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PHOENIX UNIT TRUST MANAGERS

MANAGER’S ANNUAL REPORTFor the year: 1 October 2016 to 30 September 2017

PUTM FAR EASTERN UNIT TRUST

Contents

Investment review* 2-4

Portfolio of investments* 5-8

Top ten purchases and sales 9

Statistical information* 10-13

Statements of total return & change in net assetsattributable to unitholders 14

Balance sheet 15

Notes to the financial statements 16-24

Distribution tables 25

Responsibilities of the manager and the trustee 26

Trustee’s report and directors’ statement 27

Independent auditor’s report 28-30

Corporate information* 31-32

*These collectively comprise the Authorised Fund Manager’s Report.

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Dear Investor

Welcome to the PUTM Far Eastern Unit Trust annualreport for the 12 months to 30 September 2017.

Performance Review

Over the review period, the PUTM Far East Unit Trust wasup 19.9% compared to 17.2% by its sector average.(Source: Lipper, bid to bid, net income reinvested for 12 months to 30/09/17).

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

Investment review

Source: Lipper, bid to bid, net income reinvested to end September 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

PUTM Far Eastern Unit Trust 19.9 35.4 -9.4 7.2 7.8

Sector Average 17.2 38.2 -7.2 6.7 7.4

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

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Portfolio and Market Review

Far East equities were subdued over the latter stages of2016, before rebounding sharply at the start of 2017.The initial response was in reaction to Donald Trump’ssurprise win in the US presidential election, withconcerns about his protectionist rhetoric and worries thathis pro-growth policies would lead to higher US interestrates (a negative for Far East nations). Thereafter,investors looked beyond the White House and remainedlargely upbeat for the remainder of the reporting period.Of note were the top-down indicators helping to underpina risk-on attitude among investors, who view lowinflation, controlled monetary tightening and anexpansionary economic backdrop as supportive forprofits. This was indeed the case from a stockperspective, as earnings growth for 2017 continued to berevised upwards, with index gains supported by theimproving profit outlook.

The strength of this favourable market sentiment wasreflected in the minimal impact on regional returns fromgeopolitical concerns, such as those surrounding theKorean peninsula. Elsewhere, China performed solidlywith the property sector leading the way. The market alsoresponded well to the Central Politburo’s focus on growthstability ahead of its 19th Central Party Conference inOctober.

Turning to activity and early in the period, we boughtshares in Indonesian mining services company UnitedTractors. After a multi-year downturn, signs of morestable pricing and end- market demand from China areencouraging a revival in the Indonesian mining sector.This benefited United Tractors’ contract mining andconstruction machinery divisions. Latterly, we invested inThai telecommunication business Advanced Info, as wefelt that the market had mispriced the company’s shareprice. We anticipate that Advanced Info’s market sharewill grow and margins will improve as competitivepressures diminish due to financial constraints on itscompetitors.

In terms of sales, we reduced the Fund’s exposure tocarmaker Hyundai Motor. Although the potential for grouprestructuring and better shareholder attitudes remains, itappears that competitive conditions are worsening in allof its end markets, and the increased mix of SUVs is not

enough to offset margin pressure. Lastly, we exited ChinaState Construction International, as a tightening of localgovernment finances will slow down new PPP projectmomentum faster than the market expects.

As for performance, the Fund’s holding in China LodgingGroup added value during the period. This hotel operatorannounced positive profit numbers driven by better-than-expected occupancy and room rates. Further value camefrom ING Korea Life, which saw its share price rerate inthe wake of solid results. Information technology firm SKHynix also helped to boost the Fund’s returns when risingvideo RAM (graphics memory) prices continued to drivean improving outlook for profitability in the short tomedium term.

By contrast, Indian consumer staples business ITCdetracted from the Fund’s relative performance. Mostnotably, the government has taken a tougher stance ontax evasion than the market or we expected, and thisnegatively impacted investor sentiment. In Australia,general insurer QBE issued a profit warning in relation toits emerging-market business. The company also notedconcerns about the expense of rising claims followingthree significant hurricanes. Meanwhile, Chinese flash e-commerce company Vipshop issued disappointingsecond-quarter results, as it invested heavily in promotingsales growth. In turn, this move lowered earningsexpectations.

Market Outlook and Fund Strategy

The Fund is modestly overweight in Hong Kong/China,which reflects a balance between the uncertainmacroeconomic outlook in China and our positivebottom-up stock-picking ideas. Elsewhere, we maintainour underweight positions in ASEAN markets. Turning tosectors, our biggest sector positions are in consumerdiscretionary, information technology and industrials. TheFund is notably underweight in materials and utilities.These positions reflect where we see the most compellingbottom-up ideas, and stock selection should continue tobe the driver of the Fund’s performance.

In the short term, Asian markets may continue to taketheir lead from global events given they are clearly notimmune to changes in macro expectations regarding theglobal economy. Furthermore, policy moves in China will

Investment review

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remain in focus. From a longer-term perspective, wecontinue to believe that Asia is firmly positioned, withcompelling demographics and the ongoing re-orientationof economic growth away from exports and more towardsdomestic consumption. This should support Asianequities, helping underlying cashflow, earnings volatilityand dividend growth to the benefit of investors seekingboth capital gains and income. Moreover, Asia’s brandstory is a structural one that will persist, and there aresome stocks where there is a compelling market-share-gain story. The rising value of these businesses willbecome apparent as companies exceed expectations. Forthese reasons, we still have a favourable view on Asianequities.

