17242910-b0d3-11e2-9158-0019bbe542dc 1.2

MACQUARIE FUND SOLUTIONS
Socie´te´ d’Investissement a` Capital Variable (SICAV), Luxembourg UNAUDITED SEMI-ANNUAL REPORT
AS AT MARCH 31, 2013
No subscription can be accepted on the basis of the financial reports. Subscriptions are only valid if they are made on the basis of the latest published Key Investor Information Documents and prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
CONTENTS
Statement of Net Assets as at March 31, 2013 Statement of Operations and Changes in Net Assets for the Period ended March 31, 2013 Changes in the Number of Shares for the Period ended March 31, 2013 Statements of Investments as at March 31, 2013 Macquarie Fund Solutions – Macquarie Asia New Stars Fund Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund Notes to the Financial Statements as at March 31, 2013 MANAGEMENT AND ADMINISTRATION
Registered Office of the Company
Board of Directors of the Management Company
(continued)
Directors of the Company
Director (non-executive)Director of Companies Chairman, Division Director, Macquarie Funds Group, Associate Director, Macquarie Funds Group, Associate Director, Macquarie Funds Group, Management Company
Conducting Persons of the Management Company
Board of Directors of the Management Company
Chairman
Kevin BrownHead of Global Product Management MANAGEMENT AND ADMINISTRATION (continued)
Custodian and Central Administration Agent
Sub-Investment Manager
Macquarie Funds Management Hong Kong Limited Level 18, One International Finance Centre, Distributor
Switzerland Paying Agent
(authorised and regulated by the FinancialServices Authority) Germany Paying and Information Agent
PricewaterhouseCoopers, Socie´te´ coope´rative Legal Adviser in Luxembourg
Austrian Paying Agent and Tax Representative
Switzerland Representative
Swedish Paying Agent
Investment Manager
United Kingdom Facilities Agent
INFORMATION TO SHAREHOLDERS
Publication of Prices
The Net Asset Value per Share of each Class, as well as the Issue Price and Redemption Price, may be obtained from theregistered office of the Company, from the Paying Agent in each jurisdiction and any newspaper or website the Directors The financial year of the Company ends on September 30 in each year.
The audited annual reports and the unaudited semi-annual reports comprise consolidated financial statements of the Company expressed in Euro, being the Reference Currency of the Company, and financial information on each Sub-Fund expressed in the Reference Currency of each Sub-Fund.
Meetings
The annual general meeting of Shareholders is held at the registered office of the Company in Luxembourg (or any otherplace indicated in the convening notice) on the last Wednesday of the month of February of each year at 2 p.m.
(Luxembourg time) or, if any such day is not a Business Day, on the immediately preceding Business Day.
Notices of all general meetings are published in the Me´morial to the extent required by Luxembourg law and in such othernewspapers as the Directors shall determine. Such notices include the agenda and specify the time and place of the meeting and the conditions of admission, and will refer to the requirements of Luxembourg law with regard to the necessaryquorum and majorities required for the meeting. The requirements as to attendance, quorum and majorities at all general meetings will be those laid down in the law of August 10, 1915 (as amended) of the Grand Duchy of Luxembourg and in the Documents available for inspection
Copies of the following documents are available for inspection during business hours on each Business Day at theregistered office of the Company in Luxembourg: – the material contracts referred in the current Prospectus.
Copies of the Articles, current Prospectus, KIIDs (Key Investor Information Documents) and the latest Reports may be obtained free of charge at the registered office of the Company and on www.macquariefunds.de.
RBS (Luxembourg) S.A. acts as a Management Company for other investment funds. A list of these may be obtained, by request, at the Registered Office of the Management Company.
Portfolio movements
A detailed schedule of portfolio movements is available free of charge upon request at the registered office of the Company, the Paying Agent in each jurisdiction and from the Swiss Representative.
STATEMENT OF NET ASSETS AS AT MARCH 31, 2013
Assets
Investment portfolio at market value
Total assets
252,327,719
91,622,974 267,853,511
Liabilities
Bank overdraft
Total liabilities
6,792,772
5,437,557
Net assets at the end of the period
245,534,947
91,433,379 262,415,954
Net asset value per share
Number of shares outstanding
The accompanying notes form an integral part of these financial statements.
