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INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS

for the six month period ended 10 September 2019

MARLBOROUgH EMERGING MARKETS TRUST

MARLBOROUGH EMERGING MARKETS TRUST

Authorised Fund Manager and Registrar

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

Investor Support: (0808) 145 2500 (FREEPHONE)

Authorised and regulated by the Financial Conduct Authority.

Trustee

HSBC Bank plc 8 Canada Square London E14 5HQ

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

Auditor

Barlow Andrews LLP Carlyle House 78 Chorley New Road Bolton BL1 4BY

Directors of Marlborough Fund Managers Ltd

Andrew Staley ChairmanNicholas F J Cooling Deputy Chairman Allan Hamer Joint Managing Director Wayne D Green Joint Managing Director Dom Clarke Finance Director Geoffrey Hitchin Investment DirectorHelen Derbyshire Director – Compliance & Risk Richard Goodall Director – Strategy & Business Development Guy Sears Non-Executive DirectorDavid Kiddie Non-Executive DirectorSarah Peaston Non-Executive Director (appointed 1 October 2019)

MARLBOROUGH EMERGING MARKETS TRUST CONTENTS PAGE

AUTHORISED INVESTMENT ADVISER’S REPORT 1 AUTHORISED STATUS AND GENERAL INFORMATION 4 DIRECTORS’ STATEMENT 4 COMPARATIVE TABLE 5 SYNTHETIC RISK AND REWARD INDICATOR 6 PORTFOLIO STATEMENT 7 PORTFOLIO TRANSACTIONS 8 UNAUDITED INTERIM FINANCIAL STATEMENTS STATEMENT OF TOTAL RETURN 9 STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 9 BALANCE SHEET 10 NOTES TO THE INTERIM FINANCIAL STATEMENTS 10


AUTHORISED INVESTMENT ADVISER’S REPORT for the six month period ended 10 September 2019

Percentage change and sector position to 10 September 2019

Six months 1 year 3 years 5 years Marlborough Emerging Markets Trust 6.73% 8.13% 22.35% 37.42%IA Global Emerging Markets sector 6.90% 9.47% 25.40% 37.44%Quartile Ranking* 3 3 3 3

* Based on ranking within The Investment Association’s Global Emerging Markets sector.Trust launched 8 June 2004.External Source of Economic Data: Morningstar (Class P - mid to mid, net income reinvested).

Emerging Markets (EM) had a slightly better performance during this period compared to the previous 6 months. The Morningstar Open Project Index (Emerging Market Index) returned 4.8% and the Fund 6.73%. The performance was supported by the start of a monetary easing cycle, fiscal expansion and relatively stable inflation in most regions. However, EM continue to lag behind the developed markets in terms of performance. Volatilities remain given uncertainty over an on-going trade war. In addition, there continue to be signs of global economic slowdown. Debt issue remains one of the major concerns, especially in countries like Argentina.

The best performing region during this period was Emerging Europe (16%), led by performance from Russia (25%) and Greece (19%). As the world enters into yet another cycle of low and even negative rate,

the Russian equity market is attractive for investors who are seeking higher dividend yield. Our holding in JPMorgan Russian and Sberbank returned 34% respectively. Sanction risks remain, however.

In Greece, the former ruling party Syriza (far-left) had to call a snap election after it lost in the European election in May. It subsequently lost the snap election to its opposition party, the centre-right New Democracy Party, on 7 July. The pledge from the new ruling party included employment and revival of some infrastructure projects, such as the 8bn euro investment to redevelop the coastal site of the former Athens international airport. This has boosted investors’ sentiment.

The Middle East and Africa was the second best performing region, returning 5.47% in Sterling terms. The performance was led by the UAE (10.54%) and Qatar (11.5%). A stable Brent Crude Oil price has been supporting the Middle East. However, this has been overshadowed by an increasing tension in Iran that threaten stability in the region. On the plus side, sanctions on Iran have re-directed oil demand to the rest of the Middle East, especially Saudi Arabia. For example, the US has removed Iran sanction exemption in March and forced several countries to stop importing oil from Iran. India has officially stopped importing from Iran since June. Iranian oil counts one third of India’s total oil imports. This shortfall will be made up by increased oil import from the US and Saudi Arabia. The Middle East seems to have emerged from the 2014 slowdown caused by a sharp correction in oil prices. We have seen increased infrastructure spending evidenced by our research on contractors who are operating in the region. Our holding in the Gulf Investment Fund generated a total return of over 12%.

