Macquarie Index Tracking Global Bond Fund ARSN Annual report - 31 March 2010

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1 ARSN Annual report -

2 ARSN Annual report - Contents Directors' report Auditor's independence declaration Statements of comprehensive income Statements of financial position Statements of changes in equity Statements of cash flows Directors' declaration Independent auditor's report to the unitholders of Macquarie Index Tracking Global Bond Fund Page This financial report covers Macquarie Index Tracking Global Bond Fund as an individual entity and the consolidated entity consisting of Macquarie Index Tracking Global Bond Fund and its subsidiaries. The Responsible Entity of Macquarie Index Tracking Global Fund is Macquarie Investment Management Limited (ABN ). The Responsible Entity's registered office is Mezzanine Level, No.1 Martin Place, Sydney NSW

3 Directors' report Directors' report The directors of Macquarie Investment Management Limited ("MIML"), a wholly owned subsidiary of Macquarie Group Limited, the Responsible Entity of Macquarie Index Tracking Global Bond Fund ("the Trust"), present their report together with the consolidated financial report of the Trust, and its controlled entities (collectively, "the consolidated entity") for the year ended. Principal activities The consolidated entity invests in unlisted unit trusts, derivatives and fixed interest securities in accordance with the provisions of the Trust Constitution. The consolidated entity did not have any employees during the year. There were no significant changes in the nature of the consolidated entity's activities during the year. Directors The following persons held office as directors of Macquarie Investment Management Limited during the year or since the end of the year and up to the date of this report: B N Terry N Roderick (resigned 29/03/2010) P Maher (resigned 05/05/2009) R Cartwright V Malley C Vignes M Rady (resigned 01/02/2010) C Swanger (appointed 08/02/2010) T Graham (appointed 29/03/2010) Review and results of operations During the year, the Trust continued to invest funds in accordance with target asset allocations as set out in the governing documents of the Trust and in accordance with the provisions of the Trust Constitution. Results The performance of the Trust, as represented by the results of its operations, was as follows: Year ended Parent Year ended Operating profit/(ioss) before finance costs attributable to unitholders ($'000) 45,015 91,821 45,060 91,191 Distributions Distribution paid and payable ($'000) Distribution (cents per unit) 34, , , , Significant changes in state of affairs In the opinion of the directors, there were no significant changes in the state of affairs of the Trust that occurred during the financial year under review. -2-

4 Directors' report Directors' report Matters subsequent to the end of the financial year No matter or circumstance has arisen since that has significantly affected, or may significantly affect: (i) the operations of the Trust in future financial years, or (ii) the results of those operations in future financial years, or (iii) the state of affairs of the Trust in future financial years. Likely developments and expected results of operations The Trust will continue to be managed in accordance with the investment objectives and guidelines as set out in the governing documents of the Trust and in accordance with the provisions of the Trust Constitution. The results of the Trust's operations will be affected by a number of factors, including the performance of investment markets in which the Trust invests, Investment performance is not guaranteed and future returns may differ from past returns. As investment conditions change over time, past returns should not be used to predict future returns. Further information on likely developments in the operations of the Trust and the expected results of those operations have not been included in this report because the Responsible Entity believes it would be likely to result in unreasonable prejudice to the Trust. Indemnification and insurance of officers and auditors No insurance premiums are paid for out of the assets of the Trust in regards to insurance cover provided to either the officers of Macquarie Investment Management Limited or the auditors of the Trust. So long as the officers of Macquarie Investment Management Limited act in accordance with the Trust Constitution and the Law, the officers remain indemnified out of the assets of the Trust against losses incurred while acting on behalf of the Trust. The auditors of the Trust are in no way indemnified out of the assets of the Trust. Fees paid to and interests held in the Trust by the Responsible Entity or its associates Fees paid to the Responsible Entity and its associates out of trust property during the year are disclosed in note 11 of the financial statements. No fees were paid out of trust property to the directors of the Responsible Entity during the year. The number of interests in the Trust held by the Responsible Entity or its associates as at the end of the financial year are disclosed in note 11 of the financial statements. Interests in the Trust The movement in units on issue in the Trust during the year is disclosed in note 6 of the financial statements. The value of the Trust's assets and liabilities is disclosed on the statements of financial position and derived using the basis set out in note 2 of the financial statements. Environmental regulation The operations of the Trust are not subject to any particular or significant environmental regulations under a Commonwealth, State or Territory law. Rounding of amounts to the nearest thousand dollars The Trust is an entity of the kind referred to in Class Order 98/0100 (as amended) issued by the Australian Securities and Investments Commission relating to the "rounding off' of amounts in the directors' report. Amounts in the directors' report have been rounded to the nearest thousand dollars in accordance with that Class Order, unless otherwise indicated. -3-

