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189191 PUTM Bothwell Emerging Markets Equity Fund IR_v9.qxp_173776_PUTM FarEastern IR_v8 20/05/2020 07:47 Pag

PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORT For the half year: 1 October 2019 to 31 March 2020 (unaudited)

PUTM BOTHWELL EMERGING MARKETS EQUITY FUND


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 assets attributable 13

to unitholders

Balance sheet 14

Distribution table 15

Appendix 16-17

Corporate information 18-19

1


Investment review Dear Investor

Welcome to the PUTM Bothwell Emerging Markets Equity

Fund interim report for the six months to 31 March

2020.

Performance Review

Over the review period, the PUTM Bothwell Emerging

Markets Equity Fund returned -16.9% (Source: Aberdeen

Standard Investments for six months to 31/03/20). This

is compared to its benchmark index, which returned -

14.9% (Source: Datastream, MSCI Emerging Markets

Index, Net Return, GBP for six months to 31/03/20).

In the table below you can see how the Fund performed

against its benchmark index.

Standardised Past Performance

Mar 19-20

% growth Mar 18-19 % growth

Mar 17-18 % growth

Mar 16-17 % growth

Mar 15-16 % growth

PUTM Bothwell Emerging Markets Equity Fund -13.3 1.5 18.5 37.7 -9.4

Benchmark Index -13.2 0.1 11.8 35.2 -9.1

Source: Fund performance is Aberdeen Standard Investments for to 31 March for each year. Benchmark Index

performance is Datastream, MSCI Emerging Markets Index, Net Return, GBP to 31 March for each year.

Past performance is not a guide to future performance.

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

2


Investment review Portfolio and Market Review

Emerging-market equities were initially lifted by news of a

draft trade deal between the US and China, which

included agreements for lower US tariffs on Chinese

imports. Additionally, the monetary policy backdrop

continued to support the asset class, with the US Federal

Reserve cutting its benchmark interest rates for a third

time in October, while the People’s Bank of China (PBOC)

resumed policy easing after a pause in the previous

quarter. The Reserve Bank of India reduced its rates for

the fifth consecutive time in October, while the

government initiated the sale of several state-owned

enterprises to improve finances, and launched an

infrastructure stimulus plan to revive the economy. In

Latin America, Brazil’s much-anticipated pension reform

bill was approved by the Senate, boosting the region’s

performance.

The new year began on a reasobably upbeat note, with

the signing of a phase-one Sino-US trade agreement.

However, investor confidence soon collapsed when

markets priced in the economic impact of the Covid-19

pandemic. Governments across the world resorted to

measures to restrict movement to contain the spread of

the infectious disease, which severely hampered

economic activity. Near the end of the period, we saw

large-scale fiscal and monetary stimulus to shore up

growth, with the US unveiling a US$2 trillion relief

package. Additionally, the oil price took a dive as Saudi

Arabia and Russia embarked on a price war to gain

market share at a time when global demand was

softening.

Regarding Fund performance, weak economic data and

rising political tensions dampened investor confidence in

India. This hurt some of our holdings, such as UltraTech

Cement and ITC. In Brazil, questions over management

integrity and accounting practices hurt insurer IRB, which

we subsequently sold. Meanwhile, Banco Bradesco

detracted on concerns about further interest rate cuts and

deteriorating asset quality, In Mexico, lender Banorte

declined sharply when investors assessed the pandemic’s

impact on growth and lower interest rates. Turning to

China, CNOOC fell on the back of the oil price collapse.

Meanwhile, a lack of exposure to e-commerce group

JD.com also proved disappointing. Elsewhere, Philippine

developer Ayala Land was hit by uncertainty surrounding

the property sector that led to profit taking by some

investors.

More positively, some of our other holdings in China

proved beneficial. Online classifieds marketplace 58.com

contributed, as it produced resilient results when several

peers appeared to be struggling. China Resources Land

and Wuxi Biologics also added to returns, thanks to the

improved macro backdrop. Meanwhile, Tencent saw

surging demand for its entertainment offering during the

lockdown. In Korea, LG Chemicals rose when its battery

business proved resilient amid the broader market de-

rating. Finally, our exposure to semiconductors helped, as

high-quality holdings Samsung, TSMC and recently

initiated ASML proved defensive as technology stocks

seemed relatively more insulated from Covid-19

concerns.

