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PHOENIX UNIT TRUST MANAGERS

MANAGER’S INTERIM REPORTFor the half year: 1 June 2020 to 30 November 2020 (unaudited)

PUTM UK LISTED EQUITY UNIT TRUST

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Contents

Investment review 2-4

Portfolio of investments 5-13

Top ten purchases and sales 14

Statistical information 15-18

Statements of total return & change in net assetsattributable to unitholders 19

Balance sheet 20

Distribution table 21

Corporate information 22-23

PUTM UK Listed EquityUnit Trust 8.2 -17.82 8.5 -4.86 13.7 4.8

Benchmark 9.2 -14.77 11.0 -1.46 13.4 9.8

Aug 19-Nov 20 Nov 19-Jun 20 Nov 18-19 Nov 17-18 Nov 16-17 Nov 15-16 % growth* % growth** % growth** % growth** % growth** % growth**

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Dear Investor

Welcome to the PUTM UK Equity Unit Trust interim reportfor the six months to 30 November 2020. The Unit Trustchanged its investment adviser on 03 July 2020 andthere was a performance holiday during July 2020.

Performance Review (01 June 2020 to 30 June2020)

The PUTM UK Equity Unit Trust returned 1.44%. over thereview period (Source: Aberdeen Standard Investments forthe month to 30/06/20). This is compared to itsbenchmark index, which returned 1.54%. (Source:Datastream, FTSE All-Share - Total Return Index for themonth to 30/06/20).

Performance Review (01 August 2020 to30 November 2020)

The PUTM UK Equity Unit Trust returned 8.2%. over thereview period (Source: Invesco, for four months to30/11/2020). This is compared to its benchmark indexwhich returned 9.2%. (Source: Invesco, FTSE All-ShareIndex Index for four months to 30/11/2020).

Investment review

* Source: Invesco, as of 30 November 2020.

** Source: Fund performance is Aberdeen Standard Investments, benchmark index performance is Datastream, FTSEAll-Share – Total Return Index to 30 November 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 Review (01 June 2020 to30 June 2020)

UK equities recorded fell over the review period, asbroader economic uncertainty weakened risk appetite.Airline stocks were especially hit by the announcement ofquarantine measures. Overall, technology and basicmaterials were the only sectors to post positive returns,while energy companies were the worst performers.

May GDP numbers revealed a 1.8% increase from April.However, over the three-month period, the decline was19.1%, an indication of the extent of the pandemic’seconomic fallout. However, the labour market lookedsomewhat better than expected, with the unemploymentrate steady at 3.9%, despite expectations of a 0.3% rise.Nevertheless, this masked the continued impact of thegovernment’s job-retention scheme, with many expectingunemployment to rise markedly when the scheme endslater in the year.

Bank of England (BoE) economist Andrew Haldane statedthat the UK’s recovery has been V-shaped. Nevertheless,concerns over rising unemployment remain. The UKgovernment unveiled a back-to-work bonus scheme forbusinesses to bring furloughed employees back to workand a £2 billion ‘kickstart scheme’ subsidising workplacements for youth at risk of long-term unemployment.

Portfolio and Market Review (01 August 2020 to30 November 2020)

The UK equity market ended August in positive territoryon optimism that the worst of the pandemic’s economicdamage was behind the country. Indicators published overthe month pointed to a robust recovery in economicactivity in the current quarter, as the economy wasrebounding from the impact of the pandemic more quicklythan expected. This changed in September, when the UKEquity market ended in negative territory reflecting newsflow around the pandemic, which included a steep rise inconfirmed cases of the virus and the increasing prospectof a second lockdown. Furthermore, concerns about astalling economic recovery ahead of the next round ofBrexit negotiations also impacted sentiment. Volatilityremained at elevated levels, though it has reduced fromthe extremes of March and April. Negative marketperformance continued into October. The market closedon its lowest level since March, as investors priced in asecond wave of Covid-19. With the number of casesrising, anticipation that the UK government would further

tighten control measures impacted sentiment in the finalweek of the month, amid concerns about the impact onthe economy. November was then the best month for theUK equity market in over 30 years, propelled by a seriesof Covid-19 vaccine breakthroughs and optimism over JoeBiden’s victory in the US presidential election, which,among other things, is considered particularly positive fortrade relations. However, it narrowly missed out onrecording its biggest gain ever after a subdued end to themonth. Further support for equity market sentiment camefrom a new study which found that Covid-19 cases fell byalmost a third in England during November's nationallockdown. Travel and leisure companies saw strongreturns following the government’s announcement of a‘test to release’ scheme that could dramatically cutquarantine times for arrivals from high-risk Covid-19countries. The uplift in sentiment led to a decline indefensive stocks, which have performed well for much ofthis year. Technology was a laggard as stocks benefittingfrom people staying at home due to the pandemic cameunder pressure following the vaccine announcements.News that the economy grew 15.5% in the third quarterof the year was received well by the market, nevertheless,the economy is still 9.7% below where it started the yearas the impact of the lockdown restrictions continues to befelt to varying degrees.

