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INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS

for the six month period ended 10 September 2020

MARLBOROUgH EMERGING MARKETS TRUST

MARLBOROUGH EMERGING MARKETS TRUST

CONTACT INFORMATION

Authorised Fund Manager and Registrar

Marlborough Fund Managers LtdMarlborough House59 Chorley New RoadBolton BL1 4QP

Investor Support: (0808) 145 2500 (FREEPHONE)

Authorised and regulated by the Financial Conduct Authority.

Trustee

HSBC Bank plc8 Canada SquareLondonE14 5HQ

Auditor

Ernst & Young LLPAtria One144 Morrison StreetEdinburghEH3 8EX

Directors of Marlborough Fund Managers Ltd

Andrew Staley (Non-Executive)Nicholas F J CoolingAllan HamerWayne D GreenDom ClarkeHelen DerbyshireRichard GoodallGeoffrey Hitchin (Non-Executive)Guy Sears (Independent Non-Executive)David Kiddie (Independent Non-Executive)Sarah Peaston (Independent Non-Executive)

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential RegulationAuthority.


CONTENTS PAGE

AUTHORISED INVESTMENT ADVISER’S REPORT 1

AUTHORISED STATUS AND GENERAL INFORMATION 4

DIRECTORS’ STATEMENT 5

COMPARATIVE TABLE 6

SYNTHETIC RISK AND REWARD INDICATOR 7

PORTFOLIO STATEMENT 8

PORTFOLIO TRANSACTIONS 9

UNAUDITED INTERIM FINANCIAL STATEMENTS

STATEMENT OF TOTAL RETURN 10

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 10

BALANCE SHEET 11

NOTES TO THE INTERIM FINANCIAL STATEMENTS 11


AUTHORISED INVESTMENT ADVISER'S REPORTfor the six month period ended 10 September 2020

Percentage change and sector position to 10 September 2020

Six months 1 year 3 years 5 yearsMarlborough Emerging Markets Trust 8.47% -5.33% -5.74% 55.50%IA Global Emerging Markets 12.50% 1.53% 3.88% 72.35%Quartile Ranking* 3 4 4 4* Based on ranking within The Investment Association Global Emerging Markets sector.External Source of Economic Data: Morningstar (P - mid to mid, net income reinvested).

Other Asian countries’ recoveries so far have been mixed, with a major differentiator being the exposure to the travel and tourismindustries in each country. In Thailand, travel and tourism contributed approximately 20% of its GDP prior to the COVID-19 crisis.Countries around the world have been slowly lifting restrictions but the level of cross border travels is far from reaching its pre-COVIDlevels. This will be a drag on the economic recovery of some ASEAN countries, although the pandemic is prompting many countries toimplement more reforms in order to further attract foreign direct investment. In addition, many ASEAN countries are beneficiaries of theUS-China trade war. Our holding in Inari Amertron, a Malaysian company in the semiconductor manufacturing industry, gained 68%.Overall, we retain a more bullish view on Asia relative to the other EM regions, as its macro-economic growth outlook continues toappear superior.

The Middle Eastern and African markets rose 17% during this reporting period, the second-best performing region after a horrendousstart to 2020. The Brent Oil price tumbled to an unprecedented price of minus $40 per barrel in April after the OPEC Plus talks brokedown. The Middle East, being one of the largest oil exporters, with highly commodity-dependent economies, suffered tremendously.Conditions improved after OPEC Plus reached a new agreement on a production cap in June and Brent recovered back to $40 perbarrel, only to lose its upward momentum at the beginning of September, when the global economic recovery began to fade. At thetime of writing, Brent is back down to $37 per barrel. We maintain a relatively more cautious stance in the Middle East given its relianceon the oil price and stalled reform effort in diversifying their economies post COVID. The region is not without resources: althoughSaudi Arabia’s fiscal position is under immense pressure, it still has a relatively big cash coffer despite dwindling oil receipts and theMiddle East region is still home to some world’s biggest sovereign wealth funds. In addition, Saudi Aramco, the biggest quoted entityglobally so far, has just confirmed its $75bn dividend pay-out despite the challenging outlook, which will support Saudi Arabia’s fiscalposition. Our holding in the Gulf Investment Trust was affected by this and only returned over 7% during this period.