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS FOR THE PERIOD ENDED MARCH 31, 2013
Net assets at the beginning of the period
72,331,769
3,771,489
59,265,836
Income
Dividends, net
Total income
Expenses
Management fees
Domiciliation, Administration and Transfer Agent fees Audit, printing, publication and legal expenses Total expenses
1,822,708
1,667,104
Net income/(loss) from investments
(1,412,601)
(1,053,016)
Net realised gain
2,148,707
1,846,979
Change in net unrealised appreciation/(depreciation):- on investments Net increase in net assets as a result of operations
21,309,862
3,105,186
19,013,355
Evolution of the capital
Subscriptions of shares
Net assets at the end of the period
245,534,947
91,433,379 262,415,954
* The opening balance was combined using the foreign exchange rate as at March 31, 2013. The same net assets when combined using the foreignexchange rate ruling as at September 30, 2012 reflected a figure of EUR 59,155,273.
The accompanying notes form an integral part of these financial statements.
CHANGES IN THE NUMBER OF SHARES FOR THE PERIOD ENDED MARCH 31, 2013
Class A (USD)
Number of shares outstanding at the beginning of the period
Number of shares outstanding at the end of the period Class A (EUR)
Number of shares outstanding at the beginning of the period Number of shares outstanding at the end of the period Class A (CHF)
Number of shares outstanding at the beginning of the period
Number of shares outstanding at the end of the period Class A (SEK)
Number of shares outstanding at the beginning of the period Number of shares outstanding at the end of the period Class A (SGD)
Number of shares outstanding at the beginning of the period
Number of shares outstanding at the end of the period Class C (USD)
Number of shares outstanding at the beginning of the period Number of shares outstanding at the end of the period Class C (EUR)
Number of shares outstanding at the beginning of the period
Number of shares outstanding at the end of the period Class C (SEK)
Number of shares outstanding at the beginning of the period Number of shares outstanding at the end of the period Class F (SEK)
Number of shares outstanding at the beginning of the period Number of shares outstanding at the end of the period The accompanying notes form an integral part of these financial statements.
STATISTICS AS AT MARCH 31, 2013
Total Net Asset Value
NAV per share at the end of the year/period
March 31, 2013
September 30, 2012
September 30, 2011
The accompanying notes form an integral part of these financial statements.
Macquarie Fund Solutions – Macquarie Asia New Stars Fund
STATEMENT OF INVESTMENTS AS AT MARCH 31, 2013
(expressed in USD)
Transferable securities admitted to an official stock exchange listing or dealt on another regulated market
Bermuda Islands
Cayman Islands
Hong Kong
Indonesia
Luxembourg
Malaysia
Philippines
The accompanying notes form an integral part of these financial statements.
Macquarie Fund Solutions – Macquarie Asia New Stars Fund
STATEMENT OF INVESTMENTS AS AT MARCH 31, 2013 (continued)
(expressed in USD)
Singapore
South Korea
Thailand
Total Shares
183,834,016
206,297,940
Investment Funds
Thailand
Total Investment Funds
3,516,484
3,912,713
Total transferable securities admitted to an official stock exchange listing
or dealt on another regulated market
187,350,500
210,210,653
Other transferable securities
Warrants
Australia
The accompanying notes form an integral part of these financial statements.
Macquarie Fund Solutions – Macquarie Asia New Stars Fund
STATEMENT OF INVESTMENTS AS AT MARCH 31, 2013 (continued)
(expressed in USD)
Malaysia
Total Warrants
23,259,472
23,675,353
Total other transferable securities
23,259,472
23,675,353
TOTAL INVESTMENTS
210,609,972
233,886,006
TOTAL NET ASSETS
245,534,947
The accompanying notes form an integral part of these financial statements.
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund
STATEMENT OF INVESTMENTS AS AT MARCH 31, 2013
(expressed in USD)
Transferable securities admitted to an official stock exchange listing or dealt on another regulated market
Australia
Bermuda Islands
Cayman Islands
Fraport AG Frankfurt Airport Services Worldwide Great Britain
The accompanying notes form an integral part of these financial statements.
