Marlborough Unit Trusts: Marlborough Balanced Fund Marlborough Cautious Fund Marlborough Global Fund. (For Retail Investors) Published 26 th July 2011

Transcription

1 Marlborough Unit Trusts: Marlborough Balancd Fund Marlborough Cautious Fund Marlborough Global Fund (For Rtail Invstors) Publishd 26 th July Customr Support / nquiris@marlboroughfunds.com Daling Intrmdiary Support / intrsupport@marlboroughfunds.com Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton BL1 4QP Th Financial Srvics Authority is th indpndnt financial srvics rgulator. It rquirs us, Marlborough Fund Managrs Ltd, to giv you this important information to hlp you to dcid whthr our Marlborough Unit Trusts ar right for you. You should rad this documnt carfully so that you undrstand what you ar buying, and thn kp it saf for futur rfrnc.

2 Th documnt is split into various sctions: Introduction Risks Chargs, Expnss and Taxation Buying and Slling Units Furthr Information for Invstors Past Prformanc Invsting via a Stocks and Shars ISA Stocks and Shars ISA Trms and Conditions At Marlborough Fund Managrs Ltd w concntrat on providing unit trust and OEIC invstmnts and so do not provid any invstmnt advic. For this you should consult a financial advisr. If you hav any tchnical qustions about th funds our Customr Support Tam will b happy to hlp. You can call fr btwn 9am and 5pm, Monday to Friday on Th full prospctus and th annual and half-yarly rports of th funds can b obtaind fr of charg by contacting our Customr Support Tam at any tim. Who is Marlborough Fund Managrs Ltd? Marlborough Fund Managrs Ltd is a unit trust and OEIC managr, offring a rang of collctiv invstmnts covring a numbr of th world s markts. Originally launchd in 1986 Marlborough has grown to offr accss to many xprt fund managrs. As a UK financial srvics providr Marlborough is Authorisd and Rgulatd by th Financial Srvics Authority and is a mmbr of th Invstmnt Managmnt Association. What is a Unit Trust? A unit trust is a collctiv invstmnt schm, which mans that your mony is poold with othr invstors mony. It is thn usd to invst in a numbr of diffrnt shars, bonds funds or othr assts. This mans you can asily gain accss to a wid sprad of various invstmnts dsignd to achiv growth, incom or a combination of th two. What typ of invstor ar th Marlborough Funds aimd at? Th Marlborough Balancd, Cautious and Global Funds ar aimd at invstors wishing to achiv long trm, i.. ovr 5 yars, capital growth, incom or a combination of th two from xposur to th UK or ovrsas stock markts. Th objctiv of ach fund is shown blow but invstors will b awar that rturns ar not guarantd and thy may gt back lss than thy originally invstd. If you ar unsur whthr an invstmnt is suitabl for your nds you should consult a financial advisr. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 1 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

3 What ar th Invstmnt Objctivs and Policis of th Marlborough Balancd, Cautious and Global Funds? Each fund aims to achiv ithr growth, incom or a combination of th two by invsting primarily in a rang of collctiv invstmnts. Full dtails of thir objctivs and how ach fund aims to achiv thm ar as follows along with dtails of th Invstmnt Advisrs to th funds (Th Invstmnt Advisrs aim to achiv th objctivs by dciding which invstmnts to buy and whn): Fund Nam & Invstmnt Advisr Marlborough Balancd Fund Invstmnt Advisr: Marlborough Fund Managrs Ltd Invstmnt objctiv and policy To provid mdium to long trm capital growth on a mdium risk basis. It is intndd that this objctiv will b achivd by th schm invsting primarily in a divrsifid portfolio of units/shars of collctiv invstmnt schms, (including, but not rstrictd to, Exchang Tradd Funds, collctiv invstmnt schms which thmslvs invst in proprty and/or th shars of proprty companis, and indx-linkd collctiv invstmnt schms), and transfrabl scuritis (including, but not rstrictd to, shars in invstmnt companis including invstmnt trusts which thmslvs invst in quitis, proprty and/or th shars of proprty invstmnt companis, and quity linkd transfrabl scuritis and fixd intrst invstmnts), on a global basis. Th schm is also prmittd to invst in mony markt instrumnts, govrnmnt and public scuritis, cash and nar cash, warrants and dposits as prmittd for non-ucits rtail schms in accordanc with COLL. It is intndd that th assts of th schm will b managd such that it is ligibl for quotation within th Invstmnt Managmnt Association's Balancd Managd sctor, furthr dtails of which may b found via th IMA's wbsit at Th schm may only invst in drivativs and forward transactions for th purposs of hdging. Marlborough Cautious Fund Invstmnt Advisr: Marlborough Fund Managrs Ltd To provid an abov avrag and subsquntly incrasing lvl of incom with th potntial for som capital growth. It is intndd that this objctiv will b achivd by th schm invsting primarily in a divrsifid portfolio of units/shars of collctiv invstmnt schms, (including, but not rstrictd to, Exchang Tradd Funds, collctiv invstmnt schms which thmslvs invst in proprty and/or th shars of proprty companis, and indx-linkd collctiv invstmnt schms), and transfrabl scuritis (including, but not rstrictd to, shars in invstmnt companis including invstmnt trusts which thmslvs invst in quitis, proprty and/or th shars of proprty invstmnt companis, quity linkd transfrabl scuritis and fixd intrst scuritis), on a global basis. From tim to tim th schm may also invst in fixd intrst scuritis, variabl rat and indx rlatd scuritis issud by corporat bodis, govrnmnt and local and rgional agncis on a global basis. Th schm is also prmittd to invst in mony markt instrumnts, govrnmnt and public scuritis, cash and nar cash, warrants and dposits as prmittd for non-ucits rtail schms in accordanc with COLL. It is intndd that th assts of th schm will b managd such that it is ligibl for quotation within th Invstmnt Managmnt Association's Cautious Managd sctor, furthr dtails of which may b found via th IMA's wbsit at Th schm may only invst in drivativs and forward transactions for th purposs of hdging. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus 2 should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

