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PHOENIX UNIT TRUST MANAGERS

MANAGER’S ANNUAL REPORTFor the year: 1 February 2016 to 31 January 2017

PUTM BOTHWELL STERLING GOVERNMENT BOND FUND

Contents

Investment review* 2-3

Portfolio of investments* 4-6

Top ten purchases and sales 7

Statistical information* 8-10

Statements of total return & change in net assets attributableto unitholders 11

Balance sheet 12

Notes to the financial statements 13-24

Distribution tables 25

Responsibilities of the manager and the trustee 26

Trustee’s report and directors’ statement 27

Independent auditor’s report 28-29

Corporate information* 30-31

* These collectively comprise the Authorised Manager's Report.

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2

Dear Investor

Welcome to the PUTM Bothwell Sterling GovernmentBond Fund annual report for 12 months to 31 January2017.

Performance Review

The PUTM Bothwell Sterling Government Bond Fundreturned 4.4% over the review period. (Source: HSBC,Gross of AMC, GBP, based upon the movement in theCancellation Price for 12 months to 31/01/17). This iscompared to its benchmark index which also returned4.4%. (Source: HSBC, Datastream, FTSE Government AllMaturities Index, Total Return in GBP terms for 12months to 31/01/17).

In the table below, you can see how the Fund performedagainst its benchmark index over the last five discrete oneyear periods.

Investment review

Past performance is not a guide to future performance.

Source: Fund performance is HSBC, Gross of AMC, GBP, based upon the movement in the Cancellation Price to31 January for each year. Benchmark Index performance is Datastream, FTSE Government All Maturities Index, TotalReturn in GBP terms to 31 January for each year.

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 backthe full amount invested.

Standardised Past Performance

PUTM Bothwell Sterling Government Bond Fund 4.4 -1.0 16.0 -0.3 1.0

Benchmark Index 4.4 -0.4 16.8 -0.2 0.3

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

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Portfolio and Market Review

Early 2016 was characterised by an aggressive risk-offenvironment where core bonds rallied and risk assetsgenerally underperformed. The turbulence in risk marketsappeared to have the capacity to undermine fragileconfidence levels. Ongoing concerns about the health ofthe global economy and continued weakness incommodity markets were key drivers of this, and inflationexpectations were revised down as a result. We focusedon adding sensible tactical rates exposure as governmentbonds surprised with a substantial drop in yields.Duration was successfully added through the US, withpurchases of both 30-year and 7-year Treasury inflation-protected securities (TIPS). We also graduallyreintroduced exposure to Australian rates as spreads hadmoved favourably versus the US. The strength of corebond markets, driven by the short-dated end of yieldcurves, and a strong swing in favour of US bonds did notsuit overall portfolio positioning. Exposure to 10-yearAustralian rates was broadly neutral, but exposure to 3-year Australian short-dated rates detracted from returnsfollowing higher-than-expected GDP data.

Then came the UK referendum on membership of theEuropean Union. Although bond markets had indulged inshort periods of concern, as the vote approachedinvestors were mostly convinced that the outcome wouldbe a vote to ‘remain’. This just compounded the shockeffect of the 52% ‘leave’ majority. However, despite arelatively short-lived dip across risk markets, bond yieldscontinued to compress to lower levels. In response to thereferendum vote, we added further to duration by buyinggilt futures and selling bund equivalents.

As the period progressed, policy actions by central bankswere, once again, a key focus for financial markets. TheBank of England’s (BoE) announcement in August of botha rate cut and a new £60 billion quantitative easing (QE)programme exceeded market expectations. Trading waslargely focused on the highly technical aftermath of theUK referendum result. Both curve and durationpositioning were scaled back towards the end of August.The issue of the new low coupon 2047 gilt was taken asan opportunity to acquire a tactical overweight versus

longer-dated bonds of similar duration but lower yield.Tactical duration overweights, relative value positions andcurve positioning all benefited performance. The strongperformance of risk markets also helped portfoliopositioning in 30-year US breakevens as inflationexpectations rose.

As the period progressed, the dynamics of bond marketsaltered at an increasing pace. In general, eventsconfounded expectations and required a reassessment ofmarket drivers and a nimble alteration to portfoliostrategy. This was achieved but the costs of changingdirection still chipped away at performance. US inflationexposure and Australian duration were performancepositives. Lowering duration to below benchmark goinginto the year-end was marginally negative, specificallybecause of better performance from gilts and bunds.There was a general move lower in duration exposure asthe portfolio was adapted to a less favourable bondenvironment. Sharp divergences between marketsprompted the biggest changes, forcing a rethink on USdollar exposure relative to the euro (in favour of thelatter). The portfolio ended the quarter modestlyunderweight relative to benchmark.

Market Outlook and Fund Strategy

As politics begin to encroach on what was previously apurely monetary policy backdrop, the first signs of fragilityhave become apparent in the low-rate/QE stalemate thathas prevailed in bond markets. The manager’s currentpreference is to remain underweight in US, Japanese,French and Italian government bonds and overweight inAustralian and German issues. A neutral stance on UKbonds is favoured until more direct economicconsequences of Brexit become clear. However, allpositioning remains fluid against a rapidly changinginvestment backdrop.

