phoenix unit trust managers manager’s interim …/media/files/p/...it was another volatile six...

PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORTFor the half year: 1 October 2015 to 31 March 2016

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 10-12

Statements of total return & change in net assets attributable to unitholders 13

Balance sheet 14

Distribution table 15

Corporate information 16

PUTM Bothwell Emerging Market Equity Fund -9.4 13.1 -8.3 – –

Benchmark Index -9.1 12.8 -10.2 – –

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

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Dear Investor

Welcome to the PUTM Bothwell Emerging Market EquityFund interim report for the six months to 31 March 2016.

Performance Review

Over the review period, the PUTM Bothwell EmergingMarket Equity Fund returned 8.3%. (Source: HSBC, Grossof AMC, GBP, based upon the movement in theCancellation Price for six months to 31/03/16). This iscompared to its benchmark index which returned 12.1%.(Source: Datastream, MSCI Emerging Markets Index, NetReturn, GBP for six months to 31/03/16).

In the table below you can see how the Fund performedagainst its benchmark index. As the Fund was launchedon 5 December 2012, it has a limited performancehistory.

Investment review

Source: Fund performance is HSBC, Gross of AMC, GBP, based upon the movement in the Cancellation Price to 31March 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

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Portfolio and Market ReviewIt was another volatile six months for emerging markets,although many ended on a high note. As ever, Chinaremained the main focus. Recent data continues to showan economy rebalancing away from manufacturing towardsdomestic consumption. Economic growth is slowing (Q12016 came in at 6.7%, down from 6.8% the previousquarter), although the country seems to be avoiding a ‘hardlanding’ thanks to central bank support. This has includedcuts to interest rates and the reserve requirement ratio, aswell as a host of other stimulus measures. Nonetheless,China’s stock market had a relatively poor six months.Meanwhile, Indian stocks sold-off after the ruling BJP partylost the Bihar state election. It is feared the loss will hinderthe passing of much-needed reforms. Tumbling commodityprices (notably oil) also continued to create winners andloser as we entered 2016.

In Latin America, Brazil had a turbulent six months aspolitical intrigue gripped the country. Markets were able torebound at the close, however, on hopes the presidentwould be impeached. As the review period came to a close,increasingly dovish statements from the US Federal Reservelifted sentiment. The oil price even staged a mini recovery,giving a boost to exporters like Malaysia and Russia.

Turning to recent activity, we purchased shares in ChinaResources Beer. The company is growing market share inboth volume and value terms. It is also benefiting fromaccretive M&A and could potentially buyout its joint venturepartner. We also bought First Rand. This is the highest-quality South African bank (and one of the best in theemerging market sector), which was de-rated considerablyon concerns about political stability and in the wake ofcredit-rating downgrades. However, we believe theseconcerns are more than priced in, leaving scope for thestock to re-rate. There is also potential upside to thedividend and some optionality for discount-ratecompression at the country level.

On the sell side, we exited Samsung Securities because itsimprovement story and shift into managed, higher-feeproducts is happening slower than anticipated. The stockhas bounced somewhat with the emerging market rally, sowe took the opportunity to sell. We also sold China’sHengan. Volume growth and competitive conditions aredeteriorating, even in its flagship feminine care business.The company is no longer showing superior growth inconsumer staples as a whole.

Turning to performance, a number of the Fund’s Chinaholdings struggled. However, some of this was due tonegativity towards the country as a whole, rather thancompany fundamentals. Meanwhile, several of the Fund’sinternet names – JD.com, Baidu, Mail.Ru and MercadoLibre – suffered. However, growth remains solid for all ofthem and valuations are at bargain levels. As such, theyremain in the portfolio.

On a more positive note, the top stock contributor wassemiconductor firm Himax Technologies. It is enjoyingincreasing demand from consumer electronics companiesthat are developing wearable technology, virtual reality, etc.Analysts have acknowledged this trend and re-rated thestock. First Quantum also did well thanks to a rebound incopper prices and the successful sale of some of its assets.Additional highlights included Tupras, OTP Bank andCredicorp.

Market Outlook and Fund Strategy

Despite some macro negativity in emerging markets, it isencouraging to see the recent stabilisation of numerouscurrencies. Capital is also returning to the asset class. Thispotentially creates an environment in which some investors– whose views have been consistently downbeat onemerging markets for some time – reconsider theirallocation to the asset class. This should help lift the widermarket and generate additional opportunities for stock-pickers like ourselves.