4 Marlborough Global Fund Invstmnt Advisr: Marlborough Fund Managrs Ltd To provid mdium to long trm capital growth. It is intndd that this objctiv will b achivd by th schm invsting primarily in a divrsifid portfolio of units/shars of collctiv invstmnt schms, (including, but not rstrictd to, Exchang Tradd Funds, collctiv invstmnt schms which thmslvs invst in proprty and/or th shars of proprty companis, and indx-linkd collctiv invstmnt schms), and transfrabl scuritis (including, but not rstrictd to, shars in invstmnt companis including invstmnt trusts which thmslvs invst in quitis, proprty and/or th shars of proprty invstmnt companis, and quity linkd transfrabl scuritis and fixd intrst invstmnts), on a global basis. Th schm is also prmittd to invst in mony markt instrumnts, govrnmnt and public scuritis, cash and nar cash, warrants and dposits as prmittd for non-ucits rtail schms in accordanc with COLL. It is intndd that th assts of th Schm will b managd such that it is ligibl for quotation within th Invstmnt Managmnt Association's Global sctor, furthr dtails of which may b found via th IMA's wbsit at Th Schm may only invst in drivativs and forward transactions for th purposs of hdging. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus 3 should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

5 As with any invstmnt, thr ar crtain risks associatd with invsting in unit trusts. Som risks ar spcific to ach fund whilst som ar mor gnral and apply to all funds. Th following risks ar thos which apply to all funds: Markt Risk Invstmnts in th rang of funds offrd by Marlborough ar all subjct to normal stock markt fluctuations and othr risks inhrnt in all invstmnts whr markt prics can chang. This risk is managd by sprading th invstmnts th fund holds so that it is not xposd too xcssivly to th invstmnts of any on company or issur. Prformanc Risk Chargs Inflation Risk Thr will b a variation in prformanc btwn diffrnt funds with similar objctivs du to th diffrnt assts slctd. Thr is no guarant for th prformanc of your invstmnt. Th valu of invstmnts and th incom from thm may go down as wll as up and you may not gt back th amount you originally invstd. As thr is an initial charg on your invstmnt withdrawing arly may man that any growth achivd is not sufficint to rcovr that charg and you may gt back lss than you originally invstd as a rsult. Inflation may hav th affct of roding th valu of your invstmnt. Rgulation and Tax Th rgulatory and taxation rgim undr which th funds oprat may b subjct to chang. Th following risks ar spcific to crtain funds, dpnding on thir objctivs and th kind of invstmnts thy mak. Th funds to which ach risk applis is also shown: Liquidity Risk Th shars in som companis, particularly som smallr companis, which th funds hold may b mor difficult to buy and sll. This mans thy may b subjct to gratr pric movmnts both up and down. Marlborough Balancd Fund Marlborough Cautious Fund Marlborough Global Fund Exchang or Currncy Risk Invstmnts mad ovrsas by ths funds may b tradd in a forign currncy. Movmnts in ths currncis will caus th valu of th invstmnt to ris and fall. Additional Capital Risk As this fund aims to achiv a high lvl of incom it may giv up som of its potntial for capital growth. Marlborough Balancd Fund Marlborough Cautious Fund Marlborough Global Fund Marlborough Cautious Fund Dtails of all th risks mntiond abov may b found in th full prospctus. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 4 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

6 What ar th chargs whn invsting in th funds? Initial Charg Whn you buy units in a unit trust fund you will pay an initial charg. This is a prcntag of th amount you invst and is addd to th pric you pay for ach unit. Th pric at which you buy units, which includs th initial charg, is known as th offr pric. Annual Managmnt Charg This is an annual prcntag of th total valu of th fund, which is paid to Marlborough Fund Managrs Ltd for managing and administring th fund. Th amount is calculatd ach day and takn from th fund, rathr than from your individual invstmnt. This charg is usually takn from th fund s incom maning it will rduc th incom that th fund pays. For som funds howvr, it is takn from capital to maximis thir potntial for paying a highr lvl of incom. In ths lattr cass capital growth may b constraind as a rsult. Th actual chargs and rats can b found in th tabl that follows. Ar thr any othr chargs or xpnss? In addition to th initial and annual chargs th funds will also pay othr additional xpnss. Lik th annual managmnt charg, ths ar takn from th fund rathr than from your invstmnt and will thrfor b rflctd in th pric at which you may buy or sll units. Th additional xpnss includ fs for trusts, custody, rgistration, audit and rgulation. What is th Total Expns Ratio? This is a prcntag figur which is usd to show th total xpnss a fund will hav to pay ach yar. It includs th annual managmnt charg and th additional xpnss but dos not includ th initial charg. It is calculatd according to complx guidlins providd by our rgulator and is th intrnationally accptd standard for th comparison of th xpnss for a fund. As ths funds invst primarily in othr collctiv invstmnts, th TER also includs th annual charg on ach of thos invstmnts. Past TER figurs can b found on our wbsit at What is th Portfolio Turnovr Rat and how dos it affct my invstmnt? Whn th fund buys or slls its invstmnts thr ar transaction chargs which must b paid. Ths may includ Govrnmnt Stamp Duty, currntly 0.5% on th purchas of shars, and commission to brokrs. If th fund buys and slls invstmnts frquntly ths chargs may hav a highr impact on your invstmnt. On th othr hand, activ managmnt may man that th fund prforms wll nough to outwigh ths chargs. To show th lvl of buying and slling in th funds, th Portfolio Turnovr Rat is calculatd. Lik th Total Expns Ratio it must b calculatd in accordanc with th guidlins issud by our rgulator. Th formula for this rat is as follows; (Purchas of Scuritis + Sals of Scuritis) Minus (Subscription of Units + Rdmption of Units) (Avrag fund valu ovr 12 months) Multiplid by 100 Marlborough: Initial Charg % Annual Managmnt Charg % Total Expns Ratio % Portfolio Turnovr Rat % Balancd Fund Cautious Fund * Global Fund * Th whol of th annual managmnt charg for this fund is takn from capital. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 5 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