Investment review

4

Portfolio of investments

Investments held at 31 January 2017 Market Percentage of value total net assets Holding Investment £000 %

Government Bonds (31/01/16 – 95.44%) 95.13AUD4,278,000 Australia Government 3% 21/03/2047 2,217 0.79 £9,100,000 KFW 1.125% 23/12/2019 9,227 3.31 £13,013,000 UK Treasury 1% 07/09/2017 13,084 4.69 £13,362,000 UK Treasury 1.25% 22/07/2018 13,582 4.87 £3,407,000 UK Treasury 1.5% 22/01/2021 3,531 1.27 £2,284,000 UK Treasury 1.5% 22/07/2026 2,301 0.83 £3,628,646 UK Treasury 1.5% 22/07/2047 3,231 1.16 £2,529,000 UK Treasury 1.75% 22/07/2019 2,622 0.94 £5,867,000 UK Treasury 1.75% 07/09/2022 6,165 2.21 £1,007,267 UK Treasury 1.75% 22/07/2057 972 0.35 £6,960,000 UK Treasury 2% 22/07/2020 7,327 2.63 £2,577,224 UK Treasury 2.25% 07/09/2023 2,789 1.00 £4,893,662 UK Treasury 2.5% 22/07/2065 5,894 2.11 £4,451,479 UK Treasury 2.75% 07/09/2024 4,977 1.78 £3,273,791 UK Treasury 3.25% 22/01/2044 4,088 1.47 £7,213,980 UK Treasury 3.5% 22/01/2045 9,434 3.38 £4,029,484 UK Treasury 3.5% 22/07/2068 6,217 2.23 £417,000 UK Treasury 3.75% 07/09/2019 455 0.16 £14,170,000 UK Treasury 3.75% 07/09/2020 15,856 5.68 £425,000 UK Treasury 3.75% 07/09/2021 485 0.17 £4,013,009 UK Treasury 3.75% 22/07/2052 5,893 2.11 £7,916,000 UK Treasury 4% 07/03/2022 9,229 3.31 £3,052,918 UK Treasury 4% 22/01/2060 4,986 1.79 £6,484,848 UK Treasury 4.25% 07/12/2027 8,254 2.96 £7,414,219 UK Treasury 4.25% 07/06/2032 9,855 3.53 £5,912,000 UK Treasury 4.25% 07/03/2036 8,086 2.90 £5,015,643 UK Treasury 4.25% 07/09/2039 7,046 2.53 £5,199,584 UK Treasury 4.25% 07/12/2040 7,389 2.65 £4,640,916 UK Treasury 4.25% 07/12/2046 6,956 2.49 £4,138,503 UK Treasury 4.25% 07/12/2049 6,428 2.30 £3,514,972 UK Treasury 4.25% 07/12/2055 5,801 2.08 £6,650,000 UK Treasury 4.5% 07/09/2034 9,247 3.32 £4,958,943 UK Treasury 4.5% 07/12/2042 7,440 2.67 £11,026,123 UK Treasury 4.75% 07/03/2020 12,523 4.49 £10,376,961 UK Treasury 4.75% 07/12/2030 14,268 5.12 £5,273,555 UK Treasury 4.75% 07/12/2038 7,860 2.82 £8,328,000 UK Treasury 5% 07/03/2025 10,786 3.87 £1,917,878 UK Treasury 6% 07/12/2028 2,841 1.02 £4,511,914 UK Treasury 8% 07/06/2021 5,956 2.14

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Government Index-Linked (31/01/16 – 1.36%) 1.24 $3,808,300 US Treasury Bond 1.375% 15/02/2044 3,462 1.24

Public Authorities (31/01/16 – 0.00%) 1.38 £3,800,000 FMS Wertmanagement 1.125% 13/12/2019 3,850 1.38

Corporate Bonds (31/01/16 – 0.00%) 0.32 £430,000 Affordable Housing Finance 2.893% 11/08/2043 476 0.17 £380,000 Affordable Housing Finance 2.893% 11/08/2045 420 0.15

Money Markets (31/01/16 – 2.83%) 0.85 £2,362,790 Standard Life Investments Sterling Liquidity Fund Class ‘O’ GBP~ 2,363 0.85

