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:

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


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

Alison Wood (resigned January 4, 2016)Division Director, Macquarie Asset ManagementLondon,United Kingdom

Management Company

FundRock Management Company S.A.(formerly RBS (Luxembourg) S.A.)33, rue de Gasperich,L-5826 Hesperange,Grand Duchy of Luxembourg

Board of Directors of the Management Company

Chairman

Mr Kevin Charles BrownIndependent Non-Executive DirectorLondon,United Kingdom

Members

Ms Lorna Mary CassidyExecutive Director, Head of FinanceFundRock Management Company S.A.Luxembourg,Grand Duchy of Luxembourg

Ms Gudrun GoebelExecutive Director, Network & Client RelationshipsFundRock Management Company S.A.Luxembourg,Grand Duchy of Luxembourg

Mr Henry Cannell KellyIndependent Non-Executive DirectorManaging DirectorKellyConsult S.a r.l.Luxembourg,Grand Duchy of Luxembourg

Mr Eric MayDirectorChief Executive OfficerBlackFin Capital PartnersParis, France

Mr Michel Marcel VareikaIndependent Non-Executive DirectorDirector of CompaniesLuxembourg,Grand Duchy of Luxembourg

Mr Revel Justin WoodExecutive Director, Chief Executive OfficerFundRock Management Company S.A.Luxembourg,Grand Duchy of Luxembourg

Mr Gregory Robinson-Kok, (Until 10 October 2016)Executive Director, AlternativesFundRock Management Company S.A.Luxembourg,Grand Duchy of Luxembourg

Conducting Officers

Mr Gregory Robinson-Kok (Until 10 October 2016)Executive Director, Alternatives

Mr Christophe DoucheDirector, Risk & Operations

Ms Gudrun GoebelExecutive Director, Network & Client Relationships

Mr Ross Thomson (Until 1 September 2016)Head of Central Administration and Distribution Oversight

Mr Revel Justin WoodExecutive Director, Chief Executive Officer

Ms Aline Zanette (Until 16 August 2016)Head of Investment Management Oversight


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


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

Irish Paying Agent

RBC Investor Services Ireland Ltd.George’s Quay House43 Townsend StreetDublin 2Ireland

Liechtenstein Paying Agent

Liechtensteinische Landesbank AktiengesellschaftStadtle 44FL-9490 VaduzPrincipality of Liechtenstein

Swedish Paying Agent

Skandinaviska Enskilda Banken ABCustody Services, SEB Merchant BankingSergels Torg 2,SE-106 40 Stockholm,Sweden

Switzerland Paying Agent

RBC Investor Services Bank S.A.Esch-sur-Alzette, Zurich Branch,Badenerstrasse 567,P.O. Box 1292,CH-8048 Zurich,Switzerland

United Kingdom Facilities Agent

Duff & Phelps Limited14th Floor, The Shard,32 London Bridge Street,London, SE1 9SG,United Kingdom


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.


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;


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


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


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 –


The accompanying notes form an integral part of these financial statements.

11


Asian All StarsFund

Macquarie FundSolutions –MacquarieChina NewStars Fund


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) – – –



12

STATEMENT OF NET ASSETS AS AT SEPTEMBER 30, 2016 (continued)

* See Note 1.


Macquarie EuroGovernmentBond Fund *


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 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) – – –



13


* 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



14


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE YEAR/PERIOD ENDED

SEPTEMBER 30, 2016



Fund





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

Total income 2,305,737 18,439,633 1,941,029

ExpensesManagement fees (3) 640,372 14,241,270 256,511Central Administration fees (3) 22,881 372,398 20,061Depositary fees (3) 9,425 155,365 8,243Service fee (3) 6,736 1,547,249 2,886Subscription Tax (4) 7,400 368,093 4,746Interest on swaps – – 135,313Capital gains tax (5) – – –Other costs and expenses (3) 95,343 1,189,403 172,113

Total expenses 782,157 17,873,778 599,873

Net income/(loss) from investments 1,523,580 565,855 1,341,156

Net realised gain/(loss) on investments (2) 23,535 (144,305,757) (354,150)Net realised gain on options – – 7,131Net realised gain/(loss) on forward foreign exchangecontracts (6) – – (787,947)Net realised (loss) on future contracts (7) – – (1,101,287)Net realised gain/(loss) on foreign exchange (37,225) (3,874,315) 71,317Net realised (loss) on swaps (8) – – (99,767)

Net realised gain/(loss) 1,509,890 (147,614,217) (923,547)

Change in net unrealised appreciation/(depreciation):- on investments (2) 6,797,973 126,949,000 2,096,504- on forward foreign exchange contracts (6) – – 2,598- on future contracts (7) – – 234,138- on swaps (8) – – (69,671)

Net increase/(decrease) in net assets as a result ofoperations 8,307,863 (20,665,217) 1,340,022

Evolution of the capitalSubscriptions of shares 1,919,818 264,648,590 243,599Redemptions of shares (13,637,105) (392,246,549) (2,334,345)

Net assets at the end of the year/period 62,863,906 1,106,331,826 51,039,932



15


Asian All StarsFund




Notes USD USD EUR

Net assets at the beginning of the year/period 142,191,482 7,251,282 –

IncomeDividends, net (2) 6,706,756 167,744 888,672Interest on bonds, net – – –Bank interest (2) – – –Income on swaps (8) – – –Other income – 50,090 –

Total income 6,706,756 217,834 888,672

ExpensesManagement fees (3) 2,531,526 71,437 199,622Central Administration fees (3) 115,687 20,264 15,772Depositary fees (3) 57,249 8,885 6,412Service fee (3) – – –Subscription Tax (4) 46,566 721 18,926Interest on swaps – – –Capital gains tax (5) 260,720 – –Other costs and expenses (3) 399,319 67,299 65,931

Total expenses 3,411,067 168,606 306,663

Net income/(loss) from investments 3,295,689 49,228 582,009

Net realised gain/(loss) on investments (2) (25,532,719) (1,300,398) 1,017,179Net realised gain on options – – –Net realised gain/(loss) on forward foreign exchangecontracts (6) – – 29,274Net realised (loss) on future contracts (7) – – –Net realised gain/(loss) on foreign exchange (760,435) (12,709) 9,683Net realised (loss) on swaps (8) – – –

Net realised gain/(loss) (22,997,465) (1,263,879) 1,638,145

Change in net unrealised appreciation/(depreciation):- on investments (2) 40,449,469 1,476,543 210,472- on forward foreign exchange contracts (6) – – (70,887)- on future contracts (7) – – –- on swaps (8) – – –

Net increase/(decrease) in net assets as a result ofoperations 17,452,004 212,664 1,777,730

Evolution of the capitalSubscriptions of shares 237,521,639 40,130 116,342,248Redemptions of shares (37,891,183) (150,977) (34,581,075)




16


SEPTEMBER 30, 2016 (continued)

* See Note 1.




GlobalConvertible

Fund *


MarketConvertible

Fund *Notes EUR EUR EUR

Net assets at the beginning of the year/period – – –

IncomeDividends, net (2) – 557,182 –Interest on bonds, net 957,793 981,194 295,874Bank interest (2) – 293 –Income on swaps (8) – – –Other income – – –

Total income 957,793 1,538,669 295,874

ExpensesManagement fees (3) 164,932 1,032,796 290,211Central Administration fees (3) 15,014 40,691 14,847Depositary fees (3) 7,237 14,754 5,020Service fee (3) – – –Subscription Tax (4) 9,929 20,473 10,104Interest on swaps – – –Capital gains tax (5) – – –Other costs and expenses (3) 85,616 108,452 49,526

Total expenses 282,728 1,217,166 369,708

Net income/(loss) from investments 675,065 321,503 (73,834)

Net realised gain/(loss) on investments (2) 1,707,218 2,502,191 354,736Net realised gain on options – – –Net realised gain/(loss) on forward foreign exchangecontracts (6) – 2,834,414 1,006,675Net realised (loss) on future contracts (7) (157,050) – –Net realised gain/(loss) on foreign exchange (26) 261,225 (195,328)Net realised (loss) on swaps (8) – – –

Net realised gain/(loss) 2,225,207 5,919,333 1,092,249

Change in net unrealised appreciation/(depreciation):- on investments (2) 615,929 8,981,522 674,295- on forward foreign exchange contracts (6) – (2,543,131) (673,891)- on future contracts (7) – – –- on swaps (8) – – –

Net increase/(decrease) in net assets as a result ofoperations 2,841,136 12,357,724 1,092,653

Evolution of the capitalSubscriptions of shares 136,490,859 324,999,264 81,544,857Redemptions of shares (55,254,160) (186,134,870) (50,947,780)




17



* See Note 1.

Combined *Notes EUR

Net assets at the beginning of the year/period 1,354,424,054

IncomeDividends, net (2) 25,722,159Interest on bonds, net 3,879,714Bank interest (2) 7,241Income on swaps (8) 67,541Other income 353,338

Total income 30,029,993

ExpensesManagement fees (3) 17,474,281Central Administration fees (3) 576,884Depositary fees (3) 246,243Service fee (3) 1,385,363Subscription Tax (4) 439,861Interest on swaps 120,407Capital gains tax (5) 231,999Other costs and expenses (3) 2,021,107

Total expenses 22,496,145

Net income/(loss) from investments 7,533,848

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



18



* 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



Fund





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 – – –



19



Fund





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 –



20

CHANGES IN THE NUMBER OF SHARES FOR THE YEAR/PERIOD ENDED SEPTEMBER 30, 2016 (continued)


Asian All StarsFund




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 – – –



21


* See Note 1.


Asian All StarsFund




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 – – –



22


* See Note 1.




GlobalConvertible

Fund *


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 –



23


* See Note 1.




GlobalConvertible

Fund *


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 – – –



24


* See Note 1.

STATISTICS AS AT SEPTEMBER 30, 2016Macquarie Fund

Solutions –Macquarie


Fund





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 –



25


Asian All StarsFund




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 – – –


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) – – –



26

* See Note 1.

