CLEARVIEW MANAGED INVESTMENTS. Concise Financial Statements for the financial year ended 30 June 2017

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1 CLEARVIEW MANAGED INVESTMENTS Concise Statements for the financial

2 CLEARVIEW MANAGED INVESTMENTS Concise Statements for the financial Australian Shares Growth ARSN Diversified Growth ARSN Diversified Balanced ARSN Diversified Stable ARSN Monthly Payment ARSN Cautious ARSN Prudent ARSN Assertive ARSN Aggressive ARSN CFML Schroder Equity Opportunities Fund ARSN CFML Cash Fund ARSN CFML Colonial Infrastructure Fund ARSN CFML Fixed Interest Fund ARSN CFML Listed Property Fund ARSN CFML MFS International Shares Fund ARSN CFML RARE Emerging Markets Fund ARSN CFML Antipodes Global Fund ARSN These Concise Statements, on pages 5 to 27, cover each of the above Australian registered schemes as individual entities. The Concise Statements are presented in Australian currency. Responsible Entity : ClearView Management Limited Level 15, 20 Bond Street, Sydney, NSW 2000 ABN :

3 CONTENTS Pages Directors' Report 1-3 Auditor's Independence Declaration 4 Statements Discussion and Analysis of Statements of Profit or Loss and Other Comprehensive Income 5 Statements of Profit or Loss and Other Comprehensive Income 6-8 Discussion and Analysis of Statements of Position 9 Statements of Position Discussion and Analysis of Statements of Changes in Equity 13 Statements of Changes in Equity 14 Discussion and Analysis of Statements of Cash Flows 15 Statements of Cash Flows Notes to the Concise Statements Directors' Declaration 28 Independent Auditor's Report 29 The Concise Statements are an extract from the full Statements of ClearView Managed Investments. The Concise Statements and notes thereto included in the Concise Statements have been derived from the full Statements of ClearView Managed Investments, and cannot be expected to provide as full an understanding of the financial performance and financial position of the registered schemes as the full Statements. Further financial information can be obtained from ClearView Managed Investments' full Statements, a copy of which, together with a copy of the independent auditor's report is available to all shareholders, and will be sent to shareholders without charge, on request.

4 Directors Report The Directors of ClearView Management Limited, the Responsible Entity of ClearView Managed Investments (the "registered schemes or "schemes"), present their report, together with the Concise Statements of the seventeen registered schemes, for the financial. The seventeen registered schemes are: Australian Shares Growth Diversified Growth Diversified Balanced Diversified Stable Monthly Payment Cautious Prudent Assertive Aggressive CFML Schroder Equity Opportunities Fund CFML Cash Fund CFML Colonial Infrastructure Fund CFML Fixed Interest Fund CFML Listed Property Fund CFML MFS International Shares Fund CFML RARE Emerging Markets Fund CFML Antipodes Global Fund (Registered on 10 April ) Responsible Entity ClearView Management Limited, whose ultimate parent entity is ClearView Wealth Limited, is the Responsible Entity of the individual registered schemes, which are registered managed investment schemes domiciled in Australia. The registered office and principal place of business of the Responsible Entity is Level 15, 20 Bond Street, Sydney, NSW Directors The Directors of the Responsible Entity, who unless otherwise stated, have been in office from the beginning of the financial year and until the date of this report, are: Mr Bruce Edwards (Chairman) Mr Simon Swanson (Managing Director) Mr Athol Chiert Mr Greg Martin Principal activities The principal continuing activity of the registered schemes is the provision of unit trust investments being the investing of unit holder deposits in accordance with target asset allocations as set out in the governing documents of the registered schemes and in accordance with the provisions of their Constitutions and Product Disclosure Statements. The Constitutions authorise investments in a wide range of domestic and overseas securities, including equities, money market securities and fixed interest securities. There has been no significant change in the activities of the schemes during the financial year. The registered schemes did not have any employees during the financial year (2016: nil). Service providers The service providers during or since the end of the financial year are: Responsible Entity and Investment Manager: ClearView Management Limited Custodian: BNP Paribas Fund Services Australasia Pty Ltd. Statutory Auditor: Deloitte Touche Tohmatsu Operating results and distributions The results of the registered schemes' operations are disclosed in the Statements of Profit or Loss and Other Comprehensive Income. The published unit prices (pre-distribution) as at and and distributions for the financial and are set out on the following page. Page 1

5 Directors Report (continued) Operating results and distributions (continued) Investment Option Australian Shares Growth Diversified Growth Diversified Balanced Diversified Stable Monthly Payment Cautious Prudent Assertive Aggressive CFML Schroder Equity Opportunities Fund CFML Cash Fund CFML Colonial Infrastructure Fund CFML Fixed Interest Fund CFML Listed Property Fund CFML MFS International Shares Fund CFML RARE Emerging Markets Fund CFML Antipodes Global Fund* Unit price as at Unit price as at Distributions Distributions paid and payable paid and payable for the financial for the financial cents per unit cents per unit (cpu) (cpu) $ $ * CFML Antipodes Global Fund was registered on 10 April. Hence, distributions paid and payable are for the period 10 April to. For full details of distributions paid and payable during the financial year, refer to Note 3 to the Concise Statements. Review of operations The results of the operations of the registered schemes are disclosed in the Statements of Profit or Loss and Other Comprehensive Income of these Concise Statements. For the financial, the total net funds under management increased from $554.7 million to $757.2 million. The increase is primarily due to strong inflows into the suite of implemented models available on the WealthSolutions platforms and third party platforms. Investment manager changes In April, Antipodes Global Investment was appointed to manage 100% of International Shares Fund replacing Platinum Asset Management. A new retail fund CFML Antipodes Global Fund was opened in May to allow retail investments into the International Shares Fund. Other than the above, there were no other investment manager changes during the current financial year. Details of current investment managers for each asset class are available on our website: Significant changes in the state of affairs In the opinion of the Directors of the Responsible Entity, there were no significant changes in the state of the affairs of the registered schemes during the financial year. Matters subsequent to the end of the financial year There has not been any matter or circumstance occurring subsequent to the end of the financial year that has significantly affected, or may effect, the operations of the Responsible Entity or the registered schemes, the results of those operations, or the state of affairs of the Responsible Entity or the registered schemes in future financial years. Likely developments and expected results of operations There are no significant developments expected in respect of the registered schemes. The performance of the registered schemes in the future will continue to be subject to movements in the underlying investment funds over time. Page 2

