phoenix unit trust managers manager’s annual report/media/files/p/phoenix-utm/documents/... ·...

PHOENIX UNIT TRUST MANAGERS

MANAGER’S ANNUAL REPORTFor the year: 1 October 2015 to 30 September 2016

PUTM FAR EASTERN UNIT TRUST

Contents

Investment review* 2-4

Portfolio of investments* 5-8

Top ten purchases and sales 9

Statistical information* 10-12

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

Balance sheet 14

Notes to the financial statements 15-23

Distribution tables 24

Responsibilities of the manager and the trustee 25

Trustee’s report and directors’ statement 26

Independent auditor’s report 27-28

Corporate information* 29-30

*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 2016.

Performance Review

Over the review period, the PUTM Far Eastern Unit Trustwas up 35.4% compared to 38.2% by its sector average.(Source: Lipper, bid to bid, net income reinvested for12 months to 30/09/16).

In the table below, you can see how the Fund performedagainst its sector average over the last five discrete oneyear 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 35.4 -9.4 7.2 7.8 12.8

Sector Average 38.2 -7.2 6.7 7.4 16.8

Sep 15-16 Sep 14-15 Sep 13-14 Sep 12-13 Sep 11-12% growth % growth % growth % growth % growth

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Portfolio and Market Review

Ongoing fears of a slowdown in China drove sentiment inAsian equities. A strong US dollar, combined with thefluctuating oil price, also made for a challenging 12months for a number of emerging markets.

Recent data on China showed the economy had grown6.7% year-on-year in the second quarter of 2016, amidmixed economic data. Retail sales remained elevated,although exports continue to slide. However, this is inkeeping with authorities attempts to rebalance theeconomy.

China’s problems also hurt several emerging economiesin the region, as the country is a major export market fornumerous nations. This led growth to stutter in the likesof Thailand and the Philippines. The relativelyunpredictable nature of economic policy also weighed onthe latter. However, Indonesia held up better on hopesthat much-needed infrastructure spending would supportthe economy. Lastly, news from India was mixed, with alack of major reforms on some key issues counteracted byvictories elsewhere, notably the passage of thebankruptcy bill. Falling inflation also allowed thecountry’s central bank to cut rates, giving market support.

Turning to activity, we purchased Aristocrat Leisure, anAustralian developer of slot/gaming machines. Thecompany is investing in new studios and game-designtalent, which has improved its product offering and ishelping it land greater market share in the US, Asia andAustralia. Elsewhere, we added Taiwanese mobile phoneoperator Fat Eastone to the portfolio. Investors appear tobe underappreciating the potential upside to margins ashandset subsidies rollover, coupled with revenue growthon 3G to 4G migration and reduction of unlimited dataplans. We also purchased shares in Larsen & Toubro,India’s largest engineering and construction firm. Giventhe company’s expertise in defence, water and railwaysprojects, it is well-placed to benefit from the government’sincreased infrastructure spending.

On the sell side, we exited Korean steel producer Poscodue to slowing growth in demand for the metal. It hasalso been slow to restructure. We sold Australia’s Qantasairline due to concerns about profitability as a result ofincreased completion on international routes and theslowing domestic economy. Lastly, we sold Hang Seng

Bank as we think slowing loan growth, a decline incompetitive margins and a normalisation of credit costwill dent profitability.

As for performance, the holding in JB Hi-Hi was ahighlight after it announced strong operationalperformance in the wake of the demise of one of its mainrivals. An M&A deal was also well-received by investors.Indian private bank Yes Bank had a good year as itcontinued to deliver better-than-expected credit qualityrelative to its peers, while its growth outlook is strong.Leading tech firm Taiwan Semiconductor boosted theFund’s returns thanks to its solid operating performance,improving industry trends and a strong competitivepositioning amidst macroeconomic uncertainties.Additional highlights included Samsung Electronics,Challenger Limited and Air Asia.

By contrast, life insurer China Taiping was a drag onperformance despite robust underling sales. Its shareswere sold-off early in 2016 as the wider index enteredbear market territory. We since sold the stock. Indiapower equipment supplier Bharat Heavy Electrical alsounperformed the market after the company delivereddisappointing earnings and indicated that it wasconcerned about the size of future domestic powerprojects. Staying in India, shares in software servicescompany Infosys tumbled after it delivered poor Q2results that led to it reducing its earnings forecasts.Further disappointments included Makalot, Spotless andLenovo.