5 Directors' report Directors' report Auditor's independence declaration A copy of the Auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out on page 5, This report is made in accordance with a resolution of the directors. R, (k R Cartwright Director Sydney 31 May

6 PRCEW1ERHousFßPERS I PricewaterhouseCoopers ABN Auditor's Independence Declaration Darling Park Tower Sussex Street GPO BOX 2650 SYDNEY NSW 1171 DX 77 Sydney Australia Telephone Facsimile ww.pwc.com/au As lead auditor for the review of Macquarie Index Tracking Global Bond Fund ("the fund") for the half year ended, I declare that to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b) no contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Macquarie Index Tracking Global Bond Fund during the period. If Stephanie Smith Sydney Partner 31 May 2010 PricewaterhouseCoopers Liabilty limited by a scheme approved under Professional Standards Legislation

7 Statements of comprehensive income For the year ended Statements of comprehensive income Notes Parent Investment income Interest income Distribution income ,266 54,134 Net gains on financial instruments held at fair value through profi or loss 5 46,062 93,324 10,271 36,763 Other operating income ,692 1,529 Total net investment income 46,364 93,822 46,241 92,503 Expenses Responsible Entity's fees Swap fees 11 1,150 1,309 1,150 1,309 Other operating expenses Total operating expenses 1,349 2,001 1,181 1,312 Operating profit for the year 45,015 91,821 45,060 91,191 Finance costs attributable to unitholders Distributions to unitholders of the parent entity (34,248) (56,144) (34,248) (56,144) Distributions to minority interests (41) (49) Increase in net assets attributable to unitholders of the parent entity 6 (10,812) (35,047) (10,812) (35,047) Increase in net assets attributable to minority interests 86 (581) Profit/(Ioss) for the year Total comprehensive income for the year The above statements of comprehensive income should be read in conjunction with the accompanying notes. -6-

8 Statements of financial position As at Statements of financial position Notes Parent Assets Cash and cash equivalents 7 6,915 7, ,269 Deposits held with brokers for margin 483 Due from brokers - receivable for securities sold 17,805 6,098 Interest receivable 9 Receivables Swap fee receivable Financial assets held at fair value through profi or loss 8 696,563 3,502, , ,729 Total assets 722,255 3,516, , ,475 Liabilties Bank overdraft 34 Redemptions payable 7,500 Due to brokers - payable for securities purchased 46,720 40,470 Other payables Responsible Entity fees payable Financial liabilities held at fair value through profit or loss 9 3,437 2,602,582 Net assets attributable to minority interests 1,049 Total liabilties 50,546 2,652,087 Net assets attributable to unitholders of the parent entity - liabilty 6 671, , , ,475 The above statements of financial position should be read in conjunction with the accompanying notes. -7-

9 Statements of changes in equity For the year ended Statements of changes in equity Total equity at the beginning of the year Total comprehensive income for the year Transactions with owners in their capacity as owners Total equity at the end of the year Parent Net assets attributable to unitholder are classified as a liability rather than equity. As a result there was no equity at the start or end of the year. The above statements of changes in equity should be read in conjunction with the accompanying notes, -8-

10 Statements of cash flows For the year ended Statements of cash flows Parent Notes Cash flows from operating activities Proceeds from sale of financial instruments held at fair value through profi or loss 2,823,058 1,942, , ,321 Purchase of financial instruments held at fair value through profit or loss (2,610,346) (1,592,035) (161,256) (150,504) Interest received 25,578 33, Other income received 201 1,187 3,219 Responsible Entity's fees paid (3,215) (2,204) Swap fees paid (236) (1,984) (1,272) (1,984) Payment of other expenses (134) (656) (134) (246) Net cash inflow from operating activities 12(a) 234, , , ,887 Cash flows from financing activities Proceeds from applications by unitholders 181, , , ,989 Payments for redemptions by unitholders (413,013) (574,829) (411,998) (526,644) Distributions paid (5,600) (10,239) (5,559) (10,190) Expenses paid on behalf of unitholders (850) (831 ) Net cash outflow from financing activities (236,943) (374,583) (237,826) (323,676) Net (decrease)/increase in cash and cash equivalents (2,037) 5,317 (2,815) 3,211 Cash and cash equivalents at the beginning of the year 7,442 1,874 3, Effects of foreign currency exchange rate changes on cash and cash equivalents 1, Cash and cash equivalents at the end of the year 7(a) 6,881 7A ,269 Non-cash financing activities 12(b) 28,689 47,978 28,689 47,978 The above statements of cash flows should be read in conjunction with the accompanying notes. -9-