7 How will ths chargs and xpnss affct my invstmnt? Th following tabls giv an xampl of how th chargs and xpnss will affct your invstmnt ovr a numbr of yars. Thy ar calculatd using th Total Expns Ratio and th initial charg and us an xampl growth rat of 6% pr yar. It is important to rmmbr that this growth rat is in no way guarantd, it is usd simply to illustrat th ffct of chargs on an invstmnt. Each tabl shows a rducd rat of rturn or rduction in yild figur. This shows how th xampl growth rat of 6% pr yar has bn rducd by th chargs and xpnss. A singl dirct invstmnt in th Marlborough Balancd Fund: Th ffct of chargs on a 1,000 lump sum invstmnt in th fund assuming a growth rat of 6% a yar. A singl dirct invstmnt in th Marlborough Global Fund: Th ffct of chargs on a 1,000 lump sum invstmnt in th fund assuming a growth rat of 6% a yar. At nd of yar Invstmnt to dat Effct of dductions to dat What you might gt back At nd of yar Invstmnt to dat Effct of dductions to dat What you might gt back 1 1, , , , , , , , , , , , , ,270 Th third column in th tabl shows that ovr 10 yars th total ffct of chargs and xpnss could amount to 552. In othr words, if th growth rat wr 6% a yar (which is not guarantd) th dductions would hav th ffct of rducing that growth rat to 2.16%. Th third column in th tabl shows that ovr 10 yars th total ffct of chargs and xpnss could amount to 516. In othr words, if th growth rat wr 6% a yar (which is not guarantd) th dductions would hav th ffct of rducing that growth rat to 2.45%. A singl dirct invstmnt in th Marlborough Cautious Fund: Th ffct of chargs on a 1,000 lump sum invstmnt in th fund assuming a growth rat of 6% a yar. At nd of yar Invstmnt to dat Effct of dductions to dat (Incom Units) Effct of dductions to dat (Accumulation Units) Incom to dat (Incom Units) What you might gt back (Incom Units) What you might gt back (Accumulation Units) 1 1, , , , , , ,020 1,310 Th last lin of th tabl shows that ovr 10 yars th ffct of chargs and xpnss could amount to 432 for incom units or 471 for accumulation units. Putting it anothr way, this would hav th sam ffct as bringing th illustratd invstmnt growth from 6% down to 2.74% a yar for incom units or 2.81% for accumulation units. How dos tax affct th funds? Th Funds ar xmpt from Unitd Kingdom capital gains tax which is payabl whn invstmnts ar disposd of or sold. If th Funds rciv dividnds from UK companis or othr funds in which thy invst, thr will b a tax crdit attachd and th Funds will not hav to pay any additional tax. Ovrsas dividnds ar now not normally taxabl. Intrst paid to th funds is paid gross and is thrfor liabl to UK corporation tax, chargd at 20%. Th Funds ar abl to offst allowabl managmnt xpnss against this 20% corporation tax. Whr ovrsas incom is liabl to tax, any ovrsas tax paid on it may b dductd from th UK tax du on that incom. Furthr dtails ar availabl in th full prospctus. How dos tax affct my invstmnt? Th following information rflcts th taxation situation in th Unitd Kingdom; howvr th tax that you may hav to pay for incom or on capital gains dpnds on th tax law that applis to you. If you ar unclar about tax thn you should sk profssional advic. Incom distributions, whthr thy ar paid to you or rinvstd to purchas mor units, or accumulatd into th fund, ar tratd by HM Rvnu & Customs (HMRC) as incom, and you will thrfor b liabl to incom tax. Th prcis incom position dpnds on whthr th incom distribution drivs from shar dividnd distributions or intrst. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 6 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

8 Th Marlborough Balancd, Cautious and Global Funds pay dividnd distributions. Thy will b paid nt of a notional tax crdit quivalnt to a dduction of 10% of th gross dividnd. For dividnd distributions, you cannot rclaim th 10% tax crdit vn if you ar a non-taxpayr. If you ar a nontaxpayr or basic rat taxpayr you will not hav any furthr incom tax liability. Highr rat taxpayrs may hav an additional liability to incom tax. Any gains mad on th full or partial disposal of your invstmnt, including rgular withdrawals, ar liabl to capital gains tax (CGT) only if thy caus your total gains for th tax yar to xcd your prsonal xmption. What is stamp duty rsrv tax (SDRT)? Th Funds bar Stamp Duty Rsrv Tax (SDRT) lvid on transactions in shars in th Funds rathr than it bing chargd to th individual invstor. SDRT is payabl whn shars in a fund ar rpurchasd. Th amount payabl is rducd whr rpurchass xcd sals ovr a two wk priod which is also th basis priod for calculating and paying th tax. SDRT is only payabl in rlation to funds that invst in crtain UK assts. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 7 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