Investment review

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Portfolio of investments

Investments held at 30 September 2017 Market Percentage of value total net assets Holding Investment £ %

Australia (30/09/16 – 21.34%) 18.64 Basic Materials 176,141 Metals X 79,989 0.32 95,053 Syrah Resources 191,041 0.76 9,052 Syrah Resources – nil paid rights† – – 82,887 Westgold Resources 94,708 0.38

Consumer Goods 45,760 Treasury Wine Estates 364,663 1.46

Consumer Services 30,468 Aristocrat Leisure 373,127 1.49 45,417 Qantas Airways 153,820 0.62 7,918 Woolworths 116,686 0.47

Financials 34,065 Australia & New Zealand Banking Group 590,636 2.36 35,671 Challenger 255,210 1.02 50,909 Goodman Group 242,821 0.97 45,647 National Australia Bank 840,666 3.36 31,829 QBE Insurance Group 186,318 0.74 61,018 Scentre Group 139,441 0.56 21,544 Westpac Banking Group 402,576 1.61

Healthcare 3,962 CSL 310,974 1.24

Industrials 11,489 Brambles 60,521 0.24

Telecommunications 29,331 Telstra 59,810 0.24

Utilities 136,115 Spark Infrastructure Group 200,192 0.80

Bermuda (30/09/16 – 0.64%) 0.68 Consumer Services 2,650,000 Rexlot Holdings 13,945 0.06

Industrials 22,087 Orient Overseas 155,007 0.62

Cayman Islands (30/09/16 – 17.22%) 20.68 Consumer Goods 92,464 Anta Sports Products 290,617 1.16

Consumer Services 7,474 Alibaba Group Holding ADR* 950,790 3.80 4,318 China Lodging Group ADR* 387,996 1.55 9,645 CK Hutchison Holdings 92,097 0.37 8,759 Ctrip ADR* 345,804 1.38 46,925 Sands China 182,507 0.73 20,681 Vipshop Holdings ADR* 141,876 0.57

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Financials 142,976 China Resources Land 326,261 1.30 64,395 CK Asset Holdings 398,014 1.59

Technology 2,743 Baidu ADR* 494,648 1.98 13,620 JD Com ADR* 393,185 1.57 36,409 Tencent Holdings 1,171,170 4.68

China (30/09/16 – 7.86%) 7.99 Financials 951,904 China Construction Bank 590,176 2.36 144,614 China Merchants Bank ‘H’ 379,118 1.52 103,334 Ping An Insurance ‘H’ 592,221 2.37

Oil & Gas 525,887 China Petroleum & Chemical ‘H’ 293,845 1.17

Utilities 308,020 Huaneng Power International 142,344 0.57

Hong Kong (30/09/16 – 10.52%) 6.25 Financials 86,447 AIA Group 476,002 1.90 89,694 Bank of China (Hong Kong) Holdings 325,249 1.30 104,759 Hang Lung Properties 185,629 0.74 11,174 Sun Hung Kai Properties 135,563 0.54

Healthcare 151,206 Sino Biopharmaceutical 119,499 0.48

Telecommunications 25,147 China Mobile (HK) 190,437 0.76 125,940 China Unicom 130,860 0.53

India (30/09/16 – 7.50%) 6.69 Basic Materials 41,397 Coal India 128,281 0.51

Consumer Goods 101,587 ITC 300,212 1.20

Financials 20,753 Axis Bank 120,891 0.48

Industrials 99,462 Bharat Heavy Electricals 95,531 0.39 33,186 Larsen & Toubro 433,616 1.73 1,798 Tata Motors ‘A’ 4,573 0.02 63,709 Voltas 368,859 1.48

Technology 5,200 Tata Consultancy Services 144,923 0.58 14,472 Tech Mahindra 75,808 0.30

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Indonesia (30/09/16 – 1.49%) 2.10 Financials 496,716 Bank Mandiri 184,613 0.74

Industrials 155,295 AKR Corporindo 60,949 0.24 158,373 United Tractors 280,473 1.12

Malaysia (30/09/16 – 1.19%) 0.34 Consumer Services 140,378 AirAsia 85,505 0.34

New Zealand (30/09/16 – 0.54%)

Papua New Guinea (30/09/16 – 0.55%) 0.50 Oil & Gas 30,794 Oil Search 125,406 0.50

Philippines (30/09/16 – 1.19%)

Singapore (30/09/16 – 3.74%) 3.95 Financials 158,000 CapitaLand 310,548 1.24 11,242 DBS Group 128,801 0.51 26,099 United Overseas Bank 337,097 1.35

Industrials 148,391 Sembcorp Marine 142,563 0.57

Telecommunications 34,230 Singapore Telecommunications 69,352 0.28

South Korea (30/09/16 – 12.73%) 15.57 Basic Materials 1,016 LG Chemicals 259,801 1.04

Consumer Goods 5,154 Hankook Tire 202,318 0.81 2,095 Hyundai Motor Preference Shares 140,257 0.56

Financials 8,181 ING Life Insurance Korea 252,746 1.01 7,110 Shinhan Financial Group 233,125 0.93 25,306 Woori Bank 294,211 1.18

Industrials 670 Samsung Electronics 1,121,604 4.48 251 Samsung Electronics Preference Share 338,048 1.35 2,971 Samsung SDI 384,223 1.54

Technology 10,028 SK Hynix 542,981 2.17

Telecommunications 6,602 Korea Telecom 125,699 0.50

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Taiwan (30/09/16 – 9.56%) 9.54 Basic Materials 81,246 Formosa Plastics 183,531 0.73

Consumer Services 39,719 President Chain Store 248,524 0.99

Financials 196,992 Cathay Financial Holdings 233,901 0.94

Industrials 174,038 Hon Hai Precision Industry 448,020 1.79

Technology 113,544 Macronix International 129,364 0.52 214,540 Taiwan Semiconductor Manufacturing 1,144,203 4.57

Thailand (30/09/16 – 0.92%) 1.80 Financials 28,443 Kasikornbank 132,010 0.53

Telecommunications 74,343 Advanced Info Service 317,537 1.27

United Kingdom (30/09/16 – 0.00%) 2.18 Basic Materials 29,712 BHP Billiton 393,238 1.57 4,397 Rio Tinto 152,928 0.61

Portfolio of investments 24,244,329 96.91 Net other assets 773,080 3.09

Net assets 25,017,409 100.00

All investments are listed on recognised stock exchanges and are “approvedsecurities” within the meaning of the FCA rules unless otherwise stated.* ADR - American Depositary Receipt†These shares were received from a rights distribution.

