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					                                   MACQUARIE UNIT TRUST SERIES
                  REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR
                                ENDED 30 JUNE 2011




Investments in the Macquarie Unit Trust Series are not deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583
542 (“Macquarie”) or any Macquarie Group company and are subject to investments risk, including possible delays in
repayment and loss of income and capital invested. None of Macquarie or any other Macquarie Group company guarantees
the performance of the Macquarie Unit Trust Series, the repayment of capital from the Macquarie Unit Trust Series or any
particular rate of return.
                                                                         003867728 FANL AD4 JCCH RPT
MACQUARIE UNIT TRUST SERIES


TABLE OF CONTENTS



MANAGEMENT AND ADMINISTRATION ............................................................................................................... 1
STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE .................................................. 2
REPORT OF THE TRUSTEE TO THE UNITHOLDERS ........................................................................................... 3
INDEPENDENT AUDITOR’S REPORT ................................................................................................................... 4
STATEMENTS OF COMPREHENSIVE INCOME .................................................................................................... 6
STATEMENTS OF FINANCIAL POSITION ............................................................................................................. 8
STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS ........................................ 10
STATEMENTS OF CASH FLOWS ........................................................................................................................ 12
NOTES TO THE FINANCIAL STATEMENTS ........................................................................................................ 14
  1   The Fund and the Sub-Funds ................................................................................................................ 14
  2   Summary of significant accounting policies......................................................................................... 14
  3   Net assets attributable to unitholders................................................................................................... 18
  4   Financial risk management ................................................................................................................... 18
  5   Cash and cash equivalents ................................................................................................................... 26
  6   Financial assets held at fair value through profit or loss ..................................................................... 26
  7   Net gains/(losses) on financial instruments held at fair value through profit or loss .......................... 27
  8   Related party transactions/transactions with the Trustee, the Manager and their connected persons27
  9   Taxation ................................................................................................................................................. 31
  10  Soft commission arrangements ............................................................................................................ 31
  11  Units ...................................................................................................................................................... 32
  12  Contingent assets and liabilities and commitments ............................................................................. 32
  13  Events occurring after year end ............................................................................................................ 32
  14  Approval of financial statements .......................................................................................................... 32
INVESTMENT PORTFOLIO (UN-AUDITED) ......................................................................................................... 33
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)................................................... 40
PERFORMANCE RECORD (UN-AUDITED) ......................................................................................................... 60
MACQUARIE UNIT TRUST SERIES


MANAGEMENT AND ADMINISTRATION



Directors of the Manager                          Trustee and Registrar

John Charles Bugg                                 HSBC Trustee (Cayman) Limited
Paul Wai Hung Li                                  P.O. Box 484
Damon Richard Hambly                              HSBC House
Robert Hector John Spence (resigned 29 July       68 West Bay Road
2011)                                             Grand Cayman KY1-1106
                                                  Cayman Islands



Manager                                           Service Provider to the Trustee

Macquarie Funds Management Hong Kong              HSBC Institutional Trust Services (Asia)
Limited                                           Limited
Level 18, One International Finance Centre        No 1 Queen’s Road
1 Harbour View Road                               Central
Central, Hong Kong                                Hong Kong



Sub-Manager                                       Auditor

MQ Portfolio Management Limited                   Ernst & Young Ltd
(ABN 55 092 552 611)                              62 Forum Lane, Camana Bay
Mezzanine Level, No. 1 Martin Place               P.O. Box 510
Sydney, NSW 2000                                  Grand Cayman, KY1-1106
Australia                                         Cayman Islands


Legal Advisors

As to matters of Cayman Islands law               As to matters of Hong Kong law

Maples and Calder                                 Deacons
53rd Floor, The Center                            5th, Floor, Alexandra House
99 Queen's Road Central                           16-20 Chater Road
Hong Kong                                         Central
                                                  Hong Kong




                                              1
MACQUARIE UNIT TRUST SERIES


STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE


Manager’s responsibilities

 The Manager of the Macquarie IPO China Concentrated Core Fund, Macquarie IPO China Gateway
 Fund, Macquarie Asia New Stars Fund, China Agriculture Commodity Index Fund, Macquarie Asia
 Infrastructure Equity Fund and the Macquarie Global Thematic Resources Fund (each a sub-fund of
 Macquarie Unit Trust Series (collectively the “Fund” and individually the “Sub-Funds”)) is required by the
 Code on Unit Trusts and Mutual Funds established by the Securities and Futures Commission of Hong
 Kong (the “SFC Code”) and the Trust Deed dated 23 January 2007 (the “Trust Deed”) to prepare financial
 statements for each annual accounting period which give a true and fair view of the financial position of
 each of the Sub-Funds at the end of that period and of the transactions for the period then ended. In
 respect of these financial statements the Manager is required to:

      select suitable accounting policies and then apply them consistently;
      make judgments and estimates that are prudent and reasonable; and
      prepare or arrange for the preparation of the financial statements on the basis that each of the Sub-
      Funds will continue in operation unless it is inappropriate to presume this.

 The Manager is also required to manage the Fund in accordance with the Trust Deed and take
 reasonable steps for the prevention and detection of fraud and other irregularities.

 The Fund is an umbrella unit trust governed by its Trust Deed. As at 30 June 2011, the Fund had
 established the following Sub-Funds that are authorized by the Securities and Futures Commission of
 Hong Kong:

      Macquarie IPO China Concentrated Core Fund
      Macquarie IPO China Gateway Fund
      Macquarie Asia New Stars Fund

As at 30 June 2011, the Fund had established the following Sub-Funds that are not authorized by the
Securities and Futures Commission of Hong Kong and are not available to Hong Kong residents:

      China Agriculture Commodity Index Fund
      Macquarie Asia Infrastructure Equity Fund
      Macquarie Global Thematic Resources Fund

This financial report presents the Sub-Funds authorized by the Securities and Futures Commission of Hong
Kong. The Sub-Funds not authorized by the Securities and Futures Commission of Hong Kong prepare
separate financial reports.

Trustee’s responsibilities

 The Trustee of the Fund and the Sub-Funds is required to:

      ensure that the Fund and the Sub-Funds are managed by the Manager in accordance with the Trust
      Deed and that the investment and borrowing powers are complied with;
      satisfy itself that sufficient accounting and other records have been maintained;
      safeguard the property of the Fund and the Sub-Funds and rights attaching thereto; and
      report to the unitholders for each annual accounting year on the conduct of the Manager in the
      management of the Fund and the Sub-Funds.




                                                    2
                                                                              Ernst & Young Ltd.
                                                                              62 Forum Lane
                                                                              Camana Bay
                                                                              P.O. Box 510
                                                                              Grand Cayman KY1-1106
                                                                              Cayman Islands
                                                                              Tel: + 1 345 949 8444
                                                                              Fax: + 1 345 949 8529
                                                                              www.ey.com




                                     Independent Auditors’ Report

The Trustee
Macquarie Unit Trust Series – Macquarie IPO China Concentrated Core Fund
Macquarie Unit Trust Series – Macquarie IPO China Gateway Fund
Macquarie Unit Trust Series – Macquarie Asia New Stars Fund

We have audited the accompanying financial statements of Macquarie Unit Trust Series – Macquarie IPO
China Concentrated Core Fund, Macquarie Unit Trust Series – Macquarie IPO China Gateway Fund and
Macquarie Unit Trust Series – Macquarie Asia New Stars Fund (the “Funds”) which comprise the statement of
financial position as at June 30, 2011, and the statement of comprehensive income, statement of changes in net
assets attributable to unitholders and statement of cash flows for the year then ended, and a summary of
significant accounting policies and other explanatory notes.

This report is made solely to the trustee, as a body. Our audit work has been undertaken so that we might state
to the trustee those matters we are required to state to them in an auditors’ report and for no other purpose. To
the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Fund
and the trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance
with International Financial Reporting Standards, and for such internal control as management determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with International Standards on Auditing. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.




                                                       4
                                                                              A member firm of Ernst & Young Global Limited
                             Independent Auditors’ Report (continued)

Auditors’ Responsibility (continued)

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.

Opinion

In our opinion, the financial statements give a true and fair view of the financial position of Macquarie Unit
Trust Series – Macquarie IPO China Concentrated Core Fund, Macquarie Unit Trust Series – Macquarie IPO
China Gateway Fund and Macquarie Unit Trust Series – Macquarie Asia New Stars Fund as at June 30, 2011,
and of its financial performance and its cash flows for the year then ended in accordance with International
Financial Reporting Standards.




September 30, 2011




                                                        5
MACQUARIE UNIT TRUST SERIES


STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2011
                                                                                 MACQUARIE IPO      MACQUARIE      MACQUARIE
                                                                                          CHINA       IPO CHINA       ASIA NEW
                                                                                 CONCENTRATED         GATEWAY            STARS
                                                                                     CORE FUND             FUND           FUND
                                                                                      Year ended     Year Ended     Year Ended
                                                                                    30 June 2011    30 June 2011   30 June 2011
                                                                          Note               US$             US$            US$

Income
 Interest income                                                                              942          1,266             389
 Dividend income                                                                          993,061      1,538,580        380,066
 Net gains on financial assets at fair value through profit or loss        7           10,832,784     22,647,128      7,777,262
 Net foreign exchange gains/(losses)                                       7               27,591         99,358        (40,295)
 Other income                                                                                   -              -             788
Total income                                                                           11,854,378     24,286,332      8,118,210

Expenses
 Management fee                                                           8(a)          1,071,354      1,791,843        352,768
 Performance fee                                                          8(b)             3,491          26,661        301,173
 Administration fee                                                       8(c)           178,559        298,641          58,795
 Transaction handling fee                                                 8(d)            27,250          37,625         32,383
 Transaction costs                                                                       621,870       1,239,709        392,272
 Audit fee                                                                                17,303          17,298         17,298
 Legal and professional fees                                                               2,252           2,373          9,113
 Bank charges                                                                              9,631            626             301
 Interest expense                                                         8(j)                 3            211             414
 Other expenses                                                                          141,750        553,695          75,581
Total expenses                                                                          2,073,463      3,968,682      1,240,098

Operating profit                                                                        9,780,915     20,317,650      6,878,112

Finance costs attributable to unitholders
Increase in net assets attributable to unitholders from operations                      9,780,915     20,317,650      6,878,112

Other comprehensive income                                                                      -              -               -
Total comprehensive income                                                                      -              -               -




                    The notes on pages 14 to 31 are an integral part of these financial statements.




                                                                      6
MACQUARIE UNIT TRUST SERIES

STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2010
                                                                                 MACQUARIE IPO      MACQUARIE
                                                                                          CHINA       IPO CHINA      MACQUARIE
                                                                                 CONCENTRATED         GATEWAY          ASIA NEW
                                                                                    CORE FUND              FUND     STARS FUND
                                                                                      Year ended     Year Ended       Year Ended
                                                                                    30 June 2010    30 June 2010     30 June 2010
                                                                          Note               US$             US$              US$

Income
 Interest income                                                                             992            1,173             125
 Dividend income                                                                       1,094,410       1,802,348         246,124
 Net gains on financial assets at fair value through profit or loss        7           8,823,537      18,716,626       3,958,224
 Net foreign exchange gains/(losses)                                       7               2,798         (10,557)        (23,835)
 Other income                                                                              2,372            2,713             135
Total income                                                                           9,924,109      20,512,303       4,180,773

Expenses
 Management fee                                                           8(a)         1,322,042       1,903,075         171,641
 Performance fee                                                          8(b)             4,616          13,280           3,281
 Administration fee                                                       8(c)           220,340         317,179          28,607
 Transaction handling fee                                                 8(d)            24,125          28,955          24,259
 Transaction costs                                                                     1,299,760       1,607,728         199,799
 Audit fee                                                                                20,899          20,904          16,504
 Legal and professional fees                                                               9,568          11,814           2,614
 Bank charges                                                                              7,623           1,243             692
 Interest expense                                                         8(j)                  -               -             51
 Other expenses                                                                          103,971          70,717          17,000
Total expenses                                                                         3,012,944       3,974,895         464,448

Operating profit                                                                        6,911,165     16,537,408        3,716,325

Finance costs attributable to unitholders
Increase in net assets attributable to unitholders from operations                     6,911,165      16,537,408       3,716,325

Other comprehensive income                                                                      -               -               -
Total comprehensive income                                                                      -               -               -




                    The notes on pages 14 to 31 are an integral part of these financial statements.




                                                                      7
MACQUARIE UNIT TRUST SERIES

STATEMENTS OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2010


                                                                              MACQUARIE IPO
                                                                                       CHINA     MACQUARIE IPO       MACQUARIE
                                                                              CONCENTRATED       CHINA GATEWAY         ASIA NEW
                                                                                 CORE FUND                 FUND     STARS FUND
                                                                                 30 June 2010        30 June 2010    30 June 2010
                                                                       Note               US$                US$              US$
Assets
   Cash and cash equivalents                                            5            2,336,581          1,107,156        376,394
   Amounts due from brokers                                                          1,070,511          1,176,961         87,463
   Dividends receivable                                                               208,571             267,562         24,738
   Amounts receivable on subscription                                                       -               4,500              -
   Amount receivable on unsettled forex                                                     -                   -        106,785
   Other receivables                                                                       67                 100              6
   Financial assets held at fair value through profit or loss           6           71,986,498        112,592,622     14,470,917
 Total assets                                                                       75,602,228        115,148,901     15,066,303

 Liabilities
   Management fee payable                                              8(a)           299,354             454,756         52,655
   Performance fee payable                                             8(b)              4,616             13,280          3,281
  Administration fee payable                                           8(c)            49,892              75,793          8,776
  Amounts due to brokers                                                              234,164           1,148,278        251,668
  Amount payable on unsettled forex                                                         -                   -        107,016
  Amounts payable on redemption                                                        49,781             328,564              -
  Other payables                                                                       15,421              18,066         15,384
 Total liabilities (excluding net assets attributable to
  unitholders)                                                                        653,228           2,038,737        438,780
 Net assets attributable to unitholders                                             74,949,000        113,110,164     14,627,523

 Represented by:
 Net assets attributable to unitholders (at last traded market
  prices)                                                                           75,294,352        113,716,664     14,705,580
 Adjustment from last traded market prices to bid market prices         3            (345,352)          (606,500)        (78,057)

 Number of units in issue – Class A1                                                16,270,282         15,829,841      1,197,281
 Number of units in issue – Class A2                                                   263,330            392,386        321,967
 Number of units in issue – Class I                                                          -                  -          1,628
 Net assets attributable to unitholders per unit (at last traded
  market prices) – Class A1                                                            4.4746              6.9339         8.8887
 Net assets attributable to unitholders per unit (at last traded
  market prices) – Class A2                                                            9.4608             10.0754        12.5671
 Net assets attributable to unitholders per unit (at last traded
  market prices) – Class I                                                                   -                  -        10.5319



                  The notes on pages 14 to 31 are an integral part of these financial statements.




                                                                   9
MACQUARIE UNIT TRUST SERIES

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS
FOR THE YEAR ENDED 30 JUNE 2011

                                                     MACQUARIE IPO
                                                              CHINA      MACQUARIE IPO      MACQUARIE
                                                     CONCENTRATED       CHINA GATEWAY         ASIA NEW
                                                         CORE FUND                 FUND     STARS FUND
                                                          Year ended         Year Ended      Year Ended
                                                        30 June 2011        30 June 2011    30 June 2011
                                                                 US$                 US$             US$

Net assets attributable to unitholders at the
 beginning of the year                                     74,949,000        113,110,164       14,627,523



Proceeds on units issued                                    1,151,841          2,199,868       24,470,850

Redemption of units                                      (29,628,171)        (37,365,947)    (11,640,658)

Net (decrease)/increase from unit transactions           (28,476,330)        (35,166,079)      12,830,192

Increase in net assets attributable to unitholders
  from operations                                           9,780,915         20,317,650        6,878,112



Net assets attributable to unitholders at the
 end of the year                                           56,253,585         98,261,735       34,335,827

Units in issue at the beginning of the year                16,533,612         16,222,227        1,520,876

Units issued                                                   99,331            177,502        1,463,370

Units redeemed                                            (5,587,210)         (4,271,487)       (897,254)

Units in issue at the end of the year                      11,045,734         12,128,242        2,086,992




                   The notes on pages 14 to 31 are an integral part of these financial statements.




                                                          10
MACQUARIE UNIT TRUST SERIES

STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS
(CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2010
                                                     MACQUARIE IPO
                                                              CHINA      MACQUARIE IPO       MACQUARIE
                                                     CONCENTRATED        CHINA GATEWAY          ASIA NEW
                                                        CORE FUND                  FUND      STARS FUND
                                                          Year ended          Year Ended       Year Ended
                                                        30 June 2010         30 June 2010    30 June 2010
                                                                 US$                  US$             US$

Net assets attributable to unitholders at the
 beginning of the year                                    89,754,511          111,956,999       8,520,648



Proceeds on units issued                                    5,703,786           9,823,628       4,958,073

Redemption of units                                      (27,420,462)         (25,207,871)     (2,567,523)

Net (decrease)/increase from unit transactions           (21,716,676)         (15,384,243)      2,390,550

Increase in net assets attributable to unitholders
  from operations                                           6,911,165          16,537,408       3,716,325



Net assets attributable to unitholders at the
 end of the year                                          74,949,000          113,110,164      14,627,523

Units in issue at the beginning of the year               21,437,180           18,455,723       1,410,865

Units issued                                                   619,027          1,090,421         394,902

Units redeemed                                            (5,522,595)          (3,323,917)      (284,891)

Units in issue at the end of the year                      16,533,612          16,222,227       1,520,876



                   The notes on pages 14 to 31 are an integral part of these financial statements.




                                                          11
MACQUARIE UNIT TRUST SERIES

STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2011

                                                                       MACQUARIE IPO
                                                                                CHINA      MACQUARIE IPO      MACQUARIE
                                                                       CONCENTRATED                 CHINA       ASIA NEW
                                                                           CORE FUND       GATEWAY FUND       STARS FUND
                                                                            Year ended         Year Ended      Year Ended
                                                                          30 June 2011        30 June 2011    30 June 2011
                                                                Note               US$                 US$             US$

Cash flow from operating activities
Payment on purchase of financial assets at fair value through
 profit or loss                                                            (69,401,929)       (145,613,077)    (55,765,992)
Proceeds from sales of financial assets at fair value through
 profit or loss                                                             106,738,652        200,154,286      48,876,151
Interest received                                                                    873              1,185             315
Dividend received                                                              1,110,625          1,702,602         356,782
Net operating expenses paid                                                  (2,091,608)        (3,869,630)       (893,555)
Net cash inflow/(outflow) from operating activities                          36,356,613         52,375,366      (7,426,299)

Cash flows from financing activities
Proceeds from issue of units                                                  1,151,841           2,204,368      24,468,702
Payment on redemption of units                                             (29,599,376)        (37,516,487)    (11,640,658)
Net cash (outflow)/inflow from financing activities                        (28,447,535)        (35,312,119)      12,828,044

Net increase in cash and cash equivalents                                     7,909,078         17,063,247       5,401,745
Cash and cash equivalents at the beginning of year                            2,336,581          1,107,156         376,394

Cash and cash equivalents at end of year, represented by
 bank balances                                                    5          10,245,659         18,170,403       5,778,139



                  The notes on pages 14 to 31 are an integral part of these financial statements.




                                                                12
MACQUARIE UNIT TRUST SERIES

STATEMENTS OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2010

                                                                       MACQUARIE IPO
                                                                                CHINA      MACQUARIE IPO       MACQUARIE
                                                                       CONCENTRATED                 CHINA        ASIA NEW
                                                                          CORE FUND        GATEWAY FUND       STARS FUND
                                                                            Year ended         Year Ended       Year Ended
                                                                          30 June 2010        30 June 2010    30 June 2010
                                                                Note               US$                 US$             US$

Cash flow from operating activities
Payment on purchase of financial assets at fair value through
 profit or loss                                                           (165,751,283)       (212,094,064)    (28,743,988)
Proceeds from sales of financial assets at fair value through
 profit or loss                                                             181,888,368        224,528,857      26,581,304
Interest received                                                                  1,111              1,101             125
Dividend received                                                              1,195,181          1,717,647         248,735
Net operating expenses paid                                                  (3,014,795)        (3,872,920)       (463,080)
Net cash inflow/(outflow) from operating activities                          14,318,582         10,280,621      (2,376,904)

Cash flows from financing activities
Proceeds from issue of units                                                  6,058,288           9,922,702       4,964,395
Payment on redemption of units                                             (27,571,121)        (25,018,559)     (2,567,523)
Net cash (outflow)/inflow from financing activities                        (21,512,833)        (15,095,857)       2,396,872

Net (decrease)/increase in cash and cash equivalents                        (7,194,251)         (4,815,236)         19,968
Cash and cash equivalents at the beginning of year                            9,530,832           5,922,392        356,426

Cash and cash equivalents at end of year, represented by
 bank balances                                                    5           2,336,581          1,107,156         376,394




                  The notes on pages 14 to 31 are an integral part of these financial statements.




                                                                13
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

1       The Fund and the Sub-Funds

Macquarie Unit Trust Series (the “Fund”) is a Cayman Islands based umbrella trust. The Fund was
established as an exempted trust under the laws of the Cayman Islands by a trust deed (the “Trust Deed”)
dated 23 January 2007, as amended, made between MQ Portfolio Management Limited as manager and
HSBC Trustee (Cayman) Limited as trustee (the “Trustee”).

Effective from 1 July 2008, Macquarie Funds Management Hong Kong Limited (“MFMHKL”) was appointed
as the manager of the Fund (the “Manager”). MQ Portfolio Management Limited (“MQPML”) retired as the
manager of the Fund on this date. MFMHKL appointed MQPML as the sub-manager (the Sub-Manager) in
respect of the Fund pursuant to a sub-management agreement.

The Trust Deed of the Fund Provides for the establishment of a number of different sub-funds. At 30 June
2011, there were six established sub-funds: Macquarie IPO China Concentrated Core Fund, IPO China
Gateway Fund, Macquarie Asia New Stars Fund, Macquarie Asia Infrastructure Equity Fund, Macquarie
China Agriculture Commodity Index Fund and the Macquarie Global Thematic Resources Fund.

This financial report presents the financial statements of three of the Sub-Funds. Macquarie IPO China
Concentrated Core Fund commenced operations on 8 March 2007, Macquarie IPO China Gateway Fund
commenced operations on 8 August 2007, Macquarie Asia New Stars Fund commenced operations on 5
December 2007, (individually known as the “Sub-Fund”) and were established and constituted respectively
by a deed supplemental to the Trust Deed (the “Supplemental Deeds”). Separate financial reports have been
prepared for the other Sub-Funds.

The Macquarie Unit Trust Series, Macquarie IPO China Concentrated Core Fund, Macquarie IPO China
Gateway Fund, Macquarie Asia New Stars Fund are authorised by the Securities and Futures Commission
of Hong Kong under Section 104(1) of the Hong Kong Securities and Futures Ordinance and are required to
comply with the Code on Unit Trusts and Mutual Funds established by the Securities and Futures
Commission of Hong Kong (the “SFC Code”). The China Agriculture Commodity Index Fund, Macquarie Asia
Infrastructure Equity Fund and the Macquarie Global Thematic Resources Fund are not presented in this
report as they are not registered with the Securities and Futures Commission of Hong Kong, and
consequently are not available to Hong Kong residents.

The investment objective of each of the Sub-Funds is set out in note 4(a).

2       Summary of significant accounting policies

The principal accounting policies adopted in the preparation of these financial statements are set out below.

Certain figures have been reclassified for comparative purposes.

a)      Basis of preparation

The financial statements of the Macquarie IPO China Concentrated Core Fund, the Macquarie IPO China
Gateway Fund and the Macquarie Asia New Stars Fund have been prepared in accordance with
International Financial Reporting Standards (IFRS). The financial statements have been prepared under the
historical cost convention, as modified by the revaluation of financial assets and financial liabilities (including
derivative financial instruments) at fair value through profit or loss.

The financial statements of the Sub-Funds are presented under a multi-column format. Each column
represents a separate and individual reporting entity, namely Macquarie IPO China Concentrated Core Fund,
Macquarie IPO China Gateway Fund, and Macquarie Asia New Stars Fund. The Fund is not a reporting
entity.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires the Manager and the Trustee to exercise their judgment in the process of applying
the accounting policies of each of the Sub-Funds. The areas involving a higher degree of judgment or
complexity are disclosed in note 4.

The term net assets refers to net assets attributable and redeemable by unitholders unless otherwise stated.




                                                        14
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

2       Summary of significant accounting policies (continued)

a)      Basis of preparation (continued)

New standards and amendments to standards that are not yet effective and have not been early
adopted by the Sub-Funds

A number of new standards, amendments to standards and interpretations have been published and are not
mandatory for 30 June 2011 reporting periods. None of these are expected to have a significant effect on
the measurement of the amounts recognized in the financial statements of the Sub-Funds. However, IFRS 9
Financial Instruments issued in November 2009 will change the classification of financial assets and IFRS 13
Fair Value Measurement establishes a single source of guidance under IFRS for determining the fair value of
assets and liabilities.

IFRS 9 Financial Instruments addresses the classification, measurement and derecognition of financial
assets and financial liabilities. The standard is effective for annual periods beginning on or after 1 January
2013. Earlier application is permitted.

