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MACQUARIE UNIT TRUST SERIES<br />
UNAUDITED SEMI-ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR<br />
THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
Investments in the Macquarie Unit Trust Series are not deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583<br />
542 (“Macquarie”) or any Macquarie Group <strong>com</strong>pany and are subject to investments risk, including possible delays in<br />
repayment and loss of in<strong>com</strong>e and capital invested. None of Macquarie or any other Macquarie Group <strong>com</strong>pany guarantees the<br />
performance of the Macquarie Unit Trust Series, the repayment of capital from the Macquarie Unit Trust Series or any particular<br />
rate of return.<br />
CS-TP-
MACQUARIE UNIT TRUST SERIES<br />
TABLE OF CONTENTS<br />
MANAGEMENT AND ADMINISTRATION ………………………………………………………………………………………………………………1<br />
STATEMENTS OF FINANCIAL POSITION (UN-AUDITED) ………………………………………………………………………………………….2<br />
INVESTMENT PORTFOLIO (UN-AUDITED) …………………………………………………………………………………………………………...4<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED) …......…………………………………………………………8<br />
PERFORMANCE RECORD (UN-AUDITED) ………………………………………………………………………………………………………..…13<br />
CS-TP-
MACQUARIE UNIT TRUST SERIES<br />
MANAGEMENT AND ADMINISTRATION<br />
Directors of the Manager<br />
Trustee and Registrar<br />
John Charles Bugg<br />
HSBC Trustee (Cayman) Limited<br />
Andrew Alexander P.O. Box 484<br />
Axel Armin Maier<br />
HSBC House<br />
68 West Bay Road<br />
Manager<br />
Grand Cayman KY1-1106<br />
Cayman Islands<br />
Macquarie Funds Management Hong Kong Limited<br />
Level 18, One International Finance Centre<br />
1 Harbour View Road Service Provider to the Trustee<br />
Central, Hong Kong<br />
HSBC Institutional Trust Services (Asia) Limited<br />
Sub-Manager<br />
MQ Portfolio Management Limited<br />
(ABN 55 092 552 611)<br />
No. 1 Martin Place<br />
Sydney, NSW 2000<br />
Australia<br />
Legal Advisors<br />
As to matters of Cayman Islands law<br />
Maples and Calder<br />
53rd Floor, The Center<br />
99 Queen’s Road Central<br />
Hong Kong<br />
As to matters of Hong Kong law<br />
Deacons<br />
5th, Floor, Alexandra House<br />
16-20 Chater Road<br />
Central<br />
Hong Kong<br />
No 1 Queen’s Road<br />
Central<br />
Hong Kong<br />
Auditor<br />
Ernst & Young Ltd<br />
62 Forum Lane, Camana Bay<br />
P.O. Box 510<br />
Grand Cayman, KY1-1106<br />
Cayman Islands<br />
CS-TP- 1
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF FINANCIAL POSITION (UN-AUDITED)<br />
AS AT 31 DECEMBER 2013<br />
MACQUARIE IPO CHINA<br />
CONCENTRATED CORE FUND<br />
31 Dec 2013<br />
US$<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
31 Dec 2013<br />
US$<br />
MACQUARIE ASIA<br />
NEW STARS FUND<br />
31 Dec 2013<br />
US$<br />
Assets<br />
Cash and cash equivalents 340,762 1,399,144 7,523,638<br />
Amounts receivable on subscription - 55,520 140,630<br />
Amounts due from brokers 821,554 926,019 2,277,873<br />
Dividends receivables - - 63,725<br />
Other receivables - 1 6<br />
Financial assets held at fair value through profit<br />
or loss 31,211,671 61,130,472 226,312,182<br />
Total assets 32,373,987 63,511,156 236,318,054<br />
Liabilities<br />
Amounts payable on redemption 28,434 158,459 330,355<br />
Amounts due to brokers 267,507 727,653 1,047,127<br />
Management fee payable 120,388 232,271 652,398<br />
Performance fee payable - - 737,909<br />
Administration fee payable 20,065 38,712 108,733<br />
Other payables 36,573 43,336 38,569<br />
Total liabilities (excluding net assets<br />
attributable to unitholders) 472,967 1,200,431 2,915,091<br />
Net assets attributable to unitholders 31,901,020 62,310,725 233,402,963<br />
Represented by:<br />
Net assets attributable to unitholders (at last<br />
traded market prices) 31,901,020 62,310,725 233,402,963<br />
Number of units in issue – Class A1 6,262,151 6,650,813 134,141<br />
Number of units in issue – Class A2 332,460 712,313 8,381,282<br />
Number of units in issue – Class A3 - 78,420 -<br />
Number of units in issue – Class I - - 2,520,214<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class A1 4.5801 7.9865 15.2353<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class A2 9.6840 11.6049 21.6077<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class A3<br />
(HK$) - 91.7080 -<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class I - - 19.4809<br />
CS-TP- 2
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF FINANCIAL POSITION (UN-AUDITED) (CONTINUED)<br />
AS AT 30 JUNE 2013<br />
MACQUARIE IPO CHINA<br />
CONCENTRATED CORE FUND<br />
30 June 2013<br />
US$<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
30 June 2013<br />
US$<br />
MACQUARIE ASIA<br />
NEW STARS FUND<br />
30 June 2013<br />
US$<br />
Assets<br />
Cash and cash equivalents 1,231,043 3,120,529 3,519,641<br />
Amounts receivable on subscription - 114,008 115,038<br />
Amounts due from brokers 84,684 4,214,441 579,719<br />
Dividends receivable 225,463 332,707 135,767<br />
Other receivables 3 6 6<br />
Financial assets held at fair value through profit<br />
or loss 29,887,385 52,236,709 56,499,639<br />
Total assets 31,428,578 60,018,400 60,849,810<br />
Liabilities<br />
Amounts payable on redemption - 368,874 1,791,564<br />
Amounts due to brokers 49,398 94,011 644,811<br />
Management fee payable 123,048 229,568 93,812<br />
Performance fee payable - - 6,151<br />
Administration fee payable 20,508 38,261 15,635<br />
Other payables 28,026 34,517 32,169<br />
Total liabilities (excluding net assets<br />
attributable to unitholders) 220,980 765,231 2,584,142<br />
Net assets attributable to unitholders 31,207,598 59,253,169 58,265,668<br />
Represented by:<br />
Net assets attributable to unitholders at last<br />
traded market prices 31,323,817 59,458,933 58,615,706<br />
Adjustment for difference in valuation inputs (116,219) (205,764) (350,038)<br />
Number of units in issue – Class A1 7,033,586 7,483,995 152,373<br />
Number of units in issue – Class A2 304,142 507,555 1,028,976<br />
Number of units in issue – Class A3 - 52,700 -<br />
Number of units in issue – Class I - - 2,099,496<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class A1 4.0808 7.1664 13.7745<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class A2 8.6283 10.4132 19.5054<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class A3<br />
(HK$) - 82.3180 -<br />
Net assets attributable to unitholders per<br />
unit (at last traded market prices) – Class I - - 17.3606<br />
CS-TP- 3
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
INVESTMENT PORTFOLIO (UN-AUDITED)<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND 31 Dec 2013 31 Dec 2013 31 Dec 2013<br />
Fair value<br />
% of net<br />
Investments – Listed<br />
Holdings<br />
US$<br />
assets<br />
Hong Kong<br />
AGRICULTURAL BANK OF CHINA H SHS ORD CNY1 3,917,265 1,924,685 6.03%<br />
AIA GROUP LTD ORD USD1 352,200 1,766,814 5.54%<br />
BBMG CORP H SHS ORD CNY1 2,193,000 1,908,949 5.98%<br />
CHINA GALAXY SECURITIES CO ORD CNY1 2,204,500 1,921,802 6.02%<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD USD0.005 1,714,162 1,832,560 5.74%<br />
CHINA MINSHENG BANKING CO LTD H SHR ORD CNY1 1,731,738 1,922,813 6.03%<br />
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS ORD CNY1 467,601 1,833,162 5.75%<br />
CHINA QINFA GROUP LTD ORD HKD0.1 17,015,896 1,448,273 4.54%<br />
CHINA RESOURCES CEMENT HOLDING LTD ORD HKD0.1 1,662,000 1,116,659 3.50%<br />
CHINA SANJIANG FINE CHEMICAL ORD HKD0.1 905,000 462,163 1.45%<br />
CHINA SUNTIEN GREEN ENERGY CORP H SHR ORD CNY1 4,569,770 1,714,901 5.38%<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD HKD0.1 3,722,000 1,891,143 5.93%<br />
HAITONG SECURITIES CO LTD H SHR ORD CNY1 1,050,824 1,829,429 5.73%<br />
LOCCITANE INTERNATIONAL SA ORD EUR0.03 178,000 378,753 1.19%<br />
LONGFOR PROPERTIES ORD HKD0.1 379,264 530,179 1.66%<br />
MAN WAH HOLDINGS LTD ORD HKD0.4 979,200 1,532,999 4.81%<br />
PRADA HOLDING ORD NPV 103,719 922,910 2.89%<br />
QINGHUANGDAO PORT CO LTD-H ORD CNY1 470,000 272,748 0.86%<br />
REAL GOLD MINING LTD ORD HKD1 795,070 151,104 0.47%<br />
SAMSONITE INTERNATIONAL ORD USD0.01 218,084 663,724 2.08%<br />
SHENGUAN HOLDINGS GROUP LTD ORD HKD0.01 1,250,553 557,995 1.75%<br />
SIHUAN PHARMACEUTICAL HLDGS ORD HKD0.01 443,800 405,203 1.27%<br />
SINOPHARM GROUP CO H SHR ORD CNY1 208,125 597,181 1.87%<br />
SUN ART RETAIL GROUP LTD ORD HKD0.3 799,784 1,128,345 3.54%<br />
SUNAC CHINA HOLDINGS LTD ORD HKD0.10 363,000 217,676 0.68%<br />
TSUI WAH HOLDINGS LTD ORD HKD0.01 754,000 528,959 1.66%<br />
WANT WANT CHINA HOLDINGS LTD ORD USD0.02 1,212,000 1,750,542 5.49%<br />
Total Investments 31,211,671 97.84%<br />
Other net assets 689,349 2.16%<br />
Net assets attributable to unitholders 31,901,020 100.00%<br />
Total investments, at cost 27,284,350<br />
CS-TP- 4
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA GATEWAY FUND 31 Dec 2013 31 Dec 2013 31 Dec 2013<br />
Fair value<br />
% of net<br />
Investments – Listed<br />
Holdings<br />
US$<br />
assets<br />
Hong Kong<br />
AGRICULTURAL BANK OF CHINA H SHS ORD CNY1 7,653,785 3,760,564 6.03%<br />
AIA GROUP LTD ORD USD1 696,000 3,491,489 5.60%<br />
BBMG CORP H SHS ORD CNY1 4,057,000 3,531,511 5.67%<br />
BOER POWER HOLDINGS LTD ORD HKD0.1 225,000 206,592 0.33%<br />
CARPENTER TAN HOLDINGS LTD ORD HKD0.01 530,000 306,200 0.49%<br />
CHINA GALAXY SECURITIES CO ORD CNY1 4,399,000 3,834,886 6.15%<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD USD0.005 3,273,476 3,499,577 5.62%<br />
CHINA MINSHENG BANKING CO LTD H SHR ORD CNY1 3,383,853 3,757,218 6.03%<br />
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS ORD CNY1 895,585 3,511,011 5.63%<br />
CHINA QINFA GROUP LTD ORD HKD0.1 32,337,139 2,752,310 4.42%<br />
CHINA RESOURCES CEMENT HOLDING LTD ORD HKD0.1 3,596,000 2,416,068 3.88%<br />
CHINA SANJIANG FINE CHEMICAL ORD HKD0.1 1,735,000 886,026 1.42%<br />
CHINA SUNTIEN GREEN ENERGY CORP H SHR ORD CNY1 8,497,230 3,188,762 5.12%<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD HKD0.1 6,409,000 3,256,404 5.23%<br />
HAITONG SECURITIES CO LTD H SHR ORD CNY1 2,079,576 3,620,432 5.81%<br />
LOCCITANE INTERNATIONAL SA ORD EUR0.03 330,000 702,182 1.13%<br />
LONGFOR PROPERTIES ORD HKD0.1 717,236 1,002,636 1.61%<br />
MAN WAH HOLDINGS LTD ORD HKD0.4 1,765,600 2,764,158 4.44%<br />
MICROPORT SCIENTIFIC CORP ORD USD0.00001 442,000 288,990 0.46%<br />
PRADA HOLDING ORD NPV 165,781 1,475,148 2.37%<br />
QINGHUANGDAO PORT CO LTD-H ORD CNY1 930,000 539,694 0.87%<br />
REAL GOLD MINING LTD ORD HKD1 1,409,142 267,809 0.43%<br />
SAMSONITE INTERNATIONAL ORD USD0.01 422,316 1,285,291 2.06%<br />
SHANGHAI FOSUN PHARMACEUTICAL GROUP CO LTD H ORD CNY1 170,000 511,903 0.82%<br />
SHENGUAN HOLDINGS GROUP LTD ORD HKD0.01 1,990,950 888,358 1.43%<br />
SIHUAN PHARMACEUTICAL HLDGS ORD HKD0.01 836,000 763,293 1.21%<br />
SINOPHARM GROUP CO H SHR ORD CNY1 356,675 1,023,421 1.64%<br />
SUN ART RETAIL GROUP LTD ORD HKD0.3 1,442,816 2,035,542 3.27%<br />
SUNAC CHINA HOLDINGS LTD ORD HKD0.10 685,000 410,767 0.66%<br />
TSUI WAH HOLDINGS LTD ORD HKD0.01 1,346,000 944,269 1.52%<br />
WANT WANT CHINA HOLDINGS LTD ORD USD0.02 2,355,000 3,401,424 5.46%<br />
Taiwan<br />
NAN LIU ENTERPISE CO LTD ORD TWD10 112,000 614,314 0.99%<br />
TPK HOLDING CO LTD ORD TWD10 32,656 192,223 0.31%<br />
Total Investments 61,130,472 98.11%<br />
Other net assets 1,180,253 1.89%<br />
Net assets attributable to unitholders 62,310,725 100.00%<br />
Total investments, at cost 52,591,861<br />
CS-TP- 5
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 31 Dec 2013 31 Dec 2013 31 Dec 2013<br />
Fair value<br />
% of net<br />
Investments – Listed<br />
Holdings<br />
US$<br />
assets<br />
Hong Kong<br />
APT SATELLITE HOLDINGS LTD ORD HKD0.1 3,337,417 3,959,589 1.70%<br />
BBMG CORP H SHS ORD CNY1 6,298,500 5,482,678 2.35%<br />
BONJOUR HOLDINGS LTD ORD HKD0.1 8,352,000 1,820,241 0.78%<br />
CAFE DE CORAL HOLDINGS LTD ORD HKD0.1 1,120,000 3,610,853 1.55%<br />
CHANGSHOUHUA FOOD CO LTD ORD HKD0.1 1,815,000 2,335,925 1.00%<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD USD0.005 2,729,543 2,918,074 1.25%<br />
CHINA POWER INTERNATIONAL DEV LTD ORD HKD1 10,535,000 3,749,690 1.61%<br />
CHINA RESOURCES GAS GROUP LTD ORD HKD0.1 954,000 3,321,727 1.42%<br />
CHINA SANJIANG FINE CHEMICAL ORD HKD0.1 3,620,000 1,848,654 0.79%<br />
CHINA TAIPING INSURANCE HOLDINGS CO LTD ORD HKD0.05 3,467,600 7,083,305 3.03%<br />
CITIC TELECOM INTERNATIONAL HOLDINGS LTD ORD HKD0.1 9,134,000 2,933,001 1.26%<br />
GOLDEN EAGLE RETAIL GROUP LTD ORD HKD0.1 1,676,000 2,213,226 0.95%<br />
GREAT WALL MOTOR COMPANY LTD H SHRS ORD CNY1 882,750 4,872,292 2.09%<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD HKD0.1 10,119,073 5,141,487 2.20%<br />
HAIER ELECTRONICS GROUP CO LTD ORD HKD0.1 3,012,359 8,740,596 3.74%<br />
INTIME RETAIL GROUP COMPANY LTD ORD USD0.00001 3,259,000 3,391,640 1.45%<br />
JU TENG INTERNATIONAL HOLDINGS HKD ORD HKD0.1 4,120,000 2,725,627 1.17%<br />
LEE & MAN PAPER MANUFACTURING LTD ORD HKD0.025 8,328,000 5,487,991 2.35%<br />
MINTH GROUP LTD ORD HKD0.1 2,020,800 4,195,667 1.80%<br />
PHOENIX SATELLITE TELEVISION HLDGS ORD HKD0.1 6,330,000 2,301,996 0.99%<br />
REAL GOLD MINING LTD ORD HKD1 89,071 16,928 0.01%<br />
SA SA INTERNATIONAL HOLDINGS LTD ORD HKD0.1 3,982,000 4,667,851 2.00%<br />
SINO BIOPHARMACEUTICAL LTD ORD HKD0.025 2,703,842 2,144,412 0.92%<br />
WASION GROUP HOLDINGS LTD ORD HKD0.01 4,523,376 2,764,985 1.18%<br />
XINGDA INTERNATIONAL HOLDING ORD HKD0.1 4,068,000 2,428,923 1.04%<br />
XINYI GLASS HLDGS CO LTD ORD HKD0.1 2,956,000 2,607,428 1.12%<br />
ZHUZHOU CSR TIMES ELECTRIC CO LTD H SHR CNY1 922,000 3,317,317 1.42%<br />
India<br />
GLENMARK PHARMACEUTICALS LTD ORD INR1 (DEMAT) 672,593 5,803,004 2.49%<br />
UNITED PHOSPHORUS LTD ORD INR2 (DEMAT) 2,416,041 7,729,316 3.31%<br />
YES BANK LTD ORD INR10 603,591 3,611,274 1.55%<br />
Indonesia<br />
ARWANA CITRAMULIA ORD IDR50 (DEMAT) 32,465,827 2,185,712 0.94%<br />
Korea<br />
CJ O SHOPPING CO LTD ORD KRW5000 5,096 2,003,202 0.86%<br />
COWAY CO LTD ORD KRW500 119,971 7,545,560 3.23%<br />
GRAND KOREA LEISURE CO LTD ORD KRW500 61,890 2,368,367 1.01%<br />
HYUNDAI GREENFOOD CO LTD ORD KRW500 237,062 3,772,405 1.62%<br />
KGINICIS CO LTD ORD KRW500 82,016 1,289,596 0.55%<br />
LOTTE HIMART CO LTD ORD KRW5,000 47,011 3,896,321 1.67%<br />
MEDY-TOX INC ORD KRW500 16,463 2,647,853 1.13%<br />
PARADISE CO LTD ORD KRW500 296,195 7,420,797 3.18%<br />
YUHAN CORPORATION ORD KRW5000 26,434 4,682,218 2.01%<br />
CS-TP- 6
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 31 Dec 2013 31 Dec 2013 31 Dec 2013<br />
Fair value<br />
% of net<br />
Investments – Listed<br />
Holdings<br />
US$<br />
assets<br />
Malaysia<br />
BURSA MALAYSIA ORD MYR0.5 929,600 2,330,016 1.00%<br />
MAH SING GROUP ORD MYR0.5 5,335,020 3,672,041 1.57%<br />
MEDIA PRIMA ORD MYR1 1,674,330 1,335,996 0.57%<br />
Philippines<br />
MEGAWORLD CORPORATION ORD PHP1 2,720,000 198,487 0.08%<br />
SEMIRARA MINING CORPORATION ORD PHP1 643,449 4,173,723 1.79%<br />
Singapore<br />
EZION HOLDINGS LTD ORD NPV 4,351,397 7,634,633 3.27%<br />
M1 LTD ORD NPV 1,279,000 3,305,406 1.41%<br />
OSIM INTERNATIONAL LTD ORD SGD0.05 3,707,104 6,738,591 2.89%<br />
OVERSEAS EDUCATION LTD ORD NPV 1,388,738 905,484 0.39%<br />
SILVERLAKE AXIS LTD ORD USD0.02 2,543,333 1,768,856 0.76%<br />
Taiwan<br />
CATCHER TECHNOLOGY CO LTD ORD TWD10 467,000 3,022,224 1.29%<br />
ECLAT TEXTILE COMPANY LTD ORD TWD10 186,000 2,090,167 0.90%<br />
GIANT MANUFACTURING CO LTD ORD TWD10 461,000 3,160,702 1.35%<br />
KING SLIDE WORKS CO LTD ORD TWD10 357,000 4,011,773 1.72%<br />
KINGS TOWN BANK ORD TWD 10 4,571,000 4,341,686 1.86%<br />
LARGAN PRECISION CO LTD ORD TWD10 73,000 2,966,388 1.27%<br />
MAKALOT INDUSTRIAL CO LTD ORD TWD10 623,000 3,354,616 1.44%<br />
MERIDA INDUSTRY CO LTD ORD TWD10 389,000 2,816,672 1.21%<br />
PC HOME ONLINE ORD TWD10 473,000 3,780,836 1.62%<br />
POYA CO LTD ORD TWD10 673,660 4,201,926 1.80%<br />
ST SHINE OPTICAL CO LTD ORD TWD10 191,161 5,440,736 2.33%<br />
Thailand<br />
JASMINE INTERNATIONAL PCL ORD THB0.5 (FR) 11,321,681 2,305,982 0.98%<br />
SAMUI AIRPORT PROPERTY FUND (LR) 3,531,100 1,717,513 0.74%<br />
Total Investments 226,312,182 96.96%<br />
Other net assets 7,090,781 3.04%<br />
Net assets attributable to unitholders 233,402,963 100.00%<br />
Total investments, at cost 207,377,334<br />
CS-TP- 7
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)<br />
MACQUARIE IPO CHINA CONCENTRATED CORE<br />
FUND 1 Jul 2013 Period from 1 Jul 2013 to 31 Dec 2013 31 Dec 2013<br />
Investments – Listed Opening balance Additions Disposals Closing Balance<br />
Hong Kong<br />
AGRICULTURAL BANK OF CHINA H SHS ORD CNY1 3,829,265 88,000 - 3,917,265<br />
AIA GROUP LTD ORD USD1 416,200 - (64,000) 352,200<br />
BBMG CORP H SHS ORD CNY1 2,193,000 - - 2,193,000<br />
BIOSTIME INTERNATIONAL HOLDINGS LTD ORD HKD0.01 170,565 - (170,565) -<br />
CHINA GALAXY SECURITIES CO ORD CNY1 2,524,500 236,000 (556,000) 2,204,500<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD USD0.005 1,714,162 - - 1,714,162<br />
CHINA MINSHENG BANKING CO LTD H SHR ORD CNY1 1,662,738 200,500 (131,500) 1,731,738<br />
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS ORD<br />
CNY1 553,401 - (85,800) 467,601<br />
CHINA QINFA GROUP LTD ORD HKD0.1 16,079,896 936,000 - 17,015,896<br />
CHINA RESOURCES CEMENT HOLDING LTD ORD HKD0.1 - 1,662,000 - 1,662,000<br />
CHINA SANJIANG FINE CHEMICAL ORD HKD0.1 - 905,000 - 905,000<br />
CHINA SUNTIEN GREEN ENERGY CORP H SHR ORD CNY1 4,569,770 - - 4,569,770<br />
FU SHOU YUAN INTERNATIONAL ORD USD0.01 - 120,000 (120,000) -<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD HKD0.1 3,349,000 373,000 - 3,722,000<br />
HAITONG SECURITIES CO LTD H SHR ORD CNY1 577,624 629,600 (156,400) 1,050,824<br />
LOCCITANE INTERNATIONAL SA ORD EUR0.03 178,000 - - 178,000<br />
LONGFOR PROPERTIES ORD HKD0.1 225,764 153,500 - 379,264<br />
MAN WAH HOLDINGS LTD ORD HKD0.4 762,000 217,200 - 979,200<br />
PRADA HOLDING ORD NPV 204,319 - (100,600) 103,719<br />
PRINCE FROG INTERNATIONAL HOLDINGS ORD HKD0.01 685,289 - (685,289) -<br />
QINGHUANGDAO PORT CO LTD-H ORD CNY1 - 470,000 - 470,000<br />
REAL GOLD MINING LTD ORD HKD1 795,070 - - 795,070<br />
SAMSONITE INTERNATIONAL ORD USD0.01 790,184 - (572,100) 218,084<br />
SHENGUAN HOLDINGS GROUP LTD ORD HKD0.01 1,250,553 - - 1,250,553<br />
SIHUAN PHARMACEUTICAL HLDGS ORD HKD0.01 2,559,800 - (2,116,000) 443,800<br />
SINOPHARM GROUP CO H SHR ORD CNY1 208,125 - - 208,125<br />
SUN ART RETAIL GROUP LTD ORD HKD0.3 761,284 230,500 (192,000) 799,784<br />
SUNAC CHINA HOLDINGS LTD ORD HKD0.10 - 795,000 (432,000) 363,000<br />
TSUI WAH HOLDINGS LTD ORD HKD0.01 754,000 - - 754,000<br />
WANT WANT CHINA HOLDINGS LTD ORD USD0.02 1,345,000 - (133,000) 1,212,000<br />
YUANDA CHINA HLDG LTD ORD HKD0.1 3,032,000 - (3,032,000) -<br />
CS-TP- 8
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
(CONTINUED)<br />
MACQUARIE IPO CHINA GATEWAY FUND 1 Jul 2013 Period from 1 Jul 2013 to 31 Dec 2013 31 Dec 2013<br />
Investments – Listed Opening balance Additions Disposals Closing Balance<br />
Hong Kong<br />
AGRICULTURAL BANK OF CHINA H SHS ORD CNY1 4,466,785 3,187,000 - 7,653,785<br />
AIA GROUP LTD ORD USD1 570,800 199,000 (73,800) 696,000<br />
BBMG CORP H SHS ORD CNY1 2,575,500 3,058,500 (1,577,000) 4,057,000<br />
BIOSTIME INTERNATIONAL HOLDINGS LTD ORD HKD0.01 298,935 - (298,935) -<br />
BOER POWER HOLDINGS LTD ORD HKD0.1 1,773,000 - (1,548,000) 225,000<br />
CARPENTER TAN HOLDINGS LTD ORD HKD0.01 530,000 - - 530,000<br />
CHINA GALAXY SECURITIES CO ORD CNY1 4,710,000 - (311,000) 4,399,000<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD USD0.005 3,273,476 - - 3,273,476<br />
CHINA MINSHENG BANKING CO LTD H SHR ORD CNY1 2,976,853 407,000 - 3,383,853<br />
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS ORD CNY1 684,785 321,400 (110,600) 895,585<br />
CHINA QINFA GROUP LTD ORD HKD0.1 30,547,139 1,790,000 - 32,337,139<br />
CHINA RESOURCES CEMENT HOLDING LTD ORD HKD0.1 - 3,596,000 - 3,596,000<br />
CHINA SANJIANG FINE CHEMICAL ORD HKD0.1 - 1,735,000 - 1,735,000<br />
CHINA SUNTIEN GREEN ENERGY CORP H SHR ORD CNY1 8,497,230 - - 8,497,230<br />
FU SHOU YUAN INTERNATIONAL ORD USD0.01 - 230,000 (230,000) -<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD HKD0.1 5,693,000 716,000 - 6,409,000<br />
HAITONG SECURITIES CO LTD H SHR ORD CNY1 1,091,176 1,340,400 (352,000) 2,079,576<br />
LOCCITANE INTERNATIONAL SA ORD EUR0.03 330,000 - - 330,000<br />
LONGFOR PROPERTIES ORD HKD0.1 395,236 322,000 - 717,236<br />
MAN WAH HOLDINGS LTD ORD HKD0.4 1,355,600 410,000 - 1,765,600<br />
MICROPORT SCIENTIFIC CORP ORD USD0.00001 1,467,000 - (1,025,000) 442,000<br />
PRADA HOLDING ORD NPV 325,081 - (159,300) 165,781<br />
PRINCE FROG INTERNATIONAL HOLDINGS ORD HKD0.01 990,190 - (990,190) -<br />
QINGHUANGDAO PORT CO LTD-H ORD CNY1 - 930,000 - 930,000<br />
REAL GOLD MINING LTD ORD HKD1 1,409,142 - - 1,409,142<br />
SAMSONITE INTERNATIONAL ORD USD0.01 1,310,316 - (888,000) 422,316<br />
SHANGHAI FOSUN PHARMACEUTICAL GROUP CO LTD H<br />
ORD CNY1 - 170,000 - 170,000<br />
SHENGUAN HOLDINGS GROUP LTD ORD HKD0.01 1,990,950 - - 1,990,950<br />
SIHUAN PHARMACEUTICAL HLDGS ORD HKD0.01 4,851,000 - (4,015,000) 836,000<br />
SINOPHARM GROUP CO H SHR ORD CNY1 356,675 - - 356,675<br />
SUN ART RETAIL GROUP LTD ORD HKD0.3 912,816 1,267,500 (737,500) 1,442,816<br />
SUNAC CHINA HOLDINGS LTD ORD HKD0.10 - 1,503,000 (818,000) 685,000<br />
TSUI WAH HOLDINGS LTD ORD HKD0.01 1,346,000 - - 1,346,000<br />
WANT WANT CHINA HOLDINGS LTD ORD USD0.02 2,355,000 - - 2,355,000<br />
YUANDA CHINA HLDG LTD ORD HKD0.1 5,396,000 - (5,396,000) -<br />
Taiwan<br />
NAN LIU ENTERPISE CO LTD ORD TWD10 - 112,000 - 112,000<br />
TPK HOLDING CO LTD ORD TWD10 32,656 - - 32,656<br />