Emerging Market (EM) performance rebounded from March after the global equity sell-off in February. The Morningstar Open ProjectEmerging Market TR INDEX (MEMM Index) gained over 19% in sterling terms during this reporting period for the six months to 10September, mainly led by strong performance in Asia, especially in China. Furthermore, the market’s expectation of a global economicrecovery was encouraged by a rally in commodity prices between June and August, but, at the time of writing, the strong momentum ison pause. The Marlborough Emerging Markets Trust rose by 8.47% over this period. The expectation of an imminent global economicrecovery has been dampened by a second wave of COVID in Europe and worsening conditions in the US. The MEMM Index markedtime, rising by only 0.35% in September, whilst the fund returned 3.6% in sterling terms.

The best performing region between March and September was Asia (which rose 21%). The Middle East and Africa (17%) have alsoshown relatively good performances. The worst performing regions were Latin America (Latam, 2.4%) and Emerging Europe (1.9%).

Asia’s strong performance was led by China which returned 26.5% - an enormous rise for the biggest constituent of the MEMM Index.China’s economic recovery since COVID continues to be on track. Its composite PMI (Purchasing Manager's Index) reading indicateda V shaped recovery from February and the economy has maintained its expansionary mode since, supported by increasedinfrastructure investment. There have been some regional lock-downs as the virus spiked again, but most cities are reported to bereturning to normal. The equity market performance was supported by Healthcare, high-growth Tech and Internet names. In addition,we have seen increased IPOs (Initial Public Offerings) that continue to attract capital inflow. Despite this positive outlook, the US-Chinatrade war and increased rivalry looks likely to remain even if a Democrat president is in the White House after November. Political riskfrom increased tension in the Taiwan strait, the South China Sea and the Himalayas has also risen and the newly implemented HKSecurity Law has also unsettled global investors. Nonetheless, China, as an investment destination, is increasingly important. Themarket attracted further attention after another round of A-share inclusion by the MSCI and the Morningstar benchmark indices in June.China (including HK market) is now 38% of the MEMM Index, the biggest constituent. The Chinese RMB has also been relativelystable, especially compared to other EM currencies. Our holdings in Xinyi Glass (60%) and Hong Kong Exchanges (54%) were thebest performers during this period.

Taiwan has been a very strong performer, returning 26% during this period. It has reaped the reward of successful management of theCOVID-19 crisis and has benefited from its unique position in the Tech segment, whose growth was boosted when millions around theworld started to work from home at the start of the pandemic. In addition, a stable currency and a relatively high yield in a low interestrate environment continue to make Taiwan relatively attractive vs some other EM countries as an investment destination. Our holdingin computer peripheral supplier Elan Microelectronics, which gained over 96% during this period, was the best performer in theportfolio.

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Marlborough Fund Managers Ltd6 October 2020

Geopolitical tension remains elevated. There has been an increased tension between China and the US and this relationship remainsa key focus given its significance to EM and the rest of the world. In Europe, Germany has increased pressure on Russia post theNavalny poisoning incident and it also raised alarm in Poland, whose ruling party continues to clash with the EU establishment. Thereis also an escalating tension between Turkey and Greece over the gas fields in the Mediterranean. In the Middle East and Africa, a war-torn Libya could potentially destabilise the peace in the region. Despite all these clashes among different countries, the main focus foralmost all governments remains tackling COVID. With so many vaccines in development, the end of 2020’s horrors may be in sight.

Overall, we maintain a positive outlook on EM assets, which provide such a diverse source of returns. There are companies thatbenefit from accelerating Tech advancement post COVID and others which benefit from increased infrastructure spending. Whilstvalue has been out of favour as a style, we nevertheless see substantial value emerging from companies which will surely benefit froma global economic recovery. We continue to believe that EM asset remains an indispensable part in investors’ global portfolio.