9 Can I buy units? You may buy units in th Funds if you ar agd 18 or ovr. You may also buy units within an ISA, furthr dtails ar givn latr in this documnt. You may also invst on bhalf of a child in an adult s nam by dsignating th account for th child. How much can I invst? You may invst a lump sum (singl paymnt) into as many funds as you wish. Thr is no maximum amount that you may invst dirctly into a unit trust but th minimum is 1,000 in ach fund. Th minimum amount for additional invstmnts is 500. How do I invst? Plas complt th appropriat application form and snd it by post to your financial advisr or to Marlborough Fund Managrs Ltd togthr with a chqu for th full amount. Altrnativly, you may tlphon our Daling Tam fr on to plac your invstmnt (this option is not availabl to ISA invstmnts). Calls to this lin may b rcordd for your protction. You may buy furthr units in th sam way. Placing a Dal Important Information Whthr you plac a dal by snding an application form or by tlphon you will nd to b abl to provid us with all th information w nd such as; Dtails of Holdrs You will nd to giv us th full nam and rsidntial addrss of all rgistrd holdrs. If you ar buying units for yourslf only thn you will nd only your own dtails. If th invstmnt is to b jointly hld, for xampl by yourslf and a spous, w will nd thir dtails too. Incom Paymnts Th Marlborough Cautious Fund pays incom. If you would lik to rciv this you will nd to tll us. You may also giv us your bank dtails so w can pay dirctly to your account rathr than by snding you a chqu. If you do not want incom paying out to you will b givn accumulation units, which mans incom is put back in th fund. What happns nxt? W will plac your dal straight away. Units will thn b bought in your chosn fund(s) on th nxt availabl valuation point. All of th funds in this simplifid prospctus ar valud ach businss day at 12 noon. Whn your units hav bn bought w will snd you a contract not. This will giv you all th dtails about your invstmnt such as th numbr of units you rciv, th pric you paid and th dat your invstmnt was mad. You should kp this documnt saf for futur rfrnc. How do I sll my units? You can instruct us to sll som or all of your units at any tim, ithr by writing to us (your instruction must b signd) or by calling our Daling Tam on If you instruct us by tlphon you will b rquird to sign and rturn a rnunciation form bfor w can pay you. This will b snt to you with your contract not which will b snt th day aftr your units ar sold. Providing that w hav rcivd your signd confirmation w will snd you a chqu covring th paymnt on th fourth businss day aftr th valuation point at which th units wr sold. Othrwis paymnt will b mad four businss days aftr rcipt of th confirmation. It is important to not that th minimum valu of units which may b hld in any on fund is 1,000. Larg Dals Whr an invstor slls ovr 15,000 in valu of thir units, ithr singly or as a combination of smallr dals for th sam valuation point, w may sll thos units at cancllation pric. This is th lowst pric calculatd for a unit trust and is basd on th slling pric of all th stocks and shars within th unit trust. This action is usd to protct th rmaining invstors within th funds as w may hav to sll som of th fund s own invstmnts in ordr to rais th mony to pay th procds of a larg dal. Can I switch btwn diffrnt Marlborough funds? Ys, you may switch from on Marlborough fund to anothr by writing to us (your instruction must b signd) or you may tlphon our Daling Tam on If you plac th dal by tlphon w will rquir writtn confirmation by post. W will sll your xisting units and buy your nw ons simultanously at th nxt availabl valuation point. Can I withdraw my application? (Cancllation Rights) If you hav rcivd invstmnt advic w will snd you a lttr dtailing your cancllation rights. This mans that you will hav 14 days from th day you rciv our lttr in which to cancl your invstmnt should you chang your mind. You can do this by complting th cancllation notic w snd you and rturning it to us in th post. W will thn snd th amount you invstd back to you. If th valu of your invstmnt has dcrasd howvr, you may not gt back th full amount. Cancllation rights do not apply to businss or profssional invstors. Rgular Savings You may invst in th funds by making rgular, monthly contributions by Dirct Dbit. Th minimum amount that you may invst ach month is 100. Thr is no maximum amount. Plas complt th appropriat application form and snd it by post to your financial advisr or to Marlborough Fund Managrs Ltd togthr with a chqu for your first instalmnt. Your initial invstmnt will b mad at th nxt valuation point following our rcipt of your application form and chqu. Subsqunt invstmnts will thn b mad ach month by dirct dbit. Th dat on which paymnts ar takn from your account will dpnd on th fund(s) you choos. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 8 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

10 A statmnt showing th transactions in th past 6 months will b snt to you within 25 businss days of th 6th April and 6th Octobr of ach yar. If you wish to cancl your rgular savings or sll th units you hold with us you will nd to writ to us with your instructions. You will also nd to cancl th dirct dbit instruction with your bank. Kping track of your invstmnt You may tlphon our Customr Support Tam on frphon to rqust a valuation of your invstmnts with Marlborough. You will also b snt annual and half yarly short rports for th funds you hav invstd in. Fund prics ar availabl on our wbsit along with othr usful information such as fund fact shts and fund managr profils. W also publish som pric information in th Financial Tims. Making a complaint At Marlborough Fund Managrs Ltd w try our vry bst to nsur w provid th high lvl of srvic that w ourslvs would xpct to rciv. W rcognis howvr that somtims you may not b compltly satisfid and hav caus to complain. If this is th cas w would ncourag you to writ to our Complianc Officr at Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP with dtails of your complaint. W will thn carry out a full invstigation and rspond to you as soon as possibl. Full dtails of our complaints procdur ar availabl on rqust. If you ar not satisfid with our rspons you may thn contact th Financial Ombudsman Srvic, South Quay Plaza, 183 Marsh Wall, London, E14 9SR ( ) who may thn rviw your complaint indpndntly. Compnsation Marlborough is covrd by th Financial Srvics Compnsation Schm. You may b ntitld to compnsation from th schm if Marlborough cannot mt its obligations. This dpnds on th typ of businss and th circumstancs of th claim. Most typs of invstmnt businss ar covrd for 100% of th first 50,000. Furthr information about compnsation arrangmnts is availabl from th Financial Srvics Compnsation Schm. Data Protction Marlborough Fund Managrs Ltd is rgistrd undr th Data Protction Act If you hav any quris about data protction issus, plas writ to: Data Protction Officr, Marlborough Fund Mangrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton BL1 4QP. paymnts in rspct of your invstmnt until satisfactory proof of your idntity is obtaind. W will vrify th idntity of all invstors and bnficial ownrs by chcking dtails on various databass via a crdit rfrnc agncy. This will not hav any impact on your crdit scor. It will b an idntity vrification chck only, not a crdit chck. If w ar unabl to vrify your idntity in this way w will contact you to rqust furthr documntation. Ovrsas invstors should contact us to discuss documntation which may b snt. If you hav any quris on mony laundring prvntion plas call us on Rgulatory Status Th funds ar authorisd collctiv invstmnt schms as dfind in th Financial Srvics and Markts Act 2000 and ar rgulatd by th Financial Srvics Authority. Th funds ar all classifid as Non-UCITS Rtail Schms. Th unit trusts covrd in this documnt ar all authorisd unit trust and ar govrnd by th Collctiv Invstmnt Schms (COLL) Sourcbook and thir rspctiv trust dds. All documntation will b providd in English and contracts ar subjct to English law. Th dat of incorporation and th FSA numbr for ach fund can b found in th tabl at th nd of this sction. Clint Mony In th, xcptional, vnt that a transaction is not procssd within th tim limits st by th FSA s rgulations, any cash will b hld in a clint bank account. Intrst will b payabl at a rat not lss than th minimum dposit rat for th amount in qustion, unlss th amount of intrst is lss than 20 or th amount hld is 10,000 or lss and is hld for lss than 10 businss days. Soft Commission and Commission Sharing Soft commission is a bnfit, for xampl fr rsarch analysis that might b providd by a brokr who buys and slls th undrlying invstmnts in a portfolio. In xchang a fund managr would b xpctd to giv th brokr a crtain lvl of businss. Marlborough has no soft commission arrangmnts in plac at this tim for th funds covrd by this documnt. Clint Classification All invstors ar classifid as Rtail Invstors. Anti Mony Laundring / Combating Trrorist Financing Mony laundring rgulations rquir financial srvic companis to mak chcks on th sourc of all nw businss. All applications will b procssd on rcipt, howvr w rsrv th right not to issu shars to you nor mak Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 9 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