South Africa returned 6.5%. The country concluded its election in the second quarter, the ruling party ANC won the election but it has lost the majority in the parliament reflecting frustration among the population over stalled reform and declining economic growth. The first quarter GDP growth tumbled by over 3% and it was dragged down by slowing growth in Private Consumption, Investment and a big drop in exports. Nonetheless, the conclusion of its general election has supported market momentum and uncertainties caused by politics have been removed, for now. Our holding in Naspers generated a 19% total return during this period.

The Latin America region returned around 4.5%, underperforming the EM region. The performance was dragged down by Argentina, where the market declined by over 30%. On 10 August, Argentina’s primary election showed a wide advantage for opposition presidential candidate Alberto Fernandez, who is teaming up with the controversial former president, Christina Fernandez. The market lost almost 40% the following trading day. The result reflects frustration from the voters with the current government’s lack of progress with promised reforms. The Macri government subsequently proposed to re-profile its short-term government debt and imposed capital control. The Argentina Peso lost 35% of its value against the USD. The market is spooked and investors’ confidence lost. If the apocalypse scenario of another debt default materialises, the country would take some time to get back on its feet. It is worth highlighting that both Brazil and Mexico generated decent returns, 7.2% and 9.9% respectively. Brazil remains one of the beneficiaries from the trade war and the government’s proposed pension reform passed the first hurdle at the lower house in the summer. These have supported the regions performance.

Jing Liang Sally Macdonald

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MARLBOROUGH EMERGING MARKETS TRUST AUTHORISED INVESTMENT ADVISER’S REPORT for the six month period ended 10 September 2019 Asia ex Japan was the worst performing region during this period and underperformed the EM region by 1 percentage point. The bottom three performers within Asia were Korea (-3.33%), Malaysia (-0.12%) and India (1.82%). China, the biggest constituent within Asia, returned 2.61% and remains the main reason for Asia’s underperformance. The trade war and overall economic slowdown have taken its toll on the China market. In addition, debt issues remain an important concern. Will the government manage to put the economy back on track this time? It remains to be seen. Challenges remain both externally and at home. In Korea, the picture is also challenging. It has been hurt by the trade war and structural issues at home. However, there has been renewed hope in recovery of the semiconductor industry, our holding in SKHynix generated 25% total return during this period. The same reason also supported performance in Taiwan, which returned 14.7%. King Yuan Electronics, one of the beneficiaries of 5G demand within China, was the best performing stock and returned 50%. Macro readings across EM regions remain largely weak with a few exceptions. Purchasing Managers’ Index (PMI) readings continue to indicate contractions in most countries, apart from countries such as Philippines, whose PMI reading indicate continued expansion. Trade continues to decline. However, countries such as Brazil, remains one of the key beneficiaries of the on-going trade spat between the US and China. Even if the trade war does conclude, uncertainties over any potential reverse will make some companies want to diversify its trading route away from the US in order to secure supply. It is likely that Brazil will remain to be an increasingly important alternative. A similar trend is happening in the surrounding areas of China too. Thailand, Vietnam, Indonesia and other ASEAN countries have seen increased foreign direct investment flows into their countries as companies are seeking alternative production hubs away from China. This is not a new trend. Wages continue to pick up in China to make other ASEAN regions attractive in terms of labour cost. In addition, China also has been shifting investment focus elsewhere in order to move up the value chain. We have already seen industries, such as textiles, moving out of China in the last few years. The trade war accelerated this trend. The headline Consumer Price Index readings have been steady in most regions and even showing signs of coming down. On one hand, previous tightening measures by the central banks are finally showing results. On the other hand, this also reflects waning demand. Either way, the soft inflationary pressure gives more room for central banks to ease their monetary policy in order to support growth. Especially when the Federal Reserve started to cut rates, it gives more breathing space for the EM. Fiscal expansion has also sped up. We have seen tax cut proposals in many regions, such as India and Indonesia, in order to boost growth. Many countries have launched stimulus packages. Thailand, for example, launched a 10bn USD stimulus package after it released its second quarter GDP growth number, and the package is targeting farmers that were hit by the drought, and the tourist industry that was hit by a strengthening currency. Another example is that China has lowered its reserve requirement ratio in order to increase interbank liquidity as we have seen increasing challenges. The political landscape remains chaotic and uncertain. The trade war has been on-going and it continues to cast a shadow over the global economy. Tension in the South China Sea seems to have resurfaced. The Hong Kong protest seems to have no ending in sight. Kashmir tension has been escalating since August. South Korea scrapped the intelligence-sharing pact with Japan. Japan threatened to restrict exports of materials used in semiconductor industry to South Korea. The Amazon fire caused a global uproar against the Brazilian government. Peace in the Middle East, and the world, is still hanging in the balance over how the world will be dealing with Iran and how Iran reciprocate. The global macro-economic and political landscapes are becoming more and more complex, they are making a profound shift that will shape our world for many years to come. As an investor, this is a great opportunity to take a bottom-up approach to pick winners who, not only can survive, but also can thrive in this uncertain time. As the engines of our global economic train are slowing, companies who have experience of operating in a challenging environment, who have diversified business portfolios and efficient management teams will be the winners and we have many within the EM universe. Marlborough Fund Managers Ltd 7 October 2019