South Africa continues to underperform and returned 8%. Economic activity continues to decline but at a slower pace as the lockdownsare being slowly lifted. Unemployment remains at an elevated level at 23% but is lower than the previous 30%. The South African Randhas recovered some of its losses against the USD since June but remains one of the worst performing currencies in the EmergingWorld. The Rand has depreciated vs the USD by over 20% year to date. We continue to focus on companies who have overseasexposure, which proved highly beneficial, as our holdings in Naspers and Prosus returned 22% and 44% respectively.

Emerging Europe (2%) was one of the poorer performers during this period led by Russia (2.94%) and Turkey (-12.7%), both of whichwere top performers in the last financial year (between March 2019 and March 2020). Russia’s performance was dragged down byincreased concern about the COVID impact, weak oil price and sanction risk after the Navalny poisoning incident. However, Russiaremains one of the most fiscally prudent countries in EM space. With modest fiscal expansion post COVID, Russia has a budget deficitof only just over 0.9%. Our holdings in Sberbank returned 13%.

Other Emerging European countries had mixed recoveries. The travel and tourism industries have a big impact on these countries. Forexample, the sector contributes over 20% of GDP in Greece. On the positive side, EU’s successful launch of one of the biggeststimulus packages (Euro 750bn) was positive for the region, especially Eastern Europe and Greece.

Macro-economic recoveries are very mixed in EM, with Asia (ex Japan) looking better vs its peers. Different stages in economicrecoveries do reflect the fact that countries entered the pandemic at different times, but it is not realistic to expect that all countries’ willsee a V shaped trajectory because of the disparity in economic conditions prior to COVID and in their fundamental economicstructures. On the positive side, given widening output gaps, the inflationary pressure in Latam has been lifted and it remains benign inother regions. This has provided some room for central banks to maintain a relatively loose monetary policy to complement fiscalexpansion. So far, Turkey is the only country in EM that has hiked its benchmark rate in order to tame inflation and support itscurrency.

Latin America has been very poor, returning just over 2% despite a strong rebound in commodity prices since April. The weakperformance was led by Peru (-18%), Mexico (-7%) and Chile (2%). Brazil returned 4%, the best performing country within Latam butunderperformed the MEMM Index. Latam had one of the weakest macro economies prior to COVID of all the other EM regions andMexico was already in recession prior to the pandemic. Latam currencies have also been the weakest performers year to date. TheBrazilian Real depreciated over 40% as a consequence of the deterioration in its fiscal balance and increased uncertainty about itseconomic recovery. The country subsequently entered recession in the second quarter. Unemployment is reaching new heights.Colombian unemployment has reached over 24%. However, it is expected that some Latam countries will benefit from China’srecovery, which has started to provide support for commodities prices, especially iron ore and copper. The recent commodity pricerallies are tailing off a touch given the dampening hopes for a strong and speedy global economic recovery. However, we remainconfident that commodities should still be supported in the short to medium term by the unprecedented stimulus packages that havebeen launched year to date around the world. Our exposures in Petrobras (oil and gas exposure), Vale (iron ore) and Antofagasta(copper) returned 26%, 40% and 60% in the sterling terms during the reporting period respectively.

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Distributions (pence per unit)Year 2020 Year 2019 Year 2018 Year 2017

A IncomeNet income paid 10 May 3.1161 3.3831 3.3399 5.0148B IncomeNet income paid 10 May 4.7750 4.4622 5.4128 6.2915P IncomeNet income paid 10 May 5.4925 5.7517 5.8787 7.0521

Portfolio changes

Largest purchases Cost (£) Largest sales Proceeds (£)

Alibaba Group Holding Ltd 171,413 Alibaba Group Holding Ltd - SP ADR 197,976Elan Microelectronics Corp 94,064 Hon Hai Precision Industry Co Ltd 92,354Sercomm Corp 92,802 China Railway Signal & Comm Corp Ltd 'H' 70,806AUTOHOME INC-ADR 66,688 Pacific Basin Shipping Ltd 55,755HKBN Ltd 65,574 Eugene Technology Co Ltd 43,751Eugene Technology Co Ltd 65,127 D&L Industries Inc 36,834Alibaba Group Holding Ltd - SP ADR 57,115 Sunny Optical Technology (Group) Co Ltd 34,905Xtrackers Harvest CSI300 UCITS ETF '1D' USD 44,199 BlackRock Latin American Investment Trust Plc 33,079Macronix International Co Ltd 39,882 Hyundai Engineering & Construction Co Ltd 30,984Samsung Electronics Co Ltd - Pref 34,006 Hyundai Motor Co Ltd - 2nd Pref 30,638

