phoenix unit trust managers manager’s interim report

PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORTFor the half year: 1 October 2016 to 31 March 2017

PUTM BOTHWELL EMERGING MARKET EQUITY FUND

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Contents

Investment review 2-3

Portfolio of investments 4-8

Top ten purchases and sales 9

Statistical information 10-13

Statements of total return & change in net assets attributableto untiholders 14

Balance sheet 15

Distribution table 16

Corporate information 17-18

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Dear Investor

Welcome to the PUTM Bothwell Emerging Market EquityFund interim report for the six months to 31 March 2017.

Performance Review

Over the review period, the PUTM Bothwell EmergingMarket Equity Fund returned 12.3%. (Source: HSBC, Grossof AMC, GBP, based upon the movement in theCancellation Price for six months to 31/03/17). This iscompared to its benchmark index which returned 35.2%.(Source: Datastream, MSCI Emerging Markets Index, NetReturn, GBP for six months to 31/03/17).

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

Investment review

Source: Fund performance is HSBC, Gross of AMC, GBP, based upon the movement in the Cancellation Price to31 March for each year. Benchmark Index performance is Datastream, MSCI Emerging Markets Index, Net Return,GBP to 31 March for each year.

Past performance is not a guide to future performance.

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 Bothwell Emerging Market Equity Fund 37.7 (9.4) 13.1 (8.3) –

Benchmark Index 35.2 (9.1) 12.8 (10.2) –

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

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Portfolio and Market ReviewIt was a positive six months for global emerging markets,although the period was not without incident. After a strongOctober, emerging markets sharply reversed following DonaldTrump’s surprise election win, thereby ending five straightmonths of GEM outperformance. At the same time, we saw apronounced rebound in commodity prices and related shares.This was then followed by a recovery in the oil price later inthe month as OPEC achieved a supply reduction agreement.Meanwhile, as expected, the US Federal Reserve (Fed) hikedrates in December. Outside the ramifications of the USelection, the most interesting GEM development was India’sremarkable overnight currency reform, with Prime MinisterModi attacking the black economy and illegal wealth throughthe sudden cancellation of bank notes. Markets originallytumbled, although rebounded thereafter.

GEM made an excellent start to 2017, as a perceivedmellowing of Donald Trump’s protectionist policy changes,combined with investors largely shrugging off the March USFed rate rise, were positives for sentiment. At a country level,investor confidence is rising in the largest emerging market,China, aided by accelerating nominal GDP growth and signsthat capital controls are stabilising the country’s forexreserves. Lastly, the oil price once again retreated amidconcerns about supply discipline among oil and shale gasproducers.

ActivityPurchases included Innocean, the Korean advertising agencyand subsidiary of Hyundai Group. The company should seestrong growth as Hyundai invests in its new advertisingstrategy. We also bought United Tractor, which should benefitfrom the recovering mining and other commercial/agriculturalactivity in Indonesia. Meanwhile, we purchased shares inDali Foods. It has good market positions in bakery goods,crisps, biscuits and beverages. The key to its competitiveadvantage is a superior lower-tier distribution network, andwe think that this, coupled with a promising product pipeline,will translate into better growth than its peers despite thelower valuation. In the short term, the launch of a newsoybean milk drink will be worth watching given this is anunderpenetrated product category.

On the sell side, we exited Himax Technologies. Sadly, itseems the investment case for Himax has disappeared fornow, with lukewarm customer reception for its augmentedreality products translating into a much tougher bargainingsituation with its core clients. Meanwhile, Russian minerNorilsk Nickel was reduced: the thesis on nickel supplyconstraints has partly played out and the manager sought tocontrol the Fund’s exposure to Russia. We closed out SouthAfrican financial services provider FirstRand. The domestic

market was sent into a spin after President Zuma relieved thewell-respected, market-friendly finance minister from his post,resulting in the country being downgraded by ratingsagencies.