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AUTHORISED INVESTMENT ADVISER’S REPORT for the six month period ended 10 September 2019

Distributions (pence per unit)

Year 2019 Year 2018 Year 2017 Year 2016 Class A Net income paid 10 May 3.3831 3.3399 5.0148 3.3564 Class B Net income paid 10 May 4.4622 5.4128 6.2915 4.4875 Class P Net income paid 10 May 5.7517 5.8787 7.0521 5.0960

Portfolio changes

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

Petróleo Brasileiro 138,373 iShares MSCI South Africa UCITS ETF USD 137,120 Xinyi Glass Holdings Ltd 113,743 BlackRock Latin American Investment Trust 117,501 NagaCorp Ltd 106,152 PetroChina Co Ltd 'H' 105,000 Sunny Optical Technology (Group) Co Ltd 90,050 Sands China Ltd 94,291 Hon Hai Precision Industry Co Ltd 88,450 Samsung Life Insurance Co Ltd 81,806 Turkcell İletişim Hizmetleri 78,001 Longfor Group Holdings Ltd 81,692 Sberbank of Russia ADR 75,859 BlackRock Frontiers Investment Trust 80,224 Antofagasta 72,218 Nexen Tire Corp 74,798 Bank Mandiri (Persero) Tbk 62,081 iShares MSCI EM Latin America UCITS ETF 71,765 Naspers Ltd - 'N' Shares 48,696 Bank Rakyat Indonesia (Persero) TBK 62,094

Other purchases 181,262 Other sales 355,899

Total purchases for the period 1,054,885 Total sales for the period 1,262,190

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AUTHORISED STATUS AND GENERAL INFORMATION

Authorised status

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

Investment objective and policy

To invest in emerging markets with a view to obtaining capital growth.

The Trust will invest mainly in securities of companies incorporated or headquartered in emerging markets countries wherever they are listed, or in companies quoted in emerging markets countries. Emerging markets countries will typically be those included within the Morgan Stanley Capital International (MSCI) Emerging Markets Free Index. The Trust will typically hold between 60 and 80 securities, but may also invest in collective investment schemes.

The manager’s policy is to select from all of the assets available for investment, those which in the opinion of the manager will best meet the objective. Selection is made both on sector (country or industrial) and on individual company basis. Investments once made are frequently reviewed and if necessary replaced with more suitable investments. The manager expects to respond flexibly to changing market conditions.

The Trust’s policy is to use liquidity when appropriate to achieve the objective of the Trust and in consequence the Trust may not remain fully invested at all times. Its policy is also to hedge against the risk of currency loss only when a view is taken that such a hedge would be to the advantage of the Trust. In special circumstances, the Trust may hedge against price fluctuations, selecting from the full range of hedging instruments available including currency forwards.

The performance of the Morningstar OIP Emerging Markets Net Return Index is used by the Investment Manager as a reference point for portfolio construction and risk management purposes.

Rights and terms attaching to each unit class

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

Changes in prospectus

With effect from 1 April 2019, the initial service charge that applied to Class P units was removed. An initial service charge will still be applied to Class A and Class B units. Details of these charges can be found in the Prospectus.