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund
STATEMENT OF INVESTMENTS AS AT MARCH 31, 2013 (continued)
(expressed in USD)
Hong Kong
China Merchants Holdings International Co Ltd Societa Iniziative Autostradali e Servizi SpA Netherlands
Switzerland
United States
Total Shares
83,961,502
87,049,167
The accompanying notes form an integral part of these financial statements.
Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund
STATEMENT OF INVESTMENTS AS AT MARCH 31, 2013 (continued)
(expressed in USD)
Investment Funds
Australia
Total Investment Funds
Total transferable securities admitted to an official stock exchange listing
or dealt on another regulated market
84,388,955
87,505,542
TOTAL INVESTMENTS
84,388,955
87,505,542
TOTAL NET ASSETS
91,433,379
The accompanying notes form an integral part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 2013
Note 1 – General
MACQUARIE FUND SOLUTIONS (the "Company") was incorporated as an open-ended investment company (Socie´te´ d’Investissement a` Capital Variable – SICAV) registered under Part I of Luxembourg Law of December 17, 2010 relating toundertakings for collective investment (the ‘‘Law of 2010’’) with multiple sub-funds and offers investors a choice between several classes of shares (each a "Class") in a number of sub-funds (each a "Sub-Fund").
The duration of the Company is indefinite. The duration of the Sub-Funds may be limited. The initial capital on incorporationwas EUR 31,000. On incorporation all the Shares representing the initial capital were subscribed for and were fully paid.
The capital of EUR 1,250,000 was reached within a period of six months following the authorisation of the Company.
The Company has appointed RBS (Luxembourg) S.A. as management company authorised in accordance with chapter 15 of the Law of 2010. The Company is registered with the ‘‘Registre de Commerce et des Socie´te´s’’ of Luxembourg under the number B 143.751. The Articles were published in the ‘‘Me´morial C, Recueil des Socie´te´s et Associations’’ (the ‘‘Me´morial’’)on January 23, 2009.
The capital of the Company will always be equal to the value of its net assets. The Shares are of no par value and must be issued fully paid. The Shares carry no preferential or pre-emption rights and each Share is entitled to one vote at allmeetings of Shareholders. The Board of Directors may authorise the creation of additional sub-funds / share classes in the The Company offers investors, within the same investment vehicle, a choice between several Sub-Funds, which are managed separately and are distinguished principally by their specific investment policy and/or by the currency in which As at March 31, 2013, the Company offers two Sub-Funds, each of which constitutes a separate portfolio. The Sub-Funds – Macquarie Fund Solutions – Macquarie Asia New Stars Fund (launched on May 31, 2011); – Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund (launched on January 28, 2010).
In each Sub-Fund, the Company may issue shares in the following categories: – Class A Shares: available to all investors; – Class C Shares: available to professional or institutional investors;– Class F Shares: available to all investors; – Class J Shares: available to, and can only be acquired by Japanese Fund of Funds, which are institutional investors. This share class is not active as at March 31, 2013.
Note 2 – Significant Accounting Policies
The financial statements of the Company are prepared in accordance with Luxembourg regulations relating to undertakings Calculation of Net Asset Value
The Net Asset Value per Share of each Class will be determined and made available in the Reference Currency of the relevant Class by the Central Administration Agent as of each Valuation Day in respect of the relevant Sub-Fund.
NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 2013 (continued)
Note 2 – Significant Accounting Policies (continued)
The Net Asset Value per Share as of any Valuation Day will be calculated to four decimal places in the Reference Currencyof the relevant Class by dividing the Net Asset Value of the Class by the number of Shares in issue in such Class as of that Valuation Day. The Net Asset Value of each Sub-Fund will be determined by deducting from the total value of the assetsattributable to the relevant Sub-Fund, all accrued debts and liabilities attributable to that Sub-Fund, without prejudice to the fact that as a result of certain currency hedging techniques and instruments which may be used in relation to certain Classes within a Sub-Fund, the Net Asset Value of such Classes will take into account the impact of the use of suchtechniques and instruments. To the extent feasible, all known and recurring expenses, fees and income will be accrued as Assets and liabilities of the Sub-Funds will be valued as of each Valuation Day in accordance with the following principles: a) Securities or money market instruments quoted or traded on an official stock exchange or any other Regulated Market are valued on the basis of: (i) the closing price of the relevant stock exchange or Regulated Market on theValuation Day; (ii) if the securities or money market instruments are listed on several stock exchanges or Regulated Markets, the closing price of the stock exchange or Regulated Market on the Valuation Day which is the principalmarket for the security or money market instrument in question; or (iii) if the closing price of securities or money market instruments quoted or traded on an official stock exchange or any other Regulated Market in Asia or Oceania on the Valuation Day is not representative, their last known price at the time the Net Asset Value is determined inrelation to such Valuation Day.
b) For securities or money market instruments not quoted or traded on an official stock exchange or any other Regulated Market, and for quoted securities or money market instruments, but for which the last known price is notrepresentative, valuation is based on the probable sales price estimated prudently and in good faith by the Directors.
c) Units/shares issued by open-ended investment funds shall be valued at their last available net asset value.
d) The liquidating value of futures, forward or options contracts or other financial derivatives traded on exchanges or on other Regulated Markets shall be based upon the last available settlement prices of these contracts on exchanges and Regulated Markets on which the particular futures, forward or options contracts or other financial derivatives aretraded; provided that if a futures, forward or options contract or other financial derivative could not be liquidated on such Valuation Day with respect to which a Net Asset Value is being determined, then the basis for determining the liquidating value of such contract or other financial derivative shall be such value as the Directors may, in good faithand pursuant to verifiable valuation procedures, deem fair and reasonable. The liquidating value of futures, forward or options contracts or other financial derivatives that are not traded on exchanges or on other Regulated Markets shallbe determined pursuant to the policies established in good faith by the Directors, on a basis consistently applied.
e) Liquid assets and money market instruments with a maturity of less than 12 months may be valued at nominal value plus any accrued interest or using an amortised cost method (it being understood that the method which is morelikely, in the opinion of the Directors, to represent the fair market value will be retained). This amortised cost method may result in periods during which the value deviates from the price the relevant Sub-Fund would receive if it sold the investment. The Management Company may, from time to time, assess this method of valuation and recommendchanges, where necessary, to ensure that such assets will be valued at their fair value as determined in good faith pursuant to procedures established by the Directors. If the Directors believe that a deviation from the amortised costper Share may result in material dilution or other unfair results to Shareholders, the Directors shall take such corrective action, if any, as they deem appropriate, to eliminate or reduce, to the extent reasonably practicable, the f) Swap transactions will be consistently valued based on a calculation of the net present value of their expected cash flows. For certain Sub-Funds using OTC derivatives as part of their main investment policy and insofar the valuationof such OTC derivatives shall diverge from the foregoing, the valuation method of the OTC derivative will be further specified in the description of the relevant Sub-Fund in Annex A of the Prospectus.
g) Accrued interest on securities shall be included if it is not reflected in the share price of the relevant securities.
NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 2013 (continued)
Note 2 – Significant Accounting Policies (continued)
h) Cash shall be valued at nominal value, plus accrued interest.
All assets denominated in a currency other than the Reference Currency of the respective Sub-Fund shall be converted at the mid-market conversion rate between such Reference Currency and the currency of denomination.
The following exchange rates are used to convert the investments and other assets and liabilities denominated in currencies other than the Reference Currency of the Sub-Fund at March 31, 2013: All other securities and other permissible assets as well as any of the above mentioned assets for which the valuation in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of their fair value, in each case, in the opinion of the Directors, will be valued in such a manner, as is determined in goodfaith pursuant to procedures established by the Directors.
k) The combined figures of the Company are expressed in Euro (‘‘EUR’’) and include the total of the financial statements of the different Sub-Funds. For the Statement of Net Assets and the Statement of Operations and Changes in Net Assets, the exchange rate prevailing on March 31, 2013 is: These figures are presented for information purposes only.