Market Outlook and Fund Strategy

We continued to reduce our exposure to China/HongKong over the quarter and we are now modestlyunderweight. We are also underweight ASEAN. Bycontrast, we added to our India and Taiwan positions andare now overweight. As for sectors, we are overweightconsumer discretionary, telecoms and IT; andunderweight materials, utilities and consumer staples.However, the positions are the result of stock-specificinsights rather than outright sector bets.

In the short term, Asia Pacific markets will continue totake their lead from global events. These include thestrength of economic growth in the developed world, USFederal Reserve interest rate policy and the possibility of

Investment review

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further geopolitical upheaval (including the fallout fromthe UK’s decision to exit the EU). The fortunes of China,including any growth-orientated policy measures enactedby the leadership in Beijing, will also continue to drivesentiment.

In general, from a long-term perspective we continue tobelieve that Asia Pacific is in a strong position.Demographics remain supportive and the ongoingreorientation of economies away from exports towardsconsumption should help create more stable growth.These factors should bolster Asian equities over thecoming years, helping underlying cashflows, reducingearnings volatility and working to spur dividend growth.This makes Asia Pacific an attractive investment for thoseseeking both capital gains and income. Valuations arealso appealing, while there are a number of companiesthat look well-placed to gain considerable market share.The increasing attractiveness of these businesses willbecome apparent as corporate profits consistently exceedexpectations.

Investment review

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Portfolio of investments

Investments held at 30 September 2016 Market Percentage of value total net assets Holding Investment £ %

Australia (30/09/15: 21.07%) 21.34 Basic Materials 32,051 BHP Billiton 372,112 1.61 68,737 Fortescue Metals Group 199,788 0.86 68,000 Metals X 60,292 0.26 63,905 Syrah Resources 163,230 0.71

Consumer Goods 39,467 Treasury Wine Estates 251,674 1.09

Consumer Services 32,746 Aristocrat Leisure 302,263 1.31 16,834 JB Hi-Fi 285,667 1.24 2,708 JB Hi-Fi Rights† 4,802 0.02 3,344 Wesfarmers 86,298 0.37 9,278 Woolworths 126,391 0.55

Financials 19,545 Australia and New Zealand Banking Group 315,949 1.37 44,972 Challenger 267,502 1.16 54,695 DEXUS Property Group 289,044 1.25 36,776 National Australia Bank 601,401 2.60 101,270 Stockland Trust 279,482 1.21 37,416 Westpac Banking Group 648,118 2.80

Healthcare 2,502 CSL 157,036 0.68

Industrials 205,852 Spotless Group Holdings 128,730 0.56

Telecommunications 129,024 Telstra 391,684 1.69

Bermuda (30/09/15: 0.26%) 0.64 Consumer Services 2,650,000 Rexlot Holdings** 30,061 0.13

Utilities 96,920 China Gas Holdings 118,430 0.51

Cayman Islands (30/09/15: 12.19%) 17.22 Consumer Goods 116,659 ANTA Sports Products 244,354 1.06

Consumer Services 8,429 Alibaba Group Holding ADR* 686,299 2.97 4,907 China Lodging Group ADR* 174,836 0.76 12,357 CK Hutchison Holdings 121,177 0.52 46,925 Sands China 157,123 0.68 14,618 Vipshop Holdings ADR* 167,372 0.72

Financials 58,727 Cheung Kong Property Holdings 330,461 1.43 108,791 China Resources Land 233,287 1.01

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Healthcare 23,000 Ginko International 175,757 0.76

Other Investments Technology 2,743 Baidu ADR* 385,493 1.67 22,752 Himax Technologies 147,982 0.64 13,620 JD Com ADR* 272,904 1.18 41,703 Tencent Holdings 883,887 3.82

China (30/09/15: 8.24%) 7.86 Financials 1,059,692 China Construction Bank 606,313 2.62 182,533 China Merchants Bank ‘H’ 354,545 1.53 94,055 Ping An Insurance ‘H’ 375,766 1.63

Industrials 510,000 Shanghai Electric 185,738 0.80

Oil & Gas 525,887 China Petroleum & Chemical ‘H’ 295,135 1.28

Hong Kong (30/09/15: 14.18%) 10.52 Consumer Goods 133,940 China Mengniu Dairy 191,921 0.83