PerformanceBrazilian loyalty-card operator Smiles was the top contributorto performance. The share price was driven by a combinationof better-than-expected Q4 results and improved financialhealth at its affiliated airline GOL. Samsung Electronics wasanother of our best stocks. It also has exposure to thememory chip cycle and should additionally benefit from theforthcoming boom in small OLED displays, for which it is anear-monopoly supplier. Additional positives included ChinaLodging Group, Copa Holdings and Rushydro.

By contrast, graphite miner Syrah Resources, which suppliesto the electric vehicle sector, suffered despite no change tooperating fundamentals. Environmental stocks have generallytaken a hit on worries that legislation will be rolled back post-US election. However, we remain confident that the shift toEVs will not be affected by the tone of political rhetoric, asbattery costs gradually become competitive with petrolwithout the need for subsidy. Shares in China BiologicProducts fell after it delivered a disappointing set of results.However, we spoke with the CFO and remain confident thatthe headwinds in the numbers are temporary and that robustvolume growth should return. Holdings in Tung Thih Electric,Axis Bank and Himax also disappointed.

Market Outlook and Fund Strategy Donald Trump’s campaign rhetoric towards the likes ofMexico and China worried investors that the GEM exportstory could take a big hit. However, our on-the-ground checksin the major sectors such as autos and technology suggestthat protectionism would be hard to implement without a lotof pain for US consumers and companies. The key driver ofemerging market equities remains the global economic cycle,and the synchronous acceleration in growth we are seeingacross developed and emerging nations, accompanied byfaster corporate earnings growth, has been very positive forthe asset class. We remain comfortable in general onemerging market valuations, especially compared todeveloped market equities. Further, international investorsremain underweight the asset class, leaving scope formarkets to climb as inflows pick up.

We continue to see numerous excellent investmentopportunities at the individual country and stock level.Through our bottom-up investment process, we look forcompanies across the investment universe, including mid-caps and frontier markets. This strategy will continue as wemove through 2017.

Investment review

Portfolio of investments

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

United Kingdom (30/09/16 – 0.47%) 0.89 Banks 217,668 BGEO 7,007 0.89

Australia (30/09/16 – 0.77%) 0.55 Industrial Metals 2,527,035 Syrah Resources 4,347 0.55

Bermuda (30/09/16 – 0.99%) 0.76 Banks 45,877 Credicorp 5,993 0.76

Brazil (30/09/16 – 4.33%) 6.33 Banks 1,017,875 Banco Bradesco 8,217 1.05 846,443 Itau Unibanco Holding 8,078 1.03

Food Producers 2,838,914 JBS 7,301 0.93

General Retailers 509,691 Smiles 8,088 1.03

Mining 539,704 Vale 4,050 0.52

Oil & Gas 1,267,680 Petroleo Brasileiro 4,838 0.62

Travel & Leisure 1,233,530 CVC Brasil Operadora e Agência de Viagens 8,979 1.15

British Virgin Islands (30/09/16 – 0.93%) 0.90 Software & Computer Services 396,920 Mail.Ru Group GDR++ 7,015 0.90

Cayman Islands (30/09/16 –15.79%) 16.41 Food Producers 12,704,447 Dali Foods Group 5,857 0.75

General Retailers 271,115 Alibaba Group Holding ADR+ 23,379 2.98 2,500,000 Goodbaby International Holdings 967 0.12

Industrial Engineering 1,706,929 Haitian International Holdings 3,176 0.41

Industrial Transportation 3,513,417 SITC International Holdings 1,931 0.25

Personal Goods 3,354,106 Anta Sports Products 7,386 0.94 1,161,584 Shenzhou International 5,863 0.75

Software & Computer Services 85,486 Baidu.com ADR+ 11,794 1.51 557,634 JD.com ADR+ 13,873 1.77 1,218,250 Tencent Holdings 27,931 3.57

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Travel & Leisure 221,409 China Lodging Group ADR+ 10,987 1.40 390,897 Ctrip.com International ADR+ 15,365 1.96

Channel Islands (30/09/16 – 0.69%)

Chile (30/09/16 – 1.21%) 1.27 Electricity 60,034,347 Enel Americas 9,934 1.27

China (30/09/16 – 6.70%) 7.89 Banks 13,835,796 China Construction Bank 8,898 1.13 11,137,702 China Merchants Bank ‘H’ 23,495 3.00

