ANNUAL FINANCIAL REPORT

Transcription

1 2017 ANNUAL FINANCIAL REPORT FirstChoice Wholesale Investments Part 1 A Investments Colonial First State Investments Ltd ABN AFS Licence

2 Dear Investor Your Annual Financial Report I am pleased to present the reports for the financial year ended 30 June 2017 for Colonial First State FirstChoice Wholesale Investments. These statements are the final component of the reporting information for the financial year. Parts 1 B, 1 C and 1 D contain the remainder of this booklet. If you have any questions about the Annual Financial Report, please call Investor Services on Monday to Friday, 8am to 7pm, Sydney time. Yours sincerely, Linda Elkins Executive General Manager

3 COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS FINANCIAL REPORT Responsible Entity of the Funds COLONIAL FIRST STATE INVESTMENTS LIMITED ABN: Registered Address: Ground Floor Tower 1, 201 Sussex Street SYDNEY NSW 2000

4 COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS Represented by: ARSN Commonwealth Multi-Manager Defensive Fund Commonwealth Multi-Manager Conservative Fund Commonwealth Multi-Manager Diversified Fund Commonwealth Multi-Manager Moderate Fund Commonwealth Balanced Fund Commonwealth Multi-Manager Growth Fund Commonwealth Multi-Manager High Growth Fund Commonwealth Multi Manager Geared Growth Fund Commonwealth Multi-Manager Fixed Interest Fund Colonial First State FirstChoice Wholesale Investments Alternatives Commonwealth Australian Boutique Shares Blended Commonwealth Multi-Manager Australian Share Fund Commonwealth Multi-Manager Small Companies Fund Commonwealth Multi-Manager Global Shares Fund Commonwealth Global Share Fund Commonwealth Multi Manager Asian Share Fund Commonwealth Multi Manager Emerging Markets Fund Commonwealth Multi-Manager Property Securities Fund Commonwealth Multi Manager Global Property Securities Fund Commonwealth Multi Manager Global Infrastructure Securities Fund Commonwealth Multi Manager Geared Australian Boutique Shares Fund Commonwealth Diversified Fund Commonwealth Diversified Fund Commonwealth Diversified Fund Commonwealth Diversified Fund Commonwealth Diversified Fund Colonial First State Investment Fund Colonial First State Wholesale Conservative Fund Commonwealth Diversified Fund Colonial First State Investment Fund Colonial First State Wholesale Balanced Fund Commonwealth Diversified Fund Colonial First State Investment Fund Commonwealth Diversified Fund Colonial First State Wholesale Diversified Fund Commonwealth Diversified Fund Colonial First State - FirstChoice Wholesale Investments - Multi-Sector Fund Colonial First State - FirstChoice Wholesale Investments - Specialist Fund Colonial First State Wholesale High Growth Fund Colonial First State Investment Fund Colonial First State - FirstChoice Wholesale Investments - Fixed Interest Fund Colonial First State - FirstChoice Wholesale Investments - Specialist Fund Colonial First State Wholesale Developing Companies Fund Colonial First State Wholesale Future Leaders Fund Colonial First State - FirstChoice Wholesale Investments - Global Share Fund Colonial First State - FirstChoice Wholesale Investments - Property Securities Fund

5 COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS INDEX Page Directors' Report 1-11 Auditor's Independence Declaration 12 Statements of Comprehensive Income Balance Sheets Statements of Changes in Equity 45 Cash Flow Statements Notes to the Financial Statements Directors' Declaration 213 Independent Audit Report to the Unitholders

6 DIRECTORS' REPORT The Directors of Colonial First State Investments Limited, the Responsible Entity of the Funds as listed below, present their report together with the Financial Report of the Funds for the reporting period as stated below. Reporting Period The current reporting period for the financial report is from 1 July 2016 to 30 June The comparative reporting period is from 1 July 2015 to 30 June Date of Constitutions and Date of Registration of the Funds The Funds in this Financial Report and their dates of Constitution and Registration with the Australian Securities & Investments Commission (ASIC) are as follows: Name of Fund Also referred to in this report as Date of Date of Constitution Registration Commonwealth Multi-Manager Defensive Fund FirstChoice Wholesale Defensive 27/03/ /03/2002 Commonwealth Multi-Manager Conservative Fund FirstChoice Wholesale Conservative 27/03/ /03/2002 Commonwealth Multi-Manager Diversified Fund FirstChoice Wholesale Diversified 26/02/ /03/2015 Commonwealth Multi-Manager Moderate Fund FirstChoice Wholesale Moderate 27/03/ /03/2002 Commonwealth Balanced Fund 2 FirstChoice Wholesale Balanced 19/12/ /01/2009 Commonwealth Multi-Manager Growth Fund FirstChoice Wholesale Growth 27/03/ /03/2002 Commonwealth Multi-Manager High Growth Fund FirstChoice Wholesale High Growth 27/03/ /03/2002 Commonwealth Multi Manager Geared Growth FirstChoice Wholesale Geared Growth Plus 20/12/ /01/2008 Fund Commonwealth Multi-Manager Fixed Interest FirstChoice Wholesale Fixed Interest 27/03/ /03/2002 Fund Colonial First State FirstChoice Wholesale FirstChoice Wholesale Alternatives 28/02/ /03/2014 Investments Alternatives 1 Commonwealth Australian Boutique Shares FirstChoice Wholesale Lower Volatility 25/02/ /03/2004 Blended Australian Share Page 1

7 DIRECTORS' REPORT Date of Constitutions and Date of Registration of the Funds (continued) Name of Fund Also referred to in this report as Date of Date of Constitution Registration Commonwealth Multi-Manager Australian Share FirstChoice Wholesale Australian Share 27/03/ /03/2002 Fund Commonwealth Multi-Manager Small Companies FirstChoice Wholesale Australian Small 2/10/2002 4/11/2002 Fund Companies Commonwealth Multi-Manager Global Shares FirstChoice Wholesale Global Share 27/03/ /03/2002 Fund Commonwealth Global Share Fund 15 FirstChoice Wholesale Global Share - 19/04/2005 4/05/2005 Hedged Commonwealth Multi Manager Asian Share Fund FirstChoice Wholesale Asian Share 2/02/ /02/2007 Commonwealth Multi Manager Emerging Markets FirstChoice Wholesale Emerging Markets 20/12/ /01/2008 Fund Commonwealth Multi-Manager Property FirstChoice Wholesale Property Securities 27/03/ /03/2002 Securities Fund Commonwealth Multi Manager Global Property FirstChoice Wholesale Global Property 19/04/2005 4/05/2005 Securities Fund Securities Commonwealth Multi Manager Global FirstChoice Wholesale Global Infrastructure 17/01/ /01/2006 Infrastructure Securities Fund Securities Commonwealth Multi Manager Geared Australian FirstChoice Wholesale Geared Australian 2/02/ /02/2007 Boutique Shares Fund Share Commonwealth Diversified Fund 2 FirstChoice Wholesale Multi-Index 27/03/ /03/2002 Conservative Commonwealth Diversified Fund 3 FirstChoice Wholesale Multi-Index 27/03/ /03/2002 Diversified Commonwealth Diversified Fund 10 FirstChoice Wholesale Multi-Index Moderate 26/02/ /03/2015 Page 2