Consumer Services 40,000 Galaxy Entertainment ‘G’ 116,223 0.50

Financial 86,447 AIA Group 443,433 1.92 11,174 Sun Hung Kai Properties 129,979 0.56 42,000 Wharf Holdings 234,874 1.02

Healthcare 197,365 CSPC Pharmaceutical 152,399 0.66

Industrials 122,255 China Resources Beer Holdings 200,238 0.87 256,183 China State Construction International Holdings 260,016 1.13

Technology 281,877 Lenovo Group 143,889 0.62

Telecommunications 59,713 China Mobile (HK) 557,342 2.41

India (30/09/15: 7.91%) 7.50 Basic Materials 66,469 Coal India 248,254 1.07

Consumer Goods 51,687 ITC 144,559 0.63

Financials 40,601 Axis Bank 254,702 1.10

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Industrials 57,071 Bharat Heavy Industrials 89,084 0.39 14,756 Larsen & Toubro 245,063 1.06 1,798 Tata Motors ‘A’ 7,095 0.03 35,295 Voltas 155,055 0.67

Oil & Gas 46,352 Bharat Petroleum 329,051 1.42

Technology 21,795 Infosys 261,671 1.13

Indonesia (30/09/15: 0.98%) 1.49 Consumer Goods 245,600 Astra International 119,784 0.52

Financials 248,358 Bank Mandiri 164,443 0.71

Industrials 155,295 AKR Corporindo 59,215 0.26

Malaysia (30/09/15: 1.05%) 1.19 Consumer Services 344,300 AirAsia 178,573 0.77

Telecommunications 75,755 Telekom Malaysia 95,824 0.42

New Zealand (30/09/15: 0.70%) 0.54 Utilities 73,624 Mercury NZ 124,115 0.54

Papua New Guinea (30/09/15: 0.97%) 0.55 Oil & Gas 30,794 Oil Search 126,934 0.55

Philippines (30/09/15: 1.55%) 1.19 Financials 440,140 Ayala Land 274,710 1.19

Singapore (30/09/15: 2.94%) 3.74 Consumer Services 30,373 City Developments 155,592 0.67

Financials 158,000 CapitaLand 284,984 1.23 23,386 United Overseas Bank 248,856 1.08

Telecommunications 78,000 Singapore Telecommunications 175,088 0.76

South Korea (30/09/15: 14.28%) 12.73 Basic Materials 631 LG Chemicals 106,520 0.46

Consumer Goods 2,666 Hyundai Motor Preference Shares 197,014 0.85

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Financials 4,975 Samsung Card 174,589 0.76 8,147 Shinhan Financial Group 229,123 0.99

Industrials 377 Samsung Electronics Preference Share 339,864 1.47 2,614 Samsung SDI 175,777 0.76

Technology 1,019 Samsung Electronics 1,140,606 4.94 6,267 SK Hynix 176,470 0.76

Telecommunications 11,542 Korea Telecom 257,903 1.12

Utilities 3,781 Korea Electric Power 143,016 0.62

Taiwan (30/09/15: 11.22%) 9.56 Basic Materials 81,246 Formosa Plastics 155,563 0.67

Technology 9,242 Hermes Microvision 307,060 1.33 8,079 PChome Online 73,368 0.32 146,155 Pegatron 289,556 1.25 255,320 Taiwan Semiconductor Manufacturing 1,146,758 4.96

Telecommunications 130,067 Far EasTone Telecomunications 236,877 1.03

Thailand (30/09/15: 1.05%) 0.92 Financials 29,424 Bangkok Bank 106,375 0.46

Telecommunications 152,944 Total Access Communication 106,332 0.46

Portfolio of investments 22,414,120 96.99Net other assets 696,690 3.01

Net assets 23,110,810 100.00

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**This stock is currently suspended from trading. It was valued by the Managerbased on information available as at 30 September 2016.†These shares were received from a rights distribution.