CS-TP- 9
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
(CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 1 Jul 2013 Period from 1 Jul 2013 to 31 Dec 2013 31 Dec 2013<br />
Investments – Listed Opening balance Additions Disposals Closing Balance<br />
Hong Kong<br />
ANTA SPORTS PRODUCTS LTD ORD HKD0.1 - 901,000 (901,000) -<br />
APT SATELLITE HOLDINGS LTD ORD HKD0.1 432,917 4,276,500 (1,372,000) 3,337,417<br />
BBMG CORP H SHS ORD CNY1 - 7,231,000 (932,500) 6,298,500<br />
BONJOUR HOLDINGS LTD ORD HKD0.1 - 11,146,000 (2,794,000) 8,352,000<br />
CAFE DE CORAL HOLDINGS LTD ORD HKD0.1 - 1,300,000 (180,000) 1,120,000<br />
CHANGSHOUHUA FOOD CO LTD ORD HKD0.1 - 1,815,000 - 1,815,000<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD USD0.005 1,095,543 3,525,000 (1,891,000) 2,729,543<br />
CHINA POWER INTERNATIONAL DEV LTD ORD HKD1 1,648,000 8,887,000 - 10,535,000<br />
CHINA RESOURCES GAS GROUP LTD ORD HKD0.1 310,000 716,000 (72,000) 954,000<br />
CHINA SANJIANG FINE CHEMICAL ORD HKD0.1 - 3,620,000 - 3,620,000<br />
CHINA SHANSHUI CEMENT GROUP CO LTD ORD USD0.01 1,403,000 760,000 (2,163,000) -<br />
CHINA TAIPING INSURANCE HOLDINGS CO LTD ORD<br />
HKD0.05 1,405,000 2,753,000 (690,400) 3,467,600<br />
CITIC TELECOM INTERNATIONAL HOLDINGS LTD ORD<br />
HKD0.1 - 11,802,000 (2,668,000) 9,134,000<br />
GOLDEN EAGLE RETAIL GROUP LTD ORD HKD0.1 803,000 1,448,000 (575,000) 1,676,000<br />
GREAT WALL MOTOR COMPANY LTD H SHRS ORD CNY1 556,750 1,213,500 (887,500) 882,750<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD HKD0.1 3,008,073 10,085,000 (2,974,000) 10,119,073<br />
HAIER ELECTRONICS GROUP CO LTD ORD HKD0.1 791,359 2,992,000 (771,000) 3,012,359<br />
HUTCHISON TELECOMMUNICATIONS HONG KONG<br />
HOLDINGS LTD ORD HKD0.25 840,000 5,638,000 (6,478,000) -<br />
INTIME RETAIL GROUP COMPANY LTD ORD USD0.00001 320,000 4,986,500 (2,047,500) 3,259,000<br />
JU TENG INTERNATIONAL HOLDINGS HKD ORD HKD0.1 - 4,120,000 - 4,120,000<br />
LEE & MAN PAPER MANUFACTURING LTD ORD HKD0.025 1,842,000 8,061,000 (1,575,000) 8,328,000<br />
MINTH GROUP LTD ORD HKD0.1 412,800 1,920,000 (312,000) 2,020,800<br />
PHOENIX SATELLITE TELEVISION HLDGS ORD HKD0.1 2,690,000 5,222,000 (1,582,000) 6,330,000<br />
REAL GOLD MINING LTD ORD HKD1 89,071 - - 89,071<br />
SA SA INTERNATIONAL HOLDINGS LTD ORD HKD0.1 952,000 3,090,000 (60,000) 3,982,000<br />
SAMSONITE INTERNATIONAL ORD USD0.01 467,361 1,387,300 (1,854,661) -<br />
SIHUAN PHARMACEUTICAL HLDGS ORD HKD0.01 1,143,000 - (1,143,000) -<br />
SINO BIOPHARMACEUTICAL LTD ORD HKD0.025 2,351,842 2,208,000 (1,856,000) 2,703,842<br />
SINOMEDIA HOLDING LTD ORD HKD0.0003125 1,632,399 2,076,000 (3,708,399) -<br />
TCC INTERNATIONAL HOLDINGS LIMITED ORD HKD0.1 - 10,972,000 (10,972,000) -<br />
WASION GROUP HOLDINGS LTD ORD HKD0.01 1,693,376 2,830,000 - 4,523,376<br />
XINGDA INTERNATIONAL HOLDING ORD HKD0.1 1,525,000 2,543,000 - 4,068,000<br />
XINYI GLASS HLDGS CO LTD ORD HKD0.1 - 6,332,000 (3,376,000) 2,956,000<br />
XINYI SOLAR HLDGS ORD NPV - 2,956,000 (2,956,000) -<br />
ZHUZHOU CSR TIMES ELECTRIC CO LTD H SHR CNY1 - 1,354,000 (432,000) 922,000<br />
CS-TP- 10
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
(CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 1 Jul 2013 Period from 1 Jul 2013 to 31 Dec 2013 31 Dec 2013<br />
Investments – Listed Opening balance Additions Disposals Closing Balance<br />
India<br />
GLENMARK PHARMACEUTICALS LTD ORD INR1 (DEMAT) 173,580 563,063 (64,050) 672,593<br />
IPCA LABORATORIES LTD DMT ORD INR2 - 28,504 (28,504) -<br />
UNITED PHOSPHORUS LTD ORD INR2 (DEMAT) 337,573 2,383,409 (304,941) 2,416,041<br />
YES BANK LTD ORD INR10 328,197 554,329 (278,935) 603,591<br />
Indonesia<br />
ARWANA CITRAMULIA ORD IDR50 (DEMAT) 6,058,316 16,754,500 (8,521,937) 32,465,827<br />
BANK PEMBANGUNAN DAERAH JAWA ORD IDR250 4,157,574 - (4,157,574) -<br />
Korea<br />
CJ O SHOPPING CO LTD ORD KRW5000 - 5,096 - 5,096<br />
COWAY CO LTD ORD KRW500 30,501 104,170 (14,700) 119,971<br />
CROWN CONFECTIONERY CO ORD KRW5000 1,745 1,893 (3,638) -<br />
GRAND KOREA LEISURE CO LTD ORD KRW500 - 61,890 - 61,890<br />
HYUNDAI GREENFOOD CO LTD ORD KRW500 64,102 204,760 (31,800) 237,062<br />
KGINICIS CO LTD ORD KRW500 - 156,699 (74,683) 82,016<br />
KT SKYLIFE CO LTD ORD KRW2500 13,500 - (13,500) -<br />
LG UPLUS CORP ORD KRW5000 108,480 77,200 (185,680) -<br />
LOTTE HIMART CO LTD ORD KRW5,000 24,469 60,153 (37,611) 47,011<br />
MEDY-TOX INC ORD KRW500 - 16,463 - 16,463<br />
PARADISE CO LTD ORD KRW500 41,719 277,075 (22,599) 296,195<br />
PARTRON CO LTD ORD KRW500 36,268 - (36,268) -<br />
SOULBRAIN CO LTD ORD KRW500 7,565 25,533 (33,098) -<br />
YUHAN CORPORATION ORD KRW5000 6,666 19,768 - 26,434<br />
Malaysia<br />
BURSA MALAYSIA ORD MYR0.5 - 929,600 - 929,600<br />
MAH SING GROUP ORD MYR0.5 1,081,600 4,037,100 - 5,335,020<br />
MEDIA PRIMA ORD MYR1 519,930 1,154,400 - 1,674,330<br />
MY EG SERVICES ORD MYR0.1 - 1,313,879 (1,313,879) -<br />
Philippines<br />
MEGAWORLD CORPORATION ORD PHP1 - 2,720,000 - 2,720,000<br />
SEMIRARA MINING CORPORATION ORD PHP1 157,629 605,450 (119,630) 643,449<br />
CS-TP- 11
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
(CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 1 Jul 2013 Period from 1 Jul 2013 to 31 Dec 2013 31 Dec 2013<br />
Investments – Listed Opening balance Additions Disposals Closing Balance<br />
Singapore<br />
EZION HOLDINGS LTD ORD NPV 717,331 3,478,000 (641,000) 4,351,397<br />
GENTING HONG KONG LTD ORD USD0.1 (SGX) 1,577,000 5,522,000 (7,099,000) -<br />
M1 LTD ORD NPV 247,000 1,653,000 (621,000) 1,279,000<br />
OSIM INTERNATIONAL LTD ORD SGD0.05 1,169,104 2,705,000 (167,000) 3,707,104<br />
OVERSEAS EDUCATION LTD ORD NPV - 1,388,738 - 1,388,738<br />
SILVERLAKE AXIS LTD ORD USD0.02 - 2,543,333 - 2,543,333<br />
Taiwan<br />
CATCHER TECHNOLOGY CO LTD ORD TWD10 209,000 346,000 (88,000) 467,000<br />
ECLAT TEXTILE COMPANY LTD ORD TWD10 - 186,000 - 186,000<br />
GIANT MANUFACTURING CO LTD ORD TWD10 - 527,000 (66,000) 461,000<br />
KING SLIDE WORKS CO LTD ORD TWD10 135,000 398,000 (176,000) 357,000<br />
KINGS TOWN BANK ORD TWD 10 574,000 3,997,000 - 4,571,000<br />
LARGAN PRECISION CO LTD ORD TWD10 33,000 57,000 (17,000) 73,000<br />
MAKALOT INDUSTRIAL CO LTD ORD TWD10 140,000 493,000 (10,000) 623,000<br />
MERIDA INDUSTRY CO LTD ORD TWD10 - 389,000 - 389,000<br />
NOVATEK MICROELECTRONICS LTD ORD TWD10 124,000 - (124,000) -<br />
PC HOME ONLINE ORD TWD10 - 473,000 - 473,000<br />
POYA CO LTD ORD TWD10 138,000 534,000 - 673,660<br />
ST SHINE OPTICAL CO LTD ORD TWD10 116,161 151,000 (76,000) 191,161<br />
Thailand<br />
DYNASTY CERAMIC PCL ORD THB1 (FR) 405,800 420,600 (826,400) -<br />
JASMINE INTERNATIONAL PCL ORD THB0.5 (FR) 4,755,281 21,119,800 (14,553,400) 11,321,681<br />
SAMUI AIRPORT PROPERTY FUND (LR) 1,453,700 2,077,400 - 3,531,100<br />
CS-TP- 12
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2013 TO 31 DECEMBER 2013<br />
PERFORMANCE RECORD (UN-AUDITED)<br />
a) Net asset value<br />
At end of the financial period dated 31 December 2013<br />
Total net asset value<br />
US$<br />
Net asset value per unit (cum distribution)<br />
Macquarie IPO China Concentrated Core Fund 31,901,020 Class A1: US$4.5801<br />
Class A2: US$9.6840<br />
Macquarie IPO China Gateway Fund 62,310,725 Class A1: US$7.9865<br />
Class A2: US$11.6049<br />
Class A3: HK$91.7080<br />
Macquarie Asia New Stars Fund 233,402,963 Class A1: US$15.2353<br />
Class A2: US$21.6077<br />
Class I: US$19.4809<br />
b) Performance record<br />
Financial period ended 31 December 2013 Highest issue price per unit Lowest redemption price per unit<br />
Macquarie IPO China Concentrated Core Fund<br />
Macquarie IPO China Gateway Fund<br />
Macquarie Asia New Stars Fund<br />
Class A1: US$4.779<br />
Class A2: US$10.103<br />
Class A1: US$8.316<br />
Class A2: US$12.084<br />
Class A3: HK$95.473<br />
Class A1: US$15.449<br />
Class A2: US$21.909<br />
Class I: US$19.768<br />
Class A1: US$3.882<br />
Class A2: US$8.209<br />
Class A1: US$6.835<br />
Class A2: US$9.932<br />
Class A3: HK$78.512<br />
Class A1: US$13.143<br />
Class A2: US$18.611<br />
Class I: US$16.613<br />
CS-TP- 13
MACQUARIE UNIT TRUST SERIES<br />
REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR<br />
ENDED 30 JUNE 2013<br />
Investments in the Macquarie Unit Trust Series are not deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542<br />
(“Macquarie”) or any Macquarie Group <strong>com</strong>pany and are subject to investments risk, including possible delays in repayment and loss<br />
of in<strong>com</strong>e and capital invested. None of Macquarie or any other Macquarie Group <strong>com</strong>pany guarantees the performance of the<br />
Macquarie Unit Trust Series, the repayment of capital from the Macquarie Unit Trust Series or any particular rate of return.<br />
003867728 FANL AD4 JCCH RPT
MACQUARIE UNIT TRUST SERIES<br />
TABLE OF CONTENTS<br />
MANAGEMENT AND ADMINISTRATION ...................................................................................................................... 1<br />
STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE ....................................................... 2<br />
REPORT OF THE TRUSTEE TO THE UNITHOLDERS ................................................................................................. 3<br />
INDEPENDENT AUDITOR’S REPORT ........................................................................................................................... 4<br />
STATEMENTS OF COMPREHENSIVE INCOME ........................................................................................................... 6<br />
STATEMENTS OF FINANCIAL POSITION .................................................................................................................... 8<br />
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS ............................................ 10<br />
STATEMENTS OF CASH FLOWS ................................................................................................................................ 12<br />
NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................... 14<br />
1 The Fund and the Sub-Funds ......................................................................................................................... 14<br />
2 Summary of significant accounting policies ................................................................................................. 14<br />
3 Net assets attributable to unitholders ........................................................................................................... 19<br />
4 Financial risk management ............................................................................................................................. 19<br />
5 Cash and cash equivalents ............................................................................................................................. 26<br />
6 Amount due from brokers ............................................................................................................................... 26<br />
7 Financial assets held at fair value through profit or loss ............................................................................ 27<br />
8 Net gains/(losses) on financial instruments held at fair value through profit or loss ............................... 27<br />
9 Related party transactions/transactions with the Trustee, the Manager and their connected persons .. 28<br />
10 Taxation ............................................................................................................................................................ 31<br />
11 Soft <strong>com</strong>mission arrangements ..................................................................................................................... 32<br />
12 Units.................................................................................................................................................................. 32<br />
13 Contingent assets and liabilities and <strong>com</strong>mitments .................................................................................... 33<br />
14 Events occurring after year end ..................................................................................................................... 33<br />
15 Approval of financial statements ................................................................................................................... 33<br />
INVESTMENT PORTFOLIO (UN-AUDITED) ................................................................................................................ 34<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED) ....................................................... 42<br />
PERFORMANCE RECORD (UN-AUDITED) ................................................................................................................ 56
MACQUARIE UNIT TRUST SERIES<br />
MANAGEMENT AND ADMINISTRATION<br />
Directors of the Manager<br />
John Charles Bugg<br />
Andrew Alexander<br />
Axel Armin Maier (appointed 26 October 2012)<br />
Keith Lowry (appointed 21 February 2013, resigned<br />
30 May 2013)<br />
Manager<br />
Macquarie Funds Management Hong Kong Limited<br />
Level 18, One International Finance Centre<br />
1 Harbour View Road<br />
Central, Hong Kong<br />
Sub-Manager<br />
MQ Portfolio Management Limited<br />
(ABN 55 092 552 611)<br />
No. 1 Martin Place<br />
Sydney, NSW 2000<br />
Australia<br />
Legal Advisors<br />
As to matters of Cayman Islands law<br />
Trustee and Registrar<br />
HSBC Trustee (Cayman) Limited<br />
P.O. Box 484<br />
HSBC House<br />
68 West Bay Road<br />
Grand Cayman KY1-1106<br />
Cayman Islands<br />
Service Provider to the Trustee<br />
HSBC Institutional Trust Services (Asia) Limited<br />
No 1 Queen’s Road<br />
Central<br />
Hong Kong<br />
Auditor<br />
Ernst & Young Ltd<br />
62 Forum Lane, Camana Bay<br />
P.O. Box 510<br />
Grand Cayman, KY1-1106<br />
Cayman Islands<br />
Maples and Calder<br />
53rd Floor, The Center<br />
99 Queen's Road Central<br />
Hong Kong<br />
As to matters of Hong Kong law<br />
Deacons<br />
5th Floor, Alexandra House<br />
16-20 Chater Road<br />
Central<br />
Hong Kong<br />
1
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE<br />
Manager’s responsibilities<br />
The Manager of the Macquarie IPO China Concentrated Core Fund, Macquarie IPO China Gateway Fund,<br />
Macquarie Asia New Stars Fund and the Macquarie Asia Infrastructure Equity Fund (each a sub-fund of<br />
Macquarie Unit Trust Series (collectively the “Fund” and individually the “Sub-Funds”)) is required by the<br />
Code on Unit Trusts and Mutual Funds established by the Securities and Futures Commission of Hong Kong<br />
(the “SFC Code”) and the Trust Deed dated 23 January 2007 (the “Trust Deed”) to prepare financial<br />
statements for each annual accounting period which give a true and fair view of the financial position of each<br />
of the Sub-Funds at the end of that period and of the transactions for the period then ended. In respect of<br />
these financial statements the Manager is required to:<br />
• select suitable accounting policies and then apply them consistently;<br />
• make judgments and estimates that are prudent and reasonable; and<br />
• prepare or arrange for the preparation of the financial statements on the basis that each of the Sub-<br />
Funds will continue in operation unless it is inappropriate to presume this.<br />
The Manager is also required to manage the Fund in accordance with the Trust Deed and take reasonable<br />
steps for the prevention and detection of fraud and other irregularities.<br />
The Fund is an umbrella unit trust governed by its Trust Deed. As at 30 June 2013, the Fund had established<br />
the following Sub-Funds that are authorized by the Securities and Futures Commission of Hong Kong:<br />
• Macquarie IPO China Concentrated Core Fund<br />
• Macquarie IPO China Gateway Fund<br />
• Macquarie Asia New Stars Fund<br />
As at 30 June 2013, the Fund had established the following Sub-Fund that is not authorized by the Securities<br />
and Futures Commission of Hong Kong and is not available to Hong Kong residents:<br />
• Macquarie Asia Infrastructure Equity Fund<br />
This financial report presents the Sub-Funds of the Macquarie Unit Trust Series, authorized by the Securities<br />
and Futures Commission of Hong Kong. The Sub-Fund not authorized by the Securities and Futures<br />
Commission of Hong Kong prepares a separate financial report.<br />
Trustee’s responsibilities<br />
The Trustee of the Fund and the Sub-Funds is required to:<br />
• ensure that the Fund and the Sub-Funds are managed by the Manager in accordance with the Trust<br />
Deed and that the investment and borrowing powers are <strong>com</strong>plied with;<br />
• satisfy itself that sufficient accounting and other records have been maintained;<br />
• safeguard the property of the Fund and the Sub-Funds and rights attaching thereto; and<br />
• report to the unitholders for each annual accounting year on the conduct of the Manager in the<br />
management of the Fund and the Sub-Funds.<br />
2
Ernst & Young Ltd.<br />
62 Forum Lane<br />
Camana Bay<br />
P.O. Box 510<br />
Grand Cayman KY1-1106<br />
CAYMAN ISLANDS<br />
Tel: +1 345 949 8444<br />
Fax: +1 345 949 8529<br />
ey.<strong>com</strong><br />
Independent Auditors’ Report<br />
The Trustee<br />
Macquarie Unit Trust Series – Macquarie IPO China Concentrated Core Fund<br />
Macquarie Unit Trust Series – Macquarie IPO China Gateway Fund<br />
Macquarie Unit Trust Series – Macquarie Asia New Stars Fund<br />
We have audited the ac<strong>com</strong>panying financial statements of Macquarie Unit Trust Series –<br />
Macquarie IPO China Concentrated Core Fund, Macquarie Unit Trust Series – Macquarie IPO<br />
China Gateway Fund and Macquarie Unit Trust Series – Macquarie Asia New Stars Fund (the<br />
“Funds”) which <strong>com</strong>prise the statement of financial position as at 30 June 2013, and the in<strong>com</strong>e<br />
statement, statement of <strong>com</strong>prehensive in<strong>com</strong>e, statement of changes in equity and statement of<br />
cash flows for the year then ended, and a summary of significant accounting policies and other<br />
explanatory information.<br />
This report is made solely to the Trustee, as a body. Our audit work has been undertaken so that<br />
we might state to the Trustee those matters we are required to state to them in an auditors’ report<br />
and for no other purpose. To the fullest extent permitted by law, we do not accept or assume<br />
responsibility to anyone other than the Funds and the Trustee as a body, for our audit work, for<br />
this report, or for the opinions we have formed.<br />
Management’s Responsibility for the Financial Statements<br />
Management is responsible for the preparation and fair presentation of these financial statements<br />
in accordance with International Financial Reporting Standards, and for such internal control as<br />
management determines is necessary to enable the preparation of financial statements that are<br />
free from material misstatement, whether due to fraud or error.<br />
Auditors’ Responsibility<br />
Our responsibility is to express an opinion on these financial statements based on our audit. We<br />
conducted our audit in accordance with International Standards on Auditing. Those standards<br />
require that we <strong>com</strong>ply with ethical requirements and plan and perform the audit to obtain<br />
reasonable assurance about whether the financial statements are free from material misstatement.<br />
4<br />
A member firm of Ernst & Young Global Limited
Independent Auditors’ Report (continued)<br />
Auditors’ Responsibility (continued)<br />
An audit involves performing procedures to obtain audit evidence about the amounts and<br />
disclosures in the financial statements. The procedures selected depend on the auditors’<br />
judgment, including the assessment of the risks of material misstatement of the financial<br />
statements, whether due to fraud or error. In making those risk assessments, the auditor considers<br />
internal control relevant to the entity’s preparation and fair presentation of the financial<br />
statements in order to design audit procedures that are appropriate in the circumstances, but not<br />
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An<br />
audit also includes evaluating the appropriateness of accounting policies used and the<br />
reasonableness of accounting estimates made by management, as well as evaluating the overall<br />
presentation of the financial statements.<br />
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a<br />
basis for our audit opinion.<br />
Opinion<br />
In our opinion, the ac<strong>com</strong>panying financial statements present fairly, in all material respects, the<br />
financial position of Macquarie Unit Trust Series – Macquarie IPO China Concentrated Core<br />
Fund, Macquarie Unit Trust Series – Macquarie IPO China Gateway Fund and Macquarie Unit<br />
Trust Series – Macquarie Asia New Stars Fund as at 30 June 2013, and its financial performance<br />
and cash flows for the year then ended in accordance with International Financial Reporting<br />
Standards.<br />
29 October 2013<br />
5
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF COMPREHENSIVE INCOME<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
MACQUARIE IPO<br />
CHINA GATEWAY<br />
FUND<br />
MACQUARIE<br />
ASIA NEW<br />
STARS<br />
FUND<br />
Note<br />
Year ended<br />
30 June 2013<br />
US$<br />
Year ended 30 June<br />
2013<br />
US$<br />
Year ended<br />
30 June 2013<br />
US$<br />
In<strong>com</strong>e<br />
Interest in<strong>com</strong>e 552 809 775<br />
Dividend in<strong>com</strong>e 642,602 1,101,325 992,505<br />