STATISTICS AS AT SEPTEMBER 30, 2016 (continued)




GlobalConvertible

Fund *


MarketConvertible

Fund *EUR EUR EUR

Total Net AssetsSeptember 30, 2016 84,077,835 151,222,118 31,689,730September 30, 2015 – – –September 30, 2014 – – –


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) – – –



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) – – –



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

Shares

AustraliaApa Grp Stapled Security 149,259 AUD 957,027 973,158 1.55Sydney Airport-Stapled Security 158,364 AUD 765,151 844,681 1.34Transurban Group 383,937 AUD 2,735,118 3,340,594 5.31

4,457,296 5,158,433 8.20

Bermuda IslandsChina Gas Holdings Limited 182,000 HKD 266,687 288,629 0.46Cosco Pacific Ltd 942,690 HKD 1,204,196 966,274 1.54

1,470,883 1,254,903 2.00

BrazilLlx Logistica Sa /Sub Rcpt 68,138 BRL 319,331 144,713 0.23Prumo Logistica Sa 143,134 BRL 670,803 307,076 0.49

990,134 451,789 0.72

CanadaEnbridge Inc 77,613 CAD 3,320,681 3,405,109 5.42Transcanada Corp 49,249 CAD 2,027,505 2,334,947 3.71Veresen Inc 94,358 CAD 1,034,619 962,067 1.53

6,382,805 6,702,123 10.66

Cayman IslandsEnn Energy Holdings 56,000 HKD 284,578 272,564 0.43Hopewell Highway Infrastr. 292,500 HKD 149,825 178,382 0.29

434,403 450,946 0.72

ChinaChina Longyuan Power H 589,000 HKD 564,446 478,432 0.76Huadian Fuxin Energy Corp -H 1,992,000 HKD 837,927 472,575 0.75

1,402,373 951,007 1.51

FranceAeroports de Paris 2,399 EUR 268,983 238,003 0.38Groupe Eurotunnel Sa 231,721 EUR 2,545,636 2,509,292 3.99

2,814,619 2,747,295 4.37

GermanyFraport Ag Frankfurt Airport Services Worldwide 9,021 EUR 581,886 493,559 0.78Hamburger Hafen Und Logistik Ag 2,355 EUR 56,890 35,821 0.06

638,776 529,380 0.84

Great BritainNational Grid Plc 135,570 GBP 1,704,867 1,923,072 3.06Pennon Group Plc 107,703 GBP 1,239,000 1,247,963 1.98

2,943,867 3,171,035 5.04

Hong KongChina Merchants Holdings International Co Ltd 467,886 HKD 1,499,381 1,245,731 1.98CLP Holdings Ltd 43,000 HKD 444,377 444,361 0.71

1,943,758 1,690,092 2.69



28


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

ItalyAtlantia Spa 42,743 EUR 944,039 1,085,101 1.73Enav S.P.A. 398,541 EUR 1,533,636 1,638,347 2.61Enel 247,232 EUR 1,037,760 1,102,467 1.75Snam Az 60,389 EUR 317,570 334,982 0.53

3,833,005 4,160,897 6.62

JapanEast Japan Railway Co 6,800 JPY 621,874 609,727 0.97West Japan Railway Co 5,800 JPY 356,773 357,284 0.57

978,647 967,011 1.54

LuxembourgIntelsat Gl 5.75% 01.05.16 Cv 76,493 USD 1,046,097 207,296 0.33

1,046,097 207,296 0.33

MexicoInfraestructura Energetica Nov 161,000 MXN 668,790 628,324 1.00Ohl Mexico Sab De Cv 439,600 MXN 766,843 584,435 0.93

1,435,633 1,212,759 1.93

NetherlandsKoninklijke Vopak Nv 10,268 EUR 443,867 539,110 0.86

443,867 539,110 0.86

SingaporeHutchison Port /Dis 2,304,100 USD 1,664,143 1,025,324 1.63

1,664,143 1,025,324 1.63

SpainAbertis Infraestructuras Sa 172,196 EUR 2,783,579 2,682,102 4.27Aena Sa 8,330 EUR 979,338 1,229,133 1.95Enagas 21,120 EUR 594,738 635,495 1.01Iberdrola Sa 273,284 EUR 1,807,687 1,858,670 2.96

6,165,342 6,405,400 10.19

SwitzerlandFlughafen Zuerich Ag 6,352 CHF 633,596 1,243,666 1.98

633,596 1,243,666 1.98

United StatesAmerican Electric Power Co Inc 8,600 USD 435,741 552,206 0.88American Tower Corp "A" 8,200 USD 689,910 929,306 1.48Cheniere Energy 42,800 USD 1,794,865 1,866,080 2.97Crown Castle Intl Shs 16,314 USD 1,215,678 1,536,942 2.45Dominion Resources Inc /Va 10,500 USD 747,684 779,835 1.24Duke Energy 27,200 USD 2,009,456 2,177,088 3.46Edison International 8,500 USD 501,582 614,125 0.98Enterprise Products Partners Lp 47,374 USD 1,388,038 1,308,944 2.08Kinder Morgan Inc 93,500 USD 2,118,558 2,162,655 3.44Magellan Midstream Partners Lp 15,440 USD 969,451 1,092,225 1.74NextEra Energy Inc 16,100 USD 1,678,743 1,969,352 3.13Pg & E Corp 27,040 USD 1,378,424 1,654,037 2.63Sempra Energy 28,500 USD 2,641,152 3,054,915 4.86Southwest Gas Corp. 8,632 USD 601,286 603,031 0.96Spectra Energy Corp *Opa* 19,885 USD 586,949 850,084 1.35



29


STATEMENT OF INVESTMENTS AS AT SEPTEMBER 30, 2016 (continued)

(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

United States (continued)Williams Cos Inc 35,886 USD 1,252,943 1,102,777 1.75

20,010,460 22,253,602 35.40

Total Shares 59,689,704 61,122,068 97.23

Total transferable securities admitted to an official stock exchangelisting or dealt in on another regulated market 59,689,704 61,122,068 97.23

TOTAL INVESTMENTS 59,689,704 61,122,068 97.23

Other net assets 1,741,838 2.77

TOTAL NET ASSETS 62,863,906 100.00



30



(expressed in USD)

Macquarie Fund Solutions – Macquarie Asia New Stars Fund


(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets


Shares

Bermuda IslandsApt Satellite Holdings Ltd 12,102,874 HKD 10,126,372 8,379,669 0.76Cafe De Coral Holdings Ltd 3,650,000 HKD 12,813,380 12,141,621 1.10

22,939,752 20,521,290 1.86

Cayman IslandsDawnrays Pharmaceutical (Hldgs) 15,352,000 HKD 13,240,006 10,035,454 0.91Gourmet Master Co Ltd 4,622,300 TWD 34,830,113 46,009,154 4.16Harmonicare 3,409,000 HKD 3,193,684 2,043,827 0.19Lee & Man Paper 24,725,000 HKD 17,367,801 22,442,594 2.03Mgm China 4,534,800 HKD 7,792,951 7,869,865 0.71Minth Group Ltd 2,168,000 HKD 6,835,738 7,617,104 0.69Nexteer Automotive Group Ltd 1,676,000 HKD 1,795,879 2,182,526 0.20Uni-President China Hldgs Ltd 4,901,000 HKD 4,518,430 3,475,453 0.31Value Partners Group Ltd 8,857,000 HKD 10,732,261 9,089,998 0.82Want Want China Holdings Ltd 4,544,000 HKD 2,840,085 2,812,183 0.25Wh Group Ltd 23,497,500 HKD 18,397,510 18,904,724 1.71Xinyi Glass Holding Co Ltd 17,988,000 HKD 16,125,224 16,257,920 1.47

137,669,682 148,740,802 13.45

ChinaBeijing Capital International Airport Co Ltd "H" 18,522,000 HKD 20,488,744 20,991,373 1.90Dongfeng Motor -H- 9,214,000 HKD 11,012,101 9,206,912 0.83Great Wall Motor Co Ltd "H" 16,398,500 HKD 16,554,024 15,963,024 1.44Tong Ren Tang Technology -H- 6,421,000 HKD 10,845,367 12,418,182 1.12Travelsky Technology Ltd -H- 4,724,000 HKD 11,097,799 11,207,062 1.02

69,998,035 69,786,553 6.31

Hong KongCitic Telecom Intl Holding Ltd 38,854,000 HKD 12,872,307 14,477,636 1.31Cspc Pharmaceut — Shs 5,924,000 HKD 5,822,295 5,927,081 0.53Pccw Ltd 7,556,000 HKD 5,581,436 4,637,277 0.42

24,276,038 25,041,994 2.26

IndiaAurobindo Pharma 1,860,013 INR 17,287,690 23,899,045 2.16Crompton 2,279,235 INR 5,638,770 5,270,341 0.48Dish Tv India Limited 10,552,518 INR 14,225,258 14,756,240 1.33Indiabulls Housing Finance Ltd 1,793,370 INR 19,676,362 22,287,192 2.01Inox Leisure Limited /Demat. 1,301,824 INR 3,722,831 5,130,811 0.46Lic Housing Finance Ltd 709,200 INR 5,457,846 6,165,484 0.56Shriram Transport Finance 1,052,864 INR 19,102,558 18,386,167 1.66Sun Tv Network Inr 5 958,111 INR 6,609,698 7,269,526 0.66Upl Ltd /Demat. 1,703,387 INR 8,921,956 17,240,367 1.56

100,642,969 120,405,173 10.88

IndonesiaMatahari Dept Ser -A- 1,664,600 IDR 2,158,505 2,356,332 0.21Pt Indofood Sukses 26,406,400 IDR 17,530,845 17,602,348 1.59

19,689,350 19,958,680 1.80

MalaysiaWestsports Holdings Bhd 13,474,300 MYR 13,147,385 14,303,529 1.29

13,147,385 14,303,529 1.29



31


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

PhilippinesPuregold Price Club Inc 8,647,400 PHP 8,318,372 7,578,517 0.68Robinsons Retail Holdings Inc 8,002,450 PHP 12,943,970 12,384,640 1.12Security Bank Corp 7,834,070 PHP 30,883,776 39,029,600 3.53