11 1 General information This financial report includes separate financial statements for Macquarie Index Tracking Global Bond Fund, ("the Trust") as an individual entity and the consolidated entity consisting of Macquarie Enhanced Global Bond Fund and its subsidiaries. The Trust was constituted on 2 January The Responsible Entity of the Trust is Macquarie Investment Management Limited (the "Responsible Entity"). The Responsible Entity's registered offce is Mezzanine Level, NO.1 Martin Place, Sydney, NSW The financial report is presented in Australian currency. The parent of the Trust is Macquarie Life Limited and the ultimate parent of the Trust is Macquarie Group Limited. During the year, the Trust continued to invest funds in accordance with target asset allocations as set out in the current offer document and in accordance with the provisions of the Trust Constitution. The financial statements were authorised for issue by the directors on 31 May The directors of the Responsible Entity have the power to amend and reissue the financial report. 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated in the following text. (a) Basis of preparation This general purpose financial report has been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board, Urgent Issues Group Interpretations and the Corporations Act 2001 in Australia. The financial report is prepared on the basis of fair value measurement of assets and liabilities except where otherwise stated. Compliance with International Financial Reporting Standards (IFRS) The financial statements have been prepared in accordance with the Australian Accounting Standards Board and International Reporting Standards as issued by the International Accounting Standards Board. (b) Principles of consolidation (i) Subsidiaries The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Macquarie Index Tracking Global Bond Fund ("the parent entity") as at and the results of all subsidiaries for the year then ended. Macquarie Index Tracking Global Bond Fund and its subsidiaries together are referred to in this financial report as the consolidated entity. Subsidiaries are all those entities (including special purpose entities) over which the Trust has the power to govern the financial and operating policies, generally accompanying a shareholding of more than one-half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Trust controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Trust. They are deconsolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Trust. All transactions (including gains and losses) and balances between entities in the consolidated group are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Trust. Minority interests in the results and net assets of subsidiaries are shown separately in the consolidated statements of comprehensive income and statements of financial position respectively. Investments in subsidiaries are accounted for at fair value in the individual financial statements of the Trust. -10-

12 2 Summary of significant accounting policies (c) Financial instruments (i) Classification The Trust's investments are categorised as at fair value through profit or loss. They comprise:. Financial instruments held for trading These include derivative financial instruments such as total return swaps. The Trust does not designate any derivatives as hedges in a hedging relationship.. Financial instruments designated at fair value through profit or loss upon initial recognition These include financial assets that are not held for trading purposes and which may be sold. These are investments in unlisted unit trusts and fixed interest securities. Financial assets and financial liabilities designated at fair value through profi or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Trust's documented investment strategy. The Trust's policy is for the responsible entity to evaluate the information about these financial assets on a fair value basis together with other related financial information, Loans and receivables/payables comprise amounts due to or from the Trust. (ii) Recognition/derecognition The Trust recognises financial assets and financial liabilities on the date it becomes party to the contractual liabilities from this agreement (trade date) and recognises changes in fair value of the financial assets or financial date. Investments are derecognised when the right to receive cashflows from the investments has expired or the Trust has transferred substantially all risks and rewards of ownership. (iii) Measurement (a) Financial assets and liabilites held at fair value through profit or loss Financial assets and liabilities held at fair value through profit or loss are measured initially at fair value excluding any transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial liabiliies at fair value through profit or loss are expensed immediately. Subsequent to initial recognition, all instruments held at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the statements of comprehensive income.. Fair value in an active market The fair value of financial assets and liabilities traded in active markets is based on their quoted market prices at the statement of financial position date without any deduction for estimated future selling costs. Financial assets are priced at current bid prices, while financial liabilities are priced at current asking prices.. Fair value in an inactive or unquoted market The fair value of derivatives that are not exchange-traded is estimated at the amount that the Trust would receive or pay to terminate the contract at the balance sheet date taking into account index or underlying investments and the current credit worthiness of the counterparties. Investments in unlisted unit trusts are recorded at the redemption value per unit as reported by the managers of such trusts. -11-