Net gains on financial assets at fair value through profit or<br />
loss 8 6,242,976 15,378,135 14,129,073<br />
Net foreign exchange gains/(losses) 8 92 3,430 (99,345)<br />
Total in<strong>com</strong>e 6,886,222 16,483,699 15,023,008<br />
Expenses<br />
Management fee 9(a) 493,193 886,012 355,863<br />
Performance fee 9(b) - - 6,250<br />
Administration fee 9(c) 82,199 147,669 59,311<br />
Transaction handling fee 9(d) 11,525 11,725 66,159<br />
Transaction costs 88,280 178,261 454,620<br />
Audit fee 25,268 25,268 25,267<br />
Legal and professional fees 1,219 1,219 1,219<br />
Bank charges 3,926 1,251 1,047<br />
Other expenses 40,566 70,185 52,333<br />
Total expenses 746,176 1,321,590 1,022,069<br />
Operating profit 6,140,046 15,162,109 14,000,939<br />
Finance costs attributable to unitholders<br />
Increase in net assets attributable to unitholders from<br />
operations (6,140,046) (15,162,109) (14,000,939)<br />
The notes on pages 14 to 33 are an integral part of these financial statements.<br />
6
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)<br />
FOR THE YEAR ENDED 30 JUNE 2012<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
MACQUARIE<br />
IPO CHINA<br />
GATEWAY<br />
FUND<br />
MACQUARIE<br />
ASIA NEW<br />
STARS FUND<br />
Note<br />
Year ended<br />
30 June 2012<br />
US$<br />
Year ended 30<br />
June 2012<br />
US$<br />
Year ended<br />
30 June 2012<br />
US$<br />
In<strong>com</strong>e<br />
Interest in<strong>com</strong>e 1,151 1,547 618<br />
Dividend in<strong>com</strong>e 974,956 1,827,869 885,231<br />
Net losses on financial assets at fair value through profit or loss 8 (17,152,930) (29,062,404) (8,517,196)<br />
Net foreign exchange gains/(losses) 8 14 (28,690) (46,729)<br />
Other in<strong>com</strong>e 7,608 8,703 438<br />
Total loss (16,169,201) (27,252,975) (7,677,638)<br />
Expenses<br />
Management fee 9(a) 611,040 1,036,567 385,111<br />
Performance fee 9(b) - - 2,004<br />
Administration fee 9(c) 101,840 172,761 64,185<br />
Transaction handling fee 9(d) 23,850 24,250 35,408<br />
Transaction costs 164,819 283,394 312,294<br />
Audit fee 21,920 21,918 21,920<br />
Legal and professional fees 1,582 18,599 18,228<br />
Bank charges 4,766 1,461 267<br />
Interest expense 9(j) - - 49<br />
Other expenses 68,399 105,342 24,519<br />
Total expenses 998,216 1,664,292 863,985<br />
Operating loss (17,167,417) (28,917,267) (8,541,623)<br />
Finance costs attributable to unitholders<br />
Increase in net assets attributable to unitholders from operations 17,167,417 28,917,267 8,541,623<br />
The notes on pages 14 to 33 are an integral part of these financial statements.<br />
7
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF FINANCIAL POSITION (CONTINUED)<br />
AS AT 30 JUNE 2012<br />
Assets<br />
Note<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
30 June 2012<br />
US$<br />
MACQUARIE<br />
IPO CHINA<br />
GATEWAY<br />
FUND<br />
30 June 2012<br />
US$<br />
MACQUARIE<br />
ASIA NEW<br />
STARS FUND<br />
30 June 2012<br />
US$<br />
Cash and cash equivalents 5 2,264,751 2,744,455 2,588,793<br />
Amounts receivable on subscription - 3,483 7,859<br />
Amounts due from brokers - - 154,204<br />
Amount receivable on unsettled foreign exchange transactions - - 399,641<br />
Dividends receivable 296,327 492,296 59,268<br />
Other receivables 1 2 2<br />
Financial assets held at fair value through profit or loss 7 30,926,960 54,578,778 39,195,733<br />
Total assets 33,488,039 57,819,014 42,405,500<br />
Liabilities<br />
Amounts payable on redemption 59,072 320,238 -<br />
Amounts due to brokers 332,096 578,238 743,820<br />
Amount payable on unsettled foreign exchange transactions - - 400,077<br />
Management fee payable 9(a) 132,884 229,247 86,347<br />
Performance fee payable 9(b) - - 2,004<br />
Administration fee payable 9(c) 22,147 38,208 14,391<br />
Other payables 28,536 34,368 26,346<br />
Total liabilities (excluding net assets attributable to<br />
unitholders) 574,735 1,200,299 1,272,985<br />
Net assets attributable to unitholders 32,913,304 56,618,715 41,132,515<br />
Represented by:<br />
Net assets attributable to unitholders (at last traded market<br />
prices) 32,975,371 56,759,112 41,294,786<br />
Adjustment from last traded market prices to bid market prices 3 (62,067) (140,397) (162,271)<br />
Number of units in issue – Class A1 9,109,362 9,827,657 317,787<br />
Number of units in issue – Class A2 316,459 311,161 1,242,146<br />
Number of units in issue – Class A3 - 2,866 -<br />
Number of units in issue – Class I - - 1,555,471<br />
Net assets attributable to unitholders per unit (at last traded market<br />
prices) – Class A1 3.3724 5.5194 10.3156<br />
Net assets attributable to unitholders per unit (at last traded market<br />
prices) – Class A2 7.1305 8.0201 14.6074<br />
Net assets attributable to unitholders per unit (at last traded market<br />
prices) – Class A3 (HKD) - 63.3920 -<br />
Net assets attributable to unitholders per unit (at last traded market<br />
prices) – Class I - - 12.7763<br />
The notes on pages 14 to 33 are an integral part of these financial statements.<br />
9
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
Year ended<br />
30 June 2013<br />
MACQUARIE<br />
IPO CHINA<br />
GATEWAY<br />
FUND<br />
Year ended<br />
30 June 2013<br />
MACQUARIE<br />
ASIA NEW<br />
STARS FUND<br />
Year ended<br />
30 June 2013<br />
US$ US$ US$<br />
Net assets attributable to unitholders at the beginning of the<br />
year 32,913,304 56,618,715 41,132,515<br />
Proceeds on units issued 954,460 6,959,373 14,206,498<br />
Redemption of units (8,800,212) (19,487,028) (11,074,284)<br />
Net (decrease)/increase from unit transactions (7,845,752) (12,527,655) 3,132,214<br />
Increase in net assets attributable to unitholders from operations 6,140,046 15,162,109 14,000,939<br />
Net assets attributable to unitholders at the end of the year 31,207,598 59,253,169 58,265,668<br />
Units in issue at the beginning of the year 9,425,821 10,141,684 3,115,404<br />
Units issued 109,867 671,558 838,765<br />
Units redeemed (2,197,960) (2,768,992) (673,324)<br />
Units in issue at the end of the year 7,337,728 8,044,250 3,280,845<br />
The notes on pages 14 to 33 are an integral part of these financial statements.<br />
10
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS<br />
(CONTINUED)<br />
FOR THE YEAR ENDED 30 JUNE 2012<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
Year ended<br />
30 June 2012<br />
MACQUARIE<br />
IPO CHINA<br />
GATEWAY<br />
FUND<br />
Year ended<br />
30 June 2012<br />
MACQUARIE<br />
ASIA NEW<br />
STARS FUND<br />
Year ended<br />
30 June 2012<br />
US$ US$ US$<br />
Net assets attributable to unitholders at the beginning of the<br />
year 56,253,585 98,261,735 34,335,827<br />
Proceeds on units issued 100,035 2,014,018 22,758,757<br />
Redemption of units (6,272,899) (14,739,771) (7,420,446)<br />
Net (decrease)/increase from unit transactions (6,172,864) (12,725,753) 15,338,311<br />
Decrease in net assets attributable to unitholders from operations (17,167,417) (28,917,267) (8,541,623)<br />
Net assets attributable to unitholders at the end of the year 32,913,304 56,618,715 41,132,515<br />
Units in issue at the beginning of the year 11,045,734 12,128,242 2,086,992<br />
Units issued 11,924 232,860 1,569,963<br />
Units redeemed (1,631,837) (2,219,418) (541,551)<br />
Units in issue at the end of the year 9,425,821 10,141,684 3,115,404<br />
The notes on pages 14 to 33 are an integral part of these financial statements.<br />
11
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF CASH FLOWS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
Year ended<br />
30 June 2013<br />
MACQUARIE<br />
IPO CHINA<br />
GATEWAY<br />
FUND<br />
Year ended<br />
30 June 2013<br />
MACQUARIE<br />
ASIA NEW<br />
STARS FUND<br />
Year ended<br />
30 June 2013<br />
Note US$ US$ US$<br />
Cash flow from operating activities<br />
Payment on purchase of financial assets at fair value through profit<br />
or loss (10,648,379) (20,851,987) (68,989,599)<br />
Proceeds from sales of financial assets at fair value through profit or<br />
loss 17,563,548 33,873,523 65,289,806<br />
Interest received 550 805 771<br />
Dividends received 713,466 1,260,914 916,006<br />
Net operating expenses paid (758,069) (1,317,637) (1,102,735)<br />
Net cash inflow/(outflow) from operating activities 6,871,116 12,965,618 (3,885,751)<br />
Cash flows from financing activities<br />
Proceeds from issue of units 954,460 6,848,848 14,099,319<br />
Payment on redemption of units (8,859,284) (19,438,392) (9,282,720)<br />
Net cash (outflow)/inflow from financing activities (7,904,824) (12,589,544) 4,816,599<br />
Net (decrease)/increase in cash and cash equivalents (1,033,708) 376,074 930,848<br />
Cash and cash equivalents at the beginning of year 2,264,751 2,744,455 2,588,793<br />
Cash and cash equivalents at end of year, represented by bank<br />
balances 5 1,231,043 3,120,529 3,519,641<br />
The notes on pages 14 to 33 are an integral part of these financial statements.<br />
12
MACQUARIE UNIT TRUST SERIES<br />
STATEMENTS OF CASH FLOWS (CONTINUED)<br />
FOR THE YEAR ENDED 30 JUNE 2012<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
Year ended<br />
30 June 2012<br />
MACQUARIE<br />
IPO CHINA<br />
GATEWAY<br />
FUND<br />
Year ended<br />
30 June 2012<br />
MACQUARIE<br />
ASIA NEW<br />
STARS FUND<br />
Year ended<br />
30 June 2012<br />
Note US$ US$ US$<br />
Cash flow from operating activities<br />
Payment on purchase of financial assets at fair value through profit<br />
or loss (27,624,876) (46,016,593) (56,381,020)<br />
Proceeds from sales of financial assets at fair value through profit or<br />
loss 26,195,989 43,680,873 38,232,227<br />
Interest received 1,286 1,726 696<br />
Dividends received 769,636 1,439,113 873,985<br />
Net operating expenses paid (1,130,575) (1,944,045) (1,247,834)<br />
Net cash outflow from operating activities (1,788,540) (2,838,926) (18,521,946)<br />
Cash flows from financing activities<br />
Proceeds from issue of units 100,035 2,010,535 22,753,046<br />
Payment on redemption of units (6,292,403) (14,597,557) (7,420,446)<br />
Net cash (outflow)/inflow from financing activities (6,192,368) (12,587,022) 15,332,600<br />
Net decrease in cash and cash equivalents (7,980,908) (15,425,948) (3,189,346)<br />
Cash and cash equivalents at the beginning of year 10,245,659 18,170,403 5,778,139<br />
Cash and cash equivalents at end of year, represented by bank<br />
balances 5 2,264,751 2,744,455 2,588,793<br />
The notes on pages 14 to 33 are an integral part of these financial statements.<br />
13
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
1 The Fund and the Sub-Funds<br />
Macquarie Unit Trust Series (the “Fund”) is a Cayman Islands based umbrella trust. The Fund was<br />
established as an exempted trust under the laws of the Cayman Islands by a trust deed (the “Trust Deed”)<br />
dated 23 January 2007, as amended, made between MQ Portfolio Management Limited as manager and<br />
HSBC Trustee (Cayman) Limited as trustee (the “Trustee”).<br />
Macquarie Funds Management Hong Kong Limited (“MFMHKL”) is the manager of the Fund (the<br />
“Manager”).The Manager is registered with Securities and Futures Commission of Hong Kong and Securities<br />
and Exchange Commission of the United States of America. MFMHKL has appointed MQ Portfolio<br />
Management Limited (“MQPML”) as the sub-manager (the Sub-Manager), in respect of the Fund pursuant to<br />
a sub-management agreement. HSBC Trustee (Cayman) Limited is the trustee (the ‘’Trustee’’) of the Fund.<br />
The Trust Deed of the Fund provides for the establishment of a number of different sub-funds. At 30 June<br />
2013, there were four established sub-funds: Macquarie IPO China Concentrated Core Fund, IPO China<br />
Gateway Fund, Macquarie Asia New Stars Fund and Macquarie Asia Infrastructure Equity Fund.<br />
This financial report presents the financial statements of three of the Sub-Funds. Macquarie IPO China<br />
Concentrated Core Fund <strong>com</strong>menced operations on 8 March 2007, Macquarie IPO China Gateway Fund<br />
<strong>com</strong>menced operations on 8 August 2007, Macquarie Asia New Stars Fund <strong>com</strong>menced operations on 5<br />
December 2007, (individually known as the “Sub-Fund”) and were established and constituted respectively<br />
by a deed supplemental to the Trust Deed (the “Supplemental Deeds”). A separate financial report has been<br />
prepared for the other Sub-Fund.<br />
Macquarie IPO China Concentrated Core Fund, Macquarie IPO China Gateway Fund, Macquarie Asia New<br />
Stars Fund (the ‘‘Sub-Funds’’) are authorised by the Securities and Futures Commission of Hong Kong<br />
under Section 104(1) of the Hong Kong Securities and Futures Ordinance and are required to <strong>com</strong>ply with<br />
the Code on Unit Trusts and Mutual Funds established by the Securities and Futures Commission of Hong<br />
Kong (the “SFC Code”). The Macquarie Asia Infrastructure Equity is not presented in this report as it is not<br />
registered with the Securities and Futures Commission of Hong Kong, and consequently is not available to<br />
Hong Kong residents.<br />
The investment objective of each of the Sub-Funds is set out in note 4(a).<br />
2 Summary of significant accounting policies<br />
The principal accounting policies adopted in the preparation of these financial statements are set out below.<br />
a) Basis of preparation<br />
The financial statements of the Sub-Funds have been prepared in accordance with International Financial<br />
Reporting Standards (IFRS). The financial statements have been prepared under the historical cost<br />
convention, as modified by the revaluation of financial assets and financial liabilities (including derivative<br />
financial instruments) at fair value through profit or loss.<br />
The financial statements of the Sub-Funds are presented under a multi-column format. Each column<br />
represents a separate and individual reporting entity, namely Macquarie IPO China Concentrated Core Fund,<br />
Macquarie IPO China Gateway Fund, and Macquarie Asia New Stars Fund. The Fund is not a reporting<br />
entity.<br />
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting<br />
estimates. It also requires the Manager and the Trustee to exercise their judgment in the process of applying<br />
the accounting policies of each of the Sub-Funds. The areas involving a higher degree of judgment or<br />
<strong>com</strong>plexity are disclosed in note 4.<br />
The term net assets refers to net assets attributable and redeemable by unitholders unless otherwise stated.<br />
14
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
2 Summary of significant accounting policies (continued)<br />
a) Basis of preparation (continued)<br />
New accounting standards<br />
Certain new Accounting Standards and Interpretations have recently been issued or amended but are not yet<br />
effective and have not been adopted by the Sub-Funds for the annual reporting year ended 30 June 2013.<br />
The directors of the Sub-Funds have not early adopted any of these new or amended standards or<br />
interpretations as listed below:<br />
i) IFRS 9 Financial Instruments: Classification and Measurement<br />
IFRS 9 was issued by the IASB in November 2009 and amended in December 2011. It introduces new<br />
requirements for the classification and measurement of financial assets effective from January 1, 2015 with<br />
early adoption permitted.<br />
ii) IFRS 10 Consolidated Financial Statements<br />
IFRS 10 establishes a new control model that applies to all entities. It replaces parts of IAS 27 Consolidated<br />
and Separate Financial Statements dealing with the accounting for consolidated financial statements and<br />
SIC 12 Consolidation-Special Purpose Entities.<br />
iii) IFRS 12 Disclosures of Interests in Other Entities<br />
IFRS 12 includes all disclosures relating to an entity's interests in subsidiaries, joint arrangements,<br />
associates and structured entities. New disclosures have been introduced about the judgements made by<br />
management to determine whether control exists, and to require summarised information about joint<br />
arrangements, associates and structured entities and subsidiaries with non-controlling interests.<br />
iv) IFRS 13 Fair Value Measurement<br />
IFRS 13 establishes a single source of guidance under IFRS for determining the fair value of assets and<br />
liabilities. IFRS 13 does not change when an entity is required to use fair value, but rather, provides guidance<br />
on how to determine fair value when fair value is required or permitted. Application of this definition may<br />
result in different fair values being determined for the relevant assets.<br />
IFRS 13 also expands the disclosure requirements for all assets or liabilities carried at fair value. This<br />
includes information about the assumptions made and the qualitative impact of those assumptions on the fair<br />
value determined.<br />
IFRS 13 will be adopted by the Sub-Funds on the next reporting period <strong>com</strong>mencing 1 July 2013. The Sub-<br />
Funds have not yet decided when to adopt IFRS 9, IFRS 10 and IFRS 12. Management does not expect this<br />
will have a significant effect on the Sub-Funds’ financial statements.<br />
Standards and interpretations that are not expected to have a material impact on the Sub-Funds have not<br />
been included.<br />
b) Foreign currency translation<br />
i) Functional and presentation currency<br />
In view of the international nature of the operations of each of the Sub-Funds, the amounts shown in these<br />
financial statements are presented in United States dollars (“US$”) which are the Sub-Funds’ functional and<br />
presentation currency. The Manager considers the United States dollar to be the functional currency of the<br />
Macquarie IPO China Concentrated Core Fund, the Macquarie IPO China Gateway Fund, and the<br />
Macquarie Asia New Stars Fund due to unitholders’ funds being raised in United States dollars.<br />
15
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
2 Summary of significant accounting policies (continued)<br />
b) Foreign currency translation (continued)<br />
ii) Transactions and balances<br />
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing<br />
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such<br />
transactions and from the translation at year-end exchange rates of monetary assets and liabilities<br />
denominated in foreign currencies are recognised in the statements of <strong>com</strong>prehensive in<strong>com</strong>e. Translation<br />
differences on non-monetary financial assets such as financial assets at fair value through profit or loss are<br />
recognised on the statements of <strong>com</strong>prehensive in<strong>com</strong>e within the fair value net gains or losses.<br />
c) Financial assets at fair value through profit or loss<br />
i) Classification<br />
The Sub-Funds’ investments are categorised as at fair value through profit or loss. They <strong>com</strong>prise:<br />
• Financial instruments held for trading<br />
These include derivative financial instruments such as forward foreign currency contracts. The Sub-<br />
Funds do not designate any derivatives as hedges in a hedging relationship.<br />
• Financial instruments designated at fair value through profit or loss upon initial recognition<br />
These include financial assets that are not held for trading purposes and which may be sold. These<br />
include investments in fixed interest securities and discount securities.<br />
Financial assets and financial liabilities may be designated at fair value through profit or loss at inception if<br />
they are managed and their performance evaluated on a fair value basis in accordance with the Sub-Funds’<br />
documented investment strategy. The Sub-Funds’ policy is for the Manager to evaluate the information about<br />
these financial assets on a fair value basis together with other related financial information.<br />
ii) Recognition/derecognition<br />
Purchases and sales of investments are recognised on the trade date - the date on which each of the Sub-<br />
Funds <strong>com</strong>mits to purchase or sell the investment. Investments are derecognised when the rights to receive<br />
cash flows from the investments have expired or each of the Sub-Funds has transferred substantially all risks<br />
and rewards of ownership.<br />
iii) Measurement<br />
Financial assets and liabilities held at fair value through profit or loss are measured initially at fair value<br />
excluding any transaction costs that are directly attributable to the acquisition or issue of the financial asset or<br />
financial liability. Transaction costs on financial assets and financial liabilities at fair value through profit or loss<br />
are expensed immediately. Subsequent to initial recognition, all instruments held at fair value through profit<br />
or loss are measured at fair value with changes in their fair value recognised in the statement of<br />
<strong>com</strong>prehensive in<strong>com</strong>e.<br />
• Fair value in an active market<br />
The fair value of financial assets and liabilities traded in active markets is based on their quoted market<br />
prices at the statement of financial position date without any deduction for estimated future selling costs.<br />
Financial assets are priced at current bid prices, while financial liabilities are priced at current asking<br />
prices.<br />
• Fair value in an inactive or unquoted market<br />
The fair value of financial assets and liabilities that are not traded in an active market is determined<br />
using valuation techniques. These include the use of recent arm’s length market transactions, reference<br />