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

DIRECTORS’ STATEMENT

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

ALLAN HAMER JOINT MANAGING DIRECTOR

G R HITCHIN INVESTMENT DIRECTOR

MARLBOROUGH FUND MANAGERS LTD 30 October 2019

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COMPARATIVE TABLE

Income units were first offered at 100p on 8 June 2004. On 31 December 2012, the existing units were reclassified as Class A units and Class B and P units became available for purchase.

Class A income units Period to Year to Year to Year to Change in net assets per unit 10.09.2019 10.03.2019 10.03.2018 10.03.2017

pence pence pence penceOpening net asset value per unit 300.64 343.75 317.97 219.48 Return before operating charges* 22.02 (33.81) 35.58 109.31 Operating charges (2.84) (5.92) (6.46) (5.81)Return after operating charges* 19.18 (39.73) 29.12 103.50 Distributions on income units 0.00 (3.38) (3.34) (5.01) Closing net asset value per unit 319.82 300.64 343.75 317.97

* after direct transaction costs of: 0.19 0.32 0.54 0.48

PerformanceReturn after charges 6.38% -11.56% 9.16% 47.16%

Other information Closing net asset value £1,222,030 £1,087,876 £1,339,034 £1,281,428 Closing number of units 382,094 361,848 389,532 403,003 Operating charges 1.82%A 1.89% 1.95% 2.15%Direct transaction costs 0.12%A 0.10% 0.16% 0.18%

PricesHighest unit price 332.78p 349.10p 359.85p 327.64p Lowest unit price 293.79p 277.86p 305.09p 215.05p

Class B income units Period to Year to Year to Year to Change in net assets per unit 10.09.2019 10.03.2019 10.03.2018 10.03.2017

pence pence pence penceOpening net asset value per unit 301.01 344.13 318.26 219.50 Return before operating charges* 22.80 (34.30) 36.10 109.51 Operating charges (2.11) (4.36) (4.82) (4.46)Return after operating charges* 20.69 (38.66) 31.28 105.05 Distributions on income units 0.00 (4.46) (5.41) (6.29) Closing net asset value per unit 321.70 301.01 344.13 318.26


PerformanceReturn after charges 6.87% -11.23% 9.83% 47.86%

Other information Closing net asset value £3,217 £955 £974 £978 Closing number of units 1,000 317 283 307 Operating charges 1.32%A 1.39% 1.45% 1.65%Direct transaction costs 0.12%A 0.10% 0.16% 0.18%

PricesHighest unit price 334.54p 349.58p 362.28p 329.22p Lowest unit price 294.80p 278.80p 305.55p 215.27p

A These figures have been annualised.

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MARLBOROUGH EMERGING MARKETS TRUST COMPARATIVE TABLE

Class P income units Period to Year to Year to Year to Change in net assets per unit 10.09.2019 10.03.2019 10.03.2018 10.03.2017

pence pence pence pence Opening net asset value per unit 300.75 343.93 318.01 219.23 Return before operating charges* 22.10 (33.84) 35.79 109.64 Operating charges (1.67) (3.59) (3.99) (3.81) Return after operating charges* 20.43 (37.43) 31.80 105.83 Distributions on income units 0.00 (5.75) (5.88) (7.05) Closing net asset value per unit 321.18 300.75 343.93 318.01


Performance Return after charges 6.79% -10.88% 10.00% 48.27%

Other information Closing net asset value £6,112,119 £6,028,446 £7,055,418 £7,165,169 Closing number of units 1,903,047 2,004,460 2,051,412 2,253,148 Operating charges 1.07%A 1.14% 1.20% 1.40% Direct transaction costs 0.12%A 0.10% 0.16% 0.18%

Prices Highest unit price 333.89p 349.33p 362.35p 329.73p Lowest unit price 294.37p 279.26p 305.43p 215.12p

A These figures have been annualised. Operating charges are the same as the ongoing charges and are the total expenses paid by each unit class in the period. Direct transaction costs are the total charges for the period, included in the purchase and sale of investments in the portfolio of the Trust. These amounts are expressed as a percentage of the average net asset value over the period and the average units in issue for the pence per unit figures. SYNTHETIC RISK AND REWARD INDICATOR Lower risk Higher risk Typically lower rewards Typically higher rewards

The synthetic risk and reward indicator above aims to provide you with an indication of the overall risk and reward profile of the Trust. It is calculated based on the volatility of the Trust using weekly historic returns over the last five years. If five years data is not available for a fund, the returns of a representative portfolio are used. The Trust has been measured as 6 because it has experienced high volatility historically. During the period the synthetic risk and reward indicator has remained unchanged.