6 Directors Report (continued) Indemnification and insurance of Directors and officers No insurance premiums are paid out of the assets of the registered schemes in regard to insurance cover provided to either the Responsible Entity or auditors of the registered schemes. So long as the officers of the Responsible Entity act in accordance with the Constitutions, Product Disclosure Statements and the law, they remain fully indemnified out of the assets of the registered schemes against any losses incurred while acting on behalf of the registered schemes. The auditors are not indemnified out of the assets of the registered schemes. Combining registered schemes' Statements The registered schemes are of a kind referred to in the Class Order 06/441 registered on 29 June 2006 issued by the Australian Securities and Investments Commission. This class order enables the Responsible Entity to combine the Concise Statements for the registered schemes in adjacent columns in a single Statement. Amounts have been combined in the Concise Statements and the Directors' Report in accordance with this class order. Relevant information Following is a list of relevant information required under the Corporations Act 2001 : a. The value of registered schemes' assets and basis of valuation - Refer to Statements of Position and Note 1 to the Concise Statements respectively; and b. No fees were paid out of the registered schemes' property to the Directors of the Responsible Entity during the financial year. 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 4. Signed in accordance with a resolution of Directors made pursuant to section 298(2) of the Corporations Act On behalf of the Directors of the Responsible Entity, ClearView Management Limited. Bruce Edwards Chairman Simon Swanson Managing Director Sydney Sydney 24 th August 24 th August Page 3

7 Deloitte Touche Tohmatsu A.B.N Grosvenor Place 225 George Street Sydney NSW 2000 PO Box N250 Grosvenor Place Sydney NSW 1220 Australia The Board of Directors ClearView Management Limited Level 15, 20 Bond Street Sydney NSW 2000 DX 10307SSE Tel: +61 (0) Fax: +61 (0) August Dear Directors ClearView Managed Investments In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of ClearView Management Limited, the Responsible Entity of the following schemes: Australian Shares Growth Diversified Growth Diversified Balanced Diversified Stable Monthly Payment Cautious Prudent Assertive Aggressive CFML Schroder Equity Opportunities Fund CFML Cash Fund CFML Colonial Infrastructure Fund CFML Fixed Interest Fund CFML Listed Property Fund CFML MFS International Shares Fund CFML RARE Emerging Markets Fund CFML Antipodes Global Fund (collectively the Schemes ) As lead audit partner for the audit of the financial statements of above mentioned Schemes for the, I declare that to the best of my knowledge and belief, there have been no contraventions of: (i) the auditor independence requirements of the Corporations Act 2001 in relation to the audit; and (ii) any applicable code of professional conduct in relation to the audit. Yours sincerely DELOITTE TOUCHE TOHMATSU Max Murray Partner Chartered Accountants Liability limited by a scheme approved under Professional Standards Legislation. Member of Deloitte Touche Tohmatsu Limited

8 Discussion and Analysis of Statements of Profit or Loss and Other Comprehensive Income For the financial Clearview Managed Investments (the registered schemes or "schemes") are all diversified investment funds, investing into different asset classes through Clearview Pooled Funds. The income that each of the registered schemes receive is from the distributions from the underlying Clearview Pooled Funds. The timing of these distributions by the registered schemes varies from monthly to quarterly and half yearly. Total distribution income for the financial was $41.87 million compared with $40.24 million for the financial. Distributions were higher in due to an increase in investments and due to the improved economy which impacted distributions received on financial assets at fair value through profit or loss during the current financial year. Net gains/(losses) on financial assets at fair value through profit or loss For the financial, all registered schemes other than CFML Cash Fund, CFML RARE Emerging Markets Fund, CFML Colonial Infrastructure Fund, CFML Antipodes Global Fund and CFML Listed Property Fund incurred net gains on financial assets at fair value through profit or loss. This was due to positive investment returns in equity markets as markets continued to experience volatile investment returns. Expenses Expenses of the registered schemes are generally paid by the Responsible Entity, ClearView Management Limited ("CFML"), with the exception of management fees that are paid to CFML to manage the underlying financial assets at fair value through profit or loss. Responsible Entity fees for the registered schemes have increased during the financial compared to 2016 due to the increased level of net Funds Under Management ("FUM") during the financial. Financing costs attributable to unitholders The taxable income of the registered schemes is distributed to unitholders during the financial year. The distribution includes income and any realised taxable capital gains. Unrealised gains and losses are retained within the value of the registered schemes until they are realised and then distributed to unitholders as taxable income either monthly, quarterly, half-yearly or annually. The increase or decrease in net assets attributable to unitholders relates to the proportional declines/growth in the registered schemes associated with unitholder capital retained in the registered schemes. There is also an element related to market movement. For the financial, net assets attributable to unitholders increased primarily due to strong inflows into the suite of implemented models available on both the WealthFoundations and WealthSolutions platforms as well as the roll out of the ClearView platform funds into the external platform market. Page 5

