MACQUARIE FUND SOLUTIONS Socie ´te ´ d’Investissement a ` Capital Variable (SICAV), Luxembourg AUDITED ANNUAL REPORT AS AT SEPTEMBER 30, 2016 R.C.S. Luxembourg: B 143.751 No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published Key Investor Information Documents and Prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
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MACQUARIE FUND SOLUTIONS · MACQUARIE FUND SOLUTIONS Socie´te´ d’Investissement a` Capital Variable (SICAV), Luxembourg AUDITED ANNUAL REPORT AS AT SEPTEMBER 30, 2016 R.C.S. Luxembourg:
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MACQUARIE FUND SOLUTIONS
Societe d’Investissement a Capital Variable (SICAV), Luxembourg
AUDITED ANNUAL REPORTAS AT SEPTEMBER 30, 2016
R.C.S. Luxembourg: B 143.751
No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published KeyInvestor Information Documents and Prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
CONTENTS
Page
Management and Administration 3
Information to Shareholders 6
Report of the Board of Directors 7
Audit Report 9
Statement of Net Assets as at September 30, 2016 11
Statement of Operations and Changes in Net Assets for the Year/Period ended September 30, 2016 15
Changes in the Number of Shares for the Year/Period ended September 30, 2016 19
Statistics as at September 30, 2016 25
Statements of Investments as at September 30, 2016
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund 28
Macquarie Fund Solutions – Macquarie Asia New Stars Fund 31
Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund 34
Macquarie Fund Solutions – Macquarie Asian All Stars Fund 39
Macquarie Fund Solutions – Macquarie China New Stars Fund 41
Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund * 42
Macquarie Fund Solutions – Macquarie Euro Government Bond Fund * 43
Macquarie Fund Solutions – Macquarie Global Convertible Fund * 45
Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund * 49
Notes to the Financial Statements as at September 30, 2016 51
Other Information (unaudited) 60
MACQUARIE FUND SOLUTIONS
2
* See Note 1.
MANAGEMENT AND ADMINISTRATION
Registered Office of the Company
11/13 Boulevard de la Foire,L-1528 Luxembourg,Grand Duchy of Luxembourg
Directors of the Company
Jacques ElvingerPartner, Elvinger Hoss & PrussenLuxembourg,Grand Duchy of Luxembourg
Stephen HaswellChairmanDivision Director, Macquarie Asset Management,Macquarie Bank International LimitedMunich,Germany
Richard Salus (appointed February 24, 2016)Division Director, Macquarie Asset Management,Delaware InvestmentsPhiladelphia,United States of America
Rosa VillalobosDivision Director, Macquarie Asset Management,Macquarie Infrastructure and Real Assets S.A.Luxembourg,Grand Duchy of Luxembourg
Ms Aline Zanette (Until 16 August 2016)Head of Investment Management Oversight
MACQUARIE FUND SOLUTIONS
3
Depositary and Central Administration Agent
RBC Investor Services Bank S.A.14, Porte de France,L-4360 Esch-sur-Alzette,Grand Duchy of Luxembourg
Distributor
Macquarie Bank International Limited(authorised by the Prudential Regulation Authority andregulated by the Financial Conduct Authority and thePrudential Regulation Authority)Ropemaker Place, 28 Ropemaker Street,London, EC2Y 9HD,United Kingdom
Auditor
PricewaterhouseCoopers, Societe cooperative2, rue Gerhard Mercator,L-2182 Luxembourg,Grand Duchy of Luxembourg
Legal Adviser in Luxembourg
Elvinger, Hoss & Prussen2, place Winston Churchill,L-1340 Luxembourg,Grand Duchy of Luxembourg
Investment Manager
Macquarie Investment Management Limited50, Martin Place,Sydney,NSW 2000,Australia(only for Macquarie Asian All Stars Fund, Macquarie AsiaNew Stars Fund, Macquarie China New Stars Fund,Macquarie Global Income Opportunities Fund andMacquarie Global Listed Infrastructure Fund)
Macquarie Investment Management(since February 2, 2016)Austria Kapitalanlage AGKaerntner Strasse 28,1010 Vienna,Austria(only for Macquarie Global Multi Asset Absolute ReturnFund, Macquarie Euro Government Bond Fund, MacquarieGlobal Convertible Fund and Macquarie Emerging MarketConvertible Fund)
Sub-Investment Managers
For Macquarie Asia New Stars Fund, Macquarie Asian AllStars Fund and Macquarie China New Stars Fund only:Macquarie Funds Management Hong Kong LimitedLevel 18, One International Finance Centre,1 Harbour View Street,Central,Hong Kong
For Macquarie Global Listed Infrastructure Fund only:Macquarie Capital Investment Management LLC125 West 55th Street, Level 15,New York, NY 10019,United States of America
For Macquarie Global Income Opportunities Fund only:Macquarie Bank International LimitedRopemaker Place, 28 Ropemaker Street,London EC2Y 9HD,United Kingdom
And
Delaware Investment Advisers2005 Market Street,Philadelphia, PA 19103,United States of America
For Macquarie Emerging Market Convertible Fund only:Cheyne Capital Management (UK) LLP(since February 2, 2016)Stornoway House,13, Cleveland Row,London, SW1A 1DH,United Kingdom
For Macquarie Global Convertible Fund only:Allianz Global Investors U.S. LLC(since February 2, 2016)1633 Broadway,New York, NY 10019,United States of America
And
Cheyne Capital Management (UK) LLP(since February 2, 2016)Stornoway House,13, Cleveland Row,London, SW1A 1DH,United Kingdom
MACQUARIE FUND SOLUTIONS
4
MANAGEMENT AND ADMINISTRATION (continued)
Switzerland Representative
ACOLIN Fund Services AGAffolternstrasse 56,CH-8050 Zurich,Switzerland
Austrian Paying Agent and Tax Representative
Erste Bank der Osterreichischen Sparkassen AGAm Belvedere 1,A-1100 ViennaAustria
France Centralising Agent
RBC Investor Services Bank France S.A.105, rue Reaumur75002 ParisFrance
Germany Paying and Information Agent
Deutsche Bank AktiengesellschaftTaunusanlage 12,60325 Frankfurt am Main,Germany
Duff & Phelps Limited14th Floor, The Shard,32 London Bridge Street,London, SE1 9SG,United Kingdom
MACQUARIE FUND SOLUTIONS
5
MANAGEMENT AND ADMINISTRATION (continued)
INFORMATION TO SHAREHOLDERS *
Publication of Prices
The Net Asset Value per Share of each Class, as well as the Issue Price and Redemption Price, may be obtained from theregistered office of MACQUARIE FUND SOLUTIONS (the "Company"), from the Paying Agent in each jurisdiction and anynewspaper or website the Directors may determine from time to time.
Reports
The financial year of the Company ends on September 30 in each year.
The audited annual reports and the unaudited semi-annual reports comprise consolidated financial statements of theCompany expressed in Euro, being the Reference Currency of the Company, and financial information on each Sub-Fundexpressed in the Reference Currency of each Sub-Fund.
Meetings
The annual general meeting of Shareholders is held at the registered office of the Company in Luxembourg (or any otherplace indicated in the convening notice) on the last Wednesday of the month of February of each year at 2 p.m.(Luxembourg time) or, if any such day is not a Business Day, on the immediately preceding Business Day.
Notices of all general meetings are published in the Memorial to the extent required by Luxembourg law and in such othernewspapers as the Directors shall determine. Such notices include the agenda and specify the time and place of themeeting and the conditions of admission, and will refer to the requirements of Luxembourg law with regard to the necessaryquorum and majorities required for the meeting. The requirements as to attendance, quorum and majorities at all generalmeetings will be those laid down in the law of August 10, 1915 (as amended) of the Grand Duchy of Luxembourg and in theArticles.
Documents available for inspection
Copies of the following documents and of the material contracts referred in the current Prospectus are available forinspection during business hours on each Business Day at the registered office of the Company in Luxembourg:
– the Prospectus;– the Key Investor Information Documents;– latest Reports;– the Articles.
These documents may also be obtained free of charge on the Company website at www.mim-emea.com/sicav and at theregistered office of the Swiss Representative.
FundRock Management Company S.A. (formerly RBS (Luxembourg) S.A.) acts as a Management Company for otherinvestment funds. A list of these may be obtained, by request, at the Registered Office of the Management Company.
Portfolio movements
A detailed schedule of portfolio movements is available free of charge upon request at the registered office of the Company,the Paying Agent in each jurisdiction and from the Swiss Representative.
* Capitalised terms used herein shall have the same meaning as set forth in the Prospectus unless otherwise noted.
MACQUARIE FUND SOLUTIONS
6
REPORT OF THE BOARD OF DIRECTORS
Dear Shareholders ofMACQUARIE FUND SOLUTIONS,
The Directors present below their Report for the year ended September 30, 2016.