IFRS 9 permits the recognition of fair value gains and losses in other comprehensive income if they relate to
equity investments that are not traded.

The Sub-Funds have not yet decided when to adopt IFRS 9. Management does not expect this will have a
significant impact on the Sub-Funds’ financial statements as the Sub-Funds do not hold an available for sale
investments.

IFRS 13 Fair Value Measurement establishes a single source of guidance under IFRS for determining the
fair value of assets and liabilities. IFRS 13 does not change when an entity is required to use fair value, but
rather, provides guidance on how to determine fair value under IFRS when fair value is required or permitted
by IFRS. Application of this definition may result in different fair values being determined for the relevant
assets.

IFRS 13 also expands the disclosure requirements for all assets or liabilities carried at fair value. This
includes information about the assumptions made and the qualitative impact of those assumptions on the fair
value determined.

The Sub-Funds have not yet decided when to adopt IFRS 13. Management does not expect this will have a
significant effect on the Sub-Funds’ financial statements.

Standards and interpretations that are not expected to have a material impact on the Sub-Funds have not
been included.

b)      Foreign currency translation

i) Functional and presentation currency
In view of the international nature of the operations of each of the Sub-Funds, the amounts shown in these
financial statements are presented in United States dollars (“US$”) which are the Sub-Funds functional and
presentation currency. The Manager considers the United States dollar to be the functional currency of the
Macquarie IPO China Concentrated Core Fund, the Macquarie IPO China Gateway Fund, and the
Macquarie Asia New Stars Fund due to units issued to unitholders, and the performance of each of these
Sub-Funds being reported to unitholders in United States dollars.




                                                      15
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

2       Summary of significant accounting policies (continued)

b)      Foreign currency translation (continued)

ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the statements of comprehensive income. Translation
differences on non-monetary financial assets such as financial assets at fair value through profit or loss are
recognised on the statements of comprehensive income within the fair value net gains or losses.

c)      Financial assets at fair value through profit or loss

i) Classification
Each of the Sub-Funds classifies its investments in listed equity securities and collective investment
schemes as financial assets at fair value through profit or loss. These financial assets are designated by the
Manager at fair value through profit or loss upon inception.

Financial assets designated as held at fair value through profit or loss upon inception are those that are
managed and their performance evaluated on a fair value basis in accordance with the documented
investment strategy of each of the Sub-Funds. The Manager evaluates the information about these financial
assets on a fair value basis together with other related financial information.

ii) Recognition/derecognition
Regular-way purchases and sales of investments are recognised on the trade date - the date on which each
of the Sub-Funds commits to purchase or sell the investment. Investments are derecognised when the rights
to receive cash flows from the investments have expired or each of the Sub-Funds has transferred
substantially all risks and rewards of ownership.

iii) Measurement
Financial assets held at fair value through profit or loss are initially recognised at fair value. Transaction costs
are expensed in the statements of comprehensive income. Subsequent to initial recognition, all financial
assets held at fair value through profit or loss are measured at fair value. Gains and losses arising from
changes in the fair value of the “financial assets held at fair value through profit or loss” category are
presented in the statements of comprehensive income in the year in which they arise.

iv) Fair value estimation
The fair value of financial instruments traded in active markets (such as trading securities) is based on
quoted market prices at the year end date. The quoted market price used for listed equity securities held by
each of the Sub-Funds is the current bid price for long positions and current ask price for short positions.

d)      Income and expense

Dividend income is recognised in the statements of comprehensive income when the right to receive
payment by each of the Sub-Funds is established.

Interest income and expense is recognised in the statements of comprehensive income on a time-proportion
basis using the effective interest method.

Expenses are accounted for on an accruals basis and charged to the statements of comprehensive income
as incurred.

e)      Payables

Payables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method.

f)      Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in
an active market and are subsequently measured at amortised cost using the effective interest method, less
provision for impairment.

                                                        16
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

2       Summary of significant accounting policies (continued)

g)      Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash includes cash on hand and deposits
held at call with financial institutions. Cash equivalents include other short term, highly liquid investments
with original maturities of three months or less from the date of acquisition that are readily convertible to
known amounts of cash, which are subject to an insignificant risk of changes in value and are held for the
purpose of meeting short term cash commitments rather than for investment or other purposes. Bank
overdrafts and borrowings, if any, are shown separately on the statement of financial position.

Payments and receipts relating to the purchase and sale of investment securities are classified as cash flows
from operating activities, as movements in the fair value of these securities represent the Sub-Fund's main
income generating activity.

h)      Amounts due from and due to brokers

Amounts due from and due to brokers represent receivables for listed equity securities sold and payables for
listed equity securities purchased that have been contracted for but not yet settled or delivered on the year
end date, respectively.

These amounts are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less provision for impairment for amounts due from brokers. A provision for
impairment of amounts due from brokers is established when there is objective evidence that each of the
Sub-Funds will not be able to collect all amounts due from the relevant broker. Significant financial difficulties
of the broker, probability that the broker will enter bankruptcy or financial reorganisation, and default in
payments are considered indicators that the amounts due from brokers are impaired. Once a financial asset
or a group of similar financial assets has been written down as a result of an impairment loss, interest
income is recognised using the rate of interest used to discount the future cash flows for the purpose of
measuring the impairment loss.

The effective interest method is a method of calculating the amortised cost of a financial asset or financial
liability and of allocating the interest income or interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the
expected life of the financial instrument, or, when appropriate, a shorter period, to the net carrying amount of
the financial asset or financial liability. When calculating the effective interest rate, each of the Sub-Funds
estimates cash flows considering all contractual terms of the financial instrument but does not consider future
credit losses. The calculation includes all fees and points paid or received between parties to the contract
that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

i)      Units

Units of each of the Sub-Funds are redeemable at the option of the unitholders and are classified as financial
liabilities. The units can be put back to the respective Sub-Fund for cash equal to a proportionate share of
the respective Sub-Fund’s net asset value. The unit is carried at the redemption amount that is payable at
the year end date if the unitholder exercises the right to put the units back to the respective Sub-Fund.

Units are issued and redeemed at the unitholders’ option at prices based on the Sub-Fund’s net asset value
per unit at the time of issue or redemption. The respective Sub-Fund’s net asset value per unit is calculated
by dividing the net assets attributable to the unitholders with the total number of outstanding units.

In accordance with the provisions of the Explanatory Memorandum of each of the Sub-Funds, investment
positions are valued based on the last traded market price for the purpose of determining the net asset value
per unit for subscriptions and redemptions. However, as stated in note 2c), for the purpose of compliance
with IFRS, investment positions are valued at bid/ask price. Consequently, the differences described above
adjust the carrying amount of the net assets attributable to unitholders as set out in note 3.

j)      Proceeds and payments on subscriptions and redemption of units

The net asset value of each of the Sub-Funds is computed daily. Prices for subscriptions and redemptions
are based on the net asset value per unit calculated as at the close of business on the relevant valuation day
in accordance with each of the Sub-Fund’s Explanatory Memorandum.

Proceeds and payments for units subscribed and redeemed are shown as movements in the statements of
changes in net assets attributable to unitholders.
                                                       17
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

2       Summary of significant accounting policies (continued)

k)      Transaction costs

Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss.
They include fees and commissions paid to agents, advisors, brokers and dealers. Transaction costs, when
incurred, are immediately recognised in the statements of comprehensive income.

l)      Taxation

Under current laws of the Cayman Islands, there is no income, estate, transfer, sales or other Cayman Island
taxes payable by the Company. Generally, the Company intends to conduct its affairs so as not to be liable
to taxation in any other jurisdiction, however, the Company may invest in securities whose income is subject
to non-refundable foreign withholding.

3       Net assets attributable to unitholders

In accordance with the provisions in the Explanatory Memorandum of each of the Sub-Funds, listed
investments are stated at the last traded price on the valuation day for the purpose of determining net asset
value per unit for subscriptions and redemptions and for various fee calculations. However, as stated in note
2(c), the accounting policy of each of the Sub-Funds for the purpose of compliance with IAS 39 and for
reporting purposes is to value its listed investments at the relevant bid/ask market prices on the year end
date. As at 30 June 2011, the difference between the valuation of listed investments stated in the financial
statements and the valuation methodology indicated in the Explanatory Memorandum of each of the Sub-
Funds, results in an increase in the value of investments by:

                                                                                          2011              2010
                                                                                           US$               US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND                                              125,736           345,352
MACQUARIE IPO CHINA GATEWAY FUND                                                        255,191           606,500
MACQUARIE ASIA NEW STARS FUND                                                            70,464            78,057

The amounts of the adjustment recognised in the statements of comprehensive income during the year for
the respective Sub-Funds are as follows:

                                                                                         2011               2010
                                                                                          US$                US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND                                             219,616            247,032
MACQUARIE IPO CHINA GATEWAY FUND                                                       351,309            442,463
MACQUARIE ASIA NEW STARS FUND                                                            7,593             39,275

Net assets attributable to unitholders at last traded market prices represent a liability in the statements of
financial position, carried at the redemption amount that would be payable at the year end date if the
unitholders exercised their right to redeem the units in the respective Sub-Funds.

4       Financial risk management

a)      Strategies in using financial instruments

Each of the Sub-Funds’ activities expose them to a variety of financial risks: market risk (including price risk,
currency risk, and interest rate risk), credit risk and liquidity risk.

The overall risk management programme of each of the Sub-Funds focuses on ensuring compliance with the
respective Sub-Fund’s investment objective and seeks to maximise the returns derived for the level of risk to
which the respective Sub-Funds is exposed. Financial risk management is carried out by the Manager.

The Manager adopts the following investment objectives, policies and processes for managing the financial
risk exposed.
Macquarie IPO China Concentrated Core Fund

Investment objective

The Sub-Fund invests in listed equities with a focus on People’s Republic of China (“PRC”) related IPO
Securities principally those listed in Hong Kong, US and Singapore.
                                                         18
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
4        Financial risk management (continued)

a)       Strategies in using financial instruments (continued)

Policies and processes

The Manager constructs an investment portfolio consisting of newly listed stocks that meet the Sub-Fund’s
quantitative and qualitative criteria based on independent research and investment techniques. When the
Manager determines that new IPO Securities are suitable for the investment portfolio, the Manager may
remove an IPO Security and re-balance the portfolio.

In circumstances where the Manager makes an application for a security that will be listed and the
Manager’s allocation through the primary market is scaled back, secondary market purchases may be made.
The Manager will determine the weightings it considers appropriate from time to time in its discretion. Cash
and money market instruments will also be held to manage the liquidity within the Sub-Fund’s portfolio. The
number of IPO Securities to be held within the investment portfolio will be determined by the Manager from
time to time.

Macquarie IPO China Gateway Fund

Investment objective

The Macquarie IPO China Gateway Fund’s investment objective is to provide unitholders exposure to returns
from initial public offerings and secondary market trading of equity securities of companies which have been
recently listed. This is achieved by:

     directly by investing in equity securities or other related financial instruments which are or will be listed
     predominantly on stock exchanges in Hong Kong, Singapore, Taiwan or the United States of America
     (the “Direct Portfolio”); and
     indirectly by investing in the Macquarie IPO China Concentrated Core Fund (the “Indirect Portfolio”).

The exposure of the Sub-Fund is maintained by investing 70% to 100% in the Direct Portfolio and 0% to 30%
in the Indirect Portfolio.

Policies and processes

In pursuit of the investment objective the Sub-Fund’s Direct Portfolio will acquire a portfolio of recent IPO
Securities. The IPO Securities to be included in the Direct Portfolio will be chosen by the Manager in
accordance with the Manager’s quantitative and qualitative investment criteria (this is described further
below). The Manager will generally seek to acquire new IPO Securities for the Direct Portfolio through the
initial public offering of the relevant IPO Securities or on the market after listing. The eligible universe of the
Direct Portfolio includes listed equities with a focus on IPO Securities listed in Hong Kong, Singapore,
Taiwan and the United States. In the case of IPO Securities not listed in Hong Kong, Singapore or Taiwan,
the IPO Securities must relate to companies which derive or are expected to derive a significant portion of
their revenues from Greater China or Singapore. The Sub-Fund intends to invest no more than 30 per cent of
its Net Asset Value in IPO Securities which are listed in markets other than Hong Kong or Taiwan and which
are not expected to derive a significant portion of their revenues from the PRC. Equity exposure in the
secondary market may be achieved through investment in shares, depositary receipts, participation rights
and potentially through other instruments which are linked to the performance of eligible IPO securities such
as participation notes, equity swaps and equity linked notes, provided that exposure via investments in such
instruments (excluding ADRs and GDRs) shall not exceed 15% of the net assets of the Sub-Fund.

The Manager will determine the investment portfolio by applying a variety of quantitative and qualitative
criteria.

Examples include:
   market capitalisation – the Sub-Fund will generally invest in those companies with a large market
   capitalisation (as a guide, this will generally be in excess of USD500 million);
   liquidity – the Manager may have regard to a company’s actual or anticipated trading liquidity relative to
   the size of the Sub-Fund;
   size of “free float” – the Manager may have regard to a company’s free float relative to the size of the
   Sub-Fund. The Manager may exclude from the eligible universe stocks which would otherwise lead to an
   allocation by the Sub-Fund which comprises a significant portion of the free float; and

                                                        19
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
4        Financial risk management (continued)

a)       Strategies in using financial instruments (continued)

     market diversification – the Manager may, if it considers appropriate, consider the level of concentration
     of recent IPOs in particular with respect to geographic region, market or industry sector or other factors
     that may lead to an undesirable level of concentration of investment risk, in determining whether to
     exclude stocks which may otherwise have been included in the eligible universe.
     fundamental value- the Manager may consider valuation, qualitative and risk attributes in considering the
     inclusion of the IPO Securities in the portfolio.

The Manager will determine an appropriate number of positions to best serve the investment objectives of
the Sub-Fund having regard to the relative size of allocations that the Sub-Fund would need to make to
individual positions compared to the available liquidity and likely market impact and transaction costs of
trading those positions. The number and relative size of the positions may be adjusted from time to time.
The Direct Portfolio may also comprise cash.

Investment Strategy – Indirect Portfolio

The Sub-Fund may invest up to 30% of its net assets in the Macquarie IPO China Concentrated Core Fund,
i.e. the Indirect Portfolio. The Direct Portfolio may also acquire IPO Securities that are within the eligible
universe of the Macquarie IPO China Concentrated Core Fund and the investments in the Direct and Indirect
Portfolio will in aggregate comply with investment restrictions applicable to the Sub-Fund. The Manager, in
its capacity as the manager of the Macquarie IPO China Concentrated Core Fund, will not be entitled to any
preliminary charge, management fee, administration fee and performance fee (if any) payable in respect of
any component of the Sub-Fund that is invested in the Macquarie IPO China Concentrated Core Fund.

The Sub-Fund’s investments in the Macquarie IPO China Concentrated Core Fund shall be the only
investment by the Sub-Fund in other collective investment schemes.

Macquarie Asia New Stars Fund

Investment objective

The investment objective of the Macquarie Asia New Stars Fund is to provide unitholders with exposure
returns from:
    Small market capitalisation equity securities with exposure to any one or more countries within Asia.
    Initial public offerings and newly listed small market capitalisation equity securities with exposure to any
    one or more countries within Asia.

Policies and processes

The investment portfolio includes small market capitalisation equity securities as defined by the Manager.
The Manager selects the equity securities based on both quantitative and qualitative investment techniques.

In respect of the investments in initial public offerings or those recently listed, if allocations from initial public
offerings are limited, the Manager will purchase the shortfall of the targeted equity securities from the stock
exchanges after listing. The Manager intends to hold up to 30 recently listed equity securities, comprising up
to 30% of the total investment balance, whereby each equity security may have a weighting up to 7.5% of the
total investment balance.

The Manager may utilize several risk management filters to manage the market risk by limiting up to 147
investment positions in equity securities each with a maximum weighting of 7.5% of the total investment
balance. The Manager may diversify the level of concentration in investments in equity securities in terms of
geographic region and market sector.

b)       Market risk

Market risk comprises of three main components: price risk, currency risk and interest rate risk.

i)       Price risk

Market price risk is the risk that the value of the investments held by the respective Sub-Funds will fluctuate
as a result of changes in market prices (other than those arising from currency risk or interest rate risk).
                                                         20
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
4           Financial risk management (continued)

b)          Market risk (continued)

Price risk is monitored by the Manager on an ongoing basis and is managed primarily through the
diversification of the investment portfolio and other policies as follows:

      Overall portfolio exposure – managed by ensuring that the overall exposure of the portfolio is in
      compliance with the investment objective of the respective Sub-Funds;
      Stocks limits – manage exposure to any single stock and ensure diversification; and
      Country limits – manage exposure to any single country and ensure diversification across allowable
      countries.

Details in terms of how the price risk is managed by the Manager for each of the Sub-Funds are discussed in
note 4a) above.

For the market price risk of Macquarie IPO China Gateway Fund investment into the Indirect Portfolio refer to
market price risk disclosure under Macquarie IPO China Concentrated Core Fund above and note 8i) for
related-party transactions.

Each of the Sub-Funds’ investments in equity securities and investments held through the collective
investment scheme are substantially publicly traded. The Sub-Funds are not directly correlated with any
particular stock market indices. The Manager makes stock selections and monitors each of the Sub-Funds’
investment portfolios based on details discussed in note 4a) above.

The below tables show the impact in absolute terms, on the statements of comprehensive income of each of
the Sub-Funds, from both the negative and positive reasonable possible movements in equity prices. Actual
movements of the reasonable possible shift may be greater or less than anticipated due to a number of
factors, including unusually large market shocks resulting from changes in the performance of economies,
markets and securities subsequent to the statement of financial position date in which the Sub-Funds
invests. As a result, the reasonable possible shift used for the purpose of market price risk sensitivity
analysis may not be a definitive indicator of future variations in the risk variables.

The analysis is undertaken to reflect the fact that the Manager does not benchmark the performance of the
Sub-Funds against any stock indices. In deriving the reasonable possible movement for the purpose of
market price risk sensitivity analysis under “IFRS 7 - Financial Instruments: Disclosures", the Manager
considers the historical price movements and economic conditions of the investments held by each of the
Sub-Funds as at year end date based on a time frame that considers when each of the Sub-Funds will next
present the financial statements. When deciding the historical price movements and economic conditions
that each of the Sub-Funds is exposed to from the investments held at the year end date, the Manager
considers the price movements of the location of stock exchanges in which the equity securities are being
listed and the economic environment of the countries that the equity securities are exposed to.

In addition the price risk sensitivity analysis undertaken in relation to the investment by Macquarie IPO China
Gateway Fund through its investments in Macquarie IPO China Concentrated Core Fund, is derived from the
proportional impact of the price risk sensitivity of Macquarie IPO China Concentrated Core Fund held by
Macquarie IPO China Gateway Fund as at 30 June 2011 and 30 June 2010.

Results below exclude the impact from performance fees, if any:

MACQUARIE IPO CHINA CONCENTRATED CORE FUND

                                                       Year ended 30 June 2011                     Year ended 30 June 2010
                                        Reasonable      Impact to statements of    Reasonable       Impact to statements of
                                      possible shift    comprehensive income      possible shift    comprehensive income
Location of stock exchanges                       %                       US$                 %                        US$


Hong Kong                                        15                  6,221,587               15                 10,254,900
United States                                    15                    723,092               15                    543,075




                                                          21
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
4             Financial risk management (continued)

b)            Market risk (continued)

i)            Price risk (continued)

MACQUARIE IPO CHINA GATEWAY FUND

                                                          Year ended 30 June 2011                     Year ended 30 June 2010
                                          Reasonable       Impact to statements of    Reasonable       Impact to statements of
                                         possible shift    comprehensive income      possible shift    comprehensive income
Location of stock exchanges                          %                       US$                 %                       US$


Hong Kong                                           15                 10,393,835               15                 15,874,439
United States                                       15                    356,052               15                  1,014,454
Taiwan                                              15                  1,313,106               15                           -


MACQUARIE ASIA NEW STARS FUND

                                                          Year ended 30 June 2011                     Year ended 30 June 2010
                                          Reasonable       Impact to statements of    Reasonable       Impact to statements of
                                         possible shift    comprehensive income      possible shift    comprehensive income
Location of stock exchanges                          %                       US$                 %                       US$


Hong Kong                                           15                  1,407,059               15                  1,235,303
Indonesia                                           15                    112,557               15                           -
Philippines                                         15                    316,377               15                    256,994
United States                                       15                    357,853               15                    188,078
South Korea                                         15                  1,192,781               15                    277,701
Taiwan                                              15                    832,091               15                     58,737
Malaysia                                            15                    227,719               15                           -
Thailand                                            15                           -              15                    153,826


ii)           Interest rate risk

The majority of the Sub-Fund’s financial assets and liabilities are non-interest bearing. As a result, the Sub-
Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market
interest rates. Any excess cash and cash equivalents are invested at short-term market interest rates.

iii)          Currency risk

Each of the Sub-Funds may hold both monetary and non monetary assets and liabilities denominated in
currencies other than its functional currency. The foreign exchange risk related to non-monetary assets is a
component of price risk.

The majority of the Sub-Funds monetary assets and liabilities are in United States dollar. Therefore the Sub-
Funds are not exposed to significant amounts of risk due to fluctuations in foreign currency exchange rates.

c)            Credit risk

Credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions and
amounts due from brokers. None of these assets are impaired nor past due but not impaired.

The exposure to credit risk for cash and cash equivalents and deposits with banks and other financial
institutions is low as all counterparties have a rating of at least A- (2010: A-) as determined by Standard and
Poor’s rating agency.

Other than for cash and cash equivalents the Sub-Funds do not have a concentration of credit risk that
arises from an exposure to a single counterparty. Furthermore, the Sub-Funds do not have a material
exposure to a group of counterparties which are expected to be affected similarly by changes in economic or
other conditions.

In accordance with the policy of each of the Sub-Funds, the Manager monitors the credit position of each of
the Sub-Funds on a monthly basis.
                                                            22
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011
4           Financial risk management (continued)

d)          Liquidity risk

Liquidity risk is the risk that the Sub-Funds will encounter difficulty in meeting obligations associated with
financial liabilities. The Manager and the Trustee believe there is insignificant liquidity risk in the Sub-Funds
as the majority of its financial assets at fair value through profit and loss are traded in active markets, and
therefore can be readily disposed of.

Redemption of units in each of the Sub-Funds is not subject to any notice period requirement. Units in each
of the Sub-Funds are redeemable on a daily basis. If each of the Sub-Funds receives withdrawal requests
comprising more than 10% of units in issue, the Sub-Fund may pro rata the withdrawal request and stagger
the processing of remaining unsatisfied withdrawal requests. The Manager or the Trustee may suspend the
realisation of units or delay the payment of realisation proceeds during any periods in which the
determination of the Net Asset Value of the Sub-Fund is suspended.

The table below analyses the Sub-Funds’ financial liabilities as at 30 June 2011 into relevant maturity
groupings based on the remaining period at the end of the financial period to the contractual maturity date.
The amounts in the table are the contractual undiscounted cash flows. The Manager or the Trustee may
suspend the realisation of units or delay the payment of realisation proceeds during any periods in which the
determination of the Net Asset Value of the Sub-Fund is suspended.

MACQUARIE IPO CHINA CONCENTRATED CORE FUND

                                                                                      2011       2011                      2010       2010
                                                                         Less than 1 month      At call       Less than 1 month      At call
                                                                                      US $       US $                      US $       US $


Management fee payable                                                               232,274             -              299,354              -
Performance fee payable                                                                3,491             -                 4,616             -
Administration fee payable                                                            38,712             -               49,892              -
Amounts due to brokers                                                             1,269,682             -              234,164              -
Amounts payable on redemption                                                         78,576             -               49,781              -
Other payables                                                                        13,547    35,524                     2,000     13,421
Net assets attributable to unitholders (at last traded market prices)             56,379,321             -            75,294,352             -
Total liabilities                                                                 58,015,603    35,524                75,934,159     13,421


MACQUARIE IPO CHINA GATEWAY FUND

                                                                                     2011       2011                      2010      2010
                                                                        Less than 1 month      At call       Less than 1 month     At call
                                                                                     US $       US $                      US $      US $


Management fee payable                                                             406,628           -                 454,756           -
Performance fee payable                                                             26,661           -                  13,280           -
Administration fee payable                                                          67,771           -                  14,644           -
Amounts due to brokers                                                            1,821,886          -               1,148,278           -
Amounts payable on redemption                                                      178,024           -                 328,564           -
Other payables                                                                      25,005     35,524                    4,645     13,421
Net assets attributable to unitholders (at last traded market prices)            98,516,926          -             113,716,664           -
Total liabilities                                                               101,042,901    35,524              115,680,831     13,421


MACQUARIE ASIA NEW STARS FUND

                                                                                       2011       2011                     2010        2010
                                                                         Less than 1 month      At call       Less than 1 month      At call
                                                                                       US $       US $                     US $        US $


Management fee payable                                                               108,154             -               52,655              -
Performance fee payable                                                              301,173             -                 3,281             -
Administration fee payable                                                            18,026             -                 8,776             -
Amounts due to brokers                                                             1,088,467             -              251,668              -
Amounts payable on unsettled foreign exchange                                        335,809             -              107,016              -
Other payables                                                                         3,269    35,524                     1,963     13,421
Net assets attributable to unitholders (at last traded market prices)             34,406,291             -            14,705,580             -
Total liabilities                                                                 36,261,189    35,524                15,130,939     13,421

                                                                           23
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

4           Financial risk management (continued)

e)          Fair value estimation

The carrying amounts of all the Sub-Funds’ financial assets and financial liabilities at the end of each
reporting period approximated their fair values as all financial assets and liabilities not fair valued are short
term in nature.