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Purchases Cost £Alibaba Group Holding ADR 501,348Bank Mandiri 322,256Baidu ADR 280,140DEXUS Property Group 278,671China Merchants Bank ‘H’ 257,206Pegatron 247,844Axis Bank 240,959Stockland Trust 236,308Bangkok Bank 232,976BHP Billiton 227,924

Sales Proceeds £Hon Hai Precision Industries 436,940Industrial & Commercial Bank of China 417,542Yes Bank 361,064Hyundai Mobis 352,618QBE Insurance Group 294,682Hang Seng Bank 294,374Geely Automobile Holdings 292,178Himax Technologies 277,103Investa Office Fund 252,506DEXUS Property Group 248,748

Total purchases 9,593,353 Total sales 11,696,964

Top ten purchases and salesFor the year ended 30 September 2016

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Statistical information

Comparative tables Income Accumulation 30/09/16 30/09/15 30/09/14 30/09/16 30/09/15 30/09/14 pence pence pence pence pence penceChange in net assets per unit

Opening net asset value per unit 334.73 372.98 353.73 503.60 551.89 515.09

Return before operating charges* 118.43 (27.04) 29.39 178.43 (41.08) 42.95Operating charges (4.98) (5.34) (4.23) (7.54) (7.21) (6.15)

Return after operating charges* 113.45 (32.38) 25.16 170.89 (48.29) 36.80

Distributions on income units (5.32) (5.87) (5.91) – – –

Closing net asset value per unit 442.86 334.73 372.98 674.49 503.60 551.89

Retained distributions on accumulation units – – – 8.81 9.15 8.62

*after direct transaction costs of: 1.03 1.28 1.17 1.57 1.95 1.70

PerformanceReturn after charges 33.89% (8.68%) 7.11% 33.93% (8.75%) 7.14%

Other informationClosing net asset value (£000) 3 9 4 23,108 19,075 24,202Closing number of units 646 2,646 1,066 3,425,998 3,787,674 4,385,320Operating charges 1.37% 1.41% 1.15% 1.36% 1.24% 1.15%Direct transaction costs 0.28% 0.34% 0.32% 0.28% 0.34% 0.32%

PricesHighest unit price (pence) 453.86 450.19 431.35 684.94 668.08 629.68Lowest unit price (pence) 313.42 317.08 336.62 471.64 470.59 490.19

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 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.


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 2016

Statement of total return 30/09/16 30/09/15 Notes £ £ £ £

Income

Net capital gains/(losses) 4 5,742,209 (2,068,419) Revenue 5 613,038 678,620

Expenses 6 (252,775) (260,087)

Interest payable and similar charges (628) (386)

Net revenue before taxation 359,635 418,147

Taxation 7 (45,897) (50,772)

Net revenue after taxation 313,738 367,375

Total return beforedistributions 6,055,947 (1,701,044)

Distributions 8 (313,736) (367,377)

Change in net assetsattributable to unitholdersfrom investment activities 5,742,211 (2,068,421)

Statement of change in net assets attributable to unitholders 30/09/16 30/09/15 £ £ £ £

Opening net assetsattributable to unitholders 19,083,738 24,206,275

Amounts receivable on issue of units – 117,361

Amounts payable on conversions – 607

Amounts payable on cancellation of units (2,021,519) (3,525,186)

(2,021,519) (3,407,218)

Change in net assetsattributable to unitholders frominvestment activities 5,742,211 (2,068,421)

Retained distributions on accumulation units 306,380 353,102

Closing net assets attributableto unitholders 23,110,810 19,083,738

Balance sheet 30/09/16 30/09/15 Notes £ £ £ £

Assets:Fixed assets:Investments 22,414,120 18,815,420

Current assets:Debtors 9 127,914 368,456Cash and bank balances 10 598,488 500,470

Total current assets 726,402 868,926

Total assets 23,140,522 19,684,346

Liabilities:Creditors:Other creditors 11 (29,685) (600,485)Distribution payable (27) (123)

Total liabilities (29,712) (600,608)

Net assets attributableto unitholders 23,110,810 19,083,738

Annual financial statementsAs at 30 September 2016

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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 FRS102and in accordance with the Statement of Recommended Practice (2014SORP) for financial statements of Authorised Funds issued by The InvestmentAssociation in May 2014. This is the first set of final financial statements tobe prepared for the Fund under the 2014 SORP. Unless otherwise stated allaccounting policies are consistent with those of the prior year. Presentationalamendments to the Statement of total return, Statement of change inunitholders’ funds and the Balance sheet have been made. Additionally furtherdisclosures have been made, including the Reconciliation of units note andthe Fair value of assets and liabilities note. These presentational amendmentshave no impact on the current or previous year Net Asset Value.