8 DIRECTORS' REPORT Date of Constitutions and Date of Registration of the Funds (continued) Name of Fund Also referred to in this report as Date of Date of Constitution Registration Commonwealth Diversified Fund 7 FirstChoice Wholesale Multi-Index Balanced 27/03/ /03/2002 Commonwealth Diversified Fund 8 FirstChoice Wholesale Multi-Index High 27/03/ /03/2002 Growth Colonial First State Investment Fund 44 AZ Sestante Wholesale Conservative 23/08/ /09/2016 Colonial First State Wholesale Conservative Fund Colonial First State Wholesale Conservative 11/05/1999 9/06/1999 (Commenced operation on 5/12/2016) Commonwealth Diversified Fund 1 Perpetual Wholesale Conservative Growth 27/03/ /03/2002 Colonial First State Investment Fund 45 AZ Sestante Wholesale Diversified 23/08/ /09/2016 (Commenced operation on 5/12/2016) Colonial First State Wholesale Balanced Fund Colonial First State Wholesale Balanced 11/05/1999 9/06/1999 Commonwealth Diversified Fund 4 Perpetual Wholesale Diversified Growth 27/03/ /03/2002 Colonial First State Investment Fund 46 AZ Sestante Wholesale Growth 23/08/ /09/2016 (Commenced operation on 5/12/2016) Commonwealth Diversified Fund 5 BT Wholesale Active Balanced 27/03/ /03/2002 Colonial First State Wholesale Diversified Fund Colonial First State Wholesale Diversified 11/05/1999 9/06/1999 Commonwealth Diversified Fund 6 Perpetual Wholesale Balanced Growth 27/03/ /03/2002 Colonial First State - FirstChoice Wholesale Colonial First State Wholesale Multi-Asset 28/02/ /03/2014 Investments - Multi-Sector Fund 1 Real Return Colonial First State - FirstChoice Wholesale Schroder Wholesale Real Return 28/02/ /03/2014 Investments - Specialist Fund 32 Colonial First State Wholesale High Growth Fund Colonial First State Wholesale High Growth 11/05/1999 9/06/1999 Page 3

9 DIRECTORS' REPORT Date of Constitutions and Date of Registration of the Funds (continued) Name of Fund Also referred to in this report as Date of Date of Constitution Registration Colonial First State Investment Fund 19 Sanlam Wholesale Managed Risk 26/02/ /03/2015 Multi-Index High Growth Colonial First State - FirstChoice Wholesale Colonial First State Wholesale Index 7/06/ /06/2004 Investments - Fixed Interest Fund 8 Australian Bond Colonial First State - FirstChoice Wholesale Aspect Wholesale Diversified Futures 27/01/ /02/2010 Investments - Specialist Fund 23 Colonial First State Wholesale Developing Colonial First State Wholesale Developing 7/06/ /06/2004 Companies Fund Companies Colonial First State Wholesale Future Leaders Colonial First State Wholesale Future 7/06/ /06/2004 Fund Leaders Colonial First State - FirstChoice Wholesale Colonial First State Wholesale Index Global 7/06/ /06/2004 Investments - Global Share Fund 14 Share Colonial First State - FirstChoice Wholesale Colonial First State Wholesale Index 7/06/ /06/2004 Investments - Property Securities Fund 7 Property Securities Principal Activities The principal activities of the Funds are to invest in accordance with the investment objectives and guidelines as set out in the current Product Disclosure Statements and their Constitutions. Please refer to the current Product Disclosure Statements for more information. Rounding of amounts to the nearest thousand dollars Amounts in the Directors' Report have been rounded to the nearest thousand dollars in accordance with ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191, unless otherwise indicated. Comparatives Comparative figures are, where appropriate, reclassified so as to be comparable with the figures and presentation in the current reporting period. There will be no comparative figures where a Fund is preparing the first financial report. Page 4

10 Review of Operations Income COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS DIRECTORS' REPORT The results of the operations for the Funds for the current and previous reporting periods are tabled below: Name of Fund Operating profit/(loss) Attributable to unitholders Period Period ended ended 30/06/ /06/2016 $'000 $'000 FirstChoice Wholesale Defensive 24,938 30,703 FirstChoice Wholesale Conservative 160,031 95,006 FirstChoice Wholesale Diversified 15,209 2,776 FirstChoice Wholesale Moderate 583, ,925 FirstChoice Wholesale Balanced 92,429 13,706 FirstChoice Wholesale Growth 473,226 39,087 FirstChoice Wholesale High Growth 130,023 (7,868) FirstChoice Wholesale Geared Growth Plus ^ 1,384,471 (243,510) FirstChoice Wholesale Fixed Interest 26, ,376 FirstChoice Wholesale Alternatives (708) 2,120 FirstChoice Wholesale Lower Volatility Australian Share 16,993 3,227 FirstChoice Wholesale Australian Share 843,482 (152,385) FirstChoice Wholesale Australian Small Companies 25,703 50,238 FirstChoice Wholesale Global Share 558,661 (197,567) FirstChoice Wholesale Global Share - Hedged 260,597 (88,636) FirstChoice Wholesale Asian Share 30,705 (13,728) FirstChoice Wholesale Emerging Markets 126,448 (45,450) FirstChoice Wholesale Property Securities (14,567) 112,508 FirstChoice Wholesale Global Property Securities 1, ,187 FirstChoice Wholesale Global Infrastructure Securities 158,489 67,915 FirstChoice Wholesale Geared Australian Share 4,499 (1,561) FirstChoice Wholesale Multi-Index Conservative 106,891 62,833 FirstChoice Wholesale Multi-Index Diversified 90,537 33,999 FirstChoice Wholesale Multi-Index Moderate 1, FirstChoice Wholesale Multi-Index Balanced 240,989 61,347 FirstChoice Wholesale Multi-Index High Growth 17,432 1,524 AZ Sestante Wholesale Conservative 177 n/a Colonial First State Wholesale Conservative 25,268 32,334 Perpetual Wholesale Conservative Growth 11,487 6,670 AZ Sestante Wholesale Diversified 975 n/a Colonial First State Wholesale Balanced 41,817 29,114 Perpetual Wholesale Diversified Growth 8, AZ Sestante Wholesale Growth 329 n/a BT Wholesale Active Balanced 17,311 4,250 Colonial First State Wholesale Diversified 109,506 64,046 Perpetual Wholesale Balanced Growth 34, Colonial First State Wholesale Multi-Asset Real Return ^ 104,242 (40,764) Schroder Wholesale Real Return 1, Colonial First State Wholesale High Growth 32,179 15,627 ^ Amounts are rounded to nearest dollar. Page 5