to the current fair value of a substantially similar other instrument, discounted cash flow techniques,<br />
option pricing models or any other valuation technique that provides a reliable estimate of prices<br />
obtained in actual market transactions.<br />
Where discounted cash flow techniques are used, estimated future cash flows are based on<br />
management’s best estimates and the discount rate used in a market rate at the statement of financial<br />
position date applicable for an instrument with similer terms and conditions.<br />
16
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
2 Summary of significant accounting policies (continued)<br />
c) Financial assets at fair value through profit or loss (continued)<br />
The fair value of derivatives that are not exchange-traded is estimated at the amount that the Trust would<br />
receive or pay to terminate the contract at the statement of financial position date taking into account current<br />
market conditions (volatility and appropriate yield curve) and the current creditworthiness of the<br />
counterparties.<br />
d) In<strong>com</strong>e and expense<br />
Dividend in<strong>com</strong>e is recognised in the statements of <strong>com</strong>prehensive in<strong>com</strong>e when the right to receive<br />
payment by each of the Sub-Funds is established.<br />
Interest in<strong>com</strong>e and expense is recognised in the statements of <strong>com</strong>prehensive in<strong>com</strong>e on a time-proportion<br />
basis using the effective interest method.<br />
Expenses are accounted for on an accruals basis and charged to the statements of <strong>com</strong>prehensive in<strong>com</strong>e<br />
as incurred.<br />
e) Payables<br />
Payables are recognised initially at fair value and subsequently measured at amortised cost using the<br />
effective interest method.<br />
f) Receivables<br />
Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in<br />
an active market and are subsequently measured at amortised cost using the effective interest method, less<br />
provision for impairment.<br />
g) Cash and cash equivalents<br />
For the purpose of presentation in the statement of cash flows, cash includes cash on hand and deposits<br />
held at call with financial institutions. Cash equivalents include other short term, highly liquid investments<br />
with original maturities of three months or less from the date of acquisition that are readily convertible to<br />
known amounts of cash, which are subject to an insignificant risk of changes in value and are held for the<br />
purpose of meeting short term cash <strong>com</strong>mitments rather than for investment or other purposes. Bank<br />
overdrafts and borrowings, if any, are shown separately on the statement of financial position.<br />
Payments and receipts relating to the purchase and sale of investment securities are classified as cash flows<br />
from operating activities, as movements in the fair value of these securities represent the Sub-Fund's main<br />
in<strong>com</strong>e generating activity.<br />
h) Amounts due from and due to brokers<br />
Amounts due from and due to brokers represent receivables for listed equity securities sold and payables for<br />
listed equity securities purchased that have been contracted for but not yet settled or delivered on the year<br />
end date, respectively.<br />
These amounts are recognised initially at fair value and subsequently measured at amortised cost using the<br />
effective interest method, less provision for impairment for amounts due from brokers. A provision for<br />
impairment of amounts due from brokers is established when there is objective evidence that each of the<br />
Sub-Funds will not be able to collect all amounts due from the relevant broker. Significant financial difficulties<br />
of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in<br />
payments are considered indicators that the amounts due from brokers are impaired. Once a financial asset<br />
or a group of similar financial assets has been written down as a result of an impairment loss, interest<br />
in<strong>com</strong>e is recognised using the rate of interest used to discount the future cash flows for the purpose of<br />
measuring the impairment loss.<br />
17
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
2 Summary of significant accounting policies (continued)<br />
h) Amounts due from and due to brokers (continued)<br />
The effective interest method is a method of calculating the amortised cost of a financial asset or financial<br />
liability and of allocating the interest in<strong>com</strong>e or interest expense over the relevant period. The effective<br />
interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the<br />
expected life of the financial instrument, or, when appropriate, a shorter period, to the net carrying amount of<br />
the financial asset or financial liability. When calculating the effective interest rate, each of the Sub-Funds<br />
estimates cash flows considering all contractual terms of the financial instrument but does not consider future<br />
credit losses. The calculation includes all fees and points paid or received between parties to the contract<br />
that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.<br />
i) Units<br />
Units of each of the Sub-Funds are redeemable at the option of the unitholders and are classified as financial<br />
liabilities. The units can be put back to the respective Sub-Fund for cash equal to a proportionate share of<br />
the respective Sub-Fund’s net asset value. The unit is carried at the redemption amount that is payable at<br />
the year end date if the unitholder exercises the right to put the units back to the respective Sub-Fund.<br />
Units are issued and redeemed at the unitholders’ option at prices based on the Sub-Fund’s net asset value<br />
per unit at the time of issue or redemption. The respective Sub-Fund’s net asset value per unit is calculated<br />
by dividing the net assets attributable to the unitholders with the total number of outstanding units.<br />
In accordance with the provisions of the Explanatory Memorandum of each of the Sub-Funds, investment<br />
positions are valued based on the last traded market price for the purpose of determining the net asset value<br />
per unit for subscriptions and redemptions. However, as stated in note 2(c), for the purpose of <strong>com</strong>pliance<br />
with IFRS, investment positions are valued at bid/ask price. Consequently, the differences described above<br />
adjust the carrying amount of the net assets attributable to unitholders as set out in note 3.<br />
j) Proceeds and payments on subscriptions and redemption of units<br />
The net asset value of each of the Sub-Funds is <strong>com</strong>puted daily. Prices for subscriptions and redemptions<br />
are based on the net asset value per unit calculated as at the close of business on the relevant valuation day<br />
in accordance with each of the Sub-Fund’s Explanatory Memorandum.<br />
Proceeds and payments for units subscribed and redeemed are shown as movements in the statements of<br />
changes in net assets attributable to unitholders.<br />
k) Transaction costs<br />
Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss.<br />
They include fees and <strong>com</strong>missions paid to agents, advisors, brokers and dealers. Transaction costs, when<br />
incurred, are immediately recognised in the statements of <strong>com</strong>prehensive in<strong>com</strong>e.<br />
l) Taxation<br />
Under current laws of the Cayman Islands, there is no in<strong>com</strong>e, estate, transfer, sales or other Cayman Island<br />
taxes payable by the Fund. Generally, the Fund intends to conduct its affairs so as not to be liable to taxation<br />
in any other jurisdiction, however, the Fund may invest in securities whose in<strong>com</strong>e is subject to nonrefundable<br />
foreign withholding.<br />
18
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
3 Net assets attributable to unitholders<br />
In accordance with the provisions in the Explanatory Memorandum of each of the Sub-Funds, listed<br />
investments are stated at the last traded price on the valuation day for the purpose of determining net asset<br />
value per unit for subscriptions and redemptions and for various fee calculations. However, as stated in note<br />
2(c), the accounting policy of each of the Sub-Funds for the purpose of <strong>com</strong>pliance with IAS 39 and for<br />
reporting purposes is to value its listed investments at the relevant bid/ask market prices on the year end<br />
date. As at 30 June 2013, the difference between the valuation of listed investments stated in the financial<br />
statements and the valuation methodology indicated in the Explanatory Memorandum of each of the Sub-<br />
Funds, is as follows:<br />
Macquarie IPO China Concentrated Core Fund 2013 2012<br />
USD<br />
USD<br />
Net assets attributable to unitholders (calculated in accordance with the Explanatory<br />
31,323,817 32,975,371<br />
Memorandum)<br />
Adjustment from last traded prices to bid/ask market prices (116,219) (62,067)<br />
Net assets attributable to unitholders (calculated in accordance with IFRS) 31,207,598 32,913,304<br />
Macquarie IPO China Gateway Fund 2013 2012<br />
USD<br />
USD<br />
Net assets attributable to unitholders (calculated in accordance with the Explanatory<br />
59,458,933 56,759,112<br />
Memorandum)<br />
Adjustment from last traded prices to bid/ask market prices (205,764) (140,397)<br />
Net assets attributable to unitholders (calculated in accordance with IFRS) 59,253,169 56,618,715<br />
Macquarie Asia New Stars Fund 2013 2012<br />
USD<br />
USD<br />
Net assets attributable to unitholders (calculated in accordance with the Explanatory<br />
58,615,706 41,294,786<br />
Memorandum)<br />
Adjustment from last traded prices to bid/ask market prices (350,038) (162,271)<br />
Net assets attributable to unitholders (calculated in accordance with IFRS) 58,265,668 41,132,515<br />
Net assets attributable to unitholders at last traded market prices represent a liability in the statements of<br />
financial position, carried at the redemption amount that would be payable at the year end date if the<br />
unitholders exercised their right to redeem the units in the respective Sub-Funds.<br />
4 Financial risk management<br />
a) Strategies in using financial instruments<br />
Each of the Sub-Funds’ activities expose them to a variety of financial risks: market risk (including price risk,<br />
currency risk, and interest rate risk), credit risk and liquidity risk.<br />
The overall risk management programme of each of the Sub-Funds focuses on ensuring <strong>com</strong>pliance with the<br />
respective Sub-Fund’s investment objective and seeks to maximise the returns derived for the level of risk to<br />
which the respective Sub-Fund is exposed. The Sub-Funds use derivatives and other instruments for trading<br />
purposes and in connection with its risk management activities. The Sub-Funds may use derivative financial<br />
instruments for currency hedging.<br />
Derivatives are not used to gear (leverage) the portfolio. Gearing a portfolio would occur if the level of<br />
exposure to the markets exceed the underlying value of the Trust.<br />
Financial risk management is carried out by the risk management department of the Manager under policies<br />
approved by senior managers or by the board of the Manager.<br />
Macquarie IPO China Concentrated Core Fund<br />
Investment objective<br />
The Sub-Fund invests in listed equities with a focus on People’s Republic of China (“PRC”) related IPO<br />
Securities principally those listed in Hong Kong, US and Singapore.<br />
19
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
4 Financial risk management (continued)<br />
a) Strategies in using financial instruments (continued)<br />
Policies and processes<br />
The Manager constructs an investment portfolio consisting of newly listed stocks that meet the Sub-Fund’s<br />
quantitative and qualitative criteria based on independent research and investment techniques. When the<br />
Manager determines that new IPO Securities are suitable for the investment portfolio, the Manager may<br />
remove an IPO Security and re-balance the portfolio.<br />
In circumstances where the Manager makes an application for a security that will be listed and the<br />
Manager’s allocation through the primary market is scaled back, secondary market purchases may be made.<br />
The Manager will determine the weightings it considers appropriate from time to time in its discretion. Cash<br />
and money market instruments will also be held to manage the liquidity within the Sub-Fund’s portfolio. The<br />
number of IPO Securities to be held within the investment portfolio will be determined by the Manager from<br />
time to time.<br />
Macquarie IPO China Gateway Fund<br />
Investment objective<br />
The Macquarie IPO China Gateway Fund’s investment objective is to provide unitholders exposure to returns<br />
from initial public offerings and secondary market trading of equity securities of <strong>com</strong>panies which have been<br />
recently listed. This is achieved by:<br />
• directly by investing in equity securities or other related financial instruments which are or will be listed<br />
predominantly on stock exchanges in Hong Kong, Singapore, Taiwan or the United States of America<br />
(the “Direct Portfolio”); and<br />
• indirectly by investing in the Macquarie IPO China Concentrated Core Fund (the “Indirect Portfolio”).<br />
The exposure of the Sub-Fund is maintained by investing 70% to 100% in the Direct Portfolio and 0% to 30%<br />
in the Indirect Portfolio.<br />
Policies and processes<br />
In pursuit of the investment objective the Sub-Fund’s Direct Portfolio will acquire a portfolio of recent IPO<br />
Securities. The IPO Securities to be included in the Direct Portfolio will be chosen by the Manager in<br />
accordance with the Manager’s quantitative and qualitative investment criteria (this is described further<br />
below). The Manager will generally seek to acquire new IPO Securities for the Direct Portfolio through the<br />
initial public offering of the relevant IPO Securities or on the market after listing. The eligible universe of the<br />
Direct Portfolio includes listed equities with a focus on IPO Securities listed in Hong Kong, Singapore,<br />
Taiwan and the United States. In the case of IPO Securities not listed in Hong Kong, Singapore or Taiwan,<br />
the IPO Securities must relate to <strong>com</strong>panies which derive or are expected to derive a significant portion of<br />
their revenues from Greater China or Singapore. The Sub-Fund intends to invest no more than 30 per cent of<br />
its Net Asset Value in IPO Securities which are listed in markets other than Hong Kong or Taiwan and which<br />
are not expected to derive a significant portion of their revenues from the PRC. Equity exposure in the<br />
secondary market may be achieved through investment in shares, depositary receipts, participation rights<br />
and potentially through other instruments which are linked to the performance of eligible IPO securities such<br />
as participation notes, equity swaps and equity linked notes, provided that exposure via investments in such<br />
instruments (excluding ADRs and GDRs) shall not exceed 15% of the net assets of the Sub-Fund.<br />
The Manager will determine the investment portfolio by applying a variety of quantitative and qualitative<br />
criteria.<br />
The Manager will determine an appropriate number of positions to best serve the investment objectives of<br />
the Sub-Fund having regard to the relative size of allocations that the Sub-Fund would need to make to<br />
individual positions <strong>com</strong>pared to the available liquidity and likely market impact and transaction costs of<br />
trading those positions. The number and relative size of the positions may be adjusted from time to time. The<br />
Direct Portfolio may also <strong>com</strong>prise cash.<br />
20
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
4 Financial risk management (continued)<br />
a) Strategies in using financial instruments (continued)<br />
The Sub-Fund may invest up to 30% of its net assets in the Macquarie IPO China Concentrated Core Fund,<br />
i.e. the Indirect Portfolio. The Direct Portfolio may also acquire IPO Securities that are within the eligible<br />
universe of the Macquarie IPO China Concentrated Core Fund and the investments in the Direct and Indirect<br />
Portfolio will in aggregate <strong>com</strong>ply with investment restrictions applicable to the Sub-Fund. The Manager, in<br />
its capacity as the manager of the Macquarie IPO China Concentrated Core Fund, will not be entitled to any<br />
preliminary charge, management fee, administration fee and performance fee (if any) payable in respect of<br />
any <strong>com</strong>ponent of the Sub-Fund that is invested in the Macquarie IPO China Concentrated Core Fund.<br />
The Sub-Fund’s investments in the Macquarie IPO China Concentrated Core Fund shall be the only<br />
investment by the Sub-Fund in other collective investment schemes.<br />
Macquarie Asia New Stars Fund<br />
Investment objective<br />
The investment objective of the Macquarie Asia New Stars Fund is to provide unitholders with exposure<br />
returns from:<br />
• Small market capitalisation equity securities with exposure to any one or more countries within Asia.<br />
• Initial public offerings and newly listed small market capitalisation equity securities with exposure to any<br />
one or more countries within Asia.<br />
Policies and processes<br />
The investment portfolio includes small market capitalisation equity securities as defined by the Manager.<br />
The Manager selects the equity securities based on both quantitative and qualitative investment techniques.<br />
In respect of the investments in initial public offerings or those recently listed, if allocations from initial public<br />
offerings are limited, the Manager will purchase the shortfall of the targeted equity securities from the stock<br />
exchanges after listing. The Manager intends to hold up to 30 recently listed equity securities, <strong>com</strong>prising up<br />
to 30% of the total investment balance, whereby each equity security may have a weighting up to 7.5% of the<br />
total investment balance.<br />
The Manager may utilize several risk management filters to manage the market risk by limiting up to 147<br />
investment positions in equity securities each with a maximum weighting of 7.5% of the total investment<br />
balance. The Manager may diversify the level of concentration in investments in equity securities in terms of<br />
geographic region and market sector.<br />
b) Market risk<br />
i) Price risk<br />
Market price risk is the risk that the value of the investments held by the respective Sub-Funds will fluctuate<br />
as a result of changes in market prices.<br />
Price risk is monitored by the Manager on an ongoing basis and is managed primarily through the<br />
diversification of the investment portfolio and other policies as follows:<br />
• Overall portfolio exposure – managed by ensuring that the overall exposure of the portfolio is in<br />
<strong>com</strong>pliance with the investment objective of the respective Sub-Funds;<br />
• Stocks limits – manage exposure to any single stock and ensure diversification; and<br />
• Country limits – manage exposure to any single country and ensure diversification across allowable<br />
countries.<br />
Each of the Sub-Funds’ investments in equity securities and investments held through the collective<br />
investment scheme are substantially publicly traded. The Sub-Funds are not directly correlated with any<br />
particular stock market indices. The Manager makes stock selections and monitors each of the Sub-Funds’<br />
investment portfolios.<br />
21
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
4 Financial risk management (continued)<br />
b) Market risk (continued)<br />
i) Price risk (continued)<br />
The below tables show the impact in absolute terms, on the statements of <strong>com</strong>prehensive in<strong>com</strong>e of each of<br />
the Sub-Funds, from both the negative and positive reasonable possible movements in equity prices. Actual<br />
movements of the reasonable possible shift may be greater or less than anticipated due to a number of<br />
factors, including unusually large market shocks resulting from changes in the performance of economies,<br />
markets and securities subsequent to the statement of financial position date in which each of the Sub-Funds<br />
invests. As a result, the reasonable possible shift used for the purpose of market price risk sensitivity<br />
analysis may not be a definitive indicator of future variations in the risk variables.<br />
The analysis is undertaken to reflect the fact that the Manager does not benchmark the performance of the<br />
Sub-Funds against any stock indices. In deriving the reasonable possible movement for the purpose of<br />
market price risk sensitivity analysis under “IFRS 7 - Financial Instruments: Disclosures", the Manager<br />
considers the historical price movements and economic conditions of the investments held by each of the<br />
Sub-Funds as at year end date based on a time frame that considers when each of the Sub-Funds will next<br />
present the financial statements. When deciding the historical price movements and economic conditions<br />
that each of the Sub-Funds is exposed to from the investments held at the year end date, the Manager<br />
considers the price movements of the location of stock exchanges in which the equity securities are being<br />