(b) Valuation of investmentsThe quoted investments of the Fund have been valued at bid dealing prices as at12 noon, 30 September 2016 in accordance 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,30 September 2016.

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

30/09/16 30/09/15 £ £

Gains/(losses) on non-derivative securities 5,708,201 (2,041,037)Gains on derivative contracts 686 3,807Currency gains 48,794 6,212Handling charges (18,901) (37,207)Capital special dividend 5,893 2,301Overseas capital gains tax (2,464) (2,495)

Net capital gains/(losses) 5,742,209 (2,068,419)

Note 5 Revenue 30/09/16 30/09/15 £ £

UK dividends 6,947 –Overseas dividends 605,712 678,086Bank interest 379 534

Total revenue 613,038 678,620

Note 6 Expenses 30/09/16 30/09/15 £ £(a) Payable to the Manager or associates of the

Manager and agents of either of them:Manager's periodic charge* 203,247 239,208Registration fees** 141 1,700

203,388 240,908

(b) Payable to the Trustee or associates of the Trustee and agents of either of them:Trustee’s fees 16,678 2,895

(c) Other expenses:Audit fee 6,886 6,780Safe custody charges 25,553 9,206FCA fee 270 298

32,709 16,284

Total expenses 252,775 260,087

*Managers fees have increased from 2 November 2015. Details of the changesare shown in the Prospectus and the current rate is 1.015%.

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

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Note 7 Taxation 30/09/16 30/09/15 £ £

(a) Analysis of tax charge for the yearOverseas withholding tax 45,897 50,772

Total current taxation (Note 7(b)) 45,897 50,772

(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 359,635 418,147

Corporation tax at 20% (30/09/15: 20%) 71,927 83,629

Effects of:Overseas dividends not taxable* (118,331) (130,545)Overseas withholding tax 45,897 50,772Excess management expenses unutilised 46,969 47,533

Tax relief on overseas tax suffered (565) (617)

Current tax charge for the year (Note 7(a)) 45,897 50,772

*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 2016 the Fund had a potential deferred tax asset of £412,671(30/09/15: £365,702) in relation to surplus management expenses of£2,063,357 (30/09/15: £1,828,510). 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:

30/09/16 30/09/15 £ £

Interim 85,452 76,559Final 220,963 276,680

306,415 353,239

Amounts deducted on cancellation of units 7,321 33,620Amounts added on conversion of units – (9,557)Amounts added on issue of units – (18,903)Amounts deducted on conversion of units – 8,978

Net distribution for the year 313,736 367,377

Net revenue after taxation 313,738 367,375Movement of undistributed income (2) 2

Net distribution for the year 313,736 367,377

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

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Note 9 Debtors 30/09/16 30/09/15 £ £

Sales awaiting settlement 107,033 329,069Accrued income 20,881 39,252FCA fee prepaid – 135

Total debtors 127,914 368,456

Note 10 Cash and bank balances 30/09/16 30/09/15 £ £

Cash and bank balances 598,488 500,470

Note 11 Other creditors 30/09/16 30/09/15 £ £

Cancellations awaiting settlement – 194,600Purchases awaiting settlement – 377,111Management fee payable 18,988 17,539Registration fees payable – 425Safe custody charges payable 1,423 1,286Audit fee payable 6,780 6,780FCA Fee payable 135 –Handling charges payable 2,359 2,744

Total other creditors 29,685 600,485

Note 12 Reconciliation of units Income Accumulation

Opening units issued at 01/10/15 2,646 3,787,674Unit movements in year:Units cancelled (74,057) (313,781)Units conversions 72,057 (47,895)

Closing units at 30/09/16 646 3,425,998

Note 13 Contingencies and commitmentsAt 30 September 2016 the Fund had no outstanding calls on partly paidshares, no potential underwriting commitments or any other contingent liabilitieswith the exception of a payment of £41,661 for a rights take up of JB Hi-Fishares payable on 1 October 2016 (30/09/15: £6,469).

Note 14 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 99.74% of the units at the year end (30/09/15: 99.73%).