Forward Foreign Exchange Contracts (31/01/16 – (0.04)%) 0.04 USD 114,257 USD Forward Currency Contract 15/02/2017 91 0.03 (GBP 91,375) GBP Forward Currency Contract 15/02/2017 (92) (0.03) GBP 3,675,596 GBP Forward Currency Contract 15/02/2017 3,676 1.32(USD 4,596,061) USD Forward Currency Contract 15/02/2017 (3,652) (1.31) GBP 3,958,324 GBP Forward Currency Contract 15/02/2017 3,958 1.42(AUD 6,460,044) AUD Forward Currency Contract 15/02/2017 (3,896) (1.40) AUD 269,056 AUD Forward Currency Contract 15/02/2017 162 0.06 (GBP 161,058) GBP Forward Currency Contract 15/02/2017 (161) (0.06) USD 211,256 USD Forward Currency Contract 15/02/2017 168 0.06 (GBP 166,889) GBP Forward Currency Contract 15/02/2017 (167) (0.06) AUD 2,221,957 AUD Forward Currency Contract 15/02/2017 1,340 0.48(GBP 1,325,828) GBP Forward Currency Contract 15/02/2017 (1,326) (0.47) AUD 215,176 AUD Forward Currency Contract 15/02/2017 130 0.05 (GBP 127,467) GBP Forward Currency Contract 15/02/2017 (127) (0.05) GBP 91,327 GBP Forward Currency Contract 15/02/2017 91 0.03 (USD 114,257) USD Forward Currency Contract 15/02/2017 (91) (0.03) USD 167,592 USD Forward Currency Contract 15/02/2017 133 0.05 (GBP 132,883) GBP Forward Currency Contract 15/02/2017 (133) (0.05) AUD 131,155 AUD Forward Currency Contract 15/02/2017 79 0.03 (GBP 77,271) GBP Forward Currency Contract 15/02/2017 (77) (0.03) USD 144,967 USD Forward Currency Contract 15/02/2017 115 0.04 (GBP 116,151) GBP Forward Currency Contract 15/02/2017 (116) (0.04) GBP 131,213 GBP Forward Currency Contract 15/02/2017 131 0.05 (USD 161,165) USD Forward Currency Contract 15/02/2017 (128) (0.05) GBP 108,766 GBP Forward Currency Contract 15/02/2017 109 0.04 (USD 134,789) USD Forward Currency Contract 15/02/2017 (107) (0.04) GBP 67,167 GBP Forward Currency Contract 15/02/2017 67 0.02 (AUD 113,425) AUD Forward Currency Contract 15/02/2017 (68) (0.02)

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Futures (31/01/16 – (0.05)%) 0.09 (39) EUX Euro Oat Future March 2017 75 0.03 (24) EUX Euro Bund Future March 2017 (4) 0.00 (133) CBT US 10Year Note Future March 2017 63 0.02 4 CBT US Long Bond Future March 2017 (6) 0.00 (31) CBT US Ultra Long Term Bond Future March 2017 34 0.01 102 ICF ICE Long Gilt Future March 2017 27 0.01 (199) CBT US 2Year Note Future March 2017 15 0.00 (2) SFE Australian 10Year Bond Future March 2017 (2) 0.00 542 SFE Australian 3Year Bond Future March 2017 48 0.02

Portfolio of investments^ 276,228 99.05Net other assets 2,656 0.95

Net assets 278,884 100.00

All investments with the exception of the Forward Foreign ExchangeContracts are listed on recognised stock exchanges and are “approvedsecurities” within the meaning of the FCA rules unless otherwise stated.

The counterparties for the Forward Foreign Exchange Contracts areGoldman Sachs, HSBC and Royal Bank of Canada.The counterparty for the Future contracts is UBS.

^ Includes investment liabilities.

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

Credit Ratings £000 % Investment grade 273,506 100.00

Total investment in bonds 273,506 100.00

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Purchases Cost £000Standard Life Investments SterlingLiquidity Fund Class ‘O’ GBP 50,388UK Treasury 3.75% 07/09/2020 12,641UK Treasury 1.5% 22/01/2021 11,767UK Treasury 1% 07/09/2017 10,921KFW 1.125% 23/12/2019 9,246UK Treasury 5% 07/03/2025 8,252International Bank for Reconstruction andDevelopment 1.375% 15/12/2020 8,212UK Treasury 4.25% 07/03/2036 8,158UK Treasury 3.75% 07/09/2021 6,686UK Treasury 4.5% 07/12/2042 6,614

Sales Proceeds £000Standard Life Investments SterlingLiquidity Fund Class ‘O’ GBP 56,040UK Treasury 3.25% 22/01/2044 14,251UK Treasury 1.5% 22/01/2021 14,179UK Treasury 1.25% 22/07/2018 13,004UK Treasury 1% 07/09/2017 12,702UK Treasury 3.5% 22/01/2045 11,454UK Treasury 1.75% 22/07/2019 11,057UK Treasury 5% 07/03/2018 8,357International Bank for Reconstruction andDevelopment 1.375% 15/12/2020 8,188UK Treasury 4.75% 07/12/2030 7,621

Total purchases 192,367 Total sales 204,150

Top ten purchases and salesFor the year ended 31 January 2017

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Statistical information

Comparative tables Class ‘A’ Accumulation Class ‘B’ Accumulation 31/01/17 31/01/16 31/01/15 31/01/17 31/01/16 31/01/15 pence pence pence pence pence penceChange in net assets per unit

Opening net asset value per unit 160.45 163.20 142.22 169.70 171.66 147.96

Return before operating charges* 7.13 (1.00) 22.63 7.48 (1.91) 23.74Operating charges (1.91) (1.75) (1.65) (0.06) (0.05) (0.04)

Return after operating charges* 5.22 (2.75) 20.98 7.42 (1.96) 23.70Distributions on accumulation units (1.04) (1.17) (1.24) (3.07) (3.04) (2.99)

Retained distributions on accumulation units 1.04 1.17 1.24 3.07 3.04 2.99

Closing net asset value per unit 165.67 160.45 163.20 177.12 169.70 171.66

*after direct transaction costs of: 0.00 0.00 0.00 0.00 0.00 0.00

PerformanceReturn after charges 3.25% (1.69%) 14.75% 4.37% (1.14%) 16.02%

Other informationClosing net asset value (£000) 52,481 49,584 58,800 226,403 233,659 274,008Closing number of units 31,677,665 30,902,223 36,029,172 127,822,918 137,685,916 159,624,021Operating charges 1.13% 1.14% 1.13% 0.03% 0.04% 0.03%Direct transaction costs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Prices+

Highest unit price (pence) 195.28 176.06 175.53 192.33 171.39 171.73Lowest unit price (pence) 158.71 151.12 141.32 168.26 159.65 147.07

+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 produce an above average total return by investing in UK Gilts.