listed and the economic environment of the countries that the equity securities are exposed to.<br />
In addition the price risk sensitivity analysis undertaken in relation to the investment by Macquarie IPO China<br />
Gateway Fund through its investments in Macquarie IPO China Concentrated Core Fund, is derived from the<br />
proportional impact of the price risk sensitivity of Macquarie IPO China Concentrated Core Fund held by<br />
Macquarie IPO China Gateway Fund as at 30 June 2013 and 30 June 2012.<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND<br />
Location of stock exchanges<br />
Reasonable<br />
possible shift<br />
%<br />
Year ended 30 June 2013 Year ended 30 June 2012<br />
Impact to statements of Reasonable Impact to statements of<br />
<strong>com</strong>prehensive in<strong>com</strong>e possible shift <strong>com</strong>prehensive in<strong>com</strong>e<br />
US$<br />
%<br />
US$<br />
Hong Kong +10/-10 2,988,739/(2,988,739) +10/-10 2,969,390/(2,969,390)<br />
United States +10/-10 - +10/-10 123,306/(123,306)<br />
MACQUARIE IPO CHINA GATEWAY FUND<br />
Location of stock exchanges<br />
Reasonable<br />
possible shift<br />
%<br />
Year ended 30 June 2013 Year ended 30 June 2012<br />
Impact to statements of Reasonable Impact to statements of<br />
<strong>com</strong>prehensive in<strong>com</strong>e possible shift <strong>com</strong>prehensive in<strong>com</strong>e<br />
US$<br />
%<br />
US$<br />
Hong Kong +10/-10 5,447,149/(5,447,149) +10/-10 5,176,225/(5,176,225)<br />
United States +10/-10 - +10/-10 240,741/(240,741)<br />
Taiwan +10/-10 52,307/(52,307) +10/-10 40,912/(40,912)<br />
22
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
4 Financial risk management (continued)<br />
b) Market risk (continued)<br />
i) Price risk (continued)<br />
MACQUARIE ASIA NEW STARS FUND<br />
Location of stock exchanges<br />
Reasonable<br />
possible shift<br />
%<br />
Year ended 30 June 2013 Year ended 30 June 2012<br />
Impact to statements of Reasonable<br />
Impact to statements of<br />
<strong>com</strong>prehensive in<strong>com</strong>e possible shift<br />
<strong>com</strong>prehensive in<strong>com</strong>e<br />
US$<br />
%<br />
US$<br />
Hong Kong +10/-10 2,230,361/(2,230,361) +10/-10 1,544,978/(1,544,978)<br />
Indonesia +10/-10 243,162/(243,162) +10/-10 246,980/(246,980)<br />
Philippines +10/-10 93,229/(93,229) +10/-10 390,679/(390,679)<br />
South Korea +10/-10 897,639/(897,639) +10/-10 716,225/(716,225)<br />
Taiwan +10/-10 839,666/(839,666) +10/-10 468,143/(468,143)<br />
Malaysia +10/-10 144,307/(144,307) +10/-10 25,736/(25,736)<br />
Thailand +10/-10 284,303/(284,303) +10/-10 66,847/(66,847)<br />
India +10/-10 489,778/(489,778) +10/-10 402,709/(402,709)<br />
Singapore +10/-10 358,132/(358,132) +10/-10 57,275/(57,275)<br />
United States +10/-10 69,388/(69,388) +10/-10 -<br />
ii)<br />
Interest rate risk<br />
The majority of the Sub-Funds’ financial assets and liabilities are non-interest bearing. As a result, the Sub-<br />
Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market<br />
interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates.<br />
iii)<br />
Foreign exchange risk<br />
Each of the Sub-Funds may hold both monetary and non monetary assets and liabilities denominated in<br />
currencies other than the United States dollar. The foreign exchange risk related to non-monetary assets is a<br />
<strong>com</strong>ponent of price risk. Foreign exchange risk arises as the value of monetary securities denominated in<br />
other currencies will fluctuate due to changes in exchange rates.<br />
The majority of the Sub-Funds monetary assets and liabilities are in United States dollar. Therefore the Sub-<br />
Funds are not exposed to significant amounts of risk due to fluctuations in foreign currency exchange rates.<br />
c) Credit risk<br />
Credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions and<br />
amounts due from brokers. None of these assets are impaired nor past due but not impaired.<br />
The Sub-Funds limit exposure to credit risk by transacting the majority of its securities and contractual<br />
<strong>com</strong>mitment activities with broker-dealers, banks and regulated exchanges with high credit ratings that the<br />
Manager considers to be well established.<br />
The exposure to credit risk for cash and cash equivalents and deposits with banks is low as all<br />
counterparties have a rating of at least AA- (2012: A-) as determined by Standard and Poor’s rating agency.<br />
Other than for cash and cash equivalents the Sub-Funds do not have a concentration of credit risk that<br />
arises from an exposure to a single counterparty. Furthermore, the Sub-Funds do not have a material<br />
exposure to a group of counterparties which are expected to be affected similarly by changes in economic or<br />
other conditions.<br />
The maximum exposure to credit risk at the reporting date is the carrying amount of cash and cash<br />
equivalents and other financial assets.<br />
In accordance with the policy of each of the Sub-Funds, the Manager monitors the credit position of each of<br />
the Sub-Funds on a monthly basis.<br />
23
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
4 Financial risk management (continued)<br />
d) Liquidity risk<br />
The Sub-Funds are exposed to daily cash redemptions of redeemable units. It therefore invests the majority<br />
of its assets in investments that are traded in ordinarily active markets and can generally be liquidated within<br />
a short period of time.<br />
The Sub-Funds may, from time to time, invest in derivative contracts traded over the counter, which are not<br />
traded in an organised market and may be illiquid. As a result, the Sub-Fund may not be able to realise its<br />
investments in these instruments quickly at an amount close to their fair value to meet its liquidity<br />
requirements or to respond to specific events such as a deterioration in the creditworthiness of any particular<br />
issuer. No such investments were held at the end of the reporting period.<br />
In accordance with the Fund’s policy, the risk management department of the Manager monitors the Sub-<br />
Funds’ liquidity position on a daily basis. This risk is managed by:<br />
• monitoring liquidity with respect to liquid assets and large single client holdings<br />
• restricting exposure to illiquid, long-dated stock floats.<br />
Redemption of units in each of the Sub-Funds is not subject to any notice period requirement. Units in each<br />
of the Sub-Funds are redeemable on a daily basis. If each of the Sub-Funds receives withdrawal requests<br />
<strong>com</strong>prising more than 10% of units in issue, the Sub-Fund may pro rata the withdrawal request and stagger<br />
the processing of remaining unsatisfied withdrawal requests. The Manager or the Trustee may suspend the<br />
realisation of units or delay the payment of realisation proceeds during any periods in which the<br />
determination of the Net Asset Value of the Sub-Fund is suspended. All other liabilities are payable within 30<br />
days.<br />
e) Fair value estimation<br />
The carrying amounts of all the Sub-Funds’ financial assets and financial liabilities at the end of each<br />
reporting period approximated their fair values as all financial assets and liabilities not fair valued are short<br />
term in nature.<br />
The Sub-Funds classify fair value measurements using a fair value hierarchy that reflects the subjectivity of<br />
the inputs used in making the measurements. The fair value hierarchy has the following levels:<br />
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).<br />
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either<br />
directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).<br />
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable<br />
inputs) (level 3).<br />
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is<br />
determined on the basis of the lowest level input that is significant to the fair value measurement in its<br />
entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its<br />
entirety. If a fair value measurement uses observable inputs that require significant adjustment based on<br />
unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular<br />
input to the fair value measurement in its entirety requires judgement, considering factors specific to the<br />
asset or liability.<br />
The determination of what constitutes 'observable' requires significant judgement by the Manager. The<br />
Manager considers observable data to be that market data that is readily available, regularly distributed or<br />
updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively<br />
involved in the relevant market.<br />
24
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
4 Financial risk management (continued)<br />
e) Fair value estimation (continued)<br />
For instruments for which there is currently no active market, the Sub-Fund uses a valuation model which is<br />
accepted in the industry. Some of the inputs to that model may not be market observable and are therefore<br />
estimated based on assumptions. The model is calibrated to an appropriate index; where relevant, however<br />
significant adjustments may be required in order to reflect differences between the characteristics of the<br />
index and the instrument to be valued (e.g. adjustments to reflect the spread for bid and ask prices,<br />
counterpart’s credit spread and limitations in the model).<br />
The following table analyses within the fair value hierarchy of the Sub-Funds’ financial assets and liabilities<br />
(by class) measured at fair value at 30 June 2013 and 2012.<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND<br />
30 June 2013 Level 1 Level 2 Level 3 Total balance<br />
Assets<br />
Financial assets held at fair value through profit and loss<br />
- Equity securities 29,647,542 - 239,843 29,887,385<br />
Total Assets 29,647,542 - 239,843 29,887,385<br />
30 June 2012 Level 1 Level 2 Level 3 Total balance<br />
Assets<br />
Financial assets held at fair value through profit and loss<br />
- Equity securities 29,851,021 332,096 743,843 30,926,960<br />
Total Assets 29,851,021 332,096 743,843 30,926,960<br />
MACQUARIE IPO CHINA GATEWAY FUND<br />
30 June 2013 Level 1 Level 2 Level 3 Total balance<br />
Assets<br />
Financial assets held at fair value through profit and loss<br />
- Equity securities 51,811,623 - 425,086 52,236,709<br />
Total Assets 51,811,623 - 425,086 52,236,709<br />
30 June 2012 Level 1 Level 2 Level 3 Total balance<br />
Assets<br />
Financial assets held at fair value through profit and loss<br />
- Equity securities 52,682,728 578,238 1,317,812 54,578,778<br />
Total Assets 52,682,728 578,238 1,317,812 54,578,778<br />
MACQUARIE ASIA NEW STARS FUND<br />
30 June 2013 Level 1 Level 2 Level 3 Total balance<br />
Assets<br />
Financial assets held at fair value through profit and loss<br />
- Equity securities 56,472,770 - 26,869 56,499,639<br />
Total Assets 56,472,770 - 26,869 56,499,639<br />
30 June 2012 Level 1 Level 2 Level 3 Total balance<br />
Assets<br />
Financial assets held at fair value through profit and loss<br />
- Equity securities 39,029,647 - 166,086 39,195,733<br />
Total Assets 39,029,647 - 166,086 39,195,733<br />
Investments classified within level 3 have significant unobservable inputs as they trade infrequently.<br />
During the year there were no transfers between Level 1 and Level 2 (2012: nil) for any of the Sub-Funds.<br />
25
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
4 Financial risk management (continued)<br />
e) Fair value estimation (continued)<br />
The following table shows a reconciliation of the movement in the fair value of financial instruments<br />
categorised within Level 3 between the beginning and the end of the year.<br />
30 June 2013 MACQUARIE IPO CHINA<br />
CONCENTRATED CORE<br />
FUND<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
Listed equities Listed equities Listed equities<br />
Opening balance – 1 July 2012 743,843 1,317,812 166,086<br />
Transfers into Level 3 - - -<br />
Transfers out of Level 3 - - -<br />
Total gains and losses (504,000) (892,726) (139,217)<br />
Closing balance – 30 June 2013 239,843 425,086 26,869<br />
30 June 2012 MACQUARIE IPO CHINA<br />
CONCENTRATED CORE<br />
FUND<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
Listed equities Listed equities Listed equities<br />
Opening balance – 1 July 2011 3,365,979 6,007,602 355,674<br />
Transfers into Level 3 272,732 482,580 143,172<br />
Transfers out of Level 3 (56,082) (111,662) -<br />
Total gains and losses (2,838,786) (5,060,708) (332,760)<br />
Closing balance – 30 June 2012 743,843 1,317,812 166,086<br />
At 30 June 2013 and 30 June 2012, the Level 3 investments of each of the three Sub-Funds consisted of<br />
investments into securities whose shares were suspended from international stock exchanges. Accordingly,<br />
the valuation inputs for these securities were not based on market observable inputs. The transfers into<br />
Level 3 from Level 1 during the year ended 30 June 2012 resulted from shares held being suspended from<br />
international stock exchanges. The total gains and losses represent the realised losses on the sale of<br />
investments and unrealised gain due to adjustments to the fair value of Level 3 securities.<br />
The fair value of the securities have been assessed by the Fair Value Committee of the investment manager<br />
who has determined the best estimate valuation for the security based on available information. Factors<br />
considered by the Fair Value Committee in determining the fair value could include cost, type of investment,<br />
recent purchase and/or sales of the same by other investors, the current financial position and operating<br />
results of the <strong>com</strong>pany invested in and such other factors as may be deemed relevant.<br />
5 Cash and cash equivalents<br />
Cash at bank Currency As at 30 June 2013 As at 30 June 2012<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND US$ 1,231,043 2,264,751<br />
MACQUARIE IPO CHINA GATEWAY FUND US$ 3,120,529 2,744,455<br />
MACQUARIE ASIA NEW STARS FUND US$ 3,519,641 2,588,793<br />
6 Amount due from brokers<br />
MACQUARIE IPO CHINA<br />
CONCENTRATED CORE FUND<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
MACQUARIE ASIA NEW STARS<br />
FUND<br />
30 June 2013 US$ US$ US$<br />
Amount due for sale of securities - 2,757,848 -<br />
Due from broker 84,684 1,456,593 579,719<br />
Total amount due from brokers 84,684 4,214,441 579,719<br />
26
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
6 Amount due from brokers (continued)<br />
MACQUARIE IPO CHINA<br />
CONCENTRATED CORE FUND<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
MACQUARIE ASIA NEW STARS<br />
FUND<br />
30 June 2012 US$ US$ US$<br />
Amount due for sale of securities - - -<br />
Due from broker - - 154,204<br />
Total amount due from brokers - - 154,204<br />
A tender offer for TRAUSON HOLDINGS CO ORD HKD0.1 happened after the financial year-end, in result<br />
of a material impact on the financial position of Macquarie IPO China Gateway Fund. Therefore, the fair<br />
value of TRAUSON HOLDINGS CO ORD HKD0.1 (USD2,757,848) has been included in Amount Due From<br />
Brokers.<br />
7 Financial assets held at fair value through profit or loss<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
MACQUARIE IPO<br />
CHINA GATEWAY<br />
FUND<br />
MACQUARIE ASIA<br />
NEW STARS FUND<br />
30 June 2013 US$ US$ US$<br />
Designated at fair value through profit or loss<br />
Listed equity securities 29,887,385 52,236,709 56,499,639<br />
Total financial assets held at fair value through profit or loss 29,887,385 52,236,709 56,499,639<br />
MACQUARIE IPO<br />
CHINA<br />
CONCENTRATED<br />
CORE FUND<br />
MACQUARIE IPO<br />
CHINA GATEWAY<br />
FUND<br />
MACQUARIE ASIA<br />
NEW STARS FUND<br />
30 June 2012 US$ US$ US$<br />
Designated at fair value through profit or loss<br />
Listed equity securities 30,594,864 54,000,540 39,195,733<br />
Unlisted equity securities 332,096 578,238 -<br />
Total financial assets held at fair value through profit or loss 30,926,960 54,578,778 39,195,733<br />
8 Net gains/(losses) on financial instruments held at fair value through profit or loss<br />
Net losses and gains recognised in relation to financial assets and financial liabilities held at fair value<br />
through profit or loss<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND<br />
Financial Assets<br />
Year ended 30 June 2013<br />
US$<br />
Year ended 30 June 2012<br />
US$<br />
Net gains/(losses) on financial instruments designated as at fair value through profit or loss 6,242,976 (17,152,930)<br />
Net foreign exchange gains 92 14<br />
Net gains/(losses) on financial instruments designated as at fair value through profit or<br />
loss 6,243,068 (17,152,916)<br />
MACQUARIE IPO CHINA GATEWAY FUND<br />
Year ended 30 June 2013<br />
US$<br />
Year ended 30 June 2012<br />
US$<br />
Net gains/(losses) on financial instruments designated as at fair value through profit or loss 15,378,135 (29,062,404)<br />
Net foreign exchange gains/(losses) 3,430 (28,690)<br />
Net gains/(losses) on financial instruments designated as at fair value through profit or<br />
loss 15,381,565 (29,091,094)<br />
27
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
8 Net gains/(losses) on financial instruments held at fair value through profit or loss (continued)<br />
MACQUARIE ASIA NEW STARS FUND<br />
Year ended 30 June 2013 Year ended 30 June 2012<br />
US$<br />
US$<br />
Net gains/(losses) on financial instruments designated as at fair value through profit or loss 14,129,073 (8,517,196)<br />
Net foreign exchange losses (99,345) (46,729)<br />
Net gains/(losses) on financial instruments designated as at fair value through profit or<br />
loss 14,029,728 (8,563,925)<br />
9 Related party transactions/transactions with the Trustee, the Manager and their connected<br />
persons<br />
Parties are considered to be related if one party has the ability to control the other party or exercise significant<br />
influence over the other party in making financial or operational decisions.<br />
Related parties of each of the Sub-Funds are the Trustee, the Manager and their connected persons. All<br />
transactions entered into during the year between the Sub-Funds, the Trustee, the Manager and their<br />
connected persons were carried out in the normal course of business and on normal <strong>com</strong>mercial terms. To<br />
the best of the knowledge of the Trustee and the Manager, each of the Sub-Funds does not have any other<br />
transactions with their connected persons except for those disclosed below.<br />
a) Management fee<br />
The Manager is entitled to receive a management fee from each of the Sub-Funds of up to 2.0% per annum<br />
of the net asset value, however, it is the intention of the Manager to charge a fee of 1.5% (2012: 1.5%) per<br />
annum of the net asset value of the respective Sub-Funds calculated as at each valuation day. The<br />
management fee is accrued on a daily basis and payable quarterly.<br />
The management fees charged during the year and the amount outstanding at year end date are as follows:<br />
Management fee expense<br />
Management fee payable<br />
2013 2012 2013 2012<br />
US$ US$ US$ US$<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND 493,193 611,040 123,048 132,884<br />
MACQUARIE IPO CHINA GATEWAY FUND 886,012 1,036,567 229,568 229,247<br />
MACQUARIE ASIA NEW STARS FUND 355,863 385,111 93,812 86,347<br />
b) Performance fee<br />
The Manager is also entitled to receive a performance fee from each of the Sub-Funds. Performance fees<br />
from each of the Sub-Funds is payable annually in arrears after the end of the relevant performance period,<br />
which is the end of the year ended 30 June 2013.<br />
The performance fee is calculated at 10% (2012: 10%) of the difference between the net asset value per unit<br />
of the respective Sub-Funds on each valuation day (after accrual of all other fees and expenses but before<br />
performance fee accrual) and the benchmark value (the “Benchmark Value”) provided that on such valuation<br />
day the net asset value per unit of the Sub-Funds is above the Benchmark Value.<br />
The Benchmark Value for the initial performance period will be set at 5% per annum above the high water<br />
mark (the “High Water Mark”) and adjusted upwards with any new subscriptions made during that<br />
performance period at above the Benchmark Value at the time of subscription on a weighted average basis.<br />
For each of the performance periods thereafter, the Benchmark Value will be set at 5% per annum above the<br />
previous Benchmark Value (adjusted by deducting distributions and performance fee) and adjusted upwards<br />
with any new subscriptions made during that performance period at above the Benchmark Value at the time<br />
of subscription on a weighted average basis until the High Water Mark is re-set to a higher value.<br />
The High Water Mark for each performance period will be set as the higher of the issue price and the highest<br />
net asset value per unit of the respective Sub-Funds as at the end of any previous performance period,<br />
adjusted by deducting performance fee and distributions. On the first issue of units in any Sub-Funds, the<br />
High Water Mark will equal the issue price (the “Issue Price”) which is US$10 per unit.<br />
28
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
9 Related party transactions/transactions with the Trustee, the Manager and their connected<br />
persons (continued)<br />
b) Performance fee (continued)<br />
The cumulative performance fee accruals from the beginning of a performance period will be included in the<br />