Other purchases 119,283 Other sales 86,305

Total purchases for the period 850,153 Total sales for the period 713,387

3


AUTHORISED STATUS AND GENERAL INFORMATION

Authorised status

Investment objective and policy

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●

Rights and terms attaching to each unit class

Changes in prospectus

Marlborough Emerging Markets Trust (the Fund) is an authorised unit trust scheme within the meaning of the Financial Services andMarkets Act 2000 and is a UCITS scheme operating under the Collective Investment Schemes Sourcebook (COLL) as issued by theFinancial Conduct Authority.

The investment objective of the Fund is to provide capital growth, that is, to increase the value of your investment over a minimum of10 years. The Fund aims to outperform the average of the IA Global Emerging Markets sector over any 5 year period, however, thereis no certainty this will be achieved.

At least 80% of the Fund will be invested in the shares of companies which are incorporated, headquartered, operating in or listed onstock markets in emerging market countries.

Emerging markets are countries progressing toward becoming advanced, usually shown by some development in financial markets,the existence of some form of stock exchange and a regulatory body.

This may include up to 10% through Funds (including exchange traded funds which typically track an index) and investment trustswhich themselves invest in these countries or which gain exposure through financial instruments whose returns are linked to thesemarkets (also known as derivatives), and other securities whose returns are linked to company performance, such as depositaryreceipts.

companies which fit broader themes, such as, manufacturing automation, which the investment team believes arelikely to drive share price returns over the medium term. Themes will change and this can often happen quickly.

The team use the Morningstar Emerging Markets Index as a reference point for portfolio construction and risk management purposes,however, the Fund will not be constrained by the Index.

The Fund may hold cash to enable ready settlement of liabilities, for the efficient management of the Fund and in order to meet itsobjective. This will typically be below 10% but may from time to time exceed this level.

The Fund may invest in derivatives and forward transactions, whose returns are linked to exchange rates, in order to reduce currencyrisk or to protect against market movements (also known as hedging) although this is anticipated to be infrequent.

The Fund aims to be in the top half of all funds included in the IA Global Emerging Markets sector.

The Fund may also hold money market instruments, a type of short term loan, and money market funds, which themselves invest inthese instruments.

The Fund is actively managed which means the Manager decides which investments to buy or sell and when, and will maintain arelatively concentrated portfolio, typically between 60 – 80 holdings in companies of a range of sizes.

The team approaches construction of the portfolio from three overlapping standpoints:

economic and market conditions in each country and sector;a selection of companies which the team believes to be financially strong or whose valuations appear out of line withexpectations; and

Up to date Key Investor Information Documents, Prospectus and Long Reports and Financial Statements for any fund within the AFM’srange, can be requested by the investor at any time.

There have been no changes since the last report. The latest Prospectus dated 14 August 2020.

A unit of each class represents a proportional entitlement to the assets of the Fund. The allocation of income and taxation and therights of each unit in the event the Fund is wound up are on the same proportional basis.

4


DIRECTORS' STATEMENT

ALLAN HAMERJOINT MANAGING DIRECTOR

WAYNE D GREENJOINT MANAGING DIRECTOR

MARLBOROUGH FUND MANAGERS LTD

This report has been prepared in accordance with the requirements of the Collective Investment Schemes Sourcebook as issued andamended by the Financial Conduct Authority.