Market Outlook and Fund Strategy

We are cautious about the outlook for emerging-market

equities. The recent disruption to economic activity

caused by the Covid-19 pandemic will result in a sharp

slowdown in economic growth. However, monetary and

fiscal firepower is still noteworthy in emerging markets,

and fiscal policy is also yet to be fully unleashed in major

markets like China. Furthermore, we are encouraged by

the effective pace of recovery after the lockdown in China

where the outbreak began, and we are hopeful that global

economic activity will bounce back as quickly in the

second half of 2020. We have been able to take

advantage of the recent weakness to introduce new ideas

to the portfolio, particularly in Asia. Overall, the long-term

structural trends remain intact for emerging markets and

we are confident that our disciplined approach to

companies with healthy fundamentals should yield

sustainable returns beyond the crisis.

3


Portfolio of investments

Investments held at 31 March 2020

Holding

Investment

Market

value

£000

Percentage of

total net assets

%

United Kingdom (30/09/19 – 0.31%)

42,071

Bermuda (30/09/19 - 0.89%) Banks

Credicorp

4,854

0.50

0.50

6,655,383

Brazil (30/09/19 – 9.13%) Banks

Banco Bradesco

19,414

5.95

2.01

1,030,129

Electronic & Electrical Equipment WEG

5,374

0.56

977,150

General Retailers Lojas Renner

5,098

0.53

3,080,088

Mining Vale

20,690

2.14

3,109,046

Oil & Gas Producers Petrobras

6,836

0.71

214,559

British Virgin Islands (30/09/19 – 0.60%) Software & Computer Services

Mail.Ru Group GDR++

2,810

0.29

0.29

3,673,734

Cayman Islands (30/09/19 – 21.60%) Alternative Energy

China Conch Venture Holdings

13,207

21.14

1.37

5,146,300

Beverages Budweiser Brewing

10,699

1.11

426,236

General Retailers Alibaba Group Holding ADR+

66,781

6.92

89,911 New Oriental Education & Technology Group 7,848 0.81

2,088,730

Industrial Engineering Haitian International Holdings

3,130

0.32

925,558

Personal Goods Anta Sports Products

5,480

0.57

1,040,500

Pharmaceuticals & Biotechnology WuXi Biologics

10,870

1.13

7,919,119

Real Estate & Investment Services China Resources Land

26,203

2.71

305,255

Software & Computer Services 58.com ADR+

11,992

1.24

174,981 Autohome 10,021 1.04

1,031,700 Meituan Dianping 10,048 1.04

646,542

Travel & Leisure Huazhu Group

14,965

1.55

4,342,800 Sands China 12,810 1.33

37,390,372

Chile (30/09/19 – 0.74%) Electricity Enel Americas

3,697

0.38

0.38

9,181,105

China (30/09/19 – 6.96%) Banks China Construction Bank

6,047

7.06

0.63

6,689,396 China Merchants Bank ‘H’ 24,326 2.52

4




5

Holding

Investment

Market value £000

Percentage of total net assets

%

4,763,318

Life Insurance Ping An Insurance

37,717

3.91

1,358,397

Cyprus (30/09/19 – 0.79%) Industrial Transportation Globaltrans Investment

5,795

0.60

0.60

328,179

Hong Kong (30/09/19 – 4.89%) Financial Services

Hong Kong Exchanges and Clearing

7,977

12.20

0.83

824,000

Gas,Water & Multiutilities China Resources Gas Group

3,344

0.35

3,076,239

Life Insurance AIA Group

22,454

2.33

939,262

Mobile Telecommunications China Mobile

5,619

0.58

12,268,966

Oil & Gas Producers CNOOC

10,366

1.07

1,718,932

Software & Computer Services Tencent Holdings

67,965

7.04

871,238

India (30/09/19 – 10.72%) Banks Kotak Mahindra Bank

12,038

10.46

1.25

608,402 Construction & Materials Larsen & Toubro

5,244

0.54

312,512 UltraTech Cement 10,810 1.12

1,435,238

Financial Services Housing Development Finance

24,987

2.59

1,418,309

Life Insurance SBI Life Insurance

9,692

1.00

4,166,164

Pharmaceuticals & Biotechnology Biocon

12,016

1.24

803,752

Software & Computer Services Tata Consultancy Services

15,647

1.62

5,779,839

Tobacco ITC

10,579

1.10

31,557,230

Indonesia (30/09/19 – 4.28%) Automobiles & Parts

Astra International

5,992

3.16

0.62

9,243,441 Banks Bank Central Asia

12,626

1.31

63,159,914 Bank Rakyat Indonesia 9,432 0.98

25,333,350

Support Services AKR Corporindo

2,386

0.25

Luxembourg (30/09/19 – 1.03%)

