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MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 4 Financial risk management (continued) e) Fair value estimation (continued) 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 2013 and 2012. MACQUARIE IPO CHINA CONCENTRATED CORE FUND 30 June 2013 Level 1 Level 2 Level 3 Total balance Assets Financial assets held at fair value through profit and loss - Equity securities 29,647,542 - 239,843 29,887,385 Total Assets 29,647,542 - 239,843 29,887,385 30 June 2012 Level 1 Level 2 Level 3 Total balance Assets Financial assets held at fair value through profit and loss - Equity securities 29,851,021 332,096 743,843 30,926,960 Total Assets 29,851,021 332,096 743,843 30,926,960 MACQUARIE IPO CHINA GATEWAY FUND 30 June 2013 Level 1 Level 2 Level 3 Total balance Assets Financial assets held at fair value through profit and loss - Equity securities 51,811,623 - 425,086 52,236,709 Total Assets 51,811,623 - 425,086 52,236,709 30 June 2012 Level 1 Level 2 Level 3 Total balance Assets Financial assets held at fair value through profit and loss - Equity securities 52,682,728 578,238 1,317,812 54,578,778 Total Assets 52,682,728 578,238 1,317,812 54,578,778 MACQUARIE ASIA NEW STARS FUND 30 June 2013 Level 1 Level 2 Level 3 Total balance Assets Financial assets held at fair value through profit and loss - Equity securities 56,472,770 - 26,869 56,499,639 Total Assets 56,472,770 - 26,869 56,499,639 30 June 2012 Level 1 Level 2 Level 3 Total balance Assets Financial assets held at fair value through profit and loss - Equity securities 39,029,647 - 166,086 39,195,733 Total Assets 39,029,647 - 166,086 39,195,733 Investments classified within level 3 have significant unobservable inputs as they trade infrequently. During the year there were no transfers between Level 1 and Level 2 (2012: nil) for any of the Sub-Funds. 25
MACQUARIE UNIT TRUST SERIES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2013 4 Financial risk management (continued) e) Fair value estimation (continued) 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 2013 MACQUARIE IPO CHINA CONCENTRATED CORE FUND MACQUARIE IPO CHINA GATEWAY FUND MACQUARIE ASIA NEW STARS FUND Listed equities Listed equities Listed equities Opening balance – 1 July 2012 743,843 1,317,812 166,086 Transfers into Level 3 - - - Transfers out of Level 3 - - - Total gains and losses (504,000) (892,726) (139,217) Closing balance – 30 June 2013 239,843 425,086 26,869 30 June 2012 MACQUARIE IPO CHINA CONCENTRATED CORE FUND MACQUARIE IPO CHINA GATEWAY FUND MACQUARIE ASIA NEW STARS FUND Listed equities Listed equities Listed equities Opening balance – 1 July 2011 3,365,979 6,007,602 355,674 Transfers into Level 3 272,732 482,580 143,172 Transfers out of Level 3 (56,082) (111,662) - Total gains and losses (2,838,786) (5,060,708) (332,760) Closing balance – 30 June 2012 743,843 1,317,812 166,086 At 30 June 2013 and 30 June 2012, the Level 3 investments of each of the three Sub-Funds consisted of investments into securities whose shares were suspended from international stock exchanges. Accordingly, the valuation inputs for these securities were not based on market observable inputs. The transfers into Level 3 from Level 1 during the year ended 30 June 2012 resulted from shares held being suspended from international stock exchanges. The total gains and losses represent the realised losses on the sale of investments and unrealised gain due to adjustments to the fair value of Level 3 securities. The fair value of the securities have been assessed by the Fair Value Committee of the investment manager who has determined the best estimate valuation for the security based on available information. Factors considered by the Fair Value Committee in determining the fair value could include cost, type of investment, recent purchase and/or sales of the same by other investors, the current financial position and operating results of the <strong>com</strong>pany invested in and such other factors as may be deemed relevant. 5 Cash and cash equivalents Cash at bank Currency As at 30 June 2013 As at 30 June 2012 MACQUARIE IPO CHINA CONCENTRATED CORE FUND US$ 1,231,043 2,264,751 MACQUARIE IPO CHINA GATEWAY FUND US$ 3,120,529 2,744,455 MACQUARIE ASIA NEW STARS FUND US$ 3,519,641 2,588,793 6 Amount due from brokers MACQUARIE IPO CHINA CONCENTRATED CORE FUND MACQUARIE IPO CHINA GATEWAY FUND MACQUARIE ASIA NEW STARS FUND 30 June 2013 US$ US$ US$ Amount due for sale of securities - 2,757,848 - Due from broker 84,684 1,456,593 579,719 Total amount due from brokers 84,684 4,214,441 579,719 26
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