Principal activitiesMacquarie Fund Solutions (the ‘‘Company’’) was established on December 16, 2008 as an open-ended investmentcompany with limited liability incorporated in the Grand Duchy of Luxembourg as a Societe d’Investissement a CapitalVariable. The Company is organised as a company registered under Part I of the Luxembourg Law of December 17, 2010,as amended, relating to undertakings for collective investment (the ‘‘Law’’) since July 1, 2011. The Company is an umbrellafund that has been established for the purpose of offering investors access to a range of investment strategies. Investorscan invest in segregated portfolios of securities managed in accordance with specific investment objectives (each a ‘‘Sub-Fund’’). The Company offers to investors a choice of one or more classes of Shares in these various Sub-Funds. TheCompany has sought and will continue to seek authorization to offer the Shares for sale in a number of jurisdictions. As atSeptember 30, 2016 there are nine active Sub-Funds. The Reference Currency of the Company is Euro (‘‘EUR’’). Theduration of the Company is indefinite.
On February 19, 2016, the following four sub-funds were launched by way of cross-border mergers in accordance with theUCITS Directive transposed under the Law:
Company Sub-Fund (Receiving UCITS) Corresponding Austrian UCITS (Merging UCITS)
Macquarie Euro Government Bond Fund Macquarie Duration Plus FundMacquarie Emerging Market Convertible Fund Macquarie MS Convertibles Emerging Markets Plus FundMacquarie Global Convertible Fund Macquarie MS Convertibles Global Markets PlusMacquarie Global Multi Asset Absolute Return Fund Macquarie Absolute Return Asset Allocation Fund
Review of business and future developmentsDuring the financial year, the Investment Manager, Macquarie Investment Management Limited (‘‘MIML’’), and theCompany’s appointed global Distributor, Macquarie Bank International Limited (‘‘MBIL’’), continued registration andmarketing for the existing nine Sub-Funds in various jurisdictions in Europe and elsewhere. As of the date of this report, theDirectors are pleased to announce that the Company is publicly offering Shares in the following Sub-Funds in the followingjurisdictions:
– Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund in Austria, Finland, France*,Germany, Ireland, Italy*, Luxembourg, the Netherlands, South Korea, Sweden, Switzerland and the UnitedKingdom
– Macquarie Fund Solutions – Macquarie Asia New Stars Fund (closed to new investorssince December 1, 2015) in Austria, Finland, Germany, Italy*, Luxembourg, Norway, Singapore* (as a foreignrestricted scheme), Sweden, Switzerland and the United Kingdom;
– Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund in France*, Germany, Ireland,Italy*, Luxembourg, the Netherlands, South Korea, Sweden, Switzerland and the United Kingdom
– Macquarie Fund Solutions – Macquarie Asian All Stars Fund in Austria, Finland, France*, Germany, Ireland,Italy*, Luxembourg, the Netherlands, Norway, Singapore* (as a foreign restricted scheme), Sweden, Switzerlandand the United Kingdom;
– Macquarie Fund Solutions – Macquarie China New Stars Fund in Austria, Finland, France*, Germany, Ireland,Italy*, Luxembourg, the Netherlands, Norway, Sweden, Switzerland and the United Kingdom;
– Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund in Austria, Finland,Germany, Ireland, Italy*, Luxembourg, Norway, Sweden, Switzerland and the United Kingdom.
– Macquarie Fund Solutions – Macquarie Euro Government Bond Fund in Austria, Germany, Italy*,Luxembourg, Switzerland and the United Kingdom;
– Macquarie Fund Solutions – Macquarie Global Convertible Fund in Austria, Finland, Germany, Italy*,Liechtenstein, Luxembourg, Norway, Sweden, Switzerland and the United Kingdom; and
– Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund in Austria, Finland, Germany,Italy*, Liechtenstein, Luxembourg, Norway, Sweden, Switzerland and the United Kingdom;
MACQUARIE FUND SOLUTIONS
7
* Available to professional investors only.
Results and dividendsThe results for the year are set out in the statement of operations and changes in net assets on pages from 15 to 18. TheDirectors have not declared a dividend for the year ended September 30, 2016.
ALFI Code of ConductThe Fund’s Board of Directors (the "Board") has adopted the ALFI Code of Conduct issued in July 2013, which sets out theprinciples of good governance, and considers that the Company has been in compliance with it in all material respectsthroughout the financial year ended September 30, 2016. Any subsequent amendment to the ALFI Code of Conduct will beconsidered by the Board prior to adoption and necessary disclosures will be made in the audited annual report.
DirectorsThe Directors of the Company as at September 30, 2016 are: Jacques Elvinger, Stephen Haswell (Chairman), RichardSalus and Rosa Villalobos.
BOARD OF DIRECTORSMACQUARIE FUND SOLUTIONSJanuary 10, 2017
MACQUARIE FUND SOLUTIONS
8
REPORT OF THE BOARD OF DIRECTORS (continued)
Note: The information in this report is provided for information purposes and is in no way indicative of future performances. Capitalised terms have the
same meaning as defined in the Prospectus unless otherwise noted above.
AUDIT REPORT
To the Shareholders ofMacquarie Fund Solutions
Following our appointment by the General Meeting of the Shareholders dated 24 February 2016, we have audited theaccompanying financial statements of Macquarie Fund Solutions and of each of its sub-funds, which comprise thestatement of net assets and the statement of investments as at 30 September 2016 and the statement of operations andchanges in net assets for the year then ended, and a summary of significant accounting policies and other explanatorynotes to the financial statements.
Responsibility of the Board of Directors of the SICAV for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements inaccordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements andfor such internal control as the Board of Directors of the SICAV determines is necessary to enable the preparation offinancial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the ‘‘Reviseur d’entreprises agree’’
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit inaccordance with International Standards on Auditing as adopted for Luxembourg by the ‘‘Commission de Surveillance duSecteur Financier’’. Those standards require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the judgment of the ‘‘Reviseur d’entreprises agree’’, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making thoserisk assessments, the ‘‘Reviseur d’entreprises agree’’ considers internal control relevant to the entity’s preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by theBoard of Directors of the SICAV, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
PricewaterhouseCoopers, Societe cooperative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg
T: +352 494848 1, F: +352 494848 2900, www.pwc.lu
Cabinet de revision agree. Expert-comptable (autorisation gouvernementale n˚10028256)
R.C.S. Luxembourg B 65 477 - TVA LU 25482518
9
}
wcOpinion
In our opinion, the financial statements give a true and fair view of the financial position o-f Macquarie.Fund Solutions and ofeach of its su5-funds as of 30 Septemb6r 2016, and of the results of their oper*ions and changes in their net assets for theyear then ended in accordance'with Luxembourg legal and regulatory iequirements relating to the preparation of thefinancial statements.
Other matters
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not beensuOj'ect to spdcific audit procedures canied out in'accordance with the standards described above. Consequently, .yeexp'ress no bpinion on sdch information. However, we have no observation to make conceming such information in thecohtext of the financial statements taken as a whole.
PricewaterhouseCoopers, Soci6t6 coop6rativeRepresented by
r r r \L- '\4 >
IChristelle Cr6pin
Luxembourg, January 13, 2017
10
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2016
Macquarie FundSolutions –Macquarie
Global ListedInfrastructure
Fund
Macquarie FundSolutions –
Macquarie AsiaNew Stars Fund
Macquarie FundSolutions –Macquarie
Global IncomeOpportunities
FundNotes USD USD USD
AssetsInvestment portfolio at market value (2) 61,122,068 1,090,976,391 43,408,719Cash at bank 973,582 23,804,071 7,375,904Receivable on investments sold 1,624,921 14,300,860 1,031,817Receivable on subscriptions – 422,078 –Receivable due from swap counterparty – – 2,260Interest and dividends receivable, net 102,239 438,719 440,617Net unrealised gain on forward foreign exchange contracts (6) – – 992Other assets 63,733 – 67,082Total assets 63,886,543 1,129,942,119 52,327,391
LiabilitiesBank overdraft – – 726,889Payable on investments purchased 817,780 13,614,543 348,536Payable on redemptions – 2,566,204 –Interest payable on swaps – – 2,260Net unrealised loss on future contracts (7) – – 36,070Unrealised loss on swaps (8) – – 68,101Management fee payable (3) 192,459 5,299,708 64,026Accrued capital gains tax on investments (5) – 787,281 –Payable on taxes and expenses 11,191 1,328,393 41,577Other liabilities 1,207 14,164 –Total liabilities 1,022,637 23,610,293 1,287,459
Net assets at the end of the year/period 62,863,906 1,106,331,826 51,039,932
Net Asset Value per ShareClass A (EUR) 16.4745 16.5177 –Class A (SEK) – 210.6835 –Class A (SGD) – 14.0641 –Class A (USD) – 14.1147 –Class B (EUR) – – –Class B (EUR) dist – – –Class B (GBP) – 14.8457 –Class B (USD) – 12.0780 –Class C (EUR) – 17.0139 9.9513Class C (EUR) dist – – –Class C (SEK) – 183.8085 –Class C (USD) 12.8763 13.3343 10.0867Class F (SEK) – 192.9953 –
Number of Shares OutstandingClass A (EUR) 2,811.17 6,722,087.05 –Class A (SEK) – 8,812,269.38 –Class A (SGD) – 62,983.51 –Class A (USD) – 8,218,220.60 –Class B (EUR) – – –Class B (EUR) dist – – –Class B (GBP) – 6,350,437.35 –Class B (USD) – 398,217.87 –Class C (EUR) – 5,761,149.83 1,000,000.00Class C (EUR) dist – – –Class C (SEK) – 3,889,056.54 –Class C (USD) 4,878,107.09 21,831,471.69 3,951,427.34Class F (SEK) – 1,608,090.88 –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
11
Macquarie FundSolutions –Macquarie
Asian All StarsFund
Macquarie FundSolutions –MacquarieChina NewStars Fund
Macquarie FundSolutions –Macquarie
Global MultiAsset AbsoluteReturn Fund *
Notes USD USD EUR
AssetsInvestment portfolio at market value (2) 351,186,215 7,119,268 82,629,848Cash at bank 5,144,287 234,394 826,672Receivable on investments sold 7,905,924 22,237 –Receivable on subscriptions 23,612 – –Receivable due from swap counterparty – – –Interest and dividends receivable, net 475,076 17,979 129,853Net unrealised gain on forward foreign exchange contracts (6) – – 74,376Other assets – – –Total assets 364,735,114 7,393,878 83,660,749
LiabilitiesBank overdraft 1 – –Payable on investments purchased 1,966,008 – –Payable on redemptions 1,746,573 – –Interest payable on swaps – – –Net unrealised loss on future contracts (7) – – –Unrealised loss on swaps (8) – – –Management fee payable (3) 1,345,463 18,084 98,771Accrued capital gains tax on investments (5) 280,646 – –Payable on taxes and expenses 111,299 22,674 23,075Other liabilities 11,182 21 –Total liabilities 5,461,172 40,779 121,846
Net assets at the end of the year/period 359,273,942 7,353,099 83,538,903
Net Asset Value per ShareClass A (EUR) 11.7287 – 10.2933Class A (SEK) – – –Class A (SGD) – – –Class A (USD) 9.2605 – –Class B (EUR) – – 10.3345Class B (EUR) dist – – –Class B (GBP) 12.0116 – –Class B (USD) – – –Class C (EUR) 11.8069 – 10.3034Class C (EUR) dist – – –Class C (SEK) – – –Class C (USD) 10.6844 9.7985 –Class F (SEK) – – –
Number of Shares OutstandingClass A (EUR) 2,238,793.91 – 40,252.00Class A (SEK) – – –Class A (SGD) – – –Class A (USD) 284,669.94 – –Class B (EUR) – – 2,322,419.00Class B (EUR) dist – – –Class B (GBP) 43,875.00 – –Class B (USD) – – –Class C (EUR) 5,837,531.76 – 5,738,267.12Class C (EUR) dist – – –Class C (SEK) – – –Class C (USD) 23,303,924.41 750,433.00 –Class F (SEK) – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
12
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2016 (continued)
* See Note 1.