Investment policy

In meeting the Fund objective, the Fund may invest up to 25% in investment gradefixed and floating rate government bonds issued outside the UK which will bepredominantly hedged back to Sterling. The Fund is not constrained by any indexweightings but invests from a broad range of gilts. The Fund may also invest in othertransferable securities, units in collective investment schemes, money marketinstruments, deposits, cash and near cash.

Revenue distribution and pricing

Units of the Fund are available as either Class ‘A’ or ‘B’ Accumulation units (whererevenue is reinvested to enhance the unit price). There will be two potential distributionsin each accounting year: an interim distribution as at 31 July and a final distribution asat 31 January. At each distribution the net revenue after deduction of expenses, arisingin the preceding six months from the investments of the Fund is apportioned amongstthe unitholders. Unitholders receive a tax voucher giving details of the distribution andthe Manager’s Report no later than two months after these dates.


fi

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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 4 because funds of this type have experienced average rises andfalls in value in the past. This 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:

• Bonds are affected by changes in interest rates, inflation and any decline increditworthiness of the bond issuer. Bonds that produce a higher level of incomeusually also carry greater risk as such bond issuers may have difficulty in paying theirdebts.

• Although the Investment Manager will use currency trades to reduce exchange raterisk on investments not priced in Sterling, this may not completely eliminate theFund’s exchange rate risk.

• The Fund may use derivatives to reduce risk or cost or to generate additional capitalor income at low risk, or to meet it's 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 31 January 2017

Statement of total return 31/01/17 31/01/16 Notes £000 £000 £000 £000

Income

Net capital gains/(losses) 4 7,719 (9,864) Revenue 5 4,955 5,727

Expenses 6 (654) (676)

Interest payable and similar charges – (1)

Net revenue before taxation 4,301 5,050

Taxation 7 – –

Net revenue after taxation 4,301 5,050

Total return/(deficit) before distributions 12,020 (4,814)

Distributions 8 (4,306) (5,056)

Change in net assets attributable to unitholders from investment activities 7,714 (9,870)

Statement of change in net assets attributable to unitholders 31/01/17 31/01/16 £000 £000 £000 £000

Opening net assets attributable to unitholders 283,243 332,808

Amounts receivable on issue of units 21,631 12,593

Amounts payable on cancellation of units (37,950) (57,136)

(16,319) (44,543)

Change in net assets attributable to unitholders from investment activities 7,714 (9,870)

Retained distributions on accumulation units 4,246 4,848

Closing net assets attributable to unitholders 278,884 283,243

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Balance sheet 31/01/17 31/01/16 Notes £000 £000 £000 £000

Assets:Fixed assets:Investments 276,243 282,558

Current assets:Debtors 9 5,450 14,441Cash and bank balances 10 744 1,433

Total current assets 6,194 15,874

Total assets 282,437 298,432

Liabilities: Investment Liabilities (15) (626)

Creditors:Bank overdraft 11 – (426)Other creditors 12 (3,538) (14,137)

Total creditors (3,538) (14,563)

Total liabilities (3,553) (15,189)

Net assets attributable to unitholders 278,884 283,243

Annual financial statementsAs at 31 January 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 revaluation of investments and in compliance withFinancial Reporting Standard (FRS102) and in accordance with the Statementof Recommended Practice (2014 SORP) for financial statements of AuthorisedFunds issued by the the Investment Association in May 2014. Unlessotherwise stated all accounting policies are consistent with those of the prioryear.

(b) Valuation of investmentsThe quoted investments of the Fund have been valued at bid dealing prices as atclose of business, 31 January 2017 in accordance with the Trust Deed.Investments in collective investment schemes have been valued at bid price fordual priced funds or the single price for single priced funds. Where theseinvestments are managed by the Manager or an associate of the Manager, theholdings have been valued at the cancellation price for dual priced funds or thesingle price for single priced funds. This price is the last available published priceat the period end.Derivatives are valued as at close of business on the last working day of theaccounting period. Exchange traded derivatives are priced at fair value, which isdeemed to be the bid price.Over-the-counter derivatives are priced at fair value using valuation models ordata sourced from market data providers.

(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 close ofbusiness, 31 January 2017.

(d) RevenueInterest receivable on bank deposits and money market funds is accounted for onan accruals basis. Interest receivable from debt securities is accounted for on aneffective interest rate basis. Accrued interest purchased or sold is excluded fromthe cost of the security and is dealt with as revenue.

(e) 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.

(f) TaxationThe Fund satisfied the rules of SI2006/964, Reg 19 throughout the period. Alldistributions made are therefore made as interest distributions. The Fund has nocorporate tax liability as interest distributions are tax deductible.

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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 accumulated tounitholders.The Fund is more than 60% invested in qualifying investments (as defined bySI2006/964, Reg 20) and will pay an interest 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 apportioned between the unit classes according to income.Consequently, the revenue availabile to distribute for each unit class will differ.

