MARLBOROUgH CAUTIOUS FUNDfunds.marlboroughfunds.com/uploads/documents... · Marlborough Cautious...

INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS

for the six month period ended 31 October 2019

MARLBOROUgHCAUTIOUS FUND

MARLBOROUGH CAUTIOUS FUND 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 Investment Adviser Marlborough Investment Management Ltd PO Box 1852 Lichfield Staffordshire WS13 8XU Authorised and regulated by the Financial Conduct Authority. Directors of Marlborough Fund Managers Ltd Andrew Staley Chairman Nicholas F J Cooling Deputy Chairman Allan Hamer Joint Managing Director Wayne D Green Joint Managing Director Dom Clarke Finance Director Geoffrey Hitchin Investment Director Helen Derbyshire Director – Compliance & Risk Richard Goodall Director – Strategy & Business Development Guy Sears Non-Executive Director David Kiddie Non-Executive Director Sarah Peaston Non-Executive Director (appointed 1 October 2019)

MARLBOROUGH CAUTIOUS FUND

CONTENTS PAGE

AUTHORISED INVESTMENT ADVISER’S REPORT 1

AUTHORISED STATUS AND GENERAL INFORMATION 3

DIRECTORS’ STATEMENT 4

COMPARATIVE TABLE 5

SYNTHETIC RISK AND REWARD INDICATOR 8

PORTFOLIO STATEMENT 9

PORTFOLIO TRANSACTIONS 10

UNAUDITED INTERIM FINANCIAL STATEMENTS

STATEMENT OF TOTAL RETURN 11

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 11

BALANCE SHEET 12

NOTES TO THE INTERIM FINANCIAL STATEMENTS 12

MARLBOROUGH CAUTIOUS FUND AUTHORISED INVESTMENT ADVISER’S REPORT for the six month period ended 31 October 2019 Percentage change and sector position to 31 October 2019

Six Months 1 year 3 years 5 years Since 2 Oct 2000* Marlborough Cautious Fund 0.74% 4.54% 6.54% 24.00% 137.78% IA Mixed Investment 20-60% Shares 2.32% 6.65% 11.92% 26.93% 115.34% Quartile Ranking** 4 4 4 3 4

* Gurjit Soggi appointed investment adviser. ** Based on ranking within The Investment Association’s Mixed Investment 20-60% Shares sector. External Source of Economic Data: Morningstar (Class P income units - bid to bid, net income reinvested). Class P units were first priced on 2 January 2013. In the period to that date, past performance information for Class A units has been used.

During the period under review the bid (selling price) of the class P income units, net income reinvested, increased by 0.74%. The IA Mixed Investment 20-60% sector average increased by 2.32% over the same time frame. The 6-month period was punctuated with volatility, making medium term asset allocation decisions difficult to call with any sort of conviction. In the UK, the FTSE 100 finished marginally ahead by 1.19% while the US continued to make good ground, posting 4.46%. Despite the gloom that continues to hang over Japan, the Nikkei 225 was up by 3.71%. Of even more surprise was Europe. Despite the uncertainty of the US/China trade negotiations, given the region’s reliance on exports, and worryingly deteriorating data from the manufacturing sector in particular, as Germany narrowly avoided a technical recession, European equities as a whole gained 4.24%. Far Eastern (ex-Japan) equities disappointed with a negative of 3.16%, as did Emerging Markets, down by 1.2%. On the face of it, China’s gain of 3.04% for the period may appear reasonably modest, but in context, it was further contribution to the 25% that it has achieved since October 2018.