11 Review of Operations (continued) Income (continued) DIRECTORS' REPORT The results of the operations for the Funds for the current and previous reporting periods are tabled below: Name of Fund Operating profit/(loss) Attributable to unitholders Period Period ended ended 30/06/ /06/2016 $'000 $'000 Sanlam Wholesale Managed Risk Multi-Index High Growth ^ 20,348 1,106 Colonial First State Wholesale Index Australian Bond (97) 2,416 Aspect Wholesale Diversified Futures (3,707) 4,602 Colonial First State Wholesale Developing Companies 373 2,531 Colonial First State Wholesale Future Leaders 452 1,937 Colonial First State Wholesale Index Global Share 15, Colonial First State Wholesale Index Property Securities (5,739) 17,061 ^ Amounts are rounded to nearest dollar. Distribution to unitholders The total amount distributed to unitholders for the current and previous reporting period are as follows: Period Period ended ended 30/06/ /06/2016 Name of Fund $'000 $'000 FirstChoice Wholesale Defensive 46,775 39,247 FirstChoice Wholesale Conservative 183, ,086 FirstChoice Wholesale Diversified 19,661 5,461 FirstChoice Wholesale Moderate 864, ,479 FirstChoice Wholesale Balanced 116,770 54,968 FirstChoice Wholesale Growth 464, ,433 FirstChoice Wholesale High Growth 91,348 26,156 FirstChoice Wholesale Geared Growth Plus ^ 1,609,848 1,223,833 FirstChoice Wholesale Fixed Interest 323, ,501 FirstChoice Wholesale Alternatives 5,093 1,184 FirstChoice Wholesale Lower Volatility Australian Share 4,477 7,586 FirstChoice Wholesale Australian Share 409, ,450 FirstChoice Wholesale Australian Small Companies 9,340 10,640 FirstChoice Wholesale Global Share 626, ,730 FirstChoice Wholesale Global Share - Hedged 216,645 14,285 FirstChoice Wholesale Asian Share 21,079 29,964 FirstChoice Wholesale Emerging Markets 6,452 7,985 FirstChoice Wholesale Property Securities 15,210 21,352 FirstChoice Wholesale Global Property Securities 103,987 31,366 FirstChoice Wholesale Global Infrastructure Securities 232,795 93,428 ^ Amounts are rounded to nearest dollar. Page 6

12 Review of Operations (continued) Distribution to unitholders (continued) DIRECTORS' REPORT Period Period ended ended 30/06/ /06/2016 Name of Fund $'000 $'000 FirstChoice Wholesale Geared Australian Share 1,528 1,446 FirstChoice Wholesale Multi-Index Conservative 71, ,467 FirstChoice Wholesale Multi-Index Diversified 46,767 35,824 FirstChoice Wholesale Multi-Index Moderate FirstChoice Wholesale Multi-Index Balanced 157, ,778 FirstChoice Wholesale Multi-Index High Growth 8,106 7,958 AZ Sestante Wholesale Conservative 478 n/a Colonial First State Wholesale Conservative 18,761 29,668 Perpetual Wholesale Conservative Growth 5,552 9,323 AZ Sestante Wholesale Diversified 2,497 n/a Colonial First State Wholesale Balanced 17,647 25,220 Perpetual Wholesale Diversified Growth 3,062 2,509 AZ Sestante Wholesale Growth 927 n/a BT Wholesale Active Balanced 22,988 18,661 Colonial First State Wholesale Diversified 37,310 56,223 Perpetual Wholesale Balanced Growth 15,366 10,393 Colonial First State Wholesale Multi-Asset Real Return ^ 51, Schroder Wholesale Real Return 1, Colonial First State Wholesale High Growth 8,371 13,473 Sanlam Wholesale Managed Risk Multi-Index High Growth ^ 5,292 5,486 Colonial First State Wholesale Index Australian Bond 1,329 1,858 Aspect Wholesale Diversified Futures - 3,176 Colonial First State Wholesale Developing Companies 4,681 2,226 Colonial First State Wholesale Future Leaders 723 1,081 Colonial First State Wholesale Index Global Share 6,711 8,231 Colonial First State Wholesale Index Property Securities 2,989 3,376 ^ Amounts are rounded to nearest dollar. Details of the income distributions for the reporting periods ended 30 June 2017 and 30 June 2016 are disclosed in the "Distributions to Unitholders" note to the financial statements. Page 7

13 Review of Operations (continued) Exit Prices DIRECTORS' REPORT The exit price is the price at which unitholders realise an entitlement in a fund and is calculated by deducting a predetermined cost of selling (commonly known as the "sell spread"), if applicable, from the net asset value per unit ("NAV unit price") of a fund. NAV unit price is calculated by taking the total fair value of all of the fund's assets on a particular day, adjusting for any liabilities and then dividing the net fund value by the total number of units held by unitholders on that day. The following unit prices represent the ex-distribution exit unit prices as at 30 June 2017, together with comparative unit prices as at 30 June 2016: Name of Fund 30/06/ /06/2016 $ $ FirstChoice Wholesale Defensive FirstChoice Wholesale Conservative FirstChoice Wholesale Diversified FirstChoice Wholesale Moderate FirstChoice Wholesale Balanced FirstChoice Wholesale Growth FirstChoice Wholesale High Growth FirstChoice Wholesale Geared Growth Plus FirstChoice Wholesale Fixed Interest FirstChoice Wholesale Alternatives FirstChoice Wholesale Lower Volatility Australian Share FirstChoice Wholesale Australian Share FirstChoice Wholesale Australian Small Companies FirstChoice Wholesale Global Share FirstChoice Wholesale Global Share - Hedged FirstChoice Wholesale Asian Share FirstChoice Wholesale Emerging Markets FirstChoice Wholesale Property Securities FirstChoice Wholesale Global Property Securities FirstChoice Wholesale Global Infrastructure Securities FirstChoice Wholesale Geared Australian Share FirstChoice Wholesale Multi-Index Conservative FirstChoice Wholesale Multi-Index Diversified FirstChoice Wholesale Multi-Index Moderate FirstChoice Wholesale Multi-Index Balanced FirstChoice Wholesale Multi-Index High Growth AZ Sestante Wholesale Conservative n/a Colonial First State Wholesale Conservative Perpetual Wholesale Conservative Growth AZ Sestante Wholesale Diversified n/a Colonial First State Wholesale Balanced Perpetual Wholesale Diversified Growth AZ Sestante Wholesale Growth n/a BT Wholesale Active Balanced Colonial First State Wholesale Diversified Perpetual Wholesale Balanced Growth Colonial First State Wholesale Multi-Asset Real Return Page 8