11 Looking aftr your intrsts and invstmnts Unit Trust Managr - Marlborough Fund Managrs Ltd is th sol Managr for all th unit trusts. Th Managr markts units in its authorisd unit trust funds and provids facilitis to procss instructions for and to administr holdings in its funds. It also carris out th pricing and accounting of th funds. Marlborough Fund Managrs Ltd is Authorisd and rgulatd by th Financial Srvics Authority, 25 Th North Colonnad, Canary Wharf, London, E14 5HS. Trust & Custodian - Each unit trust has a Trust and custodian that nsurs that th intrsts of unitholdrs and th fund assts ar safguardd. Thy ar indpndnt bodis that nsur that th Managr acts in accordanc with th Prospctus and adhrs to th rlvant rgulations. Th Trust or Dpositary for th funds is HSBC Bank plc, 8 Canada Squar, London, E14 5HQ. HSBC Bank plc is Authorisd and rgulatd by th Financial Srvics Authority. Comptnt Authority - Th Financial Srvics Authority, (FSA), is th comptnt authority for invstmnt funds authorisd in th Unitd Kingdom. Thy can b contactd in writing at 25 Th North Colonnad, Canary Wharf, London, E14 5HS. Thir wbsit is and thir consumr hlplin is Auditors - Th Auditors chck that th annual accounts hav bn prpard in accordanc with th rgulations and rport to sharholdrs or unitholdrs on th truth and fairnss and basis of prparation of th annual accounts. Th Auditors ar Barlow Andrws, 78 Chorly Nw Road, Bolton BL1 4BY. Fund Information Th following tabl givs furthr tchnical dtails of th unit trusts in this simplifid prospctus: Fund Nam FSA Authorisation No. & Dat of Incorporation Balancd Fund Cautious Fund Global Fund Units Availabl Dirct Accumulation Incom and Accumulation Rduction in yild / 100 / 7% 2.81* 2.27* Accumulation ISA * 3.25* Accounting Paymnt Dats Dats Annual Intrim Annual Intrim End Fb Distribution Typ Bnchmark 31 Aug 30 Apr N/A Dividnd IMA Balancd Managd 30 Apr 31 Oct 30 Jun 31 Dc Dividnd IMA Cautious Managd 30 Jun 31 Dc 31 Aug 28 Fb Dividnd IMA Global Rduction in yild figurs ar basd on a lump sum invstmnt of 1000 and rgular savings invstmnts of 100 pr month * Ths figurs ar basd on an invstmnt in accumulation units Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 10 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

12 Th following pags provid you with information on th historical prformanc of th funds. Th bar charts show th Annual Rturns for ach of th last tn calndar yars. Th tabl shows th cumulativ rturns for th last tn calndar yars. Th prformanc is on a bid to bid basis, which mans it dos not tak initial chargs into account and is nt of tax. Bid - Bid, UK Basic Rat, Basd In UK Strling, Calculation Indxd Marlborough Balancd Fund Annual Rturns (Prcntag Growth) P r i c I n d x d P r c 5 0 n t C h -15 a -20 n g Marlborough Cautious Fund Annual Rturns (Prcntag Growth) P r i c I n d x d P r c n t C h a n g Cumulativ Prformanc (Prcntag Growth) 1 Jan 01 1 Jan 11 Fund Cumulativ Rturn Marlborough Balancd 48.50% Fund Marlborough Cautious Fund Marlborough Global Fund 53.96% 24.08% Marlborough Global Fund Annual Rturns (Prcntag Growth) P r i c I n d x d P r c n t C h a n g Th valu of your units may go down as wll as up. Past Prformanc is not a guid to futur prformanc. Sourc: Morningstar Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, 11 Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