In terms of performance of the Fund’s underlying exposure, WisdomTree Physical Gold led the way with 18.48% as gold returned to the fore as a safe haven asset class and M&G’s Global Listed Infrastructure fund delivered gains of 10.38%. In the bond space, Schroder Sterling Corporate Bond, Fidelity Extra Income and M&G Global Macro Bond all outstripped their benchmarks, up by 6.62%, 4.25% and 4.59% respectively. Notable achievers within the regional equity funds were JPM Japan +6.27%, Artemis US Extended Alpha +5.44%, and Fidelity Europe with 7.70% against its European equity peer group average of 2.73%. Much of the underperformance came in the final two months and fits into three distinct areas: Style (Growth/Value), Currency and short-term stock specific issues. These impacted fund returns during the final two months of the reporting period. Firstly, a sharp rotation in favour of Value style stocks. Currency, specifically, a sharp rally in sterling which began in September. Finally, the Fund was negatively impacted by some short-term stock specific issues during the period. All of these issues have since been addressed and the Fund is more equally balanced from a style (Growth/Value) perspective and also from a currency perspective (neutral GBP). We see these factors as continuing to have a significant impact on portfolio returns in the short to medium term, as factors such as Brexit negotiations and Trade disputes, to name just two, continuing to drive heightened volatility for the foreseeable future. These measures have had a beneficial impact on portfolio returns since implementation and we are confident that the portfolio is well positioned to weather the anticipated increase in volatility across asset classes. The most significant detractor for the period was Ashmore’s Emerging Markets Short Duration Bond that was down by 5.71% following the shock election results and subsequent market reaction in Argentina. We believe the market reaction to the elections have been overdone and we are expecting a reversal of the move, and there are indications that this has already begun. The only other negative of note was Man GLG UK Income Professional, down by 2.21%, but this appears to be an exception to an otherwise solid longer-term historical track record. Numerous interlinked factors with unpredictable outcomes have given the overall global economy an air of uncertainty and with that, from an investment perspective, has come caution. Until there is more clarity, we have continued to believe that it makes sense to avoid heavily overweight positions in specific asset classes and geographies and key to preserving investor’s wealth has been to find a balance that avoided being overly exposed during negative times, while being nimble enough to react when pockets of positivity present themselves. Marlborough Investment Management Ltd 20 December 2019 This report contains FTSE data. Source: FTSE International Limited (“FTSE”) © FTSE 2019. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and / or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Gurjit Soggi

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MARLBOROUGH CAUTIOUS FUND AUTHORISED INVESTMENT ADVISER’S REPORT for the six month period ended 31 October 2019 Distributions (pence per unit)

Year 2019 Year 2018 Year 2017 Year 2016 Class A Income Net income paid 30 June 0.9796 0.6176 0.8256 0.4160 Net income paid 31 December 1.1746 0.8665 1.0668 0.6587 Class A Accumulation Net income paid 30 June 1.6366 1.0149 1.3294 0.6614 Net income paid 31 December 1.9839 1.4340 1.7331 1.0528 Class B Income Net income paid 30 June 1.0000 0.6433 0.8534 0.4280 Net income paid 31 December 1.1980 0.9087 1.1055 0.6820 Class B Accumulation Net income paid 30 June 1.0000 0.6577 0.8460 N/A Net income paid 31 December 1.2350 0.9343 1.1153 N/A Class P Income Net income paid 30 June 1.0249 0.6411 0.8492 0.4256 Net income paid 31 December 1.2338 0.9033 1.1037 0.6766 Class P Accumulation Net income paid 30 June 1.1269 0.6937 0.9007 0.4457 Net income paid 31 December 1.3713 0.9841 1.1808 0.7121

Portfolio changes

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

WisdomTree Short EUR Long USD 3x Daily 683,116 WisdomTree Short EUR Long USD 3x Daily 661,847 WisdomTree Physical Gold GBP 595,976 Artemis US Extended Alpha 'I' GBP 507,989 iShares Core S&P 500 UCITS ETF USD 514,786 WisdomTree Physical Gold GBP 485,793 Schroder Sterling Corporate Bond 'Z' GBP 467,600 WisdomTree Short GBP Long USD 3x Daily 432,766 WisdomTree Short GBP Long USD 3x Daily 455,424 iShares Gold Producers UCITS ETF USD 401,435 Vanguard Global Credit Bond GBP Hedged 413,700 iShares Core FTSE 100 UCITS ETF GBP 394,377 iShares Core FTSE 100 UCITS ETF GBP 403,876 Fidelity American Special Situations 'W' 378,905 Vanguard FTSE 250 UCITS ETF GBP 398,808 Schroder Income 'Z' GBP 370,673 Legg Mason WA Macro Opps Bond 'X' US$ 368,164 Templeton Global Total Return Bond 'W' 365,554 iShares Gold Producers UCITS ETF USD 354,255 GAM Star Credit Opportunities 'Inst' GBP 357,807