14 Review of Operations (continued) Exit Prices (continued) DIRECTORS' REPORT Name of Fund 30/06/ /06/2016 $ $ Schroder Wholesale Real Return Colonial First State Wholesale High Growth Sanlam Wholesale Managed Risk Multi-Index High Growth Colonial First State Wholesale Index Australian Bond Aspect Wholesale Diversified Futures Colonial First State Wholesale Developing Companies Colonial First State Wholesale Future Leaders Colonial First State Wholesale Index Global Share Colonial First State Wholesale Index Property Securities Responsible Entity and Directors The Responsible Entity of the Funds is Colonial First State Investments Limited. The ultimate holding company is the Commonwealth Bank of Australia (ABN ). The Directors of the Responsible Entity in office during the period and up to the date of the report are: Name of Director Date of Appointment or resignation Andrew Morgan Resigned on 10 July Anne Ward Appointed on 1 January Penelope James Appointed on 1 January Peter Hodgett Appointed on 1 January Elizabeth Lewin Appointed on 27 October Linda Elkins Resigned on 5 September 2016 and subsequently reappointed on 24 March The Responsible Entity is incorporated and domiciled in Australia and has its registered office at Ground Floor Tower 1, 201 Sussex Street, Sydney, New South Wales, Scheme Information The Funds are registered managed investment schemes domiciled in Australia and have their principal place of business at Ground Floor Tower 1, 201 Sussex Street, Sydney, New South Wales, Unit Pricing Adjustments Policy There are a number of factors used to calculate unit prices. The key factors include asset valuations, liabilities, debtors, the number of units on issue and where relevant, transaction costs. When the factors used to calculate the unit price are incorrect an adjustment to the unit price may be required. The Responsible Entity uses a variance of 0.30% (0.05% for a cash investment option) in the unit price before correcting the unit price. If a unit pricing error is greater than these tolerance levels the Responsible Entity will: - compensate unitholders' accounts balance if they have transacted on the incorrect unit price or make other adjustments as the Responsible Entity may consider appropriate, or - where unitholders' accounts are closed the Responsible Entity will send them a payment if the amount of the adjustment is more than $20. These tolerance levels are consistent with regulatory practice guidelines and industry standards. In some cases the Responsible Entity may compensate where the unit pricing error is less than the tolerance levels. Page 9

15 Significant Changes in the State of Affairs DIRECTORS' REPORT There were no significant changes in the nature of the Funds' activities during the reporting period. Matters Subsequent to the End of the Reporting Period No matters or circumstances have arisen since the end of the current reporting period that have significantly affected, or may significantly affect: (i) the operations of the Funds in future financial periods, or (ii) the results of those operations in future financial periods, or (iii) the state of affairs of the Funds in future financial periods. Indemnification and Insurance Premiums for Officers and Auditor No insurance premiums are paid for out of the assets of the Funds in relation to insurance cover provided to Colonial First State Investments Limited or the auditor of the Funds. So long as the officers of Colonial First State Investments Limited act in accordance with the Constitutions and the Corporations Act 2001, the officers remain indemnified out of the assets of the Funds against losses incurred while acting on behalf of the Funds. The auditor of the Funds is in no way indemnified out of the assets of the Funds. The Commonwealth Bank of Australia (CBA) has paid insurance premiums for the benefit of the Directors and Officers of the Responsible Entity, a wholly owned subsidiary of CBA. Details of the nature of the liabilities covered or the amount of the premium paid has not been included as such disclosure is prohibited under the terms of the insurance contracts. Likely Developments and Expected Results of Operations The Funds are expected to continue to operate within the terms of their Constitutions, and will continue to invest in accordance with their investment objectives and guidelines. The results of the Funds' operations will be affected by a number of factors, including the performance of investment markets in which the Funds invest. 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. At the time of preparing this report the Responsible Entity is not aware of any likely developments which would impact upon the future operations of the Funds. Fees Paid to and Received by the Responsible Entity or its Associates Fees paid or payable to the Responsible Entity and its associates out of the Funds' assets during the reporting period are disclosed in the Statements of Comprehensive Income. No fees were paid to the Directors of the Responsible Entity during the reporting period out of the Funds' assets. Interests in the Funds The units issued and redeemed in the Funds during the period and the number of units on issue at the end of the financial period are set out in "Changes in Net Assets Attributable to Unitholders" note to the financial statements. The value of the Funds' assets at the end of the financial period are set out in the Balance Sheets. Any interests in the Funds held by the Responsible Entity or its associates at the end of the reporting period are disclosed in the "Related Parties Disclosures" note to the financial statements. Page 10

16 Environmental Regulation DIRECTORS' REPORT The Funds' operations are not subject to any particular or significant environmental regulations under a Commonwealth, State or Territory law. There have been no known significant breaches of any other environmental requirements applicable to the Funds. Single Financial Report The Funds are of the kind referred to in ASIC Corporation Instrument 2015/839 dated 1 October 2015 issued by ASIC and in accordance with that ASIC Corporation Instrument, funds with a common Responsible Entity can include the financial statements in adjacent columns in a single financial report. Proceeds from redeeming units in a fund can be applied to acquire units in other funds included in this financial 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 in the following page. Signed in accordance with a resolution of the Directors of Colonial First State Investments Limited. Linda Elkins Director Sydney 24 August 2017 Page 11

17 I pwe Auditor's Independence Declaration As lead auditor for the audits of Colonial First State - FirstChoice Wholesale Investment Funds for the year ended 3o June zor7,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 zoot in relation to the audits; and b) no contraventions of any applicable code of professional conduct in relation to the audits (- CJ Cummins Partner PricewaterhouseCoopers Sydney 24 August 2017 PricewqterhouseCoopers, ABN gz 78o 4SS 757 One InternqtionalTowers Sydney,Watermqns Quay, Barangaroo, GPO BOX z6go, SYDNEYNSW zoot T: +6t z 8266 oooo, F: +6t z ,uuwptDc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Page 12

18 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale Defensive FirstChoice Wholesale Conservative FirstChoice Wholesale Diversified Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 44,975 39, , ,923 19,793 5,597 Changes in fair value of financial instruments held for trading (17,003) (5,104) (36,781) (38,445) (4,378) (2,732) Other income Total investment Income/(loss) 28,019 34, , ,721 15,440 2,882 Expenses Responsible Entity's management fees 8(c) 3,080 3,371 8,178 9, Other expenses Total operating expenses 3,081 3,371 8,178 9, Operating profit/(loss) attributable to unitholders 24,938 30, ,031 95,006 15,209 2,776 Distributions to unitholders 4 (46,775) (39,247) (183,899) (105,086) (19,661) (5,461) Change in net assets attributable to unitholders from operations 6(a) 21,837 8,544 23,868 10,080 4,452 2,685 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 13