Macquarie FundSolutions –
Macquarie EuroGovernmentBond Fund *
Macquarie FundSolutions –Macquarie
GlobalConvertible
Fund *
Macquarie FundSolutions –MacquarieEmerging
MarketConvertible
Fund *Notes EUR EUR EUR
AssetsInvestment portfolio at market value (2) 83,064,834 148,829,178 30,828,856Cash at bank 506,267 4,001,005 743,442Receivable on investments sold 1,571,948 1,144,610 –Receivable on subscriptions – – –Receivable due from swap counterparty – – –Interest and dividends receivable, net 919,016 411,411 133,783Net unrealised gain on forward foreign exchange contracts (6) – 274,555 104,774Other assets – – –Total assets 86,062,065 154,660,759 31,810,855
LiabilitiesBank overdraft – 2,126 –Payable on investments purchased 1,890,777 2,992,820 –Payable on redemptions – – –Interest payable on swaps – – –Net unrealised loss on future contracts (7) – – –Unrealised loss on swaps (8) – – –Management fee payable (3) 72,412 406,731 108,541Accrued capital gains tax on investments (5) – – –Payable on taxes and expenses 21,041 36,964 12,584Other liabilities – – –Total liabilities 1,984,230 3,438,641 121,125
Net assets at the end of the year/period 84,077,835 151,222,118 31,689,730
Net Asset Value per ShareClass A (EUR) – – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) – – –Class B (EUR) 10.4400 10.8332 10.2905Class B (EUR) dist – 10.8332 –Class B (GBP) – – –Class B (USD) – – –Class C (EUR) 10.4124 10.8516 10.2736Class C (EUR) dist 10.3738 10.8516 –Class C (SEK) – – –Class C (USD) – – –Class F (SEK) – – –
Number of Shares OutstandingClass A (EUR) – – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) – – –Class B (EUR) 1,438,099.54 1,450,186.72 54,920.99Class B (EUR) dist – 885,363.84 –Class B (GBP) – – –Class B (USD) – – –Class C (EUR) 5,186,044.00 10,273,928.60 3,029,555.00Class C (EUR) dist 1,452,185.87 1,330,000.00 –Class C (SEK) – – –Class C (USD) – – –Class F (SEK) – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
13
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2016 (continued)
* See Note 1.
CombinedNotes EUR
AssetsInvestment portfolio at market value (2) 1,727,994,344Cash at bank 39,474,999Receivable on investments sold 24,860,853Receivable on subscriptions 396,592Receivable due from swap counterparty 2,011Interest and dividends receivable, net 2,906,245Net unrealised gain on forward foreign exchange contracts (6) 454,588Other assets 116,404Total assets 1,796,206,036
LiabilitiesBank overdraft 648,940Payable on investments purchased 19,785,596Payable on redemptions 3,837,673Interest payable on swaps 2,011Net unrealised loss on future contracts (7) 32,096Unrealised loss on swaps (8) 60,599Management fee payable (3) 6,843,903Accrued capital gains tax on investments (5) 950,282Payable on taxes and expenses 1,441,888Other liabilities 23,648Total liabilities 33,626,636
Net assets at the end of the year/period 1,762,579,400
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
14
STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2016 (continued)
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR/PERIOD ENDED
SEPTEMBER 30, 2016
Macquarie FundSolutions –Macquarie
Global ListedInfrastructure
Fund
Macquarie FundSolutions –
Macquarie AsiaNew Stars Fund
Macquarie FundSolutions –Macquarie
Global IncomeOpportunities
FundNotes USD USD USD
Net assets at the beginning of the year/period 66,273,330 1,254,595,002 51,790,656
IncomeDividends, net (2) 2,286,707 18,120,504 –Interest on bonds, net – – 1,848,486Bank interest (2) 11 27 7,770Income on swaps (8) – – 75,903Other income 19,019 319,102 8,870
Net realised gain/(loss) on investments (2) (146,998,752)Net realised gain on options 6,345Net realised gain/(loss) on forward foreign exchangecontracts (6) 3,169,218Net realised (loss) on future contracts (7) (1,137,017)Net realised gain/(loss) on foreign exchange (4,029,595)Net realised (loss) on swaps (8) (88,777)
Net realised gain/(loss) (141,544,730)
Change in net unrealised appreciation/(depreciation):- on investments (2) 168,668,273- on forward foreign exchange contracts (6) (3,285,597)- on future contracts (7) 208,345- on swaps (8) (61,996)
Net increase/(decrease) in net assets as a result ofoperations 23,984,295
Evolution of the capitalSubscriptions of shares 1,108,188,205Redemptions of shares (724,017,154)
Net assets at the end of the year/period 1,762,579,400
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
18
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR/PERIOD ENDED
SEPTEMBER 30, 2016 (continued)
* The opening balance was combined using the foreign exchange rate as at September 30, 2016. The same net assets when combined using the foreign
exchange rate ruling as at September 30, 2015 reflected a figure of EUR 1,363,584,996.