1 2 3 4 5 6 7

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PORTFOLIO STATEMENTas at 10 September 2019

Holding or Bid Percentage ofnominal value value total net assets

£ %CHINA/HONG KONG (33.12%, March 2019 - 36.04%)

8,000 AAC Technologies Holdings Inc 32,585 0.441,647 Alibaba Group Holding Ltd - SP ADR 237,277 3.236,000 ASM Pacific Technology Ltd 59,235 0.81

492,000 Bank of China Ltd 'H' 157,672 2.15198,980 China Construction Bank Corp 'H' 124,038 1.69174,037 China Everbright International Ltd 109,568 1.49

58,000 China Life Insurance Co Ltd 'H' 114,162 1.5652,000 China Overseas Land & Investment Ltd 137,079 1.87

190,000 China Railway Signal & Communication Corp Ltd 'H' 96,245 1.31210,000 CIMC Enric Holdings Ltd 108,329 1.48195,575 Industrial and Commercial Bank of China Ltd 'H' 105,336 1.44

24,500 Longfor Group Holdings Ltd 72,310 0.99108,000 NagaCorp Ltd 135,987 1.85806,000 Pacific Basin Shipping Ltd 144,148 1.96118,710 PICC Property & Casualty Co Ltd 'H' 113,393 1.55

15,600 Sunny Optical Technology (Group) Co Ltd 184,814 2.525,570 Tencent Holdings Ltd 195,777 2.67

175,000 Want Want China Holdings Ltd 117,230 1.60125,000 Xinyi Glass Holdings Ltd 108,676 1.48

8,500 Xtrackers Harvest CSI300 UCITS ETF '1D' USD ** 75,932 1.03Total China/Hong Kong 2,429,793 33.12

INDIA (9.96%, March 2019 - 8.57%)46,000 Gujarat State Petronet Ltd 112,542 1.5313,860 ICICI Bank Ltd - SPON ADR 122,915 1.6835,000 India Capital Growth Fund Ltd * 24,920 0.3414,000 Infosys Ltd - SP ADR 131,988 1.8050,500 Manappuram Finance Ltd 70,458 0.96

5,340 NIIT Technologies Ltd 86,654 1.1879,000 Power Grid Corporation of India Ltd 180,898 2.47

Total India 730,375 9.96

INDONESIA (3.01%, March 2019 - 2.84%)158,000 AKR Corporindo Tbk 37,102 0.51148,000 Bank Mandiri (Persero) Tbk 60,201 0.82

1,278,000 Kalbe Farma Tbk 123,508 1.68Total Indonesia 220,811 3.01

MALAYSIA (1.38%, March 2019 - 1.80%)95,000 Alliance Bank Malaysia Bhd 55,014 0.7599,000 Muhibbah Engineering (M) Bhd 46,365 0.63

Total Malaysia 101,379 1.38

PHILIPPINES (0.90%, March 2019 - 1.13)475,300 D&L Industries Inc 66,361 0.90

Total Philippines 66,361 0.90

SOUTH KOREA (11.11%, March 2019 - 13.86%)2,375 Hyundai Engineering & Construction Co Ltd 71,774 0.98

863 Hyundai Motor Co Ltd - 2nd Pref 48,816 0.6711,050 Industrial Bank of Korea 97,664 1.33

3,490 MODETOUR Network Inc 35,117 0.48800 POSCO 121,018 1.65

8,600 Samsung Electronics Co Ltd - Pref 228,616 3.122,685 SK hynix Inc 151,514 2.06

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PORTFOLIO STATEMENTas at 10 September 2019

Holding or Bid Percentage ofnominal value value total net assets

£ %SOUTH KOREA (continued)

2,800 YMT Co Ltd 60,060 0.82Total South Korea 814,579 11.11

TAIWAN (11.28%, March 2019 - 9.72%)116,000 CTCI Corp 131,393 1.79

66,600 Hon Hai Precision Industry Co Ltd 127,889 1.74187,000 King Yuan Electronics Co Ltd 164,987 2.25