4,271,856

Mexico (30/09/19 – 4.47%) Banks

Grupo Financiero Banorte SAB de CV

9,516

3.27

0.99

3,354,436

Beverages Fomento Economico Mexicano

16,463

1.70




Holding

Investment

Market

value

£000

Percentage of

total net assets

%

734,817

Industrial Transportation Grupo Aeroportuario del Sureste

5,608

0.58

298,899

Netherlands (30/09/19 – 1.09%) Financial Services

Prosus

16,693

3.13

1.73

178,395

Software & Computer Services Yandex

4,895

0.51

39,929

Technology Hardware & Equipment ASML Holding

8,565

0.89

Panama (30/09/19 – 0.52%)

21,831,653

Philippines (30/09/19 – 1.57%) Real Estate & Investment Services Ayala Land

10,455

1.08

1.08

1,742,747

Russia (30/09/19 – 3.12%) Banks

Sberbank of Russia ADR+

13,212

3.43

1.37

207,832

Oil & Gas Producers Lukoil

10,035

1.04

1,052,706 Novatek 9,877 1.02

1,198,396

South Africa (30/09/19 – 3.87%) Banks

FirstRand

2,178

2.91

0.22

163,152

Media LG Chem

18,778

1.94

1,367,066

Mobile Telecommunications Samsung Electronics

7,223

0.75

363,434

South Korea (30/09/19 – 9.05%) Banks

SK Hynix

8,319

11.69

0.86

106,036

Chemicals LG Chem

21,426

2.22

1,536,716

Electronic & Electrical Equipment Samsung Electronics

48,612

5.04

761,818 Samsung Electronics Preference Share 20,238 2.10

258,022

Technology Hardware & Equipment SK Hynix

14,239

1.47

3,136,000

Taiwan (30/09/19 – 6.59%) Electronic & Electrical Equipment Chroma ATE

10,287

8.43

1.06

2,901,621 Hon Hai Precision Industry 5,401 0.56

455,344

Food & Drug Retailers President Chain Store

3,436

0.36

8,548,666

Technology Hardware & Equipment Taiwan Semiconductor Manufacturing

62,238

6.45

1,013,506

Thailand (30/09/19 – 1.27%) Banks

Kasikornbank

2,266

0.65

0.23

6




Holding

Investment

Market

value

£000

Percentage of

total net assets

%

5,380,701

Oil & Gas Producers PTT Public

4,033

0.42

984,051

Turkey (30/09/19 – 0.78%) Food & Drug Retailers

BIM Birlesik Magazalar A.S

6,039

0.62

0.62

22,981

United States General Retailers Mercadolibre

9,035

0.94

0.94 Money Markets (30/09/19 – 0.11%) 1.39

13,463 Aberdeen Standard Liquidity Fund ‘Z‒ 1 Income’ GBP~ 13,463 1.39

Portfolio of investments 958,416 99.28

Net other assets 6,929 0.72

Net assets 965,345 100.00

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.

~SICAVs (open ended investment schemes registered outside the UK).

+ADR – American Depositary Receipt ++GDR – Global Depositary Receipt

7


Top ten purchases and sales For the half year ended 31 March 2020

Purchases Cost Sales Proceeds

Aberdeen Liquidity Fund Lux Sterling Fund –

£000 Aberdeen Liquidity Fund Lux Sterling Fund –

£000

Class Z-1 147,491 Class Z-1 135,184

IRB Brasil Resseguros 15,019 Tenaris ADR 10,588

Samsung Electronics 12,143 Ambev 9,630

Chroma ATE 12,043 Tencent Holdings 8,255

Mercadolibre 11,023 LG Chem 6,010

Vale 10,005 Copa Holdings 5,467

Banco Bradesco 9,994 Lojas Renner 5,143

Meituan Dianping 9,734 Piramal Healthcare 4,719

Alibaba Group Holding ADR 9,444 Banco Bradesco 4,653

LG Chem 8,757 Ctrip.com International ADR 4,261

Subtotal 245,653 Subtotal 193,910

Other purchases 178,242 Other sales 79,845

Total purchases for the half year 423,895 Total sales for the half year 273,755

8


+ 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.