In the first half of the reporting period (August untilSeptember), contributions from the IQS’ multi-factor modelwere positive. In particular, Earnings Momentum andPrice Momentum factors contributed positively.Furthermore, Value factors added to performance. On theother hand, the Quality factor, e.g. stocks with a highbalance sheet quality, contributed negatively. Stocks witha smaller average market capitalisation had no impact onperformance, while performance was positively influencedby stock-specific effects. Active sector weights, which area by-product of the multi-factor optimisation approach andtightly constrained in the portfolio construction, added toperformance.

In the second half of the review period (October untilNovember), the multi-factor UK Enhanced strategyunderperformed its benchmark. Relative performance wasmainly driven by the extreme and in part unprecedentedfactor rotations that happened in November. Here, Valuefactors contributed positively, as positive news on vaccineefficiency hit the market on 9th November and providedsome relief for the factor. The announcement droveinvestors out of prior Covid-19 winners and into previously

Investment review

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shunned value stocks and cyclical names that aredependent on an effective vaccine to reopen the economy.In contrast, Momentum factors were positioned on theother side of this rotation as these factors favouredcompanies that either benefitted from Covid-19 inducedtrends or were able to deliver non-cyclical growth.Momentum experienced its worst daily drop on record sofar, outweighing the positive performance of Value. Activesector weights, again a by-product of our multi-factoroptimisation approach and tightly constrained in theportfolio construction, added to performance.

While these effects led to an underperformance of theportfolio during November and subsequently the reviewperiod, the pronounced sudden rotations during this timedemonstrated the benefits of a diversified multi-factorapproach with a focus on risk management, as thediversification between multiple factors helped to stabilisethe performance in times with excessive factormovements.

Market Outlook and Fund Strategy

The fund strategy is based on a research-driven,quantitative, bottom-up multi-factor investment process.The Invesco Quantitative Strategies (IQS) multi-factor UKEnhanced strategy evaluates the attractiveness of stocksbased on the proprietary IQS factors Momentum (PriceMomentum and Earnings Momentum), Quality and Valueand invests in stocks with high exposure to these factors.Academics as well as practitioners agree that factors haveproven to explain wide parts of both returns and risks inequity markets over the long term. Over a full marketcycle, the major part of relative performance is expected tobe driven by these factors. In terms of portfolioconstruction, the IQS team tightly constrains the riskstaken in sectors and industries, and over time thecontribution to return from these sources is expected to bemarginal.

The IQS team continues to expect the market to rewardstocks with rising earnings outlooks, positive pricemomentum, strong fundamentals and attractive valuationsgoing forward. Based on the IQS tactical asset allocationmodel (not applied to the PUTM UK Equity Unit Trust),the team considers the UK Equity market attractivelyvalued, to have low levels of risk aversion and a positiveeconomic outlook. On the other hand, the price trend ofthe market is in neutral territory.

Investment review

Portfolio of investments

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Investments held at 30 November 2020 Market Percentage of value total net assets Holding Investment £ %

UK Equities (31/05/20 – 95.72%) 98.03 Oil & Gas Producers 7.48 474,806 BP 1,208,619 2.61 21,546 Cairn Energy 35,012 0.08 26,514 Diversified Gas & Oil 28,847 0.06 73,033 Royal Dutch Shell ‘A’ 960,822 2.07 96,706 Royal Dutch Shell ‘B’ 1,235,322 2.66

Chemicals 0.44 1,947 Croda International 116,937 0.25 12,040 Synthomer 51,916 0.11 1,834 Victrex 36,973 0.08

Forestry & Paper 0.97 26,642 Mondi 448,784 0.97

Industrial Metals 0.27 17,841 Evraz Group 70,597 0.15 26,665 Ferrexpo 56,956 0.12

Mining 7.58 27,114 Anglo American 620,233 1.34 4,374 Antofagasta 55,309 0.12 64,589 BHP Group 1,115,194 2.40 27,660 Centamin 31,090 0.07 3,919 Fresnillo 41,091 0.09 6,789 Glencore 14,651 0.03 20,165 Hochschild Mining 43,919 0.10 176,580 Petropavlovsk 46,970 0.10 31,479 Rio Tinto 1,546,721 3.33

Construction & Materials 0.22 27,782 Balfour Beatty 72,289 0.16 2,014 Marshalls Group 14,320 0.03 501 RHI Magnesita 16,583 0.03

Aerospace & Defence 1.46 922 Avon Rubber 39,876 0.08 94,810 BAE Systems 483,910 1.04 6,878 Chemring Group 17,229 0.04 18,226 QinetiQ 54,277 0.12 14,357 Rolls-Royce 15,362 0.03 3,237 Ultra Electronics Holdings 69,142 0.15