If a Sub-Fund is primarily invested in markets which are closed for business at the time the Sub-Fund is valued, the Directors may, during periods of market volatility, and by derogation from the provisions above, allow for the Net AssetValue per Share to be adjusted to reflect more accurately the fair value of the Sub-Fund’s investments at the relevant point The Management Company has delegated to the Central Administration Agent the determination of the Net Asset Valueand the Net Asset Value per Share.
Income from Investments
Dividends are shown net of withholding tax deducted at source, and are recorded as income on the ex-dividend date.
Interest income is accrued on a daily basis.
Realised Gains and Losses on Sales of Investments in Securities
Investments in securities are accounted for on a trade date basis. Realised gains and losses on sales of investments insecurities are usually determined on the average cost basis and include transaction costs.
NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 2013 (continued)
Note 3 – Fees and Expenses
Management Fees
In payment for carrying out its duties and responsibilities, the Management Company is entitled to receive an annual fee out of the net assets of each Sub-Fund. In payment for providing investment management services, Macquarie Investment Management Limited is entitled to receive an annual fee out of the net assets of the Sub-Fund for which it acts asinvestment manager. The fees paid to the Management Company and the Investment Manager in respect of a Sub-Fund shall, when combined, not exceed the level set out in the description of the relevant Sub-Fund in the prospectus.
The Management Company and each Investment Manager may be reimbursed for reasonable out-of-pocket expenses relating to the services it provides. An Investment Manager may pay part of its fee to Sub-Investment Managers, authorized intermediaries or other service providers acting on behalf of the Company.
The Management Fees, the Service Fee and the Custodian and Central Administration Agent Fee are expressed as a percentage per annum of Net Asset Value of the relevant share Class. The Management Fees are accrued on a daily basis For the period ended March 31, 2013 the Management Fees per share are up to the documented annual rates: A Share Class C Share Class F Share Class
Macquarie Fund Solutions – Macquarie Asia New Stars Fund Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund Service Fee
In consideration for its ongoing distribution and marketing services in relation to investors and intermediaries, the Distributoris entitled to receive an annual fee out of the net assets of each Sub-Fund (the ‘‘Service Fee"). The Service Fee paid to the Distributor in respect of a Sub-Fund shall not exceed the level set out in the description of the relevant Sub-Fund. The Distributor may be reimbursed for reasonable out-of-pocket expenses relating to the services it provides. The Service Fee isaccrued on a daily basis and is payable monthly in arrears.
For the period ended March 31, 2013 the Service Fee per Share is up to the documented annual rates: A Share Class C Share Class F Share Class
Macquarie Fund Solutions – Macquarie Asia New Stars Fund Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund Custodian and Central Administration Agent Fee
In payment for carrying out its duties and responsibilities as custodian of the assets of the Company and as a service provider to the Company, the Custodian and Central Administration Agent is entitled to receive an annual fee out of the netassets of each Sub-Fund. The fee paid to the Custodian and the Central Administration Agent in respect of a Sub-Fund shall not exceed the level set out in the description of the relevant Sub-Fund.
The Custodian and Central Administration Agent will be reimbursed for reasonable out-of-pocket expenses relating to theservices it provides to the Company.
The Custodian and Central Administration Agent Fees are accrued on a daily basis, are applicable to all Classes, arepayable monthly in arrears and should not exceed 0.40% per annum with a minimum of 35,000 EUR per annum (the difference above 0.40% being taken into account in the reimbursement of fees explained in Note 5).
NOTES TO THE FINANCIAL STATEMENTS AS AT MARCH 31, 2013 (continued)
Note 3 – Fees and Expenses (continued)
Other costs and expenses
The other costs charged to the Company or to the different Sub-Funds or Classes include: – The costs of establishing the Company and the Sub-Funds. The costs and expenses of establishing the Company and creating Sub-Funds may be capitalised and amortised over a period not exceeding 5 years.