9 Statements of Profit or Loss and Other Comprehensive Income For the financial Australian Shares Growth Diversified Growth Diversified Balanced Notes $ $ $ $ $ $ Investment income Distributions 1,745,689 1,894, , , ,616 1,195,736 Interest Net (losses)/gains on financial assets at fair value through profit or loss 6,760,068 (2,731,008) 484,168 (250,662) 581,519 (247,356) Total investment (loss)/income 8,506,074 (835,967) 1,201, ,886 1,482, ,500 Expenses Responsible Entity fees 1,072,561 1,024, , , , ,766 Other expenses Total operating expenses 1,072,563 1,024, , , , ,766 (Loss)/profit attributable to unitholders 7,433,511 (1,860,918) 933, ,710 1,062, ,734 Financing costs attributable to unitholders Distributions paid and payable to unitholders 3 (561,480) (875,911) (222,516) (390,612) (227,103) (557,840) Decrease/(increase) in net assets attributable to unitholders (6,872,031) 2,736,829 (710,649) 82,902 (835,322) 60,106 Net profit Other comprehensive income (a) items that will not be reclassified subsequently to profit or loss (b) items that may be reclassified subsequently to profit or loss Total comprehensive income Diversified Stable Monthly Payment Aggressive Notes $ $ $ $ $ $ Investment income Distributions 309, , , , , ,094 Interest Net (losses)/gains on financial assets at fair value through profit or loss 67,227 (54,483) 53,387 (161,681) 194,569 (133,351) Total investment income 376, , ,996 97, ,334 89,753 Expenses Responsible Entity fees 129, ,860 72,223 36,046 74,308 77,024 Other expenses Total operating expenses 129, ,906 72,223 36,616 74,308 77,024 Profit attributable to unitholders 246, , ,773 61, ,026 12,729 Financing costs attributable to unitholders Distributions paid and payable to unitholders 3 (97,513) (248,859) (68,122) (138,421) (64,057) (84,826) (Increase)/decrease in net assets attributable to unitholders (149,405) (5,255) (47,651) 77,062 (264,969) 72,097 Net profit Other comprehensive income (a) items that will not be reclassified subsequently to profit or loss (b) items that may be reclassified subsequently to profit or loss Total comprehensive income The above Statements of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Notes to the Statements. Page 6

10 Statements of Profit or Loss and Other Comprehensive Income (Continued) For the financial Cautious Prudent Assertive Notes $ $ $ $ $ $ Investment income Distributions 337, , , , , ,592 Interest (114) 43 - Net (losses)/gains on financial assets at fair value through profit or loss 93,858 (38,835) 328,649 (145,056) 222,399 (93,309) Total investment income 431, , , , , ,283 Expenses Responsible Entity fees 189, , , , , ,765 Other expenses Total operating expenses 189, , , , , ,846 Profit attributable to unitholders 241, , , , , ,437 Financing costs attributable to unitholders Distributions paid and payable to unitholders 3 (76,293) (277,197) (181,771) (439,511) (94,082) (170,026) (Increase)/decrease in net assets attributable to unitholders (165,468) (26,671) (508,366) 26,697 (314,806) 26,589 Net profit Other comprehensive income (a) items that will not be reclassified subsequently to profit or loss (b) items that may be reclassified subsequently to profit or loss Total comprehensive income CFML Schroder Equity Opportunities Fund CFML Cash Fund CFML MFS International Shares Fund Notes $ $ $ $ $ $ Investment income Distributions 2,848,643 2,175,708 1,316,554 1,403,789 3,499,340 3,959,799 Interest Net (losses)/gains on financial assets at fair value through profit or loss 11,405,921 (2,769,834) (21,113) (161,965) 2,206,825 (4,083,153) Other income Total investment income/(loss) 14,254,564 (593,643) 1,295,548 1,241,824 5,706,197 (123,023) Expenses Responsible Entity fees 680, , , , , ,295 Other expenses 1, Total operating expenses 681, , , , , ,295 Profit/(loss) attributable to unitholders 13,572,631 (990,827) 1,026,905 1,028,147 5,346,136 (303,318) Financing costs attributable to unitholders Distributions paid and payable to unitholders 3 (2,727,031) (1,893,736) (1,006,959) (1,195,716) (2,650,073) (3,860,514) Decrease/(increase) in net assets attributable to unitholders (10,845,600) 2,884,563 (19,946) 167,569 (2,696,063) 4,163,832 Net profit Other comprehensive income (a) items that will not be reclassified subsequently to profit or loss (b) items that may be reclassified subsequently to profit or loss Total comprehensive income The above Statements of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Notes to the Statements. Page 7