CHANGES IN THE NUMBER OF SHARES FOR THE YEAR/PERIOD ENDED SEPTEMBER 30, 2016
Macquarie FundSolutions –Macquarie
Global ListedInfrastructure
Fund
Macquarie FundSolutions –
Macquarie AsiaNew Stars Fund
Macquarie FundSolutions –Macquarie
Global IncomeOpportunities
Fund
Class A (EUR)Number of shares outstanding at the beginning of the year/period 100,450.02 8,613,253.21 –Number of shares issued 66.00 632,412.09 –Number of shares redeemed (97,704.85) (2,523,578.25) –Number of shares outstanding at the end of the year/period 2,811.17 6,722,087.05 –
Class A (SEK)Number of shares outstanding at the beginning of the year/period – 9,907,061.70 –Number of shares issued – 864,973.31 –Number of shares redeemed – (1,959,765.63) –Number of shares outstanding at the end of the year/period – 8,812,269.38 –
Class A (SGD)Number of shares outstanding at the beginning of the year/period – 116,565.14 –Number of shares issued – – –Number of shares redeemed – (53,581.63) –Number of shares outstanding at the end of the year/period – 62,983.51 –
Class A (USD)Number of shares outstanding at the beginning of the year/period 305,474.60 9,973,722.02 245,812.94Number of shares issued – 1,796,163.70 –Number of shares redeemed (305,474.60) (3,551,665.12) (245,812.94)Number of shares outstanding at the end of the year/period – 8,218,220.60 –
Class B (EUR)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class B (EUR) distNumber of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class B (GBP)Number of shares outstanding at the beginning of the year/period – 5,343,221.02 –Number of shares issued – 2,314,297.26 –Number of shares redeemed – (1,307,080.93) –Number of shares outstanding at the end of the year/period – 6,350,437.35 –
Class B (USD)Number of shares outstanding at the beginning of the year/period – 156,213.55 –Number of shares issued – 308,079.04 –Number of shares redeemed – (66,074.72) –Number of shares outstanding at the end of the year/period – 398,217.87 –
Class C (EUR)Number of shares outstanding at the beginning of the year/period – 6,304,156.79 1,000,000.00Number of shares issued – 1,094,046.69 –Number of shares redeemed – (1,637,053.65) –Number of shares outstanding at the end of the year/period – 5,761,149.83 1,000,000.00
Class C (EUR) distNumber of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
19
Macquarie FundSolutions –Macquarie
Global ListedInfrastructure
Fund
Macquarie FundSolutions –
Macquarie AsiaNew Stars Fund
Macquarie FundSolutions –Macquarie
Global IncomeOpportunities
Fund
Class C (SEK)Number of shares outstanding at the beginning of the year/period – 4,136,531.82 –Number of shares issued – 1,662,344.71 –Number of shares redeemed – (1,909,819.99) –Number of shares outstanding at the end of the year/period – 3,889,056.54 –
Class C (USD)Number of shares outstanding at the beginning of the year/period 5,335,974.67 26,803,883.77 3,926,788.88Number of shares issued 158,232.60 6,812,628.15 24,648.52Number of shares redeemed (616,100.18) (11,785,040.23) (10.06)Number of shares outstanding at the end of the year/period 4,878,107.09 21,831,471.69 3,951,427.34
Class F (SEK)Number of shares outstanding at the beginning of the year/period – 1,257,151.75 –Number of shares issued – 769,860.59 –Number of shares redeemed – (418,921.46) –Number of shares outstanding at the end of the year/period – 1,608,090.88 –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
20
CHANGES IN THE NUMBER OF SHARES FOR THE YEAR/PERIOD ENDED SEPTEMBER 30, 2016 (continued)
Macquarie FundSolutions –Macquarie
Asian All StarsFund
Macquarie FundSolutions –MacquarieChina NewStars Fund
Macquarie FundSolutions –Macquarie
Global MultiAsset AbsoluteReturn Fund *
Class A (EUR)Number of shares outstanding at the beginning of the year/period 720,921.59 – –Number of shares issued 1,871,974.60 – 126,312.00Number of shares redeemed (354,102.28) – (86,060.00)Number of shares outstanding at the end of the year/period 2,238,793.91 – 40,252.00
Class A (SEK)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class A (SGD)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class A (USD)Number of shares outstanding at the beginning of the year/period 428.60 – –Number of shares issued 285,224.94 – –Number of shares redeemed (983.60) – –Number of shares outstanding at the end of the year/period 284,669.94 – –
Class B (EUR)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – 5,176,425.72Number of shares redeemed – – (2,854,006.72)Number of shares outstanding at the end of the year/period – – 2,322,419.00
Class B (EUR) distNumber of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class B (GBP)Number of shares outstanding at the beginning of the year/period 43,600.00 – –Number of shares issued 1,275.00 – –Number of shares redeemed (1,000.00) – –Number of shares outstanding at the end of the year/period 43,875.00 – –
Class B (USD)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class C (EUR)Number of shares outstanding at the beginning of the year/period 3,138,198.31 – –Number of shares issued 2,916,713.78 – 6,190,890.12Number of shares redeemed (217,380.33) – (452,623.00)Number of shares outstanding at the end of the year/period 5,837,531.76 – 5,738,267.12
Class C (EUR) distNumber of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
21
CHANGES IN THE NUMBER OF SHARES FOR THE YEAR/PERIOD ENDED SEPTEMBER 30, 2016 (continued)
* See Note 1.
Macquarie FundSolutions –Macquarie
Asian All StarsFund
Macquarie FundSolutions –MacquarieChina NewStars Fund
Macquarie FundSolutions –Macquarie
Global MultiAsset AbsoluteReturn Fund *
Class C (SEK)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class C (USD)Number of shares outstanding at the beginning of the year/period 9,373,640.06 762,715.00 –Number of shares issued 16,908,140.81 4,255.10 –Number of shares redeemed (2,977,856.46) (16,537.10) –Number of shares outstanding at the end of the year/period 23,303,924.41 750,433.00 –
Class F (SEK)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
22
CHANGES IN THE NUMBER OF SHARES FOR THE YEAR/PERIOD ENDED SEPTEMBER 30, 2016 (continued)
* See Note 1.
Macquarie FundSolutions –
Macquarie EuroGovernmentBond Fund *
Macquarie FundSolutions –Macquarie
GlobalConvertible
Fund *
Macquarie FundSolutions –MacquarieEmerging
MarketConvertible
Fund *
Class A (EUR)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class A (SEK)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class A (SGD)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class A (USD)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class B (EUR)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued 6,446,389.82 13,207,454.12 3,936,276.71Number of shares redeemed (5,008,290.28) (11,757,267.40) (3,881,355.72)Number of shares outstanding at the end of the year/period 1,438,099.54 1,450,186.72 54,920.99
Class B (EUR) distNumber of shares outstanding at the beginning of the year/period – – –Number of shares issued – 1,836,493.05 –Number of shares redeemed – (951,129.21) –Number of shares outstanding at the end of the year/period – 885,363.84 –
Class B (GBP)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class B (USD)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class C (EUR)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued 5,663,906.00 15,549,997.60 4,191,931.00Number of shares redeemed (477,862.00) (5,276,069.00) (1,162,376.00)Number of shares outstanding at the end of the year/period 5,186,044.00 10,273,928.60 3,029,555.00
Class C (EUR) distNumber of shares outstanding at the beginning of the year/period – – –Number of shares issued 1,452,185.87 1,331,000.00 –Number of shares redeemed – (1,000.00) –Number of shares outstanding at the end of the year/period 1,452,185.87 1,330,000.00 –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
23
CHANGES IN THE NUMBER OF SHARES FOR THE YEAR/PERIOD ENDED SEPTEMBER 30, 2016 (continued)
* See Note 1.
Macquarie FundSolutions –
Macquarie EuroGovernmentBond Fund *
Macquarie FundSolutions –Macquarie
GlobalConvertible
Fund *
Macquarie FundSolutions –MacquarieEmerging
MarketConvertible
Fund *
Class C (SEK)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class C (USD)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
Class F (SEK)Number of shares outstanding at the beginning of the year/period – – –Number of shares issued – – –Number of shares redeemed – – –Number of shares outstanding at the end of the year/period – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
24
CHANGES IN THE NUMBER OF SHARES FOR THE YEAR/PERIOD ENDED SEPTEMBER 30, 2016 (continued)
* See Note 1.
STATISTICS AS AT SEPTEMBER 30, 2016Macquarie Fund
Solutions –Macquarie
Global ListedInfrastructure
Fund
Macquarie FundSolutions –
Macquarie AsiaNew Stars Fund
Macquarie FundSolutions –Macquarie
Global IncomeOpportunities
FundUSD USD USD
Total Net AssetsSeptember 30, 2016 62,863,906 1,106,331,826 51,039,932September 30, 2015 66,273,330 1,254,595,002 51,790,656September 30, 2014 116,521,588 1,358,714,228 65,500,246
Net Asset Value per Share at the end of the year/period
September 30, 2016Class A (EUR) 16.4745 16.5177 –Class A (SEK) – 210.6835 –Class A (SGD) – 14.0641 –Class A (USD) – 14.1147 –Class B (EUR) – – –Class B (EUR) dist – – –Class B (GBP) – 14.8457 –Class B (USD) – 12.0780 –Class C (EUR) – 17.0139 9.9513Class C (EUR) dist – – –Class C (SEK) – 183.8085 –Class C (USD) 12.8763 13.3343 10.0867Class F (SEK) – 192.9953 –
September 30, 2015Class A (EUR) 14.7969 16.8445 –Class A (SEK) – 208.9171 –Class A (SGD) – 14.8567 –Class A (USD) 12.7840 14.2973 9.6088Class B (GBP) – 12.7674 –Class B (USD) – 12.1124 –Class C (EUR) – 17.1709 9.7811Class C (SEK) – 180.3818 –Class C (USD) 11.3773 13.3673 9.8071Class F (SEK) – 191.6641 –
September 30, 2014Class A (EUR) 14.4560 14.5775 –Class A (SEK) – 175.8547 –Class A (SGD) – 13.0503 –Class A (USD) 14.1338 14.0025 9.9524Class B (GBP) – 11.5672 –Class B (USD) – 11.7439 –Class C (EUR) – 14.7063 10.1096Class C (SEK) – 150.2649 –Class C (USD) 12.4675 12.9563 10.1083Class F (SEK) – 161.5727 –
Net Asset Value per Share at launch dateClass A (EUR) 10.0000 10.0000 –Class A (SEK) – 100.0000 –Class A (SGD) – 10.0000 –Class A (USD) 10.0000 10.0000 10.0000Class B (EUR) – – –Class B (EUR) dist – – –Class B (GBP) – 10.0000 –Class B (USD) – 10.0000 –Class C (EUR) – 10.0000 10.0000Class C (EUR) dist – – –Class C (SEK) – 100.0000 –Class C (USD) 10.0000 10.0000 10.0000Class F (SEK) – 100.0000 –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
25
Macquarie FundSolutions –Macquarie
Asian All StarsFund
Macquarie FundSolutions –MacquarieChina NewStars Fund
Macquarie FundSolutions –Macquarie
Global MultiAsset AbsoluteReturn Fund *
USD USD EUR
Total Net AssetsSeptember 30, 2016 359,273,942 7,353,099 83,538,903September 30, 2015 142,191,482 7,251,282 –September 30, 2014 – – –
Net Asset Value per Share at the end of the year/period
September 30, 2016Class A (EUR) 11.7287 – 10.2933Class A (SEK) – – –Class A (SGD) – – –Class A (USD) 9.2605 – –Class B (EUR) – – 10.3345Class B (EUR) dist – – –Class B (GBP) 12.0116 – –Class B (USD) – – –Class C (EUR) 11.8069 – 10.3034Class C (EUR) dist – – –Class C (SEK) – – –Class C (USD) 10.6844 9.7985 –Class F (SEK) – – –
September 30, 2015Class A (EUR) 11.1458 – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) 8.7410 – –Class B (GBP) 9.6360 – –Class B (USD) – – –Class C (EUR) 11.1145 – –Class C (SEK) – – –Class C (USD) 9.9905 9.5072 –Class F (SEK) – – –
September 30, 2014Class A (EUR) – – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) – – –Class B (GBP) – – –Class B (USD) – – –Class C (EUR) – – –Class C (SEK) – – –Class C (USD) – – –Class F (SEK) – – –
Net Asset Value per Share at launch dateClass A (EUR) 10.0000 – 10.0000Class A (SEK) – – –Class A (SGD) – – –Class A (USD) 10.0000 10.0000 –Class B (EUR) – – 10.0000Class B (EUR) dist – – –Class B (GBP) 10.0000 – –Class B (USD) – – –Class C (EUR) 10.0000 – 10.0000Class C (EUR) dist – – –Class C (SEK) – – –Class C (USD) 10.0000 10.0000 –Class F (SEK) – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
26
* See Note 1.