4 November 2020

5


COMPARATIVE TABLE

A Income units Period to Year to Year to Year toChange in net assets per unit 10.09.2020 10.03.2020 10.03.2019 10.03.2018

pence pence pence penceOpening net asset value per unit 274.22 300.64 343.75 317.97Return before operating charges* 25.62 (17.31) (33.81) 35.58Operating charges (2.73) (5.99) (5.92) (6.46)Return after operating charges* 22.89 (23.30) (39.73) 29.12Distributions on income units - (3.12) (3.38) (3.34)Closing net asset value per unit 297.11 274.22 300.64 343.75

* after direct transaction costs of: 0.11 0.44 0.32 0.54

PerformanceReturn after charges 8.35% -7.75% -11.56% 9.16%

Other informationClosing net asset value £1,288,570 £1,083,325 £1,087,876 £1,339,034Closing number of units 433,696 395,060 361,848 389,532Operating charges 1.90%A 1.90% 1.89% 1.95%Direct transaction costs 0.08%A 0.14% 0.10% 0.16%

PricesHighest unit price 313.20p 338.88p 349.10p 359.85pLowest unit price 242.35p 276.51p 277.86p 305.09p

B Income units Period to Year to Year to Year toChange in net assets per unit 10.09.2020 10.03.2020 10.03.2019 10.03.2018




Other informationClosing net asset value £2,986 £2,749 £955 £974Closing number of units 1,000 1,000 317 283Operating charges 1.40%A 1.40% 1.39% 1.45%Direct transaction costs 0.08%A 0.14% 0.10% 0.16%


A These figures have been annualised.

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COMPARATIVE TABLE

P Income units Period to Year to Year to Year toChange in net assets per unit 10.09.2020 10.03.2020 10.03.2019 10.03.2018




Other informationClosing net asset value £5,270,110 £5,088,951 £6,028,446 £7,055,418Closing number of units 1,768,047 1,856,904 2,004,460 2,051,412Operating charges 1.15%A 1.15% 1.14% 1.20%Direct transaction costs 0.08%A 0.14% 0.10% 0.16%


A These figures have been annualised.

SYNTHETIC RISK AND REWARD INDICATOR

Lower risk Higher risk

Typically lower rewards Typically higher rewards

1 2 3 4 5 6 7

Operating charges are the same as the ongoing charges and are the total expenses paid by each unit class in the period. Directtransaction costs are the total charges for the period, included in the purchase and sale of investments in the portfolio of the Fund.These amounts are expressed as a percentage of the average net asset value over the period and the average units in issue for thepence per unit figures.

The synthetic risk and reward indicator above aims to provide you with an indication of the overall risk and reward profile of the Fund. Itis calculated based on the volatility of the Fund using weekly historic returns over the last five years. If five years data is not available,the returns of a representative portfolio are used.

The Fund has been measured as 6 because it has experienced high volatility historically. During the period the synthetic risk andreward indicator has remained unchanged.

7


PORTFOLIO STATEMENTas at 10 September 2020

Holding or Bid Percentage ofnominal value value total net assets

£ %CHINA/HONG KONG (10 March 2020 - 30.85%)

3,300 360 DIGITECH INC 28,838 0.441,700 51job Inc - ADR 86,289 1.31

14,000 AAC Technologies Holdings Inc 63,321 0.976,500 Alibaba Group Holding Ltd 168,989 2.57

947 Alibaba Group Holding Ltd - SP ADR 198,606 3.039,000 ASM Pacific Technology Ltd 69,732 1.061,000 AUTOHOME INC-ADR 65,686 1.00

84,980 China Construction Bank Corp 'H' 45,635 0.7038,000 China Overseas Land & Investment Ltd 79,818 1.22

214,000 CIMC Enric Holdings Ltd 66,577 1.0129,000 HengAn International Group Co Ltd 165,071 2.52

100,000 HKBN Ltd 141,881 2.162,800 Hong Kong Exchanges and Clearing Ltd 100,815 1.54

144,575 Industrial and Commercial Bank of China Ltd 'H' 61,881 0.9419,500 Longfor Group Holdings Ltd 79,117 1.219,700 Sunny Optical Technology (Group) Co Ltd 111,964 1.713,770 Tencent Holdings Ltd 188,818 2.88