11 Statements of Profit or Loss and Other Comprehensive Income (Continued) For the financial CFML Colonial Infrastructure Fund CFML Fixed Interest Fund CFML Listed Property Fund Notes $ $ $ $ $ $ Investment income Distributions 8,245,990 8,855,009 7,321,286 12,452, , ,361 Interest 321 2, , Net (losses)/gains on financial assets at fair value through profit or loss (288,711) (327,283) 18,818 (3,772,190) (1,929,329) 1,565,122 Total investment income/(loss) 7,957,600 8,530,505 7,340,605 8,681,415 (930,159) 2,174,632 Expenses Responsible Entity fees 1,001, ,668 1,368,880 1,049, ,880 77,250 Other expenses Total operating expenses 1,001, ,668 1,368,880 1,049, ,952 77,250 Profit/(loss) attributable to unitholders 6,955,947 7,879,837 5,971,725 7,632,070 (1,105,111) 2,097,382 Financing costs attributable to unitholders Distributions paid and payable to unitholders 3 (6,441,738) (7,750,210) (5,798,689) (11,387,234) (1,281,275) (672,926) (Increase)/decrease in net assets attributable to unitholders (514,209) (129,627) (173,036) 3,755,164 2,386,386 (1,424,456) Net profit Other comprehensive income (a) items that will not be reclassified subsequently to profit or loss (b) items that may be reclassified subsequently to profit or loss Total comprehensive income CFML RARE Emerging Markets Fund CFML Antipodes Global Fund For the period 10 April to 30 June Notes $ $ $ Investment income Distributions 11,854,725 4,168, ,542 Interest Net losses on financial assets at fair value through profit or loss (4,645,432) (4,039,144) (1,429,876) Total investment (loss)/income 7,209, ,832 (958,334) Expenses Responsible Entity fees 749, ,837 37,780 Other expenses Total operating expenses 749, ,837 37,780 (Loss)/profit attributable to unitholders 6,460,511 (365,005) (996,114) Financing costs attributable to unitholders Distributions paid and payable to unitholders 3 (11,831,691) (4,485,475) (409,196) Decrease in net assets attributable to unitholders 5,371,180 4,850,480 1,405,310 Net profit Other comprehensive income (a) items that will not be reclassified subsequently to profit or loss (b) items that may be reclassified subsequently to profit or loss Total comprehensive income The above Statements of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Notes to the Statements. Page 8

12 Discussion and Analysis of Statements of Position For the financial Cash and cash equivalents Cash and cash equivalents include cash held at bank and bank overdrafts. There is one bank account across all the registered schemes, and the balance is reconciled daily and apportioned to each registered scheme based on the transactions in the account. Some registered schemes' accounts can become overdrawn due to the timing of receipt of funds into, and out of, the accounts, but the overall bank account remains funded. Distributions receivable Distributions receivable consist of income entitlements from the underlying financial assets in the ClearView Pooled Funds as at and are reported as 'Other receivables' in the Statements of Position. Other receivables Other than income entitlements from underlying financial assets, other receivables consist of outstanding settlements on the sale of financial assets at fair value through profit or loss, application proceeds receivable, reduced imputation tax credits and interest accrued but not received on cash held at bank. Application receivables are applications that have been received but not yet transferred to the registered schemes operating account. assets at fair value through profit or loss The underlying financial assets at fair value through profit or loss of the registered schemes are held in the ClearView Pooled Funds. Generally, values of financial assets held at fair value through profit or loss are impacted by the performance of the underlying financial assets and cash inflows/outflows. Performance of financial assets at fair value through profit or loss decreased across 7 registered schemes as a result of negative returns in equity markets during the financial year. Payables to the Responsible Entity These represent management fees payable to the Responsible Entity as at the end of the financial year. Other payables These are comprised of outstanding settlements on purchase of financial assets at fair value through profit or loss in the Clearview Pooled Funds, redemptions payable that have not yet been paid from the registered schemes operating account to unitholders and amounts payable to the Australian Taxation Office ("ATO") for withholding taxes withheld from the unitholders. Liability attributable to unitholders This represents the net assets of the registered schemes that are attributable to unitholders as at balance date. Net assets attributable to unitholders increased primarily due to strong inflows into the suite of implemented models available on both the WealthFoundations and WealthSolutions platforms as well as the roll out of the ClearView platform funds into the external platform market. Page 9

13 Statements of Position As at Australian Shares Growth Diversified Growth Diversified Balanced Notes $ $ $ $ $ $ Assets Cash and cash equivalents 38,000 37,677 10,043 9,938 16,801 - Other receivables 1,541, , , , , ,968 assets at fair value through profit or loss 44,632,778 42,831,792 10,995,662 11,305,991 16,853,472 18,599,307 Total assets 46,211,789 43,741,209 11,715,830 11,873,154 17,763,810 19,261,275 Liabilities Payable to the Responsible Entity 94,181 90,186 24,107 23,937 36,549 39,017 Distributions payable 3 561, , , , , ,840 Bank overdraft ,128 Total liabilities (excluding net assets attributable to unitholders) 655, , , , , ,985 Net assets attributable to unitholders - liability 45,556,128 42,775,112 11,469,207 11,458,605 17,500,158 18,644,290 Liability attributable to unitholders (45,556,128) (42,775,112) (11,469,207) (11,458,605) (17,500,158) (18,644,290) Net assets Diversified Stable Monthly Payment Aggressive Notes $ $ $ $ $ $ Assets Cash and cash equivalents 5,060-1,066 1,055 2,639 2,618 Other receivables 310, , ,848 80, , ,560 assets at fair value through profit or loss 6,183,257 6,705,212 3,334,847 4,040,598 3,142,514 2,984,903 Total assets 6,498,387 6,909,806 3,470,761 4,121,795 3,351,728 3,178,081 Liabilities Payable to the Responsible Entity 11,386 11,809 6,046 7,054 6,917 6,450 Distributions payable 3 97, ,859 30, ,891 64,057 84,826 Bank overdraft - 2, Total liabilities (excluding net assets attributable to unitholders) 108, ,143 36, ,945 70,974 91,276 Net assets attributable to unitholders - liability 6,389,488 6,646,663 3,433,989 3,996,850 3,280,754 3,086,805 Liability attributable to unitholders (6,389,488) (6,646,663) (3,433,989) (3,996,850) (3,280,754) (3,086,805) Net assets The above Statements of Position should be read in conjunction with the Notes to the Statements. Page 10