9

Statistical information

Comparative tables

Class ‘A’ Accumulation

31/03/20 30/09/19 30/09/18 30/09/17

pence

Change in net assets per unit

pence pence pence

Opening net asset value per unit 137.04 125.90 126.59 102.66

Return before operating charges* (22.96) 13.22 1.39 25.73

Operating charges (1.08) (2.08) (2.08) (1.80)

Return after operating charges* (24.04) 11.14 (0.69) 23.93

Distributions on accumulation units (0.20) (0.90) (1.17) (0.83)

Retained distributions on accumulation units 0.20 0.90 1.17 0.83

Closing net asset value per unit 113.00 137.04 125.90 126.59

*after direct transaction costs of: 0.06

0.12

0.16

0.36

Performance

Return after charges (17.54%) 8.85% (0.55%) 23.31%

Other information

Closing net asset value (£000) 19,528 24,434 18,584 9,332

Closing number of units 17,282,308 17,829,449 14,761,779 7,371,820

Operating charges 1.58% 1.58% 1.58% 1.57%

Direct transaction costs 0.04% 0.09% 0.12% 0.31%

Prices+

Highest unit price (pence) 161.93 157.54 153.96 142.39

Lowest unit price (pence) 109.04 113.67 120.65 99.34


+ 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.

10


Comparative tables

Class ‘B’ Accumulation

31/03/20 30/09/19 30/09/18 30/09/17

pence

Change in net assets per unit

pence pence pence

Opening net asset value per unit 173.62 157.24 155.78 124.45

Return before operating charges* (29.28) 16.52 1.59 31.45

Operating charges (0.07) (0.14) (0.13) (0.12)

Return after operating charges* (29.35) 16.38 1.46 31.33

Distributions on accumulation units (1.56) (3.59) (3.80) (3.13)

Retained distributions on accumulation units 1.56 3.59 3.80 3.13

Closing net asset value per unit 144.27 173.62 157.24 155.78

*after direct transaction costs of: 0.08 0.15 0.20 0.44

Performance

Return after charges (16.90%) 10.42% 0.94% 25.17%

Other information

Closing net asset value (£000) 945,817 1,042,374 789,731 775,356

Closing number of units 655,573,131 600,365,605 502,248,801 497,728,576

Operating charges 0.08% 0.08% 0.08% 0.09%

Direct transaction costs 0.04% 0.09% 0.12% 0.31%

Prices+

Highest unit price (pence) 191.34 184.84 176.70 162.41

Lowest unit price (pence) 138.91 141.70 150.18 120.36



Investment objective

The Fund aims to provide capital growth by outperforming the benchmark (before fees)

by 0.5% to 1.5% per annum over any given 3 year period.

The benchmark is the MSCI Emerging Markets £ Index (the "Index").

Investment policy

The Fund aims to achieve its objective by investing at least 70% of the portfolio in

equities and equity related securities of emerging market companies that are listed or

traded on an eligible market. In order to improve liquidity, the Fund will have the

ability to invest in the securities of companies incorporated in emerging markets whose

securities are traded on Eligible Markets in developed economies.

The Fund’s holdings will typically consist of equites or “Equity related securities” which

will include convertible stocks, stock exchange listed warrants, depository receipts,

exchange traded funds (ETFs), MSCI Opals, participation notes (or similar equivalent

securities) where these provide a cost effective method of gaining access to some

emerging markets, offer reduced settlement risk and improved liquidity. The Fund will

also hold such investments which entitled 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. The Fund may also invest in other transferable

securities, money-market instruments, deposits, cash and near cash and other

collective investment schemes. The Fund’s exposure to unapproved securities will be

limited to no more than 10% of its net asset value.

The Fund may invest in companies incorporated outside of emerging markets whose

revenue derives substantially from emerging markets or whose assets are substantially

in emerging markets. The Fund may also invest in eligible collective investment

schemes and in equities of (or interests in) other investment companies (or similar

funds) the investment objective of which is to invest in emerging markets. The Fund

may also invest part of its assets in stocks of companies incorporated in developed

markets.