calculation of the net asset value per unit of the respective Sub-Funds. In the event of the net asset value per<br />
unit of the respective Sub-Funds being less than the Benchmark Value, the daily performance fee accrual<br />
will be negative and will reduce the cumulative performance fee accrual until the accrual reaches a minimum<br />
level of zero. No further daily performance fee accruals will be made until the net asset value per unit of the<br />
respective Sub-Funds exceeds the Benchmark Value.<br />
At the end of a performance period the positive balance of the performance fee accrual will be<strong>com</strong>e payable<br />
to the Manager and the performance fee accrual in the net asset value per unit of the respective Sub-Funds<br />
will be reset to zero.<br />
If any units are realised during a performance period, the cumulative performance fee accrued during such<br />
performance period in respect of those units shall be crystallised and be<strong>com</strong>e payable to the Manager.<br />
The performance fees charged during the year and the amount outstanding at the year end date are as<br />
follows:<br />
Performance fee expense<br />
Performance fee payable<br />
2013 2012 2013 2012<br />
US$ US$ US$ US$<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND - - - -<br />
MACQUARIE IPO CHINA GATEWAY FUND - - - -<br />
MACQUARIE ASIA NEW STARS FUND 6,250 2,004 6,151 2,004<br />
c) Administration fee<br />
The Manager is entitled to receive an administration fee from each of the Sub-Funds of up to 1.0% per<br />
annum of the net asset value of the respective Sub-Funds, however, it is the intention of the Manager to<br />
charge a fee of 0.25% (2012: 0.25%) per annum of the net asset value of the respective Sub-Funds. Such<br />
fees are accrued daily and calculated as at each valuation day for the respective Sub-Funds and is payable<br />
quarterly in arrears.<br />
The administration fees charged during the year end and the amount outstanding at year end date are as<br />
follows:<br />
Administration fee expense<br />
Administration fee payable<br />
2013 2012 2013 2012<br />
US$ US$ US$ US$<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND 82,199 101,840 20,508 22,147<br />
MACQUARIE IPO CHINA GATEWAY FUND 147,669 172,761 38,261 38,208<br />
MACQUARIE ASIA NEW STARS FUND 59,311 64,185 15,635 14,391<br />
d) Transaction handling fee<br />
The Trustee is entitled to receive a transaction handling fee for each purchase and sales transaction based<br />
on the stock exchanges where the equity securities are listed.<br />
The transaction handling fees charged during the year and the amount outstanding as at year end are as<br />
follows:<br />
Transaction handling fee expense<br />
Transaction handling fee payable<br />
2013 2012 2013 2012<br />
US$ US$ US$ US$<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND 11,525 23,850 800 1,200<br />
MACQUARIE IPO CHINA GATEWAY FUND 11,725 24,250 900 1,250<br />
MACQUARIE ASIA NEW STARS FUND 66,159 35,408 12,287 6,983<br />
29
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
9 Related party transactions/transactions with the Trustee, the Manager and their connected<br />
persons (continued)<br />
e) Trustee fee and reimbursement by the Manager<br />
The Trustee is entitled to receive a trustee fee of 1% (2012: 1%) per annum of the net asset value of each of<br />
the Sub-Funds. The trustee fee is borne by the Manager. The Trustee is also entitled to reimbursement from<br />
the Manager for any transaction, processing and valuation fees, and such other applicable fees as may be<br />
agreed with the Manager.<br />
f) Bank balances<br />
Bank balances are maintained with HSBC Institutional Trust Services (Asia) Limited a related party of the<br />
Trustee. Bank balances held with HSBC as at year end date were:<br />
2013 2012<br />
US$<br />
US$<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND 1,231,043 2,264,751<br />
MACQUARIE IPO CHINA GATEWAY FUND 3,120,529 2,744,455<br />
MACQUARIE ASIA NEW STARS FUND 3,519,641 2,588,793<br />
g) Manager’s and its related parties’ holding in the Sub-Funds<br />
As at 30 June 2013 and 30 June 2012, the following key management personnel and parties related to the<br />
Manager held units in the Sub-Funds:<br />
30 June 2013 Fund Units Held<br />
John Bugg Macquarie Asia New Stars Fund Class A1 6,099.22<br />
John Bugg Macquarie Asia New Stars Fund Class A2 23,622.97<br />
Axel Maier Macquarie Asia New Stars Fund Class A2 15,829.27<br />
Macquarie Investment Management Limited as RE For<br />
MQNS Feeder Fund<br />
Macquarie Asia New Stars Fund Class I 2,099,496.23<br />
30 June 2012 Fund Units Held<br />
Paul Li Macquarie IPO China Gateway Fund Class A2 503.575<br />
John Bugg Macquarie Asia New Stars Fund Class A1 6,099.224<br />
John Bugg Macquarie Asia New Stars Fund Class A2 13,218.553<br />
Robert Hector John Spence Macquarie Asia New Stars Fund Class A2 2,907.864<br />
Macquarie Investment Management Limited as RE For<br />
MQNS Feeder Fund<br />
Macquarie Asia New Stars Fund Class I 1,555,470.876<br />
h) Transactions in equity securities of <strong>com</strong>panies with a <strong>com</strong>mon director<br />
As at 30 June 2013, no equity securities that each of the Sub-Funds invested in has a <strong>com</strong>mon director with<br />
the Manager (2012: nil).<br />
i) Holdings in other Sub-Funds<br />
No Sub-Funds have a holding in another Sub-Fund (2012: nil).<br />
j) Bank borrowing<br />
Each of the Sub-Funds has entered into a secured short term bank borrowing with The Hong Kong and<br />
Shanghai Banking Corporation Limited (the “Bank”), a related party of the Trustee for the lesser of<br />
US$30,000,000 or an amount which is 25% of the net asset value held by the Bank, the Custodian (as<br />
defined below) or their affiliates. As at 30 June 2013 none of the Sub-Funds had utilised this facility (2012:<br />
nil).<br />
30
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
9 Related party transactions/transactions with the Trustee, the Manager and their connected<br />
persons (continued)<br />
j) Bank borrowing (continued)<br />
The interest expenses incurred on the borrowing during the year was:<br />
2013 2012<br />
US$<br />
US$<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND - -<br />
MACQUARIE IPO CHINA GATEWAY FUND - -<br />
MACQUARIE ASIA NEW STARS FUND - 49<br />
The maximum amounts of secured short term bank borrowing drawn during the year were:<br />
2013 2013 2012 2012<br />
US$ HK$ US$ HK$<br />
MACQUARIE IPO CHINA CONCENTRATED CORE FUND - - - 4,000,066<br />
MACQUARIE IPO CHINA GATEWAY FUND - - - -<br />
MACQUARIE ASIA NEW STARS FUND - - 565,000 -<br />
Bank deposits and balances and listed equity securities are held with HSBC Institutional Trust Services<br />
(Asia) Limited (the “Custodian”). The Custodian also provides the clearing and depository operations for<br />
security transactions for each of the Sub-Funds. The Custodian provides loans and finance to each of the<br />
Sub-Funds and, as continuing security for the payment and discharge of all liabilities of each of the Sub-<br />
Funds, assets held by the Custodian will be charged in favour of the Custodian.<br />
k) Other services<br />
The Sub-Funds may utilize the brokerage, custodian, agency and banking services of the Trustee, the<br />
Manager and their Connected Persons.<br />
10 Taxation<br />
The Fund was established as an exempted trust under the laws of Cayman Islands, and obtained an<br />
undertaking from the Governor-in-Council of the Cayman Islands that, in accordance with Section 81 of the<br />
Trusts Law (2001 Revision) of the Cayman Islands, for a period of 50 years from 23 January 2007, no laws<br />
thereafter enacted in the Cayman Islands imposing any tax or duty on in<strong>com</strong>e, capital assets, gains or<br />
appreciations will apply to the Fund. The reporting entities, being the Macquarie IPO China Concentrated<br />
Core Fund, Macquarie IPO China Gateway Fund, and Macquarie Asia New Stars Fund which are Sub-Funds<br />
constituted respectively by the Supplemental Deeds to the Trust Deed of the Fund, accorded the same<br />
exemption received by the Fund.<br />
No provision for Hong Kong profits tax has been made as the dividend and interest in<strong>com</strong>e and realised<br />
gains on disposal of investments of each of the Sub-Funds are excluded from the charge to profits tax under<br />
Section 14, 26 or 26A of the Hong Kong Inland Revenue Ordinance.<br />
Overseas withholding tax was charged on certain dividend and interest in<strong>com</strong>e received during the year.<br />
31
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
11 Soft <strong>com</strong>mission arrangements<br />
The Manager may effect transactions, provided that any such transaction is consistent with standards of best<br />
execution, by or through the agency of another person for the account of each of the Sub-Funds with whom<br />
the Manager or any of its Connected Persons have an arrangement under which that party will from time to<br />
time provide to or procure for the Manager or any of its Connected Persons goods, services or other benefits<br />
(such as research and advisory services, <strong>com</strong>puter hardware associated with specialized software or<br />
research services and performance measures) the nature of which is such that their provision can<br />
reasonably be expected to benefit each of the Sub-Funds as a whole and may contribute to an improvement<br />
in the performance of each of the Sub-Funds. For the avoidance of doubt, such goods and services may not<br />
include travel, ac<strong>com</strong>modation, entertainment, general administrative goods or services, general office<br />
equipment or premises, membership fees, employees’ salaries or direct money payments.<br />
As at 30 June 2013 neither the Manager nor any of its Connected Persons received soft <strong>com</strong>missions from<br />
brokers or dealers in respect of transactions for the account of each of the Sub-Funds (2012: nil).<br />
12 Units<br />
Each of the Sub-Funds’ capital is represented by units. Unitholders who wish to realize their units may do so<br />
on any Dealing Day by submitting a realization request to the Service Provider to the Trustee or to an<br />
authorized distributor before the Dealing Deadline for the relevant Sub-Fund. They are entitled to payment of<br />
a proportionate share based on the respective Sub-Fund’s net asset value per unit on the redemption date.<br />
The relevant movements are shown on the statement of changes in net assets attributable to unitholders. In<br />
accordance with the objective outlined in note 1 and the risk management policies in note 4, each of the Sub-<br />
Funds endeavour to invest the subscriptions received in appropriate investments while maintaining sufficient<br />
liquidity to meet redemptions, such liquidity being augmented by short-term borrowings or disposal of<br />
investments in listed equity securities where necessary. With a view to protecting the interests of Unitholders,<br />
the Manager or the Trustee may suspend the realization of Units or delay the payment of realization<br />
proceeds during any periods if the number of Units of any Sub-Fund realized on any Dealing Day exceeds<br />
10 per cent. of the total number of Units of the relevant Sub-Fund in issue.<br />
The minimum initial investment for Units in the Sub-Funds is USD 3,000 with minimum subsequent<br />
subscriptions and redemptions of USD 1,000. The Manager or the Trustee may suspend the realisation of<br />
Units or delay the payment of realisation proceeds during any periods in which the determination of the Net<br />
Asset Value of the Sub-Fund is suspended.<br />
Meetings of Unitholders may be convened by the Manager or the Trustee, and the Unitholders of 10 per<br />
cent. or more in value of the Units in issue may require a meeting to be convened. Unitholders will be given<br />
not less than 21 days’ notice of any meeting. On a show of hands, every individual Unitholder present in<br />
period or by representative has one vote; on a poll every Unitholder present in person, by proxy or by<br />
repsentative has one vote for every Unit of which he is the holder.<br />
The Sub-Funds’ capital are the aggregate of unit classes:<br />
Macquarie IPO China Concentrated Fund Units on issue Redemption unit price Net assets attributable to unitholders<br />
(calculated in accordance with the<br />
explanatory memorandum)<br />
2013 2013 2013<br />
No. USD USD<br />
Class A1 7,033,586 4.0808 28,699,846<br />
Class A2 304,142 8.6283 2,623,971<br />
Total 31,323,817<br />
Macquarie IPO China Concentrated Fund Units on issue Redemption unit price Net assets attributable to unitholders<br />
(calculated in accordance with the<br />
explanatory memorandum)<br />
2012 2012 2012<br />
No. USD USD<br />
Class A1 9,109,362 3.3724 30,718,966<br />
Class A2 316,459 7.1305 2,256,405<br />
Total 32,975,371<br />
32
MACQUARIE UNIT TRUST SERIES<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
FOR THE YEAR ENDED 30 JUNE 2013<br />
12 Units (continued)<br />
Macquarie IPO China Gateway Fund Units on issue Redemption unit price Net assets attributable to unitholders<br />
(calculated in accordance with the<br />
explanatory memorandum)<br />
2013 2013 2013<br />
No. USD USD<br />
Class A1 7,483,995 7.1664 53,616,256<br />
Class A2 507,555 10.4132 5,283,592<br />
Class A3 52,700 10.6122(HKD82.3180) 559,085<br />
Total 59,458,933<br />
Macquarie IPO China Gateway Fund Units on issue Redemption unit price Net assets attributable to unitholders<br />
(calculated in accordance with the<br />
explanatory memorandum)<br />
2012 2012 2012<br />
No. USD USD<br />
Class A1 9,827,657 5.5194 54,240,261<br />
Class A2 311,161 8.0201 2,495,427<br />
Class A3 2,866 8.1734(HKD63.3920) 23,424<br />
Total 56,759,112<br />
Macquarie Asia New Stars Fund Units on issue Redemption unit price Net assets attributable to unitholders<br />
(calculated in accordance with the<br />
explanatory memorandum)<br />
2013 2013 2013<br />
No. USD USD<br />
Class A1 152,373 13.7745 2,098,782<br />
Class A2 1,028,976 19.5054 20,069,816<br />
Class I 2,099,496 17.3606 36,447,108<br />
Total 58,615,706<br />
Macquarie Asia New Stars Fund Units on issue Redemption unit price Net assets attributable to unitholders<br />
(calculated in accordance with the<br />
explanatory memorandum)<br />
2012 2012 2012<br />
No. USD USD<br />
Class A1 317,787 10.3156 3,278,079<br />
Class A2 1,242,146 14.6074 18,144,055<br />
Class I 1,555,471 12.7763 19,872,652<br />
Total 41,294,786<br />
13 Contingent assets and liabilities and <strong>com</strong>mitments<br />
The Fund and the Sub-Funds have no contingent assets, contingent liabilities or <strong>com</strong>mitments as at 30 June<br />
2013 and 30 June 2012.<br />
14 Events occurring after year end<br />
No significant events have occurred since the end of the financial period which would impact on the financial<br />
position of the Sub-Funds disclosed in the statement of financial position as at 30 June 2013, or on the<br />
results and cash flows of the Sub-Funds for the year ended on that date.<br />
15 Approval of financial statements<br />
The financial statements were authorised to issue by the Trustee and the Manager on 29 October 2013.<br />
33
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED)<br />
MACQUARIE IPO CHINA CONCENTRATED CORE<br />
FUND 2013 2013 2013 2012 2012 2012<br />
Fair value % of net<br />
Fair value % of net<br />
Investments – Listed Holdings<br />
US$ assets Holdings<br />
US$ assets<br />
Hong Kong<br />
AIA GROUP LTD ORD USD1 416,200 1,757,194 5.63% 565,600 1,932,516 5.86%<br />
AGRICULTURAL BANK OF CHINA H SHS ORD<br />
CNY1 3,829,265 1,579,689 5.06% 4,526,781 1,797,662 5.45%<br />
BBMG CORP H SHS ORD CNY1 2,193,000 1,342,884 4.30% 830,000 573,602 1.74%<br />
BIOSTIME INTERNATIONAL HOLDINGS LTD ORD<br />
HKD0.01 170,565 952,103 3.05% - - -<br />
CHINA GALAXY SECURITIES CO ORD CNY1 2,524,500 1,542,624 4.94% - - -<br />
CHINA HIGH PRECISION AUTOMATION GROUP<br />
LTD ORD HKD0.1 - - - 772,000 200,443 0.61%<br />
CHINA HONGQIAO GROUP LTD ORD USD0.01 - - - 664,690 306,810 0.93%<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD<br />
USD0.005 1,714,162 1,524,780 4.89% 1,621,679 696,269 2.11%<br />
CHINA MINSHENG BANKING CO LTD H SHR ORD<br />
CNY1 1,662,738 1,626,941 5.21% 2,504,041 2,214,794 6.72%<br />
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS<br />
ORD CNY1 553,401 1,762,151 5.65% 644,009 2,063,413 6.26%<br />
CHINA POLYMETALLIC MINING LTD ORD<br />
HKD0.00001 - - - 614,000 126,665 0.38%<br />
CHINA QINFA GROUP LTD ORD HKD0.1 16,079,896 1,409,608 4.52% 9,161,662 1,204,876 3.65%<br />
CHINA SHANSHUI CEMENT GROUP CO LTD ORD<br />
USD0.01 - - - 552,000 371,516 1.13%<br />
CHINA SUNTIEN GREEN ENERGY CORP H SHR<br />
ORD CNY1 4,569,770 1,667,197 5.34% 6,969,770 1,213,165 3.68%<br />
CHINA VANADIUM TITANO - MAGNETITE ORD<br />
HKD0.1 - - - 4,417,783 712,004 2.16%<br />
CHINA XINIYA FASHION LTD ADR (1 ADR REPS 4<br />
ORD SHS) - - - 351,375 491,925 1.49%<br />
CITIC SECURITIES CO LTD H SHR ORD CNY1 - - - 147,148 308,112 0.93%<br />
DAH CHONG HONG ORD HKD0.15 - - - 1,055,000 938,576 2.85%<br />
E-HOUSE CHINA HOLDINGS ADR (ONE ADS<br />
REPS 1 ORD SHRS) - - - 68,013 373,391 1.13%<br />
GUANGZHOU AUTOMOBILE GROUP CO LTD H<br />
SHR ORD CNY1 - - - 221,246 183,423 0.56%<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD<br />
HKD0.1 3,349,000 1,334,074 4.27% 3,795,000 1,370,054 4.15%<br />
HAITONG SECURITIES CO LTD H SHR ORD CNY1 577,624 699,225 2.24% 1,057,624 1,459,093 4.42%<br />
LOCCITANE INTERNATIONAL SA ORD EUR0.03 178,000 478,445 1.53% - - -<br />
LONGFOR PROPERTIES ORD HKD0.1 225,764 334,702 1.07% - - -<br />
MAN WAH HOLDINGS LTD ORD HKD0.4 762,000 954,833 3.06% - - -<br />
MIE HOLDINGS CORP ORD USD0.001 - - - 2,947,000 702,942 2.13%<br />
PRADA HOLDING ORD NPV 204,319 1,846,431 5.92% 224,319 1,490,948 4.52%<br />
PRINCE FROG INTERNATIONAL HOLDINGS ORD<br />
HKD0.01 685,289 469,993 1.51% 1,693,852 600,587 1.82%<br />
REAL GOLD MINING LTD ORD HKD1 795,070 239,843 0.77% 3,010,400 543,400 1.64%<br />
34
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA CONCENTRATED CORE<br />
FUND 2013 2013 2013 2012 2012 2012<br />
Fair value % of net<br />
Fair value % of net<br />
Investments – Listed Holdings<br />
US$ assets Holdings<br />
US$ assets<br />
SAMSONITE INTERNATIONAL ORD USD0.01 790,184 1,904,917 6.10% 706,200 1,172,766 3.56%<br />
SHANGPHARMA CORP ADR (1 ADR REPS 18<br />
ORD SHS) - - - 54,001 367,747 1.12%<br />
SHENGUAN HOLDINGS GROUP LTD ORD<br />
HKD0.01 1,250,553 581,990 1.86% 2,538,653 1,453,296 4.41%<br />
SIHUAN PHARMACEUTICAL HLDGS ORD<br />
HKD0.01 2,559,800 1,673,093 5.36% 2,166,300 784,861 2.38%<br />
SINOPHARM GROUP CO H SHR ORD CNY1 208,125 521,050 1.67% 204,541 559,093 1.70%<br />
SUN ART RETAIL GROUP LTD ORD HKD0.3 761,284 1,093,297 3.50% 141,284 154,292 0.46%<br />
TSUI WAH HOLDINGS LTD ORD HKD0.01 754,000 422,831 1.35% - - -<br />
WANT WANT CHINA HOLDINGS LTD ORD<br />
USD0.02 1,345,000 1,889,970 6.06% 2,010,000 2,456,813 7.45%<br />
XIAO NAN GUO RESTAURANTS HOLDINGS LTD<br />
ORD HKD0.01 - - - 1,700,000 332,096 1.01%<br />
YUANDA CHINA HLDG LTD ORD HKD0.1 3,032,000 277,520 0.89% 8,594,000 941,851 2.86%<br />
ZHONGSHENG GROUP HOLDINGS LTD ORD<br />
HKD0.0001 - - - 440,522 529,360 1.61%<br />
ZOOMLION HEAVY INDUSTRY SCIENCE AND<br />
TECHNOLOGY CO LTD H SHRS ORD CNY1 - - - 236,800 298,599 0.91%<br />
Total investments 29,887,385 95.75% 30,926,960 93.79%<br />
Adjustment from bid market prices to last traded<br />
market price 116,219 62,067<br />
Other net assets 1,320,213 1,986,344<br />
Net assets attributable to unitholders 31,323,817 100.00% 32,975,371 100.00%<br />
35
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA GATEWAY FUND 2013 2013 2013 2012 2012 2012<br />
Fair value % of net<br />
Fair value % of net<br />
Investments - Listed<br />
Holdings<br />
US$ assets Holdings<br />
US$ assets<br />
Hong Kong<br />
AGRICULTURAL BANK OF CHINA H SHS ORD<br />
CNY1 4,466,785 1,842,686 3.11% 7,473,269 2,967,762 5.22%<br />
AIA GROUP LTD ORD USD1 570,800 2,409,914 4.07% 720,800 2,462,796 4.34%<br />
BBMG CORP H SHS ORD CNY1 2,575,500 1,577,108 2.66% 859,500 593,989 1.05%<br />
BIOSTIME INTERNATIONAL HOLDINGS LTD ORD<br />
HKD0.01 298,935 1,668,672 2.82% - - -<br />
BOER POWER HOLDINGS LTD ORD HKD0.1 1,773,000 1,142,839 1.93% 1,773,000 589,788 1.04%<br />
CARPENTER TAN HOLDINGS LTD ORD HKD0.01 530,000 352,559 0.60% 530,000 314,341 0.55%<br />
CHINA GALAXY SECURITIES CO ORD CNY1 4,710,000 2,878,097 4.86% - - -<br />
CHINA HIGH PRECISION AUTOMATION GROUP<br />
LTD ORD HKD0.1 - - - 1,366,000 354,670 0.62%<br />
CHINA HONGQIAO GROUP LTD ORD USD0.01 - - - 1,759,310 812,069 1.43%<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD<br />
USD0.005 3,273,476 2911,820 4.91% 2,812,821 1,207,686 2.13%<br />
CHINA MINSHENG BANKING CO LTD H SHR ORD<br />
CNY1 2,976,853 2,912,764 4.92% 4,128,550 3,651,653 6.43%<br />
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS<br />
ORD CNY1 684,785 2,180,507 3.68% 870,777 2,789,980 4.92%<br />
CHINA POLYMETALLIC MINING LTD ORD<br />
HKD0.00001 - - - 1,030,000 212,483 0.37%<br />
CHINA QINFA GROUP LTD ORD HKD0.1 30,547,139 2,677,846 4.52% 17,327,594 2,278,800 4.01%<br />
CHINA SHANSHUI CEMENT GROUP CO LTD ORD<br />
USD0.01 - - - 793,000 533,718 0.94%<br />
CHINA SUNTIEN GREEN ENERGY CORP H SHR<br />
ORD CNY1 8,497,230 3,100,059 5.23% 12,497,230 2,175,281 3.83%<br />
CHINA VANADIUM TITANO - MAGNETITE ORD<br />
HKD0.1 - - - 6,290,023 1,013,748 1.79%<br />
CHINA XINIYA FASHION LTD ADR (1 ADR REPS 4<br />
ORD SHS) - - - 795,760 1,114,064 1.96%<br />
CITIC SECURITIES CO LTD H SHR ORD CNY1 - - - 98,352 205,938 0.36%<br />
DAH CHONG HONG ORD HKD0.15 - - - 2,027,000 1,803,311 3.18%<br />
E-HOUSE CHINA HOLDINGS ADR (ONE ADS<br />