(d) Interest from debt securitiesFuture cash flows on all assets are considered when calculating revenue on aneffective interest rate basis and where, in the Manager’s view there is doubt as tothe final maturity value, an estimate of the final redemption proceeds will bemade in determining those cash flows. The impact of this will be to reduce therevenue from debt securities, and therefore the revenue distributed, whilstpreserving capital within the Fund.

(e) Distributions from collective investment schemesIt is the policy of the Fund to distribute revenue from both income andaccumulation distributions.

(f) ExpensesIn determining the net revenue available for distribution, charges in relation to thesafe custody of investments are ultimately borne by capital.

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, credit risk andcounterparty risk. The Manager’s policies for managing these risks aresummarised below and have been applied throughout the year.

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Note 3 Risk management policies (continued)

(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.

(b) Interest rate riskThe Fund’s assets are comprised of mainly fixed interest rate securities. There is,therefore a risk that the capital value of investments will vary as a result of themarket’s sentiment regarding future interest rates.Expectations of future rates may result in an increase or decrease in the value ofinvestments held. In general, if interest rates rise the revenue potential of theFund also rises but the value of fixed interest rate securities will decline. A declinein interest rates will in general have the opposite effect.Any transactions in fixed interest securities must be used in accordance with theinvestment objective of the Fund and must be deemed by the InvestmentManager to be economically appropriate. Regular production of portfolio riskreports highlight concentrations of risk, including interest rate risk, for this Fund.Interest receivable on bank deposits or payable on bank overdraft positions willbe affected by fluctuations in interest rates.

(c) Foreign currency riskA portion of the Fund's investment portfolio is invested in overseas securities andthe Balance sheet can be affected by movements in foreign exchange rates. TheFund may be subject to short term exposure to exchange rate movementsbetween placing the purchase or sale of securities and agreeing a relatedcurrency transaction albeit usually the two transactions are agreed at the sametime.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.

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Note 3 Risk management policies (continued)

(e) Credit riskAt the Balance sheet date 0.32% (31/01/16: 0.00%) of the Fund’s assetswere held in corporate bond, 96.37% (31/01/16: 96.80%) in governmentbonds and 1.38% (31/01/16: 0.00%) in public authority bonds.Corporate, government and public authority bonds involve the risk thatthe bond issuer will be unable to meet its liability to pay interest orredeem the bond. The Fund Manager selects bonds taking into accountthe credit rating, bearing in mind the Fund’s objective.

(f) Counterparty riskCertain transactions in securities that the Fund enters into expose it to the riskthat the counterparty will not deliver the investment (purchase) or cash (sale)after the Fund has fulfilled its responsibilities. The Fund only buys and sellsinvestments through brokers which have been approved by the Manager as anacceptable counterparty. This list is reviewed annually.

(g) 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.The use of derivatives for investment purposes means that the net asset value ofthe Fund may at times have high volatility, although derivatives will not be usedwith the intention of raising the risk profile of the Fund. Where derivatives areused for hedging this will not compromise the risk profile of the Fund. Use ofderivatives will not knowingly contravene any relevant investment objective orlimits. The Manager has used exchange traded futures to hedge the value ofthose assets denominated in foreign currency. The Fund has used forwardforeign currency contracts to hedge the portfolio where assets are denominatedin foreign currency. The purpose of undertaking these contracts is to protect theportfolio as far as possible from a movement in the value of exchange rates. Thederivative counterparties are shown at the bottom of the Portfolio of investmentson page 6.

Note 4 Net capital gains/(losses)The net capital gains/(losses) during the year comprise:

31/01/17 31/01/16 £000 £000

Gains/(losses) on non-derivative securities 7,697 (8,283)Losses on derivative contracts (15) (1,575)Currency gains/(losses) 38 (5)Handling charges (1) (1)

Net capital gains/(losses) 7,719 (9,864)

Note 5 Revenue 31/01/17 31/01/16 £000 £000

Interest on debt securities 4,938 5,706Liquidity interest 17 21

Total revenue 4,955 5,727

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Note 6 Expenses 31/01/17 31/01/16 £000 £000(a) Payable to the Manager or associates of the Manager

and agents of either of them:Manager’s periodic charge 604 603

(b) Payable to the Trustee or associates of the Trustee and agents of either of them:Trustee’s fees 34 37

(c) Other expenses:Audit fee 9 9Administration fee – 21Printing & stationery 2 –Safe custody charges 5 6

16 36

Total expenses 654 676

Note 7 Taxation 31/01/17 31/01/16 £000 £000

(a) Analysis of tax charge for the year

Total current taxation (Note 7(b)) – –

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

Net revenue before taxation 4,301 5,050

Corporation tax at 20% (31/01/16: 20%) 860 1,010

Effects of:Deductible interest distributions (860) (1,010)

Current tax charge for the year (Note 7(a)) – –

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

(c) Provision for deferred taxationNo deferred tax asset has been recognised in the year or the prior year.

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

31/01/17 31/01/16 £000 £000

Interim 2,158 2,545Final 2,088 2,303

4,246 4,848

Amounts deducted on cancellation of units 163 260Amounts added on issue of units (103) (52)

Net distribution for the year 4,306 5,056

Net revenue for the year 4,301 5,050Expenses taken to capital 5 6

Net distribution for the year 4,306 5,056

Details of the distributions per unit are set out in the tables on page 24.

