 2,946 0.61

Portfolio of investments 469,375 96.96 Net other assets 14,697 3.04

Net assets 484,072 100.00

All investments are listed on recognised stock exchanges and are “approvedsecurities” within the meaning of the FCA rules unless otherwise stated.+SICAVs (open ended investment schemes registered outside the UK).~ ADR – American Depositary Receipt.

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Purchases Cost £000Standard Life Investments Sterling Liquidity Fund Class ‘0’ GBP 67,515Australia & New Zealand Banking Group 6,881President Chain Store 5,526CNOOC 5,519Advanced Info Service 5,454Goodman Group 5,008KB Financial Group 4,972LG Chem 4,968PTT Public 3,911Westpac Banking 3,013

Sales Proceeds £000Standard Life Investments Sterling Liquidity Fund Class ‘0’ GBP 66,392National Australia Bank 8,040China State Construction International 6,203Samsung SDI 5,295Woori Bank 5,129Woolworths 5,118Shinhan Financial Group 4,983Dexus Property Group 4,728China Resources Beer (Holdings) 4,507Hankook Tire 4,447

Total purchases 148,542 Total sales 215,106

Top ten purchases and salesFor the half year ended 15 November 2017

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Statistical information

Comparative tables Class ‘A’ Accumulation 15/11/17 15/05/17 15/05/16 15/05/15 pence pence pence penceChange in net assets per unit Opening net asset value per unit 301.26 210.01 245.89 217.16

Return before operating charges* 39.20 95.46 (32.47) 32.36Operating charges (2.54) (4.21) (3.41) (3.63)

Return after operating charges* 36.66 91.25 (35.88) 28.73

Distributions on accumulation units (2.78) (2.35) (2.66) (2.85)

Retained distributions onaccumulation units 2.78 2.35 2.66 2.85

Closing net asset value per unit 337.92 301.26 210.01 245.89

*after direct transaction costs of: 0.41 0.75 0.67 0.72

PerformanceReturn after charges 12.17% 43.45% (14.59%) 13.23%

Other informationClosing net asset value (£000) 28,705 28,212 22,744 26,630Closing number of units 8,494,670 9,364,505 10,829,915 10,829,998Operating charges 1.57% 1.58% 1.58% 1.57%Direct transaction costs 0.13% 0.28% 0.31% 0.31%

Prices+

Highest unit price (pence) 371.39 327.74 272.39 287.57Lowest unit price (pence) 295.23 204.04 188.49 213.75

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

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

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Statistical information

Comparative tables Class ‘B’ Accumulation 15/11/17 15/05/17 15/05/16 15/05/15 pence pence pence penceChange in net assets per unit Opening net asset value per unit 332.10 228.05 263.02 228.83

Return before operating charges* 43.40 104.27 (34.79) 34.36Operating charges (0.12) (0.22) (0.18) (0.17)

Return after operating charges* 43.28 104.05 (34.97) 34.19

Distributions on accumulation units (5.77) (6.91) (6.35) (6.72)

Retained distributions onaccumulation units 5.77 6.91 6.35 6.72

Closing net asset value per unit 375.38 332.10 228.05 263.02

*after direct transaction costs of: 0.45 0.82 0.72 0.76

PerformanceReturn after charges 13.03% 45.63% (13.30%) 14.94%

Other informationClosing net asset value (£000) 455,367 466,791 390,965 464,077Closing number of units 121,309,278 140,555,518 171,435,060 176,442,224Operating charges 0.07% 0.08% 0.08% 0.07%Direct transaction costs 0.13% 0.28% 0.31% 0.31%

Prices+

Highest unit price (pence) 383.88 335.34 271.77 286.14Lowest unit price (pence) 325.49 221.62 202.45 225.29

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

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

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Investment objective

The Fund aims to achieve above average capital growth by investing predominantly inshares in companies incorporated in Asia and the Pacific Basin, including Australiaand New Zealand, but excluding Japan.

Investment policy

The Fund will be actively managed with its investments spread across the region with afocus on companies with above average growth prospects. The Fund may invest inemerging markets in the region. The Fund may also invest in companies that areheadquartered or quoted outwith the region which deliver a significant part of theirbusiness from the region, and whose securities are listed or traded on an eligiblesecurities or derivatives exchange. The Fund can invest up to 15% in other regions.The Fund is not constrained by any index weightings and does not concentrate on anyparticular country or sector but invests from a broad range of stocks without regard tomarket capitalisation. The Fund may also invest in other transferable securities, units incollective investment schemes, money market instruments, deposits, cash and nearcash.

Revenue distribution and pricing

Units of the Fund are available as Class ‘A’ Accumulation or Class ‘B’ Accumulationunits (where revenue is reinvested to enhance the unit price). There will be twopotential distributions in each accounting year: an interim distribution as at 15November and a final distribution as at 15 May. At each distribution the net revenueafter deduction of expenses, arising in the preceding six months, from the investmentsof the Fund is apportioned amongst the unitholders. Unitholders receive a tax vouchergiving details of the distribution and the Manager’s Report no later than two monthsafter these dates.