52,146,118 58,992,757 5.33

SingaporeComfortdelgro Corporation Ltd 2,120,700 SGD 4,290,816 4,370,656 0.39Mapletree Greater Cn Com Reit 20,642,000 SGD 15,541,726 16,653,499 1.51Sats Ltd 2,386,100 SGD 8,604,524 8,715,233 0.79

28,437,066 29,739,388 2.69

South KoreaCoway Co Ltd 103,556 KRW 9,048,453 8,970,352 0.81Grand Korea Leisure Co Ltd 681,439 KRW 15,976,928 15,252,104 1.38Halla Visteon Shs 2,715,126 KRW 22,250,337 30,570,147 2.76Hyundai Department Store Co 446,505 KRW 54,721,071 48,043,045 4.34Hyundai Fire & Marine Ins Co 461,234 KRW 14,098,665 15,181,517 1.37Korea Kolmar Tentative 751,748 KRW 42,339,948 65,733,146 5.94Lg Uplus Corp 1,717,417 KRW 16,968,241 18,323,122 1.66Loen Entertainment Inc 363,671 KRW 18,095,728 25,756,635 2.33Mando Corp Shs 4,475 KRW 1,125,323 1,003,635 0.09Medy Tox 28,847 KRW 10,026,690 11,799,981 1.07Modetour Network Inc 362,672 KRW 11,852,557 9,484,018 0.86S-1 Corporation 242,729 KRW 21,770,314 22,370,390 2.02Samsung Card Co Ltd 442,109 KRW 16,498,910 20,111,892 1.82The Korea Express Co Ltd 148,333 KRW 26,695,177 29,024,911 2.62

281,468,342 321,624,895 29.07

TaiwanCleanaway Co Ltd 1,551,000 TWD 9,466,735 8,560,309 0.77Cub Elecparts Inc 257,000 TWD 3,175,230 2,820,481 0.26Family Mart Co Ltd 1,795,000 TWD 13,241,068 12,741,659 1.15Hota Industrial Manufacturing 5,719,000 TWD 25,096,575 27,824,122 2.52King Yuan Electronics Co Ltd 22,226,000 TWD 18,843,961 19,747,769 1.79Pou Chen Corp 8,562,000 TWD 11,257,201 12,046,069 1.09Poya Co Ltd 1,428,798 TWD 9,895,192 21,241,651 1.92St Shine Optical Co Ltd 1,876,000 TWD 37,900,971 43,630,670 3.94Tci Co Ltd 69,000 TWD 378,663 380,826 0.03Vanguard Intl. Semiconduct 15,518,000 TWD 25,374,782 29,011,146 2.62

154,630,378 178,004,702 16.09

ThailandBangkok Air 6,802,700 THB 4,898,945 4,849,250 0.44Central Plaza Hotel Public Co 11,955,200 THB 12,817,829 13,456,056 1.22Krungthai Card Public /Foreign 3,878,900 THB 14,018,233 16,511,896 1.49Major CIineplex Grp /Foreign Reg 20,843,317 THB 19,785,713 18,497,297 1.67Tru Telecom /Unit 71,505,800 THB 27,355,157 30,542,129 2.76

78,875,877 83,856,628 7.58

Total Shares 983,920,992 1,090,976,391 98.61



32



(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

Warrants

Cayman IslandsJu Teng Int 14.10.16 Cw 62 HKD 0 0 0.00

0 0 0.00

Total Warrants 0 0 0.00

Total transferable securities admitted to an official stock exchangelisting or dealt in on another regulated market 983,920,992 1,090,976,391 98.61

TOTAL INVESTMENTS 983,920,992 1,090,976,391 98.61


TOTAL NET ASSETS 1,106,331,826 100.00



33



(expressed in USD)

Macquarie Fund Solutions – Macquarie Global Income Opportunities Fund


(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets


Bonds

AustraliaAdani Abbot 5.75% 13-01.11.18 250,000 AUD 175,073 190,465 0.37Anz Bk Frn 15-17.05.26 500,000 AUD 351,850 389,859 0.76Apt Pipelin 3.875% 12-11.10.22 200,000 USD 185,691 207,950 0.41Asciano Fin 5% 11-07.04.18 150,000 USD 155,625 155,151 0.30Asciano Fin 5.25% 15-19.05.25 500,000 AUD 394,876 394,688 0.77Brambles Fi 2.375% 14-12.06.24 100,000 EUR 134,737 126,282 0.25Crown Group 4.5% 14-18.11.19 500,000 AUD 355,172 394,163 0.77Cw Bk Austr Frn 16-03.06.26 500,000 AUD 362,225 389,993 0.77Dbngp Fin 5% 14-01.10.20 500,000 AUD 441,929 398,555 0.78Nat Aus Bk Frn 16-21.09.26 1,000,000 AUD 768,400 768,985 1.51Nat Aust 6.75% (Frn) 08-23 Emtn 100,000 EUR 130,525 124,428 0.24Qph Finance 5% 14-07.07.21 500,000 AUD 469,384 411,722 0.81Rio Tinto F 3.75% 15-15.06.25 215,000 USD 221,280 231,308 0.45Stockland 1.5% 14-03.11.21 250,000 EUR 315,005 292,250 0.57Sydney Air 5.125% 10-22.02.21 200,000 USD 224,248 224,346 0.44Transurban 4.125% 15-02.02.26 100,000 USD 106,773 107,182 0.21Utd Energy 3.5% 16-12.09.23 500,000 AUD 376,178 380,539 0.75Westpac Bk Frn 16-10.03.26 500,000 AUD 360,050 397,333 0.78

5,529,021 5,585,199 10.94

BelgiumAb Inbev 1.5% 16-17.03.25 100,000 EUR 114,913 120,170 0.24

114,913 120,170 0.24

Bermuda IslandsIngersol Rg 2.875% 14-15.01.19 525,000 USD 533,132 539,593 1.06

533,132 539,593 1.06

CanadaTd Bk 2.5% 15-14.12.20 215,000 USD 214,538 221,086 0.43Tor Dom Bk 2.125% 16-07.04.21 140,000 USD 139,762 141,674 0.28Tor Dom Bk 3.625% 16-15.09.31 65,000 USD 65,394 65,179 0.13

419,694 427,939 0.84

Cayman IslandsCkh Fin 16 1.25% 16-06.04.23 100,000 EUR 113,400 115,832 0.23Hutch Wham 1.625% 14-31.10.17 250,000 USD 249,425 250,171 0.49Xlit 4.45% 15-31.03.25 705,000 USD 712,775 715,624 1.40

1,075,600 1,081,627 2.12

FranceBpce 2.75% 15-30.11.27 100,000 EUR 107,361 116,317 0.23Bpce 2.875% 16-22.04.26 100,000 EUR 118,065 117,424 0.23Carrefour 0.75% 16-26.04.24 100,000 EUR 112,752 114,765 0.22Orange 2.75% 14-06.02.19 600,000 USD 601,755 616,566 1.21Total Sa 3.369% 16-Perp 150,000 EUR 168,443 168,486 0.33

1,108,376 1,133,558 2.22

Great BritainBarclays 3.2% 16-10.08.21 200,000 USD 199,872 201,051 0.39Brit sky Br 2.25% 15-17.11.25 100,000 EUR 107,012 123,312 0.24Hsbc Hldg 0.875% 16-06.09.24 150,000 EUR 166,182 167,846 0.33Hsbc Hldg 6% 09-10.06.19 225,000 EUR 353,477 291,619 0.57Lloyds 6.5% 10-24.03.20 100,000 EUR 132,027 132,485 0.26



34


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

Great Britain (continued)Lloyds 11.875% 11-16.12.21 300,000 EUR 513,213 344,676 0.68Rbs Grp 2.5% 16-22.03.23 100,000 EUR 112,029 113,558 0.22Rbs Grp 3.625% 14-25.03.24 100,000 EUR 114,068 111,389 0.22Rbs Grp 3.875% 16-12.09.23 200,000 USD 199,940 196,798 0.39

1,897,820 1,682,734 3.30

IrelandAercap Irel 3.95% 16-01.02.22 150,000 USD 149,719 153,750 0.30Shire Acq I 2.4% 16-23.09.21 110,000 USD 109,881 110,138 0.21Shire Acq I 2.875% 16-23.09.23 110,000 USD 109,986 110,533 0.22Shire Acq I 3.2% 16-23.09.26 60,000 USD 59,929 60,323 0.12

429,515 434,744 0.85

JerseyUbs Grp Fdg 1.25% 16-01.09.26 200,000 EUR 223,556 223,268 0.44

223,556 223,268 0.44

LuxembourgActavis Fd 3.8% 15-15.03.25 365,000 USD 386,769 386,299 0.76Drvuk 2 A Frin 14-25.01.23 2 B 104,127 GBP 171,305 133,147 0.26

558,074 519,446 1.02

NetherlandsAbn Amro 7.125% 12-06.07.22 100,000 EUR 146,473 144,833 0.28Deut Tel If 1.5% 16-03.04.28 100,000 EUR 113,355 120,219 0.23Enel Fin 5.125% 144a 09-07.10.19 250,000 USD 280,750 274,282 0.54Ing Nv 6.125% 08-29.05.23 250,000 EUR 311,840 306,570 0.60Leaseplan 1% 16-08.04.20 100,000 EUR 113,363 115,005 0.22Leaseplan 1% 16-24.05.21 100,000 EUR 112,910 115,207 0.23Lyb Intl Fi 4% 13-15.07.23 350,000 USD 350,692 379,384 0.74Rabobk 4.625% 13-01.12.23 400,000 USD 405,808 431,962 0.85Shell Int F 0.75% 16-15.08.28 100,000 EUR 111,209 111,869 0.22Shell Int F 2.875% 16-10.05.26 150,000 USD 150,318 152,242 0.30Telefonica 3.75% 16-Perp 100,000 EUR 112,745 111,808 0.22Teva Phar 2.2% 16-21.07.21 195,000 USD 194,678 194,265 0.38