13 2 Summary of significant accounting policies (c) Financial instruments (b) Loans and receivables Loan assets are measured initially at fair value plus transaction costs and subsequently amortised using the effective interest rate method, less impairment losses if any. Such assets are reviewed at each statements of financial position date to determine whether there is objective evidence of impairment for example when there has been a significant or prolonged decline in the fair value below carrying amount. If any such indication of impairment exists, an impairment loss is recognised in the statements of comprehensive income as the difference between the asset's carrying amount and the present value of estimated future cash flows discounted at the original effective interest rate. If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost decreases and the decrease can be linked objectively to an event occurring after the write-down, the writedown is reversed through the statements of comprehensive income. (d) Investments in subsidiaries Investments in subsidiaries are measured in accordance with note 2(c). (e) Business combinations Business combinations relate to the acquisition by the Trust of controlling interests in other entities. The purchase method of accounting is used to account for all business combinations, including business combinations involving entities or businesses under common control, regardless of whether equity instruments or other assets are acquired. Cost is measured as the fair value of the consideration given plus costs directly attributable to the acquisition. (f) Net assets attributable to unitholders Units are redeemable at the unitholders' option and are therefore classified as financial liabilities. The units can be put back to the Trust at any time for cash based on the redemption price. The fair value of redeemable units is measured at the redemption amount that is payable (based on the redemption unit price) at the statements of financial position date if unitholders exercised their right to put the units back to the Trust. (g) Cash and cash equivalents For statements of cash flows presentation purposes, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short term, high liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown separately on the statements 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 Trust's main income generating activity. (h) Investment income Interest income on all financial instruments not held at fair value through profit or loss is recognised using the effective interest rate method. Interest income on assets held at fair value through profi or loss is included in the net gains/(losses) on financial instruments. Other changes in fair value for such instruments are recorded in accordance with the policies described in note 2(c). -12-

14 2 Summary of significant accounting policies (h) Investment income 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 a shorter period where appropriate, to the net carrying amount of the financial asset or liability. When calculating the effective interest rate, the Trust estimates cash flows considering all contractual terms of the financial instrument (for example, prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between the parties to the contract that are an integral part of the effective interest rate, including transaction costs and all other premiums or discounts. Trust distributions are recognised on an entitlements basis, (i) Expenses All expenses, including swap fees, Responsible Entity's fees and reimbursable expenses, are recognised in the statements of comprehensive income on an accruals basis. All other expenses are recognised when incurred. OJ Income tax Under current legislation, the Trust is not subject to income tax provided the taxable income of the Trust is fully distributed either by way of cash or reinvestment (Le. unitholders are presently entitled to the income of the Trust). Financial instruments held at fair value may include unrealised capital gains. Should such a gain be realised, that portion of the gain that is subject to capital gains tax will be distributed so that the Trust is not subject to capital gains tax. Realised capital losses are not distributed to unitholders but are retained in the Trust to be offset against any realised capital gains. If realised capital gains exceed realised capital losses, the excess is distributed to unitholders. The benefits of foreign tax paid are passed on to unitholders. (k) Distributions In accordance with the Trust Constitution, the Trust distributes its distributable (taxable) income, and any other amounts determined by the Responsible Entity, to unitholders by cash or reinvestment. The distributions are recognised in the statements of comprehensive income as finance costs attributable to unitholders. (I) Increase/decrease in net assets attributable to unitholders Income not distributed is included in net assets attributable to unitholders. Movements in net assets attributable to unitholders are recognised in the statements of comprehensive income as finance costs. (m) Foreign currency translation i) Functional and presentation currency Items included in the Trust's financial statements are measured using the currency of the primary economic environment in which it operates (the "functional currency"). This is the Australian dollar, which reflects the currency of the economy in which the Trust competes for funds and is regulated. The Australian dollar is also the Trust's presentation currency. -13-