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Purchases Cost £

Hon Hai Precision Industry 393,399Ctrip ADR 384,655Australia & New Zealand Banking Group 371,678Bank of China (Hong Kong) Holdings 321,987Cathay Financial Holdings 308,296Advanced Info Service 308,267Woori Bank 286,928President Chain Store 277,371Hang Lung Properties 266,327ING Life Insurance Korea 260,496

Sales Proceeds £

Samsung Electronics 442,483Westpac Banking Group 412,878China State Construction International Holdings 385,058Bharat Petroleum 348,680Hermes Microvision 326,653DEXUS Property Group 310,059China Mobile (HK) 294,718Telstra 293,495JB Hi-Fi 280,418Pegatron 276,475

Total purchases 10,105,138 Total sales 12,068,260

Top ten purchases and salesFor the year ended 30 September 2017

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Statistical information

Comparative tables Income 30/09/17 30/09/16 30/09/15 pence pence penceChange in net assets per unit

Opening net asset value per unit 442.86 334.73 372.98

Return before operating charges* 85.45 118.43 (27.04)Operating charges (6.18) (4.98) (5.34)

Return after operating charges* 79.27 113.45 (32.38)

Distributions on income units (6.15) (5.32) (5.87)

Closing net asset value per unit 515.98 442.86 334.73

*after direct transaction costs of: 1.17 1.03 1.28

Performance Return after charges 17.90% 33.89% (8.68%)

Other information Closing net asset value (£000) 3 3 9Closing number of units 646 646 2,646Operating charges 1.27% 1.37% 1.41%Direct transaction costs 0.24% 0.28% 0.34%

Prices+ Highest unit price (pence) 570.48 453.86 450.19Lowest unit price (pence) 426.57 313.42 317.08

+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.

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Comparative tables Accumulation 30/09/17 30/09/16 30/09/15 pence pence penceChange in net assets per unit

Opening net asset value per unit 674.49 503.60 551.89

Return before operating charges* 130.42 178.43 (41.08)Operating charges (9.38) (7.54) (7.21)

Return after operating charges* 121.04 170.89 (48.29)

Distributions on accumulation units (9.39) (8.81) (9.15)Retained distribution onaccumulation units 9.39 8.81 9.15

Closing net asset value per unit 795.53 674.49 503.60

*after direct transaction costs of: 1.78 1.57 1.95

Performance Return after charges 17.95% 33.93% (8.75%)

Other information Closing net asset value (£000) 25,014 23,108 19,075Closing number of units 3,144,345 3,425,998 3,787,674Operating charges 1.27% 1.36% 1.24%Direct transaction costs 0.24% 0.28% 0.34%

Prices+ Highest unit price (pence) 871.33 684.94 668.08Lowest unit price (pence) 650.01 471.64 470.59

+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.

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Investment objective

The objective of the Fund is to maximise the long term return, mainly through capitalgrowth, by investment in a broadly based portfolio of securities in Far Eastern markets,including Australasia.

Investment policy

The Fund will primarily invest in equity shares quoted in Far Eastern Markets, excludingJapan.The Fund may hold cash and near cash assets where reasonably necessary tofund redemption of units, for the efficient management of the Fund, or for purposesancillary to the objectives of the Fund. It may borrow providing such borrowing is on atemporary basis, and does not exceed the limits applicable to the Fund.

Revenue distribution and pricing

Units of the Fund are available as either Income units (where revenue is distributed tounitholders) 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 asat 31 March and a final distribution as at 30 September. At each distribution the netrevenue after deduction of expenses, arising in the preceding six months, from theinvestments of the Fund is apportioned amongst the unitholders. Unitholders receive a taxvoucher giving details of the distribution and the Manager’s Report no later than twomonths after these dates.


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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:

• Income• 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.

• 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.

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Annual financial statementsFor the year ended 30 September 2017

Statement of total return 30/09/17 30/09/16 Notes £ £ £ £

Income

Net capital gains 4 3,762,323 5,744,673 Revenue 5 643,260 613,038

Expenses 6 (289,180) (252,775)

Interest payable and similar charges (169) (628)

Net revenue before taxation 353,911 359,635

Taxation 7 (115,194) (48,361)

Net revenue after taxation 238,717 311,274

Total return beforedistributions 4,001,040 6,055,947

Distributions 8 (304,241) (313,736)

Change in net assetsattributable to unitholdersfrom investment activities 3,696,799 5,742,211

Statement of change in net assets attributable to unitholders 30/09/17 30/09/16 £ £ £ £

Opening net assetsattributable to unitholders 23,110,810 19,083,738

Amounts receivable on issue of units 47,495 –

Amounts payable on cancellation of units (2,135,678) (2,021,519)

(2,088,183) (2,021,519)

Change in net assetsattributable to unitholders frominvestment activities 3,696,799 5,742,211

Retained distributions on accumulation units 297,983 306,380

Closing net assets attributableto unitholders 25,017,409 23,110,810

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Balance sheet 30/09/17 30/09/16 Notes £ £ £ £

Assets:Fixed assets:Investments 24,244,329 22,414,120

Current assets:Debtors 9 252,436 127,914Cash and bank balances 10 829,262 598,488

Total current assets 1,081,698 726,402

Total assets 25,326,027 23,140,522

Liabilities:Creditors:Other creditors 11 (308,586) (29,685)Distribution payable (32) (27)

Total liabilities (308,618) (29,712)

Net assets attributableto unitholders 25,017,409 23,110,810

Annual financial statementsAs at 30 September 2017

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Notes to the financial statements

Note 1 Accounting policies(a) Basis of preparation

The financial statements have been prepared under the historical cost basis,as modified by the revalution of investments and in compliance with FinancialReporting Standard (FRS102) and in accordance with the Statement ofRecommended Practice (2014 SORP) for financial statements of AuthorisedFunds issued by The Investment Association in May 2014 (and amended inJune 2017). The financial statements have been prepared on a going concernbasis. Unless otherwise stated all accounting policies are consistent withthose of the prior year.