2,404,141 2,457,646 4.81

NorwayDnb 4.75% 12-08.03.22 /Sub 250,000 EUR 298,219 286,288 0.56

298,219 286,288 0.56

SingaporeUobsp 3.75% 14-19.09.24 200,000 USD 198,714 207,316 0.41

198,714 207,316 0.41

SpainTelefonica 1.46% 16-13.04.26 100,000 EUR 113,745 117,971 0.23Telefonica 2.242% 14-27.05.22 100,000 EUR 119,399 123,834 0.24

233,144 241,805 0.47

SwedenShb 2.656% 14-15.01.24 125,000 EUR 143,132 146,700 0.29Shb 5.25% 15 -Perp 200,000 USD 200,000 196,106 0.38

343,132 342,806 0.67



35



(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

United StatesAa 2015-1 3.375% 01.05.27 /Pool 138,403 USD 138,404 141,864 0.28Abbvie 3.2% 16-14.05.26 70,000 USD 69,733 70,865 0.14Aes 6% 16-15.05.26 530,000 USD 558,125 560,475 1.10Air Lease 3% 16-15.09.23 110,000 USD 108,524 108,749 0.21Alexandria 3.95% 16-15.01.27 250,000 USD 254,458 261,560 0.51Ally Fin 5.75% 15-20.11.25 300,000 USD 319,875 313,875 0.62Am Airlines 3.575% 16-15.01.28 79,804 USD 80,000 84,393 0.17Ameren Corp 3.65% 15-15.02.26 275,000 USD 283,110 293,568 0.58American Tc 2.8% 15-01.06.20 115,000 USD 114,707 117,965 0.23American Tc 3.3% 16-15.02.21 15,000 USD 15,390 15,681 0.03American Tc 4% 15-01.06.25 215,000 USD 218,255 229,975 0.45Amerigas Fi 5.875% 16-20.08.26 500,000 USD 500,000 530,000 1.04Anh-Bsch 3.65% 16-01.02.26 265,000 USD 277,807 284,610 0.56At&t 4.125% 16-17.02.26 105,000 USD 112,625 113,463 0.22Att Inc 3.6% 16-17.02.23 320,000 USD 327,494 337,310 0.66Bafc 0.75% 16-26.07.23 100,000 EUR 109,736 113,008 0.22Bafc 2.625% 15-19.10.20 25,000 USD 24,813 25,512 0.05Ball Corp 5.25% 15-01.07.25 400,000 USD 430,000 431,000 0.84Bb&T Corp 2.05% 16-10.05.21 530,000 USD 529,696 535,535 1.05Bny Mellon 2.2% 16-16.08.23 70,000 USD 69,878 69,789 0.14Bny Mellon 2.5% 16-15.04.21 140,000 USD 139,861 143,880 0.28Bny Mellon 4.625% 16-Perp 95,000 USD 95,000 93,575 0.18Boyd Gam 6.875% 15-15.05.23 200,000 USD 213,500 216,500 0.42Cco Hldgs 5.25% 12-30.09.22 125,000 USD 119,063 130,625 0.26Celgene 3.875% 15-15.08.25 200,000 USD 200,401 213,842 0.42Centurylink 6.75% 13-01.12.23 125,000 USD 124,375 130,000 0.25Cisco Sys 1.85% 16-20.09.21 155,000 USD 154,978 155,930 0.31Cisco Sys 2.2% 16-20.09.23 155,000 USD 154,681 156,233 0.31Citizens 4.3% 15-03.12.25 195,000 USD 196,844 204,608 0.40Cr Cas Tow 4.883% 10-15.08.20 250,000 USD 264,802 273,236 0.54Crane Co 4.45% 13-15.12.23 345,000 USD 349,531 371,149 0.73Crp Off 5.25% 13-15.02.24 350,000 USD 365,414 380,072 0.74Crw Castle 5.25% 12-15.01.23 170,000 USD 189,527 192,498 0.38Daimler Fin 2.25% 12-31.07.19 500,000 USD 496,415 507,516 0.99Ddr 3.625% 15-01.02.25 200,000 USD 196,728 202,208 0.40Devel Div 7.5% 10-01.04.17 250,000 USD 291,575 257,330 0.50Dish Dbs 5.875% 14-15.11.24 225,000 USD 212,062 222,187 0.44Dominion Re 3.9% 15-01.10.25 280,000 USD 295,867 301,250 0.59Dow 8.55% 09-15.05.19 250,000 USD 324,832 293,211 0.57Enlink Mp 2.7% 14-01.04.19 45,000 USD 40,344 44,704 0.09Equinix Inc 5.75% 14-01.01.25 250,000 USD 261,250 265,625 0.52Erac Usa Fin 5.25% 10-01.10.20 450,000 USD 507,189 505,503 0.99Etfc 4.625% 15-15.09.23 250,000 USD 251,094 259,829 0.51Etp 4.75% 15-15.01.26 220,000 USD 218,308 227,293 0.45Etp 9.7% 08-15.03.19 100,000 USD 130,240 114,730 0.23Etr 3.1% 12-01.07.23 570,000 USD 547,962 588,483 1.15Fidelity Nl 3% 16-15.08.26 35,000 USD 34,612 34,656 0.07Fidelity Nl 5% 15-15.10.25 140,000 USD 155,162 159,651 0.31Fifth Third 2.25% 16-14.06.21 260,000 USD 259,805 264,342 0.52Fitb 2.875% 15-27.07.20 75,000 USD 74,903 77,756 0.15Five Crnrs Fdg 4.419% 15.11.23 100,000 USD 101,480 107,988 0.21Ford Mc 3.588% 16-02.06.20 500,000 AUD 359,350 390,439 0.77Ford Mot. 7.45% Glob. Landm. 16.07.31 125,000 USD 156,959 165,337 0.32General Motors 5.25% 16-01.03.26 95,000 USD 101,975 104,337 0.20Georgia-Pacific 8% 04-15.01.24 250,000 USD 326,912 331,448 0.65Gilead Sc 2.95% 16-01.03.27 375,000 USD 374,902 378,945 0.74Glp Cap 5.375% 16-15.04.26 300,000 USD 317,500 322,500 0.63Goodyear Ti 5% 16-31.05.26 100,000 USD 101,750 102,875 0.20Gp 5.4% 10-01.11.20 500,000 USD 570,585 565,409 1.11Great Plains En 4.85% 01.06.21 90,000 USD 99,544 98,510 0.19Gs 1.625% 16-27.07.26 100,000 EUR 109,913 113,944 0.22



36



(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

United States (continued)Gs 2.625% 14-31.01.19 300,000 USD 301,158 306,128 0.60Hban 2.3% 16-14.01.22 120,000 USD 119,819 119,557 0.23Hca 5.375% 15-01.02.25 200,000 USD 210,500 206,500 0.40Healthsouth 5.125% 15-15.03.23 215,000 USD 215,000 214,463 0.42Hess 4.3% 16-01.04.27 95,000 USD 94,801 95,740 0.19Hj Heinz Co 3% 16-01.06.26 280,000 USD 283,447 282,234 0.55Host Hotel 4.5% 15-01.02.26 180,000 USD 179,424 189,493 0.37Indiana Mich 3.2% 13-15.03.23 370,000 USD 352,696 386,955 0.76Jpm 4.25% 15-01.10.27 355,000 USD 360,875 380,894 0.75Jpmorgan Ch 0.625% 16-25.01.24 100,000 EUR 109,843 111,969 0.22Keycorp 5% 16-Perp 60,000 USD 60,000 59,100 0.12Lamar Media 5.75% 16-01.02.26 200,000 USD 216,000 215,500 0.42Lear 5.25% 14-15.01.25 120,000 USD 123,300 129,900 0.25Level 3 Fin 5.375% 15-01.05.25 200,000 USD 209,000 208,500 0.41Louisv. G & E 3.3% 15-01.10.25 150,000 USD 149,935 160,598 0.31Ltd Brands 6.75% 16-01.07.36 250,000 USD 268,750 268,905 0.53Metlife 5.25% 15-Perp 190,000 USD 190,000 190,950 0.37Mgm Resorts 4.625% 16-01.09.26 200,000 USD 199,250 195,000 0.38Mgm Resorts 6% 14-15.03.23 72,000 USD 72,990 78,120 0.15Mor St 5% 13-24.11.25 345,000 USD 346,863 384,916 0.75Nat Rural 2.85% 15-27.01.25 145,000 USD 144,912 150,903 0.30Nat Rural 5.25% 16-20.04.46 80,000 USD 80,000 86,360 0.17Penske Auto 5.5% 16-15.05.26 100,000 USD 100,000 99,750 0.20Pnc Bank Na 2.45% 15-05.11.20 660,000 USD 659,564 675,601 1.32Ppl Cap Fdg 3.5% 12.01.22 125,000 USD 120,367 132,629 0.26Pruden Fin 5.375% (Frn) 15-45 85,000 USD 85,000 88,613 0.17Regency En 5.875% 14-01.03.22 15,000 USD 15,679 16,540 0.03Sally Hldgs 5.625% 15-01.12.25 30,000 USD 30,000 32,288 0.06Scana Corp 4.125% 12.01.02.22 355,000 USD 351,202 371,101 0.73Southern Co 2.45% 13-01.09.18 400,000 USD 411,044 407,742 0.80Sovran 3.5% 16-01.07.26 110,000 USD 109,392 112,258 0.22Sunoco Log 3.9% 16-15.07.26 70,000 USD 69,787 71,380 0.14T-Mobile Us 6% 16-15.04.24 120,000 USD 120,000 128,400 0.25T-Mobile Us 6.125% 13-15.01.22 150,000 USD 156,000 159,375 0.31Trans-Alleg 3.85% 14-01.06.25 225,000 USD 224,829 239,889 0.47Tribune 5.875% 16-15.07.22 165,000 USD 165,156 166,959 0.33Us Bancorp 3.1% 16-27.04.26 250,000 USD 249,807 258,248 0.51Us Bancorp 5.125% 15 -Perp 330,000 USD 330,000 347,572 0.68Utd Airlns 3.75% 03.09.26 /Pool 235,581 USD 235,581 247,949 0.49Utd Rentals 4.625% 15-15.07.23 145,000 USD 145,000 148,625 0.29Utd Rentals 5.75% 14-15.11.24 105,000 USD 109,463 108,938 0.21Utd Rentals 5.875% 16-15.09.26 250,000 USD 250,000 257,500 0.50Verizon Com 1.75% 16-15.08.21 50,000 USD 49,853 49,453 0.10Verizon Com 5.15% 13-15.09.23 515,000 USD 554,683 599,937 1.18Viacom 3.45% 16-04.10.26 70,000 USD 69,637 70,012 0.14Walgreen 3.1% 16-01.06.23 165,000 USD 166,951 170,189 0.33Waste Mngt 2.4% 16-15.05.23 85,000 USD 84,913 85,848 0.17Wells Fargo 3.7% 16-27.07.26 250,000 AUD 187,382 194,017 0.38Williams Part 7.25% 06-01.02.17 100,000 USD 116,029 101,828 0.20Zions Banc 4.5% 13-13.06.23 350,000 USD 351,729 365,784 0.72