Derivatives may be used for efficient portfolio management and hedging only.

Investment strategy

Although a minimum of 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 finding high quality companies

at attractive valuations that can be held for the long term.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 within constraints, so that divergence from the Index is controlled. The

Fund’s portfolio may, therefore, be similar to the components of the Index.

11



Revenue distribution and pricing

Units of the Fund are available as either Class 'A' Accumulation or 'B' 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 31 March

and a final distribution as at 30 September.

At each distribution the net revenue after deduction of expenses, arising in the

preceding six months 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.

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.

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

1 2 3 4 5 6 7

This Fund is ranked at 6 (30/09/19: 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:

• Class ‘A’ Accumulation

• Class ‘B’ Accumulation

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

• 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 your investment.

• Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. This means your money is at greater risk.

• 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.

Craig Baker

29 May 2020 Andrew Moss

http://www.phoenixunittrust.co.uk/


12


Interim financial statements For the half year ended 31 March 2020

Statement of total return

31/03/20 31/03/19

£000 £000 £000 £000

Income

Net capital (losses)/gains

Revenue

10,004

(199,710) 4,983

48,490

Expenses (592) (448)

Interest payable and similar charges (3) (13)

Net revenue before taxation 9,409 4,522

Taxation 183 (687)

Net revenue after taxation 9,592 3,835

Total (deficit)/return before distributions (190,118) 52,325

Distributions (9,815) (4,035)

Change in net assets attributable

to unitholders from investment

activities (199,933) 48,290

Statement of change in net assets attributable to unitholders

31/03/20 31/03/19

£000 £000 £000 £000

Opening net assets attributable

to unitholders 1,066,808 808,315

Amounts receivable on

issue of units 131,466 84,615

Amounts payable on

cancellation of units (43,224) (51,785)

Change in net assets attributable

to unitholders from investment

88,242 32,830

activities (199,933) 48,290

Retained distributions on accumulation units

10,228

4,130

Closing net assets attributable to unitholders 965,345 893,565

*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.

13


Interim financial statements As at 31 March 2020

Balance sheet 31/03/20 30/09/19

£000 £000 £000 £000

Assets: Fixed assets: Investments

958,416

1,006,807

Current assets: Debtors

3,599

123,477

Cash and bank balances 3,705 5,925

Total current assets 7,304 129,402

Total assets 965,720 1,136,209

Liabilities: Creditors: Other creditors

(375)

(69,401)

Total liabilities (375) (69,401)

Net assets attributable to unitholders 965,345 1,066,808

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 30 September 2019

and are described in those financial statements.

14


Distribution table For the half year ended 31 March 2020

Interim distribution in pence per unit

Group 1: units purchased prior to 1 October 2019

Group 2: units purchased 1 October 2019 to 31 March 2020

Net

2020

pence

per unit

payable

2019

pence

per unit paid

income Equalisation 31 May 31 May

Class ‘A’ Accumulation

Group 1 0.1966 – 0.1966 0.0000

Group 2 0.1966 0.0000 0.1966 0.0000

Class ‘B’ Accumulation

Group 1 1.5550 – 1.5550 0.7943

Group 2 0.7706 0.7844 1.5550 0.7943

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.

15


Appendix

The Fund carried out stock lending activities for the purpose of efficient portfolio management

and in order to generate income.

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

Global Data

Amount of securities and commodities on loan

% of total

lendable

assets*

Securities 4.23

Amount of assets engaged in each type of SFT

Amount of assets % of AUM

39,980,331 4.14

* Total lendable assets excludes cash and cash equivalents. It also excludes other monetary amounts such as

net debtors and creditors which are not deemed ‘lendable assets’.

* Quality of collateral has been interpreted as pertaining to bond instruments, which have been assessed and

reported in accordance with whether they are considered investment grade, below investment grade or not-

rated.