13 What is an ISA? ISA stands for Individual Savings Account. ISAs hav bn availabl sinc 6 April An ISA is a schm for invstmnt managd in accordanc with th ISA Rgulations undr trms agrd btwn th ISA Managr and th Invstor (ISA trms and conditions). Incom and gains gnratd by ISA invstmnts ar xmpt from any furthr UK incom tax as wll as capital gains tax in th hands of th invstor. Thr ar two ISA componnts availabl; a stocks and shars ISA and a cash ISA. Marlborough Fund Managrs Ltd only offr th stocks and shars componnt in th form of funds it manags although you may opn a cash ISA with a diffrnt providr up to th limits dtaild blow. Each tax yar you may opn on stocks and shars ISA and on cash ISA only. You may also transfr xisting ISAs from prvious tax yars btwn providrs without affcting your currnt yar s allowanc. With Marlborough you can invst up to 11,280 for 2012/2013 in a stocks and shars ISA, providing you hav not contributd to anothr stocks and shars ISA with anothr providr alrady in th tax yar. Th limits ar also inclusiv of any cash ISA you may hold in th tax yar maning th total you may invst in a stocks and shars ISA is as abov lss any amount invstd in a cash ISA. Th blow illustration givs xampls of th limits for cash and stocks and shars ISAs in th tax yar 2012/2013: If you invst 11,280 in a stocks and shars ISA, you may not invst any mony into a cash ISA in this tax yar. If you hav th maximum 5,640 in a cash ISA, you may invst up to 5,640 in a stocks and shars ISA in this tax yar. If you invst 1,000 in a cash ISA, you may invst up to 10,280 in a stocks and shars ISA in this tax yar. Th maximum amount that you may invst in an ISA will incras by th rat of inflation (as masurd by th Rtail Pric Indx) ach yar. You may contact us or your financial advisr for th latst applicabl limits. Anyon agd 18 or ovr may invst in an ISA, providd thy ar rsidnt or ordinarily rsidnt in th UK for tax purposs. This includs mmbrs of th armd forcs, th Forign Offic and othr Crown mploys togthr with thir spouss or thos in a civil partnrship ovrsas. How do I invst via a Marlborough Stocks and Shars ISA? You may invst by complting an ISA Application Form, which can b obtaind from our wbsit or by calling our Customr Support Tam fr on W ar not abl to accpt dals ovr th tlphon. Can I transfr an xisting ISA to Marlborough? Ys. As wll as opning a nw ISA ach tax yar you may also transfr prvious yar s ISAs to a nw providr. To transfr an xisting ISA to Marlborough Fund Managrs Ltd you must complt our ISA transfr form. You may also transfr a cash ISA to a stocks and shars ISA, ithr from a prvious tax yar or from th currnt tax yar. Doing so dos not affct your cash ISA allowanc for th currnt tax yar, providd you hav no mor than th maximum prmittd at any tim in th tax yar. You may not transfr from stocks and shars ISAs to cash ISAs. How dos tax affct my ISA? Any capital gains or incom from invstmnts in an ISA ar fr from incom tax and CGT. If your fund pays intrst distributions thy ar paid without dduction of incom tax at 20%. Whn incom is rinvstd w will us th gross distribution to buy additional units/shars for you at th nxt valuation point aftr th paymnt dat. If your fund pays dividnd distributions thy ar paid nt of a notional tax crdit quivalnt to a dduction of 10% of th gross dividnd. This tax crdit cannot b rclaimd within an ISA. Ar thr any additional risks associatd with invsting in a Marlborough ISA? Th risks ar th sam as thos associatd with all stock markt invstmnts and with th spcific fund(s) you choos. Ths can b found in th simplifid prospctus abov. In addition, it should b notd that th favourabl tax tratmnt givn to ISA s may not b maintaind. Th rats of and rlif from taxation dpnd on your own circumstancs and may chang ovr tim. Rgular Savings ISA You may also invst in th funds by making rgular, monthly contributions into an ISA. Th minimum subscription for this is 100 pr month and th maximum is 940 for 2012/2013 subjct to th ovrall ISA invstmnt limits. As with rgular savings outsid an ISA, you will b snt a statmnt showing your transactions twic ach yar. Whn you apply for rgular savings within an ISA you do so by making a continuous application. This mans that you will continu making contributions ach yar without nding to complt a nw application form. If you wish to cancl your rgular savings ISA or sll th units/shars you hold with us you will nd to writ to us with your instructions. You will also nd to cancl th dirct dbit instruction with your bank. Your invstmnt will b mad at th nxt availabl valuation point in th sam way as with a dirct invstmnt. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

14 How do I sll my Marlborough ISA? You may sll all or part of your ISA holding with Marlborough by writing to us, nsuring your instruction is signd, or by calling our Daling Tam fr on W will snd a chqu for th procds to you on th fourth businss day aftr your units/shars ar sold. If you wish to transfr your Marlborough ISA to anothr managr, th nw managr will usually provid a form for you to complt and snd to thm. Thy will thn instruct Marlborough to sll your holding and w will snd a chqu for th procds to thm. Can I withdraw my application? (Cancllation Rights) If you rciv advic whn you invst in an ISA with Marlborough w will giv you 14 days in which to chang your mind and cancl your invstmnt. You will rciv a lttr from us dtailing your cancllation rights. It is important to not that if you cancl an ISA transfr you may los th tax xmpt ISA status of your invstmnt. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