REPS 1 ORD SHRS) - - - 109,950 603,626 1.06%<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS ORD<br />
HKD0.1 5,693,000 2,267,806 3.83% 6,521,000 2,354,182 4.15%<br />
HAITONG SECURITIES CO LTD H SHR ORD CNY1 1,091,176 1,320,890 2.23% 2,291,176 3,160,895 5.56%<br />
LOCCITANE INTERNATIONAL SA ORD EUR0.03 330,000 887,005 1.50% - - -<br />
LONGFOR PROPERTIES ORD HKD0.1 395,236 585,950 0.99% - - -<br />
MAN WAH HOLDINGS LTD ORD HKD0.4 1,355,600 1,698,651 2.87% - - -<br />
MICROPORT SCIENTIFIC CORP ORD USD0.00001 1,467,000 1,238,733 2.09% - - -<br />
MIE HOLDINGS CORP ORD USD0.001 - - - 4,921,000 1,173,797 2.07%<br />
PRADA HOLDING ORD NPV 325,081 2,937,757 4.96% 367,081 2,439,823 4.30%<br />
PRINCE FROG INTERNATIONAL HOLDINGS ORD<br />
HKD0.01 990,190 679,104 1.15% 1,615,400 572,770 1.01%<br />
REAL GOLD MINING LTD ORD HKD1 1,409,142 425,086 0.72% 5,335,742 963,143 1.70%<br />
36
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA GATEWAY FUND 2013 2013 2013 2012 2012 2012<br />
Fair value % of net<br />
Fair value % of net<br />
Investments - Listed<br />
Holdings<br />
US$ assets Holdings<br />
US$ assets<br />
SAMSONITE INTERNATIONAL ORD USD0.01 1,310,316 3,158,813 5.33% 1,185,300 1,968,394 3.47%<br />
SHANGPHARMA CORP ADR (1 ADR REPS 18<br />
ORD SHS) - - - 101,281 689,724 1.22%<br />
SHENGUAN HOLDINGS GROUP LTD ORD<br />
HKD0.01 1,990,950 926,560 1.56% 4,054,850 2,321,269 4.09%<br />
SIHUAN PHARMACEUTICAL HLDGS ORD<br />
HKD0.01 4,851,000 3,170,629 5.35% 3,635,500 1,317,159 2.32%<br />
SINOPHARM GROUP CO H SHR ORD CNY1 356,675 892,952 1.51% 351,459 960,679 1.69%<br />
SUN ART RETAIL GROUP LTD ORD HKD0.3 912,816 1,310,915 2.21% 242,816 265,173 0.47%<br />
TRAUSON HOLDINGS CO ORD HKD0.1 - - - 6,979,645 2,735,739 4.82%<br />
TSUI WAH HOLDINGS LTD ORD HKD0.01 1,346,000 754,815 1.27% - - -<br />
WANT WANT CHINA HOLDINGS LTD ORD<br />
USD0.02 2,355,000 3,309,205 5.58% 3,462,000 4,231,586 7.46%<br />
XIAO NAN GUO RESTAURANTS HOLDINGS LTD<br />
ORD HKD0.01 - - - 2,960,000 578,238 1.02%<br />
YUANDA CHINA HLDG LTD ORD HKD0.1 5,396,000 493,896 0.83% 14,424,000 1,580,784 2.79%<br />
ZHONGSHENG GROUP HOLDINGS LTD ORD<br />
HKD0.0001 - - - 762,978 916,845 1.62%<br />
ZOOMLION HEAVY INDUSTRY SCIENCE AND<br />
TECHNOLOGY CO LTD H SHRS ORD CNY1 - - - 201,240 253,759 0.45%<br />
Taiwan<br />
TPK HOLDING CO LTD ORD TWD10 32,656 523,071 0.88% 32,656 409,116 0.72%<br />
Total investments 52,236,709 88.17% 54,578,778 96.16%<br />
Adjustment from bid market prices to last traded<br />
market price 205,764 140,397<br />
Other net assets 7,016,460 2,039,937<br />
Net assets attributable to unitholders 59,458,933 100.00% 56,759,112 100.00%<br />
37
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 2013 2013 2013 2012 2012 2012<br />
Fair value % of net<br />
Fair value % of net<br />
Investments - Listed<br />
Holdings<br />
US$ assets Holdings<br />
US$ assets<br />
Hong Kong<br />
APT SATELLITE HOLDINGS LTD ORD HKD0.1 432,917 306,954 0.53% - - -<br />
BBMG CORP H SHS ORD CNY1 - - - 488,500 337,596 0.82%<br />
CHINA HIGH PRECISION AUTOMATION GROUP<br />
LTD ORD HKD0.1 - - - 405,266 105,224 0.25%<br />
CHINA HONGQIAO GROUP LTD ORD USD0.01 - - - 832,000 384,038 0.94%<br />
CHINA MEDICAL SYSTEM HOLDINGS LTD ORD<br />
USD0.005 1,095,543 974,506 1.67% - - -<br />
CHINA POLYMETALLIC MINING LTD ORD<br />
HKD0.00001 - - - 335,000 69,109 0.17%<br />
CHINA POWER INTERNATIONAL DEV LTD ORD<br />
HKD1 1,648,000 616,115 1.06% - - -<br />
CHINA RESOURCES GAS GROUP LTD ORD<br />
HKD0.1 310,000 791,285 1.36% 282,000 482,853 1.17%<br />
CHINA QINFA GROUP LTD ORD HKD0.1 - - - 4,602,118 605,237 1.47%<br />
CHINA SHANSHUI CEMENT GROUP CO LTD ORD<br />
USD0.01 1,403,000 629,424 1.08% 730,000 491,316 1.19%<br />
CHINA TAIPING INSURANCE HOLDINGS CO LTD<br />
ORD HKD0.05 1,405,000 2,173,521 3.73% 611,000 987,885 2.40%<br />
CHINA VANADIUM TITANO - MAGNETITE ORD<br />
HKD0.1 - - - 2,418,910 389,850 0.94%<br />
CSI PROPERTIES LIMITED ORD HKD0.008 - - - 1,110,000 47,944 0.12%<br />
DAH CHONG HONG ORD HKD0.15 - - - 1,022,000 909,217 2.20%<br />
GOLDEN EAGLE RETAIL GROUP LTD ORD<br />
HKD0.1 803,000 1,068,320 1.83% 144,000 291,866 0.71%<br />
GREAT WALL MOTOR COMPANY LTD H SHRS<br />
ORD CNY1 556,750 2,390,070 4.10% 959,750 1,893,291 4.58%<br />
GUOTAI JUNAN INTERNATIONAL HOLDINGS<br />
ORD HKD0.1 3,008,073 1,198,267 2.06% 2,406,000 868,603 2.10%<br />
HAIER ELECTRONICS GROUP CO LTD<br />
ORDKD0.1 791,359 1,260,951 2.16% - - -<br />
HUTCHISON TELECOMMUNICATIONS HONG<br />
KONG HOLDINGS LTD ORD HKD0.25 840,000 440,737 0.76% - - -<br />
INTIME RETAIL GROUP COMPANY LTD ORD<br />
USD0.00001 (FORMERLY KNOWN AS INTIME<br />
DEPARTMENT STORE GROUP CO LTD ORD<br />
USD0.00001) 320,000 312,286 0.54% - - -<br />
LEE & MAN PAPER MANUFACTURING LTD ORD<br />
HKD0.025 1,842,000 1,080,456 1.85% - - -<br />
MINTH GROUP LTD ORD HKD0.1 412,800 640,726 1.10% - - -<br />
PHOENIX SATELLITE TELEVISION HLDGS ORD<br />
HKD0.1 2,690,000 950,187 1.63% 1,190,000 346,755 0.84%<br />
PRINCE FROG INTERNATIONAL HOLDINGS ORD<br />
HKD0.01 - - - 1,591,258 564,211 1.37%<br />
REAL GOLD MINING LTD ORD HKD1 89,071 26,869 0.05% 337,171 60,862 0.15%<br />
SA SA INTERNATIONAL HOLDINGS LTD ORD<br />
HKD0.1 952,000 931,504 1.60% - - -<br />
SAMSONITE INTERNATIONAL ORD USD0.01 467,361 1,126,679 1.93% - - -<br />
SHENGUAN HOLDINGS GROUP LTD ORD<br />
HKD0.01 - - - 2,315,618 1,325,616 3.21%<br />
38
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 2013 2013 2013 2012 2012 2012<br />
Investments - Listed<br />
Holdings<br />
Fair value<br />
US$<br />
% of net<br />
assets Holdings<br />
Fair value<br />
US$<br />
% of net<br />
assets<br />
SHOUGANG FUSHAN RESOURCES GROUP LTD<br />
ORD HKD0.1 - - - 5,773,471 1,473,907 3.57%<br />
SIHUAN PHARMACEUTICAL HLDGS ORD<br />
HKD0.01 1,143,000 747,068 1.28% 763,700 276,692 0.67%<br />
SINGAMAS CONTAINER HLDGS LTD ORD<br />
HKD0.1 - - - 1,660,480 355,394 0.86%<br />
SINO BIOPHARMACEUTICAL LTD ORD HKD0.025 2,351,842 1,515,948 2.60% 4,140,943 1,484,266 3.59%<br />
SINOMEDIA HOLDING LTD ORD HKD0.0003125 1,632,399 1,431,006 2.46% - - -<br />
SKYWORTH DIGITAL HOLDINGS LTD ORD<br />
HKD0.1 - - - 723,648 318,163 0.77%<br />
TCC INTERNATIONAL HOLDINGS LIMITED ORD<br />
HKD0.1 - - - 70,000 18,412 0.04%<br />
WASION GROUP HOLDINGS LTD ORD HKD0.01 1,693,376 1,047,854 1.80% - - -<br />
WUMART STORES INC H SHRS ORD CNY1 - - - 392,500 786,427 1.90%<br />
XINGDA INTERNATIONAL HOLDING ORD HKD0.1 1,525,000 642,871 1.10% - - -<br />
YUANDA CHINA HLDG LTD ORD HKD0.1 - - - 2,416,000 264,779 0.64%<br />
ZHONGSHENG GROUP HOLDINGS LTD ORD<br />
HKD0.0001 - - - 258,200 310,270 0.75%<br />
India<br />
AMTEK AUTO LTD ORD INR2 (DEMAT) - - - 113,108 213,657 0.52%<br />
APOLLO HOSPITALS ENTERPRISE LTD ORD<br />
INR5 (DEMAT) - - - 8,935 97,321 0.24%<br />
GLENMARK PHARMACEUTICALS LTD ORD INR1<br />
(DEMAT) 173,580 1,586,359 2.72% 201,325 1,289,616 3.12%<br />
HAVELLS INDIA LIMITED ORD INR5 (DEMAT) - - - 61,948 632,720 1.53%<br />
IPCA LABORATORIES LTD DMT ORD INR2 - - - 34,529 219,251 0.53%<br />
UNITED PHOSPHORUS LTD ORD INR2 (DEMAT) 337,573 770,852 1.32% - - -<br />
YES BANK LTD ORD INR10 328,197 2,540,568 4.36% 265,402 1,574,524 3.81%<br />
Indonesia<br />
ACE HARDWARE INDONESIA ORD IDR100 - - - 759,455 404,647 0.98%<br />
ARWANA CITRAMULIA ORD IDR50 (DEMAT) 6,058,316 1,937,465 3.33% - - -<br />
BANK PEMBANGUNAN DAERAH JAWA ORD<br />
IDR250 4,157,574 494,151 0.85% - - -<br />
HARUM ENERGY ORD IDR100 - - - 409,077 243,858 0.59%<br />
MITRA ADIPERKASA TBK PT ORD IDR500 - - - 1,653,000 1,238,267 3.00%<br />
NIPPON INDOSARI CORPINDO ORD IDR100 - - - 63,500 27,469 0.07%<br />
PETROSEA ORD IDR50 - - - 1,029,500 353,015 0.85%<br />
SAKARI RESOURCES LTD ORD NPV - - - 187,000 201,036 0.49%<br />
TEMPO SCAN PACIFIC ORD IDR 50 - - - 685,618 202,546 0.49%<br />
39
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 2013 2013 2013 2012 2012 2012<br />
Fair value % of net<br />
Fair value % of net<br />
Investments - Listed<br />
Holdings<br />
US$ assets Holdings<br />
US$ assets<br />
Korea<br />
COWAY CO LTD ORD KRW500 30,501 1,489,938 2.56% - - -<br />
CROWN CONFECTIONERY CO ORD KRW5000 1,745 372,739 0.64% - - -<br />
DONGBU INSURANCE CO LTD ORD KRW500 - - - 26,127 955,797 2.31%<br />
GRAND KOREA LEISURE CO LTD ORD KRW500 - - - 77,243 1,581,480 3.83%<br />
HYUNDAI DEPARTMENT STORE CO LTD ORD<br />
KRW5000 - - - 5,267 650,701 1.58%<br />
HYUNDAI GREENFOOD CO LTD ORD KRW500 64,102 996,070 1.71% 105,372 1,517,997 3.68%<br />
HYUNDAI HOME SHOPPING NETWORK CORP<br />
ORD KRW5000 - - - 14,954 1,455,774 3.53%<br />
HYUNDAI MARINE & FIRE INSURANCE CO LTD<br />
ORD KRW500 - - - 39,110 1,000,500 2.42%<br />
KT SKYLIFE CO LTD ORD KRW2500 13,500 441,412 0.76% - - -<br />
LG UPLUS CORP ORD KRW5000 108,480 1,134,847 1.95% - - -<br />
LOTTE HIMART CO LTD ORD KRW5,000 24,469 1,747,939 3.00% - - -<br />
PARADISE CO LTD ORD KRW500 41,719 843,657 1.45% - - -<br />
PARTRON CO LTD ORD KRW500 36,268 592,137 1.02% - - -<br />
SOULBRAIN CO LTD ORD KRW500 7,565 289,739 0.50% - - -<br />
YUHAN CORPORATION ORD KRW5000 6,666 1,067,914 1.83% - - -<br />
Malaysia<br />
MAH SING GROUP ORD MYR0.5 1,081,600 990,101 1.70% - - -<br />
MEDIA PRIMA ORD MYR1 519,930 452,969 0.78% - - -<br />
QSR BRANDS BHD ORD MYR1 - - - 126,000 257,362 0.62%<br />
Philippines<br />
MANILA WATER COMPANY ORD PHP1 - - - 1,887,500 1,093,879 2.65%<br />
SECURITY BANK CORP ORD PHP10 - - - 323,332 1,083,765 2.62%<br />
SEMIRARA MINING CORPORATION ORD PHP1 157,629 932,289 1.60% 335,320 1,729,149 4.19%<br />
Singapore<br />
EZION HOLDINGS LTD ORD NPV 717,331 1,191,674 2.05% 513,000 371,710 0.90%<br />
GENTING HONG KONG LTD ORD USD0.1 (SGX) 1,577,000 693,880 1.19% - - -<br />
M1 LTD ORD NPV 247,000 586,188 1.01% - - -<br />
OSIM INTERNATIONAL LTD ORD SGD0.05 1,169,104 1,803,459 3.10% - - -<br />
Taiwan<br />
APEX BIOTECHNOLOGY ORD TWD10 - - - 256,751 637,298 1.54%<br />
40
MACQUARIE UNIT TRUST SERIES<br />
INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW STARS FUND 2013 2013 2013 2012 2012 2012<br />
Fair value % of net<br />
Fair value % of net<br />
Investments - Listed<br />
Holdings<br />
US$ assets Holdings<br />
US$ assets<br />
CATCHER TECHNOLOGY CO LTD ORD TWD10 209,000 1,084,510 1.86% 273,000 1,810,672 4.38%<br />
CHAILEASE HOLDING CO LTD TWD10 - - - 200,000 290,758 0.70%<br />
KING SLIDE WORKS CO LTD ORD TWD10 135,000 991,090 1.70% - - -<br />
KINGS TOWN BANK ORD TWD 10 574,000 488,437 0.84% - - -<br />
LARGAN PRECISION CO LTD ORD TWD10 33,000 1,056,062 1.81% - - -<br />
MAKALOT INDUSTRIAL CO LTD ORD TWD10 140,000 668,068 1.15% - - -<br />
NOVATEK MICROELECTRONICS LTD ORD<br />
TWD10 124,000 599,993 1.03% - - -<br />
POYA CO LTD ORD TWD10 138,000 492,742 0.85% - - -<br />
RADIANT OPTO-ELECTRONICS CORP ORD<br />
TWD10 - - - 164,000 824,038 2.00%<br />
ST SHINE OPTICAL CO LTD ORD TWD10 116,161 3,015,759 5.18% 60,077 664,101 1.61%<br />
TPK HOLDING CO LTD ORD TWD10 - - - 36,284 454,568 1.10%<br />
Thailand<br />
DYNASTY CERAMIC PCL ORD THB1 (FR) 405,800 830,623 1.43% - - -<br />
HOME PRODUCTS CENTRE PCL ORD THB1 (FR) - - - 813,474 317,104 0.77%<br />
JASMINE INTERNATIONAL PCL ORD THB0.5 (FR) 4,755,281 1,190,920 2.04% - - -<br />
ROBINSON DEPARTMENT STORE PCL ORD<br />
THB3.55 (FR) - - - 183,985 351,370 0.85%<br />
SAMUI AIRPORT PROPERTY FUND (LR) 1,453,700 821,484 1.41% - - -<br />
Total investments 56,499,639 97.01% 39,195,733 94.92%<br />
Adjustment from bid market prices to last traded<br />
market price 350,038 162,271<br />
Other net assets 1,766,029 1,936,782<br />
Net assets attributable to unitholders 58,615,706 100.00% 41,294,786 100.00%<br />
41
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)<br />
MACQUARIE IPO CHINA<br />
CONCENTRATED CORE<br />
FUND<br />
As at<br />
For the year ended<br />
1 July<br />
30 June 2013<br />
2012<br />
As at<br />
30 June<br />
2013<br />
As at<br />
For the year ended<br />
1 July<br />
30 June 2012<br />
2011<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Hong Kong<br />
AGRICULTURAL BANK OF<br />
CHINA H SHS ORD CNY1 4,526,781 791,000 1,488,516 3,829,265 3,836,782 3,146,670 2,456,671 4,526,781<br />
AIA GROUP LTD ORD USD1 565,600 - 149,400 416,200 372,600 279,000 86,000 565,600<br />
BBMG CORP H SHS ORD<br />
CNY1 830,000 1,363,000 - 2,193,000 830,000 - - 830,000<br />
BIOSTIME INTERNATIONAL<br />
HOLDINGS LTD ORD<br />
HKD0.01 - 202,565 32,000 170,565 - - - -<br />
CHINA AUTOMATION<br />
GROUP LTD ORD HKD0.01 - - - - 2,679,000 - 2,679,000 -<br />
CHINA GALAXY<br />
SECURITIES CO ORD CNY1 - 2,524,500 - 2,524,500 - - - -<br />
CHINA HIGH PRECISION<br />
AUTOMATION GROUP LTD<br />
ORD HKD0.1 772,000 - 772,000 - 772,000 - - 772,000<br />
CHINA HONGQIAO GROUP<br />
LTD ORD USD0.01 664,690 - 664,690 - 2,100,000 - 1,435,310 664,690<br />
CHINA MEDICAL SYSTEM<br />
HOLDINGS LTD ORD<br />
USD0.005 1,621,679 963,483 871,000 1,714,162 - 1,621,679 - 1,621,679<br />
CHINA MINSHENG BANKING<br />
CO LTD H SHR ORD CNY1 2,504,041 320,500 1,161,803 1,662,738 2,278,841 1,419,500 1,194,300 2,504,041<br />
CHINA NATIONAL<br />
MATERIALS CO H SHR ORD<br />
CNY1 - - - - 1,055,000 - 1,055,000 -<br />
CHINA PACIFIC INSURANCE<br />
(GR) CO LTD H SHS ORD<br />
CNY1 644,009 - 90,608 553,401 693,664 135,000 184,655 644,009<br />
CHINA POLYMETALLIC<br />
MINING LTD ORD<br />
HKD0.00001 614,000 - 614,000 - - 614,000 - 614,000<br />
CHINA REAL ESTATE<br />
INFORMATION CORP ADR<br />
(1 ADR REP 1 ORD SHS) - - - - 260,960 - 260,960 -<br />
CHINA RESOURCES<br />
CEMENT HOLDING LTD<br />
ORD HKD0.1 - 777,160 777,160 - - - - -<br />
CHINA QINFA GROUP LTD<br />
ORD HKD0.1 9,161,662 7,352,234 434,000 16,079,896 3,797,302 6,126,770 762,410 9,161,662<br />
CHINA SCE PROPERTY<br />
HOLDINGS LTD ORD<br />
HKD0.1 - - - - 5,283,489 - 5,283,489 -<br />
CHINA SHANSHUI CEMENT<br />
GROUP CO LTD ORD<br />
USD0.01 552,000 - 552,000 - - 1,734,000 1,182,000 552,000<br />
CHINA SUNTIEN GREEN<br />
ENERGY CORP H SHR ORD<br />
CNY1 6,969,770 - 2,400,000 4,569,770 3,172,000 3,797,770 - 6,969,770<br />
CHINA VANADIUM TITANO -<br />
MAGNETITE ORD HKD0.1 4,417,783 - 4,417,783 - 329,450 4,088,333 - 4,417,783<br />
CHINA XINIYA FASHION LTD<br />
ADR (1 ADR REPS 4 ORD<br />
SHS) 351,375 - 351,375 - 351,375 - - 351,375<br />
CITIC SECURITIES CO LTD<br />
H SHR ORD CNY1 147,148 - 147,148 - - 807,500 660,352 147,148<br />
CNINSURE INC ADR (1 ADR<br />
REPS 20 ORD SHRS) - - - - 80,650 - 80,650 -<br />
DAH CHONG HONG ORD<br />
HKD0.15 1,055,000 - 1,055,000 - 3,176,000 173,000 2,294,000 1,055,000<br />
42
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA<br />
CONCENTRATED CORE<br />
FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
E-HOUSE CHINA HOLDINGS<br />
ADR (ONE ADS REPS 1 ORD<br />
SHRS) 68,013 - 68,013 - - 68,013 - 68,013<br />
GUANGZHOU AUTOMOBILE<br />
GROUP CO LTD H SHR ORD<br />
CNY1 221,246 - 221,246 - 221,246 - - 221,246<br />
GUOTAI JUNAN<br />
INTERNATIONAL HOLDINGS<br />
ORD HKD0.1 3,795,000 - 446,000 3,349,000 - 6,061,000 2,266,000 3,795,000<br />
HAITONG SECURITIES CO<br />
LTD H SHR ORD CNY1 1,057,624 - 480,000 577,624 - 1,057,624 - 1,057,624<br />
HUANENG RENEWABLES<br />
CORP LTD SHS H ORD<br />
CNY1 - - - - 1,638,000 672,829 2,310,829 -<br />
LOCCITANE<br />
INTERNATIONAL SA ORD<br />
EUR0.03 - 178,000 - 178,000 - - - -<br />
LONGFOR PROPERTIES<br />
ORD HKD0.1 - 345,764 120,000 225,764 - - - -<br />
LONGTOP FINANCIAL<br />
TECHNOLOGIES LTD ADR(1<br />
ADR REPS 1 ORD SHR) - - - - 71,900 - 71,900 -<br />
MAN WAH HOLDINGS LTD<br />
ORD HKD0.4 - 890,000 128,000 762,000 - - - -<br />
MAOYE INTERNATIONAL<br />
HOLDINGS ORD HKD0.1 - - - - 2,267,200 - 2,267,200 -<br />
MIE HOLDINGS CORP ORD<br />
USD0.001 2,947,000 - 2,947,000 - 2,459,000 488,000 - 2,947,000<br />
PCD STORES LTD ORD<br />
USD0.005 - - - - - 2,674,000 2,674,000 -<br />
PEAK SPORT PRODUCTS<br />
LTD ORD HKD0.01 - - - - 5,426,628 901,000 6,327,628 -<br />
PRINCE FROG<br />
INTERNATIONAL HOLDINGS<br />
ORD HKD0.01 1,693,852 - 1,008,563 685,289 - 1,693,852 - 1,693,852<br />
REAL GOLD MINING LTD<br />
ORD HKD1 3,010,400 - 2,215,330 795,070 3,010,400 - - 3,010,400<br />
PRADA HOLDING ORD NPV 224,319 - 20,000 204,319 - 224,319 - 224,319<br />
SAMSONITE<br />
INTERNATIONAL ORD<br />
USD0.01 706,200 163,929 79,945 790,184 - 706,200 - 706,200<br />
SINOPHARM GROUP CO H<br />
SHR ORD CNY1 204,541 63,584 60,000 208,125 - 204,541 - 204,541<br />
SHANGHAI<br />
PHARMACEUTICALS<br />
HOLDING CO LTD H SHR<br />
ORD CNY1 - - - - 375,000 - 375,000 -<br />
SHANGPHARMA CORP ADR<br />
(1 ADR REPS 18 ORD SHS) 54,001 - 54,001 - 54,001 - - 54,001<br />
SHENGUAN HOLDINGS<br />
GROUP LTD ORD HKD0.01 2,538,653 - 1,288,100 1,250,553 - 2,538,653 - 2,538,653<br />
SIHUAN PHARMACEUTICAL<br />
HLDGS ORD HKD0.01 2,166,300 1,800,000 1,406,500 2,559,800 - 4,712,300 2,546,000 2,166,300<br />
SOUTHGOBI RESOURCES<br />
LTD ORD NPV (HKE) - - - - 21,850 - 21,850 -<br />
SUN ART RETAIL GROUP<br />
LTD ORD HKD0.3 141,284 620,000 - 761,284 - 1,008,800 867,516 141,284<br />
TSUI WAH HOLDINGS LTD<br />
ORD HKD0.01 - 754,000 - 754,000 - - - -<br />
43
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA<br />
CONCENTRATED CORE<br />
FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
WANT WANT CHINA<br />
HOLDINGS LTD ORD<br />
USD0.02 2,010,000 - 665,000 1,345,000 4,111,000 - 2,101,000 2,010,000<br />
XIAO NAN GUO<br />
RESTAURANTS HOLDINGS<br />
LTD ORD HKD0.01 1,700,000 - 1,700,000 - - 1,700,000 - 1,700,000<br />
XTEP INTERNATIONAL<br />
HOLDINGS ORD HKD0.01 - - - - 4,683,396 - 4,683,396 -<br />
YUANDA CHINA HLDG LTD<br />
ORD HKD0.1 8,594,000 - 5,562,000 3,032,000 - 8,594,000 - 8,594,000<br />
ZHONGSHENG GROUP<br />
HOLDINGS LTD ORD<br />
HKD0.0001 440,522 - 440,522 - - 440,522 - 440,522<br />
ZOOMLION HEAVY<br />
INDUSTRY SCIENCE AND<br />
TECHNOLOGY CO LTD H<br />
SHRS ORD CNY1 236,800 - 236,800 - 236,800 - - 236,800<br />
44
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Hong Kong<br />
AGRICULTURAL BANK OF<br />
CHINA H SHS ORD CNY1 7,473,269 1,511,000 4,517,484 4,466,785 4,416,268 7,697,665 4,640,664 7,473,269<br />
AIA GROUP LTD ORD USD1 720,800 - 150,000 570,800 655,800 216,000 151,000 720,800<br />
BBMG CORP H SHS ORD<br />
CNY1 859,500 1,716,000 - 2,575,500 859,500 - - 859,500<br />
BIOSTIME INTERNATIONAL<br />
HOLDINGS LTD ORD<br />
HKD0.01 - 360,435 61,500 298,935 - - - -<br />
BOER POWER HOLDINGS<br />
LTD ORD HKD0.1 1,773,000 - - 1,773,000 1,700,000 82,000 9,000 1,773,000<br />
CARPENTER TAN HOLDINGS<br />
LTD ORD HKD0.01 530,000 - - 530,000 530,000 - - 530,000<br />
CHINA GALAXY SECURITIES<br />
CO ORD CNY1 - 4,710,000 - 4,710,000 - - - -<br />
CHINA HIGH PRECISION<br />
AUTOMATION GROUP LTD<br />
ORD HKD0.1 1,366,000 - 1,366,000 - 1,366,000 - - 1,366,000<br />
CHINA HONGQIAO GROUP<br />
LTD ORD USD0.01 1,759,310 - 1,759,310 - 4,988,000 - 3,228,690 1,759,310<br />
CHINA MEDICAL SYSTEM<br />
HOLDINGS LTD ORD<br />
USD0.005 2,812,821 1,169,655 709,000 3,273,476 - 2,812,821 - 2,812,821<br />
CHINA MINSHENG BANKING<br />
CO LTD H SHR ORD CNY1 4,128,550 612,000 1,763,697 2,976,853 2,688,250 2,630,000 1,189,700 4,128,550<br />
CHINA NATIONAL<br />
MATERIALS CO H SHR ORD<br />
CNY1 - - - - 1,599,000 - 1,599,000 -<br />
CHINA PACIFIC INSURANCE<br />
(GR) CO LTD H SHS ORD<br />
CNY1 870,777 - 185,992 684,785 967,722 240,000 336,945 870,777<br />
CHINA POLYMETALLIC<br />
MINING LTD ORD<br />
HKD0.00001 1,030,000 - 1,030,000 - - 1,030,000 - 1,030,000<br />
CHINA QINFA GROUP LTD<br />
ORD HKD0.1 17,327,594 14,025,545 806,000 30,547,139 9,902,698 10,524,896 3,100,000 17,327,594<br />
CHINA REAL ESTATE<br />
INFORMATION CORP ADR (1<br />
ADR REP 1 ORD SHS) - - - - 396,117 - 396,117 -<br />
CHINA RESOURCES<br />
CEMENT HOLDING LTD ORD<br />
HKD0.1 - 1,382,840 1,382,840 - - - - -<br />
CHINA SCE PROPERTY<br />
HOLDINGS LTD ORD HKD0.1 - - - - 7,255,090 - 7,255,090 -<br />
CHINA SHANSHUI CEMENT<br />
GROUP CO LTD ORD<br />
USD0.01 793,000 - 793,000 - - 2,526,000 1,733,000 793,000<br />
CHINA SUNTIEN GREEN<br />
ENERGY CORP H SHR ORD<br />
CNY1 12,497,230 - 4,000,000 8,497,230 6,430,000 6,067,230 - 12,497,230<br />
CHINA VANADIUM TITANO -<br />
MAGNETITE ORD HKD0.1 6,290,023 - 6,290,023 - 240 6,290,023 240 6,290,023<br />
CHINA XINIYA FASHION LTD<br />
ADR (1 ADR REPS 4 ORD<br />
SHS) 795,760 - 795,760 - 795,760 - - 795,760<br />
45
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
CITIC SECURITIES CO LTD H<br />
SHR ORD CNY1 98,352 - 98,352 - - 643,500 545,148 98,352<br />
CNINSURE INC ADR (1 ADR<br />
REPS 20 ORD SHRS) - - - - 148,200 - 148,200 -<br />
DAH CHONG HONG ORD<br />
HKD0.15 2,027,000 - 2,027,000 - 6,151,000 - 4,124,000 2,027,000<br />
E-HOUSE CHINA HOLDINGS<br />
ADR (ONE ADS REPS 1 ORD<br />
SHRS) 109,950 - 109,950 - - 109,950 - 109,950<br />
GUOTAI JUNAN<br />
INTERNATIONAL HOLDINGS<br />
ORD HKD0.1 6,521,000 - 828,000 5,693,000 - 10,418,000 3,897,000 6,521,000<br />
HAITONG SECURITIES CO<br />
LTD H SHR ORD CNY1 2,291,176 - 1,200,000 1,091,176 - 2,291,176 - 2,291,176<br />
HUANENG RENEWABLES<br />
CORP LTD SHS H ORD CNY1 - - - - 2,862,000 1,111,171 3,973,171 -<br />
LOCCITANE INTERNATIONAL<br />
SA ORD EUR0.03 - 330,000 - 330,000 - - - -<br />
LONGFOR PROPERTIES ORD<br />
HKD0.1 - 615,236 220,000 395,236 - - - -<br />
LONGTOP FINANCIAL<br />
TECHNOLOGIES LTD ADR(1<br />
ADR REPS 1 ORD SHR) - - - - 143,156 - 143,156 -<br />
MAN WAH HOLDINGS LTD<br />
ORD HKD0.4 - 1,600,000 244,400 1,355,600 - - - -<br />
MAOYE INTERNATIONAL<br />
HOLDINGS ORD HKD0.1 - - - - 1,902,000 - 1,902,000 -<br />
MICROPORT SCIENTIFIC<br />
CORP ORD USD0.00001 - 3,151,000 1,684,000 1,467,000 - - - -<br />
MIE HOLDINGS CORP ORD<br />
USD0.001 4,921,000 - 4,921,000 - 2,767,000 2,154,000 - 4,921,000<br />
PAX GLOBAL TECHNOLOGY<br />
LTD ORD HKD0.1 - - - - 4,871,000 - 4,871,000 -<br />
PCD STORES LTD ORD<br />
USD0.005 - - - - - 4,480,000 4,480,000 -<br />
PEAK SPORT PRODUCTS<br />
LTD ORD HKD0.01 - - - - 8,800,337 2,170,000 10,970,337 -<br />
PRINCE FROG<br />
INTERNATIONAL HOLDINGS<br />
ORD HKD0.01 1,615,400 - 625,210 990,190 - 1,615,400 - 1,615,400<br />