28,000 Pacific Hospital Supply Co Ltd 60,016 0.8256,000 Taiwan Hon Chuan Enterprise Co Ltd 84,720 1.1520,671 Taiwan Semiconductor Manufacturing Co Ltd 140,269 1.91

117,376 WT Microelectronics Co Ltd 119,092 1.62Total Taiwan 828,366 11.28

THAILAND (2.53%, March 2019 - 1.79%)187,500 AMATA Corp Public Co Ltd - NVDR 130,323 1.78

73,000 Hana Microelectronics - NVDR 55,088 0.75Total Thailand 185,411 2.53

EASTERN EUROPE (4.33%, March 2019 - 3.42%)22,432 Baring Emerging Europe Investment Trust * 184,840 2.52

8,125 JPMorgan Russian Securities Investment Trust * 55,900 0.766,670 Sberbank of Russia ADR 76,887 1.05

Total Eastern Europe 317,627 4.33

LATIN AMERICA (8.97%, March 2019 - 8.47%)7,200 Antofagasta 64,829 0.88

216,935 Aberdeen Latin American Income Fund * 153,156 2.0931,958 BlackRock Latin American Investment Trust * 144,131 1.96

9,671 iShares MSCI EM Latin America UCITS ETF USD ** 133,702 1.8235,000 JPMorgan Brazil Investment Trust Ord * 24,325 0.3326,000 Petróleo Brasileiro 138,623 1.89

Total Latin America 658,766 8.97

MIDDLE EAST & AFRICA (10.33%, March 2019 - 10.31%)134,783 BlackRock Frontiers Investment Trust * 175,218 2.39101,557 Gulf Investment Fund Plc * 97,968 1.34

4,125 HSBC MSCI South Africa Capped UCITS ETF USD ** 149,036 2.032,882 iShares MSCI Turkey UCITS ETF USD ** 37,596 0.51

873 Naspers Ltd - 'N' Shares 171,265 2.333,000 Sasol 43,811 0.60

45,000 Turkcell İletişim Hizmetleri 82,709 1.13Total Middle East & Africa 757,603 10.33

Portfolio of investments 7,111,071 96.92Net current assets 226,295 3.08Total net assets 7,337,366 100.00

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

PORTFOLIO TRANSACTIONSfor the six month period ended 10 September 2019 £

Total purchases cost, including transaction charges 1,054,885

Total sales proceeds, net of transaction charges 1,262,190

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STATEMENT OF TOTAL RETURNfor the six month period ended 10 September 2019

10 September 2019 10 September 2018£ £ £ £

Income:Net capital gains/(losses) 352,119 -1,125,453Revenue 170,260 162,107

Expenses -40,245 -45,591Net revenue/(expense) before taxation 130,015 116,516

Taxation -11,822 -9,639

Net revenue/(expense) after taxation 118,193 106,877

Total return before distributions 470,312 -1,018,576

Distributions -1,237 -415

Change in net assets attributable to unitholders frominvestment activities 469,075 -1,018,991

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERSfor the six month period ended 10 September 2019

10 September 2019 10 September 2018£ £ £ £

Opening net assets attributable to unitholders * 7,117,277 8,395,426

Amounts receivable on issue of units 312,600 309,307Amounts payable on cancellation of units -561,582 -308,716Amounts payable on unit class conversions -4 -15

-248,986 576

Change in net assets attributable to unitholders frominvestment activities 469,075 -1,018,991

Closing net assets attributable to unitholders 7,337,366 * 7,377,011

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

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BALANCE SHEETas at 10 September 2019

10 September 2019 10 March 2019

£ £Assets:Fixed Assets:Investment assets 7,111,071 6,971,533

Current Assets:Debtors 52,824 48,623Cash and bank balances 179,058 234,711Total assets 7,342,953 7,254,867

Liabilities:Creditors:Bank overdrafts 0 0Distribution payable 0 127,547Other creditors 5,587 10,043Total liabilities 5,587 137,590

Net assets attributable to unitholders 7,337,366 7,117,277

NOTES TO THE INTERIM FINANCIAL STATEMENTSfor the six month period ended 10 September 2019

Basis for preparation

Accounting policies

The investments of the Fund have been valued at their fair value at 12 noon on 10 September 2019.

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.

The interim financial statements are prepared in sterling, which is the functional currency of the Fund. Monetary amountsinthese financial 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 March2019and are 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