STATISTICS AS AT SEPTEMBER 30, 2016 (continued)
Macquarie FundSolutions –
Macquarie EuroGovernmentBond Fund *
Macquarie FundSolutions –Macquarie
GlobalConvertible
Fund *
Macquarie FundSolutions –MacquarieEmerging
MarketConvertible
Fund *EUR EUR EUR
Total Net AssetsSeptember 30, 2016 84,077,835 151,222,118 31,689,730September 30, 2015 – – –September 30, 2014 – – –
Net Asset Value per Share at the end of the year/period
September 30, 2016Class A (EUR) – – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) – – –Class B (EUR) 10.4400 10.8332 10.2905Class B (EUR) dist – 10.8332 –Class B (GBP) – – –Class B (USD) – – –Class C (EUR) 10.4124 10.8516 10.2736Class C (EUR) dist 10.3738 10.8516 –Class C (SEK) – – –Class C (USD) – – –Class F (SEK) – – –
September 30, 2015Class A (EUR) – – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) – – –Class B (GBP) – – –Class B (USD) – – –Class C (EUR) – – –Class C (SEK) – – –Class C (USD) – – –Class F (SEK) – – –
September 30, 2014Class A (EUR) – – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) – – –Class B (GBP) – – –Class B (USD) – – –Class C (EUR) – – –Class C (SEK) – – –Class C (USD) – – –Class F (SEK) – – –
Net Asset Value per Share at launch dateClass A (EUR) – – –Class A (SEK) – – –Class A (SGD) – – –Class A (USD) – – –Class B (EUR) 10.0000 10.0000 10.0000Class B (EUR) dist – 10.0000 –Class B (GBP) – – –Class B (USD) – – –Class C (EUR) 10.0000 10.0000 10.0000Class C (EUR) dist 10.0000 10.0000 –Class C (SEK) – – –Class C (USD) – – –Class F (SEK) – – –
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
27
* See Note 1.
STATISTICS AS AT SEPTEMBER 30, 2016 (continued)
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund
STATEMENT OF INVESTMENTS AS AT SEPTEMBER 30, 2016
(expressed in USD)
Description QuantityLocal
currency
AcquisitioncostUSD
MarketvalueUSD
% netassets
Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market
United Arab EmiratesDp Wrld 1.75% 14-19.06.24 /Cv 1,600,000 USD 1,390,546 1,425,165 4.50Nbaduh 1% 12.03.18 Cv 2,000,000 USD 1,713,506 1,775,227 5.60
3,104,052 3,200,392 10.10
Total - Convertible Bonds 30,138,081 30,828,856 97.28
Total transferable securities admitted to an official stock exchangelisting or dealt in on another regulated market 30,138,081 30,828,856 97.28
TOTAL INVESTMENTS 30,138,081 30,828,856 97.28
Other net assets 860,874 2.72
TOTAL NET ASSETS 31,689,730 100.00
MACQUARIE FUND SOLUTIONS
The accompanying notes form an integral part of these financial statements.
50
* See Note 1.
Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund *
STATEMENT OF INVESTMENTS AS AT SEPTEMBER 30, 2016 (continued)
(expressed in EUR)
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016
Note 1 – General
MACQUARIE FUND SOLUTIONS (the "Company") was incorporated as an open-ended investment company (Societed’Investissement a Capital Variable – SICAV) registered under Part I of Luxembourg Law of December 17, 2010, asamended, relating to undertakings for collective investment (the ‘‘Law of 2010’’) with multiple Sub-Funds (eacha "Sub-Fund") and offers investors a choice between several classes of shares (each a "Class") in a number of Sub-Funds.
The duration of the Company is indefinite. The duration of the Sub-Funds may be limited. The initial capital on incorporationwas EUR 31,000. On incorporation, all the Shares representing the initial capital were subscribed for and were fully paid.The capital of EUR 1,250,000 was reached within a period of six months following the authorisation of the Company.
The Company has appointed FundRock Management Company S.A. (formerly RBS (Luxembourg) S.A.) as ManagementCompany (the "Management Company") authorised in accordance with chapter 15 of the Law of 2010, as amended. TheCompany is registered with the ‘‘Registre de Commerce et des Societes’’ of Luxembourg under the number B 143.751. TheArticles were published in the ‘‘Memorial C, Recueil des Societes et Associations’’ (the ‘‘Memorial’’) on January 23, 2009.
The Royal Bank of Scotland plc ("RBS") announced on August 18, 2015, that it was selling RBS (Luxembourg) S.A.("RBSL"), its Luxembourg-domiciled independent management company and funds governance business, to BlackFinCapital Partners (‘‘BlackFin’’), a private equity firm specialised in the financial services sector.
The acquisition of RBSL by BlackFin Financial Services Fund II, a private-equity fund managed by BlackFin, was completedon December 31, 2015. RBSL has been renamed FundRock Management Company S.A. and is no longer a member of theRBS Group.
The capital of the Company will always be equal to the value of its net assets. The Shares are of no par value and must beissued fully paid. The Shares carry no preferential or pre-emption rights and each Share is entitled to one vote at allmeetings of Shareholders. The Board of Directors may authorise the creation of additional Sub-Funds / share classes in thefuture.
The Company offers investors, within the same investment vehicle, a choice between several Sub-Funds, which aremanaged separately and are distinguished principally by their specific investment policy and/or by the currency in whichthey are denominated.
As at September 30, 2016, the Company offers nine Sub-Funds, each of which constitutes a separate portfolio. The Sub-Funds are as follows:
– Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund (launched on January 28, 2010);– Macquarie Fund Solutions – Macquarie Asia New Stars Fund (launched on May 30, 2011 and closed to new
investors since December 1, 2015);– Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund (launched on November 4, 2013 and
first funded on January 8, 2014);– Macquarie Fund Solutions – Macquarie Asian All Stars Fund (launched on September 29, 2014 and first funded
on October 7, 2014);– Macquarie Fund Solutions – Macquarie China New Stars Fund (launched on September 29, 2014 and first funded
on October 7, 2014);– Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund (launched on February 19, 2016
by way of merger with Macquarie Absolute Return Asset Allocation Fund, an Austrian UCITS);– Macquarie Fund Solutions – Macquarie Euro Government Bond Fund (launched on February 19, 2016 by way of
merger with Macquarie Duration Plus, an Austrian UCITS);– Macquarie Fund Solutions – Macquarie Global Convertible Fund (launched on February 19, 2016 by way of merger
with Macquarie MS Convertibles Global Markets Plus, an Austrian UCITS);– Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund (launched on February 19, 2016 by way
of merger with Macquarie MS Convertibles Emerging Markets Plus, an Austrian UCITS);
MACQUARIE FUND SOLUTIONS
51
Note 1 – General (continued)
In each Sub-Fund, the Company may issue shares in the following categories:
– Class A Shares: available to all investors;– Class B Shares: available only to (i) distributors, platforms or other intermediaries, who have separate fee
arrangements with their clients for providing such services to them and (ii) the staff of companies that are part of theMacquarie Group of companies. All other investors are not allowed to acquire Class B Shares save at theCompany’s discretion;
– Class C Shares: available to institutional investors;– Class F Shares: available to all investors.
Capitalised terms used herein shall have the same meaning as in the current Prospectus.
Note 2 – Significant Accounting Policies
The financial statements of the Company are prepared in accordance with Luxembourg regulations relating to undertakingsfor collective investment.