General Industrials 1.82 23,338 Coats Group 15,380 0.03 6,606 Ferguson 553,847 1.19 46,732 Smith (DS) 157,253 0.34 6,781 Smiths Group 99,850 0.22 3,224 Vesuvius 15,894 0.04

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Industrial Engineering 0.50 4,128 Bodycote 29,185 0.06 1,021 Hill & Smith 13,661 0.03 10,290 IMI 115,865 0.25 543 Spirax Sarco Engineering 60,870 0.13 755 Weir Group 12,846 0.03

Industrial Transportation 0.53 80,586 Royal Mail 248,366 0.53

Alternative Energy 0.03 9,047 Bluefield Solar Income Fund 11,806 0.03

Oil Equipment & Services 0.12 19,390 John Wood Group 56,580 0.12

Support Services 4.90 13,343 Aggreko 76,589 0.16 8,254 Ashtead Group 262,560 0.57 13,579 Babcock International 47,173 0.10 15,732 Bunzl 375,366 0.81 2,430 DCC (London listed) 138,510 0.30 21,893 Experian Group 591,549 1.27 1,900 Grafton Group 16,293 0.04 38,201 Hays 50,578 0.11 4,750 Homeserve 49,590 0.11 18,550 Howden Joinery Group 117,904 0.25 3,555 IntegraFin Holdings 17,206 0.04 4,261 Intertek Group 239,042 0.52 57,863 Rentokil Initial 289,894 0.62

Beverages 2.37 37,826 Diageo 1,101,304 2.37

Food Producers 1.01 11,192 Associated British Foods 239,397 0.52 1,384 Cranswick 48,052 0.10 28,029 Tate and Lyle 179,890 0.39

Food & Drug Retailers 1.43 74,993 J Sainsbury 161,910 0.35 116,404 Morrison (WM) Supermarkets 211,797 0.46 3,262 Ocado Group 72,906 0.16 86,462 Tesco 196,182 0.42 2,415 UDG Healthcare 19,175 0.04

Personal Goods 2.06 20,786 Unilever 955,325 2.06

Household Goods 5.43 15,226 Barratt Developments 95,772 0.21 5,172 Bellway 148,954 0.32 7,151 Berkeley Group Holdings 336,312 0.72



Household Goods (continued) 11,985 Countryside Properties 51,464 0.11 6,017 Crest Nicholson Holdings 18,219 0.04 21,498 Persimmon 582,811 1.26 15,384 Reckitt Benckiser 1,011,344 2.18 116,238 Taylor Wimpey 183,598 0.40 10,610 Vistry Group 90,344 0.19

Tobacco 4.51 60,681 British American Tobacco 1,608,047 3.47 34,624 Imperial Brands 483,351 1.04

Healthcare Equipment & Services 0.66 79,869 Convatec Group 165,968 0.36 27,880 NMC Health – 0.00 9,510 Smith & Nephew 141,176 0.30

Pharmaceuticals & Biotechnology 9.37 31,803 AstraZeneca 2,520,388 5.43 537 Genus 22,522 0.05 109,364 GlaxoSmithKline 1,514,035 3.26 10,142 Hikma Pharmaceuticals 268,560 0.58 18,928 Vectura Group 21,956 0.05

General Retailers 2.66 9,907 AO World 34,625 0.07 59,596 B&M European Value 286,001 0.62 42,316 Dixons Carphone 48,029 0.10 7,350 Dunelm Group 91,067 0.20 11,278 Frasers Group 49,556 0.11 21,660 Inchcape 129,960 0.28 149,182 Kingfisher 413,085 0.89 1,509 Next Group 101,103 0.22 18,502 Pets at Home Group 79,559 0.17

Travel & Leisure 2.96 14,571 888 Holdings 40,435 0.09 9,014 Carnival 123,537 0.27 34,437 Compass Group 473,337 1.02 24,413 Domino’s Pizza 80,709 0.17 13,388 easyJet 107,158 0.23 4,075 Gamesys Group 45,559 0.10 4,473 InterContinental Hotels 210,320 0.45 93,334 International Consolidated Airlines 146,908 0.32 18,947 National Express 41,570 0.09 13,260 TUI 67,334 0.14 3,300 Wetherspoon (JD) 37,521 0.08

Leisure Goods 0.40 1,857 Games Workshop 183,379 0.40

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Media 3.43 787 4imprint Group 18,888 0.04 3,542 Future 60,568 0.13 192,473 ITV 182,156 0.39 4,116 Moneysupermarket.com 10,249 0.02 3,897 Pearson 25,658 0.06 48,703 RELX 861,313 1.86 58,397 WPP 430,736 0.93

Mobile Telecommunications 1.84 687,721 Vodafone Group 855,387 1.84

Fixed Line Telecommunications 0.43 148,702 BT Group 177,104 0.38 7,550 Helios Towers 11,310 0.02 869 Telecom Plus 12,601 0.03