Other purchases 5,024,039 Other sales 5,897,147

Total purchases for the period 9,679,744 Total sales for the period 10,254,293

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MARLBOROUGH CAUTIOUS FUND AUTHORISED STATUS AND GENERAL INFORMATION Authorised status Marlborough Cautious Fund (the Fund) is an authorised unit trust scheme within the meaning of the Financial Services and Markets Act 2000 and is a non-UCITS scheme operating under the Collective Investment Schemes Sourcebook (COLL) and the Investment Fund Sourcebook (FUND) as issued by the Financial Conduct Authority. Investment objective and policy The investment objective of the Fund is to provide an above average and subsequently increasing level of income with the potential for some capital growth. It is intended that this objective will be achieved by the Fund investing primarily in a diversified portfolio of units/shares of collective investment schemes, (including, but not restricted to, Exchange Traded Funds, collective investment schemes which themselves invest in property and/or the shares of property companies, and index-linked collective investment schemes), and transferable securities (including, but not restricted to, shares in investment companies including investment trusts which themselves invest in equities, property and/or the shares of property investment companies, equity linked transferable securities and fixed interest securities), on a global basis. From time to time the Fund may also invest in fixed interest securities, variable rate and index related securities issued by corporate bodies, government and local and regional agencies on a global basis. The Fund is also permitted to invest in money market instruments, government and public securities, cash and near cash, warrants and deposits as permitted for non-UCITS retail Schemes in accordance with COLL. The Fund may only invest in derivatives and forward transactions for the purposes of hedging. It is intended that the assets of the Fund will be managed such that it is eligible for quotation within The Investment Association's (The IA) Mixed Investment 20-60% Shares sector, further details of which may be found via The IA's website at www.theinvestmentassociation.org. Changes in prospectus No significant changes have been made since the last report. 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. Leverage In accordance with the Alternative Investment Fund Managers Directive (AIFMD) we are required to disclose the ‘leverage’ of the Fund. Leverage is defined as any method by which the Fund increases its exposure through borrowing or the use of derivatives. ‘Exposure’ is defined in two ways: ‘gross method; and ‘commitment method’. The Fund must not exceed maximum exposures under both methods. ‘Gross method’ exposure is calculated as the sum of all positions of the Fund (both positive and negative), that is, all eligible assets, liabilities and derivatives, including derivatives held for risk reduction purposes. ‘Commitment method’ is also calculated as the sum of all positions of the Fund (both positive and negative), but after netting off any derivative and security positions as specified by AIFMD rules. Therefore, the total amount of leverage calculated as at 31 October 2019 is as follows: Gross method: 93.41% Commitment method: 93.41% The maximum level of leverage which may be employed on behalf of the Fund when calculated in accordance with the gross method is 160%. The maximum level of leverage which may be employed on behalf of the Fund when calculated in accordance with the commitment method is 110%.

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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 23 December 2019

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MARLBOROUGH CAUTIOUS FUND COMPARATIVE TABLE Income units were first offered at 50p on 31 May 1994. 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 31.10.2019 30.04.2019 30.04.2018 30.04.2017

pence pence pence pence Opening net asset value per unit 89.19 92.57 90.60 82.23 Return before operating charges* 1.37 0.65 5.96 11.97 Operating charges (1.06) (2.18) (2.31) (2.12) Return after operating charges* 0.31 (1.53) 3.65 9.85 Distributions on income units (1.17) (1.85) (1.68) (1.48) Closing net asset value per unit 88.33 89.19 92.57 90.60

* after direct transaction costs of: 0.02 0.02 0.02 0.04

Performance Return after charges 0.35% -1.65% 4.03% 11.98%

Other information Closing net asset value £3,360,358 £3,992,357 £5,020,397 £4,702,696 Closing number of units 3,804,200 4,476,461 5,423,288 5,190,718 Operating charges 2.35%A 2.42% 2.49% 2.41% Direct transaction costs 0.05%A 0.02% 0.02% 0.04%

Prices Highest unit price 93.49p 99.33p 99.98p 97.03p Lowest unit price 87.50p 85.24p 90.59p 81.02p

Class A accumulation units Period to Year to Year to Year to Change in net assets per unit 31.10.2019 30.04.2019 30.04.2018 30.04.2017

pence pence pence pence Opening net asset value per unit 150.64 153.15 147.18 131.41 Return before operating charges* 2.33 1.12 9.74 19.18 Operating charges (1.79) (3.63) (3.77) (3.41) Return after operating charges* 0.54 (2.51) 5.97 15.77 Distributions on accumulation units (1.98) (3.07) (2.75) (2.38) Retained distributions on accumulation units 1.98 3.07 2.75 2.38 Closing net asset value per unit 151.18 150.64 153.15 147.18





A These figures have been annualised.