Overall, we have recently uncovered a number ofinteresting bottom-up themes. The internet continues totransform shopping, entertainment, payment andcommunication across most emerging countries. Cleanenergy adoption is also picking up pace, which could havesignificant investment ramifications. The Fund is well-positioned to benefit from both these trends.

Investment review

Portfolio of investments

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Investments held at 31 March 2016 Market Percentage of value total net assets Holding Investment £000 %

United Kingdom (30/09/15 – 0.53%) 0.81 Banks 273,355 BGEO 5,544 0.81

Australia (30/09/15 – 0.20%) 0.65 Industrial Metals 2,073,677 Syrah Resources 4,462 0.65

Bermuda (30/09/15 – 1.83%) 1.92 Banks 131,719 Credicorp 12,003 1.74 61,200,000 REXLot Holdings 1,208 0.18

Brazil (30/09/15 – 5.43%) 4.05 Banks 2,058,405 Banco Bradesco 12,155 1.76

General Retailers 980,342 Smiles 7,315 1.06

Mining 1,107,866 Vale 2,473 0.36

Support Services 1,015,236 Valid Solucoes E Servicos De Seguranca 5,979 0.87

British Virgin Islands (30/09/15 – 1.06%) 1.52 Software & Computer Services 699,377 Mail.Ru Group GDR++ 10,462 1.52

Canada (30/09/15 – 0.00%) 0.99 Industrial Metals 940,248 First Quantum Minerals 3,459 0.50

Oil & Gas Producers 151,596 Interoil 3,354 0.49

Cayman Islands (30/09/15 – 9.17%) 11.10 Automobiles & Parts 22,580,220 Geely Automobile Holdings 7,737 1.12

Healthcare Equipment & Services 1,012,581 Ginko International 7,016 1.02

Real Estate & Investment Services 4,233,841 China Resources Land 7,542 1.09

Software & Computer Services 149,392 Baidu.com ADR+ 19,839 2.88 812,300 Himax Technologies 6,352 0.92 660,663 JD.com ADR+ 12,176 1.77 2,354,000 Sands China 6,651 0.97 644,967 Tencent Holdings 9,147 1.33

Channel Islands (30/09/15 – 1.02%) 1.02 Mining 7,964,392 Centamin 7,037 1.02

Chile (30/09/15 – 1.49%) 2.04 Banks 581,528,903 CorpBanca 3,581 0.52

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Electricity 10,834,999 Endesa Chile 10,462 1.52

China (30/09/15 – 7.48%) 4.69 Banks 14,348,000 China Construction Bank 6,358 0.92 8,331,121 China Merchants Bank 12,151 1.76

Industrial Engineering 15,492,331 Shanghai Electric 4,905 0.71 756,500 Zhuzhou CSR Times Electric 3,067 0.45 8,764,975 Zoomlion Heavy Industry Science & Technology 2,343 0.34

Life Insurance 1,052,294 Ping An Insurance 3,497 0.51

Czech Republic (30/09/15 – 0.93%) 0.53 Banks 23,955 Komercni Banka 3,680 0.53

Hong Kong (30/09/15 – 10.60%) 11.93 Automobiles & Parts 3,791,859 Minth 6,115 0.89

Construction & Materials 10,343,360 China State Construction International 10,725 1.56