Industrial Engineering 1,011,812 Zhuzhou CSR Times Electric ‘H’ 4,300 0.55

Life Insurance 1,877,505 China Life Insurance 4,598 0.59 1,833,540 Ping An Insurance 8,207 1.05

Oil & Gas Producers 18,983,947 China Petroleum & Chemical ‘H’ 12,307 1.57

Greece (30/09/16 – 0.33%) 0.44 Banks 16,831,021 National Bank of Greece 3,455 0.44

Hong Kong (30/09/16 – 8.79%) 6.36 Automobiles & Parts 3,084,957 Minth Group 9,936 1.27

Construction & Materials 7,005,990 China State Construction International 10,021 1.28

Food Producers 3,864,013 China Mengniu Dairy 6,402 0.81

General Industrials 4,335,593 China Resources Beer Holdings Company 7,879 1.01

Mobile Telecommunications 1,246,774 China Mobile 10,912 1.39

Pharmaceuticals & Biotechnology 7,132,915 Sino Biopharmaceutical 4,698 0.60

Technology Hardware & Equipment

Hungary (30/09/16 – 1.03%) 1.22 Banks 424,978 OTP Bank 9,546 1.22

India (30/09/16 – 7.48%) 8.19 Banks 1,086,281 Axis Bank 6,566 0.84

Construction & Materials 480,614 Larsen & Toubro 9,322 1.19


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Industrial Engineering 2,726,044 Bharat Heavy Electricals 5,467 0.70 2,738,285 Voltas 13,897 1.77

Mining 1,951,198 Coal India 7,032 0.90

Oil & Gas Producers 622,047 Bharat Petroleum 4,978 0.64

Software & Computer Services 768,443 Tech Mahindra 4,345 0.55

Tobacco 3,628,783 ITC 12,527 1.60

Indonesia (30/09/16 – 2.70%) 2.91 Banks 12,425,798 Bank Mandiri 8,725 1.11

Industrial Engineering 2,504,388 United Tractors 3,983 0.51

Media 40,430,419 Media Nusantara Citra 4,465 0.57

Support Services 15,104,989 AKR Corporindo 5,643 0.72

Malaysia (30/09/16 – 0.32%)

Mexico (30/09/16 – 3.74%) 4.75 Banks 1,461,905 Grupo Financiero Banorte SAB de CV 6,683 0.85

Beverages 2,032,855 Fomento Economico Mexicano 14,304 1.83

Financial Services 1,131,695 Unifin Financiera SAPI de CV 2,283 0.29

Industrial Metals 4,452,653 Grupo Mexico ‘B’ 10,620 1.36

Real Estate & Investment Services 2,533,083 TF Administradora Industrial S de RL de CV 3,283 0.42

Netherlands (30/09/16 – 0.77%)

Panama (30/09/16 – 1.97%) 1.30 Travel & Leisure 113,655 Copa Holdings 10,203 1.30

Philippines (30/09/16 – 0.47%) 0.59 Real Estate & Investment Services 4,312,036 Ayala Land 2,271 0.29

Mobile Telecommunications 72,500 Globe Telecom 2,348 0.30

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Russia (30/09/16 – 4.59%) 4.86 Banks 1,431,034 Sberbank of Russia ADR+ 13,207 1.69

Electricity555,588,927 RusHydro 7,376 0.94

Industrial Metals 457,004 MMC Norilsk Nickel ADR+ 5,743 0.73

Oil & Gas Producers 189,283 Lukoil 8,037 1.03 798,115 Rosneft Oil 3,668 0.47

Saudi Arabia (30/09/16 – 0.27%)

South Africa (30/09/16 – 4.79%) 3.16 Banks 2,470,428 FirstRand 6,807 0.87

Media 84,945 Naspers ‘N’ 11,728 1.50

Oil & Gas Producers 265,158 Sasol 6,177 0.79

South Korea (30/09/16 – 14.36%) 17.14 Automobiles & Parts 61,802 Hyundai Motor Preference Share 4,552 0.58 189,247 Woory Industrial Holdings 3,607 0.46