The Sub-Funds classify fair value measurements using a fair value hierarchy that reflects the subjectivity of
the inputs used in making the measurements. The fair value hierarchy has the following levels:

      Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

      Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either
      directly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

      Inputs for the asset or liability that are not based on observable market data (that is, unobservable
      inputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is
determined on the basis of the lowest level input that is significant to the fair value measurement in its
entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its
entirety. If a fair value measurement uses observable inputs that require significant adjustment based on
unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular
input to the fair value measurement in its entirety requires judgement, considering factors specific to the
asset or liability.

The determination of what constitutes 'observable' requires significant judgement by the Responsible Entity.
The Responsible Entity considers observable data to be that market data that is readily available, regularly
distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are
actively involved in the relevant market.

For instruments for which there is currently no active market, the Sub-Fund uses a valuation model which is
accepted in the industry. Some of the inputs to that model may not be market observable and are therefore
estimated based on assumptions. The model is calibrated to an appropriate index; where relevant, however
significant adjustments may be required in order to reflect differences between the characteristics of the
index and the instrument to be valued (e.g. adjustments to reflect the spread for bid and ask prices,
counterpart’s credit spread and limitations in the model).

The following table analyses within the fair value hierarchy of the Sub-Funds’ financial assets and liabilities
(by class) measured at fair value at 30 June 2011.

MACQUARIE IPO CHINA CONCENTRATED CORE FUND

30 June 2011                                                     Level 1    Level 2           Level 3    Total balance
Assets
Financial assets held at fair value through profit and loss
- Equity securities                                           42,931,878          -         3,365,979      46,297,857
Total Assets                                                  42,931,878          -         3,365,979      46,297,857


30 June 2010                                                     Level 1    Level 2           Level 3    Total balance
Assets
Financial assets held at fair value through profit and loss
- Equity securities                                           71,986,498          -                 -      71,986,498
Total Assets                                                  71,986,498          -                 -      71,986,498




                                                                24
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

4           Financial risk management (continued)

e)          Fair value estimation (continued)

MACQUARIE IPO CHINA GATEWAY FUND

30 June 2011                                                          Level 1              Level 2                     Level 3     Total balance
Assets
Financial assets held at fair value through profit and loss
- Equity securities                                                74,412,349                    -               6,007,602           80,419,951
Total Assets                                                       74,412,349                    -               6,007,602           80,419,951


30 June 2010                                                          Level 1              Level 2                     Level 3     Total balance
Assets
Financial assets held at fair value through profit and loss
- Equity securities                                               112,592,622                    -                           -      112,592,622
Total Assets                                                      112,592,622                    -                           -      112,592,622


MACQUARIE ASIA NEW STARS FUND

30 June 2011                                                          Level 1              Level 2                     Level 3     Total balance
Assets
Financial assets held at fair value through profit and loss
- Equity securities                                                27,895,594                    -                 355,674           28,251,268
- Equity parnotes                                                            -           1,391,640                           -        1,391,640
Total Assets                                                       27,895,594            1,391,640                 355,674           29,642,908


30 June 2010                                                          Level 1              Level 2                     Level 3     Total balance
Assets
Financial assets held at fair value through profit and loss
- Equity securities                                                13,628,117                    -                           -       13,628,117
- Equity parnotes                                                            -            842,800                            -          842,800
Total Assets                                                       13,628,117             842,800                            -       14,470,917


During the year there were no transfers between Level 1 and Level 2 (2010: nil) for any of the Sub-Funds.

The following table shows a reconciliation of the movement in the fair value of financial instruments
categorised within Level 3 between the beginning and the end of the year.

30 June 2011                                                  MACQUARIE IPO CHINA
                                                              CONCENTRATED CORE          MACQUARIE IPO CHINA               MACQUARIE ASIA NEW
                                                                                 FUND          GATEWAY FUND                       STARS FUND


                                                                       Listed equities               Listed equities              Listed equities
Opening balance – 1 July 2010                                                        -                             -                            -
Transfers into or out of Level 3                                           4,788,086                     8,784,115                      383,833
Total gains and losses                                                    (1,422,107)                  (2,776,513)                      (28,159)
Purchases                                                                            -                             -                            -
Sales                                                                                -                             -                            -
Issues                                                                               -                             -                            -
Settlements                                                                          -                             -                            -
Closing balance – 30 June 2011                                             3,365,979                     6,007,602                      355,674


During the year ended 30 June 2010 there were no transfers into or out of Level 3.

On 16 May 2011, following the trading suspension of Longtop Financial Technologies Limited, the Sub-
Funds’ investment in that company was reclassified from Level 1 to Level 3.

On 27th May 2011, the shares of Real Gold Mining Limited (RGML) as held by Macquarie IPO China
Concentrated Core Fund, Macquarie IPO China Gateway Fund and Macquarie Asia New Stars Fund, were
suspended from trading on the Hong Kong stock exchange.
                                                                     25
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

4            Financial risk management (continued)

e)           Fair value estimation (continued)

At 30 June 2011, given the lack of an exchange traded price for RGML, the Manager’s Fair Value Committee
assessed the value of the shares in RGML. In arriving at the share price of RGML the Manager’s Fair Value
Committee considered the available information to arrive at what was determined to be a fair value of the
share. This resulted in the share price of RGML, at 30 June 2011, being reduced by a discount of
approximately 7.3% to the last traded price and this is reflected in the financial statements. In addition,
because of the lack of an exchange traded price for RGML, management have classified the investment in
the company from a Level 1 to a Level 3 type asset.

At 30 June 2011 Macquarie IPO China Concentrated Core Fund, Macquarie IPO China Gateway Fund and
Macquarie Asia New Stars Fund, held US$3,175,601, US$5,628,550 and US$355,674 respectively in RGML
representing 5.65%, 5.73% and 1.04% of the net asset value of the Sub-Funds.

At the date of signing the financial statements the RGML shares remain suspended.

5            Cash and cash equivalents

Cash at bank                                                                 Currency         As at 30 June 2011       As at 30 June 2010


MACQUARIE IPO CHINA CONCENTRATED CORE FUND                                       US$                 10,245,659                 2,336,581
MACQUARIE IPO CHINA GATEWAY FUND                                                 US$                 18,170,403                 1,107,156
MACQUARIE ASIA NEW STARS FUND                                                    US$                   5,778,139                 376,394


6            Financial assets held at fair value through profit or loss

                                                                            MACQUARIE IPO
                                                                                    CHINA         MACQUARIE IPO
                                                                            CONCENTRATED         CHINA GATEWAY         MACQUARIE ASIA
                                                                               CORE FUND                     FUND      NEW STARS FUND
30 June 2011                                                                            US$                   US$                    US$
    Designated at fair value through profit or loss
    Listed equity securities                                                    46,297,857              80,419,951            28,251,268
    Equity parnotes                                                                       -                        -           1,391,640
    Total financial assets held at fair value through profit or loss             46,297,857             80,419,951            29,642,908


                                                                            MACQUARIE IPO
                                                                                    CHINA         MACQUARIE IPO
                                                                            CONCENTRATED         CHINA GATEWAY         MACQUARIE ASIA
                                                                               CORE FUND                     FUND      NEW STARS FUND
30 June 2010                                                                            US$                   US$                    US$
    Designated at fair value through profit or loss
    Listed equity securities                                                    71,986,498             112,592,622            13,628,117
    Equity parnotes                                                                       -                        -             842,800
    Total financial assets held at fair value through profit or loss             71,986,498            112,592,622            14,470,917




                                                                       26
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

7           Net gains/(losses) on financial instruments held at fair value through profit or loss

Net gains and losses recognised in relation to financial assets and financial liabilities held at fair value
through profit or loss

MACQUARIE IPO CHINA CONCENTRATED CORE FUND

                                                                                              Year ended 30 June 2011       Year ended 30 June 2010
Financial Assets                                                                                                    US$                         US$
Net gains on financial instruments designated as at fair value through profit or loss                         10,832,784                  8,823,537
Net foreign exchange gains                                                                                       27,591                        2,798
Net gains on financial instruments designated as at fair value through profit or loss                         10,860,375                  8,826,335


MACQUARIE IPO CHINA GATEWAY FUND

                                                                                              Year ended 30 June 2011       Year ended 30 June 2010
                                                                                                                    US$                         US$
Net gains on financial instruments designated as at fair value through profit or loss                         22,647,128                 18,716,626
Net foreign exchange gains/(losses)                                                                              99,358                      (10,557)
Net gains on financial instruments designated as at fair value through profit or loss                         22,746,486                 18,706,069


MACQUARIE ASIA NEW STARS FUND

                                                                                              Year ended 30 June 2011       Year ended 30 June 2010
                                                                                                                    US$                         US$
Net gains on financial instruments designated as at fair value through profit or loss                          7,777,262                  3,958,224
Net foreign exchange gains/(losses)                                                                             (40,295)                   (23,835)
Net gains on financial instruments designated as at fair value through profit or loss                          7,736,967                  3,934,389


8           Related party transactions/transactions with the Trustee, the Manager and their connected
            persons

Parties are considered to be related if one party has the ability to control the other party or exercise significant
influence over the other party in making financial or operational decisions.

Related parties of each of the Sub-Funds are the Trustee, the Manager and their connected persons (the
“Connected Persons”). Connected Persons of the Trustee and the Manager are those as defined in the Code
on Unit Trusts and Mutual Funds established by the Securities and Futures Commission of Hong Kong (the
“SFC Code”). All transactions entered into during the year in each of the Sub-Funds with the Trustee, the
Manager and their Connected Persons were carried out in the normal course of business and on normal
commercial terms. To the best of the knowledge of the Trustee and the Manager, each of the Sub-Funds
does not have any other transactions with their Connected Persons except for those disclosed below.

a)          Management fee

The Manager is entitled to receive a management fee from each of the Sub-Funds of 1.5% per annum of the
net asset value of the respective Sub-Funds calculated as at each valuation day. The management fee is
accrued on a daily basis and payable quarterly.

The management fees charged during the year and the amount outstanding at year end date are as follows:

                                                                           Management fee expense                   Management fee payable

                                                                                   2011               2010                 2011                 2010
                                                                                   US$                 US$                 US$                  US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND                                   1,071,354         1,322,042               232,274               299,354
MACQUARIE IPO CHINA GATEWAY FUND                                             1,791,843         1,903,075               406,628               454,756
MACQUARIE ASIA NEW STARS FUND                                                  352,768              171,641            108,154                52,655




                                                                              27
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

8       Related party transactions/transactions with the Trustee, the Manager and their connected
        persons (continued)

b)      Performance fee

The Manager is also entitled to receive a performance fee from each of the Sub-Funds. Performance fees
from each of the Sub-Funds is payable annually in arrears after the end of the relevant performance period,
which is the end of each period ending 30 June 2011.

The performance fee is calculated at 10% of the difference between the net asset value per unit of the
respective Sub-Funds on each valuation day (after accrual of all other fees and expenses but before
performance fee accrual) and the benchmark value (the “Benchmark Value”) provided that on such valuation
day the net asset value per unit of the Sub-Funds is above the Benchmark Value.

The Benchmark Value for the initial performance period will be set at 5% per annum above the high water
mark (the “High Water Mark”) and adjusted upwards with any new subscriptions made during that
performance period at above the Benchmark Value at the time of subscription on a weighted average basis.

For each of the performance periods thereafter, the Benchmark Value will be set at 5% per annum above the
previous Benchmark Value (adjusted by deducting distributions and performance fee) and adjusted upwards
with any new subscriptions made during that performance period at above the Benchmark Value at the time
of subscription on a weighted average basis until the High Water Mark is re-set to a higher value.
The High Water Mark for each performance period will be set as the higher of the issue price and the highest
net asset value per unit of the respective Sub-Funds as at the end of any previous performance period,
adjusted by deducting performance fee and distributions. On the first issue of units in any Sub-Funds, the
High Water Mark will equal the issue price (the “Issue Price”) which is US$10 per unit.
The cumulative performance fee accruals from the beginning of a performance period will be included in the
calculation of the net asset value per unit of the respective Sub-Funds. In the event of the net asset value per
unit of the respective Sub-Funds being less than the Benchmark Value, the daily performance fee accrual
will be negative and will reduce the cumulative performance fee accrual until the accrual reaches a
minimum level of zero. No further daily performance fee accruals will be made until the net asset value per
unit of the respective Sub-Funds exceeds the Benchmark Value.

At the end of a performance period the positive balance of the performance fee accrual will become payable
to the Manager and the performance fee accrual in the net asset value per unit of the respective Sub-Funds
will be reset to zero.

If any units are realised during a performance period, the cumulative performance fee accrued during such
performance period in respect of those units shall be crystallised and become payable to the Manager.

The performance fees charged during the year and the amount outstanding at the year end date are as
follows

                                                    Performance fee expense            Performance fee payable

                                                           2011                2010         2011                  2010
                                                            US$                 US$          US$                   US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND                 3,491               4,616        3,491                 4,616
MACQUARIE IPO CHINA GATEWAY FUND                        26,661                13,280       26,661                13,280
MACQUARIE ASIA NEW STARS FUND                          301,173                 3,281      301,173                 3,281




                                                      28
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

8       Related party transactions/transactions with the Trustee, the Manager and their connected
        persons (continued)

c)      Administration fee

The Manager is entitled to receive an administration fee from each of the Sub-Funds of 0.25% per annum of
the net asset value of the respective Sub-Funds. Such fees are accrued daily and calculated as at each
valuation day for the respective Sub-Funds and is payable quarterly in arrears.

The administration fees charged during the year end and the amount outstanding at year end date are as
follows:

                                                  Administration fee expense               Administration fee payable

                                                          2011                  2010             2011                    2010
                                                          US$                    US$              US$                     US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND            178,559             220,340               38,712                  49,892
MACQUARIE IPO CHINA GATEWAY FUND                      298,641             317,179               67,771                  75,793
MACQUARIE ASIA NEW STARS FUND                          58,795                  28,607           18,026                   8,776


d)      Transaction handling fee

The Trustee is entitled to receive a transaction handling fee for each purchase and sales transaction based
on the stock exchanges where the equity securities are listed.

The transaction handling fees charged during the year and the amount outstanding as at year end are as
follows:

                                               Transaction handling fee expense         Transaction handling fee payable

                                                          2011                  2010             2011                    2010
                                                          US$                    US$              US$                     US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND             27,250                  24,125            2,625                     550
MACQUARIE IPO CHINA GATEWAY FUND                       37,625                  28,955            3,125                   1,600
MACQUARIE ASIA NEW STARS FUND                          32,383                  24,259            2,375                   1,905


e)      Trustee fee and reimbursement by the Manager

The Trustee is entitled to receive a trustee fee of 1% per annum of the net asset value of each of the Sub-
Funds. The trustee fee is borne by the Manager. The Trustee is also entitled to reimbursement from the
Manager for any transaction, processing and valuation fees, and such other applicable fees as may be
agreed with the Manager.

f)      Bank balances

Bank balances are maintained with HSBC Institutional Trust Services (Asia) Limited a related party of the
Trustee. Bank balances held with HSBC as at year end date were:

                                                                                                 2011                    2010
                                                                                                  US$                     US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND                                                  10,245,659            2,336,581
MACQUARIE IPO CHINA GATEWAY FUND                                                            18,170,403            1,107,156
MACQUARIE ASIA NEW STARS FUND                                                                5,778,139              376,394




                                                     29
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

8           Related party transactions/transactions with the Trustee, the Manager and their connected
            persons (continued)

g)          Manager’s and its related parties’ holding in the Sub-Funds

As at 30 June 2011 and 30 June 2010, the following key management personnel and parties related to the
Manager held units in the Sub-Funds:

30 June 2011                                        Fund                                                     Units Held
John Bugg                                           Macquarie IPO China Concentrated Core Fund Class A1      1,772.587
John Bugg                                           Macquarie IPO China Concentrated Core Fund Class A2      300.000
John Bugg                                           Macquarie IPO China Gateway Fund Class A1                22,683.5500
John Bugg                                           Macquarie IPO China Gateway Fund Class A2                300.000
Paul Li                                             Macquarie IPO China Gateway Fund Class A2                503.575
John Bugg                                           Macquarie Asia New Stars Fund Class A1                   6,099.224
John Bugg                                           Macquarie Asia New Stars Fund Class A2                   4,404.686
Robert Hector John Spence                           Macquarie Asia New Stars Fund Class A2                   2,907.8640
Macquarie Investment Management Limited as RE For   Macquarie Asia New Stars Fund Class I                    336,908.718
MQNS Feeder Fund


30 June 2010                                        Fund                                                     Units Held
John Bugg                                           Macquarie IPO China Concentrated Core Fund Class A1      1,772.587
John Bugg                                           Macquarie IPO China Concentrated Core Fund Class A2      300.000
John Bugg                                           Macquarie IPO China Gateway Fund Class A1                22,683.550
John Bugg                                           Macquarie IPO China Gateway Fund Class A2                300.000
Paul Li                                             Macquarie IPO China Gateway Fund Class A2                503.575
John Bugg                                           Macquarie Asia New Stars Fund Class A1                   6,099.224
John Bugg                                           Macquarie Asia New Stars Fund Class A2                   932.251
Macquarie Investment Management Limited as RE For   Macquarie Asia New Stars Fund Class I                    1,628.616
MQNS Feeder Fund


h)          Transactions in equity securities of companies with a common director

As at 30 June 2011, no equity securities that each of the Sub-Funds invested in has a common director with
the Manager (2010: nil).

i)          Holdings in other Sub-Funds

No Sub-Funds have a holding in another Sub-Fund (2010: nil).

j)          Bank borrowing

Each of the Sub-Funds has entered into a secured short term bank borrowing with The Hong Kong and
Shanghai Banking Corporation Limited (the “Bank”), a related party of the Trustee for the lesser of
US$30,000,000 or an amount which is 25% of the net asset value held by the Bank, the Custodian (as
defined below) or their affiliates. As at 30 June 2011 none of the Sub-Funds had utilised this facility (2010:
nil).

The interest expenses incurred on the borrowing during the year was;

                                                                                                            2011           2010
                                                                                                             US$           US$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND                                                                     3              -
MACQUARIE IPO CHINA GATEWAY FUND                                                                             211              -
MACQUARIE ASIA NEW STARS FUND                                                                                414             51


The maximum amounts of secured short term bank borrowing drawn during the year were:

                                                                      2011                   2011           2010           2010
                                                                      US$                    HK$             US$           HK$
MACQUARIE IPO CHINA CONCENTRATED CORE FUND                         33,077                       -               -             -
MACQUARIE IPO CHINA GATEWAY FUND                                  482,842             4,666,355                 -             -
MACQUARIE ASIA NEW STARS FUND                                     639,500             1,553,203           135,816             -

                                                                 30
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

8      Related party transactions/transactions with the Trustee, the Manager and their connected
       persons (continued)

j)      Bank borrowing (continued)

Bank deposits and balances and listed equity securities are held with HSBC Institutional Trust Services
(Asia) Limited (the “Custodian”). The Custodian also provides the clearing and depository operations for
security transactions for each of the Sub-Funds. The Custodian provides loans and finance to each of the
Sub-Funds and, as continuing security for the payment and discharge of all liabilities of each of the Sub-
Funds, assets held by the Custodian will be charged in favour of the Custodian.

k)      Other services

The Sub-Funds may utilize the brokerage, custodian, agency and banking services of the Trustee, the
Manager and their Connected Persons.


9       Taxation

The Fund was established as an exempted trust under the laws of Cayman Islands, and obtained an
undertaking from the Governor-in-Council of the Cayman Islands that, in accordance with Section 81 of the
Trusts Law (2001 Revision) of the Cayman Islands, for a period of 50 years from 23 January 2007, no laws
thereafter enacted in the Cayman Islands imposing any tax or duty on income, capital assets, gains or
appreciations will apply to the Fund. The reporting entities, being the Macquarie IPO China Concentrated
Core Fund, Macquarie IPO China Gateway Fund, and Macquarie Asia New Stars Fund which are Sub-Funds
constituted respectively by the Supplemental Deeds to the Trust Deed of the Fund, accorded the same
exemption received by the Fund.

No provision for Hong Kong profits tax has been made as the dividend and interest income and realised
gains on disposal of investments of each of the Sub-Funds are excluded from the charge to profits tax under
Section 14, 26 or 26A of the Hong Kong Inland Revenue Ordinance.

During the year ended 30 June 2011 the Sub-Funds are not expected to be Australian resident trust estates
for income tax purposes as the central management and control, the Manager, is based in Hong Kong. The
Manager considers that the Sub-Funds would not be exposed to Australian income tax as the Sub-Funds do
not hold any property, or carry on any business in Australia. As such, no provision has been made.

Overseas withholding tax was charged on certain dividend and interest income received during the year.

10      Soft commission arrangements

The Manager may affect transactions, provided that any such transaction is consistent with standards of best
execution, by or through the agency of another person for the account of each of the Sub-Funds with whom
the Manager or any of its Connected Persons have an arrangement under which that party will from time to
time provide to or procure for the Manager or any of its Connected Persons goods, services or other benefits
(such as research and advisory services, computer hardware associated with specialized software or
research services and performance measures) the nature of which is such that their provision can
reasonably be expected to benefit each of the Sub-Funds as a whole and may contribute to an improvement
in the performance of each of the Sub-Funds. For the avoidance of doubt, such goods and services may not
include travel, accommodation, entertainment, general administrative goods or services, general office
equipment or premises, membership fees, employees’ salaries or direct money payments.

As at 30 June 2011 neither the Manager nor any of its Connected Persons received soft commissions from
brokers or dealers in respect of transactions for the account of each of the Sub-Funds (2010: nil).




                                                    31
MACQUARIE UNIT TRUST SERIES

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2011

11      Units

Each of the Sub-Funds’ capital is represented by units. They are entitled to payment of a proportionate share
based on the respective Sub-Fund’s net asset value per unit on the redemption date. The relevant
movements are shown on the statement of changes in net assets attributable to unitholders. In accordance
with the objective outlined in note 1 and the risk management policies in note 4, each of the Sub-Funds
endeavour to invest the subscriptions received in appropriate investments while maintaining sufficient
liquidity to meet redemptions, such liquidity being augmented by short-term borrowings or disposal of
investments in listed equity securities where necessary.

The minimum initial investment for Units in the Sub-Funds is USD 3,000 with minimum subsequent
subscriptions and redemptions of USD 1,000. The Manager or the Trustee may suspend the realisation of
Units or delay the payment of realisation proceeds during any periods in which the determination of the Net
Asset Value of the Sub-Fund is suspended.


12      Contingent assets and liabilities and commitments

The Fund and the Sub-Funds have no contingent assets, contingent liabilities or commitments as at 30 June
2011 and 30 June 2010

13      Events occurring after year end

No significant events have occurred since the end of the financial period which would impact on the financial
position of the sub-funds disclosed in the statement of financial position as at 30 June 2011, or on the results
and cash flows of the sub-funds for the year ended on that date.

14      Approval of financial statements

The financial statements were authorised to issue by the Trustee and the Manager on 30 September 2011.