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MARLBOROUGH CAUTIOUS FUND COMPARATIVE TABLE

Class B income units Period to Year to Year to Year to Change in net assets per unit 31.10.2019 30.04.2019 30.04.2018 30.04.2017




Other information Closing net asset value £919 £9 £993 £1,003 Closing number of units 1,000 10 1,043 1,083 Operating charges 1.85%A 1.92% 1.99% 1.91% Direct transaction costs 0.05%A 0.02% 0.02% 0.04%


Class B accumulation units Period to Year to Year to Period to Change in net assets per unit 31.10.2019 30.04.2019 30.04.2018 30.04.2017

pence pence pence pence Opening net asset value per unit 97.00 97.79 93.48 91.95B Return before operating charges* 2.14 1.05 6.23 2.03 Operating charges (0.92) (1.84) (1.92) (0.50) Return after operating charges* 1.22 (0.79) 4.31 1.53 Distributions on accumulation units (1.24) (1.93) (1.77) (0.85) Retained distributions on accumulation units 1.24 1.93 1.77 0.85 Closing net asset value per unit 98.22 97.00 97.79 93.48



Other information Closing net asset value £982 £10 £1,011 £1,012 Closing number of units 1,000 10 1,034 1,083 Operating charges 1.85%A 1.92% 1.99% 1.91%A Direct transaction costs 0.05%A 0.02% 0.02% 0.04%A


A These figures have been annualised. B Opening net asset value per unit on 18 January 2017.

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MARLBOROUGH CAUTIOUS FUND COMPARATIVE TABLE

Class P income units Period to Year to Year to Year to Change in net assets per unit 31.10.2019 30.04.2019 30.04.2018 30.04.2017




Other information Closing net asset value £676,604 £681,946 £1,052,867 £1,292,943 Closing number of units 727,965 729,472 1,093,266 1,382,061 Operating charges 1.60%A 1.67% 1.74% 1.66% Direct transaction costs 0.05%A 0.02% 0.02% 0.04%


Class P accumulation units Period to Year to Year to Year to Change in net assets per unit 31.10.2019 30.04.2019 30.04.2018 30.04.2017

pence pence pence pence Opening net asset value per unit 103.92 104.86 100.09 88.71 Return before operating charges* 1.61 0.78 6.57 12.97 Operating charges (0.84) (1.72) (1.80) (1.59) Return after operating charges* 0.77 (0.94) 4.77 11.38 Distributions on accumulation units (1.37) (2.11) (1.87) (1.61) Retained distributions on accumulation units 1.37 2.11 1.87 1.61 Closing net asset value per unit 104.69 103.92 104.86 100.09





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 Fund. 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.

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MARLBOROUGH CAUTIOUS FUND 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 Fund. It is calculated based on the volatility of the Fund 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 Fund has been measured as 4 because it has experienced moderate 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 31 October 2019

Holding or Bid Percentage ofnominal value value total net assets

£ %UK EQUITY (30 April 2019 - 3.32%)

66,723 LF Lindsell Train UK Equity 223,522 2.917,301 Vanguard FTSE 250 UCITS ETF GBP * 232,245 3.03

Total UK Equity 455,767 5.94

UK EQUITY INCOME (30 April 2019 - 11.05%)316,218 Franklin UK Equity Income 'W' 505,569 6.58402,444 Man GLG UK Income 'D' 500,238 6.52

Total UK Equity Income 1,005,807 13.10

£ CORPORATE BOND (30 April 2019 - 3.97%)31,236 M&G Strategic Corporate Bond 'I' Sterling 348,714 4.54

284,255 Schroder Sterling Corporate Bond 'Z' GBP 478,970 6.24Total £ Corporate Bond 827,684 10.78

£ STRATEGIC BOND (30 April 2019 - 11.51%)315,331 Fidelity Extra Income 'Y' 408,668 5.32

2,641 Legg Mason WA Macro Opportunities Bond 'X' GBP Hedged 355,252 4.63382,445 Royal London Sterling Extra Yield Bond 'Z' 405,392 5.28

Total £ Strategic Bond 1,169,312 15.23

GLOBAL BOND (30 April 2019 - 17.15%)3,440 Ashmore Emerging Markets Short Duration 'Z' GBP 331,273 4.32

114,313 M&G Global Macro Bond 'I' Sterling 150,767 1.962,998 Vanguard Global Credit Bond GBP Hedged 329,933 4.30

Total Global Bond 811,973 10.58

EUROPE (EX. UK) EQUITIES (30 April 2019 - 7.70%)1,387 Fidelity Active Strategy Europe 'W' GBP 223,113 2.914,237 Xtrackers S&P Europe ex. UK UCITS ETF '1D' EUR * 198,461 2.58

Total Europe (ex. UK) Equities 421,574 5.49

FAR EAST (EX. JAPAN) EQUITIES (30 April 2019 - 7.13%)57,777 Fidelity Asia Pacific Opportunities 'W' 124,624 1.62

1,615 Prusik Asian Equity Income '1B' US Dollar 239,660 3.12Total Far East (ex. Japan) Equities 364,284 4.74