Banks 250,764 Shinhan Financial Group 8,357 1.07

Chemicals 34,375 LG Chem 7,227 0.92

Electronic & Electrical Equipment 96,365 Samsung SDI 9,475 1.21 15,941 Samsung Electronics Preference Share 18,274 2.33 26,193 Samsung Electronics 38,586 4.93

Fixed Line Telecommunications 591,649 KT Corporation 13,497 1.72

Industrial Metals 18,529 POSCO 3,849 0.49

Media 182,407 INNOCEAN Worldwide 8,035 1.03

Mobile Telecommunications 463,285 Vodacom Group 4,200 0.54

Non Life Insurance 20,484 Samsung Fire & Marine Insurance 3,926 0.50

Technology Hardware & Equipment 294,955 SK Hynix 10,652 1.36


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Taiwan (30/09/16 – 11.52%) 9.29 Electronic & Electrical Equipment 2,570,625 Hon Hai Precision Industry 6,165 0.79

Mobile Telecommunications 2,138,551 Far EasTone Telecommunications 4,193 0.53

Technology Hardware & Equipment 2,906,329 Chicony Electronics 5,929 0.76 5,843,704 Pegatron 13,815 1.76 8,568,746 Taiwan Semiconductor Manufacturing 42,684 5.45

Thailand (30/09/16 – 1.31%) 1.40 Mobile Telecommunications 53,440 Advanced Info Service 221 0.03 3,264,705 Total Access Communications 3,305 0.42

Oil & Gas Producers 24,340,816 Star Petroleum Refining 7,421 0.95

Turkey (30/09/16 – 1.56%) 1.77 Banks 1,984,775 Akbank TAS 3,718 0.47

Oil & Gas Producers 512,660 Tupras-Turkiye Petrol Rafinerileri 10,155 1.30

United States (30/09/16 – 1.18%) 0.84 Pharmaceuticals & Biotechnology 81,928 China Biologic Products 6,556 0.84

Money Markets (30/09/16 – 0.23%) 0.71 5,588,000 Standard Life Investments Sterling Liquidity Fund Class ‘0’*~ 5,588 0.71

Portfolio of investments 782,685 99.93

Net other assets 515 0.07

Net assets 783,200 100.00

All investments are listed on recognised stock exchanges and are ‘approvedsecurities’ within the meaning of the FCA rules unless otherwise stated.

*A related party to the Fund ~SICAVs (open ended investment schemes registered outside the UK) +ADR – American Depositary Receipt ++GDR – Global Depositary Receipt

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Purchases Cost £000Standard Life Investments Sterling LiquidityFund Class ‘0’ 155,590Samsung Electronics Preference Shares 15,621JD.com ADR 8,788Banco Bradesco 8,463Itau Unibanco Holding 8,300Smiles 7,776Grupo Financiero Banorte SAB de CV 6,914Petroleo Brasileiro 6,569Credicorp 6,487ITC 6,425

Sales Proceeds £000Standard Life Investments Sterling LiquidityFund Class ‘0’ 151,992Samsung Electronics 28,163China Mobile 14,430Hermes Microvision 13,948Smiles 13,598Banco Bradesco 11,465Baidu.com ADR 10,620CNOOC 10,464Copa Holdings 10,273Credicorp 10,101

Total purchases 356,758 Total sales 518,240

Top ten purchases and salesFor the half year ended 31 March 2017

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Statistical information

Comparative tables Class ‘A’ Accumulation 31/03/17 30/09/16 30/09/15** pence pence penceChange in net assets per unitOpening net asset value per unit 102.66 79.04 92.74***

Return before operating charges* 12.61 24.96 (12.61)Operating charges (0.83) (1.34) (1.09)

Return after operating charges* 11.78 23.62 (13.70)

Distributions on accumulation units (0.06) (0.97) (0.94)Retained distributions on accumulation units 0.06 0.97 0.94

Closing net asset value per unit 114.44 102.66 79.04

*after direct transaction costs of: 0.20 0.44 0.60

PerformanceReturn after charges 11.48% 29.88% (14.77%)