(b) Valuation of investmentsThe quoted investments of the Fund have been valued at bid dealing prices as at12 noon, 29 September 2017, the last valuation point in the accounting year, inaccordance with the Trust Deed.

(c) Foreign exchangeTransactions in foreign currencies during the year are translated into Sterling atthe rates of exchange ruling on the transaction date. Amounts held in foreigncurrencies have been translated at the rate of exchange ruling at 12 noon,29 September 2017, the last valuation point in the accounting year.

(d) RevenueDividends receivable from equity investments are credited to revenue when theyare first quoted ex-dividend. Interest receivable on bank deposits is accounted foron an accruals basis.

(e) Special dividendsSpecial dividends are treated either as revenue or repayments of capitaldepending on the facts of each particular case. It is likely that where the receiptof a special dividend results in a significant reduction in the capital value of theholding, then the special dividend should be treated as capital in nature so as toensure the matching principle is applied to gains and losses. Otherwise, thespecial dividends should be treated as revenue.

(f) Stock dividendsThe ordinary element of stocks received in lieu of cash is recognised as revenue.Any excess in value of shares received over the amount of cash forgone would betreated as capital.

(g) ExpensesExpenses are accounted for on an accruals basis. Expenses of the Fund arecharged against revenue, except for costs associated with the purchase and saleof investments, which are charged to capital.

(h) TaxationThe charge for taxation is based on taxable income for the year less allowableexpenses. UK dividends and franked distributions from UK collective investmentschemes are disclosed net of any related tax credit.

Overseas dividends, unfranked distributions from UK collective investmentschemes, and distributions from overseas collective investment schemes aredisclosed gross of any tax suffered, the tax element being separately disclosed inthe taxation note.

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Note 1 Accounting policies(i) Deferred taxation

Deferred tax is provided at current rates of corporation tax on all timingdifferences which have originated but not reversed by the Balance sheet date.Deferred tax is not recognised on permanent differences. Deferred tax assets arerecognised only to the extent that the Manager considers it is more likely than notthat there will be taxable profits from which underlying timing differences can bededucted.

Note 2 Distribution policies(a) Basis of distribution

Revenue produced by the Fund’s investments accumulates during eachaccounting period. If, at the end of each accounting period, revenue exceedsexpenses, the net revenue of the Fund is available to be distributed/accumulatedto unitholders.The Fund is not more than 60% invested in qualifying investments (as definedby SI 2006/964, Reg 20) and will pay a dividend distribution.

(b) Unclaimed distributionsDistributions remaining unclaimed after six years are paid into the Fund as partof the capital property.

(c) Apportionment to multiple unit classesWith the exception of the Manager’s periodic charge, the allocation of revenueand expenses to each unit class is based upon the proportion of the Fund’sassets attributable to each unit class on the day the revenue is earned or theexpense is suffered. The Manager’s periodic charge is specific to each unit class.Tax will be allocated between the unit classes according to income.Consequently, the revenue available to distribute for each unit class will differ.

(d) Stock dividendsIt is the policy of the Fund, where applicable, to distribute the revenue element ofstock dividends.

Note 3 Risk management policiesThe main risks arising from the Fund’s financial instruments are market pricerisk, interest rate risk, foreign currency risk, liquidity risk and counterparty risk.The Manager’s policies for managing these risks are summarised below andhave been applied throughout the year.

(a) Market price riskMarket price risk arises mainly from uncertainty about future prices of financialinstruments held. It represents the potential loss the Fund might suffer throughholding market positions in the face of price movements. The Fund’s investmentportfolio is exposed to market fluctuations which are monitored by the Managerin pursuit of the investment objectives and policies. Adherence to investmentguidelines and to investment and borrowing powers set out in the Trust Deed, theProspectus and in the Collective Investment Schemes Sourcebook (“theSourcebook”) mitigates the risk of excessive exposure to any particular type ofsecurity or issuer.

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Note 3 Risk management policies (continued)(b) Interest rate risk

The majority of the Fund’s financial assets are equity shares and otherinvestments which neither pay interest nor have a maturity date.

Interest receivable on bank deposits or payable on bank overdraft positions willbe affected by fluctuations in interest rates.

(c) Foreign currency riskAll of the Fund’s investment portfolio is invested in overseas securities and theBalance sheet can be significantly affected by movements in foreign exchangerates. The Fund may be subject to short term exposure to exchange ratemovements between placing the purchase or sale of securities and agreeing arelated currency transaction albeit usually the two transactions are agreed at thesame time.Any such currency transactions must be used in accordance with the investmentobjective of the Fund and must be deemed by the Investment Manager to beeconomically appropriate. Regular production of portfolio risk reports highlightconcentrations of risk, including currency risk, for the Fund.

(d) Liquidity riskThe Fund’s assets are comprised of mainly readily realisable securities. Ifinsufficient cash is available to finance unitholder redemptions then securitiesheld by the Fund may need to be sold. The risk of low market liquidity, throughreduced trading volumes, may affect the ability of the Fund to trade financialinstruments at values previously indicated by financial brokers. From time totime, liquidity may also be affected by stock specific or economic events. Tomanage these risks the Manager performs market research in order to achievethe best price for any transactions entered into on behalf of the Fund. All stocksare valued daily but those stocks identified as being less liquid are reviewed on aregular basis for pricing accuracy.

(e) Counterparty riskCertain transactions in securities that the Fund enters into expose it to therisk that the counterparty will not deliver the investment (purchase) orcash (sale) after the Fund has fulfilled its responsibilities. The Fund onlybuys and sells investments through brokers which have been approved bythe Manager as an acceptable counterparty. This list is reviewed annually.