14 Statements of Position (Continued) As at Cautious Prudent Assertive Notes $ $ $ $ $ $ Assets Cash and cash equivalents 7,677 8,015 10,753 10,639 5,187 4,845 Other receivables 345, , , , , ,079 assets at fair value through profit or loss 7,429,423 8,401,230 12,020,431 12,168,212 5,252,640 5,297,295 Total assets 7,782,553 8,661,052 12,679,146 12,645,978 5,566,889 5,533,219 Liabilities Payable to the Responsible Entity 15,995 17,504 26,065 25,520 11,397 11,131 Distributions payable 3 76, , , ,511 94, ,026 Other payables Total liabilities (excluding net assets attributable to unitholders) 92, , , , , ,157 Net assets attributable to unitholders - liability 7,690,265 8,366,334 12,471,310 12,180,947 5,461,410 5,352,062 Liability attributable to unitholders (7,690,265) (8,366,334) (12,471,310) (12,180,947) (5,461,410) (5,352,062) Net assets CFML Schroder Equity Opportunities Fund CFML Cash Fund CFML MFS International Shares Fund Notes $ $ $ $ $ $ Assets Cash and cash equivalents 12,957 44,791 7,355 24,870 5,705 14,822 Other receivables 3,281,657 1,087,418 1,482, ,641 3,626,858 3,964,482 assets at fair value through profit or loss 85,907,568 59,914,043 72,933,796 61,703,660 34,270,182 24,764,837 Total assets 89,202,182 61,046,252 74,423,745 61,879,171 37,902,745 28,744,141 Liabilities Payable to the Responsible Entity 70,652 45,311 25,139 21,594 38,693 24,399 Distributions payable 3 2,727, , , ,325 2,650,073 3,860,514 Total liabilities (excluding net assets attributable to unitholders) 2,797,683 1,009, , ,919 2,688,766 3,884,913 Net assets attributable to unitholders - liability 86,404,499 60,036,479 74,235,620 61,494,252 35,213,979 24,859,228 Liability attributable to unitholders (86,404,499) (60,036,479) (74,235,620) (61,494,252) (35,213,979) (24,859,228) Net assets The above Statements of Position should be read in conjunction with the Notes to the Statements. Page 11

15 Statements of Position (Continued) As at CFML Colonial Infrastructure Fund CFML Fixed Interest Fund CFML Listed Property Fund Notes $ $ $ $ $ $ Assets Cash and cash equivalents 25,066 50,151 38, ,852 2,541 13,970 Other receivables 8,564,486 8,869,520 7,771,380 1,033,683 1,155, ,341 assets at fair value through profit or loss 97,760,892 59,347, ,218, ,290,252 21,175,117 17,223,233 Total assets 106,350,444 68,266, ,028, ,425,787 22,333,445 17,848,544 Liabilities Payable to the Responsible Entity 116,671 72, , ,014 18,082 11,109 Distributions payable 3 6,441,738 7,750,210 5,798,689 11,387,234 1,281, ,926 Other payables Total liabilities (excluding net assets attributable to unitholders) 6,558,409 7,822,553 5,936,754 11,494,248 1,299, ,035 Net assets attributable to unitholders - liability 99,792,035 60,444, ,092, ,931,539 21,034,088 17,164,509 Liability attributable to unitholders (99,792,035) (60,444,178) (222,092,229) (171,931,539) (21,034,088) (17,164,509) Net assets CFML RARE Emerging Markets Fund CFML Antipodes Global Fund 2016 Notes $ $ $ Assets Cash and cash equivalents 18,729 32,623 - Other receivables 12,105,325 4,178, ,999 assets at fair value through profit or loss 60,536,441 46,568,174 44,183,193 Total assets 72,660,495 50,779,179 44,950,192 Liabilities Payable to the Responsible Entity 83,390 53,103 33,014 Distributions payable 3 11,831,691 4,485, ,196 Total liabilities (excluding net assets attributable to unitholders) 11,915,081 4,538, ,210 Net assets attributable to unitholders - liability 60,745,414 46,240,601 44,507,982 Liability attributable to unitholders (60,745,414) (46,240,601) (44,507,982) Net assets The above Statements of Position should be read in conjunction with the Notes to the Statements. Page 12

16 Discussion and Analysis of Statements of Changes in Equity For the financial The Statements of Changes in Equity provides a reconciliation of the change in the registered schemes equity. However, as Australian Accounting Standards require unitholders funds to be classified as liabilities of the registered schemes, the amount of equity is shown as nil. As a primary statement of the Concise Statements, a nil statement is required to be disclosed. Page 13