23,837,436 24,440,461 47.88

Total Bonds 39,204,487 39,724,600 77.83




37



(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

Other transferable securities

Bonds

AustraliaConq Frn 14-15.02.46 2A2 308,514 AUD 254,632 232,523 0.46Daot 3 B Frn 16-21.05.24 3 B 500,000 AUD 370,425 382,047 0.75Progs 2013- Frn 20.07.46 2 Ab 500,000 AUD 430,725 376,434 0.74Redse Frn 24.08.21 B 424,859 AUD 303,783 323,319 0.63

1,359,565 1,314,323 2.58

United StatesAa 2015-2 3.6% 22.09.27 /Pool 92,753 USD 92,753 98,318 0.19Black Hills 3.15% 16-15.01.27 90,000 USD 89,954 90,855 0.18Boa 4.45% 16-03.03.26 565,000 USD 568,472 606,362 1.19Csc Holding 5.25% 15-01.06.24 44,000 USD 44,550 41,800 0.08Dbjpm 2016- Frn 10.05.49 C1 B 30,000 USD 33,707 32,859 0.06Dbjpm 3.264% 16-10.09.49 C3 B 40,000 USD 41,788 40,659 0.08Etfc 5.875% 16-Perp 125,000 USD 125,000 129,062 0.25Gen Elec 5% 16-Perp /Pref 175,000 USD 181,781 186,104 0.37Jpmc 13Lc1 3.4986% 15.04.46 100,000 USD 106,360 104,681 0.21Jpmcc 2016- Frn 15.08.49 Jp3 B 80,000 USD 82,399 82,009 0.16Sinclair 6.125% 13-01.10.22 125,000 USD 131,875 131,875 0.26Targa Res 6.75% 16-15.03.24 200,000 USD 214,000 214,000 0.42Wfcm 16-B 3.071% 15.08.49 Bnk1 C 75,000 USD 74,953 73,600 0.14Wfcm B 2.967% 15.08.49 Bnk1 B 10,000 USD 10,300 10,120 0.02Xcel Egy 3.3% 15-01.06.25 500,000 USD 497,935 527,492 1.03

2,295,827 2,369,796 4.64

Total Bonds 3,655,392 3,684,119 7.22

Total other transferable securities 3,655,392 3,684,119 7.22






38



(expressed in USD)

Macquarie Fund Solutions – Macquarie Asian All Stars Fund


(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets


Shares

Bermuda IslandsYue Yuen Ind Hld Ltd 892,500 HKD 3,426,308 3,682,326 1.03

3,426,308 3,682,326 1.03

Cayman IslandsChina State Constr Int Hld Ltd 2,360,000 HKD 3,745,942 3,103,675 0.86Ck Hutchison Holdings Ltd 346,000 HKD 4,450,180 4,398,627 1.22Gourmet Master Co Ltd 1,097,450 TWD 8,689,728 10,923,727 3.04Hkt Ltd-Stapled 3,660,000 HKD 4,702,911 5,153,091 1.43Minth Group Ltd 580,000 HKD 1,731,130 2,037,786 0.57Nexteer Automotive Group Ltd 465,000 HKD 492,700 605,534 0.17Sands China /Ipo 1,625,600 HKD 7,378,306 7,052,821 1.96Shenzhou Intl Group Ltd 521,000 HKD 2,660,455 3,627,401 1.01Tencent Holdings Ltd 426,100 HKD 8,215,486 11,701,869 3.26Uni-President China Hldgs Ltd 1,855,000 HKD 1,560,941 1,315,439 0.37Want Want China Holdings Ltd 1,490,000 HKD 931,279 922,129 0.26Wh Group Ltd 7,373,000 HKD 5,688,888 5,931,887 1.65

50,247,946 56,773,986 15.80

ChinaBeijing Capital International Airport Co Ltd "H" 10,132,000 HKD 10,741,809 11,482,809 3.20Byd Company Limited -H- 1,145,500 HKD 7,170,186 7,517,561 2.09Dongfeng Motor -H- 2,988,000 HKD 3,532,851 2,985,702 0.83Gf Securities Co Ltd 2,431,200 HKD 5,408,012 5,140,775 1.43Great Wall Motor Co Ltd "H" 5,335,500 HKD 5,404,026 5,193,811 1.44Picc Property and Casualty H 3,664,000 HKD 6,349,862 6,065,751 1.69Ping An Insur. (Grp) Co -H- 1,158,000 HKD 6,541,305 6,002,037 1.67Travelsky Technology Ltd -H- 786,000 HKD 1,836,776 1,864,681 0.52

46,984,827 46,253,127 12.87

Hong KongAia Group Ltd 1,306,800 HKD 7,843,090 8,685,641 2.42China Mobile Ltd 620,000 HKD 7,501,785 7,502,225 2.09Cspc Pharmaceut — Shs 5,872,000 HKD 5,682,147 5,875,054 1.63Galaxy Entertainment Group 3,808,000 HKD 13,557,568 14,336,524 3.99Link Reit — Units 565,500 HKD 3,167,318 4,155,962 1.16Mass Transit Railway Corp 669,000 HKD 3,623,885 3,683,139 1.02Techtronic Industries Co Ltd 954,000 HKD 3,615,290 3,726,963 1.04

44,991,083 47,965,508 13.35

IndiaAurobindo Pharma 754,017 INR 8,575,265 9,688,258 2.70Crompton 753,980 INR 1,865,349 1,743,450 0.49Hdfc Bank Ltd 408,478 INR 8,455,075 7,809,367 2.17Hindustan Unilever Ltd 133,138 INR 1,731,616 1,735,468 0.48Shriram Transport Finance 289,559 INR 5,141,117 5,056,570 1.41Upl Ltd /Demat. 553,795 INR 4,017,371 5,605,085 1.56

29,785,793 31,638,198 8.81

IndonesiaMatahari Dept Ser -A- 1,245,100 IDR 1,648,360 1,762,507 0.49Pt Indofood Sukses 7,787,800 IDR 5,100,242 5,191,301 1.45Pt Telekom Indon Persero Pt 22,766,800 IDR 5,619,336 7,518,330 2.09

12,367,938 14,472,138 4.03



39


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets

MalaysiaWestsports Holdings Bhd 4,752,400 MYR 4,825,982 5,044,870 1.40

4,825,982 5,044,870 1.40

PhilippinesSecurity Bank Corp 1,067,340 PHP 4,746,414 5,317,524 1.48

4,746,414 5,317,524 1.48

SingaporeComfortdelgro Corporation Ltd 3,818,300 SGD 8,318,306 7,869,324 2.19Singapore Telec /Board Lot 1000 1,126,300 SGD 3,211,851 3,279,485 0.91

11,530,157 11,148,809 3.10

South KoreaAmore Pacific Corp (New) 21,674 KRW 7,245,266 7,655,517 2.13Coway Co Ltd 21,025 KRW 1,837,116 1,821,253 0.51Halla Visteon Shs 748,577 KRW 6,155,066 8,428,378 2.35Hyundai Department Store Co 99,112 KRW 12,013,943 10,664,253 2.97Hyundai Fire & Marine Ins Co 65,330 KRW 1,969,846 2,150,337 0.60Korea Kolmar Tentative 99,493 KRW 7,631,770 8,699,708 2.42Lg Household & Healthcare Ltd 6,397 KRW 4,944,191 5,547,095 1.54Mando Corp Shs 1,444 KRW 363,097 323,854 0.09S-1 Corporation 19,917 KRW 1,707,718 1,835,590 0.51Samsung Card Co Ltd 93,820 KRW 3,478,048 4,267,947 1.19Samsung Electronics Co Ltd 9,371 KRW 10,511,140 13,597,171 3.78Samsung Fire & Marine Insur. 15,260 KRW 3,963,837 3,872,774 1.08

61,821,038 68,863,877 19.17

TaiwanCub Elecparts Inc 76,000 TWD 912,751 834,072 0.23Far Eastone Telecom. Co Ltd 3,104,000 TWD 6,892,768 7,327,992 2.04Hota Industrial Manufacturing 784,000 TWD 3,007,529 3,814,323 1.06Largan Precision Co Ltd 16,000 TWD 1,934,778 1,929,493 0.54Pou Chen Corp 2,560,000 TWD 3,346,204 3,601,721 1.00St Shine Optical Co Ltd 296,000 TWD 5,971,455 6,884,157 1.92Taiwan Semicond. Manufact 3,006,000 TWD 13,200,037 17,501,826 4.87Uni-President Enterprises Corp 966,360 TWD 1,647,682 1,812,791 0.50Vanguard Intl. Semiconduct 1,917,000 TWD 3,425,516 3,583,862 1.00