Gas, Water & Multiutilities 2.27 46,683 Centrica 20,760 0.04 75,047 National Grid 650,207 1.40 7,558 Pennon Group 72,693 0.16 1,833 Severn Trent 44,102 0.10 29,237 United Utilities Group 263,542 0.57

Banks 7.87 492,644 Barclays 675,809 1.46 27,414 CYBG 35,268 0.08 452,423 HSBC Holdings 1,784,583 3.85 1,733,015 Lloyds Banking Group 649,881 1.40 96,556 Royal Bank of Scotland Group 155,455 0.33 75,899 Standard Chartered 348,528 0.75

Life Insurance 4.40 135,138 Aviva 438,388 0.95 197,109 Legal & General 502,628 1.08 62,346 Prudential 748,464 1.61 11,705 St.James’s Place 119,859 0.26 83,844 Standard Life Aberdeen 230,487 0.50

Non-Life Insurance 0.72 4,195 Admiral Group 120,606 0.26 41,001 Direct Line Insurance Group 121,855 0.26 13,815 RSA Insurance Group 93,141 0.20

Real Estate Investment Services 2.89 12,950 3i Infrastructure Fund 38,656 0.08 6,209 Baillie Gifford US Growth Trust 17,696 0.04 10,617 BB Healthcare Trust 18,367 0.04 355 BH Macro Fund 12,425 0.03 14,550 BMO Global Smaller Companies 19,934 0.04 771 Caledonia Investments 23,014 0.05 33,782 Capital & Counties Properties 46,146 0.10



Real Estate Investment Services (continued) 11,732 Civitas Social Housing 12,061 0.03 6,771 CVC Credit Partners European Opportunities 6,270 0.01 8,235 Edinburgh Worldwide Investment Trust 26,764 0.06 9,297 European Assets Trust 10,227 0.02 9,909 Fidelity European Values 27,200 0.06 14,597 Foresight Solar Fund 14,743 0.03 11,129 GCP Asset Backed Income Fund 9,905 0.02 27,367 Grainger 77,886 0.17 5,945 Great Portland REIT 38,488 0.08 38,871 Greencoat UK Wind 50,610 0.11 1,833 HarbourVest Global Private Equity 32,701 0.07 8,916 HgCapital Trust 26,837 0.06 41,477 HICL Infrastructure 70,179 0.15 14,660 Hipgnosis Songs Fund 17,812 0.04 4,678 J.P. Morgan American Investment Trust 26,571 0.06 3,459 J.P. Morgan Global Growth & Income 13,179 0.03 12,917 Jlen Environmental Asset Group 14,596 0.03 2,279 JP Morgan Smaller Companies Investment Trust 6,974 0.02 27,525 JPMorgan Emerging Markets Investment Trust 33,993 0.07 22,974 Land Securities 152,892 0.33 4,698 Montanaro UK Smaller Companies 6,013 0.01 1,023 NB Private Equity Partners 10,793 0.02 14,082 NextEnergy Solar Fund 14,899 0.03 3,384 Pershing Square Holdings 82,739 0.18 37,450 Renewables Infrastructure 47,262 0.10 1,639 Savills 15,202 0.03 26,792 Sirius Real Estate 24,006 0.05 2,667 Smithson Investment Trust 42,619 0.09 10,380 Starwood European Real Estate Finance 9,446 0.02 17,693 The Mercantile Investment Trust 39,898 0.09 12,373 TwentyFour Income Fund 13,054 0.03 15,307 Unite Group 153,682 0.33 18,187 Witan Investment Trust 37,647 0.08

Real Estate Investment Trust 1.37 20,988 Assura REIT 15,489 0.03 3,562 Big Yellow Group REIT 40,357 0.09 23,817 British Land REIT 112,964 0.24 1,175 Derwent London REIT 36,331 0.08 12,063 GCP Student Living 17,298 0.04 120,098 Hammerson 26,878 0.06 15,758 LondonMetric Property 34,888 0.08 1,914 Safestore Holdings REIT 14,834 0.03 23,750 Segro REIT 218,120 0.47 5,450 Shaftesbury REIT 28,858 0.06 40,615 Tritax Big Box REIT 66,446 0.14 3,341 Workspace Group REIT 23,320 0.05

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Financial Services 4.31 16,863 3i Group 182,205 0.39 4,317 AJ Bell 17,959 0.04 6,418 Apax Global Alpha 11,578 0.02 7,390 Ashmore Group 31,496 0.07 8,045 Brewin Dolphin 21,480 0.05 5,481 Close Brothers Group 72,130 0.16 6,633 Hargreaves Lansdown 95,250 0.21 20,202 IG Group Holdings 163,434 0.35 2,991 Intermediate Capital Group 49,292 0.11 34,327 International Public Partnership 58,974 0.13 57,257 Investec 108,101 0.23 5,013 John Laing Group 15,711 0.03 5,439 JPMorgan Global Core Real Assets 5,406 0.01 1,403 Liontrust Asset Management 19,011 0.04 6,955 London Stock Exchange 558,904 1.20 66,042 M&G Prudential 125,282 0.27 43,475 Man Group 51,474 0.11 8,349 Merian Chrysalis Investment 12,690 0.03 8,320 Octopus Renewables Infrastructure Trust 8,986 0.02 9,757 OSB GROUP PLC 38,028 0.08 9,128 Plus500 141,712 0.31 31,584 Quilter 44,123 0.10 6,530 Schroder Oriental Income Fund 16,194 0.03 2,941 Schroders 94,759 0.20 11,196 Syncona 27,038 0.06 13,688 TP ICAP 29,703 0.06