Gas, Water & Multiutilities 4,775,506 China Gas Holdings 4,883 0.71

General Industrials 4,773,119 China Resources Beer Holdings Company 6,122 0.89

Industrial Transportation 13,352,551 SITC International Holdings 4,575 0.66

Life Insurance 3,960,481 China Taiping Insurance Holdings 6,039 0.87

Mobile Telecommunications 1,667,369 China Mobile 12,930 1.88

Oil & Gas Producers 15,331,000 CNOOC 12,597 1.83

Personal Goods 3,157,833 Stella International Holdings 5,144 0.74

Pharmaceuticals & Biotechnology 5,551,310 CSPC Pharmaceutical 3,496 0.51

Technology Hardware & Equipment 17,692,086 Lenovo 9,601 1.39

Hungary (30/09/15 – 2.40%) 1.74 Banks 689,372 OTP Bank 12,004 1.74

India (30/09/15 – 6.93%) 6.36 Banks 571,609 Yes Bank 5,195 0.75



Mining 3,884,000 Coal India 11,913 1.73

Oil & Gas Producers 1,835,424 Bharat Petroleum 17,438 2.53

Personal Goods 585,237 PC Jewellers 2,235 0.33

Software & Computer Services 230,268 Infosys 2,947 0.43

Tobacco 1,175,752 ITC 4,055 0.59

Indonesia (30/09/15 – 0.92%) 1.47 Banks 14,731,597 Bank Mandiri 7,942 1.15

Food Producers 2,730,602 Indofood CBP Sukses Makmur 2,171 0.32

Malaysia (30/09/15 – 0.59%) 0.66 Software & Computer Services 12,029,120 MyEG Services Berhad 4,569 0.66

Mexico (30/09/15 – 3.76%) 3.39 Banks 3,861,992 Grupo Financiero Santander Mexico 4,912 0.71

Beverages 1,924,633 Fomento Economico Mexicano 13,010 1.89

Financial Services 1,105,700 Unifin Financiera SAPI de CV 2,161 0.31

Industrial Metals 1,947,900 Grupo Mexico ‘B’ 3,298 0.48

Netherlands (30/09/15 – 0.00%) 0.77 Technology Hardware & Equipment 74,910 ASML Holding 5,303 0.77

Panama (30/09/15 – 0.00%) 1.09 Travel & Leisure 160,024 Copa Holdings 7,541 1.09

Poland (30/09/15 – 0.98%)

Philippines (30/09/15 – 1.33%) 1.56 Real Estate & Investment Services 20,312,207 Ayala Land 10,742 1.56

Russia (30/09/15 – 2.87%) 2.12 Food & Drug Retailers 300,344 Magnit GDR++ 8,321 1.21

Oil & Gas Producers 231,547 Lukoil 6,289 0.91

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Saudi Arabia (30/09/15 – 0.94%) 0.00

South Africa (30/09/15 – 7.16%) 6.50 Banks 3,029,891 FirstRand 6,904 1.00

General Retailers 2,330,900 Woolworths Holdings 9,864 1.43

Media 178,033 Naspers ‘N’ 17,352 2.52

Oil & Gas Producers 513,080 Sasol 10,684 1.55

South Korea (30/09/15 – 12.60%) 12.44 Automobiles & Parts 41,061 S&T Daewoo 1,726 0.25 184,900 Woory Industrial Holdings 2,779 0.40

Banks 319,977 Shinhan Financial Group 7,865 1.14

Chemicals 22,990 LG Chem 4,574 0.66

Electricity 140,196 Korea Electric Power 5,109 0.74

Electronic & Electrical Equipment 113,788 Samsung SDI 6,853 1.00

Fixed Line Telecommunications 807,377 KT Corporation 14,638 2.13

Industrial Metals 32,378 POSCO 4,314 0.63

Technology Hardware & Equipment 47,416 Samsung Electronics 37,819 5.49

Taiwan (30/09/15 – 10.86%) 10.92 Mobile Telecommunications 1,319,893 Far EasTone Telecommunications 2,052 0.30

Personal Goods 1,573,353 Makalot Industrial 6,581 0.96

Technology Hardware & Equipment 4,008,378 Chicony Electronics 7,166 1.04 5,717,709 Chipbond Technology 6,427 0.93 538,106 Hermes Microvision 10,702 1.55 3,754,140 Pegatron 6,087 0.88 10,413,559 Taiwan Semiconductor Manufacturing 36,244 5.26

Thailand (30/09/15 – 2.20%) 1.39 Oil & Gas Producers 10,656,744 Star Petroleum Refining 2,297 0.33

Mobile Telecommunications 6,434,004 Total Access Communication 5,217 0.76

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Real Estate & Investment Services 5,518,680 Supalai 2,041 0.30

Turkey (30/09/15 – 2.74%) 4.18 Banks 6,895,172 Akbank TAS 13,647 1.98

Oil & Gas Producers 772,985 Tupras-Turkiye Petrol Rafinerileri 15,146 2.20

United Arab Emirates (30/09/15 – 0.67%) 0.00

United States (30/09/15 – 0.35%) 1.17 General Retailers 38,299 MercadoLibre 3,140 0.46