15 Ths trms, togthr with th Application Form, form a lgal agrmnt btwn you and Marlborough Fund Managrs Ltd (th Account Managr) which sts out how your account will b opratd. Dfinitions Account Managr Account Invstmnts Application Form Associat Businss Day Distribution Dat FSA Fund Invstor ISA ISA Holdr ISA Managr ISA Rgulations Managr Marlborough Marlborough Funds Nomin Stocks and Shars ISA Trms Transfr Form Units/Shars Yar Marlborough Fund Managrs Limitd, who ar approvd by HM Rvnu and Customs to b ISA Managrs Units/shars purchasd in a Marlborough unit trust or OEIC A Marlborough application form or transfr application form compltd by th invstor Any company lgally associatd with th Account Managr or a subsidiary of any such company (as dfind in th Companis Act 1985) Any day that is a businss day as dfind in th Prospctus documnt of th rlvant fund Th dat th Managr of th fund distributs incom or notifis th holdr of any accumulation incom Financial Srvics Authority Th unit trust or OEIC in which you hav invstd your account invstmnts A prson who invsts in on of th Marlborough funds and in so doing opns a Stocks & Shars ISA or transfrs into an ISA bcoming thrfor an ISA Holdr A Marlborough Individual Savings Account govrnd by ths Trms and Conditions and which is a Stocks & Shars ISA A prson who qualifis undr th trms of th Individual Savings Account Rgulations 1998, as amndd, to hold an ISA and has fulfilld th rquirmnts to bcom so Marlborough Fund Managrs Ltd Th Individual Savings Account rgulations 1998, as from tim to tim amndd and in forc Marlborough Fund Managrs Ltd Marlborough Fund Managrs Ltd Any authorisd unit trust or OEIC managd by Marlborough Fund Managrs Ltd A nomin nam in which your holding will b hld on th fund rgistr A stocks and shars ISA making up th whol or part of an annual ISA ntitlmnt Ths Trms and Conditions (as amndd from tim to tim) togthr with th Application Form Th form usd to transfr your holding from on ISA Plan Managr to anothr Units or shars in a Marlborough unit trust or OEIC which may b hld in an ISA account A tax yar bginning on 6 April in any calndar yar and nding on 5 April in th following yar Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

16 1 Th ISA Holdr's offr to ntr into th ISA containd in th compltd Application Form/Transfr Form will, subjct to th Rgulations and provisions thrin, b accptd by th ISA Managr on rcipt. 2 Th ISA will, subjct to th Rgulations, b managd by th ISA Managr in accordanc with th ISA Holdr's dirctions st out in th Application/Transfr Form undr trms agrd in writing btwn th ISA Managr and th Invstor. 3 You may invst on or mor lump sums into your ISA during th Yar subjct to th Rgulations. Th initial invstmnt or any additional lump sum contributions ar subjct to th minimum as spcifid in th Application Form. A chqu must accompany your Application Form. 4 An ISA can also b transfrrd from anothr ISA Managr (in whol or in part) subjct to th Rgulations. 5 Th ISA Managr will accpt a corrctly compltd ISA Application Form or ISA Transfr Form undr a Powr of Attorny or Curator Bonis providd that a sald copy of th Powr of Attorny or Court Appointmnt is rcivd into th offic of th ISA Managr. 6 Th ISA Managr is not obligd to accpt th ISA transfr. 7 Aftr accptanc of corrctly compltd ISA Application Form by th ISA Managr, purchass of ISA lump sum invstmnts will b carrid out at th nxt valuation point as spcifid in th fund s Prospctus. Contract nots will b dispatchd to ISA Holdrs not latr than th Businss Day immdiatly following any invstmnt. 12 Only dsignatd invstmnts may b includd within th ISA. 13 Marlborough Fund Managrs can, as ISA Managrs, only accpt invstmnts into Marlborough funds into a Stocks & Shars ISA. 14 Th ISA Managr shall not advis on th suitability of invstmnts for individual circumstancs. If thr is any doubt th ISA Holdr should consult his or hr Financial Advisr. 15 Documnts vidncing titl to ISA invstmnts will b hld by th ISA Managr or as th ISA Managr may dirct. 16 Th titl to th ISA invstmnts will b rgistrd in th nam of th ISA Holdr and th ISA Managr s Nomin. 17 At th writtn rqust of th invstor and within th tim stipulatd by th Invstor an ISA or part of an ISA with all rights and obligations of th partis to it may b transfrrd to anothr ISA Managr in accordanc with th ISA Rgulations. 18 Whr an ISA is transfrrd ithr at th rqust of th Invstor or bcaus th prvious Plan Managr is no longr offring or abl to offr ISAs, all th tax bnfits ar prsrvd. 19 Th Invstor may at any tim, by notic in writing to th ISA Managr trminat th ISA. On th instructions of th Invstor and within th tim stipulatd by th Invstor, all or part of th invstmnts hld in th ISA and procds arising from thos invstmnts shall b transfrrd or paid to th Invstor. 8 Aftr accptanc of an ISA Transfr Form by th ISA Managr th form will b forwardd to th prvious ISA Managr within th priod st by th currnt lgislation. In th cas of an ISA transfr, th ISA Holdr can in accordanc with currnt lgislation stipulat th dat on which h or sh wishs th holding or part of a holding to b sold by th prvious ISA Managr so as to avoid xit or pnalty chargs if h or sh so wishs. 9 On rcipt of th procds of th sal of units/shars from th prvious ISA Managr purchass of th units/shars in th Marlborough fund(s) will b carrid out at th nxt valuation point as spcifid in th fund s Prospctus. Contract nots will b dispatchd to ISA Holdrs not latr than th Businss Day immdiatly following any invstmnt. 10 In th cas of ISA transfrs w rsrv th right to rjct incom distributions paid by your prvious plan managr aftr th dat of transfr whr ths ar 20 or lss. In ths circumstancs th distribution chqu will b rturnd to your prvious plan/account managr for rissu dirct to you. 20 If th ISA is trminatd or transfrrd th ISA Managr shall mak or caus to b mad such paymnts, subjct to any rasonabl rtntions or dductions which th ISA Managr may b ntitld or bound to mak for any purpos, including rcovry of xpnss proprly incurrd by th ISA Managr. 21 Following th appointd dat to sll or transfr an ISA a contract not will b snt to th ISA Holdr or th nw ISA Managr no latr than th Businss Day following that on which th units/shars wr sold. Rdmption procds will b rmittd within four Businss Days aftr th dat on th contract not. If th ISA Managr has not prviously bn notifid by an ISA Holdr of a chang of nam or addrss, this may dlay rmittanc of rdmption procds. Whn th procds ar rcivd by th ISA Holdr, ths ar no longr part of th ISA Account. 22 Purchasrs of nw ISAs may b ntitld to cancllation rights undr th Financial Srvics Authority s Conduct of Businss Ruls if thy hav rcivd invstmnt advic. Whr applicabl you will hav th right to cancl your account within 14 days aftr rciving notic of your cancllation rights from th ISA 11 Th ISA invstmnts will b and must rmain in th Managr. If you xrcis your right to cancl, any bnficial ownrship of th Invstor and must not b mony paid to th ISA Managr will b rpaid (subjct usd as scurity for a loan. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on