175,000 Want Want China Holdings Ltd 93,976 1.43125,000 Xinyi Glass Holdings Ltd 166,948 2.5413,800 Xtrackers Harvest CSI300 UCITS ETF '1D' USD ** 139,086 2.12

Total China/Hong Kong 2,123,048 32.36

INDIA (10 March 2020 - 10.15%)14,285 Escorts Ltd 177,611 2.714,480 Godrej Consumer Products Ltd 31,575 0.48

46,000 Gujarat State Petronet Ltd 93,788 1.4313,860 ICICI Bank Ltd - SPON ADR 108,241 1.6535,000 India Capital Growth Fund Ltd * 22,610 0.3459,500 Manappuram Finance Ltd 91,552 1.4079,000 Power Grid Corporation of India Ltd 147,073 2.24

Total India 672,450 10.25

INDONESIA (10 March 2020 - 2.46%)158,000 AKR Corporindo Tbk PT 21,562 0.33206,500 Bank Mandiri (Persero) Tbk PT 57,376 0.87939,700 Kalbe Farma Tbk PT 71,893 1.10

Total Indonesia 150,831 2.30

MALAYSIA (10 March 2020 - 1.38%)354,000 Inari Amertron Bhd 133,830 2.04

Total Malaysia 133,830 2.04

PHILIPPINES (10 March 2020 - 1.14%)54,000 Ayala Land Inc 25,564 0.39

Total Philippines 25,564 0.39

SOUTH KOREA (10 March 2020 - 10.16%)890 COSMAX Inc 57,581 0.88

3,883 Eugene Technology Co Ltd 72,478 1.101,060 POSCO 127,216 1.949,643 Samsung Electronics Co Ltd - Pref 316,309 4.822,313 SK Hynix Inc 114,629 1.75

Total South Korea 688,213 10.49

TAIWAN (10 March 2020 - 11.93%)116,000 CTCI Corp 121,040 1.8430,000 Elan Microelectronics Corp 120,730 1.8410,300 HIWIN Technologies Corp 87,897 1.34

144,000 King Yuan Electronics Co Ltd 116,279 1.7755,000 Macronix International Co Ltd 46,287 0.71

8


PORTFOLIO STATEMENTas at 10 September 2020

Holding or Bid Percentage ofnominal value value total net assets

£ %TAIWAN (continued)

39,590 Pacific Hospital Supply Co Ltd 73,797 1.1246,000 Sercomm Corp 89,726 1.3756,000 Taiwan Hon Chuan Enterprise Co Ltd 82,951 1.2620,671 Taiwan Semiconductor Manufacturing Co Ltd 235,471 3.5954,376 WT Microelectronics Co Ltd 54,172 0.837,455 WT Microelectronics Nil Paid Rights - -

Total Taiwan 1,028,350 15.67

THAILAND (10 March 2020 - 2.71%)187,500 AMATA Corp Public Co Ltd - NVDR 58,881 0.90930,000 Gunkul Engineering Public Co Ltd - NVDR 53,846 0.8273,000 Hana Microelectronics Public Co Ltd - NVDR 73,877 1.13

Total Thailand 186,604 2.85

EMERGING EUROPE (10 March 2020 - 6.86%)15,962 Baring Emerging Europe Investment Trust * 96,091 1.468,125 JPMorgan Russian Securities Investment Trust * 49,563 0.75

13,500 Koç Holding AS 20,495 0.316,400 Logo Yazilim Sanayi ve Ticaret AS 58,886 0.903,270 SBERBANK PJSC -SPONSORED ADR 28,864 0.44

45,000 Turkcell Iletisim Hizmetleri AS 66,699 1.0259,000 TURKIYE IS BANKASI-C 30,562 0.4712,900 Ülker Biskuvi Sanayi AS 30,090 0.46

Total Emerging Europe 381,250 5.81

LATIN AMERICA (10 March 2020 - 7.72%)162,228 Aberdeen Latin American Income Fund * 79,978 1.22

7,200 Antofagasta PLC 77,436 1.1820,998 BlackRock Latin American Investment Trust * 65,304 1.009,671 iShares MSCI EM Latin America UCITS ETF USD ** 95,332 1.45