(f) DerivativesDerivative transactions may be used by the Fund for the purposes of meeting itsinvestment objectives and also for hedging. In doing so the Manager may makeuse of a variety of derivative instruments in accordance with the Sourcebook. Theuse of derivatives for investment purposes means that the net asset value of theFund may at times have high volatility, although derivatives will not be used withthe intention of raising the risk profile of the Fund. Where derivatives are used forhedging this will not compromise the risk profile of the Fund. Use of derivativeswill not knowingly contravene any relevant investment objective or limits. There are no derivatives held at the year end.

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Note 4 Net capital gainsThe net capital gains during the year comprise:

30/09/17 30/09/16 £ £

Gains on non-derivative securities 3,793,330 5,708,201Gains on derivative contracts 214 686Currency (losses)/gains (12,335) 48,794Handling charges (19,688) (18,901)Capital special dividend 802 5,893

Net capital gains 3,762,323 5,744,673

Note 5 Revenue 30/09/17 30/09/16 £ £

UK dividends 30,001 6,947Overseas dividends 613,209 605,712Bank interest 50 379

Total revenue 643,260 613,038

Note 6 Expenses 30/09/17 30/09/16 £ £(a) Payable to the Manager or associates of the

Manager and agents of either of them:Manager’s periodic charge 246,918 203,247Registration fees* – 141

246,918 203,388

(b) Payable to the Trustee or associates of the Trustee and agents of either of them:Trustee’s fees 8,492 16,678

(c) Other expenses:Audit fee 6,780 6,886Safe custody charges 8,820 25,553FCA fee 72 270Printing & stationery 2,346 –Professional fees 15,752 –

33,770 32,709

Total expenses 289,180 252,775

* Registration fees are no longer charged with effect from 2 November 2015.

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Note 7 Taxation 30/09/17 30/09/16 £ £

(a) Analysis of tax charge for the yearOverseas withholding tax 49,671 45,897Overseas capital gains tax 65,523 2,464

Total taxation (Note 7(b)) 115,194 48,361

(b) Factors affecting the tax charge for the yearThe tax assessed for the year is lower than that calculated when the standardrate of corporation tax for Authorised Unit Trusts is applied to total revenuereturn. The differences are explained below:

Net revenue before taxation 353,911 359,635

Corporation tax at 20% (30/09/16: 20%) 70,782 71,927

Effects of:Overseas dividends not taxable* (124,682) (118,331)Overseas withholding tax 49,671 45,897Overseas capital gains tax 65,523 2,464Excess management expenses unutilised 54,449 46,969

Tax relief on overseas tax suffered (549) (565)

Total tax charge for the year (Note 7(a)) 115,194 48,361

*As an Authorised Unit Trust these items are not subject to taxation.

Authorised Unit Trusts are exempt from tax on capital gains in the UK.

(c) Provision for deferred taxationAt 30 September 2017 the Fund had a potential deferred tax asset of £467,120(30/09/16: £412,671) in relation to surplus management expenses of£2,335,602 (30/09/16: £2,063,357). It is unlikely that the Fund will generatesufficient taxable profits in the future to utilise these expenses and, therefore, nodeferred tax asset has been recognised in the year or the prior year.

Note 8 DistributionsThe distributions take account of amounts added on the issue of units andamounts deducted on the cancellation of units, and comprise:

30/09/17 30/09/16 £ £

Interim 57,631 85,452Final 240,392 220,963

298,023 306,415

Amounts deducted on cancellation of units 6,222 7,321Amounts added on issue of units (4) –

Net distribution for the year 304,241 313,736

Net revenue after taxation 238,717 311,274Capital tax balances 65,523 2,464Movement of undistributed revenue 1 (2)

Net distribution for the year 304,241 313,736

Details of the distributions per unit are set out in the tables on page 25.

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Note 9 Debtors 30/09/17 30/09/16 £ £

Sales awaiting settlement 222,595 107,033Accrued income 29,777 20,881FCA fee prepaid 64 –

Total debtors 252,436 127,914

Note 10 Cash and bank balances 30/09/17 30/09/16 £ £

Cash and bank balances 829,262 598,488

Note 11 Other creditors 30/09/17 30/09/16 £ £

Cancellations awaiting settlement 16,500 –Purchases awaiting settlement 259,853 –Manager’s periodic charge payable 21,287 18,988Safe custody charges payable 1,556 1,423Audit fee payable 6,780 6,780FCA fee payable – 135Trustee’s fees payable 463 –Handling charges payable 2,147 2,359

Total other creditors 308,586 29,685

Note 12 Reconciliation of units Income Accumulation

Opening units issued at 01/10/16 646 3,425,998Unit movements in year:Units issued – 6,951Units cancelled – (288,604)

Closing units at 30/09/17 646 3,144,345

Note 13 Contingencies and commitmentsAt 30 September 2017 the Fund had no outstanding calls on partly paid shares, nopotential underwriting commitments or any other contingent liabilities (30/09/16:£41,661).

Note 14 Unitholder’s fundsThere are two unit classes in issue within the Fund. These are Class ‘A’ and Class ‘C’.The manager’s periodic charge in respect of Class ‘A’ and Class ‘C’ units is expressedas an annual percentage of the value of the property of the Fund attributable to eachunit class and is currently 1.015% in respect of both Class ‘A’ and Class ‘C’ units.

Note 15 Related party transactionsThe Manager is a related party to the Fund by virtue of its controlling influence.The Manager is part of the Phoenix Group. Phoenix Life Limited which is also part ofthe Phoenix Group, is a material unitholder in the Fund and therefore a related party,holding 99.73% of the accumulation units at the year end (30/09/16: 99.74%).Manager’s periodic charge paid to the Manager, Phoenix Unit Trust ManagersLimited, (and registration fees paid to Standard Life Investments (Mutual Funds)Limited) or its associates are shown in Note 6(a) and details of the units issued andcancelled by the Manager are shown in the Statement of change in net assetsattributable to unitholders and Note 8. Any balances due to/from the Manager or itsassociates at 30 September 2017 in respect of these transactions are shown in Notes9 and 11.