16

Concentration Data

All collateral issuers (across all SFT) Collateral

Issuer

Holding

Fair value

£000

France (Government of) 2.1% 25/07/2023 34,994,432 38,988

Japan (Government of) 0.6% 20/06/2024 388,750,000 2,993

All counterparties

Gross volume of

Counterparty

outstanding

transactions

Fair value

£000

UBS AG (London Branch) 37,131

Merrill Lynch International 2,849

Aggregate Data

Type and quality of collateral Fair value

Type Quality* £000

Bonds Investment grade 41,981

41,981


The gross earnings were split by the lending agent as follows:

– 82% to the Lender (PUTM Bothwell Emerging Markets Equity Fund)

– 8% to the Manager (Phoenix Unit Trust Managers Limited)

– 10% retained by the Lending Agent (eSec)

17

Appendix

Maturity tenor of collateral

Fair value

Maturity £000

Rolling Maturity 41,981

41,981

Currency of collateral

Fair value

Currency £000

Sterling 41,981

41,981

Maturity tenor of SFTs

Fair value

Maturity £000

Rolling Maturity 39,980

39,980

Country in which counterparties are established

Counterparty

All counterparties are UK based

Return and cost

Gross return

£000

Cost

£000

% of overall

returns

Net return

£000

Fund 85 15 82.00 70

85 15 70


Corporate information

The information in this report is designed to enable unitholders to make an informed judgement on the

activities of the Fund during the period it covers and the results of those activities at the end of the

period.

Phoenix Unit Trust Managers Limited is part of the Phoenix Group.

lgnis Investment Services Limited is part of the Standard Life Aberdeen plc group and its subsidiaries.

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

Administration & Dealing: 0345 584 2803 (between the hours of 9am & 5pm).

Remuneration

The Manager has adopted a remuneration policy, up-to-date details of which can be found on

www.phoenixunittrust.co.uk. These details describe how remuneration and benefits are calculated and

identify the committee which oversees and controls the policy. A paper copy of these details can be

requested free of charge from the Manager. Following the implementation of UCITS V in the UK on 18

March 2016, all authorised UCITS Managers are required to comply with the UCITS V Remuneration

Code from the start of their next accounting year. Under the UCITS V Directive, the Manager is required

to disclose information relating to the remuneration paid to its staff for the financial year, split into fixed

and variable remuneration.

Risks

The price of units and the revenue from them can go down as well as up and investors may not get

back the amount they invested, particularly in the case of early withdrawal. Tax levels and reliefs are

those currently applicable and may change. The value of any tax relief depends on personal

circumstances.

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.

18




Corporate information

Manager

Phoenix Unit Trust Managers Limited (PUTM)

1 Wythall Green Way

Wythall

Birmingham B47 6WG

Tel: 0345 584 2803

Registered in England – No.03588031

Authorised and regulated by the Financial Conduct Authority.

Directors Andrew Moss PUTM Director, Chief Executive

Phoenix Life;

Craig Baker PUTM Director, Head of Investment

Management Phoenix Life;

Mike Urmston Non Executive Director of PUTM;

Nick Poyntz-Wright Non Executive Director of PUTM.

Registrar and correspondence address

Phoenix Unit Trust Managers Limited

Floor 1, 1 Grand Canal Square

Grand Canal Harbour

Dublin 2

Ireland

Authorised and regulated by the Financial Conduct Authority.

Investment Adviser

Ignis Investment Services Limited

1 George Street

Edinburgh EH2 2LL

Registered in Scotland – No.SC101825

Authorised and regulated by the Financial Conduct

Authority.

Trustee

HSBC Bank plc

1-2 Lochside Way

Edinburgh Park

Edinburgh EH12 9DT

Authorised by the Prudential Regulation Authority

and regulated by the Financial Conduct Authority and

the Prudential Regulation Authority.

Independent Auditor

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.

19


Notes

20


Contact: Client Services

Call: 0345 584 2803

Correspondence Address: Floor 1, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland

Visit: phoenixunittrust.co.uk

Telephone calls may be monitored and/or recorded for the purposes of security, internal training, accurate account

operation, internal customer monitoring and to improve the quality of service.

Please note the Key Investor Information Document (KIID), the Supplementary Information Document (SID) and the

full prospectus are available free of charge. These are available by contacting Client Services on 0345 584 2803.

Phoenix Unit Trust Managers Limited does not accept liability for any claims or losses of any nature arising directly

or indirectly from use of the data or material in this report. The information supplied is not intended to constitute

investment, tax, legal or other advice.

Phoenix Unit Trust Managers Limited* is a Phoenix Group Company. Registered in England No 3588031.

Registered office: 1 Wythall Green Way, Wythall, Birmingham B47 6WG.

*Authorised and regulated by the Financial Conduct Authority.

B621.03.20