15 2 Summary of significant accounting policies (m) Foreign currency translation 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 translations at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statements of comprehensive income. The Trust does not isolate that portion of gains or losses on securities and derivative financial instruments that are measured at fair value through profit or loss and which is due to changes in foreign exchange rates from that which is due to changes in the market price of securities. Such fluctuations are included with the net gains or losses on financial instruments at fair value through profi or loss. (n) Due from/to brokers Amounts due fromlto brokers represent payables for securities purchased and receivables for securities sold that have been contracted for but not yet delivered by the end of the year. A provision for impairment of amounts due from brokers is established when there is objective evidence that the Trust 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 amount due from brokers is impaired. (0) Receivables Receivables may include amounts for interest and trust distributions. Trust distributions are accrued when the right to receive payment is established. Interest is accrued at the reporting date from the time of last payment in accordance with the policy set out in note 2(h) above. Amounts are generally received within 30 days of being recorded as receivables. Receivables include such items as Reduced Input Tax Credits (RITC). (p) Payables Payables includes liabilities and accrued expenses owing by the Trust which are unpaid as at year end. The distribution amount payable to unitholders as at the reporting date is recognised separately on the statements of financial position when unitholders are presently entitled to the distributable income under the Trust's Constitution. (q) Applications and redemptions Applications received for units in the Trust are recorded net of any entry fees payable prior to the issue of units in the Trust. Redemptions from the Trust are recorded gross of any exit fees payable after the cancellation of units redeemed. (r) Goods and Services Tax (GST) The GST incurred on the costs of various services provided to the Trust by third parties such as trustee's fees, have been passed onto the Trust. The Trust qualifies for Reduced Input Tax Credits (RITC) at a rate of 75% hence trustee's fees and other expenses have been recognised in the statements of comprehensive income net of the amount of GST recoverable from the Australian Taxation Offce (ATO). Accounts payable are inclusive of GST. The net amount of GST recoverable from the ATO is included in receivables in the statements of financial position. Cash flows relating to GST are included in the statements of cash flows on a gross basis. -14-

16 2 Summary of significant accounting policies (s) Use of estimates The Trust makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial year. Estimates are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. For the majority of the Trust's financial instruments, quoted market prices are readily available. However, certain financial instruments, for example, over-the-counter derivatives or unquoted securities are fair valued using valuation techniques. Where valuation techniques (for example, pricing models) are used to determine fair values, they are validated and periodically reviewed by experienced personnel of the Responsible Entity, independent of the area that created them. Models are calibrated by back-testing to actual transactions to ensure that outputs are reliable. Models use observable data, to the extent practicable. However, areas such as credit risk (both own and counterparty), volatilities and correlations require management to make estimates. Changes in assumptions about these factors could affect the reported fair value of financial instruments. For certain other financial instruments, including amounts due fromlto brokers, accounts payable and the carrying amounts approximate fair value due to the immediate or short-term nature of these financial instruments. (t) New accounting standards and interpretations The following standards, interpretations and amendments have been adopted for the first time from 1 April This is not intended to be a complete list as only those standards, interpretations and amendments that are deemed to have an impact upon the Trust's financial statements have been discussed. (i) AASB 101 Presentation of financial statements: A revised presentation The revised version of AASB 101, which includes non-mandatory changes to the titles of some of the financial statements, has resulted in a number of changes in presentation and disclosure. The Trust has changed the titles of its "balance sheet" to "statement of financial position", its "income statement" to "statement of comprehensive income", and its "cash flow statement" to "statement of cash flows". There is no impact on shareholders' equity or the income statement from this change. (ii) AASB 7 Improving disclosures about financial instruments The Australian Accounting Standards Board issued amendments to AASB 7 which requires enhanced disclosures about fair value measurements and liquidity risk. The amendments include the introduction of a three-level hierarchy for fair value measurement disclosures and require additional disclosures relating to the source of valuation. Certain new accounting standards and interpretations have been published that are not mandatory for 31 March 2010 reporting periods. The directors' assessment of the impact of these new standards (to the extent relevant to the Trust) and interpretations is set below: (iii) AASB 3 Business combinations and Amendments to AASB 127 and separate financial statements (revised 2008) AASB 3 and AASB 127 are effective for annual reporting periods beginning on or after 1 July The Trust has not adopted these standards early. Application of these standards will not affect any of the amounts recognised in the financial statements of the Trust. (iv) AASB 9 Financial Instruments related amendment AASB replacing AASB 139 Financial Instruments: Recognition and Measurement. The Australian Accounting Standards Board has now issued AASB 9 Financial Instruments which altered the classification and measurement of financial instruments. Under the new standard only two possible classifications arise, rather than the four existing classifications currently available under AASB 139 Financial Instruments: Recognition and Measurement, and will result in all financial assets being measured at amortised cost or fair value through profit and loss or through other comprehensive income. Financial liabilities are currently excluded from the scope of this standard. The standard is mandatorily applicable for annual reporting periods beginning on or after 1 January The Trust has not adopted this standard early and is still assessing the full impact of this standard. -15-