Note 9 Debtors 31/01/17 31/01/16 £000 £000

Creations awaiting settlement 3,709 2Sales awaiting settlement – 12,908Accrued income 1,741 1,531

Total debtors 5,450 14,441

Note 10 Cash and bank balances 31/01/17 31/01/16 £000 £000

Cash and bank balances 20 20Amounts held at futures clearing houses 724 1,413

Total cash and bank balances 744 1,433

Note 11 Bank Overdraft 31/01/17 31/01/16 £000 £000

Amounts due to futures clearing houses – 426

Total bank overdraft – 426

Note 12 Other creditors 31/01/17 31/01/16 £000 £000

Cancellations awaiting settlement 46 14,070Purchases awaiting settlement 3,427 –Management fee payable 53 48Trustee’s fees payable 3 9Safe custody charges payable – 1Audit fee payable 9 9

Total other creditors 3,538 14,137

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Note 13 Reconciliation of units Class ‘A’ Accumulation Class ‘B’ Accumulation

Opening unitsissued at 01/02/16 30,902,223 137,685,916Unit movements in year:Units issued 2,565,670 9,809,746Units cancelled (1,790,228) (19,672,744)

Closing units at 31/01/17 31,677,665 127,822,918

Note 14 Contingencies and commitmentsAt 31 January 2017, the Fund had no outstanding calls on partly paid shares,no potential underwriting commitments, or any other contingent liabilities(31/01/16: £nil).

Note 15 Unitholders’ FundsThe are two unit classes in issue within the Fund. These are Class ‘A’Accumulation and Class ‘B’ Accumulation. The manager’s periodic charge inrespect of Class ‘A’ and Class ‘B’ units is expressed as an annual percentage ofthe value of the property of the Fund attributable to each unit class and iscurrently 1.115% in respect of Class ‘A’ units and 0.015% in respect of Class ‘B’units. Consequently the level of net revenue attributable to each unit class willdiffer.

Should it be necessary to wind-up the Fund, each unit class will have the samerights as regards to the distribution of the property of the Fund.

Note 16 Related party transactionsThe Manager is a related party to the Fund by virtue of their controlling influence.

The Manager is part of the Phoenix Group. Phoenix Life Limited which is alsopart of the Phoenix Group, is a material unitholder in the Fund and therefore arelated party, holding 98.90% of the units at the year end (31/01/16: 100%).

Manager’s periodic charge paid to the Manager, Phoenix Unit Trust Managers, orits 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 orits associates at 31 January 2017 in respect of these transactions are shown inNotes 9 and 12.

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Note 17 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 also enters into, the purpose of whichis to manage the currency and market risks arising from the Fund’sinvestment activities; and

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

Counterparty exposureAt 31 January 2017, the Fund had the following counterparty exposure onForward Foreign Exchange Contracts:

Royal Bank of Canada £92,472Goldman Sachs £15,912HSBC £3,679

The economic exposure of future derivative contracts is equal to the marketvalue. The value of exposure and the related counterparty are disclosed inPortfolio of investments.

Currency exposuresAn analysis of the monetary assets and liabilities at the year end is shownbelow:

Net currency assets Net currency assets 31/01/17 31/01/16

Currency Monetary Non- Total Monetary Non- Total exposure monetary exposure exposure monetary exposure exposure exposure £000 £000 £000 £000 £000 £000

Sterling 2,432 270,306 272,738 1,632 278,526 280,158 Australian Dollar 75 2,282 2,357 30 30 60 Euro 70 71 141 – (40) (40) US Dollar 79 3,569 3,648 (351) 3,416 3,065

2,656 276,228 278,884 1,311 281,932 283,243

Income received in other currencies is converted to Sterling on or near the dateof receipt.

The Fund does not hedge or otherwise seek to avoid, movement risk on accruedincome.

Interest profileThe interest rate risk profile of fixed interest assets and liabilities at31 January 2017 was:

Currency Fixed rate Floating rate Financial assets Totalfinancial assets financial assets not carrying interest

£000 £000 £000 £000

Sterling 267,827 522 7,883 276,232Australian Dollar 2,217 47 96 2,360Euro – 70 75 145US Dollar – 3,567 133 3,700

270,044 4,206 8,187 282,437

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Note 17 Financial instruments (continued)Interest profile (continued)Currency Fixed rate Floating rate Financial liabilities Total

financial liabilities financial liabilities not carrying interest

£000 £000 £000 £000

Sterling – – (3,494) (3,494)Australian Dollar – – (3) (3)Euro – – (4) (4)US Dollar – – (52) (52)

– – (3,553) (3,553)

The interest rate risk profile of fixed interest assets and liabilities at31 January 2016 was:

Currency Fixed rate Floating rate Financial assets Totalfinancial assets financial assets not carrying interest

£000 £000 £000 £000

Sterling 270,305 1,403 22,585 294,293Australian Dollar – 30 30 60US Dollar 3,848 – 231 4,079

274,153 1,433 22,846 298,432

Currency Fixed rate Floating rate Financial liabilities Totalfinancial liabilities financial liabilities not carrying interest

£000 £000 £000 £000

Sterling – – (14,135) (14,135)Euro – – (40) (40)US Dollar – (426) (588) (1,014)

– (426) (14,763) (15,189)

The interest rate risk profile of fixed interest rate financial assets was:

31/01/17 31/01/16Weighted average of fixed interest rates: % %

Sterling 1.25 1.51Australian Dollar 3.82 –

Weighted average period to maturity for financial assets with fixed interestrates:

years yearsSterling 15.64 15.24Australian Dollar 30.15 –

Interest rates earned/paid on Sterling deposits are earned/paid at a rate linkedto LIBOR (London Interbank Offered Rate) or international equivalent.