40,338,720 47,290,237 13.16

ThailandAirports of Thailand Pub /-F- 296,100 THB 2,706,636 3,409,633 0.95Bangkok Air 2,075,900 THB 1,496,039 1,479,789 0.41Krungthai Card Public /Foreign 406,900 THB 1,357,534 1,732,112 0.49Tru Telecom /Unit 14,314,400 THB 5,185,749 6,114,081 1.70

10,745,958 12,735,615 3.55

Total Shares 321,812,164 351,186,215 97.75







40

Macquarie Fund Solutions – Macquarie Asian All Stars Fund


(expressed in USD)

Macquarie Fund Solutions – Macquarie China New Stars Fund


(expressed in USD)


currency

AcquisitioncostUSD

MarketvalueUSD

% netassets


Shares

Bermuda IslandsCafe De Coral Holdings Ltd 38,000 HKD 133,233 126,406 1.72Kerry Logistics 58,000 HKD 85,358 79,717 1.08Yue Yuen Ind Hld Ltd 27,000 HKD 101,487 111,398 1.52

320,078 317,521 4.32

Cayman IslandsAac Technologie Shs 21,500 HKD 194,820 216,082 2.94China State Constr Int Hld Ltd 118,000 HKD 172,688 155,184 2.11Ck Hutchison Holdings Ltd 15,500 HKD 198,548 197,048 2.68Hkt Ltd-Stapled 188,000 HKD 248,928 264,694 3.60Lee & Man Paper 345,000 HKD 224,923 313,153 4.26Minth Group Ltd 16,000 HKD 47,594 56,215 0.76Nexteer Automotive Group Ltd 28,000 HKD 30,274 36,462 0.50Sands China /Ipo 84,000 HKD 335,996 364,442 4.96Shenzhou Intl Group Ltd 23,000 HKD 118,549 160,135 2.18Sunny Optical Technology 30,000 HKD 140,598 148,144 2.01Tencent Holdings Ltd 22,500 HKD 393,578 617,911 8.40Wh Group Ltd 194,000 HKD 149,383 156,081 2.12Xinyi Glass Holding Co Ltd 330,000 HKD 289,714 298,261 4.06

2,545,593 2,983,812 40.58

ChinaBeijing Capital International Airport Co Ltd "H" 294,000 HKD 310,220 333,196 4.53Byd Company Limited -H- 69,500 HKD 429,503 456,107 6.20Dongfeng Motor -H- 76,000 HKD 89,005 75,941 1.03Gf Securities Co Ltd 79,600 HKD 167,988 168,314 2.29Great Wall Motor Co Ltd "H" 306,500 HKD 327,021 298,361 4.06Petrochina Co Ltd /-H- 172,000 HKD 165,082 112,878 1.54Picc Property and Casualty H 188,000 HKD 333,171 311,234 4.23Ping An Insur. (Grp) Co -H- 29,500 HKD 156,137 152,902 2.08Tong Ren Tang Technology -H- 89,000 HKD 144,626 172,126 2.34Travelsky Technology Ltd -H- 97,000 HKD 226,573 230,120 3.13

2,349,326 2,311,179 31.43

Hong KongAia Group Ltd 43,400 HKD 256,035 288,458 3.92China Mobile Ltd 12,000 HKD 145,335 145,204 1.97Cspc Pharmaceut — Shs 308,000 HKD 296,745 308,160 4.19Galaxy Entertainment Group 129,000 HKD 446,756 485,665 6.61Link Reit — Units 38,000 HKD 220,671 279,269 3.80

1,365,542 1,506,756 20.49

Total Shares 6,580,539 7,119,268 96.82



Other net assets 233,831 3.18




41

Macquarie Fund Solutions – Macquarie Global Multi Asset Absolute Return Fund *


(expressed in EUR)


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets


Investment Funds

IrelandIsh Msci Em Mk /Ex Tr Fd Usd 227,687 EUR 7,016,672 7,134,572 8.54Ishares Ii /Bc Cap Tr Bd 7-10 Usd 24,031 USD 4,449,830 4,434,551 5.31Ishares Phy 11-Perp Cert /Gold 107,942 USD 2,514,279 2,503,567 3.00Ishs Cr Uk Glt Etf-Gbp 46,706 GBP 752,087 743,677 0.89Ishs Em Mks Loc /Ex Tr Fd Usd 171,957 USD 9,966,934 10,123,551 12.12Ishs Eur Crp Bd Lar Cap Eur Etf 108,504 EUR 14,968,410 14,938,831 17.88Ishs Iii Eu Co Bd Ex F1-5 Ucits 74,952 EUR 8,188,271 8,279,198 9.91Ishs Jpmg Us Mk Usd Etf-Shs 146,263 USD 15,012,881 15,083,128 18.05Ishs Tr. Bd 1-3 Usd Shs Usd Etf 14,841 USD 1,782,244 1,757,334 2.10Ishs Usd Co Bd Ucits Usd Etf 142,396 EUR 15,080,335 14,975,787 17.93Ishs Usd Tre Usd-Ac Etf- 23,716 USD 2,687,433 2,655,652 3.18

82,419,376 82,629,848 98.91

Total Investment Funds 82,419,376 82,629,848 98.91







42

* See Note 1.

Macquarie Fund Solutions – Macquarie Euro Government Bond Fund *


(expressed in EUR)


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets


Bonds

AustriaAustria 2.4% 13-23.05.34 250,000 EUR 299,532 332,385 0.39Austria 3.8% 12-26.01.13 50,000 EUR 103,287 101,888 0.12Austria 4.15% 06-15.03.37 200,000 EUR 331,346 340,393 0.40Austria 4.85% 09-15.03.26 250,000 EUR 366,949 366,777 0.44Austria 6.25% 97-15.07.27 250,000 EUR 418,429 416,830 0.50

1,519,543 1,558,273 1.85

BelgiumBelgium 4.5% 11-28.03.26 Olo 64 500,000 EUR 706,220 712,976 0.85Belgium 5% 04-28.03.35 Olo 650,000 EUR 1,159,891 1,149,720 1.37Belgium 5.5% 98-28.03.28 Olo 650,000 EUR 1,042,264 1,041,391 1.24Belgium Olo 2.15% 16-22.06.66 250,000 EUR 260,744 315,739 0.37

3,169,119 3,219,826 3.83

FinlandFinland 0.5% 16-15.04.26 300,000 EUR 311,731 313,502 0.37Finland 0.75% 15-15.04.31 100,000 EUR 95,661 106,816 0.13Finland 2.75% 12-04.07.28 100,000 EUR 123,976 131,186 0.16Finland 4% 09-04.07.25 200,000 EUR 273,398 272,860 0.32

804,766 824,364 0.98

FranceAfd 0.25% 16-21.07.26 1,000,000 EUR 990,870 1,004,640 1.20Agence Fran 0.25% 16-20.03.23 500,000 EUR 498,075 512,067 0.61France 3.5% 10-25.04.26 Oat 800,000 EUR 1,042,267 1,062,877 1.26France 4% 09-25.04.60 Oat 500,000 EUR 968,425 978,045 1.16France 4.5% 09-25.04.41 Oat 750,000 EUR 1,366,824 1,356,681 1.61France 4.75% 04-25.04.35 Oat 750,000 EUR 1,297,447 1,289,970 1.54France 5.5% 98-2029 Oat 1,500,000 EUR 2,477,337 2,467,650 2.94France Oat 6% 93-25.10.25 1,600,000 EUR 2,469,404 2,474,080 2.94

11,110,649 11,146,010 13.26

GermanyBerlin 0.25% 15-22.04.25 1,000,000 EUR 1,008,370 1,024,580 1.22Berlin 0.625% 16-25.08.36 700,000 EUR 686,238 689,696 0.82Berlin 1% 16-19.05.32 300,000 EUR 314,541 318,262 0.38Brd 0.1% 16-07.10.26 1,500,000 EUR 1,498,065 1,498,800 1.78Germany 2.5% 14-15.08.46 100,000 EUR 150,624 157,284 0.19Germany 4.75% 98-04.07.28 300,000 EUR 465,336 472,643 0.56Germany 5.5% 00-04.01.31 500,000 EUR 873,685 889,694 1.06Hessen 0.75% 16-04.08.36 600,000 EUR 600,000 605,836 0.72Land Nieder 0.5% 16-08.06.26 1,150,000 EUR 1,164,282 1,198,454 1.42Nth Rhine-W 0.5% 16-16.04.26 700,000 EUR 696,402 729,986 0.87Nth Rhine-W 1.25% 16-12.05.36 500,000 EUR 497,720 548,271 0.65Nth Rhine-W 1.625% 14-24.10.30 600,000 EUR 659,436 691,337 0.82

8,614,699 8,824,843 10.49

IrelandIreland 2% 15-18.02.45 200,000 EUR 210,630 240,612 0.29Ireland 3.4% 14-18.03.24 1,100,000 EUR 1,354,670 1,372,408 1.63Ireland 5.4% 09-13.03.25 1,350,000 EUR 1,910,601 1,932,720 2.30

3,475,901 3,545,740 4.22



43

* See Note 1.