GLOBAL EQUITIES (30 April 2019 - 1.34%)187,487 M&G Global Listed Infrastructure 'I' Sterling 237,209 3.09

Total Global Equities 237,209 3.09

JAPAN EQUITIES (30 April 2019 - 4.50%)822 Baillie Gifford Japanese Smaller Companies 'B' 40,459 0.53

19,434 JPM Japan 'C' Net 54,143 0.71557 Man GLG Japan CoreAlpha Equity 'I' GBP 110,729 1.44

Total Japan Equities 205,331 2.68

NORTH AMERICA EQUITIES (30 April 2019 - 8.94%)69,772 Artemis US Select 'I' GBP 157,251 2.05

9,826 iShares Core S&P 500 UCITS ETF USD * 229,732 2.9980,223 JPM US Equity Income 'C' Net 277,572 3.62

Total North America Equities 664,555 8.66

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PORTFOLIO STATEMENTas at 31 October 2019

Holding or Bid Percentage ofnominal value value total net assets

£ %EMERGING MARKETS EQUITIES (30 April 2019 - 1.96%)

1,711 First Trust Emerging Markets AlphaDEX® UCITS ETF 'A' USD * 38,669 0.5034,847 Hermes Global Emerging Markets SMID Equity 'X' Stg£ 40,882 0.53

4,115 JPM Emerging Markets 'C' Net 41,071 0.54Total Emerging Markets Equities 120,622 1.57

SPECIALIST (30 April 2019 - 1.28%)2,923 Polar Capital Healthcare Opportunities 'I' Sterling 109,481 1.431,176 WisdomTree Physical Gold GBP * 130,148 1.70

Total Specialist 239,629 3.13

ABSOLUTE RETURN (30 April 2019 - 3.29%)121,022 M&G Episode Macro 'TH' Sterling 168,899 2.20

Total Absolute Return 168,899 2.20

CASH ALTERNATIVES (30 April 2019 - 7.05%)2,607 iShares £ Ultrashort Bond UCITS ETF GBP * 262,473 3.42

254,225 Royal London Enhanced Cash Plus 'Y' 265,961 3.46Total Cash Alternatives 528,434 6.88

Portfolio of investments 7,221,080 94.07Net other assets 455,382 5.93Total net assets 7,676,462 100.00

PORTFOLIO TRANSACTIONS £for the six month period ended 31 October 2019

Total purchases costs, including transaction charges 9,679,744

Total sales proceeds, net of transaction charges 10,254,293

All investments are units/shares in ICVCs and unit trusts which are authorised or 'recognised' by the FCA with the exception of* which are open ended exchange traded funds.

10


STATEMENT OF TOTAL RETURNfor the six month period ended 31 October 2019

31 October 2019 31 October 2018£ £ £ £

Income:Net capital gains/(losses) (28,922) (481,948)Revenue 131,314 108,141

Expenses (62,155) (73,884)Net revenue/(expense) before taxation 69,159 34,257

Taxation 5 0

Net revenue/(expense) after taxation 69,164 34,257

Total return before distributions 40,242 (447,691)

Distributions (106,714) (92,904)

Change in net assets attributable to unitholders frominvestment activities (66,472) (540,595)

STATEMENT OF CHANGE IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERSfor the six month period ended 31 October 2019

31 October 2019 31 October 2018£ £ £ £

Opening net assets attributable to unitholders * 8,633,842 10,590,200

Amounts receivable on issue of units 163,240 186,439Amounts payable on cancellation of units (1,101,871) (1,311,615)

(938,631) (1,125,176)Renewal commission 0 62

Change in net assets attributable to unitholders frominvestment activities (66,472) (540,595)

Retained distribution on accumulation units 47,723 39,943

Closing net assets attributable to unitholders 7,676,462 * 8,964,434

* 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 31 October 2019

31 October 2019 30 April 2019

£ £Assets:Fixed Assets:Investments 7,221,079 7,787,120

Current Assets:Debtors 16,841 26,629Cash and bank balances 510,700 944,754Total assets 7,748,620 8,758,503

Liabilities:Creditors:Distribution payable on income units 53,680 51,330Other creditors 18,478 73,331Total liabilities 72,158 124,661

Net assets attributable to unitholders 7,676,462 8,633,842

NOTES TO THE INTERIM FINANCIAL STATEMENTSfor the six month period ended 31 October 2019

Basis for preparation

Accounting policies

The investments of the Fund have been valued at their fair value at 12 noon on 31 October 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 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 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 30 April 2019and 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

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