17 Statements of Changes in Equity For the financial Australian Shares Growth Diversified Growth Diversified Balanced $ $ $ $ $ $ Total equity at the beginning of the financial year Total comprehensive income Total equity at the end of the financial year Aggressive Diversified Stable Monthly Payment $ $ $ $ $ $ Total equity at the beginning of the financial year Total comprehensive income Total equity at the end of the financial year Cautious Prudent Assertive $ $ $ $ $ $ Total equity at the beginning of the financial year Total comprehensive income Total equity at the end of the financial year CFML Schroder Equity Opportunities Fund CFML Cash Fund CFML MFS International Shares Fund $ $ $ $ $ $ Total equity at the beginning of the financial year Total comprehensive income Total equity at the end of the financial year CFML Colonial Infrastructure Fund CFML Fixed Interest Fund CFML Listed Property Fund $ $ $ $ $ $ Total equity at the beginning of the financial year Total comprehensive income Total equity at the end of the financial year CFML RARE Emerging Markets Fund CFML Antipodes Global Fund For the period 10 April to $ $ $ Total equity at the beginning of the financial year Total comprehensive income Total equity at the end of the financial year Under Australian Accounting Standards, net assets attributable to unitholders are classified as a liability rather than equity. As a result, there was no equity at the start or end of the financial year. The above Statements of Changes in Equity should be read in conjunction with the Notes to the Statements. Page 14

18 Discussion and Analysis of Statements of Cash Flows For the financial Overall, cash balances as at decreased in comparison to the previous financial year. The decrease in cash balances were driven mainly by the increase in cash paid for redemptions and distributions paid to unitholders. Cash flows from operating activities During the financial year, 8 registered schemes received net cash inflows from operating activities as proceeds from sale of financial assets at fair value through profit or loss and distribution income received exceeded the payments for purchases of financial assets at fair value through or loss and responsible entity fees paid. For the remaining 9 registered schemes, there were net cash outflows as payments for purchases of financial assets at fair value through profit or loss exceeded proceeds from sale of financial assets at fair value through profit or loss. Cash flows from financing activities During the financial year, 9 registered schemes experienced net cash outflows from financing activities as cash paid for redemptions and distributions paid to unitholders exceeded proceeds from applications during the financial year. For the remaining 8 registered schemes, there were net cash inflows as proceeds from applications received from unit holders increased in comparison to prior year and exceeded cash paid for redemptions and distributions paid to unitholders during the financial. Page 15

19 Statements of Cash Flows For the financial Australian Shares Growth Diversified Growth Diversified Balanced Notes $ $ $ $ $ $ Cash flows from operating activities Proceeds from sale of financial assets at fair value through profit or loss 7,753,754 6,063,316 2,802,981 2,346,746 4,891,399 3,200,690 Payment for purchase of financial assets at fair value through profit or loss (2,794,780) (3,839,829) (2,008,469) (2,122,974) (2,564,092) (2,744,187) Interest received Interest paid (188) - - Distribution income received 1,084,598 2,303, ,587 1,311, ,559 1,780,247 Responsible Entity fees paid (1,068,566) (1,044,234) (268,355) (280,390) (422,327) (456,779) Other expenses paid (2) - (2) GST received/(paid) (1,157) 3,099 (68) Net cash provided by operating activities 4,974,171 3,485,972 1,090,779 1,255,039 2,574,176 1,780,846 Cash flows from financing activities Proceeds from applications by unitholders 349, , , , , ,246 Cash paid for redemptions to unitholders (5,256,259) (3,672,240) (1,452,204) (1,336,479) (2,605,740) (1,825,943) Distributions paid (67,086) (77,476) (41,404) (50,301) (107,206) (134,196) Net cash used in financing activities (4,973,848) (3,446,900) (1,090,674) (1,238,499) (2,537,247) (1,771,893) Net increase in cash and cash equivalents held , ,540 36,929 8,953 Cash and cash equivalents at beginning of the financial year* 37,677 (1,395) 9,938 (6,602) (20,128) (29,081) Cash and cash equivalents at end of the financial year* 38,000 37,677 10,043 9,938 16,801 (20,128) Non-cash financing activities 1,893,314 2,220, ,810 1,658,756 1,119,146 2,125,280 * Includes bank overdraft Diversified Stable Monthly Payment Aggressive Notes $ $ $ $ $ $ Cash flows from operating activities Proceeds from sale of financial assets at fair value through profit or loss 876,516 1,180, , , , ,889 Payment for purchase of financial assets at fair value through profit or loss (287,444) (952,536) (129,227) (3,248,277) (617,073) (437,297) Interest received Interest paid - (51) - (570) - - Other income received Distribution income received 203, ,747 80, , , ,809 Responsible Entity fees paid (130,271) (139,772) (73,231) (32,070) (73,841) (78,405) GST received/(paid) (222) (426) (96) 183 Net cash provided by/(used in) operating activities 662, , ,811 (2,320,149) 155, ,186 Cash flows from financing activities Proceeds from applications by unitholders 19,659 21,001 13,200 2,714,712 45,102 33,784 Cash paid for redemptions to unitholders (602,804) (627,408) (744,823) (314,140) (196,506) (415,709) Distributions paid (72,184) (73,146) (34,177) (30,976) (4,461) (7,406) Net cash (used in)/provided by financing activities (655,329) (679,553) (765,800) 2,369,596 (155,865) (389,331) Net increase in cash and cash equivalents held 7,535 76, , ,855 Cash and cash equivalents at beginning of the financial year* (2,475) (79,155) 1,055 (48,392) 2,618 (237) Cash and cash equivalents at end of the financial year* 5,060 (2,475) 1,066 1,055 2,639 2,618 Non-cash financing activities 380, , , , , ,725 *Includes bank overdraft The above Statements of Cash Flows should be read in conjunction with the Notes to the Statements. Page 16