Electronic & Electrical Equipment 0.61 915 Oxford Instruments 17,531 0.04 40,124 Rotork 122,298 0.26 4,683 Spectris 125,879 0.27 382 XP Power 16,770 0.04

Electricity 1.00 22,332 Drax Group 76,956 0.17 28,351 SSE 386,849 0.83

Equity Investment Instruments 4.47 4,578 Aberdeen Asia Income Fund 9,614 0.02 8,274 Aberdeen Diversified Income and Growth Trust 7,794 0.02 2,861 Aberdeen New Dawn Investment Trust 8,526 0.02 1,547 Aberdeen New India Investment Trust 7,364 0.02 2,144 Aberforth Smaller Companies 25,171 0.05 6,987 Alliance Trust 61,905 0.13 971 Allianz Technology Trust 26,994 0.06 3,128 Asia Dragon Trust 15,171 0.03 2,601 AVI Global Trust 21,302 0.05 1,452 Baillie Gifford China Growth Trust 7,289 0.02

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Equity Investment Instruments (continued) 906 Baillie Gifford European Growth Trust 12,095 0.03 2,198 Baillie Gifford Japan Investment Trust 22,156 0.05 6,753 Baillie Gifford Shin Nippon Investment 17,355 0.04 3,961 Baillie Gifford UK Growth Fund 8,199 0.02 2,933 Bankers Investment Trust 31,324 0.07 951 Biotech Growth Trust 14,075 0.03 6,371 BlackRock Frontiers Investment Trust 7,040 0.02 2,169 BlackRock Greater European Investment Trust 10,758 0.02 1,172 BlackRock Smaller Companies 17,228 0.04 2,076 BlackRock Throgmorton Trust 14,075 0.03 4,199 BlackRock World Mining Investment Trust 18,833 0.04 2,798 BMO Capital and Income Investment Trust 7,974 0.02 1,909 BMO Private Equity Trust 5,555 0.01 794 Brunner Investment Trust 6,670 0.01 263 Capital Gearing Trust 12,098 0.03 9,504 City of London Investment Trust 33,692 0.07 11,364 CQS New City High Yield Fund 5,534 0.01 4,590 Dragon Capital Vietnam Enterprise Investment 24,235 0.05 3,822 Dunedin Income Growth Investment Trust 10,625 0.02 4,162 Edinburgh Investment Trust 22,100 0.05 2,564 European Opportunities Trust 18,486 0.04 1,995 Fidelity Asian Values 7,860 0.02 3,757 Fidelity Japanese Values Investment Trust 8,228 0.02 4,754 Finsbury Growth and Income Trust 40,647 0.09 11,641 Foreign & Colonial Investment Trust 87,308 0.19 684 Fundsmith Emerging Equities Trust 8,721 0.02 20,420 GCP Infrastructure Investments 22,135 0.05 565 Henderson European Focus Trust 7,938 0.02 564 Henderson Eurotrust 7,783 0.02 3,492 Henderson Far East Income 11,070 0.02 4,957 Henderson International Income Trust 7,287 0.02 1,814 Henderson Smaller Companies Investment Trust 17,687 0.04 1,611 Herald Investment Trust 30,641 0.07 4,833 Hipgnosis Songs Fund 5,292 0.01 1,673 ICG Enterprise Trust 15,291 0.03 6,000 Impax Environmental Markets 25,470 0.05 980 International Biotechnology 8,036 0.02 2,348 JPMorgan Asia Growth & Income 10,965 0.02 1,801 JPMorgan Chinese Investment Trust 11,022 0.02 1,499 JPMorgan Claverhouse Investment Trust 8,994 0.02 3,023 JPMorgan European Investment Trust 8,706 0.02 3,868 JPMorgan European Smaller Companies Investment Trust 17,445 0.04 7,591 JPMorgan Global Emerging Markets Income Trust 10,058 0.02 1,932 JPMorgan Indian Investment Trust 12,365 0.03