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets

ItalyItaly 0.1% 16-15.04.19 /Btp 2,000,000 EUR 2,002,700 2,005,210 2.38Italy 1.05% 14-01.12.19 /Btp 3,000,000 EUR 3,100,800 3,097,920 3.68Italy 1.5% 14-01.08.19 /Btp 3,000,000 EUR 3,135,270 3,126,918 3.72Italy 2.5% 14-01.05.19 /Btp 3,000,000 EUR 3,210,300 3,192,900 3.80Italy 3.25% 14-01.09.46 /Btp 100,000 EUR 111,129 122,894 0.15Italy 3.75% 13-01.05.21 /Btp 2,000,000 EUR 2,326,640 2,318,410 2.76Italy 4.25% 03-01.02.19 Btp 2,100,000 EUR 2,347,585 2,309,370 2.75Italy 4.25% 09-01.09.19 2,800,000 EUR 3,173,998 3,145,817 3.74Italy 4.5% 08-01.03.19 Btp 2,800,000 EUR 3,157,276 3,106,096 3.69Italy 4.5% 10-01.03.26 Btp 600,000 EUR 781,356 779,400 0.93Italy 5% 09-01.03.25 Btp 950,000 EUR 1,245,938 1,257,439 1.50Italy 5% 09-01.09.40 Btp 1,200,000 EUR 1,761,637 1,860,216 2.21Italy 5% 11-01.03.22 Btp 1,200,000 EUR 1,500,300 1,493,952 1.78Italy 5.75% 02-01.02.33 Btp 700,000 EUR 1,109,416 1,110,309 1.32Italy 6% 00-01.05.31 Btp 500,000 EUR 782,155 790,520 0.94Italy 6.5% 97-27 Btp 2,000,000 EUR 3,047,109 3,066,624 3.65Italy 9% 93-23 Btp 500,000 EUR 789,660 785,174 0.93

33,583,269 33,569,169 39.93

NetherlandsNetherlands 0.5% 16-15.07.26 350,000 EUR 360,659 367,006 0.44Netherlands 4% 05-15.01.37 300,000 EUR 503,166 517,506 0.61Netherlands 5.5% 98-15.01.28 700,000 EUR 1,131,401 1,135,120 1.35Nwb 0.75% 16-04.10.41 400,000 EUR 392,712 391,506 0.47

2,387,938 2,411,138 2.87

SpainSpain 1.15% 15-30.07.20 2,300,000 EUR 2,405,110 2,404,291 2.86Spain 1.4% 14-31.01.20 1,500,000 EUR 1,568,970 1,573,145 1.87Spain 3.45% 16-30.07.66 250,000 EUR 258,004 316,322 0.38Spain 4% 10-30.04.20 2,700,000 EUR 3,102,180 3,090,544 3.68Spain 4.2% 05-31.01.37 450,000 EUR 598,336 648,626 0.77Spain 4.65% 10-30.07.25 600,000 EUR 789,138 797,628 0.95Spain 4.85% 10-31.10.20 2,300,000 EUR 2,768,408 2,756,674 3.28Spain 5.15% 13-31.10.28 750,000 EUR 1,059,695 1,088,790 1.29Spain 5.4% 13-31.01.23 300,000 EUR 394,389 396,375 0.47Spain 5.85% 11-31.01.22 700,000 EUR 913,422 912,675 1.08Spain 5.9% 11-30.07.26 1,150,000 EUR 1,665,711 1,687,027 2.01Spain 6% 99-31.01.29 300,000 EUR 459,645 467,550 0.56Spanish Gov 3.8% 14-30.04.24 1,200,000 EUR 1,469,625 1,486,745 1.77Spanish Gov 5.15% 13-31.10.44 200,000 EUR 330,388 339,079 0.40

17,783,021 17,965,471 21.37

Total Bonds 82,448,905 83,064,834 98.80







44

* See Note 1.

Macquarie Fund Solutions – Macquarie Euro Government Bond Fund *


(expressed in EUR)

Macquarie Fund Solutions – Macquarie Global Convertible Fund *


(expressed in EUR)


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets


Bonds

NetherlandsSiemens Fin 1.65% 16.08.19 Units 2,750,000 USD 2,676,879 2,840,786 1.88

2,676,879 2,840,786 1.88

Total Bonds 2,676,879 2,840,786 1.88

Convertible Bonds

AustriaBuwog 0% 16-09.09.21 /Cv 600,000 EUR 606,750 631,200 0.42

606,750 631,200 0.42

BelgiumAblynx 3.25% 15-27.05.20 /Cv 400,000 EUR 450,328 448,200 0.29Cofinimmo 0.1875% 15.09.21 /Cv 3,762 EUR 549,249 540,406 0.36Econocom 1.5% 14-15.01.19 /Cv 84,330 EUR 971,397 1,115,474 0.74

1,970,974 2,104,080 1.39

CyprusAroundtown 1.5% 18.01.21 /Cv 1,300,000 EUR 1,339,608 1,408,550 0.93

1,339,608 1,408,550 0.93

FranceAxa Paris 3.75% -17 Cv (Eur 165.5) 3,000 EUR 820,151 811,712 0.54Bim 2.5% 13.11.20 /Cv (22.52) 31,000 EUR 767,746 802,425 0.53Cap Gem 0% 13-01.01.19 /Cv 18,000 EUR 1,511,019 1,593,720 1.05Cred Agric 0% 16-03.10.19 /Cv 15,879 EUR 1,099,938 1,099,938 0.73Remy Coint 0.125% 07.09.26 6,000 EUR 664,200 658,400 0.43Tecfp 0.875% 16-25.01.21 /Cv () 1,000,000 EUR 1,109,500 1,244,500 0.82Total Sa 0.5% 02.12.22 /Cv 1,600,000 USD 1,400,963 1,448,514 0.96Ubisoft Ent 0% 16-27.09.21 /Cv 21,000 EUR 1,173,170 1,183,875 0.78Unibail Rod 0% 14-01.07.21 /Cv 4,930 EUR 1,572,899 1,590,911 1.05Valeo Sa 0% 16-16.06.21 /Cv 1,000,000 USD 884,817 951,015 0.63Veolia 0% 16-15.03.21 /Cv 35,000 EUR 1,080,200 1,067,150 0.71Wendel 0% 16-31.07.19 /Cv 23,000 EUR 1,221,060 1,241,149 0.82

13,305,663 13,693,309 9.05

GermanyAurelius Ag 1% 15-01.12.20 /Cv 700,000 EUR 707,374 856,100 0.57Deut Post 0.6% 12-06.12.19 Cv 500,000 EUR 610,485 686,900 0.45Fresenius 1.125% 31.01.20 /Cv 700,000 EUR 882,266 876,470 0.58

2,200,125 2,419,470 1.60

Great BritainBpcm 1% 16-28.04.23 /Cv 500,000 GBP 651,608 663,198 0.44Vodafone 0% 15-26.11.20 /Cv 1,600,000 GBP 2,013,837 1,831,315 1.21

2,665,445 2,494,513 1.65

ItalyAzimut 2.125% 13-25.11.20 /Cv 1,000,000 EUR 1,095,603 1,007,500 0.67Eni 0% 16-13.04.22 /Cv 100,000 EUR 102,200 104,160 0.07Telecom It 1.125% 26.03.22 /Cv 1,000,000 EUR 944,320 969,500 0.64

2,142,123 2,081,160 1.38



45

* See Note 1.


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets

LuxembourgCitigr Mark 16-04.08.23 Cv 1,500,000 EUR 1,512,750 1,500,000 0.99Gr City Pr 0.25% 02.03.22 /Cv 1,200,000 EUR 1,237,000 1,260,000 0.83

2,749,750 2,760,000 1.82

MexicoAmer Movil 0% 15-28.05.20 /Cv 4,000,000 EUR 3,954,210 3,934,000 2.60

3,954,210 3,934,000 2.60

NetherlandsAirbus Grp 0% 16-14.06.21 /Cv 1,500,000 EUR 1,566,000 1,608,000 1.06Brenntag 1.875% 02.12.22 /Cv 1,000,000 USD 952,597 950,347 0.63Eads 0% 15-01.07.22 /Cv 1,400,000 EUR 1,442,553 1,404,200 0.93Iberdrola 0% 15-11.11.22 /Cv 1,500,000 EUR 1,458,810 1,489,500 0.98Qiagen Nv 0. 375% 19.03.19 /Cv 1,000,000 USD 941,622 993,949 0.66Stmicroelec 0% 14-03.07.19 /Cv 1,000,000 USD 830,630 876,490 0.58

7,192,212 7,322,486 4.84

NorwayMarine Harv 0.125% 05.11.20 /Cv 700,000 EUR 778,969 810,740 0.54

778,969 810,740 0.54

SpainTelefonica 0% 16-09.03.21 /Cv 1,100,000 EUR 1,124,400 1,107,260 0.73

1,124,400 1,107,260 0.73

SwedenAb Indus 0% 14-15.05.19 /Cv 5,000,000 SEK 564,937 565,538 0.38Ab Indus 1.875% 27.02.17 Cv /Induc 1,500,000 EUR 1,550,737 1,532,250 1.01

2,115,674 2,097,788 1.39

SwitzerlandSwiss Life 0% 13-02.12.20 /Cv 1,500,000 CHF 1,607,470 1,637,122 1.08Swiss Prime 0.25% 16.06.23 /Cv 1,600,000 CHF 1,457,750 1,474,558 0.98

3,065,220 3,111,680 2.06

United Arab EmiratesAabar Inv 0.5% 15-27.03.20 /Cv 1,500,000 EUR 1,048,718 1,192,500 0.79

1,048,718 1,192,500 0.79

United StatesAlza 0% 00-28.07.20 Conv. 1,180,000 USD 1,526,569 1,702,983 1.13Anthem 2.75% 12-15.10.42 /Cv 2,525,000 USD 4,050,093 3,934,780 2.60Ciena 3.75% 10-15.10.18 Cv 2,000,000 USD 2,249,469 2,251,290 1.49Citrix Syst 0.5% 15.04.19 /Cv 900,000 USD 856,818 905,466 0.60Danaher Corp 0% -22.01.21 475,000 USD 1,077,174 1,265,642 0.84Fidel Nat 4.25% 15.08.18 Cv /Fnf 785,000 USD 1,232,900 1,435,901 0.95Illumina 0% 14-15.06.19 3,945,000 USD 3,590,740 3,633,276 2.40Intel 3.25% 09-01.08.39 Cv 5,375,000 USD 7,118,231 8,746,691 5.78Laborat. Corp 0% 06-11.09.21 Cv 1,000,000 USD 1,277,963 1,638,970 1.08Lam Research 1.25% 15.05.18 Cv 1,500,000 USD 1,820,200 2,124,766 1.41Liberty Med 1.375% 15.10.23 /Cv 1,000,000 USD 817,637 927,656 0.61Micron Tech 3% 13-15.11.43 /Cv 3,000,000 USD 1,823,379 2,372,531 1.57Moh 1.625% 14-15.08.44 /Cv 1,000,000 USD 971,407 1,053,346 0.70Nat Grid U 0.9% 02.11.20 Cv 1,000,000 GBP 1,314,004 1,237,391 0.82Newmont M. 1.625% 07-15.07.17 Cv 2,500,000 USD 2,370,541 2,424,809 1.60Novellus Sys 2.625% 15.05.41 /Con 2,520,000 USD 4,761,445 6,246,463 4.13



46

* See Note 1.