19 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Moderate Balanced Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 569, ,895 90,790 45, , ,266 Changes in fair value of financial instruments held for trading 15,570 (219,105) 1,544 (31,505) 58,778 (178,830) Responsible Entity fees rebate ,570 2,387 Total investment Income/(loss) 585, ,194 92,430 13, ,227 39,087 Expenses Responsible Entity's management fees 8(c) 1,704 2, Other expenses Total operating expenses 1,704 2, Operating profit/(loss) attributable to unitholders 583, ,925 92,429 13, ,226 39,087 Distributions to unitholders 4 (864,687) (292,479) (116,770) (54,968) (464,668) (244,433) Change in net assets attributable to unitholders from operations 6(a) 280, ,554 24,341 41,262 (8,558) 205,346 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 14

20 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale High Growth Geared Growth Plus Fixed Interest Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $ $ $'000 $'000 Interest income Distribution income 103,061 37,134 1,448, , , ,626 Changes in fair value of financial instruments held for trading 26,621 (45,326) 76,649 (805,823) (253,199) 168,982 Other income Responsible Entity fees rebate Total investment Income/(loss) 130,023 (7,866) 1,525,656 (118,402) 35, ,063 Expenses Responsible Entity's management fees 8(c) , ,062 8,661 9,687 Other expenses Total operating expenses , ,108 8,661 9,687 Operating profit/(loss) attributable to unitholders 130,023 (7,868) 1,384,471 (243,510) 26, ,376 Distributions to unitholders 4 (91,348) (26,156) (1,609,848) (1,223,833) (323,652) (376,501) Change in net assets attributable to unitholders from operations 6(a) (38,675) 34, ,377 1,467, ,770 (69,875) Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 15

21 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Alternatives Lower Volatility Australian Share Australian Share Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 4, ,338 7, , ,723 Changes in fair value of financial instruments held for trading (5,128) 1,210 10,739 (4,549) 389,740 (444,614) Responsible Entity fees rebate ,444 2,167 Net foreign exchange gain/(loss) 1 (1) Total investment Income/(loss) (707) 2,127 17,086 3, ,483 (152,385) Expenses Responsible Entity's management fees 8(c) Other expenses Total operating expenses Operating profit/(loss) attributable to unitholders (708) 2,120 16,993 3, ,482 (152,385) Distributions to unitholders 4 (5,093) (1,184) (4,477) (7,586) (409,225) (342,450) Change in net assets attributable to unitholders from operations 6(a) 5,801 (936) (12,516) 4,359 (434,257) 494,835 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 16

22 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Australian Small Global Share Global Share - Hedged Companies Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 22,897 18, , , ,183 37,958 Changes in fair value of financial instruments held for trading 2,663 31, ,633 (480,766) 38,434 (126,649) Other income Responsible Entity fees rebate Total investment Income/(loss) 25,703 50, ,349 (195,940) 260,794 (88,439) Expenses Responsible Entity's management fees 8(c) - - 1,688 1, Other expenses Total operating expenses - 1 1,688 1, Operating profit/(loss) attributable to unitholders 25,703 50, ,661 (197,567) 260,597 (88,636) Distributions to unitholders 4 (9,340) (10,640) (626,307) (108,730) (216,645) (14,285) Change in net assets attributable to unitholders from operations 6(a) (16,363) (39,598) 67, ,297 (43,952) 102,921 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 17

23 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Asian Share Emerging Markets Property Securities Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 15,312 20,677 18,557 11,485 19,201 33,857 Changes in fair value of financial instruments held for trading 15,390 (34,407) 110,465 (54,442) (33,408) 79,271 Other income Responsible Entity fees rebate Total investment Income/(loss) 30,711 (13,717) 129,074 (42,886) (14,170) 113,159 Expenses Responsible Entity's management fees 8(c) 6 5 2,626 2, Other expenses Total operating expenses ,626 2, Operating profit/(loss) attributable to unitholders 30,705 (13,728) 126,448 (45,450) (14,567) 112,508 Distributions to unitholders 4 (21,079) (29,964) (6,452) (7,985) (15,210) (21,352) Change in net assets attributable to unitholders from operations 6(a) (9,626) 43,692 (119,996) 53,435 29,777 (91,156) Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 18

24 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Global Property Global Infrastructure Geared Australian Securities Securities Share Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 110,226 88, ,443 93,752 1,525 1,436 Changes in fair value of financial instruments held for trading (107,733) 26,541 (21,641) (23,648) 3,297 (2,713) Other income Total investment Income/(loss) 2, , ,867 70,195 4,822 (1,276) Expenses Responsible Entity's management fees 8(c) 1,158 1,205 2,378 2, Other expenses Total operating expenses 1,158 1,211 2,378 2, Operating profit/(loss) attributable to unitholders 1, , ,489 67,915 4,499 (1,561) Distributions to unitholders 4 (103,987) (31,366) (232,795) (93,428) (1,528) (1,446) Change in net assets attributable to unitholders from operations 6(a) 102,601 (82,821) 74,306 25,513 (2,971) 3,007 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 19

25 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Multi-Index Multi-Index Diversified Multi-Index Moderate Conservative Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 76,563 95,666 52,987 67, Changes in fair value of financial instruments held for trading 36,792 (27,073) 40,616 (31,142) 177 (211) Other income Net foreign exchange gain/(loss) Total investment Income/(loss) 113,493 68,727 93,684 36,709 1, Expenses Responsible Entity's management fees 8(c) 6,602 5,894 3,147 2, Total operating expenses 6,602 5,894 3,147 2, Operating profit/(loss) attributable to unitholders 106,891 62,833 90,537 33,999 1, Distributions to unitholders 4 (71,977) (108,467) (46,767) (35,824) (933) (393) Change in net assets attributable to unitholders from operations 6(a) (34,914) 45,634 (43,770) 1,825 (133) 194 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 20

26 STATEMENTS OF COMPREHENSIVE INCOME FirstChoice Wholesale FirstChoice Wholesale AZ Sestante Multi-Index Balanced Multi-Index High Wholesale Growth Conservative Note 1/07/2016-1/07/2015-1/07/2016-1/07/ /09/ /06/ /06/ /06/ /06/ /06/2017 Investment Income $'000 $'000 $'000 $'000 $'000 Interest income (1) Distribution income 112, ,851 8,448 8, Changes in fair value of financial instruments held for trading 134,091 (120,136) 9,267 (6,433) (264) Other income Net foreign exchange gain/(loss) Total investment Income/(loss) 246,239 66,867 17,727 1, Expenses Responsible Entity's management fees 8(c) 5,249 5, Other expenses Total operating expenses 5,250 5, Operating profit/(loss) attributable to unitholders 240,989 61,347 17,432 1, Distributions to unitholders 4 (157,080) (217,778) (8,106) (7,958) (478) Change in net assets attributable to unitholders from operations 6(a) (83,909) 156,431 (9,326) 6, Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 21