                                                      32
MACQUARIE UNIT TRUST SERIES

INVESTMENT PORTFOLIO (UN-AUDITED)

MACQUARIE IPO CHINA CONCENTRATED CORE
FUND                                            2011              2011       2011         2010         2010       2010
                                                             Fair value   % of net                Fair value   % of net
Investments – Listed                        Holdings              US$      assets     Holdings         US$      assets


China
CHINA NATIONAL MATERIALS CO H SHR ORD
CNY1                                        1,055,000          862,121      1.53%     5,366,000   3,225,969      4.30%


CHINA QINFA GROUP LTD ORD HKD0.1            3,797,302        1,834,516      3.26%     2,834,000     804,555      1.07%


CNINSURE INC ADR (1 ADR REPS 20 ORD SHRS)     80,650         1,183,942      2.10%             -            -          -


MAOYE INTERNATIONAL HOLDINGS ORD HKD0.1     2,267,200        1,124,438      2.00%             -            -          -


REAL GOLD MINING LTD ORD HKD1               3,010,400        3,175,601      5.65%     3,458,000   5,454,903      7.28%
AGRICULTURAL BANK OF CHINA H SHS ORD
CNY1                                        3,836,782        2,016,271      3.58%             -            -          -
CHINA AUTOMATION GROUP LTD ORD HKD0.01      2,679,000        1,862,209      3.31%     3,037,000   1,977,955      2.64%


CHINA COAL ENERGY CO H SHR ORD CNY1                 -                 -          -    2,110,000   2,669,822      3.56%
CHINA LONGYUAN POWER GROUP CORP H SHR
ORD CNY1                                            -                 -          -    2,250,000   2,086,812      2.78%
HUANENG RENEWABLES CORP LTD SHS H ORD
CNY1                                        1,638,000          524,049      0.93%             -            -          -
INDUSTRIAL AND COMMERCIAL BANK OF CHINA
H SHS ORD CNY1                                      -                 -          -    5,393,000   3,969,618      5.30%
LONGTOP FINANCIAL TECHNOLOGIES LTD
ADR(1 ADR REPS 1 ORD SHR)                     71,900           190,379      0.34%       48,900    1,582,404      2.11%
SHANGHAI PHARMACEUTICALS HOLDING CO
LTD H SHR ORD CNY1                           375,000         1,007,015      1.79%             -            -          -
WANT WANT CHINA HOLDINGS LTD ORD
USD0.02                                     4,111,000        3,961,570      7.04%     6,311,000   5,310,106      7.08%
ZHONGSHENG GROUP HOLDINGS LTD ORD
HKD0.0001                                           -                 -          -     800,000      986,563      1.32%


Hong Kong


BBMG CORP H SHS ORD CNY1                     830,000         1,237,071      2.20%     5,223,000   5,427,905      7.24%
CHINA HIGH PRECISION AUTOMATION GROUP
LTD ORD HKD0.1                               772,000           599,119      1.07%             -            -          -
CHINA SCE PROPERTY HOLDINGS LTD ORD
HKD0.1                                      5,283,489        1,350,929      2.40%    10,600,000   2,995,658      4.00%
CHINA SHANSHUI CEMENT GROUP CO LTD ORD
USD0.01                                             -                 -          -    4,264,000   1,906,163      2.54%
DAH CHONG HONG ORD HKD0.15                  3,176,000        3,782,847      6.72%     8,407,000   5,216,172      6.96%
GLORIOUS PROPERTY HOLDINGS LTD ORD
HKD0.01                                             -                 -          -    8,728,000   2,511,461      3.35%
GOLDEN EAGLE RETAIL GROUP LTD ORD
HKD0.1                                              -                 -          -    1,186,000   2,507,715      3.35%
HIDILI INDUSTRY INTL DEVELOPMENT LTD ORD
HKD0.1                                              -                 -          -    4,703,000   3,491,938      4.66%


MAN WAH HOLDINGS LTD ORD HKD0.4                     -                 -          -    2,080,000   2,017,316      2.69%
PEAK SPORT PRODUCTS LTD ORD HKD0.01         5,426,628        3,806,986      6.77%     6,999,000   4,657,249      6.21%


SOUTHGOBI RESOURCES LTD ORD NPV (HKE)         21,850           235,825      0.42%      169,000    2,008,131      2.68%
XTEP INTERNATIONAL HOLDINGS ORD HKD0.01     4,683,396        3,189,299      5.67%     2,010,000   1,657,657      2.21%


AIA GROUP LTD ORD USD1                       372,600         1,290,209      2.29%             -            -          -


ANTA SPORTS PRODUCTS LTD ORD HKD0.1                 -                 -          -    1,812,000   3,300,640      4.40%



                                                        33
MACQUARIE UNIT TRUST SERIES


INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)
MACQUARIE IPO CHINA CONCENTRATED CORE
FUND                                                   2011              2011       2011        2010         2010       2010
                                                                    Fair value   % of net               Fair value   % of net
Investments – Listed                               Holdings               US$     assets    Holdings          US$     assets


CHANGSHA ZOOMLION HEAVY INDUSTRY
SCIENCE AND TECHNOLOGY DEVELOPMENT CO
LTD H SHR ORD CNY1                                  236,800           450,300      0.80%            -            -          -


CHINA HONGQIAO GROUP LTD ORD USD0.01               2,100,000         1,958,910     3.48%            -            -          -
CHINA MINSHENG BANKING CO LTD H SHR ORD
CNY1                                               2,278,841         2,093,527     3.72%            -            -          -
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS
ORD CNY1                                            693,664          2,860,966     5.09%     380,000     1,520,566     2.03%
CHINA SUNTIEN GREEN ENERGY CORP H SHR
ORD CNY1                                           3,172,000          831,423      1.48%            -            -          -
CHINA VANADIUM TITANO - MAGNETITE ORD
HKD0.1                                              329,450           125,720      0.22%    2,379,000     874,026      1.17%
CHINA ZHONGWANG HOLDINGS LTD ORD
HKD0.1                                                     -                 -          -   2,804,800    1,787,093     2.38%
GUANGZHOU AUTOMOBILE GROUP CO LTD H
SHR ORD CNY1                                        221,246           269,490      0.48%            -            -          -


MIE HOLDINGS CORP ORD USD0.001                     2,459,000         1,026,834     1.83%            -            -          -


United States of America
CHINA REAL ESTATE INFORMATION CORP ADR
(1 ADR REP 1 ORD SHS)                               260,960          1,855,426     3.30%     260,960     2,038,098     2.72%
CHINA XINIYA FASHION LTD ADR (1 ADR REPS 4
ORD SHS)                                            351,375          1,026,015     1.82%            -            -          -
SHANGPHARMA CORP ADR (1 ADR REPS 18
ORD SHS)                                             54,001           564,850      1.00%            -            -          -


Total investments                                                   46,297,857    82.29%                71,986,498   95.61%
Adjustment from bid market prices to last traded
market price                                                          125,736                             345,352
Other net assets                                                     9,955,728                           2,962,502
Net assets attributable to unitholders                              56,379,321   100.00%                75,294,352   100.00%




                                                               34
MACQUARIE UNIT TRUST SERIES

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE IPO CHINA GATEWAY FUND                 2011              2011       2011         2010         2010       2010
                                                                           % of net                             % of net
                                             Holdings         Fair value    assets     Holdings    Fair value    assets
Investments - Listed


China
CHINA NATIONAL MATERIALS CO H SHR ORD
CNY1                                         1,599,000        1,306,665      1.33%     5,266,000   3,165,851      2.80%


CHINA QINFA GROUP LTD ORD HKD0.1             9,902,698        4,784,096      4.87%    19,822,000   5,627,344      4.98%


CNINSURE INC ADR (1 ADR REPS 20 ORD SHRS)     148,200         2,175,576      2.21%       35,640      923,076      0.82%


MAOYE INTERNATIONAL HOLDINGS ORD HKD0.1      1,902,000          943,314      0.96%             -            -          -


REAL GOLD MINING LTD ORD HKD1                5,335,742        5,628,550      5.73%     5,350,500   8,440,272      7.46%
SHENGUAN HOLDINGS GROUP LTD ORD
HKD0.01                                              -                 -          -     120,000      107,443      0.09%
AGRICULTURAL BANK OF CHINA H SHS ORD
CNY1                                         4,416,268        2,320,798      2.36%             -            -          -


CHINA AUTOMATION GROUP LTD ORD HKD0.01               -                 -          -    4,966,000   3,234,286      2.86%


CHINA COAL ENERGY CO H SHR ORD CNY1                  -                 -          -    1,616,000   2,044,755      1.81%
CHINA LONGYUAN POWER GROUP CORP H SHR
ORD CNY1                                             -                 -          -    2,300,000   2,133,186      1.89%
HUANENG RENEWABLES CORP LTD SHS H ORD
CNY1                                         2,862,000          915,646      0.93%             -            -          -
INDUSTRIAL AND COMMERCIAL BANK OF CHINA
H SHS ORD CNY1                                       -                 -          -    7,230,000   5,321,776      4.70%
LONGTOP FINANCIAL TECHNOLOGIES LTD
ADR(1 ADR REPS 1 ORD SHR)                     143,156           379,052      0.39%       55,456    1,794,556      1.59%
MINDRAY MEDICAL INTL LTD ADR (1 ADR REPS 1
ORD CL A SHR)                                        -                 -          -      30,300      951,723      0.84%
SHANGHAI PHARMACEUTICALS HOLDING CO
LTD H SHR ORD CNY1                            670,000         1,799,201      1.83%             -            -          -
WANT WANT CHINA HOLDINGS LTD ORD
USD0.02                                      6,785,000        6,538,373      6.65%     9,448,000   7,949,593      7.03%


Hong Kong


BBMG CORP H SHS ORD CNY1                      859,500         1,281,039      1.30%     7,807,000   8,113,279      7.17%
CHINA HIGH PRECISION AUTOMATION GROUP
LTD ORD HKD0.1                               1,366,000        1,060,098      1.08%     3,980,000   2,300,696      2.03%


CHINA LIANSU GROUP HOLDINGS ORD HKD0.05              -                 -          -    5,250,000   1,625,324      1.44%
CHINA SCE PROPERTY HOLDINGS LTD ORD
HKD0.1                                       7,255,090        1,855,045      1.89%    15,260,000   4,312,617      3.81%
CHINA SHANSHUI CEMENT GROUP CO LTD ORD
USD0.01                                              -                 -          -    6,497,000   2,904,396      2.57%
CITIC TELECOM INTERNATIONAL HOLDINGS LTD
ORD HKD0.1                                           -                 -          -   15,137,000   4,005,629      3.54%


DAH CHONG HONG ORD HKD0.15                   6,151,000        7,326,288      7.46%    12,755,000   7,913,913      7.00%
GLORIOUS PROPERTY HOLDINGS LTD ORD
HKD0.01                                              -                 -          -   13,108,000   3,771,796      3.33%
GOLDEN EAGLE RETAIL GROUP LTD ORD
HKD0.1                                               -                 -          -    1,867,000   3,947,643      3.49%
HIDILI INDUSTRY INTL DEVELOPMENT LTD ORD
HKD0.1                                               -                 -          -    3,702,000   2,748,704      2.43%


MAN WAH HOLDINGS LTD ORD HKD0.4                      -                 -          -    3,650,000   3,540,002      3.13%


PEAK SPORT PRODUCTS LTD ORD HKD0.01          8,800,337        6,173,771      6.28%     8,746,000   5,819,731      5.15%
                                                         35
MACQUARIE UNIT TRUST SERIES

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE IPO CHINA GATEWAY FUND                       2011              2011       2011        2010          2010       2010
                                                                                 % of net                             % of net
                                                   Holdings         Fair value    assets    Holdings     Fair value    assets


PORTS DESIGN LTD ORD HKD0.0025                             -                 -          -    240,000       615,985      0.54%


SOUTHGOBI RESOURCES LTD ORD NPV (HKE)                37,900           409,051      0.42%     219,900      2,612,947     2.31%


TRAUSON HOLDINGS CO ORD HKD0.1                     6,979,645         2,744,185     2.79%    2,578,000     1,188,888     1.05%


XTEP INTERNATIONAL HOLDINGS ORD HKD0.01            6,312,604         4,298,758     4.37%    5,191,500     4,281,457     3.79%


AIA GROUP LTD ORD USD1                              655,800          2,270,851     2.31%            -             -          -


ANTA SPORTS PRODUCTS LTD ORD HKD0.1                        -                 -          -   1,909,000     3,477,330     3.07%


BOER POWER HOLDINGS LTD ORD HKD0.1                 1,700,000         1,531,177     1.56%            -             -          -


CARPENTER TAN HOLDINGS LTD ORD HKD0.01              530,000           253,325      0.26%            -             -          -
CHANGSHA ZOOMLION HEAVY INDUSTRY
SCIENCE AND TECHNOLOGY DEVELOPMENT CO
LTD H SHR ORD CNY1                                  201,240           382,679      0.39%            -             -          -


CHINA HONGQIAO GROUP LTD ORD USD0.01               4,988,000         4,652,877     4.74%            -             -          -
CHINA MINSHENG BANKING CO LTD H SHR ORD
CNY1                                               2,688,250         2,469,643     2.51%            -             -          -
CHINA PACIFIC INSURANCE (GR) CO LTD H SHS
ORD CNY1                                            967,722          3,991,298     4.06%     300,000      1,200,447     1.06%
CHINA SUNTIEN GREEN ENERGY CORP H SHR
ORD CNY1                                           6,430,000         1,685,387     1.72%            -             -          -
CHINA VANADIUM TITANO - MAGNETITE ORD
HKD0.1                                                  240                92           -   3,200,000     1,175,655     1.04%
CHINA ZHONGWANG HOLDINGS LTD ORD
HKD0.1                                                     -                 -          -   3,529,200     2,248,649     1.99%


MIE HOLDINGS CORP ORD USD0.001                     2,767,000         1,155,450     1.18%            -             -          -


PAX GLOBAL TECHNOLOGY LTD ORD HKD0.1               4,871,000         1,514,579     1.54%            -             -          -


Taiwan


TPK HOLDING CO LTD ORD TWD10                         78,000          2,373,677     2.42%            -             -          -


United States of America
CHINA REAL ESTATE INFORMATION CORP ADR
(1 ADR REP 1 ORD SHS)                               396,117          2,816,392     2.87%     396,117      3,093,674     2.74%
CHINA XINIYA FASHION LTD ADR (1 ADR REPS 4
ORD SHS)                                            795,760          2,323,619     2.36%            -             -          -
SHANGPHARMA CORP ADR (1 ADR REPS 18
ORD SHS)                                            101,281          1,059,399     1.08%            -             -          -


Total investments                                                   80,419,951    81.85%                112,592,622    99.55%
Adjustment from bid market prices to last traded
market price                                                          255,191                              606,500
Other net assets                                                    17,841,784                             514,542
Net assets attributable to unitholders                              98,516,926   100.00%                113,716,664   100.00%




                                                               36
MACQUARIE UNIT TRUST SERIES

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE ASIA NEW STARS FUND                      2011         2011       2011        2010         2010       2010
                                                                        % of net                            % of net
                                               Holdings    Fair value    assets    Holdings    Fair value    assets
Investments - Listed



China
3SBIO INC COM USD0.0001 (ONE ADR REPS SEVEN
ORD SHRS)                                        30,500      530,395      1.54%            -            -          -


CHINA NATIONAL MATERIALS CO H SHR ORD CNY1             -            -          -     81,000       48,696      0.33%


CHINA QINFA GROUP LTD ORD HKD0.1                359,000      173,437      0.51%    1,486,000     421,866      2.88%


CNINSURE INC ADR (1 ADR REPS 20 ORD SHRS)        31,618      464,152      1.35%       5,918      153,276      1.05%
GREAT WALL MOTOR COMPANY LTD H SHRS ORD
CNY1                                            470,250      770,971      2.25%            -            -          -
LIANHUA SUPERMARKET HOLDINGS LTD H SHS ORD
CNY1                                                   -            -          -    154,000      566,773      3.87%


MAOYE INTERNATIONAL HOLDINGS ORD HKD0.1         585,600      290,434      0.85%            -            -          -


REAL GOLD MINING LTD ORD HKD1                   337,171      355,674      1.04%     429,671      677,795      4.63%


SHENGUAN HOLDINGS GROUP LTD ORD HKD0.01                -            -          -     50,000       44,768      0.31%
YUEXIU TRANSPORT INFRASTRUCTURE LTD ORD
HKD0.1                                                 -            -          -    324,000      158,575      1.08%



Hong Kong


BBMG CORP H SHS ORD CNY1                        359,000      535,070      1.56%     511,500      531,567      3.63%
CHINA HIGH PRECISION AUTOMATION GROUP LTD
ORD HKD0.1                                             -            -          -    310,000      179,200      1.23%


CHINA LIANSU GROUP HOLDINGS ORD HKD0.05                -            -          -    650,000      201,231      1.38%


CHINA SCE PROPERTY HOLDINGS LTD ORD HKD0.1             -            -          -   1,121,000     316,805      2.17%
CHINA SHANSHUI CEMENT GROUP CO LTD ORD
USD0.01                                                -            -          -    638,000      285,209      1.95%
CITIC TELECOM INTERNATIONAL HOLDINGS LTD
ORD HKD0.1                                             -            -          -    551,000      145,808      1.00%


CST MINING GROUP LTD ORD HKD0.1               47,568,000   1,265,155      3.68%            -            -          -


DAH CHONG HONG ORD HKD0.15                      409,000      487,149      1.42%     906,000      562,133      3.84%
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED
ORD HKD0.1                                     1,499,999     530,008      1.54%            -            -          -
EVA PRECISION INDUSTRIAL HOLDINGS LTD ORD
HKD0.1                                         1,256,000     384,083      1.12%     450,000      208,681      1.43%


GLORIOUS PROPERTY HOLDINGS LTD ORD HKD0.01             -            -          -    573,000      164,879      1.13%


GOLDEN EAGLE RETAIL GROUP LTD ORD HKD0.1               -            -          -    154,000      325,622      2.23%
HIDILI INDUSTRY INTL DEVELOPMENT LTD ORD
HKD0.1                                                 -            -          -    495,000      367,533      2.51%


MAN WAH HOLDINGS LTD ORD HKD0.4                        -            -          -    454,400      440,706      3.01%


PEAK SPORT PRODUCTS LTD ORD HKD0.01            2,797,950   1,962,868      5.72%     575,000      382,614      2.62%


                                                      37
MACQUARIE UNIT TRUST SERIES

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE ASIA NEW STARS FUND                      2011         2011       2011       2010         2010       2010
                                                                        % of net                           % of net
                                               Holdings    Fair value    assets    Holdings   Fair value    assets


PORTS DESIGN LTD ORD HKD0.0025                         -            -          -    130,000     333,659      2.28%


SHUI ON CONSTRUCTION ORD HKD1                   519,923      693,418      2.02%     222,000     245,539      1.68%


SKYWORTH DIGITAL HOLDINGS LTD ORD HKD0.1        306,600      183,970      0.54%     438,000     293,140      2.00%


SOUTHGOBI RESOURCES LTD ORD NPV (HKE)                  -            -          -     20,000     237,649      1.62%
TCC INTERNATIONAL HOLDINGS LIMITED ORD
HKD0.1                                          574,000      314,919      0.92%           -            -          -


TRAUSON HOLDINGS CO ORD HKD0.1                         -            -          -    322,000     148,496      1.02%


XINGDA INTERNATIONAL HOLDING ORD HKD0.1         172,000      167,295      0.49%     700,000     393,855      2.69%


XTEP INTERNATIONAL HOLDINGS ORD HKD0.01        1,859,000   1,265,942      3.69%     670,000     552,552      3.78%



India
MACQUARIE BANK LTD (JINDAL SAW LTD) CALL WTS
15/01/2015                                      219,921      778,520      2.27%      35,000     151,900      1.04%
MACQUARIE BANK LTD (SHRIRAM TRANSPORT
FINANCE) CWTS 03/07/2014                               -            -          -     33,493     415,648      2.84%
MACQUARIE BANK LTD (TULIP TELECOM) CALL WTS
18/06/2013                                       60,780      220,024      0.64%      12,156     228,654      1.56%



Indonesia


HARUM ENERGY ORD IDR100                         675,186      750,381      2.19%           -            -          -



Korea


DAEGU BANK ORD KRW5000                                 -            -          -     43,800     501,862      3.43%


DONGBU INSURANCE CO LTD ORD KRW500               31,050    1,602,149      4.67%           -            -          -


GRAND KOREA LEISURE CO LTD ORD KRW500            89,360    1,690,380      4.92%           -            -          -


HANDSOME CO LTD ORD KRW500                       33,058      812,635      2.37%           -            -          -
HYUNDAI DEPARTMENT STORE CO LTD ORD
KRW5000                                           8,203    1,332,791      3.88%           -            -          -


LG FASHION CORPORATION ORD KRW5,000              33,660    1,322,318      3.85%           -            -          -


SAMSUNG ENGINEERING CO LTD ORD KRW5000            4,990    1,191,600      3.47%       5,370     503,225      3.44%
TONGYANG LIFE INSURANCE ORD KRW5,000
(PRIVATE COMPANY)                                      -            -          -     38,660     404,999      2.77%


WOONGJIN THINKBIG CO LTD NEW ORD KRW500                -            -          -     21,310     441,251      3.02%



Luxembourg
CITIGROUP GLOBAL MARKETS HLDGS INC (JINDAL
SAW LTD) CWTS 24/10/2012                               -            -          -      4,347      18,770      0.13%
CITIGROUP GLOBAL MARKETS HLDGS INC (TULIP
TELECOM) CWTS 24/10/2012                        108,572      393,096      1.14%       1,485      27,827      0.19%


                                                      38
MACQUARIE UNIT TRUST SERIES

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE ASIA NEW STARS FUND                          2011         2011       2011        2010         2010       2010
                                                                            % of net                            % of net
                                                   Holdings    Fair value    assets    Holdings    Fair value    assets



Malaysia


MEDIA PRIMA ORD MYR1                                584,600      551,875      1.61%            -            -          -


QSR BRANDS BHD ORD MYR1                             497,800      966,250      2.81%            -            -          -



Philippines


ABOITIZ POWER CORP ORD PHP1                                -            -          -   1,676,000     658,635      4.50%


ALLIANCE GLOBAL GROUP INC ORD PHP1                         -            -          -   2,708,000     314,884      2.15%


ENERGY DEVELOPMENT CORP ORD PHP1                           -            -          -   2,811,000     272,384      1.86%


MANILA WATER COMPANY ORD PHP1                      1,829,100     786,165      2.29%            -            -          -


SECURITY BANK CORP ORD PHP10                        384,580      885,896      2.58%     326,400      467,390      3.20%


SEMIRARA MINING CORPORATION ORD PHP1                 89,000      437,120      1.27%            -            -          -



Taiwan


CATCHER TECHNOLOGY CO LTD ORD TWD10                 290,000     1,822,597     5.31%            -            -          -


ST SHINE OPTICAL CO LTD ORD TWD10                    94,841     1,433,182     4.17%      48,841      391,578      2.68%
TAIWAN HON CHUAN ENTERPRISE CO LTD ORD
TWD10                                               317,840      955,069      2.78%            -            -          -


TXC CORP ORD TWD10                                  520,000      907,103      2.64%            -            -          -


WISTRON NEWEB CORPORATION ORD NPV                   137,000      429,318      1.25%            -            -          -



Thailand
CHAROEN POKPHAND FOODS CO LTD ORD THB1
(FR)                                                       -            -          -    808,400      506,185      3.46%


PRUKSA REAL ESTATE PUB CO LTD ORD THB1 (FR)                -            -          -    669,700      371,826      2.54%
THAI AIRWAYS INTERNATIONAL PCL ORD THB10
(FR)                                                       -            -          -    185,700      147,495      1.01%



United States of America
CHINA REAL ESTATE INFORMATION CORP ADR (1
ADR REP 1 ORD SHS)                                         -            -          -     33,006      257,777      1.76%



Total investments                                              29,643,408    86.35%                14,470,917    98.93%
Adjustment from bid market prices to last traded
market price                                                      70,464                              78,057

Other net assets                                                4,692,419                            156,606

Net assets attributable to unitholders                         34,406,291   100.00%                14,705,580   100.00%




                                                          39
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)

MACQUARIE IPO CHINA             As at          For the year ended              As at         As at         For the year ended          As at
CONCENTRATED CORE         1 July 2010                   30 June 2011        30 June    1 July 2009                30 June 2010      30 June
FUND                                                                           2011                                                    2010
                            Opening                                      Closing       Opening                                   Closing
Investments – Listed         balance    Additions        Disposals       Balance       balance       Additions      Disposals    Balance



China
3SBIO INC COM USD0.0001
(ONE ADR REPS SEVEN                 -       40,304            40,304               -             -            -              -             -
ORD SHRS)
CHINA AUTOMATION
GROUP LTD ORD HKD0.01      3,037,000                -        358,000       2,679,000             -    3,037,000              -     3,037,000

CHINA METAL RECYCLING
HOLDINGS LTD ORD                    -     2,374,200        2,374,200               -       99,600     1,450,200      1,549,800             -
HKD0.0001
CHINA NATIONAL BUILDING
MATERIAL CO LTD H SHS               -               -                -             -             -    1,700,000      1,700,000             -
ORD HKD1
CHINA NATIONAL
MATERIALS CO H SHR ORD     5,366,000      3,190,000        7,501,000       1,055,000     6,129,000    7,336,000      8,099,000     5,366,000
CNY1
CHINA QINFA GROUP LTD
ORD HKD0.1                 2,834,000      2,865,000        1,901,698       3,797,302             -    2,834,000              -     2,834,000

CNINSURE INC ADR (1 ADR
REPS 20 ORD SHRS)                   -       80,650                   -       80,650              -            -              -             -

LONGTOP FINANCIAL
TECHNOLOGIES LTD ADR(1        48,900        23,000                   -       71,900              -      48,900               -       48,900
ADR REPS 1 ORD SHR)
LUMENA RESOURCES
CORP ORD USD0.00001                 -               -                -             -             -    7,600,000      7,600,000             -

MAOYE INTERNATIONAL
HOLDINGS ORD HKD0.1                 -     8,954,600        6,687,400       2,267,200     4,102,000            -      4,102,000             -

REAL GOLD MINING LTD
ORD HKD1                   3,458,000       841,250         1,288,850       3,010,400             -    7,113,000      3,655,000     3,458,000

SHENGUAN HOLDINGS
GROUP LTD ORD HKD0.01               -     2,602,406        2,602,406               -             -            -              -             -

SIMCERE
PHARMACEUTICAL GROUP                -      129,171           129,171               -             -            -              -             -
ADR (1 ADR REP 2 ORD
SHS)
SINOTRANS SHIPPING LTD
ORD HKD0.1                          -               -                -             -    10,870,500            -     10,870,500             -

AGRICULTURAL BANK OF
CHINA H SHS ORD CNY1                -    11,800,722        7,963,940       3,836,782             -            -              -             -

BANK OF CHINA LTD SHS H
ORD CNY1                            -               -                -             -             -   20,937,000     20,937,000             -

BOSIDENG INTERNATIONAL
HLDGS LTD ORD                       -               -                -             -     1,000,000            -      1,000,000             -
USD0.00001
CHINA BLUECHEMICAL LTD
SHS H ORD CNY1                      -               -                -             -     9,808,000            -      9,808,000             -