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Equity Investment Instruments (continued) 3,824 JPMorgan Japanese Investment Trust 26,921 0.06 1,462 JPMorgan Japanese Smaller Companies Investment Trust 7,719 0.02 647 JPMorgan Mid Cap Investment Trust 6,858 0.01 1,186 JPMorgan Russian Securities Investment Trust 7,163 0.02 1,935 Keystone Investment Trust 5,495 0.01 2,817 Law Debenture Investment Trust 17,353 0.04 5 Lindsell Train Investment Trust 6,525 0.01 700 Lowland Investment Trust 8,120 0.02 2,234 Martin Currie Global Portfolio 7,953 0.02 2,951 Merchants Investment Trust 12,394 0.03 1,213 Mid Wynd International Investment Trust 8,345 0.02 4,798 Monks Investment Trust 60,935 0.13 452 Montanaro European Smaller Companies Trust 6,690 0.01 3,063 Murray Income Investment Trust 24,810 0.05 3,002 Murray International Investment Trust 32,482 0.07 9,789 NB Global Floating Fund 7,733 0.02 3,625 North American Income Trust 8,446 0.02 263 North Atlantic Smaller Companies Investment Trust 8,390 0.02 3,074 Pacific Assets Investment Trust 9,345 0.02 1,493 Pacific Horizon Investment Trust 10,630 0.02 1,300 Pantheon International Investment Trust 29,965 0.06 63 Personal Assets Investment Trust 28,571 0.06 2,964 Polar Capital Technology Trust 64,171 0.14 2,796 RIT Capital Partners Investment Trust 54,690 0.12 4,362 Ruffer 10,774 0.02 3,987 Schroder Asia Pacific Investment Trust 23,164 0.05 2,460 Schroder Asian Total Return Investment Trust 11,390 0.02 3,405 Schroder Japan Growth Investment Trust 6,384 0.01 1,082 Schroder UK Mid Cap Fund 6,362 0.01 24,756 Schroders Public Private Trust 6,498 0.01 3,616 Scottish American Investment Trust 16,272 0.03 1,805 Scottish Investment Trust 12,635 0.03 31,964 Scottish Mortgage Investment Trust 353,841 0.76 773 Scottish Oriental Smaller Companies 7,405 0.02 10,230 SDCL Energy Efficiency Income Trust 10,946 0.02 35,995 Sequoia Economic Infrastructure Income Fund 38,011 0.08 1,985 Standard Life European Private Equity Trust 7,007 0.01 2,450 Standard Life UK Smaller Companies Trust 14,210 0.03 1,641 Temple Bar Investment Trust 15,475 0.03 5,255 Templeton Emerging Markets Investment Trust 47,873 0.10 1,252 TR European Growth Investment Trust 14,774 0.03 7,618 TR Property Investment Trust 29,634 0.06 9,021 Troy Income & Growth Trust 6,441 0.01 4,554 Utilico Emerging Market Trust 8,516 0.02



Equity Investment Instruments (continued) 4,278 VinaCapital Vietnam Opportunity Fund 16,342 0.04 1,265 Worldwide Healthcare Trust 45,414 0.10

Non-Equity Investment Instruments 0.27 844 Aberdeen Standard Asia Focus 9,031 0.02 493 BH Global 9,268 0.02 14,977 Bilfinger Berger Global Infrastructure SICAV+ 25,820 0.05 8,852 Diverse Income Trust 8,055 0.02 8,250 Fidelity China Special Situations 31,226 0.07 5,055 Fidelity Special Values 11,778 0.02 2,877 Genesis Emerging Market 23,735 0.05 3,139 Polar Capital Global Healthcare Growth & Income Trust 7,345 0.02

Software & Computer Services 2.80 47,351 Auto Trader Group 265,734 0.57 45,494 Avast 229,517 0.50 3,355 Computacenter 75,219 0.16 1,983 FDM Group Holdings 20,504 0.04 2,434 Kainos Group 30,036 0.06 18,732 Playtech 72,099 0.16 49,145 Rightmove 313,840 0.68 40,776 Sage Group 248,407 0.54 3,774 Softcat 43,439 0.09

Technology Hardware & Equipment 0.17 30,853 Spirent Communications 79,909 0.17 Portfolio of investments 45,480,937 98.03 Net other assets 912,248 1.97

Net assets 46,393,185 100.00

Unless otherwise stated, all investments are approved securities beingeither officially listed in a member state or traded on or under the rules ofan eligible securities market.

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

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Purchases Cost£

Royal Dutch Shell ‘A’ 986,176Diageo 773,377Experian Group 625,350London Stock Exchange 607,048RELX 576,768Lloyds Banking Group 542,201Persimmon 525,233Legal & General 449,407Compass Group 402,739Aviva 398,539

Subtotal 5,886,838Other purchases 17,061,778

Total purchases for the half year 22,948,616

Sales Proceeds£

Aberdeen Standard Liquidity Fund(Lux) Sterling Fund – Class Z-1 1,944,125Prudential 956,310GVC Holdings 929,816Royal Dutch Shell ‘B’ 872,793Close Brothers Group 766,405GlaxoSmithKline 716,222Aveva Group 640,423Glencore 613,062Grainger 592,911Anglo American 582,973