20 Statements of Cash Flows (Continued) For the financial Cautious Prudent Assertive Notes $ $ $ $ $ $ Cash flows from operating activities Proceeds from sale of financial assets at fair value through profit or loss 1,687,968 2,585,713 2,388,826 3,020,401 1,185,821 1,554,254 Payment for purchase of financial assets at fair value through profit or loss (622,302) (1,923,573) (1,912,404) (2,729,129) (918,767) (1,015,416) Interest received Interest paid (68) - - (125) - (89) Distribution income received 250, , ,516 1,214, , ,975 Responsible Entity fees paid (190,965) (207,944) (287,352) (295,354) (125,723) (135,736) GST received/(paid) (83) 744 (32) 507 Net cash provided by operating activities 1,125,397 1,243, ,620 1,210, ,846 1,003,495 Cash flows from financing activities Proceeds from applications by unitholders 248, , , , , ,111 Cash paid for redemptions to unitholders (1,337,111) (1,549,455) (1,074,359) (1,902,557) (547,586) (1,124,222) Distributions paid (37,060) (34,889) (48,515) (48,305) (4,190) (7,551) Net cash used in financing activities (1,125,735) (1,235,853) (657,506) (1,200,167) (375,504) (998,662) Net increase/(decrease) in cash and cash equivalents held (338) 7, , ,833 Cash and cash equivalents at beginning of the financial year 8, , , Cash and cash equivalents at end of the financial year 7,677 8,015 10,753 10,639 5,187 4,845 Non-cash financing activities 490, , ,504 1,491, , ,140 CFML Schroder Equity Opportunities Fund CFML Cash Fund CFML MFS International Shares Fund Notes $ $ $ $ $ $ Cash flows from operating activities Proceeds from sale of financial assets at fair value through profit or loss 9,321,012 6,747,573 9,788,472 9,532,381 8,330,704 2,547,161 Payment for purchase of financial assets at fair value through profit or loss (23,908,016) (34,189,737) (21,039,721) (29,492,459) (15,629,219) (24,824,413) Interest received Interest paid (1,027) Other income received Distribution income received 1,078,644 1,963, ,259 1,456,281 3,959, ,670 Responsible Entity fees paid (655,558) (385,030) (265,098) (207,552) (345,767) (163,825) Other expenses paid (239) - - GST received/(paid) (5,393) (2,370) (769) (1,425) (3,162) (3,200) Net cash used in operating activities (14,170,338) (25,865,735) (11,370,749) (18,713,013) (3,687,612) (21,795,283) Cash flows from financing activities Proceeds from applications by unitholders 28,682,341 35,497,178 29,170,669 35,749,578 14,344,106 25,273,160 Cash paid for redemptions to unitholders (13,578,775) (5,957,768) (16,610,137) (16,086,254) (6,805,092) (1,735,840) Distributions paid (965,062) (3,709,739) (1,207,298) (968,593) (3,860,519) (1,754,155) Net cash provided by financing activities 14,138,504 25,829,671 11,353,234 18,694,731 3,678,495 21,783,165 Net decrease in cash and cash equivalents held (31,834) (36,064) (17,515) (18,282) (9,117) (12,118) Cash and cash equivalents at beginning of the financial year* 44,791 80,855 24,870 43,152 14,822 26,940 Cash and cash equivalents at end of the financial year* 12,957 44,791 7,355 24,870 5,705 14,822 Non-cash financing activities 1,078, , ,259 1,456,281 3,959, ,675 *Includes bank overdraft The above Statements of Cash Flows should be read in conjunction with the Notes to the Statements. Page 17

21 Statements of Cash Flows (Continued) For the financial CFML Colonial Infrastructure Fund CFML Fixed Interest Fund CFML Listed Property Fund Notes $ $ $ $ $ $ Cash flows from operating activities Proceeds from sale of financial assets at fair value through profit or loss 11,595,176 15,996,183 16,427,456 20,359,133 2,001,690 1,222,012 Payment for purchase of financial assets at fair value through profit or loss (50,297,731) (44,270,633) (54,330,498) (84,967,306) (7,882,897) (11,569,325) Interest received 273 2, , Interest paid (69) - Other expenses paid Distribution income received 8,855,009 10,664,576 1,012,567 14,732, , ,488 Responsible Entity fees paid (957,300) (628,803) (1,337,829) (1,024,433) (167,907) (70,891) GST paid (8,347) (4,843) (6,594) (5,542) (1,656) (1,100) Net cash used in operating activities (30,812,920) (18,240,714) (38,234,389) (50,904,696) (5,441,479) (10,114,671) Cash flows from financing activities Proceeds from applications by unitholders 47,813,334 37,624,688 71,737,610 82,938,661 8,555,773 11,858,343 Cash paid for redemptions to unitholders (9,275,304) (7,888,367) (22,172,348) (27,274,827) (2,452,791) (1,485,608) Distributions paid (7,750,195) (11,512,802) (11,393,814) (4,819,043) (672,932) (271,017) Net cash provided by financing activities 30,787,835 18,223,519 38,171,448 50,844,791 5,430,050 10,101,718 Net decrease in cash and cash equivalents held (25,085) (17,195) (62,941) (59,905) (11,429) (12,953) Cash and cash equivalents at beginning of the financial year 50,151 67, , ,757 13,970 26,923 Cash and cash equivalents at end of the financial year 25,066 50,151 38, ,852 2,541 13,970 Non-cash financing activities 8,855,012 10,664,581 1,012,567 11,431, , ,489 CFML RARE Emerging Markets Fund CFML Antipodes Global Fund For the period 10 April to 30 June Notes $ $ $ Cash flows from operating activities Proceeds from sale of financial assets at fair value through profit or loss 9,942,221 7,225, ,586 Payment for purchase of financial assets at fair value through profit or loss (28,555,911) (26,947,741) (45,757,655) Interest received Other income received Distribution income received 4,168,156 3,115,713 - Responsible Entity fees paid (718,920) (488,484) (4,766) GST paid (6,388) (1,111) (2,764) Net cash used in operating activities (15,170,414) (17,094,904) (45,620,599) Cash flows from financing activities Proceeds from applications by unitholders 28,961,007 26,808,969 46,173,895 Cash paid for redemptions to unitholders (9,319,003) (6,277,322) (553,296) Distributions paid (4,485,484) (3,471,445) - Net cash provided by financing activities 15,156,520 17,060,202 45,620,599 Net decrease in cash and cash equivalents held (13,894) (34,702) - Cash and cash equivalents at beginning of the financial year 32,623 67,325 - Cash and cash equivalents at end of the financial year/period 18,729 32,623 - Non-cash financing activities 4,168,156 3,115,715 (471,542) The above Statements of Cash Flows should be read in conjunction with the Notes to the Statements. Page 18