CHINA CITIC BANK CORP
LTD H SHRS ORD CNY1                 -               -                -             -    10,123,000    8,049,000     18,172,000             -

CHINA COAL ENERGY CO H
SHR ORD CNY1               2,110,000                -      2,110,000               -     4,894,000    3,214,000      5,998,000     2,110,000

CHINA COMMUNICATIONS
CONSTRUCTION CO LTD H               -               -                -             -     2,765,000            -      2,765,000             -
ORD CNY1
CHINA DONGXIANG GROUP
CO ORD HKD0.01                      -               -                -             -     8,962,000     156,000       9,118,000             -

CHINA LONGYUAN POWER
GROUP CORP H SHR ORD       2,250,000                -      2,250,000               -             -    2,250,000              -     2,250,000
CNY1
FOSUN INTERNATIONAL
ORD HKD0.10                         -               -                -             -      388,000             -       388,000              -




                                                               40
MACQUARIE UNIT TRUST SERIES


STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)
MACQUARIE IPO CHINA             As at          For the year ended              As at         As at         For the year ended          As at
CONCENTRATED CORE         1 July 2010                   30 June 2011        30 June    1 July 2009                30 June 2010      30 June
FUND                                                                           2011                                                    2010
                            Opening                                      Closing       Opening                                   Closing
Investments – Listed         balance    Additions        Disposals       Balance       balance       Additions      Disposals    Balance


GIANT INTERACTIVE
GROUP ADR (1 ADR SHR                -               -                -             -      179,100             -       179,100              -
REPS 1 ORD SHR)
HUANENG RENEWABLES
CORP LTD SHS H ORD                  -     1,638,000                  -     1,638,000             -            -              -             -
CNY1
INDUSTRIAL AND
COMMERCIAL BANK OF         5,393,000      2,935,000        8,328,000               -     9,083,000    7,097,000     10,787,000     5,393,000
CHINA H SHS ORD CNY1
INDUSTRIAL AND
COMMERCIAL BANK OF                  -               -        258,255               -             -            -              -             -
CHINA NIL PAID RTS
16/12/2010
INTIME DEPARTMENT
STORE GROUP CO LTD                  -               -                -             -     4,570,000    3,693,000      8,263,000             -
ORD NPV
LONGFOR PROPERTIES
ORD HKD0.1                          -               -                -             -             -     600,000        600,000              -

MINDRAY MEDICAL INTL
LTD ADR (1 ADR REPS 1               -               -                -             -      174,300             -       174,300              -
ORD CL A SHR)
RENREN INC ADR (1 ADR
REPS 3 CL A SHR)                    -        3,000             3,000               -             -            -              -             -

SHANGHAI
PHARMACEUTICALS                     -      375,000                   -      375,000              -            -              -             -
HOLDING CO LTD H SHR
ORD CNY1
SOLARFUN POWER
HOLDINGS ADR COM                    -               -                -             -       20,725             -         20,725             -
USD0.0001 (1 ADR REP 5
ORD SHS)
TRINA SOLAR LTD SPON
ADR (1 ADS REPS 100 ORD             -               -                -             -        7,100             -          7,100             -
SHRS)
WANT WANT CHINA
HOLDINGS LTD ORD           6,311,000      3,580,000        5,780,000       4,111,000     7,039,000    7,722,000      8,450,000     6,311,000
USD0.02
ZHONGSHENG GROUP
HOLDINGS LTD ORD             800,000                -        800,000               -             -     800,000               -      800,000
HKD0.0001


Hong Kong
BBMG CORP H SHS ORD
CNY1                       5,223,000                -      4,393,000        830,000              -    9,703,000      4,480,000     5,223,000

CHINA HIGH PRECISION
AUTOMATION GROUP LTD                -     1,548,000          776,000        772,000              -            -              -             -
ORD HKD0.1
CHINA SCE PROPERTY
HOLDINGS LTD ORD          10,600,000                -      5,316,511       5,283,489             -   10,600,000              -    10,600,000
HKD0.1
CHINA SHANSHUI CEMENT
GROUP CO LTD ORD           4,264,000      1,826,000        6,090,000               -             -   13,471,000      9,207,000     4,264,000
USD0.01
CHINA SUNTIEN GREEN
ENERGY CORP H SHR ORD               -     5,013,000        1,841,000       3,172,000             -            -              -             -
CNY1
CHINA VANADIUM TITANO -
MAGNETITE ORD HKD0.1       2,379,000      1,285,000        3,334,550        329,450              -    7,579,000      5,200,000     2,379,000

DAH CHONG HONG ORD
HKD0.15                    8,407,000      1,386,000        6,617,000       3,176,000             -   12,111,000      3,704,000     8,407,000

GLORIOUS PROPERTY
HOLDINGS LTD ORD           8,728,000                -      8,728,000               -             -    8,728,000              -     8,728,000
HKD0.01
GOLDEN EAGLE RETAIL
GROUP LTD ORD HKD0.1       1,186,000                -      1,186,000               -             -    1,326,000       140,000      1,186,000

GREENS HOLDINGS LTD
ORD USD0.01                         -               -                -             -             -   15,300,000     15,300,000             -



                                                               41
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE IPO CHINA             As at          For the year ended              As at         As at         For the year ended          As at
CONCENTRATED CORE         1 July 2010                   30 June 2011        30 June    1 July 2009                30 June 2010      30 June
FUND                                                                           2011                                                    2010
                            Opening                                      Closing       Opening                                   Closing
Investments – Listed         balance    Additions        Disposals       Balance       balance       Additions      Disposals    Balance


HIDILI INDUSTRY INTL
DEVELOPMENT LTD ORD        4,703,000                -      4,703,000               -             -    5,583,000       880,000      4,703,000
HKD0.1
LEOCH INTERNATIONAL
TECHNOLOGY LTD ORD                  -      221,900           221,900               -             -            -              -             -
HKD0.01
MAN WAH HOLDINGS LTD
ORD HKD0.4                 2,080,000      1,191,400        3,271,400               -             -    2,080,000              -     2,080,000

MIE HOLDINGS CORP ORD
USD0.001                            -    10,090,000        7,631,000       2,459,000             -            -              -             -

PEAK SPORT PRODUCTS
LTD ORD HKD0.01            6,999,000      5,856,656        7,429,028       5,426,628             -   13,205,000      6,206,000     6,999,000

SOUTHGOBI RESOURCES
LTD ORD NPV (HKE)            169,000                -        147,150         21,850              -     169,000               -      169,000

XINGDA INTERNATIONAL
HOLDING ORD HKD0.1                  -     2,904,000        2,904,000               -             -            -              -             -

XTEP INTERNATIONAL
HOLDINGS ORD HKD0.01       2,010,000      3,668,500          995,104       4,683,396             -   10,712,500      8,702,500     2,010,000

AIA GROUP LTD ORD USD1
                                    -      821,400           448,800        372,600              -            -              -             -

ANTA SPORTS PRODUCTS
LTD ORD HKD0.1             1,812,000                -      1,812,000               -             -    5,105,000      3,293,000     1,812,000

BAWANG INTERNATIONAL
ORD HKD0.1                          -      540,000           540,000               -             -            -              -             -

BELLE INTERNATIONAL
HOLDINGS LTD ORD                    -      788,000           788,000               -      188,000             -       188,000              -
HKD0.01
CHANGSHA ZOOMLION
HEAVY INDUSTRY SCIENCE              -      208,000                   -      236,800              -            -              -             -
AND TECHNOLOGY
DEVELOPMENT CO LTD H
SHR ORD CNY1
CHINA AGRI-IND HLDGS
LTD ORD HKD0.1                      -               -                -             -     8,263,000            -      8,263,000             -

CHINA HONGQIAO GROUP
LTD ORD USD0.01                     -     2,100,000                  -     2,100,000             -            -              -             -

CHINA MINSHENG BANKING
CO LTD H SHR ORD CNY1               -     5,570,500        3,291,659       2,278,841             -            -              -             -

CHINA PACIFIC INSURANCE
(GR) CO LTD H SHS ORD        380,000       496,664           183,000        693,664              -     380,000               -      380,000
CNY1
CHINA RAILWAY
CONSTRUCTION CORP H                 -               -                -             -      805,500     1,635,500      2,441,000             -
SHR ORD CNY1
CHINA RAILWAY GROUP
LTD H ORD CNY1                      -               -                -             -      911,000     1,200,000      2,111,000             -

CHINA RESOURCES
CEMENT HOLDING LTD                  -               -                -             -             -    7,455,000      7,455,000             -
ORD HKD0.1
CHINA SOUTH
LOCOMOTIVE & ROLLING                -               -                -             -     5,838,000            -      5,838,000             -
STOCK CORP LTD H ORD
CNY1
CHINA ZHONGWANG
HOLDINGS LTD ORD           2,804,800                -      2,804,800               -     4,538,000    3,446,400      5,179,600     2,804,800
HKD0.1
GUANGZHOU AUTOMOBILE
GROUP CO LTD H SHR ORD              -     2,000,000        1,778,754        221,246              -            -              -             -
CNY1
SANDS CHINA LTD ORD
USD0.01                             -               -                -             -             -    3,800,000      3,800,000             -




                                                               42
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE IPO CHINA              As at          For the year ended             As at          As at        For the year ended         As at
CONCENTRATED CORE          1 July 2010                   30 June 2011        30 June    1 July 2009               30 June 2010      30 June
FUND                                                                            2011                                                   2010
                             Opening                                      Closing       Opening                                  Closing
Investments – Listed          balance    Additions        Disposals       Balance       balance       Additions     Disposals    Balance


SHANDONG CHENMING
PAPER HOLDING LTD H                  -               -                -             -     2,000,000           -      2,000,000             -
SHRS ORD CNY1
SINOTRUK HONG KONG
LTD ORD HK0.1                        -               -                -             -      200,300    1,800,000      2,000,300             -

UNI PRESIDENT CHINA
HOLDINGS ORD HKD0.01                 -               -                -             -             -   8,230,000      8,230,000             -

WYNN MACAU LTD ORD
HKD0.001                             -               -                -             -             -    930,000        930,000              -




Singapore
YANGZIJIANG
SHIPBUILDING HLDGS LTD               -               -                -             -     7,688,000   5,550,000     13,238,000             -
ORD NPV


United States of America
CHINA REAL ESTATE
INFORMATION CORP ADR          260,960                -                -      260,960              -    260,960               -      260,960
(1 ADR REP 1 ORD SHS)
CHINA XINIYA FASHION LTD
ADR (1 ADR REPS 4 ORD                -      351,375                   -      351,375              -           -              -             -
SHS)
SHANGPHARMA CORP ADR
(1 ADR REPS 18 ORD SHS)              -       54,001                   -       54,001              -           -              -             -




Switzerland
GLENCORE
INTERNATIONAL ORD                    -       20,000            20,000               -             -           -              -             -
USD0.01




                                                                43
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)
MACQUARIE IPO CHINA             As at          For the year ended        As at        As at         For the year ended         As at
GATEWAY FUND                   1 July                30 June 2011     30 June        1 July                30 June 2010     30 June
                                2010                                     2011         2009                                     2010

                            Opening                                   Closing     Opening                                   Closing
Investments – Listed         balance    Additions      Disposals      balance      balance    Additions      Disposals      balance



Cayman Islands
MACQUARIE IPO CHINA
CONCENTRATED CORE                   -            -               -           -     243,308             -       243,308             -
FUND-A1


China
3SBIO INC COM USD0.0001
(ONE ADR REPS SEVEN                 -     193,282        193,282             -            -            -              -            -
ORD SHRS)
ANTON OILFIELD SERVICES
GROUP ORD HKD0.1                    -            -               -           -   18,149,691            -     18,149,691            -

CHEMSPEC
INTERNATIONAL LTD ADR               -            -               -           -      95,000             -         95,000            -
(1 ADR REPS 60 ORD SHRS)
CHINA AUTOMATION
GROUP LTD ORD HKD0.01       4,966,000            -      4,966,000            -            -    4,966,000              -    4,966,000

CHINA METAL RECYCLING
HOLDINGS LTD ORD                    -    4,467,400      4,467,400            -            -    1,549,800      1,549,800            -
HKD0.0001
CHINA NATIONAL BUILDING
MATERIAL CO LTD H SHS               -            -               -           -    2,484,000    1,282,000      3,766,000            -
ORD HKD1
CHINA NATIONAL
MATERIALS CO H SHR ORD      5,266,000    6,708,000     10,375,000    1,599,000            -   13,024,000      7,758,000    5,266,000
CNY1
CHINA QINFA GROUP LTD
ORD HKD0.1                 19,822,000            -      9,919,302    9,902,698            -   19,822,000              -   19,822,000

CHINA XLX FERTILISER LTD
ORD NPV                             -            -               -           -     584,000             -       584,000             -

CNINSURE INC ADR (1 ADR
REPS 20 ORD SHRS)             35,640      112,560                -    148,200      404,640       65,000        434,000       35,640

LONGTOP FINANCIAL
TECHNOLOGIES LTD ADR(1        55,456       87,700                -    143,156      137,056      194,400        276,000       55,456
ADR REPS 1 ORD SHR)
LUMENA RESOURCES
CORP ORD USD0.00001                 -            -               -           -   16,020,000     706,000      16,726,000            -

MAOYE INTERNATIONAL
HOLDINGS ORD HKD0.1                 -   16,629,400     14,727,400    1,902,000            -            -              -            -

QUNXING PAPER
HOLDINGS ORD NPV                    -            -               -           -    5,023,000    1,706,000      6,729,000            -

REAL GOLD MINING LTD
ORD HKD1                    5,350,500    2,069,392      2,084,150    5,335,742    7,616,000    5,454,500      7,720,000    5,350,500

SHENGUAN HOLDINGS
GROUP LTD ORD HKD0.01        120,000     4,185,000      4,305,000            -            -     120,000               -     120,000

SIMCERE
PHARMACEUTICAL GROUP                -     220,761        220,761             -            -            -              -            -
ADR (1 ADR REP 2 ORD
SHS)
AGRICULTURAL BANK OF
CHINA H SHS ORD CNY1                -   13,229,603      8,813,335    4,416,268            -            -              -            -

AIRMEDIA GROUP INC ADR
(1 ADS = 2 SHS)                     -            -               -           -     439,290             -       439,290             -




                                                            44
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE IPO CHINA           As at         For the year ended        As at       As at         For the year ended        As at
GATEWAY FUND                 1 July               30 June 2011     30 June       1 July                30 June 2010    30 June
                              2010                                    2011        2009                                    2010

                          Opening                                  Closing    Opening                                  Closing
Investments – Listed       balance    Additions     Disposals      balance     balance    Additions      Disposals     balance


ASIA CEMENT CHINA
HOLDINGS CORP ORD                 -           -               -           -   3,144,500            -      3,144,500           -
HKD0.1
BANK OF CHINA LTD SHS H
ORD CNY1                          -           -               -           -           -   27,537,000     27,537,000           -

CHINA CITIC BANK CORP
LTD H SHRS ORD CNY1               -           -               -           -           -   15,300,000     15,300,000           -

CHINA COAL ENERGY CO H
SHR ORD CNY1              1,616,000           -      1,616,000            -           -    2,369,000       753,000    1,616,000

CHINA DIGITAL TV
HOLDING CO ADR (1 ADR             -           -               -           -    142,000             -       142,000            -
REPS 1 ORD SHR)
CHINA DONGXIANG GROUP
CO ORD HKD0.01                    -           -               -           -           -     155,000        155,000            -

CHINA LONGYUAN POWER
GROUP CORP H SHR ORD      2,300,000           -      2,300,000            -           -    2,300,000              -   2,300,000
CNY1
CHINA NEPSTAR CHAIN
DRUGSTORE LTD ADR (1              -           -               -           -    859,450             -       859,450            -
ARD REPS 2 ORD SHRS)
HUANENG RENEWABLES
CORP LTD SHS H ORD                -   2,862,000               -   2,862,000           -            -              -           -
CNY1
INDUSTRIAL AND
COMMERCIAL BANK OF        7,230,000   4,605,000     11,835,000            -           -   17,288,000     10,058,000   7,230,000
CHINA H SHS ORD CNY1
INDUSTRIAL AND
COMMERCIAL BANK OF                -           -       280,485             -           -            -              -           -
CHINA NIL PAID RTS
16/12/2010
INTIME DEPARTMENT
STORE GROUP CO LTD                -           -               -           -           -    3,600,000      3,600,000           -
ORD NPV
MINDRAY MEDICAL INTL
LTD ADR (1 ADR REPS 1       30,300            -         30,300            -           -      30,300               -     30,300
ORD CL A SHR)
NETDRAGON WEBSOFT INC
ORD USD0.01                       -           -               -           -   1,873,500            -      1,873,500           -

NEW WORLD
DEPPARTMENT STORE                 -           -               -           -    991,000     5,172,000      6,163,000           -
ORD HKD0.1
RENREN INC ADR (1 ADR
REPS 3 CL A SHR)                  -       5,500          5,500            -           -            -              -           -

SHANGHAI
PHARMACEUTICALS                   -    670,000                -    670,000            -            -              -           -
HOLDING CO LTD H SHR
ORD CNY1
SHANGHAI PRIME
MACHINERY CO LTD H SHR            -           -               -           -   3,452,000            -      3,452,000           -
ORD CNY1
SPREADTRUM
COMMUNICATIONS INC                -           -               -           -     64,200             -         64,200           -
ADR USD0.0001 (1 ADR
REPS 3 ORD SHRS)




                                                         45
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE IPO CHINA            As at         For the year ended        As at        As at         For the year ended         As at
GATEWAY FUND                  1 July               30 June 2011     30 June        1 July                30 June 2010     30 June
                               2010                                    2011         2009                                     2010

                           Opening                                  Closing     Opening                                   Closing
Investments – Listed        balance    Additions     Disposals      balance      balance    Additions      Disposals      balance


WANT WANT CHINA
HOLDINGS LTD ORD           9,448,000   5,495,000      8,158,000    6,785,000            -   11,261,000      1,813,000    9,448,000
USD0.02
XINJIANG XINXIN MINING
IND CO LTD SHS H ORD               -           -               -           -    1,666,000            -      1,666,000            -
NPV
ZHONG AN REAL ESTATE
LTD ORD HKD0.1                     -           -               -           -     717,000             -       717,000             -



Hong Kong
BBMG CORP H SHS ORD
CNY1                       7,807,000     79,000       7,026,500     859,500             -    8,917,000      1,110,000    7,807,000

CARPENTER TAN
HOLDINGS LTD ORD                   -    530,000                -    530,000             -            -              -            -
HKD0.01
CHINA GOLD
INTERNATIONAL                      -     73,600          73,600            -            -            -              -            -
RESOURCES CORP LTD
ORD NPV
CHINA HIGH PRECISION
AUTOMATION GROUP LTD       3,980,000    516,000       3,130,000    1,366,000            -    5,000,000      1,020,000    3,980,000
ORD HKD0.1
CHINA LIANSU GROUP
HOLDINGS ORD HKD0.05       5,250,000   2,950,000      8,200,000            -            -    5,250,000              -    5,250,000

CHINA MEDICAL SYSTEM
HOLDINGS LTD ORD                   -   1,208,200      1,208,200            -            -            -              -            -
USD0.005
CHINA SCE PROPERTY
HOLDINGS LTD ORD          15,260,000    771,000       8,775,910    7,255,090            -   15,260,000              -   15,260,000
HKD0.1
CHINA SHANSHUI CEMENT
GROUP CO LTD ORD           6,497,000   3,180,000      9,677,000            -   10,754,000   11,890,000     16,147,000    6,497,000
USD0.01
CHINA SUNTIEN GREEN
ENERGY CORP H SHR ORD              -   8,735,000      2,305,000    6,430,000            -            -              -            -
CNY1
CHINA VANADIUM TITANO -
MAGNETITE ORD HKD0.1       3,200,000   6,520,812      9,720,572         240             -   10,400,000      7,200,000    3,200,000

CITIC TELECOM
INTERNATIONAL HOLDINGS    15,137,000           -     15,137,000            -   24,995,000    4,000,000     13,858,000   15,137,000
LTD ORD HKD0.1
DAH CHONG HONG ORD
HKD0.15                   12,755,000   3,036,000      9,640,000    6,151,000   16,643,000   10,124,000     14,012,000   12,755,000

EVERGREEN
INTERNATIONAL HOLDINGS             -    351,000        351,000             -            -            -              -            -
ORD HKD0.001
GLORIOUS PROPERTY
HOLDINGS LTD ORD          13,108,000    573,000      13,681,000            -            -   13,108,000              -   13,108,000
HKD0.01
GOLDEN EAGLE RETAIL
GROUP LTD ORD HKD0.1       1,867,000           -      1,867,000            -    5,678,000    1,078,000      4,889,000    1,867,000

GREENS HOLDINGS LTD
ORD USD0.01                        -           -               -           -            -   21,500,000     21,500,000            -

HIDILI INDUSTRY INTL
DEVELOPMENT LTD ORD        3,702,000           -      3,702,000            -            -    4,264,000       562,000     3,702,000
HKD0.1

                                                          46
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE IPO CHINA           As at          For the year ended        As at        As at         For the year ended        As at
GATEWAY FUND                 1 July                30 June 2011     30 June        1 July                30 June 2010    30 June
                              2010                                     2011         2009                                    2010

                          Opening                                   Closing     Opening                                  Closing
Investments – Listed       balance    Additions      Disposals      balance      balance    Additions      Disposals     balance


LEOCH INTERNATIONAL
TECHNOLOGY LTD ORD                -     375,000        375,000             -            -            -              -           -
HKD0.01
MAN WAH HOLDINGS LTD
ORD HKD0.4                3,650,000    1,234,600      4,884,600            -            -    3,650,000              -   3,650,000

MIE HOLDINGS CORP ORD
USD0.001                          -   17,386,000     14,619,000    2,767,000            -            -              -           -

PAX GLOBAL TECHNOLOGY
LTD ORD HKD0.1                    -    6,545,000      1,674,000    4,871,000            -            -              -           -

PEAK SPORT PRODUCTS
LTD ORD HKD0.01           8,746,000    9,601,086      9,546,749    8,800,337            -   20,496,000     11,750,000   8,746,000

PORTS DESIGN LTD ORD
HKD0.0025                  240,000      670,000        910,000             -            -     240,000               -    240,000

SIHUAN PHARMACEUTICAL
HLDGS ORD HKD0.01                 -     740,000        740,000             -            -            -              -           -

SIJIA GROUP CO ORD
HKD0.001                          -    3,095,000      3,095,000            -            -            -              -           -

SOUTHGOBI RESOURCES
LTD ORD NPV (HKE)          219,900       20,000        202,000       37,900             -     219,900               -    219,900

TRAUSON HOLDINGS CO
ORD HKD0.1                2,578,000    4,691,645       290,000     6,979,645            -    2,578,000              -   2,578,000

WEST CHINA CEMENT LTD
ORD GBP0.00002                    -     440,000        440,000             -            -            -              -           -

XINGDA INTERNATIONAL
HOLDING ORD HKD0.1                -    6,996,000      6,996,000            -    5,061,000            -      5,061,000           -

XTEP INTERNATIONAL
HOLDINGS ORD HKD0.01      5,191,500    5,496,000      4,374,896    6,312,604   14,685,500    4,600,000     14,094,000   5,191,500

AIA GROUP LTD ORD USD1
                                  -    1,612,400       956,600      655,800             -            -              -           -

ANTA SPORTS PRODUCTS
LTD ORD HKD0.1            1,909,000            -      1,909,000            -    5,543,000    3,096,000      6,730,000   1,909,000

BAWANG INTERNATIONAL
ORD HKD0.1                        -     810,000        810,000             -            -            -              -           -

BELLE INTERNATIONAL
HOLDINGS LTD ORD                  -    1,935,000      1,935,000            -            -            -              -           -
HKD0.01
BOER POWER HOLDINGS
LTD ORD HKD0.1                    -    2,300,000       600,000     1,700,000            -            -              -           -

CHANGSHA ZOOMLION
HEAVY INDUSTRY SCIENCE            -     154,800                -    201,240             -            -              -           -
AND TECHNOLOGY
DEVELOPMENT CO LTD H
SHR ORD CNY1
CHINA AGRI-IND HLDGS
LTD ORD HKD0.1                    -            -               -           -            -    3,866,000      3,866,000           -

CHINA HONGQIAO GROUP
LTD ORD USD0.01                   -    4,988,000               -   4,988,000            -            -              -           -

CHINA MINSHENG BANKING
CO LTD H SHR ORD CNY1             -    5,633,500      2,945,250    2,688,250            -            -              -           -

CHINA PACIFIC INSURANCE
(GR) CO LTD H SHS ORD      300,000      967,722        300,000      967,722             -     300,000               -    300,000
CNY1


                                                          47
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE IPO CHINA          As at          For the year ended      As at        As at        For the year ended        As at
GATEWAY FUND                1 July                30 June 2011    30 June       1 July               30 June 2010    30 June
                             2010                                   2011         2009                                   2010

                         Opening                                  Closing    Opening                                 Closing
Investments – Listed      balance    Additions      Disposals     balance     balance    Additions     Disposals     balance


CHINA PROPERTIES
GROUP LTD ORD HKD0.1             -            -               -         -     553,000            -       553,000            -