25,000 JPMorgan Brazil Investment Trust Ord * 15,250 0.2326,000 PETROBRAS - PETROLEO BRAS-PR 85,471 1.303,800 Vale SA 32,920 0.50

Total Latin America 451,691 6.88

MIDDLE EAST & AFRICA (10 March 2020 - 3.58%)101,557 Gulf Investment Fund Plc * 88,904 1.35

2,267 HSBC MSCI South Africa Capped UCITS ETF USD ** 66,106 1.01573 Naspers Ltd - 'N' Shares 76,813 1.17

Total Middle East & Africa 231,823 3.53

INTERNATIONAL (10 March 2020 - 2.27%)93,523 BlackRock Frontiers Investment Trust * 87,912 1.34

873 Prosus NV 63,866 0.97Total International 151,778 2.31

Portfolio of investments 6,225,432 94.88Net current assets 336,234 5.12Total net assets 6,561,666 100.00

* Closed-ended Investment Trust / Fund.** Exchange Traded Fund.

PORTFOLIO TRANSACTIONSfor the six month period ended 10 September 2020 £

Total purchases cost, including transaction charges 850,153

Total sales proceeds, net of transaction charges 713,387

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STATEMENT OF TOTAL RETURNfor the six month period ended 10 September 2020

10 September 2020 10 September 2019£ £ £ £

Income:Net capital losses 458,076 352,119Revenue 125,706 170,260

Expenses (39,001) (40,245)Net revenue before taxation 86,705 130,015

Taxation (10,067) (11,822)

Net revenue after taxation 76,638 118,193

Total return before distributions 534,714 470,312

Distributions (1,491) (1,237)

Change in net assets attributable to unitholders frominvestment activities 533,223 469,075

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERSfor the six month period ended 10 September 2020

10 September 2020 10 September 2019£ £ £

Opening net assets attributable to unitholders * 6,175,025 7,117,277

Amounts receivable on issue of units 200,452 312,600Amounts payable on cancellation of units (347,037) (561,582)Amounts payable on unit class conversions - (4)

(146,585) (248,986)

Change in net assets attributable to unitholders frominvestment activities 533,223 469,075

Unclaimed distributions 3 -

Closing net assets attributable to unitholders 6,561,666 * 7,337,366

* These figures are not the same as the comparatives are taken from the preceding interim period and not the last final accounts.

10


BALANCE SHEETas at 10 September 2020

10 September 2020 10 March 2020£ £

Assets:Fixed Assets:Investments 6,225,432 5,632,327

Current Assets:Debtors 249,496 134,857Cash and bank balances 330,239 534,323Total assets 6,805,167 6,301,507

Liabilities:Creditors:Distribution payable - 114,349Other creditors 243,501 12,133Total liabilities 243,501 126,482

Net assets attributable to unitholders 6,561,666 6,175,025

NOTES TO THE INTERIM FINANCIAL STATEMENTSfor the six month period ended 10 September 2020

Basis for preparation

Accounting policies

The investments of the Fund have been valued at their fair value at 12 noon on 10 September 2020.

The interim financial statements have been prepared in compliance with FRS102 and in accordance with the Statement ofRecommended Practice for UK Authorised Funds issued by The Investment Association in May 2014 and amended in June 2017.

The interim financial statements are prepared in sterling, which is the functional currency of the Fund. Monetary amounts in thesefinancial statements are rounded to the nearest pound.

The interim financial statements have been prepared on the historical cost convention, modified to include the revaluation ofinvestments and certain financial instruments at fair value.

The accounting policies applied are consistent with those of the annual financial statements for the year ended 10 March 2020 andare described in those annual financial statements.

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Marlborough Fund Managers LtdMarlborough House,59 Chorley New Road,Bolton BL1 4QP

Investor Support: 0808 145 2500 (FREEPHONE)Dealing: 0808 145 2501 (FREEPHONE)Fax: 01204 533045

Email: [email protected]: www.marlboroughfunds.com

Marlborough Fund Managers Ltd. Registered in England No. 2061177Authorised and regulated by the Financial Conduct Authority and a member of The Investment Association