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Note 16 Financial instrumentsIn accordance with the investment objective, the Fund holds certain financialinstruments. These comprise:• securities held in accordance with the investment objective and policies;• derivative transactions which the Fund may also enter into, the purpose of which is to

manage the currency and market risks arising from the Fund’s investment activities;and

• cash and short term debtors and creditors arising directly from operations.

Currency exposureAn analysis of the monetary assets and liabilities at the year end is shown below:

Net currency Net currency assets assets 30/09/17 30/09/16 Currency Monetary Non- Total Monetary Non- Total

exposure monetary exposure exposure monetary exposure exposure exposure £ £ £ £ £ £

Sterling 206,997 546,166 753,163 245,834 372,112 617,946 Australian Dollar 31,766 4,788,605 4,820,371 26,750 4,686,285 4,713,035 Hong Kong Dollar 7,321 6,190,561 6,197,882 5,267 6,366,590 6,371,857 Indian Rupee 592 1,672,694 1,673,286 265 1,734,534 1,734,799 Korean Won (40,338) 3,895,013 3,854,675 1 2,940,881 2,940,882 Singapore Dollar – 988,361 988,361 – 864,520 864,520 Taiwan Dollar 421,293 2,387,543 2,808,836 407,428 2,384,940 2,792,368 Indonesian Rupiah – 526,035 526,035 680 343,442 344,122 US Dollar 136,957 2,714,299 2,851,256 1,843 1,834,887 1,836,730 Malaysian Ringgit 2,983 85,505 88,488 1,314 274,397 275,711 Other foreign currencies* 5,509 449,547 455,056 7,308 611,532 618,840

773,080 24,244,329 25,017,409 696,690 22,414,120 23,110,810

* foreign currencies included within ‘other foreign currencies’ above amounts to less than2% (30/09/16: 3%) of the net asset value of the Fund.Income received in other currencies is converted to Sterling on or near the date of receipt.The Fund does not hedge or otherwise seek to avoid, movement risk on accrued income.

Interest profileAt the year end date, 3.31% (30/09/16: 2.59%) of the Fund’s net assets by valuewere interest bearing.Interest rates earned/paid on deposits are earned/paid at a rate linked to LIBOR(London Interbank Offered Rate) or international equivalent.

Sensitivity analysisInterest rate risk sensitivityAs the majority of the Fund’s financial assets are non-interest bearing, the Fund is onlysubject to limited exposure to fair value interest rate risk due to fluctuations in levels ofmarket interest rates.

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Note 16 Financial instruments (continued)Foreign currency risk sensitivityA five percent increase in the value of the Fund’s foreign currency exposure would have the effect of increasing the return and net assets by £1,213,344 (30/09/16: £1,124,341).A five percent decrease would have an equal and opposite effect.

Price risk sensitivityA five percent increase in the value of the Fund’s portfolio would have the effect of increasingthe return and net assets by £1,250,870 (30/09/16: £1,155,541). A five percent decreasewould have an equal and opposite effect.

Note 17 Fair value of investmentsThe fair value of the Fund’s investments has been determined using the hierarchybelow. This complies with the ‘Amendments to FRS102 – Fair value hierarchydisclosures’ issued by the Financial Reporting Council in March 2016.

Level 1 The unadjusted quoted price in an active market for identical assets orliabilities that the entity can access at the measurement date.

Level 2 Inputs other than quoted prices included within Level 1 that areobservable (i.e. developed using market data) for the asset or liability,either directly or indirectly.

Level 3 Inputs are unobservable (i.e. for which market data is unavailble) forthe asset or liability.

For the year ended 30/09/17Level 1 2 3 Total

Investment assets £ £ £ £Equities 24,244,329 – – 24,244,329

24,244,329 – – 24,244,329

For the year ended 30/09/16Level 1 2 3 Total

Investment assets £ £ £ £Equities 22,414,120 – – 22,414,120

22,414,120 – – 22,414,120

Note 18 Portfolio transaction costs

For the year ended 30/09/17 Value Commission TaxesAnalysis of total purchases costs £ £ % £ %

Equity transactions 10,082,555 18,663 0.18 3,920 0.04

Total 10,082,555 18,663 3,920

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Note 18 Portfolio transaction costs (continued)

Value Commission TaxesAnalysis of total sales costs £ £ % £ %

Equity transactions 11,778,616 (32,871) (0.28) (3,147) (0.03)Corporate actions 325,662 – – – –

Total 12,104,278 (32,871) (3,147)

Commission and taxes as % of average net assets:Commission 0.21%Taxes 0.03%

For the year ended 30/09/16 Value Commission TaxesAnalysis of total purchases costs £ £ % £ %

Equity transactions 9,518,448 17,924 0.19 3,238 0.03Corporate actions 53,743 – – – –

Total 9,572,191 17,924 3,238

Value Commission TaxesAnalysis of total sales costs £ £ % £ %

Equity transactions 11,723,917 (32,209) (0.27) 3,061 (0.03)Corporate actions 8,317 – – – –

Total 11,732,234 (32,209) 3,061

Commission and taxes as % of average net assets:Commission 0.25%Taxes 0.03%

Portfolio transaction costs are incurred by the Fund when buying and selling underlyinginvestments. These costs vary depending on the class of investment, country of exchangeand method of execution.

These costs can be classified as either direct or indirect transaction costs:

Direct transaction costs: Broker commissions, fees and taxes.

Indirect transaction costs: “Dealing spread” – the difference between buying and sellingprices of the underlying investments.

At the Balance sheet date the portfolio dealing spread was 0.30% (30/09/16: 0.33%)being the difference between the respective bid and offer prices for the Fund’s investments.