Subtotal 8,615,040Other sales 16,389,782

Total sales for the half year 25,004,822

Top ten purchases and salesFor the half year ended 30 November 2020

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Statistical information

Comparative tables Income 30/11/20 31/05/20 31/05/19 31/05/18 pence pence pence penceChange in net assets per unitOpening net asset value per unit 482.19 581.01 654.87 640.43

Return before operating charges* 24.72 (78.05) (47.05) 41.31Operating charges (2.48) (5.94) (6.38) (6.69)

Return after operating charges* 22.24 (83.99) (53.43) 34.62

Distributions on income units (5.66) (14.83) (20.43) (20.18)

Closing net asset value per unit 498.77 482.19 581.01 654.87

*after direct transaction costs of: 1.25 0.37 0.50 0.89

PerformanceReturn after charges 4.61% (14.46%) (8.16%) 5.41%

Other informationClosing net asset value (£000) 13 12 15 23Closing number of units 2,525 2,525 2,525 3,552Operating charges 1.04% 1.05% 1.04% 1.04%Direct transaction costs 0.26% 0.06% 0.08% 0.14%

Prices+

Highest unit price (pence) 540.04 662.07 699.36 724.61Lowest unit price (pence) 444.97 387.26 540.35 597.73

+ 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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Comparative tables Accumulation 30/11/20 31/05/20 31/05/19 31/05/18 pence pence pence penceChange in net assets per unitOpening net asset value per unit 1,087.82 1,276.23 1,389.40 1,317.74

Return before operating charges* 55.76 (175.25) (99.52) 85.55Operating charges (5.60) (13.16) (13.65) (13.89)

Return after operating charges* 50.16 (188.41) (113.17) 71.66

Distributions on accumulation units (12.75) (32.75) (43.88) (41.83)

Retained distributions onaccumulation units 12.75 32.75 43.88 41.83

Closing net asset value per unit 1,137.98 1,087.82 1,276.23 1,389.40

*after direct transaction costs of: 2.82 0.81 1.07 1.85

PerformanceReturn after charges 4.61% (14.76%) (8.15%) 5.44%

Other informationClosing net asset value (£000) 46,380 46,117 58,709 69,603Closing number of units 4,075,695 4,239,372 4,600,204 5,009,542Operating charges 1.04% 1.05% 1.04% 1.04%Direct transaction costs 0.26% 0.06% 0.08% 0.14%

Prices+

Highest unit price (pence) 1,218.94 1,477.73 1,484.05 1,512.04Lowest unit price (pence) 1,002.80 864.66 1,166.08 1,247.33

+ 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.

17

Investment objective

The Fund aims to provide a total return (a combination of capital growth and income)by outperforming the FTSE All Share Index (the “Index”) before fees by 0.75% to1.25% over any given 3 year period.

Investment policy

The Fund aims to achieve its objective by investing over 70% of the portfolio in equitiesand equity related securities of companies listed in the United Kingdom that areconstituents of the FTSE All Share Index. The Fund may invest up to 15% in listed UKcompanies outside of the Index.

The Fund may also invest in convertible stocks, stock exchange listed warrants,depositary receipts, and any other such investments which entitle the holder tosubscribe for or convert into the equity of the company and/or where the share priceperformance is, in the opinion of the Investment Manager, influenced significantly bythe stock market performance of the company’s ordinary shares. Not more than 10%in value of the property of any of the Schemes may consist of transferable securities,which are non-approved securities and/or unlisted securities. The Fund may invest incollective investment schemes, money-market instruments, deposits, cash and nearcash assets.

Derivatives will be used for efficient portfolio management only.

Investment Strategy

Although over 70% of the Fund is invested in components of the Index, the Fund isactively managed. The Investment Adviser uses research techniques to selectindividual holdings. The research process is focused on identifying companies wherethe management team have a different view of the company's prospects to that of themarket, and which align with their views regarding future economic and businessconditions. The Investment Adviser references the index, which means that while theFund is not required to match the weightings of the Index and does not concentrate onany particular sector, the Fund is managed so that divergence from the Index iscontrolled. The Fund’s portfolio may, therefore, be similar to components of the Index.

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 unitprice). There will be two potential distributions in each accounting year: an interimdistribution as at 30 November and a final distribution as at 31 May.

At each distribution the net revenue after deduction of expenses, from the investmentsof the Fund, is apportioned amongst the unitholders. Unitholders receive a tax vouchergiving details of the distribution and the Manager’s Report no later than two monthsafter these dates.


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Risk and reward profileThe Risk and Reward Indicator table demonstrates where the Fund ranks in terms of itspotential risk and reward. The higher the rank the greater the potential reward but thegreater the risk of losing money. It is based on past data, may change over time andmay not be a reliable indication of the future risk profile of the Fund. The shaded area inthe table below shows the Fund's ranking on the Risk and Reward Indicator.