(expressed in EUR)


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets

United States (continued)Nuance Com 1% 15-15.12.35 /Cv 2,050,000 USD 1,700,944 1,587,026 1.05Nvidia Corp 1% 14-01.12.18 Cv 1,060,000 USD 2,969,611 3,209,334 2.12Old Rep Intl 3.75% 15.03.18 Cv 2,460,000 USD 2,712,006 2,628,170 1.74Pricelineco 0.35% 13-15.06.20 /Cv 4,250,000 USD 4,567,535 4,840,719 3.20Pricelinegr 0.9% 15-15.09.21 500,000 USD 449,502 477,732 0.32Priceln Grp 1% 15.03.18 Cv /Pcln 2,075,000 USD 2,596,843 2,921,950 1.93Rpm 2.25% 13-15.12.20 /Cv 990,000 USD 964,419 1,055,476 0.70Spirit Rlty 3.75% 15.05.21 /Cv 2,500,000 USD 2,363,142 2,524,915 1.67Teva Pharma 0.25% 06-01.02.26 Cv 1,975,000 USD 2,440,746 2,096,834 1.39Trinity Ind. 3.875% 06-01.06.36 Cv 2,050,000 USD 2,107,129 2,179,881 1.44Xilinx 2.625% 11-15.06.17 Cv 2,000,000 USD 3,027,712 3,348,016 2.21

62,758,159 68,772,014 45.48

Total - Convertible Bonds 109,018,000 115,940,750 76.67

Investment Funds

IrelandSpdr Con Bd Etf -Ex Tr -Usd /Dis 92,378 USD 2,634,763 2,650,997 1.75

2,634,763 2,650,997 1.75

Total Investment Funds 2,634,763 2,650,997 1.75

Shares

United StatesNextera Energy Inc /Cv Pfd (ISIN US65339F8207) 32,435 USD 1,412,385 1,437,323 0.95Nextera Energy Inc /Cv Pfd (ISIN US65339F8462) 56,940 USD 2,874,777 2,991,402 1.98Wells Fargo /Pfd Conv 7,350 USD 7,718,292 8,558,649 5.66Welltower 6.5% /Cv Pfd -I- 37,400 USD 2,222,909 2,214,780 1.46

14,228,363 15,202,154 10.05

Total Shares 14,228,363 15,202,154 10.05


Other transferable securities

Convertible Bonds

FranceSafran 0% 31.12.20 /Cv (89.32) 12,000 EUR 1,097,412 1,133,040 0.75

1,097,412 1,133,040 0.75

JerseySt Modwen 2.875% 14-06.03.19 /Cv 500,000 GBP 618,995 553,676 0.37

618,995 553,676 0.37

United StatesCardtronics 1% 14-01.12.20 /Cv 2,200,000 USD 1,868,602 2,060,420 1.36Dycom Ind 0.75% 15.09.21 /Cv 1,000,000 USD 887,096 969,924 0.64Healthsouth 2% 13-01.12.43 /Cv 1,500,000 USD 1,542,407 1,564,168 1.04Janus Cap 0.75% 13-15.07.18 /Cv 1,000,000 USD 1,256,181 1,212,404 0.80



47

* See Note 1.



(expressed in EUR)


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets

United States (continued)Red Hat Inc 0.25% 14-01.10.19 2,620,000 USD 2,725,355 2,950,647 1.95

8,279,641 8,757,563 5.79


Shares

United StatesAmg Cap Tr 5.15% Deb /Conv Pfd 34,720 USD 1,663,658 1,750,212 1.16

1,663,658 1,750,212 1.16

Total Shares 1,663,658 1,750,212 1.16

Total other transferable securities 11,659,706 12,194,491 8.07






48

* See Note 1.



(expressed in EUR)

Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund *


(expressed in EUR)


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets


Convertible Bonds

British Virgin IslandsCp Foods 0.5% 16-22.09.21 /Cv 1,000,000 USD 880,470 895,177 2.83Pb Issuer N 3.25% 03.07.21 /Cv 1,000,000 USD 726,073 803,079 2.53Shine Power 0% 14-28.07.19 /Cv 14,000,000 HKD 1,556,363 1,598,182 5.04

3,162,906 3,296,438 10.40

Cayman IslandsAyc Fin 0.5% 14-02.05.19 /Cv 800,000 USD 737,382 765,261 2.41China of 0% 16-05.01.23 /Cv 600,000 USD 527,066 550,587 1.74Enn Energy 0% 13-26.02.18 /Cv 1,000,000 USD 914,417 930,103 2.94Kingdee Int 4% 14-14.04.19 /Cv 400,000 USD 370,280 389,749 1.23Kingsoft 1.25% 14-11.04.19 /Cv 6,000,000 HKD 659,866 681,493 2.15Semiconduct 0% 16-07.07.22 /Cv 500,000 USD 440,354 507,764 1.60Zhen Ding 0% 14-26.06.19 /Cv 800,000 USD 708,915 717,210 2.26

4,358,280 4,542,167 14.33

ChinaCna Railway 0% 16-29.01.21 /Cv 1,000,000 USD 917,955 987,720 3.12

917,955 987,720 3.12

CyprusAbigrove 0.5% 16-29.04.21 /Cv 800,000 USD 695,331 761,701 2.40

695,331 761,701 2.40

Hong KongBagan Capit 0% 16-23.09.21 /Cv 1,000,000 USD 897,867 905,410 2.86Baosteel Ho 0% 15-01.12.18 /Cv 500,000 USD 413,904 440,470 1.39

1,311,771 1,345,880 4.25

HungaryMnv 3.375% 13-02.04.19 /Cv 2,000,000 EUR 2,157,200 2,253,600 7.11

2,157,200 2,253,600 7.11

IndiaLarsen&Toub 0.675% 14-19 /Cv 900,000 USD 755,645 787,039 2.48

755,645 787,039 2.48

LuxembourgOhl Investm 4% 13-25.04.18 Cv 700,000 EUR 566,188 651,000 2.06Opus Securit. 3.95% (Tv) 06-49 Cv 1,500,000 EUR 1,441,703 1,350,000 4.26

2,007,891 2,001,000 6.32

MalaysiaCahaya Capi 0% 14-18.09.21 /Cv 2,400,000 USD 2,070,765 2,110,518 6.66Indah Capit 0% 24.10.18 Cv 1,000,000 SGD 713,287 721,164 2.28

2,784,052 2,831,682 8.94

MaltaBrait 2.75% 15-18.09.20 /Cv 1,300,000 GBP 1,774,053 1,530,469 4.83

1,774,053 1,530,469 4.83



49

* See Note 1.


currency

AcquisitioncostEUR

MarketvalueEUR

% netassets

NetherlandsCez Finance Bv 0% 04.08.17 /Cv 1,500,000 EUR 1,514,915 1,538,250 4.85

1,514,915 1,538,250 4.85

SingaporeCapitaland 2.8% 08.06.25 /Cv 1,000,000 SGD 603,563 640,727 2.02Ruby Assets 1.6% 10-01.02.17 Cv 750,000 SGD 553,430 598,387 1.89Suntec Reit 1.75% 05.09.21 /Cv 1,000,000 SGD 666,404 646,163 2.04

1,823,397 1,885,277 5.95

South KoreaGs Engineer 4.5% 16-21.07.21 /Cv 800,000 USD 722,511 722,553 2.28

722,511 722,553 2.28

TaiwanAdvanced Se 0% 15-27.03.18 /Cv 1,000,000 USD 837,204 878,715 2.77Advanced Semicon 0% 05.09.18 Cv 800,000 USD 865,115 896,779 2.83F. E. Interna 0% 13-07.02.18 600,000 USD 531,449 523,625 1.65United Micr 0% 15-18.05.20 /Cv 1,000,000 USD 814,354 845,569 2.67

3,048,122 3,144,688 9.92

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








50

* See Note 1.

Macquarie Fund Solutions – Macquarie Emerging Market Convertible Fund *


(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);


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.


52

NOTES TO THE FINANCIAL STATEMENTS AS AT SEPTEMBER 30, 2016 (continued)

Note 2 – Significant Accounting Policies (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:

1 USD = 1.306763 AUD 1 USD = 19.353589 MXN1 USD = 3.248852 BRL 1 USD = 4.135495 MYR1 USD = 1.314251 CAD 1 USD = 48.494251 PHP1 USD = 0.969400 CHF 1 USD = 8.567365 SEK1 USD = 0.889838 EUR 1 USD = 1.363449 SGD1 USD = 0.769823 GBP 1 USD = 34.650033 THB1 USD = 7.755966 HKD 1 USD = 31.345012 TWD1 USD = 13,051.421880 IDR1 USD = 66.577893 INR1 USD = 101.264997 JPY1 USD = 1,101.321524 KRW

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.


53


Note 2 – Significant Accounting Policies (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% -


54


* 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.


55


* 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


56


Note 6 – Forward Foreign Exchange Contracts (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.


57


* 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 -


58


* 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.


59


* 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


60

* See Note 1.

Performances

The cumulative performances since launch are as follows:


Macquarie GlobalListed

InfrastructureFund




Macquarie GlobalIncome

OpportunitiesFund


Macquarie AsianAll Stars Fund


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 GlobalMulti Asset

Absolute ReturnFund *




Macquarie GlobalConvertible Bond

Fund *


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) - - - -


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 GlobalListed

InfrastructureFund




Macquarie GlobalIncome

OpportunitiesFund


Macquarie AsianAll Stars Fund


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.


62

OTHER INFORMATION (unaudited) (continued)