Statistical information

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

Typically lower rewards, Typically higher rewards, lower risk higher risk fi

1 2 3 4 5 6 7

This Fund is ranked at 6 because funds of this type have experienced high rises andfalls in value in the past. Although this is a high risk ranking it is not the highest. Theabove figure applies to the following unit classes:

• Class ‘A’ Accumulation

• Class ‘B’ Accumulation

Please note that even the lowest risk class can lose you money and that extreme marketcircumstances can mean you suffer severe losses in all cases. Please note the Fund’srisk category may change in the future. The indicator does not take into account thefollowing risks of investing in this Fund:

• Investing overseas can bring additional returns and spread risk to different markets.There are risks, however, that changes in currency rates will reduce the value of yourinvestment.

• Emerging markets or less developed countries may face more political, economic orstructural challenges than developed countries. This means that your money is atgreater risk.

• The Fund may use derivatives to reduce risk or cost or to generate additional capitalor 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 themost 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 CollectiveInvestment Schemes Sourcebook as issued and amended by the Financial ConductAuthority.

9 January 2018 Craig Baker, DirectorAndrew Moss, Director

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Statistical information

fi

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Interim financial statements (unaudited)For the half year ended 15 November 2017

Statement of total return 15/11/17 15/11/16 £000 £000 £000 £000

Income

Net capital gains 52,893 108,603 Revenue 8,859 8,980

Expenses (368) (364)

Interest payable and similar charges (2) (7)

Net revenue before taxation 8,489 8,609

Taxation (663) (631)

Net revenue after taxation 7,826 7,978

Total return before distributions 60,719 116,581

Distributions (7,931) (8,075)

Change in net assets attributable to unitholders from investment activities 52,788 108,506

Statement of change in net assets attributable to unitholders 15/11/17 15/11/16* £000 £000 £000 £000

Opening net assets attributable to unitholders 495,003 413,709

Amounts receivable on issue of units 400 18,157Amounts payable on cancellation of units (71,349) (76,452)

(70,949) (58,295)Change in net assetsattributable to unitholdersfrom investment activities 52,788 108,506

Retained distribution on accumulation units 7,230 7,323

Closing net assetsattributable to unitholders 484,072 471,243

*Please note that the comparative figures are for the comparative interim period. The brought forward netassets for the current period do not, therefore equal the carried forward figure in the comparative.

Balance sheet 15/11/17 15/05/17 £000 £000 £000 £000

Assets:Fixed assets:Investments 469,375 482,393

Current assets:Debtors 8,963 3,808Cash and bank balances 13,294 13,191

Total current assets 22,257 16,999

Total assets 491,632 499,392

Liabilities: Creditors:Other creditors (7,560) (4,389)

Total liabilities (7,560) (4,389)

Net assets attributable to unitholders 484,072 495,003

Interim financial statements (unaudited)As at 15 November 2017

Notes to the interim financial statements

Accounting policiesThe interim financial statements have been prepared under the historical cost basis, asmodified by the valuation of investments and in compliance with FRS102 and inaccordance with the Statement of Recommended Practice (2014 SORP) for financialstatements of Authorised Funds issued by The Investment Association in May 2014.Unless otherwise stated all accounting policies are consistent with those of the AnnualReport for the year ended 15 May 2017 and are described in those financialstatements.

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Interim distribution in pence per unitGroup 1: units purchased prior to 16 May 2017Group 2: units purchased between 16 May 2017 to 15 November 2017

2018 2017 pence pence per unit per unit Gross payable paid income Equalisation 15 Jan 15 Jan

Class ‘A’ Accumulation

Group 1 2.7810 — 2.7810 2.3468Group 2 2.7810 0.0000 2.7810 2.3468

Class ‘B’ Accumulation

Group 1 5.7656 — 5.7656 4.6359Group 2 2.0163 3.7493 5.7656 4.6359

EqualisationThis applies only to units purchased during the distribution period (Group 2 units). Itis the average amount of revenue included in the purchase price of all Group 2 unitsand is refunded to the holders of these units as a return of capital. Being capital it isnot liable to income tax but must be deducted from the cost of the units for capitalgains tax purposes.

Distribution tableFor the half year ended 15 November 2017

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Appendix

The Fund carried out stock lending activities for the purpose of efficient portfolio managementand in order to generate income.

Revenue earned from these activities is shown in the Statement of Total Return.

Global DataAmount of securities and commodities on loan % of total lendable assets*

Securities 3.78

Amount of assets engaged in each type of SFT

Amount of assets % of AUM

17,762,742 3.67

* Total lendable assets excludes cash and cash equivalents. It also excludes other monetary amounts such asnet debtors and creditors which are not deemed ‘lendable assets’.