CHINA RESOURCES
CEMENT HOLDING LTD               -            -               -         -            -   7,196,000      7,196,000           -
ORD HKD0.1
CHINA ZHONGWANG
HOLDINGS LTD ORD         3,529,200            -      3,529,200          -            -   6,929,200      3,400,000   3,529,200
HKD0.1
FOOK WOO GROUP
HOLDINGS LTD ORD                 -   13,356,000     13,356,000          -            -           -              -           -
HKD0.1
FRANSHION PROPERTIES
CHINA LTD ORD HKD1               -            -               -         -    6,592,000           -      6,592,000           -

REAL NUTRICEUTICAL
GROUP LTD ORD HKD0.01            -    4,852,000      4,852,000          -            -           -              -           -

SANDS CHINA LTD ORD
USD0.01                          -            -               -         -            -   5,500,000      5,500,000           -

UNI PRESIDENT CHINA
HOLDINGS ORD HKD0.01             -            -               -         -   10,750,000   6,953,000     17,703,000           -

WYNN MACAU LTD ORD
HKD0.001                         -            -               -         -            -    680,000        680,000            -



Indonesia
FIRST RESOURCES ORD
NPV                              -            -               -         -    6,164,000           -      6,164,000           -



Singapore
MERCATOR LINES
SINGAPORE LTD ORD NPV            -            -               -         -    8,286,000           -      8,286,000           -

YANGZIJIANG
SHIPBUILDING HLDGS LTD           -            -               -         -            -   4,600,000      4,600,000           -
ORD NPV
YANLORD LAND GROUP
LTD ORD NPV                      -            -               -         -      98,000            -         98,000           -



Taiwan
CHIMEI INNOLUX CORP
ORD TWD10                        -            -               -         -     655,103            -       655,103            -

NAN YA PRINTED CIRCUIT
BOARD CORP ORD TWD10             -            -               -         -      35,630            -         35,630           -

ORISE TECHNOLOGY CO
LTD ORD TWD10                    -            -               -         -         600            -           600            -

TPK HOLDING CO LTD ORD
TWD10                            -     117,000          39,000     78,000            -           -              -           -

YOUNG FAST
OPTOELECTRONICS CO               -     392,000        392,000           -            -           -              -           -
LTD ORD TWD10


                                 -            -               -         -   13,552,000   3,954,700     20,542,400           -
Thailand
MERMAID MARITIME NIL
PAID RTS 40130                   -            -               -         -            -           -      3,035,700           -




                                                         48
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE IPO CHINA          As at          For the year ended      As at        As at        For the year ended      As at
GATEWAY FUND                 1 July               30 June 2011    30 June       1 July               30 June 2010   30 June
                              2010                                  2011         2009                                 2010

                           Opening                                Closing    Opening                                Closing
Investments – Listed       balance    Additions     Disposals     balance     balance    Additions     Disposals    balance


MERMAID MARITIME ORD
NPV                               -           -               -         -   13,552,000   3,954,700     17,506,700         -



United States of America
CHINA REAL ESTATE
INFORMATION CORP ADR       396,117            -               -   396,117            -    396,117               -   396,117
(1 ADR REP 1 ORD SHS)
CHINA XINIYA FASHION LTD
ADR (1 ADR REPS 4 ORD             -    795,760                -   795,760            -           -              -         -
SHS)
SHANGPHARMA CORP ADR
(1 ADR REPS 18 ORD SHS)           -    101,281                -   101,281            -           -              -         -



Switzerland
GLENCORE
INTERNATIONAL ORD                 -     30,000          30,000          -            -           -              -         -
USD0.01




                                                         49
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)
MACQUARIE ASIA NEW             As at        For the year ended      As at        As at         For the year ended        As at
STARS FUND                    1 July               30 June 2011   30 June   1 July 2009               30 June 2010    30 June
                               2010                                 2011                                                 2010
                           Opening                                Closing     Opening                                 Closing
Investments – Listed        balance    Additions     Disposals    balance      balance    Additions     Disposals     balance


Australia
MACQUARIE BANK LTD
(WOONGJIN THINKBIG)                -           -              -         -             -      22,000         22,000           -
CWTS 11/07/2013


Cayman Islands
LEE'S PHARMACEUTICAL
HOLDINGS LTD ORD                   -    760,000         760,000         -             -           -              -           -
HKD0.05


China
3SBIO INC COM USD0.0001                                                          9,300
(ONE ADR REPS SEVEN                -      43,000         12,500    30,500                         -          9,300           -
ORD SHRS)
AJISEN CHINA HOLDINGS
LTD ORD HKD0.1                     -    502,000         502,000         -             -           -              -           -

ANTON OILFIELD SERVICES                                                      1,209,000
GROUP ORD HKD0.1                   -           -              -         -                         -      1,209,000           -

AVICHINA INDUSTRY &                                                            472,000
TECHNOLOGY CO LTD ORD              -           -              -         -                         -       472,000            -
CNY1
BOSHIWA INTERNATIONAL
HOLDING LTD ORD                    -      50,000         50,000         -             -           -              -           -
HKD.0005
CHEMSPEC                                                                        15,000
INTERNATIONAL LTD ADR              -           -              -         -                         -         15,000           -
(1 ADR REPS 60 ORD SHRS)
CHINA AUTOMATION                                                               352,000
GROUP LTD ORD HKD0.01              -           -              -         -                  177,000        529,000            -

CHINA METAL RECYCLING
HOLDINGS LTD ORD                   -   1,052,000      1,052,000         -             -           -              -           -
HKD0.0001
CHINA MILK PRODUCTS                                                            505,000
GROUP ORD HKD0.5                   -           -              -         -                    90,000       595,000            -

CHINA NATIONAL BUILDING
MATERIAL CO LTD H SHS              -           -              -         -             -    132,000        132,000            -
ORD HKD1
CHINA NATIONAL
MATERIALS CO H SHR ORD       81,000     556,000         637,000         -             -    818,000        737,000      81,000
CNY1
CHINA QINFA GROUP LTD                                                                     2,206,000                  1,486,000
ORD HKD0.1                 1,486,000    816,000       1,943,000   359,000             -                   720,000

CHINA SHINEWAY                                                                 186,000
PHARMACEUTICAL GROUP               -           -              -         -                  117,928        303,928            -
LTD ORD HKD0.1
CHINA STARCH HLDGS LTD                                                       1,080,000
ORD HKD0.1                         -           -              -         -                         -      1,080,000           -

CHINA XLX FERTILISER LTD                                                       350,000
ORD NPV                            -           -              -         -                         -       350,000            -

CHONGQING IRON & STEEL                                                         202,000
H SHS ORD CNY1                     -           -              -         -                         -       202,000            -

CHONGQING MACHINERY &                                                          710,000
ELECTRIC CO SHS H ORD              -           -              -         -                         -       710,000            -
CNY1



                                                            50
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW          As at         For the year ended      As at        As at         For the year ended      As at
STARS FUND                  1 July               30 June 2011   30 June   1 July 2009               30 June 2010   30 June
                             2010                                 2011                                               2010
                          Opening                               Closing     Opening                                Closing
Investments – Listed      balance    Additions     Disposals    balance      balance    Additions     Disposals    balance


CNINSURE INC ADR (1 ADR
REPS 20 ORD SHRS)           5,918       25,700              -    31,618       11,000         718           5,800     5,918

DALIAN PORT PDA CO LTD                                                       300,000
SHS H ORD CNY1                   -           -              -         -                         -       300,000          -

DAPAI INTERNATION                                                            953,000
HOLDINGS CO LTD ORD              -           -              -         -                         -       953,000          -
SGD0.001
FUFENG GROUP LTD ORD
HKD0.1                           -           -              -         -             -    224,000        224,000          -

GREAT WALL MOTOR                                                              82,500
COMPANY LTD H SHRS               -    536,000         590,000   470,250                         -         82,500         -
ORD CNY1
GUANGZHAO INDUSTRIAL                                                         478,000
FOREST BIOTECHNOLOGY             -           -              -         -                         -       478,000          -
GROUP LTD ORD SGD0.05
GUANGZHOU
PHARMCEUTICAL CO LTD H           -    185,000         185,000         -             -           -              -         -
SHRS ORD CNY1
KINGSOFT CORP LTD ORD                                                        218,000
USD0.0005                        -           -              -         -                         -       218,000          -

KONGZHONG CORP ADR (1                                                         16,000
ADR REPS 40 ORD SHRS)            -           -              -         -                         -         16,000         -

LIANHUA SUPERMARKET                                                                                                154,000
HOLDINGS LTD H SHS ORD    154,000            -        154,000         -             -    154,000               -
CNY1
LINGBAO GOLD CO. LTD H                                                       196,000
SHR ORD CNY0.2                   -           -              -         -                         -       196,000          -

LITTLE SHEEP GROUP LTD                                                       235,000
ORD HKD0.10                      -           -              -         -                         -       235,000          -

LONGTOP FINANCIAL
TECHNOLOGIES LTD ADR(1           -           -              -         -             -       2,100          2,100         -
ADR REPS 1 ORD SHR)
LUMENA RESOURCES                                                             540,000
CORP ORD USD0.00001              -           -              -         -                  300,000        840,000          -

MAOYE INTERNATIONAL
HOLDINGS ORD HKD0.1              -   5,142,000      4,556,400   585,600             -           -              -         -

NOAH EDUCATION HLDGS                                                          20,200
LTD ADR (1 ADR REPS 1            -           -              -         -                         -         20,200         -
ORD SHR)
PACIFIC ONLINE ORD                                                           450,000
HKD0.01                          -           -              -         -                         -       450,000          -

PINE AGRITECH LIMITED                                                        590,000
ORD SGD0.02                      -           -              -         -                         -       590,000          -

QINGLING MOTORS CO H                                                         304,000
SHRS CNY1                        -           -              -         -                         -       304,000          -

QUNXING PAPER                                                                350,000
HOLDINGS ORD NPV                 -           -              -         -                         -       350,000          -

REAL GOLD MINING LTD                                                         170,000                               429,671
ORD HKD1                  429,671     230,500         323,000   337,171                  638,671        379,000

SHANGHAI FORTE LAND CO                                                       202,000
SER H ORD NPV                    -           -              -         -                         -       202,000          -

SHENGUAN HOLDINGS                                                                                                   50,000
GROUP LTD ORD HKD0.01      50,000     663,594         713,594         -             -      50,000              -



                                                          51
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW            As at        For the year ended      As at        As at         For the year ended        As at
STARS FUND                   1 July               30 June 2011   30 June   1 July 2009               30 June 2010    30 June
                              2010                                 2011                                                 2010
                          Opening                                Closing     Opening                                 Closing
Investments – Listed       balance    Additions     Disposals    balance      balance    Additions     Disposals     balance


SICHUAN XINHUA                                                                323,000
WINSHARE CHAINSTORE H             -           -              -         -                         -       323,000            -
SHR ORD CNY1
SIMCERE
PHARMACEUTICAL GROUP              -      49,720         49,720         -             -           -              -           -
ADR (1 ADR REP 2 ORD
SHS)
SINOTRANS SHIPPING LTD
ORD HKD0.1                        -           -              -         -             -    560,000        560,000            -

WUMART STORES INC H                                                           100,000
SHRS ORD CNY0.25                  -           -              -         -                         -       100,000            -

WUYI INTERNATIONAL                                                          1,392,500
PHARMACEUTIAL CO LTD              -           -              -         -                         -      1,392,500           -
ORD HK0.01
XIAMEN INTERNATIONAL                                                          426,000
PORT H ORD CNY1                   -           -              -         -                         -       426,000            -

XINAO GAS HOLDINGS LTD
ORD HKD0.1                        -           -              -         -             -    180,000        180,000            -

YUEXIU TRANSPORT                                                                                                     324,000
INFRASTRUCTURE LTD         324,000            -        324,000         -             -    324,000               -
ORD HKD0.1


Hong Kong
BBMG CORP H SHS ORD
CNY1                       511,500     112,000         264,500   359,000             -    656,500        145,000     511,500

CARPENTER TAN
HOLDINGS LTD ORD                  -    530,000         530,000         -             -           -              -           -
HKD0.01
CHINA ENERGINE INTL                                                         1,282,000
HLDGS LTD ORD HKD0.1              -           -              -         -                         -      1,282,000           -

CHINA GAS HLDGS LTD                                                           610,000
ORD HKD0.01                       -           -              -         -                         -       610,000            -

CHINA GOLD
INTERNATIONAL                     -      11,400         11,400         -             -           -              -           -
RESOURCES CORP LTD
ORD NPV
CHINA GREEN (HLDGS) LTD                                                       155,000
ORD HKD0.1                        -           -              -         -                         -       155,000            -

CHINA HIGH PRECISION                                                                                                 310,000
AUTOMATION GROUP LTD       310,000     621,000         931,000         -             -   1,155,000       845,000
ORD HKD0.1
CHINA LIANSU GROUP                                                                                                   650,000
HOLDINGS ORD HKD0.05       650,000            -        650,000         -             -    650,000               -

CHINA LILANG LTD ORD
HKD0.1                            -           -              -         -             -    600,000        600,000            -

CHINA MEDICAL SYSTEM
HOLDINGS LTD ORD                  -      33,000         33,000         -             -           -              -           -
USD0.005
CHINA PHARMACEUTICAL                                                          212,000
GROUP ORD HKD0.1                  -           -              -         -                         -       212,000            -

CHINA RARE EARTH HLDGS                                                        500,000
LTD ORD HKD0.1                    -           -              -         -                         -       500,000            -

CHINA SCE PROPERTY
HOLDINGS LTD ORD          1,121,000           -      1,121,000         -             -   1,121,000              -   1,121,000
HKD0.1

                                                           52
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW          As at          For the year ended         As at        As at         For the year ended      As at
STARS FUND                  1 July                30 June 2011     30 June    1 July 2009               30 June 2010   30 June
                             2010                                     2011                                               2010
                          Opening                                  Closing      Opening                                Closing
Investments – Listed      balance    Additions      Disposals      balance       balance    Additions     Disposals    balance


CHINA SHANSHUI CEMENT                                                                                                  638,000
GROUP CO LTD ORD          638,000      648,000       1,286,000            -             -   1,497,000       859,000
USD0.01
CHINA STATE
CONSTRUCTION                     -            -              -            -             -           -         81,600         -
INTERNATIONAL HOLDINGS
LIMITED NIL PAID RTS
30/08/2009
CHINA STATE                                                                      418,000
CONSTRUCTION                     -            -              -            -                  457,600        875,600          -
INTERNATIONAL HOLDINGS
LIMITED ORD HKD0.025
CHINA SUNTIEN GREEN
ENERGY CORP H SHR ORD            -    1,182,000      1,182,000            -             -           -              -         -
CNY1
CHINA VANADIUM TITANO -
MAGNETITE ORD HKD0.1             -     912,908         912,908            -             -   1,150,000      1,150,000         -

CHINA WINDPOWER                                                                             5,040,000
GROUP LTD ORD HKD0.01            -            -              -            -             -                  5,040,000         -

CITIC TELECOM                                                                    707,000                               551,000
INTERNATIONAL HOLDINGS    551,000             -        551,000            -                 1,814,000      1,970,000
LTD ORD HKD0.1
CST MINING GROUP LTD
ORD HKD0.1                       -   47,568,000              -   47,568,000             -           -              -         -

DAH CHONG HONG ORD                                                                                                     906,000
HKD0.15                   906,000      926,000       1,423,000     409,000              -   1,357,000       451,000

DAPHNE INTERNATIONAL
HOLDINGS LTD ORD                 -            -              -            -             -    424,000        424,000          -
HKD0.1
DAWNRAYS
PHARMACEUTICAL                   -    2,504,000      1,004,001    1,499,999             -           -              -         -
(HOLDINGS) LIMITED ORD
HKD0.1
DIGITAL CHINA HLDGS LTD                                                          212,000
ORD HKD0.1                       -            -              -            -                         -       212,000          -

ERA MINING MACHINERY
LTD ORD HKD0.01                  -     600,000         600,000            -             -           -              -         -

EVA PRECISION                                                                                                          450,000
INDUSTRIAL HOLDINGS LTD   450,000     1,078,000        900,000    1,256,000             -    450,000               -
ORD HKD0.1
EVERGREEN
INTERNATIONAL HOLDINGS           -      49,000          49,000            -             -           -              -         -
ORD HKD0.001
GEELY AUTOMOBILE                                                                 815,000
HOLDINGS LTD ORD                 -            -              -            -                         -       815,000          -
HKD0.02
GLOBAL GREEN TECH                                                              1,470,000
GROUP LTD ORD HKD0.1             -            -              -            -                         -      1,470,000         -

GLORIOUS PROPERTY                                                                                                      573,000
HOLDINGS LTD ORD          573,000             -        573,000            -             -    963,000        390,000
HKD0.01
GLORIOUS SUN
ENTERPRISES LTD ORD              -            -              -            -             -    920,000        920,000          -
HKD0.1
GOLDEN EAGLE RETAIL                                                                                                    154,000
GROUP LTD ORD HKD0.1      154,000       42,000         196,000            -             -    154,000               -


                                                           53
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW         As at         For the year ended        As at        As at         For the year ended      As at
STARS FUND                 1 July               30 June 2011    30 June    1 July 2009               30 June 2010   30 June
                            2010                                   2011                                               2010
                         Opening                                Closing      Opening                                Closing
Investments – Listed     balance    Additions     Disposals     balance       balance    Additions     Disposals    balance


GREENS HOLDINGS LTD                                                                      2,000,000
ORD USD0.01                     -           -              -           -             -                  2,000,000         -

HIDILI INDUSTRY INTL                                                                                                495,000
DEVELOPMENT LTD ORD      495,000            -        495,000           -             -    495,000               -
HKD0.1
HUA HAN BIO-
PHARMACEUTICAL HLDG             -   1,060,000      1,060,000           -             -           -              -         -
LTD ORD HKD0.1
INSPUR INTERNATIONAL                                                          880,000
LTD ORD HKD0.002                -           -              -           -                  817,000       1,697,000         -

LEOCH INTERNATIONAL
TECHNOLOGY LTD ORD              -      58,100         58,100           -             -           -              -         -
HKD0.01
LUK FOOK HOLDINGS                                                             366,000
INTERNATIONAL LTD ORD           -           -              -           -                         -       366,000          -
HKD0.10
MAN WAH HOLDINGS LTD                                                                                                454,400
ORD HKD0.4               454,400            -        454,400           -             -    454,400               -

MIE HOLDINGS CORP ORD
USD0.001                        -   4,502,000      4,502,000           -             -           -              -         -

MINMETALS RESOURCES
LTD ORD HKD0.05                 -   1,200,000      1,200,000           -             -           -              -         -

MINTH GROUP LTD ORD                                                           100,000
HKD0.1                          -           -              -           -                  300,000        400,000          -

PAX GLOBAL TECHNOLOGY
LTD ORD HKD0.1                  -   1,501,000      1,501,000           -             -           -              -         -

PEAK SPORT PRODUCTS                                                                                                 575,000
LTD ORD HKD0.01          575,000    2,997,950        775,000   2,797,950             -   1,844,000      1,269,000

PORTS DESIGN LTD ORD                                                                                                130,000
HKD0.0025                130,000            -        130,000           -             -    130,000               -

SA SA INTERNATIONAL
HOLDINGS LTD ORD                -           -              -           -             -    288,000        288,000          -
HKD0.1
SANY HEAVY EQUIPMENT
INTL HOLDINGS CO LTD            -           -              -           -             -      80,000         80,000         -
ORD HKD0.1
SHUI ON CONSTRUCTION                                                          120,000                               222,000
ORD HKD1                 222,000     686,000         388,077    519,923                   438,000        336,000

SIHUAN PHARMACEUTICAL
HLDGS ORD HKD0.01               -    100,000         100,000           -             -           -              -         -

SIJIA GROUP CO ORD
HKD0.001                        -    682,000         682,000           -             -           -              -         -

SILVER GRANT INTL                                                             552,000
INDUSTRIES LTD ORD              -           -              -           -                         -       552,000          -
HKD0.2
SKYWORTH DIGITAL                                                                                                    438,000
HOLDINGS LTD ORD         438,000     306,600         438,000    306,600              -    598,000        160,000
HKD0.1
SOUTHGOBI RESOURCES                                                                                                  20,000
LTD ORD NPV (HKE)         20,000            -         20,000           -             -      20,000              -

SPRINGLAND
INTERNATIONAL HOLDINGS          -    250,000         250,000           -             -           -              -         -
LTD ORD HKD0.01




                                                         54
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW           As at         For the year ended        As at        As at         For the year ended      As at
STARS FUND                   1 July               30 June 2011    30 June    1 July 2009               30 June 2010   30 June
                              2010                                   2011                                               2010
                           Opening                                Closing      Opening                                Closing
Investments – Listed       balance    Additions     Disposals     balance       balance    Additions     Disposals    balance


SUN KING POWER
ELECTRONICS GROUP LTD             -    400,000         400,000           -             -           -              -         -
ORD HKD0.1
TCC INTERNATIONAL
HOLDINGS LIMITED ORD              -   2,464,000      1,890,000    574,000              -    260,000        260,000          -
HKD0.1
TEXWINCA HOLDINGS LTD
ORD HKD0.05                       -           -              -           -      110,000            -       110,000          -

TRAUSON HOLDINGS CO                                                                                                   322,000
ORD HKD0.1                 322,000    1,529,790      1,851,790           -             -    322,000               -

VINDA INTERNATIONAL                                                             225,000
HOLDINGS ORD HKD0.1               -           -              -           -                         -       225,000          -

VST HOLDINGS LIMITED                                                          1,080,000
ORD HKD0.1                        -           -              -           -                         -      1,080,000         -

WASION GROUP HOLDINGS
LTD ORD HKD0.01                   -           -              -           -             -    102,000        102,000          -

WELLING HOLDINGS                                                              1,700,000
LIMITED ORD HKD0.1                -           -              -           -                         -      1,700,000         -

WEST CHINA CEMENT LTD
ORD GBP0.00002                    -      60,000         60,000           -             -           -              -         -

XINGDA INTERNATIONAL                                                                                                  700,000
HOLDING ORD HKD0.1         700,000     391,000         919,000    172,000              -    700,000               -

XINYI GLASS HLDGS CO                                                            200,000
LTD ORD HKD0.1                    -           -              -           -                         -       200,000          -

XTEP INTERNATIONAL                                                              330,000                               670,000
HOLDINGS ORD HKD0.01       670,000    1,859,000        670,000   1,859,000                  970,000        630,000

ZHUZHOU CSR TIMES                                                                88,000
ELECTRIC CO LTD H SHR             -           -              -           -                         -         88,000         -
CNY1


India
MACQUARIE BANK
(ONMOBILE GLOBAL) CALL            -           -              -           -             -      33,000         33,000         -
WTS 12/02/2013
MACQUARIE BANK LTD
(ESS DEE ALUMINIUM LTD)           -      31,749         31,749           -             -           -              -         -
CWTS 10/09/2013
MACQUARIE BANK LTD
(ICSA INDIA) CALL WTS             -           -              -           -             -      35,064         35,064         -
11/06/2013
MACQUARIE BANK LTD                                                                                                     35,000
(JINDAL SAW LTD) CALL       35,000     184,921               -    219,921              -      35,000              -
WTS 15/01/2015
MACQUARIE BANK LTD                                                                                                     33,493
(SHRIRAM TRANSPORT          33,493       43,014         76,507           -             -      38,693          5,200
FINANCE) CWTS 03/07/2014
MACQUARIE BANK LTD
(TULIP TELECOM) CALL        12,156            -              -     60,780              -      24,556         12,400    12,156
WTS 18/06/2013


Indonesia
CHAROEN POKPHAND
INDONESIA ORD IDR10               -   1,155,500      1,155,500           -             -           -              -         -
(DEMAT)



                                                           55
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW             As at        For the year ended      As at        As at         For the year ended        As at
STARS FUND                    1 July               30 June 2011   30 June   1 July 2009               30 June 2010    30 June
                               2010                                 2011                                                 2010
                           Opening                                Closing     Opening                                 Closing
Investments – Listed        balance    Additions     Disposals    balance      balance    Additions     Disposals     balance


HARUM ENERGY ORD
IDR100                             -   1,300,000        624,814   675,186             -           -              -           -

INDIKA ENERGY ORD NPV
                                   -   1,285,000      1,285,000         -             -           -              -           -

SEMEN GRESIK (PERSERO)
TBK- ORD IDR1000 (DEMAT)           -           -              -         -             -    780,000        780,000            -



Korea
DAEGU BANK ORD                                                                                                         43,800
KRW5000                      43,800        7,720         51,520         -             -      43,800              -

DONGBU INSURANCE CO
LTD ORD KRW500                     -      52,710         21,660    31,050             -           -              -           -

GRAND KOREA LEISURE
CO LTD ORD KRW500                  -      89,360              -    89,360             -           -              -           -

HANDSOME CO LTD ORD
KRW500                             -      33,058              -    33,058             -           -              -           -

HYUNDAI DEPARTMENT
STORE CO LTD ORD                   -       8,203              -     8,203             -           -              -           -
KRW5000
LG FASHION
CORPORATION ORD                    -      33,660              -    33,660             -           -              -           -
KRW5,000
SAMSUNG ENGINEERING                                                                                                     5,370
CO LTD ORD KRW5000            5,370        1,000          1,380     4,990             -       5,370              -