Calculation of Net Asset Value
The Net Asset Value per Share of each Class will be determined and made available in EUR (the "Reference Currency") ofthe relevant Class by the Central Administration Agent as of each Valuation Day in respect of the relevant Sub-Fund.
The Net Asset Value per Share as of any Valuation Day will be calculated to four decimal places in the Reference Currencyof the relevant Class by dividing the Net Asset Value of the Class by the number of Shares in issue in such Class as of thatValuation Day. The Net Asset Value of each Sub-Fund will be determined by deducting from the total value of the assetsattributable to the relevant Sub-Fund, all accrued debts and liabilities attributable to that Sub-Fund, without prejudice to thefact that as a result of certain currency hedging techniques and instruments which may be used in relation to certainClasses within a Sub-Fund, the Net Asset Value of such Classes will take into account the impact of the use of suchtechniques and instruments. To the extent feasible, all known and recurring expenses, fees and income will be accrued asof each Valuation Day.
Assets and liabilities of the Sub-Funds will be valued as of each Valuation Day in accordance with the following principles:
a) Securities or money market instruments quoted or traded on an official stock exchange or any other RegulatedMarket are valued on the basis of: (i) the closing price of the relevant stock exchange or Regulated Market on theValuation Day; (ii) if the securities or money market instruments are listed on several stock exchanges or RegulatedMarkets, the closing price of the stock exchange or Regulated Market on the Valuation Day which is the principalmarket for the security or money market instrument in question; or (iii) if the closing price of securities or moneymarket instruments quoted or traded on an official stock exchange or any other Regulated Market in Asia or Oceaniaon the Valuation Day is not representative, their last known price at the time the Net Asset Value is determined inrelation to such Valuation Day.
b) For securities or money market instruments not quoted or traded on an official stock exchange or any otherRegulated Market, and for quoted securities or money market instruments, but for which the last known price is notrepresentative, valuation is based on the probable sales price estimated prudently and in good faith by the Directors.
c) Units/shares issued by open-ended investment funds shall be valued at their last available net asset value.
d) The liquidating value of futures, forward or options contracts or other financial derivatives traded on exchanges or onother Regulated Markets shall be based upon the last available settlement prices of these contracts on exchangesand Regulated Markets on which the particular futures, forward or options contracts or other financial derivatives aretraded; provided that if a futures, forward or options contract or other financial derivative could not be liquidated onsuch Valuation Day with respect to which a Net Asset Value is being determined, then the basis for determining theliquidating value of such contract or other financial derivative shall be such value as the Directors may, in good faithand pursuant to verifiable valuation procedures, deem fair and reasonable. The liquidating value of futures, forward oroptions contracts or other financial derivatives that are not traded on exchanges or on other Regulated Markets shallbe determined pursuant to the policies established in good faith by the Directors, on a basis consistently applied.
MACQUARIE FUND SOLUTIONS
52
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
e) Liquid assets and money market instruments with a maturity of less than 12 months may be valued at nominal valueplus any accrued interest or using an amortised cost method (it being understood that the method which is morelikely, in the opinion of the Directors, to represent the fair market value will be retained). This amortised cost methodmay result in periods during which the value deviates from the price the relevant Sub-Fund would receive if it sold theinvestment. The Management Company may, from time to time, assess this method of valuation and recommendchanges, where necessary, to ensure that such assets will be valued at their fair value as determined in good faithpursuant to procedures established by the Directors. If the Directors believe that a deviation from the amortised costsper Share may result in material dilution or other unfair results to Shareholders, the Directors shall take suchcorrective action, if any, as they deem appropriate, to eliminate or reduce, to the extent reasonably practicable, thedilution or unfair results.
f) Swap transactions will be consistently valued based on a calculation of the net present value of their expected cashflows. For certain Sub-Funds using Over-The-Counter ("OTC") derivatives as part of their main investment policy andinsofar the valuation of such OTC derivatives shall diverge from the foregoing, the valuation method of the OTCderivatives will be further specified in the description of the relevant Sub-Fund in Annex A of the Prospectus.
g) Accrued interest on securities shall be included if it is not reflected in the share price of the relevant securities.
h) Cash shall be valued at nominal value, plus accrued interest.
i) All assets denominated in a currency other than the Reference Currency of the respective Sub-Fund shall beconverted at the mid-market conversion rate between such Reference Currency and the currency of denomination.
The following exchange rates are used to convert the investments and other assets and liabilities denominated incurrencies other than the Reference Currency of the Sub-Fund at September 30, 2016:
j) All other securities and other permissible assets as well as any of the above mentioned assets for which the valuationin accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative oftheir fair value, in each case, in the opinion of the Directors, will be valued in such a manner, as is determined in goodfaith pursuant to procedures established by the Directors.
MACQUARIE FUND SOLUTIONS
53
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
k) The combined figures of the Company are expressed in Euro (‘‘EUR’’) and include the total of the financialstatements of the different Sub-Funds. For the Statement of Net Assets and the Statement of Operations andChanges in Net Assets, the exchange rate prevailing on September 30, 2016 is:
1 USD = 0.889838 EUR
These figures are presented for information purposes only.
If a Sub-Fund is primarily invested in markets which are closed for business at the time the Sub-Fund is valued, theDirectors may, during periods of market volatility, and by derogation from the provisions above, allow for the Net AssetValue per Share to be adjusted to reflect more accurately the fair value of the Sub-Fund’s investments at the relevant pointof valuation.
The Management Company has delegated to the Central Administration Agent the determination of the Net Asset Valueand the Net Asset Value per Share.
Income from Investments
Dividends are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date.Interest income is accrued on a daily basis.
Realised Gains and Losses on Sales of Investments in Securities
Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments insecurities are usually determined on the average cost basis and include transaction costs.
Note 3 – Fees and Expenses
The Management Fees, the Service Fee and the Depositary and Central Administration Agent Fee are expressed as apercentage per annum of Net Asset Value of the relevant share Class.
Management Fees
In payment for carrying out its duties and responsibilities, the Management Company is entitled to receive an annual fee outof the net assets of each Sub-Fund. In payment for providing investment management services, Macquarie InvestmentManagement Limited and Macquarie Investment Management Austria Kapitalanlage AG are each entitled to receive anannual fee out of the net assets of the Sub-Fund for which each acts as the Investment Manager. The fees paid to theManagement Company and the Investment Manager in respect of a Sub-Fund shall, when combined, not exceed the levelset out in the description of the relevant Sub-Fund in the prospectus.
The Management Company and each Investment Manager may be reimbursed for reasonable out-of-pocket expensesrelating to the services it provides. An Investment Manager may pay part of its fee to Sub-Investment Managers, authorizedintermediaries or other service providers acting on behalf of the Company, the Distributor or the Investment Manager, asthe Investment Manager may determine in its absolute discretion.
The Management Fees are accrued on a daily basis and are payable monthly in arrears.
For the year/period ended September 30, 2016, the Management Fees per share are up to the documented annual rates:
A ShareClass
B ShareClass
C ShareClass
F ShareClass
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund 1.50% 0.95% 0.95% 1.80%Macquarie Fund Solutions – Macquarie Asia New Stars Fund 1.65% 0.95% 0.95% 1.80%Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund 0.65% 0.55% 0.50% -Macquarie Fund Solutions – Macquarie Asian All Stars Fund 1.65% 0.75% 0.75% -Macquarie Fund Solutions – Macquarie China New Stars Fund 2.00% 1.00% 1.00% -Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund * 1.15% 0.50% 0.50% -
MACQUARIE FUND SOLUTIONS
54
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
* See Note 1.
Note 3 – Fees and Expenses (continued)
A ShareClass
B ShareClass
C ShareClass
F ShareClass
Macquarie Fund Solutions – Macquarie Euro Government Bond Fund * 0.75% 0.40% 0.40% -Macquarie Fund Solutions – Macquarie Global Convertible Fund * 2.05% 1.05% 1.05% -Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund * 2.55% 1.30% 1.30% -
- Denotes that the F Share Class is not a Share Class in the relevant Sub-Fund.
Service Fee
In consideration for its ongoing distribution and marketing services in relation to investors and intermediaries, the Distributoris entitled to receive an annual fee out of the net assets of each Sub-Fund (the ‘‘Service Fee"). The Service Fee paid to theDistributor in respect of a Sub-Fund shall not exceed the level set out in the description of the relevant Sub-Fund. TheDistributor may be reimbursed for reasonable out-of-pocket expenses relating to the services it provides. The Service Fee isaccrued on a daily basis and is payable monthly in arrears.
For the year/period ended September 30, 2016, the Service Fee per Share is up to the documented annual rates:
A ShareClass
B ShareClass
C ShareClass
F ShareClass
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund 0.30% 0.00% 0.00% 0.30%Macquarie Fund Solutions – Macquarie Asia New Stars Fund 0.30% 0.00% 0.00% 0.30%Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund 0.30% 0.00% 0.00% 0.30%Macquarie Fund Solutions – Macquarie Asian All Stars Fund 0.00% 0.00% 0.00% -Macquarie Fund Solutions – Macquarie China New Stars Fund 0.00% 0.00% 0.00% -Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund * 0.00% 0.00% 0.00% -Macquarie Fund Solutions – Macquarie Euro Government Bond Fund * 0.00% 0.00% 0.00% -Macquarie Fund Solutions – Macquarie Global Convertible Fund * 0.00% 0.00% 0.00% -Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund * 0.00% 0.00% 0.00% -
- Denotes that the F Share Class is not a Share Class in the relevant Sub-Fund.
