FirstChoice Wholesale Investments part 2 - Colonial First State

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COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS FOR THE REPORTING PERIOD ENDED 30 JUNE 2013 5. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES The financial assets and liabilities held for trading of the Funds are tabled below. These are further classified using a fair value hierarchy that reflects the subjectivity of the inputs used in making the measurements of fair value of these assets and liabilities. The level in which instruments are classified in the hierarchy is based on the lowest level input that is significant to the fair value measurement in its entirety. Assessment of the significance of an input requires judgement after considering factors specific to the instrument. The fair value of financial instruments traded in active markets (such as shares in listed companies and publicly traded derivatives) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Funds is the last sale price. These instruments are included in Level 1. Investments in unlisted managed investment schemes which have daily liquidity are also classified as Level 1. Investments in unlisted managed investment schemes which have daily liquidity are also classified as Level 1. The fair value of financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices or alternative pricing sources supported by observable inputs (such as over-the-counter derivatives) are classified within Level 2. Investments classified within Level 3 have significant unobservable inputs, as they are infrequently traded. Level 3 instruments include shares in unlisted companies, certain unlisted unit trusts and certain corporate bonds. As observable inputs are not available for these instruments, valuation techniques such as discounted cash flows are used to derive fair value. The various methods adopted in determining the fair value of the Funds' financial instruments are further explained in the 'Summary of Significant Accounting Policies" note to the financial statements. Page 107
COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS NOTES TO THE FINANCIAL STATEMENTS FOR THE REPORTING PERIOD ENDED 30 JUNE 2013 5. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES (continued) FirstChoice Wholesale Moderate 30/06/2013 Total Level 1 Level 2 Level 3 Consolidated $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities 1,215 1,215 - - Listed Property Trust - - - - Unlisted Equities - - - - Debt Securities 178,752 - 178,752 - Managed Investment Schemes 7,987,704 7,987,704 - - Derivatives 134,425 24,893 109,532 - Total Assets Held for Trading 8,302,096 8,013,812 288,284 - Financial Liabilities Held for Trading: Derivatives (102,095) (25,464) (76,631) - Securities - short sell - - - - Total Liabilities Held for Trading (102,095) (25,464) (76,631) - 30/06/2012 Total Level 1 Level 2 Level 3 Consolidated $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities - - - - Listed Property Trust - - - - Unlisted Equities - - - - Debt Securities - - - - Managed Investment Schemes 7,025,608 7,025,608 - - Derivatives 19,188 7,883 11,305 - Total Assets Held for Trading 7,044,796 7,033,491 11,305 - Financial Liabilities Held for Trading: Derivatives (24,582) (10,218) (14,364) - Securities - short sell - - - - Total Liabilities Held for Trading (24,582) (10,218) (14,364) - Page 108
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Enquiries Investor Services: 13 13
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FirstChoice Wholesale Investments part 2 - Colonial First State

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