Pharmaceuticals & Biotechnology 61,640 China Biologic Products 4,901 0.71

Money Markets (30/09/15 – 0.73%) 1.93 £13,327,938 Standard Life Investments Sterling Liquidity 13,328 1.93 Fund Class ‘0’*~

Forward Foreign Exchange Contracts (30/09/15 – 0.00%) 0.00 GBP 849,421 GBP Forward Currency Contract 05/04/16 849 0.12(USD 1,222,491) USD Forward Currency Contract 05/04/16 (850) (0.12)

Portfolio of investments 681,684 98.94 Net other assets 7,310 1.06

Net assets 688,994 100.00

All investments with the exception of Forward Foreign Exchange Contractsare listed on recognised stock exchanges and are ‘approved securities’within the meaning of the FCA rules unless otherwise stated.

The counterparty for the Forward Foreign Exchange Contract is BNP Paribas. *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’ 131,113Baidu.com ADR 13,058Samsung Electronics 12,085Lenovo 11,791China Merchants Bank 11,739Akbank TAS 11,192Total Access Communication 9,306ITC 8,504Banco Bradesco 8,022Bank Mandiri 7,986

Sales Proceeds £000Standard Life Investments Sterling LiquidityFund Class ‘0’ 122,362Industrial & Commercial Bank of China 11,570China Unicom 11,434Vipshop Holdings ADR 9,979Hon Hai Precision Industry 9,968OTP Bank 7,971PChome Online 7,421Barclays Africa Group 7,298Oil Search 7,033China Mengniu Dairy 7,004

Total purchases 462,355 Total sales 444,900

Top ten purchases and salesFor the half year ended 31 March 2016

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Statistical information

Performance record Class ‘A’ Accumulation Class ‘B’ Accumulation Lowest Highest Lowest Highest redemption issue redemption issue price price price priceYear to 31 December pence pence pence pence

From launch 5 December to 31 December 2012 n/a n/a 100.00 102.002013 n/a n/a 94.92 115.642014 n/a n/a 95.19 116.582015 (Class ‘A’ Accumulation fromlaunch 9 March) 73.97 111.02 88.04 122.701 January to 31 March 2016 71.91 92.35 86.04 103.11

Distribution recordGross distributionpence per unit*

Year to 31 December Class ‘A’ Class ‘B’Accumulation Accumulation

From launch 5 December to 31 December 2012 n/a –2013 n/a 1.89982014 n/a 2.11762015 (Class ‘A’ Accumulation fromlaunch 9 March) 0.9448 2.56961 January to 31 March 2016 – –

* paid during the period

Accounting period statistics

Total Net asset net asset Units in value perAs at 30 September value (£) issue unit in pence

2013 Class ‘B’ Accumulation 499,287,987 494,060,475 101.062014 Class ‘B’ Accumulation 710,739,946 669,417,480 106.172015 Class ‘A’ Accumulation 6,955,366 8,800,338 79.04

Class ‘B’ Accumulation 620,435,909 658,708,841 94.192016** Class ‘A’ Accumulation 7,386,269 8,728,542 84.62

Class ‘B’ Accumulation 681,608,229 669,019,244 101.88

**As at 31 March

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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 depositaryreceipts, equity linked notes, exchange traded funds (ETFs), MSCI Opals andparticipation notes(or similar or equivalent securities) where these provide a costeffective method of gaining access to some emerging markets, offer reduced settlementrisk and improved liquidity. The Fund’s exposure to unapproved securities will belimited to no more than 10% of its net asset value in accordance with COLLrequirements.

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.

Ongoing charges figure

The Ongoing Charges Figure (OCF) shows the operating expenses, annualised, of eachunit class as a percentage of average net assets of that class for the period.