17 2 Summary of significant accounting policies (u) Rounding of amounts The Trust is an entity of the kind referred to in Class Order 98/0100 (as amended), issued by the Australian Securities and Investments Commission, relating to the "rounding off' of amounts in the financial report. Amounts in the financial report have been rounded off to the nearest thousand dollars in accordance with that Class Order, unless otherwise indicated. 3 Financial risk management (a) Strategy in using financial instruments The Entity and the Trust's activities expose it to a variety of financial risks: market risk (including price risk, foreign exchange risk and interest rate risk), credit risk and liquidity risk. Entity The consolidated entity's financial risk is managed by the Investment Manager of the individual unit trusts within the consolidated entity. No other risk management occurs for the consolidated entity. Parent Entity The Trust's overall risk management programme focuses on ensuring compliance with the Trust's Product Disclosure Statement and seeks to maximise the returns derived for the level of risk to which the Trust is exposed. Financial risk management is carried out by the investment management department under policies approved by MIML's senior managers or by the Directors of the Responsible Entity (the Board). (b) Market risk (i) Price risk The Trust trades in financial instruments, taking positions in unlisted trusts. The Trust has also entered into a total return swap with Macquarie Life Limited (MLL). All securities investments present a risk of loss of capital. The Investment Manager moderates this risk through a careful selection of securities and other financial instruments, in the underlying trust, within specified limits. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. The underlying trust's overall market positions are monitored on a daily basis by the Trust's Investment Manager. In accordance with the Trust's policy, the investment management department of the Trust's Investment Manager monitors the Trust's overall market price sensitivity on a daily basis. This is done by: _ ensuring the Trust is fully invested in underlying trusts which are closely aligned with the index - ensuring that the swap with MLL provides index exposure The Trust's unlisted investments are susceptible to market price risk arising from uncertainties about future prices of the instruments managed by the underlying trusts. the SB WGB Ex-Aus Hedged At, the Trust's market risk is affected by changes in market prices. If Index at had increased by 50 basis points with all other variables held constant, this would have increased net assets attributable to unitholders by approximately $3,354,000 (2009: $4,303,645). Conversely, if the SB WGB Ex-Aus Index at had decreased by 50 basis points with all other variables held constant, this would have decreased net assets attributable to unitholders by approximately $3,354,000 (2009: $4,303,645). At, the consolidated entity's market risk is affected by changes in market prices. If the SB WGB Ex- Aus Hedged Index at had increased by 50 basis points with all other variables held constant, this would have increased net assets attributable to unitholders by approximately $3,467,000 (2009: $4,499,580). Conversely, if the SB WGB Ex-Aus Hedged Index at had decreased by 50 basis points with all other variables held constant, this would have decreased net assets attributable to unitholders by approximately $3,467,000 (2009: $4,499,580). -16-

18 3 Financial risk management (b) Market risk (ii) Foreign exchange risk The consolidated entity holds both monetary and non-monetary assets denominated in currencies other than the Australian dollar. The foreign exchange risk relating to non-monetary assets and liabilities is a component of price risk. Foreign exchange risk arises as the value of monetary securities denominated in other currencies will fluctuate due to changes in exchange rates. The risk is measured using sensitivity analysis. The consolidated entity's policy is to hedge up to 100% of the direct foreign currency exposure on both monetary and non-monetary financial assets and liabilties. However, for accounting purposes, the Trust does not designate any derivatives as hedges in a hedging relationship, and hence these derivative financial instruments are classified as at fair value through profit or loss. Refer to note 3(f) which shows the consolidated entity's net exposure to foreign exchange risk. (iii) Interest rate risk The majority of the consolidated entity's financial assets and liabilities are interest bearing. As a result, the consolidated entity is subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. The majority of the Trust's financial assets and liabilities are non-interest bearing. As a result, the Trust is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. In accordance with the consolidated entity's policy, the risk management department of the consolidated entity's Investment Manager monitors the consolidated entity's overall interest sensitivity on a daily basis. This is done by: - only allowing use of permitted instruments _ managing interest rate risk relative to the benchmark by insuring the fund is tracking the benchmark within permitted duration - limiting the term of interest rate securities The Compliance Committee of the Responsible Entity review any identified exceptions to internal risk policies and procedures on a quarterly basis. Refer to note 3(g) which shows the consolidated entity's net exposure to interest rate risk. (c) Credit risk In accordance with the Trust's policy, the risk management area of the Investment Manager monitors the Trust's credit position on a daily basis. The Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policies and procedures on a quarterly basis. The Investment Manager of the subsidiary is responsible for monitoring compliance on an individual trust basis. Exceptions to compliance with the credit policy are not monitored on a consolidated basis. Credit risk arises from the swap with MLL. The swap is not impaired nor past due but not impaired. The Trust restricts its exposure to credit losses on the swap by: _ managing maximum exposures to inflows to ensure that MLL reserves are sufficient intra-month - ensuring exposure to underlying portfolios with appropriate levels of tracking error - ensuring suffcient MLL reserves to safeguard solvency of MLL In accordance with the Trust's policy, the risk management area of the Investment Manager monitors the Trust's credit position on a daily basis. The Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policies and procedures on a quarterly basis. The Investment Manager of the subsidiary is responsible for monitoring compliance on an individual trust basis. Exceptions to compliance with the credit policy are not monitored on a consolidated basis. -17-