Other informationClosing net asset value (£000) 9,429 8,894 6,955Closing number of units 8,239,163 8,663,448 8,800,338Operating charges 1.55% 1.57% 1.59%Direct transaction costs 0.19% 0.51% 0.67%

Prices+

Highest unit price (pence) 107.39 105.20 111.02Lowest unit price (pence) 99.34 71.90 73.94

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

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Comparative tables Class ‘B’ Accumulation 31/03/17 30/09/16 30/09/15 30/09/14 pence pence pence penceChange in net assets per unitOpening net asset value per unit 124.45 94.19 106.17 101.06

Return before operating charges* 15.23 30.35 (11.86) 5.19Operating charges (0.06) (0.09) (0.12) (0.08)

Return after operating charges* 15.17 30.26 (11.98) 5.11

Distributions on accumulation units (0.88) (2.65) (2.57) (2.12)Retained distributions on accumulation units 0.88 2.65 2.57 2.12

Closing net asset value per unit 139.62 124.45 94.19 106.17

*after direct transaction costs of: 0.24 0.53 0.72 0.07

PerformanceReturn after charges 12.19% 32.13% (11.28%) 5.06%

Other informationClosing net asset value (£000) 773,771 852,370 620,436 710,740Closing number of units 554,216,783 684,932,572 658,708,841 669,417,480Operating charges 0.09% 0.10% 0.08% 0.08%Direct transaction costs 0.19% 0.51% 0.67% 0.07%

Prices+

Highest unit price (pence) 121.07 127.10 122.70 116.58Lowest unit price (pence) 120.36 86.00 88.04 95.19

+ 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.

**The Class ‘A’ Accumulation class launched on 9 March 2015.***The ‘A’ Accumulation Class launched at £1 less an initial charge.

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Investment objective

The investment objective of the Fund is to aim to achieve long term capital growth byinvesting in emerging markets.

Investment policy

In order to aim to meet the investment objective, the Fund will invest primarily in aportfolio of stocks of companies incorporated in emerging markets, and whosesecurities are listed or traded on an eligible market. In order to improve liquidity, theFund will have the ability to invest in the securities of companies incorporated inemerging markets whose securities are traded on eligible markets in developedeconomies.

The Fund may invest in equity related instruments such as depositary receipts, equitylinked notes, exchange traded funds (ETFs), MSCI Opals and participation notes (orsimilar or equivalent securities) where these provide a cost effective method of gainingaccess to some emerging markets, offer reduced settlement risk and improved liquidity.The Fund’s exposure to unapproved securities will be limited to no more than 10% of itsnet asset value in accordance with COLL requirements.

Revenue distribution and pricing

Units of the Fund are available as either Class ‘A’ or Class ‘B’ Accumulation units(where revenue is reinvested to enhance the unit price). There will be two potentialdistributions in each year: an interim distribution as at 31 March and a finaldistribution as at 30 September. At each distribution the net revenue after deduction ofexpenses, arising in the preceding six months from the investments of the Fund isapportioned amongst the unitholders. Unitholders receive a tax voucher giving detailsof the distribution and the Manager’s report no later than two months after thesedates.


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fi

Risk and reward profileThe Risk and Reward indicator table demonstrates where the Fund ranks in terms ofits potential risk and reward. The higher the rank the greater the potential reward butthe greater the risk of losing money. It is based on past data, may change over timeand may not be a reliable indication of the future risk profile of the Fund. The shadedarea in the table below shows the Fund’s ranking on the Risk and Reward Indicator.

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

1 2 3 4 5 6 7

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

• Class ‘A’ Accumulation• Class ‘B’ Accumulation

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

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

• Emerging markets or less developed countries may face more political, economic orstructural changes than developed countries. This means your money is at greaterrisk.

• 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 DocumentsKIIDs). These are available online at www.phoenixunittrust.co.uk.

Directors’ statement

This report has been prepared in accordance with the requirements of the CollectiveInvestment Schemes Sourcebook as issued and amended by the Financial ConductAuthority.