Central Administration Agent Fee and Depositary Fee
The Company pays to the Depositary and the Central Administration Agent annual fees which will vary from 0.0425% of thenet asset value to a maximum of 2% of the net asset value per sub-fund subject to a minimum fee per sub-fund of EUR32,200. These fees are payable on a monthly basis and do not include any transaction related fees, due diligence ad hocfees and costs of sub-custodians or similar agents. The Depositary and the Central Administration Agent are also entitled tobe reimbursed of reasonable disbursements and out of pocket expenses which are not included in the above mentionedfees.
Other Costs and Expenses
The other costs charged to the Company or to the different Sub-Funds or Classes include:
– The costs of establishing the Company and the Sub-Funds. The costs and expenses of establishing the Companyand creating Sub-Funds may be capitalised and amortised over a period not exceeding 5 years.
– The fees and remuneration of Directors, auditors and legal advisors, the costs of preparing, printing and distributingall prospectuses, memoranda, reports and other necessary documents concerning the Company, any fees andexpenses involved in registering and maintaining the registration of the Company with any governmental agencyand stock exchange, the costs of publishing prices and the operational expenses, the reimbursement of any coststo the Management Company, the Depositary and other third parties and the costs of holding directors’ orshareholders’ meetings. The remuneration payable to each Director shall not exceed EUR 40,000 p.a. and shallcorrespond for each Director to the amount and method of payment, as determined by the annual general meetingof Shareholders. The reimbursement of any costs to the Management Company, the Depositary and other thirdparties shall be limited to any out-of-pocket expenses arising in the performance of the agreements entered into bythe Company with the relevant service provider.
MACQUARIE FUND SOLUTIONS
55
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
* See Note 1.
Note 3 – Fees and Expenses (continued)
– The out of pocket expenses of the Company, including:– stamp duties, taxes (excluding Subscription and Capital gains tax), commission and other dealing costs;– foreign exchange costs;– bankers’ charges;– registration fees in relation to investments;– insurance costs;– rating agency fees; and– fees of service providers and fees incurred in places where the Company or a Sub-Fund is registered.
All fees excluding Management fees, Service fees and Subscription tax recorded in the statement of operations andchanges in net assets are capped to a maximum of 0.65% per annum of the average net asset value for Macquarie FundSolutions – Macquarie Asia New Stars Fund, Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund,Macquarie Fund Solutions – Macquarie Asian All Stars Fund and Macquarie Fund Solutions – Macquarie China New StarsFund and to a maximum of 0.30% per annum of the average net asset value for Macquarie Fund Solutions – MacquarieGlobal Income Opportunities Fund. In case of excess, the exceeding amount is reimbursed by Macquarie InvestmentManagement Limited to the relevant Sub-Fund and is booked under "Other Income". The fees of the four other Sub-Fundsare not capped.
Note 4 – Subscription Tax
Under current law and practice, the Company is not liable to any Luxembourg income tax, nor are dividends (if any) paid bythe Company liable to any Luxembourg withholding tax.
However, each Sub-Fund is liable in Luxembourg to a taxe d’abonnement of 0.05% per annum of its net assets, such taxbeing payable quarterly and calculated on the Net Asset Value of the Sub-Fund at the end of the relevant quarter. Thereduced taxe d’abonnement rate of 0.01% per annum will be applicable to Classes of Shares which are reserved forInstitutional Investors. The value of the assets of the Company represented by shares held in other Luxembourg investmentfunds, provided such shares have already been subject to the taxe d’abonnement, are exempt from the taxe d’abonnement.
No stamp duty or other tax is payable in Luxembourg on the issue of Shares.
Note 5 – Capital Gains Tax
Capital Gains tax is accrued on unrealised gains on securities traded on the Stock Exchange of Thailand. Under current lawof Thailand, capital gains are taxed at 15%.
Under current law and practice, no Luxembourg capital gains tax will be payable on the realised or unrealised capitalappreciation of the assets of the Company.
Note 6 – Forward Foreign Exchange Contracts
No collateral has been received in relation with the Forward Foreign Exchange contracts.
As at September 30, 2016, the Sub-Fund Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund hadthe following forward foreign exchange contracts outstanding:
Purchase Sale
Maturity
Date
Unrealised
gain/(loss)
(in USD)
EUR 26,519 USD 30,000 17/10/2016 (173)
EUR 35,705 USD 40,000 17/10/2016 158
EUR 9,884,893 USD 11,145,019 17/10/2016 (27,134)
USD 1,000,000 AUD 1,303,382 17/10/2016 2,974
USD 113,991 AUD 150,000 17/10/2016 (752)
USD 114,846 AUD 150,000 17/10/2016 103
USD 281,824 GBP 210,000 17/10/2016 8,926
USD 376,590 AUD 500,000 17/10/2016 (5,889)
USD 4,844,900 AUD 6,318,336 17/10/2016 11,668
USD 5,299,549 EUR 4,701,933 17/10/2016 11,111
992
MACQUARIE FUND SOLUTIONS
56
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
As at September 30, 2016, the Sub-Fund Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund *had the following forward foreign exchange contracts outstanding:
Purchase Sale
Maturity
Date
Unrealised
gain
(in EUR)
EUR 36,616,483 USD 41,186,000 30/11/2016 73,441
EUR 537,514 GBP 465,000 30/11/2016 935
74,376
As at September 30, 2016, the Sub-Fund Macquarie Fund Solutions – Macquarie Global Convertible Fund * had thefollowing forward foreign exchange contracts outstanding:
Purchase Sale
Maturity
Date
Unrealised
gain/(loss)
(in EUR)
USD 2,247,220 EUR 2,000,000 03/10/2016 (541)
EUR 1,997,935 USD 2,250,000 30/11/2016 1,573
EUR 90,972,214 USD 102,325,000 30/11/2016 182,463
EUR 2,962,204 CHF 3,236,000 20/12/2016 (11,132)
EUR 4,168,130 GBP 3,560,000 20/12/2016 61,766
EUR 375,388 SEK 3,588,000 20/12/2016 2,573
EUR 7,988,514 USD 8,958,000 20/12/2016 37,853
274,555
As at September 30, 2016, the Sub-Fund Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund * hadthe following forward foreign exchange contracts outstanding:
Purchase Sale
Maturity
Date
Unrealised
gain/(loss)
(in EUR)
EUR 1,449,335 GBP 1,237,000 20/12/2016 22,491
EUR 17,791,581 USD 19,965,000 20/12/2016 71,638
EUR 178,272 USD 200,000 20/12/2016 762
EUR 2,076,051 HKD 18,066,000 20/12/2016 7,366
EUR 2,886,403 SGD 4,432,000 20/12/2016 746
EUR 741,880 USD 830,000 20/12/2016 5,219
SGD 495,000 EUR 325,739 20/12/2016 (3,448)
104,774
The counterparties linked to the forward foreign exchange contracts are:
- Westpac Banking Corporation Sydney- JP Morgan Chase Bank N.A. Sydney- Bank of America, N.A. San Francisco- Royal Bank of Canada.
MACQUARIE FUND SOLUTIONS
57
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
* See Note 1.
Note 7 – Futures
No collateral has been received in relation with the future contracts.
As at September 30, 2016, the Sub-Fund Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund hadthe following futures outstanding:
Description Contracts
Number of
contracts Commitment
Maturity
Date Ccy
Unrealised
gain/(loss)
(in USD)
10 YEAR TREAS.BOND AUSTRAL.6% SALE (1) (137,016) 15/12/2016 AUD (708)
10Y TREASURY NOTES USA SALE (112) (14,686,000) 20/12/2016 USD 8,531
2Y TREASURY NOTES USA SALE (13) (2,840,094) 30/12/2016 USD (1,016)
3 YEAR TREASURY BOND AUSTRALIA PURCHASE 113 12,804,056 15/12/2016 AUD 28,408
5Y TREASURY NOTES USA SALE (124) (15,067,938) 30/12/2016 USD (23,570)
EURO BOBL SALE (16) (2,113,440) 08/12/2016 EUR (7,653)
EURO BUND SALE (19) (3,148,300) 08/12/2016 EUR (29,342)
EURO SCHATZ PURCHASE 1 112,135 08/12/2016 EUR 84
JAPANESE GOV. BDS FUTURE 10Y SALE (2) (304,680,000) 13/12/2016 JPY (15,109)
TREASURY BONDS USA SALE (2) (336,313) 20/12/2016 USD 4,305
(36,070)
The counterparty linked to the financial futures contracts is: Macquarie Bank Limited Sydney.
Note 8 – Credit Default Swap ("CDS")
No collateral has been received in relation with the CDS contracts.