22 Notes to the Concise Statements For the financial 1. Summary of significant accounting policies (a) Statement of compliance & general information These Concise Statements are General Purpose Statements which have been prepared in accordance with the Corporations Act 2001, Australian Accounting Standards and Interpretations, Constitutions, Product Disclosure Statements and comply with other requirements of the law. For the purpose of preparing the Concise Statements, each of the schemes is a for-profit entity. The Concise Statements were authorised for issue by the Directors on 24 th August. (b) Basis of preparation of Concise Reports Full general purpose financial statements have been prepared for each of the registered schemes presented in the Concise Statements. The Concise Statements cannot be expected to provide as full an understanding of the Statements of Profit or Loss and Other Comprehensive Income, Statements of Position, Statements of Changes in Equity and Statements of Cash Flows of the registered schemes as the general purpose financial statements of the individual registered schemes. The Concise Statements have been prepared in accordance with the historical cost convention, except for financial assets and financial liabilities which are revalued to fair value, with changes in fair value recognised through the Statement of Profit or Loss and Other Comprehensive Income. Historical cost is generally based on the fair values of the consideration given in exchange for goods and services. All amounts are presented in Australian dollars, unless otherwise noted. The accounting policies of the registered schemes are consistent with those of the previous financial year. The significant accounting policies listed below have been adopted in the preparation and presentation of the Concise Statements. (c) assets designated as at fair value through profit or loss assets designated at fair value through profit or loss include financial assets that are managed and for which performance is evaluated on a fair value basis in accordance with the registered schemes' documented risk management or investment strategy. Unlisted managed investment funds The fair value of unlisted managed investment funds is determined on the basis of the cumulative redemption prices of those unlisted managed investment funds at the reporting date. Purchases and sales of financial assets that require delivery of assets within the time frame generally established by regulation or convention in the market place, are recognised on the trade date, which is the date that the registered scheme commits to purchase or sell the asset. (d) Investment income Income is recognised to the extent that it is probable that the economic benefits will flow to the schemes and the revenue can be reliably measured. Income is recognised as follows: Distribution income Distributions income is recognised on a receivable basis as of the date the unit value is quoted ex-distribution. Interest income Interest income on the cash held at banks is recognised on a time proportion basis using the accruals method. Net gains/(losses) on financial assets at fair value through profit or loss Realised gains and losses arising from investment transactions are included in the Statements of Profit or Loss and Other Comprehensive Income as part of net gains/(losses) on financial assets at fair value through profit or loss and are calculated as the difference between the sale consideration and the financial assets' historical cost. Unrealised gains and losses resulting from movements in the fair value of financial assets held at fair value through profit or loss are also included in the Statements of Profit or Loss and Other Comprehensive Income during the financial year in which they arise. Page 19

23 Notes to the Concise Statements (continued) For the financial (e) Functional and Presentation Currency Items included in the registered schemes' Concise Statements are measured using the currency of the primary economic environment in which the registered schemes operate (the "functional currency"). The functional currency of the registered schemes' Concise Statements is Australian Dollar, which reflects the currency of the economy in which the registered schemes compete for capital and are regulated. The Australian Dollar is also the registered schemes' presentation currency. (f) New Accounting Standards and Interpretations (g) Standards and Interpretations adopted with no effect on financial statements All new and revised Standards and Interpretations relevant to the registered schemes have been adopted in these financial statements. Their adoption has not had any significant impact on the amounts recorded or disclosed in the current or past reporting periods. Standards and Interpretations in issue not yet adopted At the date of authorisation of the Concise Statements, the Standards and Amendments listed below were in issue but not yet effective. The Responsible Entity has not early adopted any of the new Standards and Amendments listed below. Expected to be Standard/Amendment Effective for annual reporting periods beginning on or after initially applied in the financial year ending AASB 9 Instruments, and the relevant amending standards 1 January AASB 15 Revenue from Contracts with Customers and AASB Amendments to Australian Accounting Standards arising from AASB 15 1 January The Responsible Entity is yet to undertake a detailed assessment on the impact of the Standards and Amendments noted above. However, based on the Responsible Entity's preliminary assessment, the Standards and Amendments noted above are not expected to have a material impact on the transactions and balances recognised in these Concise Statements. There are no other Standards and Amendments there are not yet effective and that are expected to have a material impact on the registered schemes in the current or future reporting periods and foreseeable future transactions. Comparative amounts CFML Antipodes Global Fund was registered on 10 April. As this is the first year of the registered scheme's operations, there are no prior period amounts presented. 2. Critical accounting judgments and key sources of estimation uncertainty In the application of the schemes' accounting policies, which are described in Note 1 to the Concise Statements, the Directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Page 20