TONGYANG LIFE                                                                                                          38,660
INSURANCE ORD KRW5,000       38,660            -         38,660         -             -      38,660              -
(PRIVATE COMPANY)
WOONGJIN THINKBIG CO
LTD NEW ORD KRW500           21,310            -         21,310         -             -      24,310          3,000     21,310



Luxembourg
CITIGROUP GLOBAL                                                                                                        4,347
MARKETS HLDGS INC             4,347            -          4,347         -             -       4,347              -
(JINDAL SAW LTD) CWTS
24/10/2012
CITIGROUP GLOBAL
MARKETS HLDGS INC             1,485     101,147               -   108,572             -       1,485              -      1,485
(TULIP TELECOM) CWTS
24/10/2012


Malaysia
MEDIA PRIMA ORD MYR1
                                   -    584,600               -   584,600             -           -              -           -

QSR BRANDS BHD ORD
MYR1                               -    717,800         220,000   497,800             -           -              -           -




Philippines
ABOITIZ POWER CORP ORD                                                                    3,084,000                  1,676,000
PHP1                       1,676,000    676,000       2,352,000         -             -                  1,408,000

ALLIANCE GLOBAL GROUP                                                                     2,708,000                  2,708,000
INC ORD PHP1               2,708,000           -      2,708,000         -             -                          -


                                                            56
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW           As at        For the year ended        As at        As at         For the year ended        As at
STARS FUND                  1 July               30 June 2011    30 June    1 July 2009               30 June 2010    30 June
                             2010                                   2011                                                 2010
                         Opening                                 Closing      Opening                                 Closing
Investments – Listed      balance    Additions     Disposals     balance       balance    Additions     Disposals     balance


CEBU AIR INC ORD PHP1
                                 -    295,100         295,100           -             -           -              -           -

ENERGY DEVELOPMENT                                                                        5,606,000
CORP ORD PHP1            2,811,000           -      2,811,000           -             -                  3,170,000   2,811,000

MANILA WATER COMPANY
ORD PHP1                         -   2,351,200        522,100   1,829,100             -    620,700        620,700            -

METRO PACIFIC                                                                             5,000,000
INVESTMENT CORP ORD              -           -              -           -             -                  5,000,000           -
PHP1
SECURITY BANK CORP                                                                                                    326,400
ORD PHP10                 326,400     237,500         179,320    384,580              -    326,400               -

SEMIRARA MINING
CORPORATION ORD PHP1             -      89,000              -     89,000              -           -              -           -

UNIVERSAL ROBINA
CORPORATION ORD PHP1             -    426,000         426,000           -             -           -              -           -



Singapore
CH OFFSHORE LTD ORD                                                            285,000
SGD0.05                          -           -              -           -                         -       285,000            -

CHIP ENG SENG CORP LTD                                                         315,000
ORD SGD0.05                      -           -              -           -                         -       315,000            -

EZRA HOLDINGS PTE LTD                                                          175,000
ORD SGD0.2                       -           -              -           -                         -       175,000            -

ROTARY ENGINEERING LTD                                                         196,000
ORD SGD0.1                       -           -              -           -                         -       196,000            -



Taiwan
ABILITY ENTERPRISES CO                                                          63,078
LTD                              -           -              -           -                         -         64,970           -

ALI CORPORATION ORD                                                                630
TWD10                            -           -              -           -                         -           630            -

AMTRAN TECHNOLOGY CO                                                            92,150
LTD ORD TWD10                    -           -              -           -                         -         92,150           -

AVERMEDIA                                                                       51,840
TECHNOLOGIES INC ORD             -           -              -           -                         -         52,358           -
TWD10
CATCHER TECHNOLOGY
CO LTD ORD TWD10                 -    320,000          30,000    290,000              -           -              -           -

CELXPERT ENERGY CORP                                                            49,533
ORD TWD10                        -           -              -           -                         -         49,533           -

CHINA PETROCHEMICAL                                                            258,640
DEVELOP CORP ORD                 -           -              -           -                         -       258,640            -
TWD10
CHINESE MARITIME                                                                44,000
TRANSPORT LTD ORD                -           -              -           -                         -         44,000           -
TWD10
EASTERN MEDIA INTL ORD                                                         423,124
TWD10                            -           -              -           -                         -       423,124            -

ELITE SEMICONDUCTOR                                                             13,630
MEMORY TECHNOLOGY                -           -              -           -                         -         13,630           -
INC ORD TWD10
FIRST STEAMSHIP CO LTD
ORD TWD10                        -           -              -           -      115,000            -       126,803            -

                                                          57
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW          As at         For the year ended      As at        As at         For the year ended      As at
STARS FUND                  1 July               30 June 2011   30 June   1 July 2009               30 June 2010   30 June
                             2010                                 2011                                               2010
                          Opening                               Closing     Opening                                Closing
Investments – Listed      balance    Additions     Disposals    balance      balance    Additions     Disposals    balance


GOURMET MASTER CO LTD
ORD NPV                          -      17,000         17,000         -             -           -              -         -

GREAT WALL ENTERPRISE                                                        103,884
CO LTD                           -           -              -         -                         -       103,884          -

ITE TECHNOLOGY ORD                                                            35,015
TWD10                            -           -              -         -                         -         35,015         -

KING YUAN ELECTRONICS
CO LTD ORD TWD10                 -           -              -         -      192,131            -       192,131          -

POWERTECH
TECHNOLOGY INC ORD               -    116,000         116,000         -             -           -              -         -
TWD10
SHIH WEI NAVIGATION CO                                                        74,825
LTD ORD TWD10                    -           -              -         -                         -         76,695         -

SHIN ZU SHING CO LTD
ORD TWD10                        -           -              -         -             -      15,000         16,413         -

SONIX TECHNOLOGY CO                                                           40,164
LTD ORD TWD10                    -           -              -         -                         -         40,164         -

ST SHINE OPTICAL CO LTD                                                       37,000
ORD TWD10                  48,841       88,000         42,000    94,841                    56,758         45,000    48,841

TAIWAN HON CHUAN
ENTERPRISE CO LTD ORD            -    439,000         126,000   317,840             -           -              -         -
TWD10
TXC CORP ORD TWD10
                                 -    620,000         100,000   520,000             -           -              -         -

WINTEK CORP ORD TWD10
                                 -    531,000         531,000         -             -           -              -         -

WISTRON CORPORATION
ORD TWD10                        -    666,000         666,000         -             -           -              -         -

WISTRON NEWEB
CORPORATION ORD NPV              -    304,000         167,000   137,000             -           -              -         -



Thailand
CHAROEN POKPHAND                                                                                                   808,400
FOODS CO LTD ORD THB1     808,400            -        808,400         -             -   4,176,300      3,367,900
(FR)
CHAROEN POKPHAND                                                                        2,785,600
FOODS PCL ORD THB1 (LR)          -           -              -         -             -                  2,785,600         -

HOME PRODUCT CENTER
PCL ORD THB1 (LR)                -    920,100         920,100         -             -           -              -         -

HOME PRODUCTS CENTRE
PCL ORD THB1 (FR)                -    920,130       1,073,480         -             -           -              -         -

MERMAID MARITIME NIL
PAID RTS 40130                   -           -              -         -             -           -       210,600          -

MERMAID MARITIME ORD                                                         358,000
NPV                              -           -              -         -                  795,600       1,153,600         -

PRUKSA REAL ESTATE PUB                                                                                             669,700
CO LTD ORD THB1 (FR)      669,700            -        669,700         -             -   1,834,700      1,165,000

PRUKSA REAL ESTATE PUB
CO LTD ORD THB1 (LR)             -           -              -         -             -    470,000        470,000          -

SRI TRANG AGRO-
INDUSTRY PCL ORD THB1            -   1,196,600      1,196,600         -             -           -              -         -
(FR)


                                                          58
MACQUARIE UNIT TRUST SERIES

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)

MACQUARIE ASIA NEW           As at         For the year ended      As at        As at         For the year ended      As at
STARS FUND                   1 July               30 June 2011   30 June   1 July 2009               30 June 2010   30 June
                              2010                                 2011                                               2010
                           Opening                               Closing     Opening                                Closing
Investments – Listed       balance    Additions     Disposals    balance      balance    Additions     Disposals    balance


SUPALAI PCL ORD THB1
(FR)                              -   1,161,000      1,161,000         -             -           -              -         -

THAI AIRWAYS
INTERNATIONAL ORD                 -           -              -         -             -    370,000        370,000          -
THB10 (LR)
THAI AIRWAYS
INTERNATIONAL PCL NIL             -           -         65,156         -             -           -              -         -
PAID RTS 30/09/2010
THAI AIRWAYS                                                                                                        185,700
INTERNATIONAL PCL ORD      185,700     428,044         613,744         -             -    370,000        184,300
THB10 (FR)
THAI UNION FROZEN
PRODUCTS PCL ORD THB1             -           -              -         -             -    283,300        283,300          -
(FR)
THAI UNION FROZEN
PRODUCTS PCL ORD THB1             -           -              -         -             -    283,300        283,300          -
(LR)


United States of America
CHINA REAL ESTATE                                                                                                    33,006
INFORMATION CORP ADR        33,006            -         33,006         -             -      33,006              -
(1 ADR REP 1 ORD SHS)
CHINA XINIYA FASHION LTD
ADR (1 ADR REPS 4 ORD             -    121,583         121,583         -             -           -              -         -
SHS)
CHINDEX INTERNATIONAL
INC COM USD0.01                   -      18,600         18,600         -             -           -              -         -

SHANGPHARMA CORP ADR
(1 ADR REPS 18 ORD SHS)           -      23,146         23,146         -             -           -              -         -




                                                           59
MACQUARIE UNIT TRUST SERIES

FOR THE PERIOD FROM 1 JULY 2010 TO 30 JUNE 2011

PERFORMANCE RECORD (UN-AUDITED)
a)         Net asset value

Macquarie IPO China Concentrated Core Fund

At the end of the financial period              Total net asset value    Net asset value per unit (cum distribution)
                                                                  US$                                          US$
30 June 2011                                                56,379,321                             Class A1: 4.9499
                                                                                                  Class A2: 10.4658
30 June 2010                                                75,294,352                             Class A1: 4.4746
                                                                                                   Class A2: 9.4608
30 June 2009                                                89,852,831                                       4.1914
30 June 2008                                             169,319,419                                         9.2616


Macquarie IPO China Gateway Fund

At the end of the financial period              Total net asset value    Net asset value per unit (cum distribution)
                                                                  US$                                          US$
30 June 2011                                                98,516,926                             Class A1: 8.0157
                                                                                                  Class A2: 11.6473
                                                                                           Class A3: 92.3840 (HKD)
30 June 2010                                             113,716,664                               Class A1: 6.9339
                                                                                                  Class A2: 10.0754
30 June 2009                                             112,121,037                                         6.0751
30 June 2008                                             163,937,365                                         6.9277


Macquarie Asia New Stars Fund

At the end of the financial period              Total net asset value    Net asset value per unit (cum distribution)
                                                                  US$                                          US$
30 June 2011                                                34,406,291                            Class A1: 12.8599
                                                                                                  Class A2: 18.2102
                                                                                                    Class I: 15.6512
30 June 2010                                                14,705,580                             Class A1: 8.8887
                                                                                                  Class A2: 12.5671
                                                                                                    Class I: 10.5319
30 June 2009                                                 8,559,430                                       6.0668
30 June 2008                                                13,115,608                                        7.102


b)         Performance record since inception

Macquarie IPO China Concentrated Core Fund

For the financial period ended          Highest issue price per unit              Lowest redemption price per unit
                                                                  US$                                          US$
30 June 2011                                         Class A1: 5.911                                Class A1: 4.343
                                                    Class A2: 12.361                                Class A2: 9.184
30 June 2010                                         Class A1: 5.144                                Class A1: 4.015
                                                    Class A2: 10.851                                Class A2: 8.676
30 June 2009                                                    4.320                                         2.074
30 June 2008                                                   15.249                                         8.355
30 June 2007                                                   11.535                                         9.911




                                                       60
MACQUARIE UNIT TRUST SERIES

PERFORMANCE RECORD (UN-AUDITED) (Continued)

b)        Performance record since inception (continued)

Macquarie IPO China Gateway Fund

For the financial period ended          Highest issue price per unit   Lowest redemption price per unit
                                                               US$                                 US$
30 June 2011                                        Class A1: 9.500                     Class A1: 6.716
                                                   Class A2: 13.561                     Class A2: 9.759
                                           Class A3: 106.361 (HKD)               Class A3: 88.318 (HKD)
30 June 2010                                        Class A1: 7.921                     Class A1: 5.912
                                                   Class A2: 11.424                     Class A2: 8.858
30 June 2009                                                  6.264                               2.919
30 June 2008                                                 11.621                               6.579


Macquarie Asia New Stars Fund

For the financial period ended          Highest issue price per unit   Lowest redemption price per unit
                                                               US$                                 US$
30 June 2011                                       Class A1: 13.210                     Class A1: 8.731
                                                   Class A2: 18.693                    Class A2: 12.344
                                                     Class I: 16.079                     Class I: 10.346
30 June 2010                                        Class A1: 9.421                     Class A1: 6.008
                                                   Class A2: 13.286                     Class A2: 9.123
                                                     Class I: 11.024                     Class I: 10.000
30 June 2009                                                  6.915                               2.923
30 June 2008                                                 10.000                               7.032




                                                      61
    MACQUARIE UNIT TRUST SERIES (formerly the MQ UNIT TRUST SERIES)
  UNAUDITED SEMI-ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR
      THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010




Investments in the Macquarie Unit Trust Series (formerly the MQ Unit Trust Series) are not deposits with or liabilities of
Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie”) or any Macquarie Group company and are subject to investments
risk, including possible delays in repayment and loss of income and capital invested.   None of Macquarie or any other
Macquarie Group company guarantees the performance of the Macquarie Unit Trust Series, the repayment of capital from the
Macquarie Unit Trust Series or any particular rate of return.
                                                                        003867728 FANL AD4 JCCH RPT
MACQUARIE UNIT TRUST SERIES



TABLE OF CONTENTS



MANAGEMENT AND ADMINISTRATION .................................................................................................................... 1
STATEMENTS OF FINANCIAL POSITION (UN-AUDITED) ......................................................................................... 2
INVESTMENT PORTFOLIO (UN-AUDITED)................................................................................................................. 4
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED) ....................................................... 9
PERFORMANCE RECORD (UN-AUDITED) ............................................................................................................... 16
MACQUARIE UNIT TRUST SERIES



MANAGEMENT AND ADMINISTRATION



Directors of the Manager                         Trustee and Registrar
John Charles Bugg                                HSBC Trustee (Cayman) Limited
Paul Wai Hung Li                                 P.O. Box 484
Robert Hector John Spence                        HSBC House
Damon Richard Hambly (appointed 25 August        68 West Bay Road
2009)                                            Grand Cayman KY1-1106
                                                 Cayman Islands



Manager                                          Service Provider to the Trustee

Macquarie Funds Management Hong Kong             HSBC Institutional Trust Services (Asia) Limited
Limited
Level 18, One International Finance Centre       No 1 Queen’s Road
1 Harbour View Road                              Central
Central, Hong Kong                               Hong Kong



Sub-Manager                                      Auditor
MQ Portfolio Management Limited                  Ernst & Young Limited
(ABN 55 092 552 611)                             62 Forum Lane, Camana Bay
Mezzanine Level, No. 1 Martin Place              P.O. Box 510
Sydney, NSW 2000                                 Grand Cayman, KY11106
Australia                                        Cayman Islands


Legal Advisors
As to matters of Cayman Islands law              As to matters of Hong Kong law

Maples and Calder                                Deacons
1504, One International Finance Centre           5th, Floor, Alexandra House
1 Harbour View Street                            16-20 Chater Road
Hong Kong                                        Central
                                                 Hong Kong




                                             1
  MACQUARIE UNIT TRUST SERIES



  STATEMENTS OF FINANCIAL POSITION (UN-AUDITED)
  AS AT 31 DECEMBER 2010
                                             MACQUARIE IPO
                                                     CHINA    MACQUARIE IPO      MACQUARIE
                                             CONCENTRATED     CHINA GATEWAY        ASIA NEW
                                                CORE FUND               FUND     STARS FUND
                                                31 Dec 2010        31 Dec 2010    31 Dec 2010
                                                       US$                US$            US$
Assets
  Cash and cash equivalents                      1,791,177          2,529,593      1,529,299
  Amounts due from brokers                         469,198            547,246         91,849
  Financial assets held at fair value
    through profit or loss                      70,125,870        122,117,078     28,553,672
  Amounts receivable on subscription                     -            153,171        503,081
  Other receivables                                     59                145             43
Total assets                                    72,386,304        125,347,233     30,677,944

Liabilities
  Management fee payable                           294,694            496,747         87,002
  Performance fee payable                            3,491             37,831        256,600
  Administration fee payable                        49,116             82,791         14,500
  Amounts payable on redemption                    187,784            411,110              -
  Amounts due to brokers                           177,400            307,493        136,070
 Other payables                                     26,734             52,040         29,543
Total liabilities (excluding net assets
 attributable to unitholders)                      739,219          1,388,012        523,715
Net assets attributable to unitholders          71,647,085        123,959,221     30,154,229

Represented by:
Net assets attributable to unitholders
 (at last traded market prices)                 71,805,768        124,329,992     30,326,520
Adjustment from bid market prices to last
 traded market prices                             (158,683)         (370,771)      (172,291)

Number of units in issue – Class A1             12,954,673         13,777,534        678,568
Number of units in issue – Class A2                325,389            367,891      1,119,063
Number of units in issue – Class A3                      -                500              -
Number of units in issue – Class I                       -                  -        140,384
Net assets attributable to unitholders per
 unit (at last traded market prices) –
 Class A1                                           5.2633             8.6892        12.4851
Net assets attributable to unitholders per
 unit (at last traded market prices) –
 Class A2                                          11.1285            12.5231        17.6427
Net assets attributable to unitholders per
 unit (at last traded market prices) –
 Class A3 (HK$)                                           -         100.0630                -
Net assets attributable to unitholders per
 unit (at last traded market prices) –
 Class I                                                  -                  -       15.0394




                                                              2
  MACQUARIE UNIT TRUST SERIES


  STATEMENTS OF FINANCIAL POSITION (CONTINUED)
  AS AT 30 JUNE 2010

                                            MACQUARIE IPO
                                                    CHINA     MACQUARIE IPO      MACQUARIE                   MQ
                                            CONCENTRATED      CHINA GATEWAY        ASIA NEW      INFRASTRUCTURE
                                               CORE FUND                FUND     STARS FUND     STRATEGIES FUND*
                                               30 June 2010       30 June 2010   30 June 2010        30 June 2010
                                                       US$                US$            US$                 US$
Assets
  Cash and cash equivalents                      2,336,581          1,107,156        376,394              41,081
  Amounts due from brokers                       1,070,511          1,176,961         87,463                    -
  Financial assets held at fair value
    through profit or loss                      71,986,498        112,592,622     14,470,917                    -
  Dividends receivable                             208,571            267,562         24,738                    -
  Amounts receivable on subscription                     -              4,500              -                    -
  Other receivables                                     67                100        106,791                    -
Total assets                                    75,602,228        115,148,901     15,066,303              41,081

Liabilities
  Management fee payable                           299,354            454,756         52,655                    -
  Performance fee payable                            4,616             13,280          3,281                    -
 Administration fee payable                         49,892             75,793          8,776                   -
 Amounts payable on redemption                      49,781            328,564              -                   -
 Amounts due to brokers                            234,164          1,148,278        251,668                   -
 Other payables                                     15,421             18,066        122,400              41,081
Total liabilities (excluding net assets
 attributable to unitholders)                      653,228          2,038,737        438,780              41,081
Net assets attributable to unitholders          74,949,000        113,110,164     14,627,523                    -

Represented by:
Net assets attributable to unitholders
 (at last traded market prices)                 75,294,352        113,716,664     14,705,580                    -
Adjustment from bid market prices to last
 traded market prices                            (345,352)          (606,500)       (78,057)                    -

Number of units in issue – Class A1            16,270,282        15,829,841        1,197,281                    -
Number of units in issue – Class A2               263,330            392,386         321,967                    -
Number of units in issue – Class I                       -                 -           1,628                    -
Net assets attributable to unitholders per
 unit (at last traded market prices) –
 Class A1                                          4.4746             6.9339          8.8887                    -
Net assets attributable to unitholders per
 unit (at last traded market prices) –
 Class A2                                          9.4608            10.0754         12.5671                    -
Net assets attributable to unitholders per
 unit (at last traded market prices) –
 Class I                                                 -                 -         10.5319                    -
 * MQ Infrastructure Strategies Fund was terminated on 30 September 2009




                                                              3
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

INVESTMENT PORTFOLIO (UN-AUDITED)

MACQUARIE IPO CHINA CONCENTRATED CORE FUND                           31 Dec 2010   31 Dec 2010       31 Dec 2010
                                                                                     Fair value
Investments – Listed                                                   Holdings           US$     % of net assets


Cayman Islands

China Metal Recycling Holdings Limited                                 2,374,200     2,476,051             3.45%


China
3SBio Inc - ADR                                                           40,304       611,815             0.85%
Agricultural Bank Of China                                             7,258,482     3,630,921             5.06%
China Automation Group Limited                                         3,037,000     2,206,554             3.07%
China Longyuan Power Group                                             2,250,000     2,060,079             2.87%
China Qinfa Group Limited                                              3,888,000     2,334,880             3.25%
Cninsure Inc - ADR                                                        80,650     1,392,825             1.93%
Industrial and Commercial Bank of China                                5,059,000     3,753,720             5.23%
Longtop Financial Technologies Limited - ADR                              48,900     1,765,779             2.46%
Real Gold Mining Limited                                               2,218,150     3,856,462             5.37%
Shenguan Holdings Group Limited                                        2,602,406     3,406,781             4.74%
Simcere Pharmaceutical Group - ADR                                       126,863     1,447,507             2.02%
Want Want China Holdings Limited                                       4,842,000     4,258,948             5.93%


Hong Kong
AIA Group Limited                                                        821,400     2,307,956             3.21%
Anta Sports Products Limited                                             535,000       843,462             1.17%
BBMG Corporation                                                       1,679,000     2,236,824             3.12%
Changsha ZoomLion Heavy Industry                                          96,000       216,779             0.30%
China High Precision Automation Group Limited                          1,548,000     1,216,280             1.69%
China Minshen Banking Company Limited                                  4,294,750     3,667,139             5.11%
China National Materials Company Limited                               1,298,000     1,046,559             1.46%
China Pacific Insurance Group Limited                                    197,000       815,725             1.14%
China Sce Property Holdings Company Limited                           10,600,000     2,957,924             4.12%
China Suntien Green energy Holdings                                    5,013,000     1,411,768             1.97%
China Vanadium Titano-Magnetite Mining Company                         1,168,000       554,231             0.77%
Dah Chong Hong Holdings Limited                                        3,170,000     3,354,907             4.67%
Guangzhou Automobile Group Company Limited                             2,000,000     2,746,772             3.83%
Man Wah Holdings Limited                                               2,125,322     3,449,098             4.80%
MIE Holdings Corporation                                               6,790,000     1,475,631             2.06%
Peak Sport Products Limited                                            1,851,475     1,214,254             1.69%

South Gobi Energy Resources Limited                                      169,000     2,173,242             3.03%

XTEP International Holdings                                            1,379,000       959,363             1.34%


United States
China Real Estate Information Corporation – ADR                          260,960     2,505,216             3.49%
China Xiniya Fashion Limited – ADR                                       154,810     1,416,511             1.97%
Shangpharma Corporation - ADR                                             30,855       353,907             0.49%


Total Investments                                                                   70,125,870            97.66%
Adjustment from bid market prices to last traded market prices                         158,683             0.22%
Other net assets                                                                     1,521,215             2.12%
Net assets attributable to unitholders                                              71,805,768             100%
Total investments, at cost                                                          64,879,828




                                                                 4
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)
MACQUARIE IPO CHINA GATEWAY FUND                      31 Dec 2010   31 Dec 2010       31 Dec 2010
                                                                      Fair value
Investments – Listed                                    Holdings           US$     % of net assets



Cayman Islands
China Metal Recycling                                   4,208,800     4,389,353             3.53%


China
3SBIO Inc –ADR                                            193,282     2,934,021             2.36%
Agricultural Bank Of China                             10,015,843     5,010,240             4.04%
China Longyuan Power Group                              2,300,000     2,105,859             1.69%
China Qinfa Group Limited                              12,154,000     7,298,902             5.91%
Cninsure Inc - ADR                                        148,200     2,559,414             2.06%
Industrial and Commercial Bank of China                 6,233,000     4,624,815             3.73%
Longtop Financial Technologies Limited - ADR               55,456     2,002,516             1.61%
Real Gold Mining Limited                                3,853,850     6,700,279             5.40%
Shenguan Holdings Group Limited                         3,803,000     4,978,466             4.00%
Simcere Pharmaceutical Group-ADR                          216,869     2,474,475             1.99%
Want Want China Holdings Limited                        7,393,000     6,502,767             5.21%