27 STATEMENTS OF COMPREHENSIVE INCOME Colonial First State Perpetual Wholesale AZ Sestante Wholesale Conservative Growth Wholesale Diversified Conservative Note 1/07/2016-1/07/2015-1/07/2016-1/07/ /09/ /06/ /06/ /06/ /06/ /06/2017 Investment Income $'000 $'000 $'000 $'000 $'000 Interest income (582) (2) Dividend income Distribution income 37,161 41,173 6,730 9,785 2,323 Changes in fair value of financial instruments held for trading (10,994) (7,740) 5,858 (1,377) (1,362) Other income Responsible Entity fees rebate Net foreign exchange gain/(loss) - - (302) (53) 3 Total investment Income/(loss) 26,320 33,628 12,798 8, Expenses Responsible Entity's management fees 8(c) 1,052 1,294 1,278 1,347 - Custody fees 8(d) Brokerage costs Other expenses Total operating expenses 1,052 1,294 1,311 1,372 1 Operating profit/(loss) attributable to unitholders 25,268 32,334 11,487 6, Distributions to unitholders 4 (18,761) (29,668) (5,552) (9,323) (2,497) Change in net assets attributable to unitholders from operations 6(a) (6,507) (2,666) (5,935) 2,653 1,522 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 22

28 STATEMENTS OF COMPREHENSIVE INCOME Colonial First State Perpetual Wholesale AZ Sestante Wholesale Balanced Diversified Growth Wholesale Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/ /09/ /06/ /06/ /06/ /06/ /06/2017 Investment Income $'000 $'000 $'000 $'000 $'000 Interest income (205) (1,728) (1) Dividend income Distribution income 30,003 43,923 3,719 4, Changes in fair value of financial instruments held for trading 12,449 (14,141) 5,697 (1,951) (537) Other income Responsible Entity fees rebate Net foreign exchange gain/(loss) - - (182) (39) 1 Total investment Income/(loss) 42,689 30,014 9,403 1, Expenses Responsible Entity's management fees 8(c) Custody fees 8(d) Brokerage costs Other expenses Total operating expenses Operating profit/(loss) attributable to unitholders 41,817 29,114 8, Distributions to unitholders 4 (17,647) (25,220) (3,062) (2,509) (927) Change in net assets attributable to unitholders from operations 6(a) (24,170) (3,894) (5,686) 1, Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 23

29 STATEMENTS OF COMPREHENSIVE INCOME BT Wholesale Active Colonial First State Perpetual Wholesale Balanced Wholesale Diversified Balanced Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income (674) (5,747) Dividend income ,388 1,154 Distribution income 16,262 15,008 72, ,693 12,946 13,632 Changes in fair value of financial instruments held for trading 1,382 (10,508) 37,464 (45,554) 23,639 (7,112) Other income Net foreign exchange gain/(loss) (659) (80) Total investment Income/(loss) 17,769 4, ,010 65,751 36,660 1,851 Expenses Responsible Entity's management fees 8(c) ,504 1,705 1,742 1,756 Custody fees 8(d) Brokerage costs Other expenses Total operating expenses ,504 1,705 1,833 1,839 Operating profit/(loss) attributable to unitholders 17,311 4, ,506 64,046 34, Distributions to unitholders 4 (22,988) (18,661) (37,310) (56,223) (15,366) (10,393) Change in net assets attributable to unitholders from operations 6(a) 5,677 14,411 (72,196) (7,823) (19,461) 10,381 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 24

30 STATEMENTS OF COMPREHENSIVE INCOME Colonial First State Schroder Wholesale Colonial First State Wholesale Multi-Asset Real Return Wholesale High Real Return Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $ $ $'000 $'000 $'000 $'000 Interest income Distribution income 84, , ,327 28,533 Changes in fair value of financial instruments held for trading 24,311 (36,608) (56) (64) 14,913 (12,889) Other income Net foreign exchange gain/(loss) 3 (3) Total investment Income/(loss) 108,447 (36,064) 1, ,435 15,815 Expenses Responsible Entity's management fees 8(c) 4,190 4, Other expenses Total operating expenses 4,205 4, Operating profit/(loss) attributable to unitholders 104,242 (40,764) 1, ,179 15,627 Distributions to unitholders 4 (51,579) (438) (1,222) (211) (8,371) (13,473) Change in net assets attributable to unitholders from operations 6(a) (52,663) 41, (23,808) (2,154) Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 25

31 STATEMENTS OF COMPREHENSIVE INCOME Sanlam Wholesale Colonial First State Aspect Wholesale Managed Risk Wholesale Index Diversified Futures Multi-Index High Australian Bond Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $ $ $'000 $'000 $'000 $'000 Interest income 3 1 (4) Distribution income 5,532 5,545 1,372 1,769-3,218 Changes in fair value of financial instruments held for trading 15,275 (4,382) (1,428) 683 (3,670) 1,418 Other income Net foreign exchange gain/(loss) 1 (1) Total investment Income/(loss) 20,812 1,158 (54) 2,454 (3,668) 4,640 Expenses Responsible Entity's management fees 8(c) Other expenses Total operating expenses Operating profit/(loss) attributable to unitholders 20,348 1,106 (97) 2,416 (3,707) 4,602 Distributions to unitholders 4 (5,292) (5,486) (1,329) (1,858) - (3,176) Change in net assets attributable to unitholders from operations 6(a) (15,056) 4,380 1,426 (558) 3,707 (1,426) Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 26

32 STATEMENTS OF COMPREHENSIVE INCOME Colonial First State Colonial First State Colonial First State Wholesale Developing Wholesale Future Wholesale Index Companies Leaders Global Share Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ /06/ /06/ /06/ /06/ /06/ /06/2016 Investment Income $'000 $'000 $'000 $'000 $'000 $'000 Interest income Distribution income 2,880 2,089 1,031 1,371 2,154 1,644 Changes in fair value of financial instruments held for trading (2,954) 309 (733) ,137 (1,385) Responsible Entity fees rebate Total investment Income/(loss) 373 2, ,937 15, Expenses Responsible Entity's management fees 8(c) Other expenses Total operating expenses Operating profit/(loss) attributable to unitholders 373 2, ,937 15, Distributions to unitholders 4 (4,681) (2,226) (723) (1,081) (6,711) (8,231) Change in net assets attributable to unitholders from operations 6(a) 4,308 (305) 271 (856) (8,583) 7,963 Profit/(Loss) for the period Other comprehensive income for the period Total comprehensive income for the period The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 27