19 3 Financial risk management (c) Credit risk MIML has determined that the fair value of the total return swap with Macquarie Life Limited is $Nil (2009: $Nil). Other credit risk arises from investments in underlying trusts and deposits with banks and other financial institutions. None of these assets are impaired nor past due but not impaired. Fixed interest securities Rating AA AA+ AA AA- A+ A A- BBB+ Total (d) Liquidity risk The consolidated entity and the Trust are exposed to daily cash redemptions of redeemable units. The Trust and subsidiary therefore invests the majority of its assets in ordinarily active markets or in unlisted trusts that have daily unit pricing and generally can be readily disposed of. In accordance with the Trust's policy, the risk management area of the Investment Manager monitors the Trust's liquidity position on a daily basis. This is managed by ensuring provisions are in place to manage liquidity obligations for all unitholders. The Compliance Committee of the Responsible Entity reviews any identified exceptions to internal risk policies and procedures on a quarterly basis. Liquidity risk is not monitored on a consolidated basis. The Trust may, from time to time, invest in derivative contracts traded over the counter, which are not traded in an organised market and may be iliquid. As a result, the Trust may not be able to quickly liquidate its investments in these instruments at an amount close to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer or counterparty. The majority of these instruments are forward foreign exchange contracts that are realised and rolled each month. As such, the Trust is not overly exposed to illiquid over the counter contracts. -18-

20 3 Financial risk management (d) Liquidity risk The table below analyses the consolidated entity's financial liabilities excluding gross settled derivative financial liabilities into relevant maturity groupings based on the remaining period to the earliest possible contractual maturity date at the year end date. The amounts in the table are contractual undiscounted cash flows, The Trust's liabilities are payable within 30 days. At Bank overdraft Due to brokers Other payables Responsible Entity fees payable Financial liabilities at fair value through profit or loss Total financial liabilities (excluding gross settled derivatives) Less than 1 month 1-6 months 6-12 months 1-2 years Total $' , , , At 31 March 2009 Financial liabilities at fair value through profi or loss Due to brokers Redemptions payable Payables Other liabilities Net assets attributable to minority interests Total financial liabilities (excluding gross settled derivatives) ,470 40,470 7,500 7, ,049 1, ,537 The table below analyses the consolidated entity's derivative financial instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period to the contractual maturity date at the year end date. The amounts disclosed in the table are the contractual undiscounted cash flows. The Trust does not hold any gross settled derivative financial instruments (2009: Nil). At Foreign currency forward contracts Inflows (Outflows) Less than month 1-6 months months 1-2 years Total $'000 32,831 32,831 (3,367) (3.367) 29,464 29,464 At 31 March 2009 Foreign currency forward contracts Inflows (Outflows) Less than month 1-6 months months 1-2 years Total $'000 1,752, ,646 2,662,501 (1, ) ( ) (2,602,550) 39,469 20,

21 3 Financial risk management (e) Fair value estimation The carrying amounts of the Trust's short term receivables and payables at the end of reporting period approximate their fair values. The Trust adopted the amendment to IFRS 7, effective 1 April This requires the Trust to classify fair value measurements using a fair value hierarchy that reflects the significance 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 Trust. The Trust 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. The following table analyses within the fair value hierarchy the Trust's financial assets and liabilities (by class) measured at fair value at : - Level 1 Level 2 Level 3 Total balance Assets Financial assets held for trading: - Derivatives ,582 32,874 Financial assets designated at fair value through profi or loss at inception: - Fixed interest securities 663, ,687 - Unlisted unit trusts 2 2 Total assets , ,563 Liabilities Financial liabilities held for trading: - Derivatives 70 3,367 3,437 Total liabilities 70 3,367 3,437 Parent - as at Level 1 Level 2 Level 3 Total balance Assets Financial assets designated at fair value through profit or loss at inception: Unlisted unit trust 670, ,801 Total assets 670, ,801 Comparative information has not been presented as permitted by the transitional provisions of the new rules. -20-