As at September 30, 2016, the Sub-Fund Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund hadthe following CDS outstanding:
Swap Type
Security
Description
Protection
Type Currency Nominal
Maturity
Date Counterparty
Interest
Rate
(%)
Paying
leg
Receiving
leg
Net
unrealised
(loss)
(in USD)
Market
Value
(in USD)
Clearing CDS CDX NA HY S27
10
BUY USD 775,000 20/12/2021 JP MORGAN
SECURITIES
LLC
1 1,076 - (34,203) (34,203)
Clearing CDS CDX NA HY S27
10
BUY USD 775,000 20/12/2021 JP MORGAN
SECURITIES
LLC
1 1,184 - (33,898) (33,898)
(68,101) (68,101)
Note 9 – Transaction Costs
For the year/period ended, the Company incurred transaction costs relating to the purchase or sale of shares andderivatives as follows:
- Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund USD 124,788
- Macquarie Fund Solutions – Macquarie Asia New Stars Fund USD 7,972,928
- Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund USD -
- Macquarie Fund Solutions – Macquarie Asian All Stars Fund USD 2,225,436
- Macquarie Fund Solutions – Macquarie China New Stars Fund USD 56,912
- Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund * EUR -
MACQUARIE FUND SOLUTIONS
58
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
* See Note 1.
Note 9 – Transaction Costs (continued)
- Macquarie Fund Solutions – Macquarie Euro Government Bond Fund * EUR -
- Macquarie Fund Solutions – Macquarie Global Convertible Bond Fund * EUR 515
- Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund * EUR -
These transactions costs are included in the cost of the securities.
Furthermore, in accordance with the practices of the bond markets, a bid-offer spread is applied to securities purchase orsale transactions. According to this principle, the selling and buying prices applied by the broker to a given transaction arenot identical and the difference between them constitutes the broker’s remuneration.
Note 10 – Pooling
The Directors may authorise one or more Investment Managers to invest and manage all or any part of the portfolios ofassets established for two or more Sub-Funds (hereafter the "Participating Sub-Funds") on a pooled basis. Any such assetpool (an "Asset Pool") will be formed by transferring to it cash or other assets (subject to such other assets beingappropriate with respect to the investment policy of the Asset Pool concerned) from each Participating Sub-Fund. TheInvestment Manager(s) may, from time to time, make further transfers to the Asset Pool. Assets may also be transferredback to a Participating Sub-Fund up to the amount of the participation of the relevant Participating Sub-Fund.
Note 11 – Subsequent Events
As of January 1, 2017, the Company will pay to the Depositary and the Central Administration Agent annual fees which willvary from 0.008% of the net asset value to a maximum of 2% of the net asset value per Sub-Fund subject to a minimum feeper Sub-Fund of EUR 27,600.
As of January 1, 2017, the Directors have appointed Lemanik Asset Management, Grand Duchy of Luxembourg S.A. as theManagement Company of all Sub-Funds.
No other significant events have occurred since the reporting date which would impact the financial position of the Companydisclosed in the statement of financial position as at September 30, 2016 or on the results and cash flows of the Companyfor the year ended on that date.
MACQUARIE FUND SOLUTIONS
59
NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)
* See Note 1.
OTHER INFORMATION (unaudited)
Total Expense Ratio (TER)
The Total Expense Ratio (TER) was calculated in accordance with the CSSF Circular 2003/122 issuedon December 19, 2003 and on the basis of the "Guidelines on the calculation and disclosure of the TER of collectiveinvestment schemes May 16, 2008 (Version of April 20, 2015)" published by the "Swiss Funds & Asset ManagementAssociation SFAMA".
The TER for the year/period ended September 30, 2016 are as follows (all the data are expressed without performance feessince none of the Share Classes had performance fees for the year/period):
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund A (EUR) 2.02%Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund A (USD) 2.10%Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund C (USD) 1.15%
Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (EUR) 2.15%Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (SEK) 2.15%Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (SGD) 2.15%Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (USD) 2.15%Macquarie Fund Solutions – Macquarie Asia New Stars Fund B (GBP) 1.16%Macquarie Fund Solutions – Macquarie Asia New Stars Fund B (USD) 1.16%Macquarie Fund Solutions – Macquarie Asia New Stars Fund C (EUR) 1.11%Macquarie Fund Solutions – Macquarie Asia New Stars Fund C (SEK) 1.11%Macquarie Fund Solutions – Macquarie Asia New Stars Fund C (USD) 1.12%Macquarie Fund Solutions – Macquarie Asia New Stars Fund F (SEK) 2.30%
Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund A (USD) 1.30%Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund C (EUR) 0.81%Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund C (USD) 0.81%
Macquarie Fund Solutions – Macquarie Asian All Stars Fund A (EUR) 1.89%Macquarie Fund Solutions – Macquarie Asian All Stars Fund A (USD) 2.03%Macquarie Fund Solutions – Macquarie Asian All Stars Fund B (GBP) 0.99%Macquarie Fund Solutions – Macquarie Asian All Stars Fund C (EUR) 0.96%Macquarie Fund Solutions – Macquarie Asian All Stars Fund C (USD) 0.95%
Macquarie Fund Solutions – Macquarie China New Stars Fund C (USD) 1.66%
Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund A (EUR) * 1.47%Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund B (EUR) * 0.83%Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund C (EUR) * 0.73%
Macquarie Fund Solutions – Macquarie Euro Government Bond Fund B (EUR) * 0.63%Macquarie Fund Solutions – Macquarie Euro Government Bond Fund C (EUR) * 0.63%Macquarie Fund Solutions – Macquarie Euro Government Bond Fund C (EUR) dist * 0.62%
Macquarie Fund Solutions – Macquarie Global Convertible Fund B (EUR) * 1.21%Macquarie Fund Solutions – Macquarie Global Convertible Fund B (EUR) dist * 1.24%Macquarie Fund Solutions – Macquarie Global Convertible Fund C (EUR) * 1.22%Macquarie Fund Solutions – Macquarie Global Convertible Fund C (EUR) dist * 1.26%
Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund B (EUR) * 1.55%Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund C (EUR) * 1.65%
The formula applied is the following:
The TER expresses the sum of all costs and commissions charged on an ongoing basis to each class of shares (operatingexpenses) taken retrospectively as a percentage of their net assets, and is in principle calculated using the followingformula:
TER % = Total operating expenses x 100
Average net assets
MACQUARIE FUND SOLUTIONS
60
* See Note 1.
Performances
The cumulative performances since launch are as follows:
Macquarie FundSolutions –
Macquarie GlobalListed
InfrastructureFund
Macquarie FundSolutions –
Macquarie AsiaNew Stars Fund
Macquarie FundSolutions –
Macquarie GlobalIncome
OpportunitiesFund
Macquarie FundSolutions –
Macquarie AsianAll Stars Fund
Macquarie FundSolutions –
Macquarie ChinaNew Stars Fund
Class A (USD) - ** 41.15% - ** (7.40%) -
Class A (EUR) 64.75% 65.18% - 17.29% -
Class A (SEK) - 110.68% - - -
Class A (SGD) - 40.64% - - -
Class B (EUR) - - - - -
Class B (EUR) dist - - - - -
Class B (USD) - 20.78% - - -
Class B (GBP) - 48.46% - 20.12% -
Class C (USD) 28.76% 33.34% 0.87% 6.84% (2.01%)
Class C (EUR) - 70.14% (0.49%) 18.07% -
Class C (EUR) dist - - - - -
Class C (SEK) - 83.81% - - -
Class F (SEK) - 93.00% - - -
Macquarie FundSolutions –
Macquarie GlobalMulti Asset
Absolute ReturnFund *
Macquarie FundSolutions –
Macquarie EuroGovernmentBond Fund *
Macquarie FundSolutions –
Macquarie GlobalConvertible Bond
Fund *
Macquarie FundSolutions –Macquarie
Emerging MarketConvertible
Fund *
Class A (USD) - - - -
Class A (EUR) 2.93% - - -
Class A (SEK) - - - -
Class A (SGD) - - - -
Class B (EUR) 3.35% 4.40% 8.33% 2.91%
Class B (EUR) dist - - 8.33% -
Class B (USD) - - - -
Class B (GBP) - - - -
Class C (USD) - - - -
Class C (EUR) 3.03% 4.12% 8.52% 2.74%
Class C (EUR) dist - 3.74% 8.52% -
Class C (SEK) - - - -
Class F (SEK) - - - -
MACQUARIE FUND SOLUTIONS
61
OTHER INFORMATION (unaudited) (continued)
* See Note 1.
** Class no longer active for the period ended September 30, 2016.
The performances for the calendar year 2015 are as follows:
Macquarie FundSolutions –
Macquarie GlobalListed
InfrastructureFund
Macquarie FundSolutions –
Macquarie AsiaNew Stars Fund
Macquarie FundSolutions –
Macquarie GlobalIncome
OpportunitiesFund
Macquarie FundSolutions –
Macquarie AsianAll Stars Fund
Macquarie FundSolutions –
Macquarie ChinaNew Stars Fund
Class A (USD) (11.06%) 2.32% (1.59%) - -
Class A (EUR) (1.16%) 13.97% - 13.59% -
Class A (SEK) - 10.19% - - -
Class A (SGD) - 9.54% - - -
Class B (USD) - 3.35% - - -
Class B (GBP) - 9.33% - - -
Class C (USD) (10.27%) 3.39% (1.11%) 2.93% (0.56%)
Class C (EUR) - 15.16% (1.64%) 14.66% -
Class C (SEK) - 11.34% - - -
Class F (SEK) - 10.03% - - -
Past performance is no indication of current or future performance. These performance data do not take account of thecommissions and costs incurred on the issue and redemption of shares.
Determination of the global exposure
For the year/period ended September 30, 2016:
All the Sub-Funds use the Commitment approach in order to monitor and measure their global exposure.