2011 Report - Fortress Mutual Fund Ltd

Fortress Mutual Fund LimitedNotes to Consolidated Financial StatementsSeptember 30, 2011(expressed in Barbados dollars)4 Financial risk management …continuedFair value estimation …continuedThe following tables present the movement in level 3 instruments by class of financial instrument:September 30, 2011MutualFunds$Other$Totalbalances$Opening balance 21,736,205 372,721 22,108,926Purchases 3,000,022 – 3,000,022Sales (2,786,750) – (2,786,750)Gain recognised in the statement of comprehensive income (798,120) – (798,120)Closing balance 21,151,357 372,721 21,524,078September 30, 2010MutualFunds$Other$Totalbalances$Opening balance 32,969,861 372,721 33,342,582Purchases 2,374,240 – 2,374,240Sales (16,598,356) – (16,598,356)Gain recognised in the statement of comprehensive income 2,990,460 – 2,990,460Closing balance 21,736,205 372,721 22,108,9265 Investments2011$2010$Designated at fair value through profit or loss:- listed equity securities 183,575,836 151,839,308- debt securities 17,644 6,024,357- mutual funds 64,560,669 63,347,989- joint ventures 13,551,143 12,177,632- other 372,721 372,721Total financial assets designated at fair value through profit or loss 262,078,013 233,762,007Loans and receivables 1,648,178 25,751,854Total investments 263,726,191 259,513,861(16)