Craig Baker, Director25 May 2017 Shamira Mohammed, Director

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Interim financial statements (unaudited)For the half year ended 31 March 2017

Statement of total return 31/03/17 31/03/16 £000 £000 £000 £000

Income

Net capital gains 88,566 46,217Revenue 6,512 6,325

Expenses (377) (317)

Interest payable and similarcharges (28) (6)

Net revenue before taxation 6,107 6,002

Taxation (965) (694)

Net revenue after taxation 5,142 5,308

Total return before distributions 93,708 51,525

Distributions (5,306) (5,453)

Change in net assets attributable to unitholders from investment activities 88,402 46,072

Statement of change in net assets attributable to unitholders 31/03/17 31/03/16* £000 £000 £000 £000

Opening net assets attributable to unitholders 861,264 627,391

Amounts receivable on issue of units 845 29,569

Amounts payable on cancellation of units (172,189) (19,511)

(171,344) 10,058

Change in net assets attributable to unitholders from investment activities 88,402 46,072

Retained distributions on accumulation units 4,878 5,473

Closing net assets attributable to unitholders 783,200 688,994

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

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Balance sheet 31/03/17 30/09/16 £000 £000 £000 £000Assets:Fixed assets:Investments 782,685 855,134

Current assets:Debtors 3,932 20,291Cash and bank balances 4,072 13,487

Total current assets 8,004 33,778

Total assets 790,689 888,912

Liabilities:Creditors: Other creditors (7,489) (27,648)

Total liabilities (7,489) (27,648)

Net assets attributable to unitholders 783,200 861,264

Interim financial statements (unaudited)As at 31 March 2017

Notes to the interim financial statements

Accounting PoliciesThe interim financial statements have been prepared under the historical cost basis, asmodified by the valuation of investments and in compliance with FRS102 and inaccordance with the Statement of Recommended Practice (2014 SORP) for financialstatements of Authorised Funds issued by The Investment Association in May 2014.Unless otherwise stated all accounting policies applied are consistent with those of theAnnual Report for the year ended 30 September 2016 and are described in thosefinancial statements.

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

Class ‘A’ Accumulation

Group 1 0.0563 — 0.0563 0.1324Group 2 0.0563 0.0000 0.0563 0.1324

2017 2016 pence pence per unit per unit Net payable paid income Equalisation 31 May 31 May

Class ‘B’ Accumulation

Group 1 0.8793 — 0.8793 0.8164Group 2 0.2573 0.6220 0.8793 0.8164

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

Distribution tableFor the half year ended 31 March 2017

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Corporate information

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

Phoenix Unit Trust Mangers 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.

Dealing: 0370 707 0073 Administration: 0330 1233 703

Remuneration

The Manager has adopted a remuneration policy, up-to-date details of which can be found onwww.phoenixunittrust.co.uk. These details describe how remuneration and benefits are calculated and identify thecommittee which oversees and controls the policy. A paper copy of these details can be requested free of chargefrom the Manager. Following the implementation of UCITS V in the UK on 18 March 2016, all authorised UCITSManagers are required to comply with the UCITS V Remuneration Code from the start of their next accounting year.Under the UCITS V Directive, the Manager is required to disclose information relating to the remuneration paid to itsstaff for the financial year, split into fixed and variable remuneration. The Manager’s Financial Year end is31 December, it is therefore anticipated that the Manager’s Remuneration Policy and associated financialdisclosures will be made within the Annual Reports starting from 31 December 2017, following its first fullperformance period. Prior to this date, and in line with the FCA’s guidance on the UCITS V remunerationdisclosures, the Manager would be part way through its first performance period and the information availablewould not be relevant or provide a proper basis for comparison.

Risks

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

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

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

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Corporate information

ManagerPhoenix 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

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 ConductAuthority

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

Trustee Citibank Europe plcRegistered Office:Citigroup CentreCanada SquareCanary WharfLondon 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 Act2000 and is categorised under the CollectiveInvestment Schemes Sourcebook as a UCITS fund.

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Notes

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Notes

B133.03.17

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