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Note 17 Financial instruments (continued)Sensitivity analysisInterest rate risk sensitivityChanges in interest rates or changes in expectations of future interest rates mayresult in an increase or decrease in the market value of the investments held. Aone percent increase in interest rates (based on current parameters used by theManager's Investment Risk department) would have the effect of increasing thereturn and net assets by £30,398,356 (31/01/16: £29,960,792).

A one percent decrease would have an equal and opposite effect.

Foreign currency risk sensitivity A five percent increase in the value of the Fund's foreign currency exposurewould have the effect of increasing the return and net assets by £306,772(31/01/16: £60,332). A five percent decrease would have an equal andopposite effect.

Price risk sensitivityA five percent increase in the value of the Fund's portfolio would have theeffect of increasing the return and net assets by £13,944,200 (31/01/16:£14,823,269).

A five percent decrease would have an equal and opposite effect.

Note 18 Fair value of investmentsThe fair value of the Fund's investments has been determined using thehierarchy below. This complies with the 'Amendments to FRS102 - Fair valuehierarchy disclosures' issued by the Financial Reporting Council in March 2016.Although not required to be applied until accounting periods beginning on orafter 1 January 2017, the Manager has decided to apply this early.

Level 1 The unadjusted quoted price in an active market for identicalassets or liabilities that the entity can access at themeasurement date.

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

Level 3 Inputs are unobservable (i.e. for which market data isunavailable) for the asset or liability.

For the year ended 31/01/17Level 1 2 3 Total

Investment assets £000 £000 £000 £000Bonds 273,506 – – 273,506Derivatives 262 112 – 374Money Markets 2,363 – – 2,363

276,131 112 – 276,243

Investment liabilities £000 £000 £000 £000Derivatives (12) (3) – (15)

(12) (3) – (15)

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Note 18 Fair value of investments (continued)For the year ended 31/01/16Level 1 2 3 Total

Investment assets £000 £000 £000 £000Bonds 274,153 – – 274,153Derivatives 345 45 – 390Money Markets 8,015 – – 8,015

282,513 45 – 282,558

Investment liabilities £000 £000 £000 £000Derivatives (504) (122) – (626)

(504) (122) – (626)

Note 19 Portfolio transaction costsFor the year ended 31/01/17 Value Commission TaxesAnalysis of total purchases costs £000 £000 % £000 %

Bond transactions 141,979 – – – –Money Market 50,388 – – – –

Total 192,367 – –

Value Commission TaxesAnalysis of total sales costs £000 £000 % £000 %

Bond transactions 147,903 – – – –Corporate Action 207 – – – –Money Market 56,040 – – – –

Total 204,150 – –

Commission and taxes as % of average net assets:Commission 0.00%Taxes 0.00%

For the year ended 31/01/16 Value Commission TaxesAnalysis of total purchases costs £000 £000 % £000 %

Bond transactions 262,621 – – – –

Total 262,621 – –

Value Commission TaxesAnalysis of total sales costs £000 £000 % £000 %

Bond transactions 300,918 – – – –

Total 300,918 – –

Commission and taxes as % of average net assets:Commission 0.00%Taxes 0.00%

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Note 19 Portfolio transaction costs (continued)The purchases and sales of securities incurred no direct transaction costs during the year orprior year.

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 0.08% (31/01/16: 0.08%)being the difference between the respective bid and offer prices for the Funds investments.

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Interest distributionsInterim distribution in pence per unitGroup 1: units purchased prior to 1 February 2016Group 2: units purchased 1 February 2016 to 31 July 2016 2016 2015 pence pence per unit per unit Gross paid paid income Equalisation 30 Sept 30 Sept

Class ‘A’ Accumulation

Group 1 0.5644 — 0.5644 0.5722Group 2 0.2681 0.2963 0.5644 0.5722

Class ‘B’ Accumulation

Group 1 1.5592 — 1.5592 1.4991Group 2 0.9258 0.6334 1.5592 1.4991

Final distribution in pence per unitGroup 1: units purchased prior to 1 August 2016Group 2: units purchased 1 August 2016 to 31 January 2017 2017 2016 pence pence per unit per unit Gross payable paid income Equalisation 31 Mar 31 Mar

Class ‘A’ Accumulation

Group 1 0.4765 — 0.4765 0.5984Group 2 0.1376 0.3389 0.4765 0.5984

Class ‘B’ Accumulation

Group 1 1.5157 — 1.5157 1.5382Group 2 0.6121 0.9036 1.5157 1.5382

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 tablesFor the year ended 31 January 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 Trustee is responsible for the safekeeping of all property of the Trust which isentrusted to it and ensuring proper registration of tangible moveable property, and forthe collection of income arising from all such scheme property.

It is the duty of the Trustee to take reasonable care to ensure that the Trust is managed and operated in accordance with the Financial Conduct Authority’ Collective Investment Schemes Sourcebook (“the Sourcebook”), the Financial Services and Markets Act 2000, as amended, and the Trust Deed and the Prospectus of the Trust, concerning: the pricing of and dealing in Trust Units; the application of income of the scheme; and the Trust investment portfolio and borrowing activities. A copy of the Trustee’s report is included on page 27.