22 3 Financial risk management (f) Foreign exchange risk The Trust is exposed to foreign exchange risk as a result of investments in financial instruments denominated in foreign currencies. The Trust also enters into foreign currency contracts designed to either hedge some or all of this exposure, or alternatively increase exposure to preferred foreign currencies. The foreign exchange risk disclosures have been prepared on the basis of the Trust's direct investment and not on a look-through basis for investments held indirectly through unit trusts. Consequently the disclosure of currency risk in the note may not represent the true currency risk profie of the Trust where the Trust has significant investments in feeder trusts which also have exposure to the currency markets. The table below summarises the consolidated entity's exposure to foreign exchange risk. The Trust has no foreign exchange risk. Australian Japanese British Other Dollars US Dollars Euro Yen Pounds currencies Total A$'OOO A$'OOO A$'OOO A$'OOO A$'OOO A$'OOO A$'OOO Assets Cash and cash equivalents 6, ,915 Deposits held with brokers for margin Due from brokers - receivable for securities sold 17, ,805 Interest receivable 9 9 Receivables Swap fee receivable Financial assets held at fair value through profit or loss 29, , , ,069 33,687 33, ,563 Total assets 36, , , ,099 33,687 33, ,351 Liabilities Bank overdraft Deposits held with brokers for margin Due to brokers - payable for securities purchased 15,285 25,569 3, ,325 46,720 Other payable Responsible Entity fees payable Financial liabilities held at fair value through profit or loss 254 1, , ,437 Total liabilties ,906 25,609 4, ,615 50,642 Net exposure 36, , , ,142 32,741 32, ,

23 3 Financial risk management (f) Foreign exchange risk Australian Japanese British Other 31 March 2009 Dollars US Dollars Euro Yen Pounds currencies Total A$'OOO A$'OOO A$'OOO A$'OOO A$'OOO A$'OOO A$'OOO Assets Cash and cash equivalents 6, ,442 Due from brokers - receivable for securities sold 504 1,475 2,414 1, ,602 Financial assets held at fair value through profit or loss 1,747, , , , ,403 76,743 3,502,498 Swap fee receivable Total assets 1, , , , ,552 77,318 3,516,562 Liabilties Redemptions payable 7,500 7,500 Due to brokers - payable for securities purchased 17,713 14,127 4,589 2,852 1,189 40,470 Payables Financial liabilities held at fair value through profit or loss 887, , , , ,629 76,098 2,602,582 Responsible entityfees payable Net assets attributable to minority interests 1,049 1,049 Total liabilties 896, , , , ,481 77,287 2,652,087 Net exposure 857,301 1,872 2,048 3, ,475 The following table summarises the sensitivity of the Trust to foreign exchange risk as at. If exchange rates increased or decreased by 10%, with all other variable remaining constant, the approximate movement in net assets attributable to unitholders of redeemable shares would amount to the following. Foreign exchange risk -10% +10% -10% +10% -10% +10% -10% +10% USD USD EUR EUR JPY JPY GBP GBP 1,511 (1,511 ) 777 (777) 377 (377) 79 (79) 31 March ,605 (1,605) 1,654 (1,654) 280 (280) 243 (243) -22-

24 3 Financial risk management (g) Interest rate risk At, should interest rates have lowered by 50 basis points with all other variables remaining constant, the increase in net assets attributable to holders of redeemable shares for the year would amount to approximately $21,204,000 (2009: $26,572,957), arising substantially from the increase in market values of debt securities, with a small portion affecting interest rate futures for both the consolidated entity and the Trust. If interest rates had risen by 50 basis points, the decrease in net assets attributable to holders of redeemable shares would amount to approximately $21,204,000 (2009: $26,572,957) for both the consolidated entity and the Trust. 4 Auditor's remuneration During the year the following fees were paid or payable for services provided by the auditor of the Trust: $ $ Parent $ $ Audit services PricewaterhouseCoopers Australian firm Audit and review of financial reports Other audit work under the Corporations Act 2001 Total remuneration for audit services 3,150 14,042 2,632 5,782 1,452 15,494 1,575 1,316 2,891 5, ,206 Non-PricewaterhouseCoopers Australian firm Audit and review of financial reports Total remuneration for non-audit services 7,150 7,150 2,850 2,850 Audit fees are paid out of the Responsible Entity's own resources. All other expenses are paid by the Trust. 5 Net gains/(iosses) on financial instruments held at fair value through profit or loss Net gains/(losses) recognised in relation to financial instruments held at fair value through profit or loss: Net loss on financial instruments held for trading Net gain on financial instruments designated as at fair value through profit or loss Interest income on financial instruments held at fair value through profi & loss Total net gains on financial instruments held at fair value through profit or loss (15,172) (122,417) 38,610 22,624 46, ,196 28,545 93,324 Parent 10,271 36,763 10,271 36,

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