17 to dduction of th amount, if any, by which th valu of your ISA Invstmnt has falln). 23 It is important to not that if you cancl an ISA transfr you may los th tax xmpt ISA status of your invstmnt. 24 Chargs will b as thos spcifid in th Simplifid Prospctus. 25 On th appropriat distribution dats ISA Holdrs who hav optd to rciv incom by chqu will rciv incom paymnts (togthr with a Short Rport) which will consist of th distributions rcivd from th fund. This amount will b rinvstd if this is your option on th application form. ISA Holdrs who hav slctd accumulation units/shars will rciv a Managr's Rport and dtails of th incom accumulation on th appropriat Distribution Dat. Thr will b no chargs addd. Dtails of th units/shars acquird and th cost of thm will b providd on th usual half yarly statmnts issud as at 5 April and 5 Octobr ach yar. 26 Th ISA Managr shall b ntitld, by notic in writing to th ISA Holdr, to trminat an ISA if, in thir absolut discrtion, th ISA Managr considrs it impracticabl to continu that ISA or if th ISA Holdr is in brach of any provision throf. Any trmination of an ISA by th ISA Managr shall not ntitl th rlvant ISA Holdr to any compnsation or damag undr this claus. Trmination of an ISA will b without prjudic to th compltion of incomplt transactions undrtakn as part of that ISA. 27 On trmination of an ISA, th rlvant invstmnts will b sold at th prvailing pric or transfrrd in spci into th account holdr s nam in th sam fund. 28 Th ISA Managr will notify th ISA Holdr if, by rason of any failur to satisfy th provisions of th ISA Rgulations, an ISA has, or will, bcom void. 29 Th ISA Managr will rport to ISA Holdrs twic yarly at 5 April and 5 Octobr with dtails of th numbr and valu of invstmnts hld within thir rspctiv ISA, th amounts of any distributions and tax rclaims driving thron and dtails of all transactions undrtakn within th ISA during th prcding half yar. Th statmnts will not includ any masur of th ISAs invstmnt prformanc. 30 Th ISA Managr shall xrcis du car and dilignc in th managmnt of all ISAs but subjct to th ISA Rgulations and to Sctions 71 and 150 of th Financial Srvics and Markts Act 2000, th ISA Managr shall not b liabl to ISA Holdrs for any costs, claims, dmands, losss of xpnss suffrd by or arising from any dprciation in th valu of th ISAs or for acts or omissions of th ISA Managr or of any third party whthr or not that third party is acting as agnt of th ISA Managr, xcpt in so far as th sam ariss as a rsult of nglignc or wilful dfault. 31 Any instructions from ISA Holdrs shall b snt in writing to th ISA Managr at th addrss spcifid hrin. 32 Th ISA Managr will satisfy himslf that any prson to whom h dlgats any of his functions or rsponsibilitis undr th trms agrd with th invstor is comptnt to carry out thos functions and rsponsibilitis 33 Th Invstor will automatically rciv a copy of th annual/intrim short rports in rspct of units/shars which ar hld dirctly in th ISA. 34 Th ISA Managr is undr an obligation (subjct to any provisions mad by or undr any othr nactmnt) if th invstor so lcts, to arrang for th Invstor to b abl to attnd and vot at unitholdr/sharholdr mtings and to rciv any information issud to unitholdrs/sharholdrs which is in addition to th annual rport and accounts which ar snt to th unitholdrs/sharholdrs on th Distribution Dats. 35 Th ISA Managr is rgulatd by th Financial Srvics Authority in th conduct of invstmnt businss, which includs th businss of acting as ISA Managr. An ISA Holdr should snd to th ISA Managr (markd for th attntion of th Complianc Officr) any complaints h/sh may hav in rlation to his/hr ISA and its opration. ISA Holdrs hav th right to complain dirctly to th Financial Ombudsman Srvic. Dtails of ISA Account Holdrs rights in th vnt of th ISA Managr bing unabl to mt any of thir liabilitis to ISA Holdrs may b obtaind from th ISA Managr's Complianc Officr. 36 Subjct to th Rgulations, th ISA Managr may, in thir absolut discrtion, altr any of th trms of th ISA from tim to tim. ISA Holdrs will b notifid in advanc of any significant changs. 37 For th purposs of constituting a quorum at any mting of unitholdrs/sharholdrs, th ISA Managr shall b ntitld to count holdings of units/shars in collctiv schms opratd by th Managr. 38 If an ISA Holdr carris out any transactions in his/hr ISA through an Indpndnt Financial Advisr, th ISA Managr will trat that IFA as th ISA Holdr's agnt and may disclos full dtails of th ISA to any such agnt and may accpt instructions from any such agnt in rspct of th ISA. 39 Commission can b paid to IFAs whr indicatd on th application form. Th normal maximum rat of initial commission is 3%. Rnwal commission may also b paid at lvls to b agrd btwn th IFA and th ISA Managr. 40 Govrning Law. Th intrprtation of ths Trms and Conditions and th accompanying documntation will b govrnd by th Laws of England and Wals, including all qustions of validity and capacity and in particular th rlationship btwn th partis hrto. Th addrss for snding your writtn instructions, chqus and application forms is: Marlborough Fund Managrs Ltd, Marlborough Hous, 59 Chorly Nw Road, Bolton, BL1 4QP. Chqus should b mad payabl to Marlborough Fund Managrs Ltd. Our Daling Tam can b contactd fr on