– The fees and remuneration of Directors, auditors and legal advisors, the costs of preparing, printing and distributing all prospectuses, memoranda, reports and other necessary documents concerning the Company, any fees and expenses involved in registering and maintaining the registration of the Company with any governmental agencyand stock exchange, the costs of publishing prices and the operational expenses, the reimbursement of any costs to the Management Company, the Custodian and other third parties and the cost of holding directors or shareholders’ meetings. The remuneration payable to each Director shall not exceed EUR 10,000 p.a. and shallcorrespond for each Director to the amount and method of payment, as determined by the annual general meeting of Shareholders. The reimbursement of any costs to the Management Company, the Custodian and other thirdparties shall be limited to any out-of-pocket expenses arising in the performance of the agreements entered into by the Company with the relevant service provider.
– The out of pocket expenses of the Company, including: stamp duties, taxes, commission and other dealing costs; registration fees in relation to investments; fees of service providers and fees incurred in places where the Company or a Sub-Fund is registered.
Note 4 – Taxation
Under current law and practice, the Company is not liable to any Luxembourg income tax, nor are dividends (if any) paid by the Company liable to any Luxembourg withholding tax.
However, each Sub-Fund is liable in Luxembourg to a taxe d’abonnement of 0.05% per annum of its net assets, such taxbeing payable quarterly and calculated on the Net Asset Value of the Sub-Fund at the end of the relevant quarter. The reduced taxe d’abonnement rate of 0.01% per annum will be applicable to Classes of Shares which are reserved forInstitutional Investors. The value of the assets of the Company represented by shares held in other Luxembourg investment funds, provided such shares have already been subject to the taxe d’abonnement, are exempt from the taxe d’abonnement.
No stamp duty or other tax is payable in Luxembourg on the issue of Shares.
Under current law and practice, no Luxembourg capital gains tax will be payable on the realised or unrealised capital appreciation of the assets of the Company.
Note 5 – Reimbursement of fees
Reimbursement of fees is represented by an annual expense budget adjustment of the overall accrued fees as discussedwith the Promoter and the Administrator.
Macquarie Bank International Limited has agreed to bear any normal operational charges and expenses (Administration fees, Domiciliary Agent fees, Financial Reporting fees, Daily Tax calculation fees) above 0.65% on each Sub-Fund perannum of the average net asset value of the Sub-Funds. Such excess will not be reflected in the net asset value of the Note 6 – Subsequent Events
OTHER INFORMATION
Portfolio Turnover Rate (PTR)
The Portfolio Turnover Rates (PTR) are calculated in accordance with the Swiss Funds Association (SFA) Circular onGuidelines on the calculation and disclosure of PTR, dated May 16, 2008.
The Portfolio Turnover Rates of the Sub-Funds are as follows: Macquarie Fund Solutions – Macquarie Asia New Stars Fund Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund Portfolio Turnover Rate = [(Total1 - Total2) / M] x 100 Total 1 = total securities transactions during the period or X + Y where X = purchases of securities and Y = sales ofsecurities.
Total 2 = total transactions of shares during the period or S + T where S = total subscriptions of shares and T = total redemptions of shares.
M = average net assets.
Total Expense Ratio (TER)
The Total Expense Ratio (TER) is calculated in accordance with the CSSF Circular 2003/122 issued The Total Expense Ratios for the period ended March 31, 2013 are as follows (all the data are expressed withoutperformance fees since none of the Share Classes had performance fees for the period): Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (EUR) Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (SEK) Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (SGD) Macquarie Fund Solutions – Macquarie Asia New Stars Fund A (USD) Macquarie Fund Solutions – Macquarie Asia New Stars Fund C (USD) Macquarie Fund Solutions – Macquarie Asia New Stars Fund C (EUR) Macquarie Fund Solutions – Macquarie Asia New Stars Fund C (SEK) Macquarie Fund Solutions – Macquarie Asia New Stars Fund F (SEK) Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund A (USD) Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund A (EUR) Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund A (CHF) Macquarie Fund Solutions – Macquarie Global Listed Infrastructure Fund C (USD) The TER expresses the sum of all costs and commissions charged on an ongoing basis to each class of shares (operating expenses) taken retrospectively as a percentage of their net assets, and is in principle calculated using the followingformula:

Source: http://www.macquarie.de/dafiles/Internet/mgl/de/mfg/en/docs/MFS_SAR_1303_f_ENG.pdf