33 STATEMENTS OF COMPREHENSIVE INCOME Colonial First State Wholesale Index Property Securities Note 1/07/2016-1/07/ /06/ /06/2016 Investment Income $'000 $'000 Interest income Distribution income 2,993 3,540 Changes in fair value of financial instruments held for trading (8,737) 13,517 Other income 1 - Total investment Income/(loss) (5,738) 17,062 Expenses Responsible Entity's management fees 8(c) 1 1 Total operating expenses 1 1 Operating profit/(loss) attributable to unitholders (5,739) 17,061 Distributions to unitholders 4 (2,989) (3,376) Change in net assets attributable to unitholders from operations 6(a) 8,728 (13,685) Profit/(Loss) for the period - - Other comprehensive income for the period - - Total comprehensive income for the period - - The above Statements of Comprehensive Income should be read in conjunction with the accompanying notes. Page 28

34 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale Defensive FirstChoice Wholesale Conservative FirstChoice Wholesale Diversified Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 4,296 7,355 16,998 23,315 2,613 1,436 Trade and other receivables: - application monies 1, ,086 1, interest others Financial assets held for trading 5 953, ,458 3,458,075 3,511, , ,269 Total assets 959, ,532 3,475,761 3,537, , ,027 Liabilities Trade and other payables: - redemptions 1, others Distribution payable ,473 1, Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) 2,096 1,427 4,054 2, Net assets attributable to unitholders - liability 956, ,105 3,471,707 3,534, , ,961 Represented by: Fair value of outstanding units based on redemption value 956, ,732 3,470,747 3,533, , ,952 Buy and sell spread Adjustment to period end accruals (5) (30) 7 2 Net assets attributable to unitholders 956, ,105 3,471,707 3,534, , ,961 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 29

35 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Moderate Balanced Growth Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 38,793 31,137 9,112 8,142 26,060 28,955 Trade and other receivables: - application monies 765 2, ,397 - interest others Responsible Entity fee rebate 8(c) Financial assets held for trading 5 6,623,778 8,319, ,696 1,024,767 4,088,861 4,848,523 Total assets 6,663,409 8,352,586 1,004,949 1,033,327 4,115,701 4,879,142 Liabilities Trade and other payables: - redemptions 7,529 2, ,845 1,574 - others Distribution payable 5,953 1,736 1, ,093 1,361 Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) 13,653 4,491 2,300 1,536 20,002 3,002 Net assets attributable to unitholders - liability 6,649,756 8,348,095 1,002,649 1,031,791 4,095,699 4,876,140 Represented by: Fair value of outstanding units based on redemption value 6,650,077 8,348,974 1,002,291 1,031,451 4,094,665 4,874,977 Buy and sell spread (680) (896) ,060 1,254 Adjustment to period end accruals (1) (26) (91) Net assets attributable to unitholders 6,649,756 8,348,095 1,002,649 1,031,791 4,095,699 4,876,140 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 30

36 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale High Growth Geared Growth Plus Fixed Interest Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $ $ $'000 $'000 Cash and cash equivalents 3,024 3,588 56,283 99,648 29,140 37,144 Trade and other receivables: - application monies ,048 7, interest others - - 4,092 3, Responsible Entity fee rebate 8(c) Financial assets held for trading 5 949, ,835 7,988,357 5,439,322 5,548,184 6,041,189 Total assets 952, ,673 8,152,780 5,549,743 5,577,892 6,079,302 Liabilities Trade and other payables: - redemptions others Distribution payable ,692 89,362 1,438 2,231 Responsible Entity - fee 8(c) ,508 10, Total liabilities (excluding net assets attributable to unitholders) , ,343 2,941 3,256 Net assets attributable to unitholders - liability 951, ,506 7,988,475 5,449,400 5,574,951 6,076,046 Represented by: Fair value of outstanding units based on redemption value 950, ,936 7,988,242 5,448,905 5,572,063 6,073,232 Buy and sell spread ,528 2,753 Adjustment to period end accruals Net assets attributable to unitholders 951, ,506 7,988,475 5,449,400 5,574,951 6,076,046 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 31

37 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Alternatives Lower Volatility Australian Share Australian Share Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 1, ,341 28,001 27,613 Trade and other receivables: - application monies ,601 - interest others Responsible Entity fee rebate 8(c) Financial assets held for trading 5 197, , , ,847 4,670,362 5,242,796 Total assets 198, , , ,092 4,698,659 5,273,210 Liabilities Trade and other payables: - redemptions , others Distribution payable Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) ,040 1,568 Net assets attributable to unitholders - liability 198, , , ,007 4,696,619 5,271,642 Represented by: Fair value of outstanding units based on redemption value 198, , , ,010 4,696,393 5,271,552 Buy and sell spread Adjustment to period end accruals (3) (37) 66 Net assets attributable to unitholders 198, , , ,007 4,696,619 5,271,642 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 32

38 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Australian Small Global Share Global Share - Hedged Companies Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 2,193 2,190 14,097 29,553 8,924 5,081 Trade and other receivables: - application monies 119 1, interest others Responsible Entity fee rebate 8(c) Financial assets held for trading 5 345, ,567 3,892,944 4,355,696 1,416,709 1,586,205 Total assets 348, ,998 3,907,150 4,385,437 1,425,665 1,591,435 Liabilities Trade and other payables: - redemptions others Distribution payable , Responsible Entity - fee 8(c) Financial liabilities held for trading ,397 24,490 Total liabilities (excluding net assets attributable to unitholders) , ,146 24,643 Net assets attributable to unitholders - liability 347, ,628 3,905,142 4,384,910 1,418,519 1,566,792 Represented by: Fair value of outstanding units based on redemption value 347, ,546 3,905,043 4,384,907 1,418,441 1,566,734 Buy and sell spread Adjustment to period end accruals Net assets attributable to unitholders 347, ,628 3,905,142 4,384,910 1,418,519 1,566,792 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 33

39 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Asian Share Emerging Markets Property Securities Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 1, ,198 3,364 3,662 1,279 Trade and other receivables: - application monies ,792 - interest others Financial assets held for trading 5 150, , , , , ,216 Total assets 151, , , , , ,303 Liabilities Trade and other payables: - redemptions , Distribution payable Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) , Net assets attributable to unitholders - liability 150, , , , , ,790 Represented by: Fair value of outstanding units based on redemption value 150, , , , , ,788 Buy and sell spread Adjustment to period end accruals 5 (1) Net assets attributable to unitholders 150, , , , , ,790 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 34