Manager’s periodic charge paid to the Manager, Scottish Mutual InvestmentManagers Limited (to 2 November 2015) and Phoenix Unit Trust ManagersLimited thereafter; and registration fees paid to Ignis Fund Managers Limited (to12 July 2015) and Standard Life Investments (Mutual Funds) Limitedthereafter, or its associates are shown in Note 6(a) and details of the unitsissued and cancelled by the Manager are shown in the Statement of change inunitholders’ funds and Note 8. Any balances due to/from the Manager or itsassociates at 30 September 2016 in respect of these transactions are shown inNotes 9 and 11.

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Note 15 Financial instrumentsIn accordance with the investment objective, the Fund held certain financial instruments.These comprise:• securities held in accordance with the investment objective and policies;• derivative transactions which the Fund also may enter into, the purpose of which is tomanage 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 exposuresAn analysis of the monetary assets and liabilities at the year end is shown below:

Net currency Net currency assets assets 30/09/16 30/09/15 Currency Monetary Non- Total Monetary Non- Total

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

Sterling 245,834 372,112 617,946 (62,723) 115 (62,608) Australian Dollar 26,750 4,686,285 4,713,035 103,586 4,206,063 4,309,649 Chinese Yuan 1,958 – 1,958 – – – Hong Kong Dollar 5,267 6,366,590 6,371,857 (21,063) 5,812,392 5,791,329 Indian Rupee 265 1,734,534 1,734,799 538 1,511,940 1,512,478 Korean Won 1 2,940,881 2,940,882 (103,986) 2,726,055 2,622,069 Singapore Dollar – 864,520 864,520 – 559,010 559,010 Taiwan Dollar 407,428 2,384,940 2,792,368 240,736 2,242,511 2,483,247 Indonesian Rupiah 680 343,442 344,122 601 187,852 188,453 US Dollar 1,843 1,834,887 1,836,730 107,464 741,458 848,922 Malaysian Ringgit 1,314 274,397 275,711 – 198,775 198,775 Other foreign currencies* 5,350 611,532 616,882 3,165 629,249 632,414

696,690 22,414,120 23,110,810 268,318 18,815,420 19,083,738

*foreign currencies included within ‘others’ above amounts to less than 3% (30/09/15:4%) 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 2.59% (30/09/15: 2.62%) 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 15 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 £1,124,341 (30/09/15: £944,645).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 ofincreasing the return and net assets by £1,155,541 (30/09/15: £954,186). A fivepercent decrease would have an equal and opposite effect.

Note 16 Fair value of financial assets and liabilitiesThe 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. Although notrequired to be applied until accounting periods beginning on or after 1 January2017, the Manager has decided to apply this early.

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 unavailable) forthe asset or liability.

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

For the year ended 30/09/15Level 1 2 3 Total

Investment assets £ £ £ £Equities 18,639,034 – 176,271 18,815,305Derivatives – 115 – 115

18,639,034 115 176,271 18,815,420

Note 17 Portfolio transaction costs

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 – 0.00 – 0.00

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

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Note 17 Portfolio transaction costs (continued)

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


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

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

For the year ended 30/09/15 Value Commission TaxesAnalysis of total purchases costs £ £ % £ %


Total 15,342,545 23,091 5,810

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


Total 18,339,192 44,479 7,111

Commission and taxes as % of average net assets:Commission 0.28%Taxes 0.05%

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 0.33% (30/09/15: 0.38%)being the difference between the respective bid and offer prices for the Funds investments.

Note 18 Significant events during the periodPlease note the Manager of the Fund has changed from Scottish Mutual InvestmentsManagers Limited to Phoenix Unit Trust Managers Limited (PUTM) with effect from2 November 2015. As a result the Fund was re-named PUTM Far Eastern Unit Trust.

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Interim distribution in pence per unitGroup 1: units purchased prior to 1 October 2015Group 2: units purchased 1 October 2015 to 31 March 2016 2016 2015 pence pence per unit per unit Net paid paid income Equalisation 31 May 31 May

Income

Group 1 1.1278 — 1.1278 1.2437Group 2 1.1278 0.0000 1.1278 1.2437

Accumulation

Group 1 2.3645 — 2.3645 1.8451Group 2 2.3645 0.0000 2.3645 1.8451

Final distribution in pence per unitGroup 1: units purchased prior to 1 April 2016Group 2: units purchased 1 April 2016 to 30 September 2016 2016 2015 pence pence per unit per unit Net payable paid income* Equalisation 30 Nov 30 Nov

Income

Group 1 4.1959 — 4.1959 4.6301Group 2 4.1959 0.0000 4.1959 4.6301

Accumulation

Group 1 6.4488 — 6.4488 7.3015Group 2 6.4488 0.0000 6.4488 7.3015

*with effect from 6 April 2016 the tax credit on UK dividend income has beenabolished.