PRADA HOLDING ORD NPV 367,081 - 42,000 325,081 - 367,081 - 367,081<br />
REAL GOLD MINING LTD<br />
ORD HKD1 5,335,742 - 3,926,600 1,409,142 5,335,742 - - 5,335,742<br />
SAMSONITE INTERNATIONAL<br />
ORD USD0.01 1,185,300 334,871 209,855 1,310,316 - 1,185,300 - 1,185,300<br />
SHANGHAI<br />
PHARMACEUTICALS<br />
HOLDING CO LTD H SHR<br />
ORD CNY1 - - - - 670,000 - 670,000 -<br />
SHANGPHARMA CORP ADR<br />
(1 ADR REPS 18 ORD SHS) 101,281 - 101,281 - 101,281 - - 101,281<br />
SHENGUAN HOLDINGS<br />
GROUP LTD ORD HKD0.01 4,054,850 - 2,063,900 1,990,950 - 4,054,850 - 4,054,850<br />
46
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE IPO CHINA<br />
GATEWAY FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
SIHUAN PHARMACEUTICAL<br />
HLDGS ORD HKD0.01 3,635,500 4,115,000 2,899,500 4,851,000 - 7,856,700 4,221,200 3,635,500<br />
SINOPHARM GROUP CO H<br />
SHR ORD CNY1 (FORMERLY<br />
KNOWN AS SINOPHARM<br />
MEDICINE HOLDING CO LTD<br />
H SHR ORD CNY1) 351,459 105,216 100,000 356,675 - 351,459 - 351,459<br />
SOUTHGOBI RESOURCES<br />
LTD ORD NPV (HKE) - - - - 37,900 - 37,900 -<br />
SUN ART RETAIL GROUP<br />
LTD ORD HKD0.3 242,816 670,000 - 912,816 - 1,691,474 1,448,658 242,816<br />
TRAUSON HOLDINGS CO<br />
ORD HKD0.1 6,979,645 - 6,979,645 - 6,979,645 - - 6,979,645<br />
TSUI WAH HOLDINGS LTD<br />
ORD HKD0.01 - 1,346,000 - 1,346,000 - - - -<br />
WANT WANT CHINA<br />
HOLDINGS LTD ORD<br />
USD0.02 3,462,000 - 1,107,000 2,355,000 6,785,000 - 3,323,000 3,462,000<br />
XIAO NAN GUO<br />
RESTAURANTS HOLDINGS<br />
LTD ORD HKD0.01 2,960,000 - 2,960,000 - - 2,960,000 - 2,960,000<br />
XTEP INTERNATIONAL<br />
HOLDINGS ORD HKD0.01 - - - - 6,312,604 - 6,312,604 -<br />
YUANDA CHINA HLDG LTD<br />
ORD HKD0.1 14,424,000 - 9,028,000 5,396,000 - 14,424,000 - 14,424,000<br />
ZHONGSHENG GROUP<br />
HOLDINGS LTD ORD<br />
HKD0.0001 762,978 - 762,978 - - 762,978 - 762,978<br />
ZOOMLION HEAVY<br />
INDUSTRY SCIENCE AND<br />
TECHNOLOGY CO LTD H<br />
SHRS ORD CNY1 201,240 - 201,240 - 201,240 - - 201,240<br />
Taiwan<br />
CHAILEASE HOLDING CO<br />
LTD TWD10 - 278,000 278,000 - - - - -<br />
TPK HOLDING CO LTD ORD<br />
TWD10 32,656 - - 32,656 78,000 59,656 105,000 32,656<br />
47
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Cayman Islands<br />
LEE'S PHARMACEUTICAL<br />
HOLDINGS LTD ORD<br />
HKD0.05 - 420,000 420,000 - - - - -<br />
Hong Kong<br />
3SBIO INC COM USD0.0001<br />
(ONE ADR REPS SEVEN ORD<br />
SHRS) - - - - 30,500 3,600 34,100 -<br />
APT SATELLITE HOLDINGS<br />
LTD ORD HKD0.1 - 432,917 - 432,917 - - - -<br />
BBMG CORP H SHS ORD<br />
CNY1 488,500 1,264,000 1,752,500 - 359,000 129,500 - 488,500<br />
CHINA HIGH PRECISION<br />
AUTOMATION GROUP LTD<br />
ORD HKD0.1 405,266 - 405,266 - - 405,266 - 405,266<br />
CHINA HONGQIAO GROUP<br />
LTD ORD USD0.01 832,000 - 832,000 - - 849,000 17,000 832,000<br />
CHINA MEDICAL SYSTEM<br />
HOLDINGS LTD ORD<br />
USD0.005 - 1,728,533 632,990 1,095,543 - - - -<br />
CHINA POLYMETALLIC<br />
MINING LTD ORD<br />
HKD0.00001 335,000 484,495 819,495 - - 335,000 - 335,000<br />
CHINA POWER<br />
INTERNATIONAL DEV LTD<br />
ORD HKD1 - 1,648,000 - 1,648,000 - - - -<br />
CHINA RESOURCES GAS<br />
GROUP LTD ORD HKD0.1 282,000 64,000 36,000 310,000 - 690,000 408,000 282,000<br />
CHINA QINFA GROUP LTD<br />
ORD HKD0.1 4,602,118 480,000 5,082,118 - 359,000 4,243,118 - 4,602,118<br />
CHINA SHANSHUI CEMENT<br />
GROUP CO LTD ORD<br />
USD0.01 730,000 3,441,000 2,768,000 1,403,000 - 730,000 - 730,000<br />
CHINA SINGYES SOLAR<br />
TECHNOLOGIES HOLDINGS<br />
LTD ORD USD0.01 - 322,000 322,000 - - - - -<br />
CHINA TAIPING INSURANCE<br />
HOLDINGS CO LTD ORD<br />
HKD0.05 611,000 794,000 - 1,405,000 - 611,000 - 611,000<br />
CHINA VANADIUM TITANO -<br />
MAGNETITE ORD HKD0.1 2,418,910 - 2,418,910 - - 4,784,445 2,365,535 2,418,910<br />
CNINSURE INC ADR (1 ADR<br />
REPS 20 ORD SHRS) - - - - 31,618 - 31,618 -<br />
CSI PROPERTIES LIMITED<br />
ORD HKD0.008 1,110,000 5,870,000 6,980,000 - - 1,110,000 - 1,110,000<br />
CST MINING GROUP LTD<br />
ORD HKD0.1 - - - - 47,568,000 9,696,000 57,264,000 -<br />
DAH CHONG HONG ORD<br />
HKD0.15 1,022,000 - 1,022,000 - 409,000 1,424,000 811,000 1,022,000<br />
DAWNRAYS<br />
PHARMACEUTICAL<br />
(HOLDINGS) LIMITED ORD<br />
HKD0.1 - - - - 1,499,999 - 1,499,999 -<br />
48
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
EVA PRECISION INDUSTRIAL<br />
HOLDINGS LTD ORD HKD0.1 - - - - 1,256,000 503,000 1,759,000 -<br />
GOLDEN EAGLE RETAIL<br />
GROUP LTD ORD HKD0.1 144,000 659,000 - 803,000 - 144,000 - 144,000<br />
GREAT WALL MOTOR<br />
COMPANY LTD H SHRS ORD<br />
CNY1 959,750 52,000 455,000 556,750 470,250 615,000 125,500 959,750<br />
GUOTAI JUNAN<br />
INTERNATIONAL HOLDINGS<br />
ORD HKD0.1 2,406,000 1,582,000 979,927 3,008,073 - 2,663,000 257,000 2,406,000<br />
HAIER ELECTRONICS<br />
GROUP CO LTD ORD HKD0.1 - 791,359 - 791,359 - - - -<br />
HUTCHISON<br />
TELECOMMUNICATIONS<br />
HONG KONG HOLDINGS LTD<br />
ORD HKD0.25 - 840,000 - 840,000 - - - -<br />
INTIME RETAIL GROUP<br />
COMPANY LTD ORD<br />
USD0.00001 (FORMERLY<br />
KNOWN AS INTIME<br />
DEPARTMENT STORE<br />
GROUP CO LTD ORD<br />
USD0.00001) - 1,362,000 1,042,000 320,000 - - - -<br />
LEE & MAN PAPER<br />
MANUFACTURING LTD ORD<br />
HKD0.025 - 2,008,000 166,000 1,842,000 - - - -<br />
LUK FOOK HOLDINGS<br />
INTERNATIONAL LTD ORD<br />
HKD0.10 - - - - - 446,000 446,000 -<br />
MAN WAH HOLDINGS LTD<br />
ORD HKD0.4 - 1,410,326 1,410,326 - - - - -<br />
MAOYE INTERNATIONAL<br />
HOLDINGS ORD HKD0.1 - - - - 585,600 - 585,600 -<br />
MINTH GROUP LTD ORD<br />
HKD0.1 - 412,800 - 412,800 - - - -<br />
NVC LIGHTING HOLDINGS<br />
LTD ORD USD0.0000001 - - - - - 511,000 511,000 -<br />
PEAK SPORT PRODUCTS<br />
LTD ORD HKD0.01 - - - - 2,797,950 1,339,000 4,136,950 -<br />
PHOENIX SATELLITE<br />
TELEVISION HLDGS ORD<br />
HKD0.1 1,190,000 1,500,000 - 2,690,000 - 1,190,000 - 1,190,000<br />
PRINCE FROG<br />
INTERNATIONAL HOLDINGS<br />
ORD HKD0.01 1,591,258 254,250 1,845,508 - - 1,591,258 - 1,591,258<br />
REAL GOLD MINING LTD<br />
ORD HKD1 337,171 - 248,100 89,071 337,171 - - 337,171<br />
SA SA INTERNATIONAL<br />
HOLDINGS LTD ORD HKD0.1 - 2,852,000 1,900,000 952,000 - - - -<br />
SAMSONITE INTERNATIONAL<br />
ORD USD0.01 - 467,361 - 467,361 - - - -<br />
SHENGUAN HOLDINGS<br />
GROUP LTD ORD HKD0.01 2,315,618 - 2,315,618 - - 2,833,013 517,395 2,315,618<br />
49
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
SHOUGANG FUSHAN<br />
RESOURCES GROUP LTD<br />
ORD HKD0.1 5,773,471 - 5,773,471 - - 5,773,471 - 5,773,471<br />
SIHUAN PHARMACEUTICAL<br />
HLDGS ORD HKD0.01 763,700 1,143,000 763,700 1,143,000 - 2,506,300 1,742,600 763,700<br />
SINGAMAS CONTAINER<br />
HLDGS LTD ORD HKD0.1 1,660,480 281,777 1,942,257 - - 1,660,480 - 1,660,480<br />
SINO BIOPHARMACEUTICAL<br />
LTD ORD HKD0.025 4,140,943 796,865 2,585,966 2,351,842 - 4,140,943 - 4,140,943<br />
SINOMEDIA HOLDING LTD<br />
ORD HKD0.0003125 - 1,632,399 - 1,632,399 - - - -<br />
SKYWORTH DIGITAL<br />
HOLDINGS LTD ORD HKD0.1 723,648 - 723,648 - 306,600 1,886,207 1,469,159 723,648<br />
SOCAM DEVELOPMENT LTD<br />
ORD HKD1 (FORMERLY<br />
KNOWN AS SHUI ON<br />
CONSTRUCTION ORD HKD1) - - - - 519,923 - 519,923 -<br />
SUNNY OPTICAL<br />
TECHNOLOGY GROUP CO<br />
LTD ORD NPV - 1,195,000 1,195,000 - - - - -<br />
TCC INTERNATIONAL<br />
HOLDINGS LIMITED ORD<br />
HKD0.1 70,000 - 70,000 - 574,000 3,042,000 3,546,000 70,000<br />
TCC INTERNATIONAL<br />
HOLDINGS LTD NIL PAID RTS<br />
23/11/2011 - - - - - 446,400 446,400 -<br />
UNI PRESIDENT CHINA<br />
HOLDINGS ORD HKD0.01 - 610,000 610,000 - - - - -<br />
WASION GROUP HOLDINGS<br />
LTD ORD HKD0.01 - 1,693,376 - 1,693,376 - - - -<br />
WUMART STORES INC H<br />
SHRS ORD CNY1 392,500 - 392,500 - - 392,500 - 392,500<br />
XINGDA INTERNATIONAL<br />
HOLDING ORD HKD0.1 - 1,525,000 - 1,525,000 172,000 - 172,000 -<br />
XTEP INTERNATIONAL<br />
HOLDINGS ORD HKD0.01 - - - - 1,859,000 246,000 2,105,000 -<br />
YUANDA CHINA HLDG LTD<br />
ORD HKD0.1 2,416,000 - 2,416,000 - - 2,416,000 - 2,416,000<br />
ZHONGSHENG GROUP<br />
HOLDINGS LTD ORD<br />
HKD0.0001 258,200 - 258,200 - - 258,200 - 258,200<br />
India<br />
AMTEK AUTO LTD ORD INR2<br />
(DEMAT) 113,108 - 113,108 - - 113,108 - 113,108<br />
APOLLO HOSPITALS<br />
ENTERPRISE LTD ORD INR5<br />
(DEMAT) 8,935 - 8,935 - - 8,935 - 8,935<br />
D.B. CORP LTD ORD INR10<br />
(DEMAT) - 66,000 66,000 - - - - -<br />
GLENMARK<br />
PHARMACEUTICALS LTD<br />
ORD INR1 (DEMAT) 201,325 94,368 122,113 173,580 - 201,325 - 201,325<br />
50
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
GUJARAT MINERAL DEV<br />
CORP LTD ORD INR2<br />
(DEMAT) - 215,054 215,054 - - - - -<br />
GUJARAT PIPAVAV PORT<br />
LTD ORD INR10 - 56,479 56,479 - - - - -<br />
HAVELLS INDIA LIMITED ORD<br />
INR5 (DEMAT) 61,948 12,947 74,895 - - 61,948 - 61,948<br />
IPCA LABORATORIES LTD<br />
DMT ORD INR2 34,529 51,772 86,301 - - 34,529 - 34,529<br />
LUPIN LTD ORD INR2<br />
(DEMAT) - - - - - 11,990 11,990 -<br />
MACQUARIE BANK LTD<br />
(JINDAL SAW LTD) CALL WTS<br />
15/01/2015 - - - - 219,921 21,838 241,759 -<br />
MACQUARIE BANK LTD<br />
(TULIP TELECOM) CALL WTS<br />
18/06/2013 - - - - 60,780 21,324 82,104 -<br />
MACQUARIE BANK LTD (YES<br />
BANK LTD) CALL WTS<br />
10/09/2013 - - - - - 232,092 232,092 -<br />
MACQUARIE BANK (DABUR<br />
INDIA LTD) CALL WTS<br />
22/09/2014 - - - - - 244,165 244,165 -<br />
MACQUARIE BANK<br />
(GLENMARK<br />
PHARMACEUTICALS LTD)<br />
CALL WTS 04/09/2014 - - - - - 56,251 56,251 -<br />
NIIT TECHNOLOGIES LTD<br />
ORD INR10 - 73,792 73,792 - - - - -<br />
TULIP TELECOM LTD ORD<br />
INR2 - - - - - 190,676 190,676 -<br />
UNITED PHOSPHORUS LTD<br />
ORD INR2 (DEMAT) - 337,573 - 337,573 - - - -<br />
WOCKHARDT LTD ORD INR5 - 31,013 31,013 - - - - -<br />
YES BANK LTD ORD INR10 265,402 120,215 57,420 328,197 - 289,687 24,285 265,402<br />
Indonesia<br />
ACE HARDWARE INDONESIA<br />
ORD IDR100 759,455 3,313,045 9,630,000 - - 759,455 - 759,455<br />
ARWANA CITRAMULIA ORD<br />
IDR50 (DEMAT) - 6,708,316 650,000 6,058,316 - - - -<br />
BANK PEMBANGUNAN<br />
DAERAH JAWA ORD IDR250 - 9,982,074 5,824,500 4,157,574 - - - -<br />
HARUM ENERGY ORD<br />
IDR100 409,077 - 409,077 - 675,186 734,185 1,000,294 409,077<br />
MEDIA NUSANTARA CITRA<br />
ORD IDR100 - - - - - 2,863,000 2,863,000 -<br />
MITRA ADIPERKASA TBK PT<br />
ORD IDR500 1,653,000 161,000 1,814,000 - - 2,638,000 985,000 1,653,000<br />
51
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
NIPPON INDOSARI<br />
CORPINDO ORD IDR100 63,500 245,333 308,833 - - 63,500 - 63,500<br />
PETROSEA ORD IDR50 1,029,500 - 1,029,500 - - 1,029,500 - 1,029,500<br />
PT MATAHARI PUTRA PRIMA<br />
TBK (DEMAT) ORD IDR50 - 7,138,684 7,138,684 - - - - -<br />
SAKARI RESOURCES LTD<br />
ORD NPV 187,000 - 187,000 - - 187,000 - 187,000<br />
TEMPO SCAN PACIFIC ORD<br />
IDR 50 685,618 367,085 1,052,703 - - 685,618 - 685,618<br />
Korea<br />
COWAY CO LTD ORD<br />
KRW500 - 30,501 - 30,501 - - - -<br />
CROWN CONFECTIONERY<br />
CO ORD KRW5000 - 1,745 - 1,745 - - - -<br />
DONGBU INSURANCE CO<br />
LTD ORD KRW500 26,127 10,100 36,227 - 31,050 38,883 43,806 26,127<br />
GRAND KOREA LEISURE CO<br />
LTD ORD KRW500 77,243 - 77,243 - 89,360 55,283 67,400 77,243<br />
GS HOME SHOPPING INC<br />
ORD KRW5000 - - - - - 5,443 5,443 -<br />
HANDSOME CO LTD ORD<br />
KRW500 - - - - 33,058 9,540 42,598 -<br />
HYUNDAI DEPARTMENT<br />
STORE CO LTD ORD<br />
KRW5000 5,267 - 5,267 - 8,203 7,960 10,896 5,267<br />
HYUNDAI GREENFOOD CO<br />
LTD ORD KRW500 105,372 38,400 79,670 64,102 - 105,372 - 105,372<br />
HYUNDAI HOME SHOPPING<br />
NETWORK CORP ORD<br />
KRW5000 14,954 - 14,954 - - 16,298 1,344 14,954<br />
HYUNDAI MARINE & FIRE<br />
INSURANCE CO LTD ORD<br />
KRW500 39,110 580 39,690 - - 46,990 7,880 39,110<br />
KT SKYLIFE CO LTD ORD<br />
KRW2500 - 13,500 - 13,500 - - - -<br />
LG FASHION CORPORATION<br />
ORD KRW5,000 - - - - 33,660 18,020 51,680 -<br />
LG UPLUS CORP ORD<br />
KRW5000 - 108,480 - 108,480 - - - -<br />
LOTTE HIMART CO LTD ORD<br />
KRW5,000 - 24,469 - 24,469 - - - -<br />
OSSTEM IMPLANT CO LTD<br />
ORD KRW500 - 23,140 23,140 - - - - -<br />
PARADISE CO LTD ORD<br />
KRW500 - 41,719 - 41,719 - - - -<br />
PARTRON CO LTD ORD<br />
KRW500 - 36,268 - 36,268 - - - -<br />
SAMSUNG ENGINEERING CO<br />
LTD ORD KRW5000 - - - - 4,990 - 4,990 -<br />
52
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
As at<br />
For the year ended<br />
As at<br />
As at<br />
For the year ended<br />
As at<br />
STARS FUND<br />
1 July<br />
30 June 2013<br />
30 June<br />
1 July<br />
30 June 2012<br />
30 June<br />
2012<br />
2013<br />
2011<br />
2012<br />
Opening<br />
Closing<br />
Opening<br />
Closing<br />
Investments – Listed<br />
balance Additions Disposals<br />
balance<br />
balance Additions Disposals<br />
balance<br />
SOULBRAIN CO LTD ORD<br />
KRW500 - 38,165 30,600 7,565 - - - -<br />
YUHAN CORPORATION ORD<br />
KRW5000 - 6,666 - 6,666 - - - -<br />
Luxembourg<br />
CITIGROUP GLOBAL<br />
MARKETS HLDGS INC (TULIP<br />
TELECOM) CWTS 24/10/2012 - - - - 108,572 - 108,572 -<br />
CITIGROUP GLOBAL<br />
MARKETS HOLDINGS INC<br />
(YES BANK LTD) P-NOTE<br />
24/10/2012 - - - - - 232,092 232,092 -<br />
Malaysia<br />
MAH SING GROUP CALL WTS<br />
18/03/2018 - 140,160 140,160 - - - - -<br />
MAH SING GROUP ORD<br />
MYR0.5 - 1,209,100 127,500 1,081,600 - - - -<br />
MAH SING GROUP ORD<br />
MYR0.5 NIL PAID RTS<br />
08/03/2013 - - 233,600 - - - - -<br />
MEDIA PRIMA ORD MYR1 - 519,930 - 519,930 584,600 72,700 657,300 -<br />
QSR BRANDS BHD ORD<br />
MYR1 126,000 - 126,000 - 497,800 38,800 410,600 126,000<br />
Philippines<br />
MANILA WATER COMPANY<br />
ORD PHP1 1,887,500 71,000 1,958,500 - 1,829,100 328,600 270,200 1,887,500<br />
SECURITY BANK CORP ORD<br />
PHP10 323,332 127,696 451,028 - 384,580 195,372 256,620 323,332<br />
SEMIRARA MINING<br />
CORPORATION ORD PHP1 335,320 69,000 246,691 157,629 89,000 246,320 - 335,320<br />
Singapore<br />
EZION HOLDINGS LTD ORD<br />
NPV 513,000 740,075 535,744 717,331 - 513,000 - 513,000<br />
GENTING HONG KONG LTD<br />
ORD USD0.1 (SGX) - 1,577,000 - 1,577,000 - - - -<br />
M1 LTD ORD NPV - 247,000 - 247,000 - - - -<br />
OSIM INTERNATIONAL LTD<br />
ORD SGD0.05 - 1,169,104 - 1,169,104 - - - -<br />
STX OSV HOLDINGS LTD<br />
ORD NPV - - - - - 381,000 381,000 -<br />
Taiwan<br />
53
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
APEX BIOTECHNOLOGY ORD<br />
TWD10 256,751 26,876 283,627 - - 256,751 - 256,751<br />
APEX BIOTECHNOLOGY<br />
CORP NIL PAID RTS<br />
17/09/2012 - - 2,876 - - - - -<br />
CATCHER TECHNOLOGY CO<br />
LTD ORD TWD10 273,000 209,000 273,000 209,000 290,000 113,000 130,000 273,000<br />
CHAILEASE HOLDING CO<br />
LTD TWD10 200,000 207,000 407,000 - - 200,000 - 200,000<br />
KING SLIDE WORKS CO LTD<br />
ORD TWD10 - 145,000 10,000 135,000 - - - -<br />
KINGS TOWN BANK ORD<br />
TWD 10 - 574,000 - 574,000 - - - -<br />
LARGAN PRECISION CO LTD<br />
ORD TWD10 - 33,000 - 33,000 - - - -<br />
MAKALOT INDUSTRIAL CO<br />
LTD ORD TWD10 - 167,000 27,000 140,000 - - - -<br />
NOVATEK<br />
MICROELECTRONICS LTD<br />
ORD TWD10 - 124,000 - 124,000 - - - -<br />
POYA CO LTD ORD TWD10 - 138,000 - 138,000 - - - -<br />
RADIANT OPTO-<br />
ELECTRONICS CORP ORD<br />
TWD10 164,000 232,000 400,920 - - 164,000 - 164,000<br />
ST SHINE OPTICAL CO LTD<br />
ORD TWD10 60,077 82,084 26,000 116,161 94,841 29,000 63,764 60,077<br />
TAIWAN HON CHUAN<br />
ENTERPRISE CO LTD NIL<br />
PAID RTS 03/08/2011 - - - - - 22,937 22,937 -<br />
TAIWAN HON CHUAN<br />
ENTERPRISE CO LTD ORD<br />
TWD10 - - - - 317,840 48,937 366,777 -<br />
TPK HOLDING CO LTD ORD<br />
TWD10 36,284 - 36,284 - - 36,284 - 36,284<br />
TXC CORP ORD TWD10 - - - - 520,000 799 520,799 -<br />
WISTRON NEWEB<br />
CORPORATION ORD NPV - - - - 137,000 - 137,000 -<br />
Thailand<br />
CENTRAL PLAZA HOTEL PCL<br />
ORD THB1 (FR) - 1,424,569 1,424,569 - - - - -<br />
CENTRAL PLAZA HOTEL PCL<br />
ORD THB1 (LR) - 1,320,315 1,320,315 - - - - -<br />
DYNASTY CERAMIC PCL<br />
ORD THB1 (FR) - 405,800 - 405,800 - - - -<br />
HOME PRODUCT CENTER<br />
PCL ORD THB1 (LR) - - - - - 1,365,460 1,365,460 -<br />
HOME PRODUCTS CENTRE<br />
PCL ORD THB1 (FR) 813,474 - 813,474 - - 2,725,125 1,911,651 813,474<br />
54
MACQUARIE UNIT TRUST SERIES<br />
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)<br />
MACQUARIE ASIA NEW<br />
STARS FUND<br />
As at<br />
1 July<br />
2012<br />
For the year ended<br />
30 June 2013<br />
As at<br />
30 June<br />
2013<br />
As at<br />
1 July<br />
2011<br />
For the year ended<br />
30 June 2012<br />
As at<br />
30 June<br />
2012<br />
Investments – Listed<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
Opening<br />
balance Additions Disposals<br />
Closing<br />
balance<br />
JASMINE INTERNATIONAL<br />
PCL ORD THB0.5 (FR) - 16,362,281 11,607,000 4,755,281 - - - -<br />
ROBINSON DEPARTMENT<br />
STORE PCL ORD THB3.55<br />
(FR) 183,985 - 183,985 - - 772,100 588,115 183,985<br />
ROBINSON DEPARTMENT<br />
STORE PCL ORD THB3.55<br />
(LR) - - - - - 173,700 173,700 -<br />
SAMUI AIRPORT PROPERTY<br />
FUND (LR) - 1,703,700 250,000 1,453,700 - - - -<br />
SINO THAI ENGINEERING &<br />
CONSTRUCTION PCL ORD<br />
THB1 (FR) - 773,900 931,300 - - - - -<br />
SINO THAI ENGINEERING &<br />
CONSTRUCTION PCL ORD<br />
THB1 (LR) - 455,600 455,600 - - - - -<br />
United States of America<br />
HOLLYSYS AUTOMATION<br />
TECHNOLOGIES LTD COM<br />
USD0.0001 - 44,798 44,798 - - - - -<br />
55
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2012 TO 30 JUNE 2013<br />
PERFORMANCE RECORD (UN-AUDITED)<br />
a) Net asset value<br />
Macquarie IPO China Concentrated Core Fund<br />
At the end of the financial period<br />
Total net asset value<br />
US$<br />
Net asset value per unit (cum distribution)<br />
US$<br />
30 June 2013 31,323,817 Class A1: 4.0808<br />
Class A2: 8.6283<br />
30 June 2012 39,975,371 Class A1: 3.3724<br />
Class A2: 7.1305<br />
30 June 2011 56,379,321 Class A1: 4.9499<br />
Class A2: 10.4658<br />
30 June 2010 75,294,352 Class A1: 4.4746<br />
Class A2: 9.4608<br />
30 June 2009 89,852,831 4.1914<br />
30 June 2008 169,319,419 9.2616<br />
Macquarie IPO China Gateway Fund<br />
At the end of the financial period<br />
Total net asset value<br />
US$<br />
Net asset value per unit (cum distribution)<br />
US$<br />
30 June 2013 59,458,933 Class A1: 7.1664<br />
Class A2: 10.4132<br />
Class A3: 82.3180 (HKD)<br />
30 June 2012 56,759,112 Class A1: 5.5194<br />
Class A2: 8.0201<br />
Class A3: 63.3920 (HKD)<br />
30 June 2011 98,516,926 Class A1: 8.0157<br />
Class A2: 11.6473<br />
Class A3: 92.3840 (HKD)<br />
30 June 2010 113,716,664 Class A1: 6.9339<br />
Class A2: 10.0754<br />
30 June 2009 112,121,037 6.0751<br />
30 June 2008 163,937,365 6.9277<br />
Macquarie Asia New Stars Fund<br />
At the end of the financial period<br />
Total net asset value<br />
US$<br />
Net asset value per unit (cum distribution)<br />
US$<br />
30 June 2013 58,615,706 Class A1: 13.7745<br />
Class A2: 19.5054<br />
Class I: 17.3606<br />
30 June 2012 41,294,786 Class A1: 10.3156<br />
Class A2: 14.6074<br />
Class I: 12.7763<br />
30 June 2011 34,406,291 Class A1: 12.8599<br />
Class A2: 18.2102<br />
Class I: 15.6512<br />
30 June 2010 14,705,580 Class A1: 8.8887<br />
Class A2: 12.5671<br />
Class I: 10.5319<br />
30 June 2009 8,559,430 6.0668<br />
30 June 2008 13,115,608 7.102<br />
56
MACQUARIE UNIT TRUST SERIES<br />
FOR THE PERIOD FROM 1 JULY 2012 TO 30 JUNE 2013<br />
PERFORMANCE RECORD (UN-AUDITED) (Continued)<br />
b) Performance record since inception<br />
Macquarie IPO China Concentrated Core Fund<br />
For the financial period ended<br />
Highest issue price per unit<br />
US$<br />
Lowest redemption price per unit<br />
US$<br />
30 June 2013 Class A1: 4.383<br />
Class A2: 9.267<br />
Class A1: 3.132<br />
Class A2: 6.623<br />
30 June 2012 Class A1: 4.998<br />
Class A2: 10.566<br />
Class A1: 3.196<br />
Class A2: 6.759<br />
30 June 2011 Class A1: 5.911<br />
Class A2: 12.361<br />
Class A1: 4.343<br />
Class A2: 9.184<br />
30 June 2010 Class A1: 5.144<br />
Class A2: 10.851<br />
Class A1: 4.015<br />
Class A2: 8.676<br />
30 June 2009 4.320 2.074<br />
30 June 2008 15.249 8.355<br />
30 June 2007 11.535 9.911<br />
Macquarie IPO China Gateway Fund<br />
For the financial period ended<br />
Highest issue price per unit<br />
US$<br />
Lowest redemption price per unit<br />
US$<br />
30 June 2013 Class A1: 7.633<br />
Class A2: 11.091<br />
Class A3: 87.737 (HKD)<br />
Class A1: 5.138<br />
Class A2: 7.466<br />
Class A3: 59.016 (HKD)<br />
30 June 2012 Class A1: 8.114<br />
Class A2: 11.790<br />
Class A3: 93.502 (HKD)<br />
Class A1: 5.122<br />
Class A2: 7.443<br />
Class A3: 59.059 (HKD)<br />
30 June 2011 Class A1: 9.500<br />
Class A2: 13.561<br />
Class A3: 106.361 (HKD)<br />
Class A1: 6.716<br />
Class A2: 9.759<br />
Class A3: 88.318 (HKD)<br />
30 June 2010 Class A1: 7.921<br />
Class A2: 11.424<br />
Class A1: 5.912<br />
Class A2: 8.858<br />
30 June 2009 6.264 2.919<br />
30 June 2008 11.621 6.579<br />
Macquarie Asia New Stars Fund<br />
For the financial period ended<br />
Highest issue price per unit<br />
US$<br />
Lowest redemption price per unit<br />
US$<br />
30 June 2013 Class A1: 14.889<br />
Class A2: 21.091<br />
Class I: 18.849<br />
Class A1: 9.971<br />
Class A2: 14.119<br />
Class I: 12.365<br />
30 June 2012 Class A1: 13.497<br />
Class A2: 19.114<br />
Class I: 16.527<br />
Class A1: 9.430<br />
Class A2: 13.353<br />
Class I: 11.529<br />
30 June 2011 Class A1: 13.210<br />
Class A2: 18.693<br />
Class I: 16.079<br />
Class A1: 8.731<br />
Class A2: 12.344<br />
Class I: 10.346<br />
30 June 2010 Class A1: 9.421<br />
Class A2: 13.286<br />
Class I: 11.024<br />
Class A1: 6.008<br />
Class A2: 9.123<br />
Class I: 10.000<br />
30 June 2009 6.915 2.923<br />
30 June 2008 10.000 7.032<br />
57