Concentration DataAll collateral issuers (across all SFT) Collateral Holding Fair valueIssuer £’000

Bundesobligation 6.25% 04/01/2024 300 -Dutch Treasury 0% 29/03/2018 818,000 735France Government 5.5% 25/04/2029 57,945 80French Republic Government 1.75% 25/06/2039 10,000 104French Republic Government 3.25% 25/05/2045 21,062 26French Republic Government 3.25% 25/10/2021 10 -French Republic Government 3.5% 25/04/2020 523,520 525United Kingdom Gilt IL 1.25% 22/11/2032 7,189,091 13,627United States Treasury 1.5% 28/02/2023 4,981,000 3,693

All counterparties Gross volume of outstanding transactions Fair valueCounterparty £’000

Citigroup Global Markets Limited 3,514JP Morgan Securities PLC 146Morgan Stanley & Co International plc 477Nomura International PLC 658UBS AG 12,968

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Appendix

Aggregate DataType and quality of collateral Fair valueType Quality* £’000

Bonds Investment grade 18,790

18,790

* Quality of collateral has been interpreted as pertaining to bond instruments, which have been assessed andreported in accordance with whether they are considered investment grade, below investment grade or not-rated.

Maturity tenor of collateral Fair valueMaturity £’000

Rolling Maturity 18,790

18,790

Currency of collateral Fair valueCurrency £’000

Sterling 18,790

18,790

Maturity tenor of SFTs Fair valueMaturity £’000

Rolling Maturity 17,763

17,763

Country in which counterparties are established

Counterparty

All counterparties are UK based

Return and cost Gross return Cost % of overall Net return £’000 £’000 returns £’000

Fund 109 20 82.00 89

109 20 89

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Corporate information

The information in this report is designed to enable unitholders to make an informed judgement on the activities ofthe 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 theStandard Life Aberdeen plc group and its subsidiaries.

Unit prices appear daily on our website www.phoenixunittrust.co.uk

Dealing: 0370 707 0073 Administration: 0330 1233 703

Remuneration

The Manager has adopted a remuneration policy, up-to-date details of which can be found onwww.phoenixunittrust.co.uk. These details describe how remuneration and benefits are calculated and identify thecommittee which oversees and controls the policy. A paper copy of these details can be requested free of chargefrom the Manager. Following the implementation of UCITS V in the UK on 18 March 2016, all authorised UCITSManagers 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 toits staff for the financial year, split into fixed and variable remuneration. The Manager’s Financial Year end is 31December, it is therefore anticipated that the Manager’s Remuneration Policy and associated financial disclosureswill be made within the Annual Reports starting from 31 December 2017, following its first full performanceperiod. Prior to this date, and in line with the FCA’s guidance on the UCITS V remuneration disclosures, theManager would be part way through its first performance period and the information available would not berelevant or provide a proper basis for comparison.

Risks

The price of units and the income from them can go down as well as up and investors may not get back theamount they invested, particularly in the case of early withdrawal. Tax levels and reliefs are those currentlyapplicable and may change. The value of any tax relief depends on personal circumstances.

Management charges on some funds are charged to capital and therefore a reduction in capital may occur.

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

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Manager Phoenix Unit Trust Managers Limited (PUTM)1 Wythall Green WayWythallBirmingham B47 6WGTel: 0330 1233 703Registered in England – No.03588031Authorised and regulated by the Financial ConductAuthority.

DirectorsAndrew Moss PUTM Director, Chief Executive

Phoenix Life;Shamira Mohammed PUTM Director, Finance Director

Phoenix Life (resigned 13 June2017);

Craig Baker PUTM Director, Head of InvestmentManagement Phoenix Life;

Mike Urmston Non Executive Director of PUTM

Registrar and correspondence addressPhoenix Unit Trust Managers LimitedPO Box 12997Chelmsford CM99 2ENAuthorised and regulated by the Financial ConductAuthority.

Investment AdviserIgnis Investment Services Limited1 George StreetEdinburgh EH2 2LLRegistered in Scotland – No.SC101825Authorised and regulated by the Financial ConductAuthority.

TrusteeHSBC Bank plc1-2 Lochside WayEdinburgh ParkEdinburgh EH12 9DTAuthorised by the Prudential Regulation Authority andregulated by the Financial Conduct Authority and thePrudential Regulation Authority.

Independent Auditor to the FundErnst & Young LLPAtria One144 Morrison StreetEdinburgh EH3 8EX

Authorised statusThis Fund is an Authorised Unit Trust scheme undersection 243 of the Financial Services & Markets Act2000 and is categorised under the CollectiveInvestment Schemes Sourcebook as a UCITS fund.

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Notes

B540.11.17

Telephone calls may be monitored and/or recorded for the purposes of security, internal training, accurate accountoperation, internal customer monitoring and to improve the quality of service.

Please note the Key Investor Information Document (KIID), the supplementary Information Document (SID) and thefull 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 directlyor indirectly from use of the data or material in this report. The information supplied is not intended to constituteinvestment, 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.

Contact: Client ServicesCall: 0330 1233 703Correspondence Address: PO Box 12997 Chelmsford CM99 2ENVisit: phoenixunittrust.co.uk