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

1 2 3 4 5 6 7

This Fund is ranked at 6 (31/05/20: 6) because funds of this type have experiencedhigh rises and falls in value in the past. Although this is a high risk ranking it is not thehighest. The above figure applies to the following unit classes:

• Accumulation

• Income

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 risk(s) of investing in this Fund:

• 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.

28 January 2021 Craig Baker, Director Andrew Moss, Director


fi

19

Interim financial statementsFor the half year ended 30 November 2020

Statement of total return 30/11/20 30/11/19 £ £ £ £

Income

Net capital gains 1,488,463 2,198,549 Revenue 769,170 1,237,492

Expenses (230,975) (306,837)

Interest payable and similar charges (26) (43)

Net revenue before taxation 538,169 930,612

Taxation (6,807) –

Net revenue after taxation 531,362 930,612

Total return beforedistributions 2,019,825 3,129,161

Distributions (531,362) (930,608)

Change in net assetsattributable to unitholders frominvestment activities 1,488,463 2,198,553

Statement of change in net assets attributable to unitholders 30/11/20 30/11/19* £ £ £ £

Opening net assetsattributable to unitholders 46,128,803 58,723,742

Amounts receivable on issueof units 45,847 –

Amounts payable on cancellation of units (1,789,612) (3,801,630)

(1,743,765) (3,801,630)Change in net assetsattributable to unitholders frominvestment activities 1,488,463 2,198,553

Retained distributions on accumulation units 519,684 896,598

Closing net assetsattributable to unitholders 46,393,185 58,017,263

*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 30/11/20 31/05/20 £ £ £ £

Assets:Fixed assets:Investments 45,480,937 46,046,581

Current assets:Debtors 159,985 139,565Cash and bank balances 790,951 25,123

Total current assets 950,936 164,688

Total assets 46,431,873 46,211,269

Liabilities:Creditors:Other creditors (38,545) (82,331)Distribution payable (143) (135)

Total liabilities (38,688) (82,466)

Net assets attributable to unitholders 46,393,185 46,128,803

Interim financial statementsAs at 30 November 2020

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(and amended in June 2017). Unless otherwise stated all accounting policies appliedare consistent with those of the Annual Report for the year ended 31 May 2020 andare described in those financial statements.

21

Interim distribution in pence per unitGroup 1: units purchased prior to 1 June 2020Group 2: units purchased 1 June 2020 to 30 November 2020

2021 2020 pence pence per unit per unit Net payable paid income Equalisation 31 Jan 31 Jan

Income

Group 1 5.6558 — 5.6558 9.4735Group 2 5.6558 0.0000 5.6558 9.4735

Accumulation

Group 1 12.7508 — 12.7508 20.8075Group 2 2.9131 9.8377 12.7508 20.8075

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 30 November 2020

22

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 Managers Limited is part of the Phoenix Group.

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

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

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

Remuneration

The Manager has adopted a remuneration policy, up-to-date details of which can be found 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 toits staff for the financial year, split into fixed and variable remuneration.

Risks

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

23

Corporate information

ManagerPhoenix Unit Trust Managers Limited (PUTM)1 Wythall Green WayWythallBirmingham B47 6WGTel: 0345 584 2803Registered in England – No.03588031Authorised and regulated by the Financial Conduct Authority.

DirectorsAndrew Moss PUTM Director, Chief Executive

Phoenix Life;

Craig Baker PUTM Director, Head of InvestmentManagement Phoenix Life;

Mike Urmston Non Executive Director of PUTM;

Nick Poyntz-Wright Non Executive Director of PUTM.

Registrar and correspondence addressPhoenix Unit Trust Managers LimitedFloor 1, 1 Grand Canal SquareGrand Canal HarbourDublin 2IrelandAuthorised and regulated by the Financial Conduct Authority.

Investment Adviser (to 02/07/20)Ignis Investment Services Limited1 George StreetEdinburgh EH2 2LLRegistered in Scotland – No.SC101825Authorised and regulated by the Financial Conduct Authority.

Investment Adviser (from 03/07/20)Invesco Asset Management LimitedPerpetual ParkPerpetual Park DriveHenley-On-ThamesOxfordshire RG9 1HH

Trustee HSBC Bank plc1-2 Lochside WayEdinburgh ParkEdinburgh EH12 9DTAuthorised by the Prudential Regulation Authority andregulated by the Financial Conduct Authority and thePrudential Regulation Authority.

Independent AuditorErnst & Young LLPAtria One144 Morrison StreetEdinburgh EH3 8EX

Authorised statusThis Fund is an Authorised Unit Trust scheme under section243 of the Financial Services & Markets Act 2000 and iscategorised under the Collective Investment SchemesSourcebook as a UCITS fund.

24

Notes

B6.11.20

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 0345 584 2803.

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: 0345 584 2803Correspondence Address: Floor 1, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, IrelandVisit: phoenixunittrust.co.uk

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