Note 19 Post Balance sheet eventsAs indicated in the accounting policies in Note 1(b), the investments have been valued at12 noon on 29 September 2017. Since that date the Fund’s quoted bid prices have risenfrom 793.53p to 864.33p for Accumulation units and from 519.53p to 560.43p forIncome units as at 30 January 2018 (the latest applicable date before completion of theaccounts), a rise of 8.92% and 7.87% for Accumulation and Income units respectively.

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Interim distribution in pence per unitGroup 1: units purchased prior to 1 October 2016Group 2: units purchased 1 October 2016 to 31 March 2017 2017 2016 pence pence per unit per unit Net paid paid income Equalisation 31 May 31 May

Income

Group 1 1.1510 — 1.1510 1.1278Group 2 1.1510 0.0000 1.1510 1.1278

Accumulation

Group 1 1.7451 — 1.7451 2.3645Group 2 1.6840 0.0611 1.7451 2.3645

Final distribution in pence per unitGroup 1: units purchased prior to 1 April 2017Group 2: units purchased 1 April 2017 to 30 September 2017 2017 2016 pence pence per unit per unit Net payable paid income Equalisation 30 Nov 30 Nov

Income

Group 1 5.0020 — 5.0020 4.1959Group 2 5.0020 0.0000 5.0020 4.1959

Accumulation

Group 1 7.6442 — 7.6442 6.4488Group 2 7.6442 0.0000 7.6442 6.4488

EqualisationThis applies only to units purchased during the distribution period (Group 2 units). It isthe average amount of revenue included in the purchase price of all Group 2 units andis refunded to the holders of these units as a return of capital. Being capital it is notliable to income tax but must be deducted from the cost of the units for capital gains taxpurposes.

Distribution tablesFor the year ended 30 September 2017

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Responsibilities of the manager and the trusteea) The Manager of the Fund is required by the Financial Conduct Authority’s Collective

Investment Schemes Sourcebook (‘the Sourcebook’) to prepare financial statementsfor each annual accounting period which give a true and fair view of the financialposition of the Fund at the end of that period and the net revenue or expense andthe net gains or losses on the property of the Fund for the period then ended.

In preparing these financial statements, the Manager is required to:

• select suitable accounting policies and then apply them consistently• make judgements and estimates that are prudent and reasonable• state whether applicable accounting standards have been followed subject to

any material departure disclosed and explained in the financial statements; and• prepare the financial statements on the basis that the Fund will continue in

operation unless it is inappropriate to presume this.

The Manager is also required to manage the Fund in accordance with the TrustDeed, the Prospectus and the Sourcebook, maintain proper financial records toenable them to ensure that the financial statements comply with the Statement ofRecommended Practice for Authorised Funds as issued by the IA in May 2014 andthe Sourcebook and take reasonable steps for the prevention and detection of fraudand other irregularities.

b) The Depositary in its capacity as Trustee of the PUTM Far Eastern Unit Trust mustensure that the Trust is managed in accordance with the Financial ConductAuthority’s Collective Investment Schemes Sourcebook, the Financial Services andMarkets Act 2000, as amended, (together ‘the Regulations’), the Trust Deed andProspectus (together ‘the Scheme documents’) as detailed below.

The Depositary must in the context of its role act honestly, fairly, professionally,independently and in the interests of the Trust and its investors.

The Depositary is responsible for the safekeeping of all custodial assets andmaintaining a record of all other assets of the Trust in accordance with theRegulations.

The Trustee must ensure that:

• the Trust’s cash flows are properly monitored and that cash of the Trust is booked incash accounts in accordance with the Regulations;

• the sale, issue, repurchase, redemption and cancellation of units are carried out inaccordance with the Regulations;

• the value of units of the Trust are calculated in accordance with the Regulations;

• any consideration relating to transactions in the Trust’s assets is remitted to the Trustwithin the usual time limits;

• the Trust’s income is applied in accordance with the Regulations; and

• the instructions of the Authorised Fund Manager (‘the AFM’), which is the UCITSManagement Company, are carried out (unless they conflict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that the Trust ismanaged in accordance with the Regulations and the Scheme documents of the Trust inrelation to the investment and borrowing powers applicable to the Trust.

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Trustee’s report and directors’ statement

Report of the Trustee to the Unitholders of the PUTM Far Eastern Unit Trust forthe period from 1 October 2016 to 30 September 2017.Having carried out such procedures as we consider necessary to discharge ourresponsibilities as Depositary of the Trust, it is our opinion, based on the informationavailable to us and the explanations provided, that in all material respects the Trust,acting through the AFM:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of theprice of the Trust’s units and the application of the Trust’s income in accordancewith the Regulations and the Scheme documents of the Trust; and

(ii) has observed the investment and borrowing powers and restrictions applicable tothe Trust in accordance with the Regulations and the Scheme documents of theTrust.

London HSBC Bank plc31 January 2018

Directors’ statementIn accordance with the requirements of the Collective Investment Schemes Sourcebookas issued and amended by the Financial Conduct Authority, we hereby certify the reporton behalf of the Directors of Phoenix Unit Trust Managers Limited.

Birmingham Craig Baker, Director31 January 2018 Andrew Moss, Director

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OpinionWe have audited the financial statements of the PUTM Far Eastern Unit Trust (“the Fund”) for the yearended 30 September 2017 which comprise the Statement of Total Return, the Statement of Change inNet Assets attributable to Unitholders, Balance Sheet, Distribution Tables and the related Notes 1 to 19,including a summary of significant accounting policies. The financial reporting framework that has beenapplied in their preparation is applicable law and United Kingdom Accounting Standards (UnitedKingdom Generally Accepted Accounting Practice) including FRS 102 ‘The Financial ReportingStandard applicable to the UK and Republic of Ireland’.