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 30 September 2016

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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 year 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.

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 (formerly the IMA)in May 2014 and the Sourcebook and take reasonable steps for the prevention anddetection of fraud and other irregularities.

b) The Trustee is under a duty to take into custody and to hold the property of theScheme in trust for the holders of units. Under the Sourcebook relating to Reports, itis the duty of the Trustee to enquire into the conduct of the Manager in themanagement of the Fund in each annual accounting period and report thereon tounitholders in a report which shall contain the matters prescribed by theSourcebook.

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Trustee’s report and directors’ statementThe Trustee must ensure that the Scheme is managed in accordance with the FinancialConduct Authority's Collective Investment Schemes Sourcebook, the Financial Servicesand Markets Act 2000, as amended, (together "the Regulations"), the Trust Deed andProspectus (together "the Scheme documents") as detailed below.

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

The Trustee is responsible for the safekeeping of all custodial assets and maintaining arecord of all other assets of the Scheme in accordance with the Regulations.

The Trustee must ensure that:

• the Scheme's cash flows are properly monitored (this requirement on the Depositaryapplied from 18 March 2016) and that cash of the Scheme is booked into the cashaccounts in accordance with the Regulations;

• the sale, issue, redemption and cancellation of units are carried out in accordancewith the Regulations; the value of units of the Scheme are calculated in accordancewith the Regulations;

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

• any consideration relating to transactions in the Scheme's assets is remitted to theScheme within the usual time limits;

• the Scheme's income is applied in accordance with the Regulations; and

• the instructions of the Authorised Fund Managed ("the AFM") are carried out (unlessthey conflict with the Regulations).

The Trustee also has a duty to take reasonable care to ensure that the Scheme ismanaged in accordance with the Regulations and the Scheme documents in relation tothe investment and borrowing powers applicable to the Scheme.

Having carried out such procedures as we consider necessary to discharge ourresponsibilities as Trustee of the Scheme, it is our opinion, based on the informationavailable to us and the explanations provided, that in all material respects the Scheme,acting through the AFM:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of theprice of the Scheme’s units and the application of the Schemes income inaccordance with the Regulations and the Scheme documents, and

(ii) has observed the investment and borrowing powers and restrictions applicable tothe Scheme.

National Westminster BankEdinburgh5 January 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 reporton behalf of the Directors of Phoenix Unit Trust Managers Limited.

Birmingham Craig Baker, Director5 January 2017 Shamira Mohammed, Director

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We have audited the financial statements of the PUTM Far Eastern Unit Trust (“theFund”) for the year ended 30 September 2016 which comprise the Statement of TotalReturn, the Statement of Change in Net Assets Attributable to Unitholders, the BalanceSheet, the related notes 1 to 18 and the Distribution Tables. The financial reportingframework that has been applied in their preparation is applicable law and UnitedKingdom Accounting Standards (United Kingdom Generally Accepted AccountingPractice) including FRS102 ‘The Financial Reporting Standard applicable to the UK andthe 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 25,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 of thePUTM Far Eastern Unit Trust

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

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 30 September2016 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 AuditorEdinburgh

5 January 2017

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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 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.

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.

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Corporate information

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

Trustee National Westminster BankYounger Building, 1st Floor 3 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 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.

Manager (resigned 2 November 2015)Scottish Mutual Investments Managers Limited50 Bothwell StreetGlasgow G2 6HRTel: 0141 222 8000Registered in Scotland – No.SC088674Member of The Investment AssociationAuthorised and regulated by the Financial ConductAuthority

Manager (appointed 2 November 2015)Phoenix Unit Trust Managers Limited (PUTM)1 Wythall Green Way, Wythall, Birmingham, B47 6WGTel: 0330 1233 703Registered in England – No.03588031Authorised and regulated by the Financial ConductAuthority

Directors*Appointed with effect 2 November 2015Andrew 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.

Resigned with effect 2 November 2015C WalklinC ClarkJ Aird

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Notes

32

Notes

B621.10.16

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