Class ‘A’ Accumulation Class ‘B’ Accumulation% %

As at 31 March 2016 1.60 0.10As at 31 March 2015 1.63 0.08


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 ranking it is not the highest. The abovefigure applies to the following unit class:

• 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 Documents(KIIDs). These are available online at www.phoenixunittrust.co.uk

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

18 May 2016 Director Director

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fi

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Interim financial statements (unaudited)For the half year ended 31 March 2016

Statement of total return 31/03/16 31/03/15 £000 £000 £000 £000

Income

Net capital gains 46,217 37,159 Revenue 6,325 6,246

Expenses (317) (244)

Finance costs : Interest (6) (55)

Net revenue before taxation 6,002 5,947

Taxation (694) (737)

Net revenue after taxation 5,308 5,210

Total return before distributions 51,525 42,369

Distributions (5,453) (5,393)

Change in net assets attributable to unitholdersfrom investment activities 46,072 36,976

Statement of change in net assets attributable to unitholders 31/03/16 31.03.15* £000 £000 £000 £000

Opening net assets attributable to unitholders 627,391 710,740

Amounts receivable on issue of units 29,569 85,036Amounts payable on cancellation of units (19,511) (30,850)

10,058 54,186

Change in net assets attributable to unitholders from investment activities 46,072 36,976

Retained distributions on accumulation units 5,473 5,790

Closing net assets attributable to unitholders 688,994 807,692

*Please note that the comparative figures are for the comparative interim period. The brought forward net assets

for the current period do not, therefore, equal the carried forward figure in the comparative.

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Balance sheet 31/03/16 30/09/15 £000 £000 £000 £000

Assets:Fixed assets: Investment assets 681,685 618,100

Current assets:Debtors 10,146 15,689Cash and bank balances 13,991 6,176

Total current assets 24,137 21,865

Total assets 705,822 639,965

Liabilities:Investment liabilities (1) –

Creditors:Bank overdraft – (3)Other creditors (16,827) (12,571)

Total creditors (16,827) (12,574)

Total liabilities (16,828) (12,574)

Net assets attributable to unitholders 688,994 627,391

Interim financial statements (unaudited)As at 31 March 2016

Notes to the interim financial statements

Accounting policiesThe interim financial statements have been prepared in accordance with the Statementof Recommended Practice for Authorised Funds issued by the Investment Associationin May 2014. Previously the requirements for the Statement of RecommendedPractice (SORP) issued by the Investment Management Association in October 2010had been applied. The impact is minimal for an interim reporting period and limited tosome presentational amendments to the Statement of total return, Statement of changein net assets attributable to unitholders and the Balance sheet. The presentationalamendments had no impact on the total return or net assets in either the current orpreceding year. The full disclosures under the new SORP will first be presented for theannual financial statements prepared for the year to 30 September 2016. Unlessotherwise stated all other accounting policies applied are consistent with those of theannual report for the year ended 30 September 2015 and are described in thosefinancial statements.

Significant events during the periodPlease note the manager of the Bothwell Funds has changed from Ignis FundManagers Limited to Phoenix Unit Trust Managers Limited (PUTM) with effect from 2 November 2015. As a result the Fund was re-named PUTM Bothwell EmergingMarket Equity Fund.

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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 payable paid income Equalisation 31 May 31 May

Class ‘A’ Accumulation

Group 1 0.1324 — 0.1324 0.0040Group 2 0.1324 0.0000 0.1324 0.0040

Class ‘B’ Accumulation

Group 1 0.8164 — 0.8164 0.8158Group 2 0.6140 0.2024 0.8164 0.8158

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 tableFor the half year ended 31 March 2016

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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 Adminisration: 0330 1233 703

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

Investment AdviserIgnis Investment Services Limited50 Bothwell StreetGlasgow G2 6HRRegistered in Scotland – No.SC101825Authorised and regulated by the Financial ConductAuthority

Trustee Citibank Europe plcRegistered Office: Citigroup Centre, Canada 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.

Manager (resigned 2 November 2015)Ignis Fund Managers Limited (IFM)50 Bothwell StreetGlasgow G2 6HRTel: 0141 222 8000Registered in Scotland – No.SC85610Member of the Investment AssociationAuthorised and regulated by the Financial Conduct Authority

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 Conduct Authority

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 2015N K SkeochJ AirdC ClarkR ParisC Walklin

RiskThe 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.

D133.03.16

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.

Phoenix Unit Trust Managers Limited and its subsidiaries are part of the Phoenix Group (Phoenix Group plc and its subsidiaries).

Contact: Client ServicesCall: 0330 1233 703Correspondence Address: PO Box 12997 Chelmsford CM99 2ENVisit: phoenixunittrust.co.uk