In our opinion, the financial statements:

• give a true and fair view of the financial position of the Fund as at 30 September 2017 and of thenet revenue and the net capital gains on the scheme property of the Fund for the year then ended;and

• have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice including FRS 102 ‘The Financial Reporting Standard applicable to the UK and Republicof Ireland’.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) andapplicable law. Our responsibilities under those standards are further described in the Auditor’sresponsibilities for the audit of the financial statements section of our report below. We are independentof the Fund in accordance with the ethical requirements that are relevant to our audit of the financialstatements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethicalresponsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour opinion.

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) requireus to report to you where:

• the Manager’s use of the going concern basis of accounting in the preparation of the financialstatements is not appropriate; or

• the Manager has not disclosed in the financial statements any identified material uncertainties thatmay cast significant doubt about the Fund’s ability to continue to adopt the going concern basis ofaccounting for a period of at least twelve months from the date when the financial statements areauthorised for issue.

Independent auditor’s report to the unitholders of thePUTM Far Eastern Unit Trust

29


Other information The other information comprises the information included in the Annual Report other than the financialstatements and our auditor’s report thereon. The Manager is responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extentotherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the otherinformation and, in doing so, consider whether the other information is materially inconsistent with thefinancial statements or our knowledge obtained in the audit or otherwise appears to be materiallymisstated. If we identify such material inconsistencies or apparent material misstatements, we arerequired to determine whether there is a material misstatement in the financial statements or a materialmisstatement of the other information. If, based on the work we have performed, we conclude thatthere is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the rules of the Collective Investment SchemesSourcebook of the Financial Conduct AuthorityIn our opinion:

• the financial statements have been properly prepared in accordance with the Statement ofRecommended Practice relating to Authorised Funds, the rules of the Collective InvestmentSchemes Sourcebook of the Financial Conduct Authority and the Trust Deed;

• the information given in the Manager’s report for the financial year for which the financialstatements are prepared is consistent with the financial statements; and

• there is nothing to indicate that proper accounting records have not been kept or that the financialstatements are not in agreement with those records.

Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the CollectiveInvestment Schemes Sourcebook of the Financial Conduct Authority rules requires us to report to you if,in our opinion:

• we have not received all the information and explanations which, to the best of our knowledge andbelief, are necessary for the purposes of our audit.

Responsibilities of the Manager As explained more fully in the Manager’s responsibilities statement set out on page 26, the Manager isresponsible for the preparation of the financial statements and for being satisfied that they give a trueand fair view, and for such internal control as the Manager determines is necessary to enable thepreparation of financial statements that are free from material misstatement, whether due to fraud orerror.

In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless the Manager either intends to liquidate the Fund or to ceaseoperations, or has no realistic alternative but to do so.

30


Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with ISAs (UK) will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

This report is made solely to the unitholders of the Fund, as a body, pursuant to Paragraph 4.5.12 ofthe rules of the Collective Investment Schemes Sourcebook of the Financial Conduct Authority. Ouraudit work has been undertaken so that we might state to the unitholders of the Fund those matters weare required to state to them in an auditor’s report and for no other purpose. To the fullest extentpermitted by law, we do not accept or assume responsibility to anyone other than the Fund and theunitholders of the Fund as a body, for our audit work, for this report, or for the opinions we haveformed.

A further description of our responsibilities for the audit of the financial statements is located on theFinancial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Ernst & Young LLPStatutory AuditorEdinburgh

31 January 2018

The maintenance and integrity of the PUTM Unit Trust Managers UK Limited website is theresponsibility of the Manager; the work carried out by the auditors does not involve consideration ofthese matters and, accordingly, the auditors accept no responsibility or any changes that may haveoccurred to the financial statements since they were initially presented on the website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statementsmay differ from legislation in other jurisdictions.

31

Corporate information

The information in this report is designed to enable unitholders to make an informed judgement on the activitiesof the Fund during the period it covers and the results of those activities at the end of the year.

Phoenix Unit Trust Managers Limited is part of the Phoenix Group. Ignis Investment Services Limited is part ofthe Standard Life Aberdeen plc group and its subsidiaries.

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

Dealing: 0370 707 0073 Administration: 0330 1233 703

Remuneration

The Manager has adopted a remuneration policy, up-to-date details of which can be found onwww.phoenixunittrust.co.uk. These details describe how remuneration and benefits are calculated and identifythe committee which oversees and controls the policy. A paper copy of these details can be requested free ofcharge from the Manager. Following the implementation of UCITS V in the UK on 18 March 2016, allauthorised UCITS Managers are required to comply with the UCITS V Remuneration Code from the start of theirnext accounting year. Under the UCITS V Directive, the Manager is required to disclose information relating tothe remuneration paid to its staff for the financial year, split into fixed and variable remuneration. The Manager’sFinancial Year end is 31 December, it is therefore anticipated that the Manager’s Remuneration Policy andassociated financial disclosures will be made within the Annual Reports starting from 31 December 2017,following its first full performance period. Prior to this date, and in line with the FCA’s guidance on the UCITS Vremuneration disclosures, the Manager would be part way through its first performance period and theinformation available would not be relevant or provide a proper basis for comparison.

Risk

The price of units and the revenue 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.

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

32

Corporate information

Trustee (appointed 1 March 2017) HSBC Bank plc1-2 Lochside WayEdinburgh ParkEdinburgh EH12 9DTAuthorised by the Prudential Regulation Authority andregulated by the Financial Conduct Authority and thePrudential Regulation Authority.

Trustee (resigned 28 February 2017) National Westminster BankYounger Building, 1st Floor3 Redheughs AvenueEdinburgh EH12 9RHAuthorised 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 Act 2000 and is categorised under the CollectiveInvestment Schemes Sourcebook as a UCITS fund.

ManagerPhoenix 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 ofInvestmentManagement Phoenix Life;

Mike Urmston Non Executive Director of PUTM.

Registrar and correspondence addressPhoenix Unit Trust Managers LimitedPO Box 12997 Chelmsford 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.

B621.10.17

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