Hong Kong
AIA Group Limited                                       1,330,600     3,738,698             3.01%
Anta Sports Products Limited                              772,000     1,217,108             0.98%
BBMG Corporation                                        2,825,500     3,764,233             3.08%
Changsha ZoomLion Heavy Industry                          154,800       349,556             0.28%
China High Precision Automation Group Limited           4,496,000     3,532,555             2.86%
China Liansu Group Holdings Limited                     6,928,000     5,550,311             4.49%
China Minshen Banking Company Limited                   4,646,250     3,967,273             3.20%
China National Materials Company                        2,925,000     2,358,386             1.90%
China Sce Property Holdings Limited                    14,554,000     4,061,285             3.31%
China Suntien Green Energy Holdings                     8,735,000     2,459,962             1.98%
China Vanadium Titano-Magnetite Mining Company          4,191,812     1,989,068             1.60%
Citic Telecom International                             1,117,000       356,227             0.29%
Dah Chong Hong Holdings Limited                         5,493,000     5,813,409             4.69%
Fook Woo Group Holdings Limited                         8,238,000     3,199,264             2.62%
Man Wah Holdings Limited                                3,175,478     5,153,353             4.14%
MIE Holdings Corporation                               11,750,000     2,553,559             2.07%
Pax Global Technology Limited                           3,239,000     1,178,742             0.95%
Peak Sport Products Limited                             3,006,525     1,971,771             1.59%
Sijia Group Co                                          3,095,000     2,459,634             1.98%
South Gobi Energy Resources Limited                       201,250     2,587,958             2.07%
Trauson Holdings Co                                     7,269,645     3,384,100             2.73%
XTEP International Holdings Limited                     2,204,500     1,533,659             1.24%


United States
China Real Estate Information Corporation – ADR           396,117     3,802,723             3.06%
China Xiniya Fashion Limited – ADR                        261,360     2,391,444             1.93%
Shangpharma Corporation - ADR                             101,281     1,161,693             0.94%


Total Investments                                                   122,117,078            98.22%




                                                  5
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE IPO CHINA GATEWAY FUND                                     31 Dec 2010   31 Dec 2010       31 Dec 2010
                                                                                     Fair value
Investments – Listed                                                   Holdings           US$     % of net assets

Adjustment from bid market prices to last traded market prices                         370,771             0.30%
Other net assets                                                                     1,842,143             1.48%
Net assets attributable to unitholders                                             124,329,992          100.00%
Total investments, at cost                                                         106,516,751




                                                                 6
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE ASIA NEW STARS FUND                                               31 Dec 2010   31 Dec 2010    31 Dec 2010
                                                                                            Fair value      % of net
Investments – Listed                                                          Holdings           US$          assets


Cayman Islands
China Metal Recycling                                                           921,200       960,719         3.17%
Lees Pharmaceutical Holdings Limited                                            620,000       280,644         0.92%


China
3Sbio Inc - ADR                                                                  43,000       652,740         2.15%
China Qinfa Group Limited                                                     1,516,000       910,411         3.00%
Cninsure Inc - ADR                                                               31,618       546,043         1.80%
Great Wall Motor Company Limited                                                191,000       582,108         1.92%
Real Gold Mining Limited                                                        615,171     1,069,532         3.53%
Shenguan Holdings Group Limited                                                 633,594       829,431         2.74%
Simcere Pharmaceutical Group - ADR                                               48,020       547,908         1.81%
Xingda International Holdings Limited                                           836,000       900,890         2.97%


Hong Kong
BBMG Corporation                                                                445,500       593,511         1.96%
China Suntien Green Energy Corporation                                        1,182,000       332,877         1.10%
Chn High Precision Automation Group Limited                                     931,000       731,497         2.41%
Dah Chong Hong Holdings Limited                                               1,088,000     1,151,463         3.80%
Dawnrays Pharmaceutical Holdings                                              2,248,000     1,055,141         3.48%
Eva Precision Industrial Holdings Limited                                     1,132,000     1,090,309         3.60%
Golden Eagle Retail Group Limited                                                84,000       209,341         0.69%
Man Wah Holdings                                                                291,600       473,226         1.56%
Mie Holdings Corporation                                                      2,680,000       582,429         1.92%
Pax Global Technology Limited                                                   711,000       258,748         0.85%
Sijia Group Company                                                             682,000      541,994          1.79%
Trauson Holdings Company                                                      1,851,790      862,029          2.84%


India
Macquarie Bank Limited (Ess Dee Aluminium Limited) Call Wts
10/09/2013                                                                       31,749       325,427         1.07%
Macquarie Bank Limited (Jindal Saw Limited) Call Wts 15/01/2015                  94,000       363,141         1.20%
Macquarie Bank Limited (Shriram Transport Finance) Call Wts 3/07/2014            59,507       987,786         3.26%
Macquarie Bank Limited (Tulip Telecom) Call Wts 18/06/2013                       60,780       238,865         0.79%
Citibank Gobal Markets Holdings Inc (Tulip Telecom) Call Wts
24/10/2012                                                                      108,572       414,191         1.36%


Indonesia
Harum Energy                                                                    363,000       360,983         1.19%
Indika Energy                                                                 1,285,000       671,056         2.21%


Korea
Samsung Engineering Company Limited                                               4,990       848,985         2.80%


Philippines
Aboitiz Power Corporation                                                     2,035,000     1,442,620         4.76%




                                                                        7
MACQUARIE UNIT TRUST SERIES




FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

INVESTMENT PORTFOLIO (UN-AUDITED) (CONTINUED)

MACQUARIE ASIA NEW STARS FUND                                        31 Dec 2010   31 Dec 2010    31 Dec 2010
                                                                                     Fair value      % of net
Investments – Listed                                                   Holdings           US$          assets


Cebu Air Inc                                                             295,100       757,962         2.50%
Manila Water Company Inc                                               1,297,000      567,363          1.87%
Security Bank Corporation                                                359,680      703,757          2.32%


Taiwan
Powertech Technology Inc                                                  86,000       286,141         0.94%
St Shine Optical Company Limited                                         109,841     1,461,859         4.82%
Taiwan Hon Chuan Enterprise Company Limited                              238,840       538,247         1.77%
Wistron Corporation                                                      405,000       825,184         2.72%


Thailand
Sri Trang Agro Industry (FR)                                             716,100       849,107         2.80%


Supalai Public Company Limited (FR)                                    1,161,000       392,776         1.29%
Thai Airways International Public Company Limited (FR)                   437,144       688,701         2.27%


United States
China Xiniya Fashion Limited - ADR                                        43,830       401,045         1.32%
Shangpharma Corporation - ADR                                             23,146       265,485         0.88%


Total Investments                                                                  28,553,672         94.15%
Adjustment from bid market prices to last traded market prices                         172,291         0.57%
Other net assets                                                                     1,600,557         5.28%
Net assets attributable to unitholders                                              30,326,520          100%
Total investments, at cost                                                          24,144,076




                                                                 8
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)
MACQUARIE IPO CHINA CONCENTRATED CORE
FUND                                                           1 Jul 2010   Period from 1 Jul 2010 to 31 Dec 2010          31 Dec 2010


Investments – Listed                                   Opening balance             Additions             Disposals      Closing Balance
Cayman Islands

China Metal Recycling Holdings Limited                                  -          2,374,200                        -         2,374,200

China

3Sbio Inc - ADR                                                         -             40,304                        -            40,304

Agricultural Bank Of China                                              -         10,498,722             (3,240,240)          7,258,482

China Automation Group Limited                                 3,037,000                    -                       -         3,037,000

China Longyuan Power Group Corporation                         2,250,000                    -                       -         2,250,000

China Qinfa Group Limited                                      2,834,000           2,700,000             (1,646,000)          3,888,000

Cninsure Inc - ADR                                                      -             80,650                        -            80,650

Hidili Industry International Development                      4,703,000                    -            (4,703,000)                  -

Industrial And Commercial Bank Of China                        5,393,000           2,935,000             (3,269,000)          5,059,000

Industrial And Commercial Bank Of China NIL Paid RTS                    -            258,255              (258,255)                   -

Longtop Financial Technologies Limited – ADR                      48,900                    -                       -            48,900

Real Gold Mining Limited                                       3,458,000                    -            (1,239,850)          2,218,150

Shenguan Holdings Group Limited                                         -          2,602,406                        -         2,602,406

Simcere Pharmaceutical Group - ADR                                      -            126,863                        -           126,863

Want Want China Holdings Limited                               6,311,000           3,580,000             (5,049,000)          4,842,000

Xingda International Holding                                            -          2,904,000             (2,904,000)                  -

Hong Kong

AIA Group Limited                                                       -            821,400                        -           821,400

Anta Sports Products Limited                                   1,812,000                    -            (1,277,000)            535,000

Bawang International                                                    -            540,000              (540,000)                   -

BBMG Corporation                                               5,223,000                    -            (3,544,000)          1,679,000

Changsha Zoomlion Heavy Industry                                        -             96,000                        -            96,000

China Coal Energy Company                                      2,110,000                    -            (2,110,000)                  -

China High Precision Automation Group Limited                           -          1,548,000                        -         1,548,000

China Minsheng Banking Company Limited                                  -          4,834,500              (539,750)           4,294,750

China National Materials Company Limited                       5,366,000             683,000             (4,751,000)          1,298,000

China Pacific Insurance Group Company Limited                    380,000                    -             (183,000)             197,000

China Sce Property Holdings Limited                         10,600,000                      -                       -        10,600,000

China Shanshui Cement Group Company Limited                    4,264,000                    -            (4,264,000)                  -

China Suntien Green Energy Corporation Holdings                         -          5,013,000                        -         5,013,000

China Vanadium Titano – Magnetite Mining Company               2,379,000           1,285,000             (2,496,000)          1,168,000

China Zhongwang Holdings Limited                               2,804,800                    -            (2,804,800)                  -

Dah Chong Hong Holdings Limited                                8,407,000             920,000             (6,157,000)          3,170,000

Glorious Property Holdings Limited                             8,728,000                    -            (8,728,000)                  -

Golden Eagle Retail Group Limited                              1,186,000                    -            (1,186,000)                  -

Guangzhou Automobile Group Company Limited                              -          2,000,000                        -         2,000,000

Leoch International Technology Limited                                  -            221,900              (221,900)                   -




                                                           9
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)
(CONTINUED)
MACQUARIE IPO CHINA CONCENTRATED CORE
FUND                                                    1 Jul 2010    Period from 1 Jul 2010 to 31 Dec 2010          31 Dec 2010


Investments – Listed                              Opening balance            Additions             Disposals      Closing Balance



Man Wah Holdings Limited                                  2,080,000          1,191,400             (1,146,078)          2,125,322

Mie Holdings Corporation                                          -          6,790,000                        -         6,790,000

Peak Sport Products Limited                               6,999,000                   -            (5,147,525)          1,851,475

South Gobi Energy Resources Limited                        169,000                    -                       -           169,000

Xtep International Holdings                               2,010,000                   -             (631,000)           1,379,000

Zhongsheng Group Holdings Limited                          800,000                    -             (800,000)                   -


United States

China Real Estate Information Corporation – ADR            260,960                    -                       -           260,960

China Xiniya Fashion Limited – ADR                                -            154,810                        -           154,810

Shangpharma Corporation - ADR                                                   30,855                        -            30,855




                                                     10
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)
(CONTINUED)

MACQUARIE IPO CHINA GATEWAY FUND                             1 Jul 2010   Period from 1 Jul 2010 to 31 Dec 2010      31 Dec 2010


Investments – Listed                                   Opening balance        Additions              Disposals    Closing Balance
Cayman Islands

China Metal Recycling Holdings                                        -       4,467,400               (258,600)         4,208,800

China

3Sbio Inc -ADR                                                        -         193,282                       -           193,282

Agricultural Bank Of China                                            -      13,229,603             (3,213,760)        10,015,843

China Automation Group Limited                               4,966,000                 -            (4,966,000)                 -

China Qinfa Group Limited                                   19,822,000                 -            (7,668,000)        12,154,000

China Longyuan Power Group Corporation                       2,300,000                 -                      -         2,300,000

Cninsure Inc - ADR                                               35,640         112,560                       -           148,200

Hidili Industry Intl Development Limited                     3,702,000                 -            (3,702,000)                 -

Industrial And Commercial Bank Of China Limited              7,230,000        3,902,000             (4,899,000)         6,233,000

Industrial And Commercial Bank Of China NIL Paid RTS                  -         280,485               (280,485)                 -

Longtop Financial Technologies Limited - ADR                     55,456                -                      -            55,456

Mindray Medical International Limited - ADR                      30,300                -               (30,300)                 -
Real Gold Mining Limited                                     5,350,500          587,500             (2,084,150)          3,53,850

Shenguan Holdings Group Limited                                 120,000       4,185,000               (502,000)         3,803,000

Simcere Pharmaceutical Group - ADR                                    -         216,869                       -           216,869

Want Want China Holdings Limited                             9,448,000        5,495,000             (7,550,000)         7,393,000

Xingda International Holding                                          -       6,996,000             (6,996,000)                 -

Hong Kong

Aia Group Limited                                                     -       1,612,400               (281,800)         1,330,600

Anta Sports Products Limited                                 1,909,000                 -            (1,137,000)           772,000

Bawang International                                                  -         810,000               (810,000)                 -

BBMG Corporation                                             7,807,000           79,000             (5,060,500)         2,825,500

Changsha Zoomlion Heavy Industry                                      -         154,800                       -           154,800

China Coal Energy Co H Shr Ord                               1,616,000                 -            (1,616,000)                 -

China Gold International Resources                                    -          73,600                (73,600)                 -

China High Precision Automation Group Limited                3,980,000          516,000                       -         4,496,000

China Liansu Group Holdings Limited                          5,250,000        2,950,000             (1,272,000)         6,928,000

China Medical System Holdings Limited                                 -       1,208,200             (1,208,200)                 -

China Minsheng Banking Co Limited                                     -       5,633,500               (987,250)         4,646,250

China National Materials Co                                  5,266,000        2,286,000             (4,627,000)         2,925,000

China Sce Property Holdings Limited                         15,260,000          771,000             (1,477,000)        14,554,000

China Suntien Green Energy Corporation                                -       8,735,000                       -         8,735,000

China Vanadium Titano – Magnetite Mining Company             3,200,000        4,091,812             (3,100,000)         4,191,812

China Pacific Insurance (Group) Co Limited                      300,000                -              (300,000)                 -

China Shanshui Cement Group Co Limited                       6,497,000                 -            (6,497,000)                 -

China Zhongwang Holdings Limited                             3,529,200                 -            (3,529,200)                 -

Citic Telecom International                                 15,137,000                 -           (14,020,000)         1,117,000

Dah Chong Hong Holdings Limited                             12,755,000        2,318,000             (9,580,000)         5,493,000

                                                           11
MACQUARIE UNIT TRUST SERIES



FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UN-AUDITED)
(CONTINUED)

MACQUARIE IPO CHINA GATEWAY FUND                       1 Jul 2010   Period from 1 Jul 2010 to 31 Dec 2010      31 Dec 2010

Investments – Listed                             Opening balance        Additions              Disposals    Closing Balance

Evergreen International Holdings                                -         351,000               (351,000)                 -

Fook Woo Group Holdings Limited                                 -      13,356,000             (5,118,000)         8,238,000

Glorious Property Holdings Limited                    13,108,000          573,000            (13,681,000)                 -

Golden Eagle Retail Group Limited                      1,867,000                 -            (1,867,000)                 -

Leoch International Technology Limited                          -         375,000               (375,000)                 -

Man Wah Holdings Limited                               3,650,000        1,234,600             (1,709,122)         3,175,478

MIE Holdings Corporation                                        -      11,750,000                       -        11,750,000

Pax Global Technology Limited                                   -       3,239,000                       -         3,239,000

Peak Sport Products Limited                            8,746,000                 -            (5,739,475)         3,006,525

Ports Design Limited                                      240,000         670,000               (910,000)                 -

Ruinian International Limited                                   -       4,852,000             (4,852,000)                 -

Sihuan Pharmaceutical Hldgs                                     -         740,000               (740,000)                 -

Sijia Group Co                                                  -       3,095,000                       -         3,095,000

South Gobi Energy Resources Limited                       219,900          20,000                (38,650)           201,250

Trauson Holdings Co                                    2,578,000        4,691,645                       -         7,269,645

West China Cement Limited                                       -         440,000               (440,000)                 -

Xtep International Holdings Lmited                     5,191,500          670,000             (3,657,000)         2,204,500

Taiwan

Young Fast Optoelectronics Co Limited                           -         392,000               (392,000)                 -

United States

China Real Estate Information Corporation –ADR            396,117                -                      -           396,117

China Xiniya Fashion Limited – ADR                              -         261,360                       -           261,360

Shangpharma Corporation - ADR                                   -         101,281                       -           101,281




                                                     12
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)
MACQUARIE ASIA NEW STARS FUND                             1 July 2010     Period from 1 Jul 2010 to 31 Dec 2010          31 Dec 2010



Investments – Listed                                Opening balance               Additions           Disposals       Closing balance


Cayman Island
China Metal Recycling Holdings                                        -             921,200                       -          921,200

Lee’s Pharmaceutical Holdings Limited                                 -             620,000                       -          620,000


China
3SBio Inc - ADR                                                       -              43,000                       -            43,000

China National Materials Company                              81,000                556,000            (637,000)                    -

China Qinfa Group Limted                                    1,486,000               816,000            (786,000)            1,516,000
China Real Estate Information Corporation - ADR               33,006                      -             (33,006)                    -
CNinsure Inc – ADR                                              5918                 25,700                       -            31,618

Great Wall Motor Company Limited                                      -             191,000                       -          191,000

Guangzhou Pharmaceutical Company Limited                              -             185,000            (185,000)                    -
Hidili Industry International Development Limited            495,000                      -            (495,000)                    -
Lianhua Supermarket Holdings Limited                         154,000                      -            (154,000)                    -
Real Gold Mining Limited                                     429,671                230,500             (45,000)             615,171
Shenguan Holdings Group Limited                               50,000                663,594             (80,000)             633,594
Simcere Pharmaceutical Group - ADR                                    -              48,020                       -            48,020

Xingda International Holdings Limited                        700,000                391,000            (255,000)             836,000

Xtep International Holdings                                  670,000                      -            (670,000)                    -


Hong Kong
BBMG Corporation                                             511,500                112,000            (178,000)             445,500
Boshiwa international Holding Limited                                 -              50,000             (50,000)                    -
China Gold International Resources                                    -              11,400             (11,400)                    -
China High Precision Automation Group Limited                310,000                621,000                       -          931,000
China Liansu Group Holdings                                  650,000                      -            (650,000)                    -
China Medical System Holdings Limited                                 -              33,000             (33,000)                    -
China SCE Property Holdings Limited                         1,121,000                     -          (1,121,000)                    -
China Shanshui Cement Group Limited                          638,000                      -            (638,000)                    -
China Suntien Green energy Corporation                                -           1,182,000                       -         1,182,000
China Vanadium Titano-Magnetite Mining Company                        -             912,908            (912,908)                    -
Citic 1616 Holdings Limited                                  551,000                      -            (551,000)                    -
Dah Chong Hong Holdings Limited                              906,000                596,000            (414,000)            1,088,000
Dawnrays Pharmaceutical Holdings                                      -           2,248,000                       -         2,248,000
Eva Precision Industrial Holdings Limited                    450,000                912,000            (230,000)            1,132,000
Evergreen international Holdings                                      -              49,000             (49,000)                    -
Glorious Property Holdings Limited                           573,000                      -            (573,000)                    -
Golden Eagle Retail Group Limited                            154,000                 42,000            (112,000)               84,000
GZI Transport Limited                                        324,000                      -            (324,000)                    -
Hua Han Bio-pharmaceutical Holding                                    -           1,060,000         (1,060,000))                    -
Man Wah Holdings Limited                                     454,400                      -            (162,800)             291,600
Mie holdings Corporation                                              -           2,680,000                       -         2,680,000
Pax Global Technology Limited                                         -             711,000                       -          711,000
Peak Sport Products Limited                                  575,000                      -            (575,000)                    -
Ports Design Limited                                         130,000                      -            (130,000)                    -




                                                       13
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)
MACQUARIE ASIA NEW STARS FUND                                           1 July 2010   Period from 1 Jul 2010 to 31 Dec 2010          31 Dec 2010



Investments – Listed                                               Opening balance            Additions           Disposals       Closing balance
Sijia group company                                                               -             682,000                       -          682,000
Skyworth Digital Holdings Limited                                          438,000                     -           (438,000)                    -
Peak Sport Products Limited                                                575,000                     -           (575,000)                    -
Ports Design Limited                                                       130,000                                 (130,000)                    -
Skyworth Digital Holdings Limited                                          438,000                     -           (438,000)                    -
South Gobi Resources Limited                                                20,000                     -             (20,000)                   -
Shui On Construction                                                       222,000                     -           (222,000)                    -
Trauson Holdings Company                                                   322,000            1,529,790                       -         1,851,790
Xtep international Holdings                                                670,000                     -           (670,000)                    -


India
Macquarie Bank Limited (EES DEE ALUMINIUM LIMITED) Call
Wts 10/09/2013                                                                    -              31,749                       -           31,749
Macquarie Bank Limited (Jindal Saw Limited) Call Wts
15/01/2015                                                                 35,0000               59,000                       -           94,000
Macquarie Bank Limited (Shriram Transport Finance) Call Wts
03/07/2014                                                                  33,493               26,014                       -            59,507
Macquarie Bank Limited (Tulip Telecom) Call Wts 18/06/2013                  12,156               48,624                                   60,780
Citigroup Global Markets Hldgs Inc (Jindal Saw Limited) Call Wts
15/02/2015                                                                   4,347                     -              (4,347)                   -
Citigroup Global Markets Hldgs Inc (Tulip Telecom) Call Wts
18/06/2013                                                                   1,485              107,087                       -          108,572


Indonesia
Harum Energy                                                                      -             400,000             (37,000)             363,000
Indika Energy                                                                     -           1,285,000                       -         1,285,000


Korea
Daegu Bank                                                                  43,800                7,720              (51,520)                   -
Samsung Engineering Company Limited                                          5,370                1,000               (1,380)               4,990
Tongyang Life Insurance                                                     38,660                     -             (38,660)                   -
Woongjin Thinkbig Company Limited                                           21,310                     -             (21,310)                   -


Philippines
Aboitiz Power Corporation                                                 1,676,000             676,000            (317,000)            2,035,000
Alliance Global Group Inc                                                 2,708,000                    -          (2,708,000)                   -
Cebu Air Inc                                                                      -             295,100                       -          295,100
Energy Development Corporation                                            2,811,000                    -          (2,811,000)                   -
Manila Water Company Inc                                                          -           1,297,000                       -         1,297,000
Security Bank Corporation                                                  326,400              157,600            (124,320)             359,680
Universal Robina Corporation                                                      -             426,000            (426,000)                    -


Taiwan
Powertech Technology Inc                                                          -             116,000             (30,000)              86,000
St Shine Optical Company Limited                                            48,841               61,000                       -          109,841
Taiwan Hon Chuan Enterprise Company Limited                                       -             364,840            (126,000)             238,840
Wistron Corporation                                                               -             666,000            (261,000)             405,000


Thailand
Charoen Pokphand Foods Company Limited (FR)                                808,400                     -           (808,400)                    -
Preuksa Real Estate Public Company Limited (FR)                            669,700                     -           (669,700)                    -
Sri Trang Agro-Industry Public Company Limited (FR)                               -             911,600            (195,500)             716,100
Supalai Public Company Limited                                                    -           1,161,000                       -         1,161,000
Thai Airways International Public Company Limited (FR)                     185,700              428,044            (176,600)             437,144




                                                                     14
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED)
MACQUARIE ASIA NEW STARS FUND             1 July 2010   Period from 1 Jul 2010 to 31 Dec 2010          31 Dec 2010



Investments – Listed                 Opening balance            Additions           Disposals       Closing balance


United States
China Xiniya Fashion Limited - ADR                  -              43,830                       -           43,830
Shangpara Corporation - ADR                         -              23,146                       -           23,146




                                       15
MACQUARIE UNIT TRUST SERIES


FOR THE PERIOD FROM 1 JULY 2010 TO 31 DECEMBER 2010

PERFORMANCE RECORD (UN-AUDITED)
a)        Net asset value

At end of the financial period dated 31 December 2010                                   Net asset value per unit (cum
                                                               Total net asset value                    distribution)
                                                                               US$
Macquarie IPO China Concentrated Core Fund                               71,805,768              Class A1: US$5.2633
                                                                                               Class A2: US$11.1285
Macquarie IPO China Gateway Fund                                        124,329,992              Class A1:US$ 8.6892
                                                                                               Class A2: US$12.5231
                                                                                               Class A3: HK$100.063
Macquarie Asia New Stars Fund                                            30,326,520            Class A1: US$12. 4851
                                                                                               Class A2: US$17.6427
                                                                                                 Class I: US$15.0394




b)        Performance record since inception

Financial period ended 31 December 2010                 Highest issue price per unit   Lowest redemption price per unit


Macquarie IPO China Concentrated Core Fund                      Class A1: US$5.911                  Class A1: US$4.343
                                                               Class A2: US$12.361                  Class A2: US$9.184
Macquarie IPO China Gateway Fund                                Class A1: US$9.501                  Class A1:US$ 6.716
                                                               Class A2: US$13.561                  Class A2:US$ 9.759
                                                              Class A3: HK$100.063                 Class A3: HK$97.386
Macquarie Asia New Stars Fund                                   Class A1: US$12.97                  Class A1: US$8.731
                                                               Class A2: US$18.321                 Class A2: US$12.344
                                                                 Class I: US$15.681                  Class I: US$10.346




                                                        16

				
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