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Trustee’s report and directors’ statement

Trustee’s report Having carried out procedures and enquiries considered duly necessary to discharge ourresponsibilities as Trustee of the scheme, based on information and explanationsprovided to us, we believe that, in all material respects, the Manager:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of theprice of the scheme’s units and the application of the scheme’s income in accordancewith the Sourcebook, the Trust Deed and Prospectus;

(ii) has observed the investment and borrowing powers and restrictions applicable to thescheme; and

(iii) has, otherwise, ensured the proper operation of the Trust.

London Citibank Europe plc, UK Branch28 April 2017

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

Birmingham Craig Baker, Director28 April 2017 Shamira Mohammed, Director

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We have audited the financial statements of the PUTM Bothwell Sterling GovernmentBond Fund (“the Fund”) for the year ended 31 January 2017 which comprise theStatement of Total Return, the Statement of Change in Net Assets Attributable toUnitholders, the Balance Sheet, the related notes 1 to 19 and the Distribution Tables.The financial reporting framework that has been applied in their preparation isapplicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice) including FRS102 ‘The Financial Reporting Standardapplicable to the UK and the Republic of Ireland’.

This report is made solely to the unitholders of the Fund, as a body, pursuant toParagraph 4.5.12 of the rules of the Collective Investment Schemes Sourcebook of theFinancial Conduct Authority. Our audit work has been undertaken so that we might stateto the unitholders those matters we are required to state to them in an auditor’s reportand for no other purpose. To the fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the Fund and the unitholders as a body, forour audit work, for this report, or for the opinions we have formed.

Respective responsibilities of the Manager and AuditorAs explained more fully in the Manager’s responsibilities statement set out on page 26,the Manager is responsible for the preparation of the financial statements and for beingsatisfied that they give a true and fair view.

Our responsibility is to audit and express an opinion on the financial statements inaccordance with applicable law and International Standards on Auditing (UK andIreland). Those standards require us to comply with the Auditing Practices Board’sEthical Standards for Auditors.

Scope of the audit of the financial statementsAn audit involves obtaining evidence about the amounts and disclosures in the financialstatements sufficient to give reasonable assurance that the financial statements are freefrom material misstatement, whether caused by fraud or error. This includes anassessment of: whether the accounting policies are appropriate to the Fund’scircumstances and have been consistently applied and adequately disclosed; thereasonableness of significant accounting estimates made by the Manager; and theoverall presentation of the financial statements. In addition, we read all the financial andnon-financial information in the Manager's annual report to identify materialinconsistencies with the audited financial statements and to identify any information thatis apparently materially incorrect based on, or materially inconsistent with, theknowledge acquired by us in the course of performing the audit. If we become aware ofany apparent material misstatements or inconsistencies we consider the implications forour report.

Independent auditor’s report to the unitholders ofPUTM Bothwell Sterling Government Bond Fund

Independent auditor’s report to the unitholders ofPUTM Bothwell Sterling Government Bond Fund

Opinion on financial statements In our opinion the financial statements:

• give a true and fair view of the financial position of the Fund as at 31 January2017 and of the net revenue and the net capital gains on the scheme property ofthe Fund for the year then ended; and

• have been properly prepared in accordance with the United Kingdom GenerallyAccepted Accounting Practice.

Opinion on matters prescribed by the rules of the Collective InvestmentSchemes Sourcebook of the Financial Conduct AuthorityIn our opinion:

• the financial statements have been properly prepared in accordance with theStatement of Recommended Practice relating to Authorised Funds, the rules of theCollective Investment Schemes Sourcebook of the Financial Conduct Authority andthe Trust Deed;

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

• there is nothing to indicate that proper accounting records have not been kept orthat the financial statements are not in agreement with those records; and

• we have received all the information and explanations which, to the best of ourknowledge and belief, are necessary for the purposes of our audit.

Ernst & Young LLPStatutory AuditorEdinburgh28 April 2017

29

30

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 period.

Phoenix Unit Trust Mangers Limted is part of the Phoenix Group.

Ignis Investment Services Limited is part of the Standard Life Investments group (Standard Life Investments(Holdings) Limited) and its subsidiaries.

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

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 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.

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

31

Corporate information

Trustee Citibank Europe plcRegistered Office: Citigroup CentreCanada SquareCanary Wharf, London E14 5LBAuthorised by the Prudential Regulation Authority andregulated by the Financial Conduct Authority and thePrudential Regulation Authority

Independent Auditor to the FundErnst & Young LLPTen George StreetEdinburgh EH2 2DZ

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 Way,WythallBirminghamB47 6WGTel: 0330 1233 703Registered in England - No.03588031Authorised and regulated by the Financial Conduct Authority

DirectorsAndrew Moss PUTM Director, Chief Executive

Phoenix Life;Shamira Mohammed PUTM Director, Finance Director

Phoenix Life;Craig Baker PUTM Director, Head of Investment

Management Phoenix Life;Mike Urmston Non Executive Director of PUTM.

Registrar and correspondence addressPhoenix Unit Trust Managers LimitedPO Box 12997ChelmsfordCM99 2ENAuthorised and regulated by the Financial Conduct Authority

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

32

Notes

B594.02.17

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