40 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Global Property Global Infrastructure Geared Australian Securities Securities Share Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 5,177 4,324 5,827 7, Trade and other receivables: - application monies interest others Financial assets held for trading 5 941,215 1,103,581 1,156,913 1,240,754 18,910 14,848 Total assets 946,479 1,107,959 1,163,164 1,248,111 19,355 15,318 Liabilities Trade and other payables: - redemptions others Distribution payable , Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) ,575 1, Net assets attributable to unitholders - liability 945,998 1,107,452 1,160,589 1,246,843 18,849 14,901 Represented by: Fair value of outstanding units based on redemption value 945,959 1,107,438 1,160,652 1,246,917 18,848 14,901 Buy and sell spread - - (58) (68) - - Adjustment to period end accruals (5) (6) 1 - Net assets attributable to unitholders 945,998 1,107,452 1,160,589 1,246,843 18,849 14,901 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 35

41 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Multi-Index Multi-Index Diversified Multi-Index Moderate Conservative Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 18,277 14,184 11,427 6, Trade and other receivables: - application monies 3,274 2,181 2, interest others Financial assets held for trading 5 2,332,149 1,860,756 1,354,002 1,065,781 27,275 7,622 Total assets 2,353,905 1,877,289 1,367,608 1,073,287 27,654 7,641 Liabilities Bank overdraft Trade and other payables: - redemptions others Distribution payable 931 1, Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) 1,639 2, Net assets attributable to unitholders - liability 2,352,266 1,874,576 1,366,678 1,072,334 27,291 7,636 Represented by: Fair value of outstanding units based on redemption value 2,351,976 1,874,148 1,366,108 1,071,823 27,291 7,636 Buy and sell spread Adjustment to period end accruals (74) 3 (11) (3) - - Net assets attributable to unitholders 2,352,266 1,874,576 1,366,678 1,072,334 27,291 7,636 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 36

42 BALANCE SHEETS AS AT 30 JUNE 2017 FirstChoice Wholesale FirstChoice Wholesale AZ Sestante Multi-Index Balanced Multi-Index High Wholesale Growth Conservative Note 30/06/ /06/ /06/ /06/ /06/2017 Assets $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 13,984 18,481 1, Trade and other receivables: - application monies 1,766 1, interest others Financial assets held for trading 5 2,369,666 2,399, ,104 99,436 25,930 Total assets 2,385,568 2,420, ,142 99,927 26,408 Liabilities Bank overdraft Trade and other payables: - redemptions 210 1, others Distribution payable 2,514 3, Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) 3,209 5, Net assets attributable to unitholders - liability 2,382,359 2,414, ,991 99,821 26,006 Represented by: Fair value of outstanding units based on redemption value 2,381,731 2,414, ,950 99,806 25,989 Buy and sell spread Adjustment to period end accruals (66) 1 (3) (5) 1 Net assets attributable to unitholders 2,382,359 2,414, ,991 99,821 26,006 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 37

43 BALANCE SHEETS AS AT 30 JUNE 2017 Colonial First State Perpetual Wholesale AZ Sestante Wholesale Conservative Growth Wholesale Diversified Conservative Note 30/06/ /06/ /06/ /06/ /06/2017 Assets $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 2,520 3,457 16,734 13,063 3 Trade and other receivables: - outstanding sales settlement , application monies ,620 - dividends interest others Responsible Entity fee rebate 8(c) Financial assets held for trading 5 748,111 1,021, , ,018 99,249 Total assets 751,016 1,025, , , ,880 Liabilities Bank overdraft ,154 Trade and other payables: - outstanding purchase settlements - - 1, redemptions others Distribution payable 791 1, Responsible Entity - fee 8(c) Financial liabilities held for trading Total liabilities (excluding net assets attributable to unitholders) 1,182 2,193 2, ,280 Net assets attributable to unitholders - liability 749,834 1,023, , ,102 99,600 Represented by: Fair value of outstanding units based on redemption value 750,130 1,023, , ,097 99,569 Adjustments arising from different unit pricing and AIFRS valuation principles - - (20) (12) - Buy and sell spread (290) (393) (25) 2 23 Adjustment to period end accruals (6) Net assets attributable to unitholders 749,834 1,023, , ,102 99,600 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 38

44 BALANCE SHEETS AS AT 30 JUNE 2017 Colonial First State Perpetual Wholesale AZ Sestante Wholesale Balanced Diversified Growth Wholesale Growth Note 30/06/ /06/ /06/ /06/ /06/2017 Assets $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 3,654 3,898 6,363 10,441 1 Trade and other receivables: - outstanding sales settlement application monies dividends interest others Responsible Entity fee rebate 8(c) Financial assets held for trading 5 751, , , ,811 33,731 Total assets 755, , , ,067 33,922 Liabilities Bank overdraft Trade and other payables: - outstanding purchase settlements redemptions others Distribution payable 355 1, Responsible Entity - fee 8(c) Financial liabilities held for trading Total liabilities (excluding net assets attributable to unitholders) 593 1,749 1, Net assets attributable to unitholders - liability 754, , , ,477 33,846 Represented by: Fair value of outstanding units based on redemption value 755, , , ,409 33,834 Adjustments arising from different unit pricing and AIFRS valuation principles - - (612) (5) - Buy and sell spread (149) (194) Adjustment to period end accruals 25 (10) Net assets attributable to unitholders 754, , , ,477 33,846 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 39

45 BALANCE SHEETS AS AT 30 JUNE 2017 BT Wholesale Active Colonial First State Perpetual Wholesale Balanced Wholesale Diversified Balanced Growth Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 13,080 10,171 4,024 7,139 18,612 46,694 Trade and other receivables: - outstanding sales settlement ,436 - application monies dividends interest others Financial assets held for trading 5 172, ,442 1,443,749 1,746, , ,694 Total assets 185, ,638 1,448,235 1,754, , ,186 Liabilities Bank overdraft Trade and other payables: - outstanding purchase settlements , redemptions others Distribution payable ,389 2, Responsible Entity - fee 8(c) Financial liabilities held for trading ,862 1,747 Total liabilities (excluding net assets attributable to unitholders) ,744 3,121 6,900 2,713 Net assets attributable to unitholders - liability 184, ,211 1,446,491 1,750, , ,473 Represented by: Fair value of outstanding units based on redemption value 184, ,126 1,446,341 1,750, , ,139 Adjustments arising from different unit pricing and AIFRS valuation principles (37) (16) Buy and sell spread Adjustment to period end accruals Net assets attributable to unitholders 184, ,211 1,446,491 1,750, , ,473 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 40

46 BALANCE SHEETS AS AT 30 JUNE 2017 Colonial First State Schroder Wholesale Colonial First State Wholesale Multi-Asset Real Return Wholesale High Real Return Growth Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $ $ $'000 $'000 $'000 $'000 Cash and cash equivalents 5,359 5, ,257 1,293 Trade and other receivables: - application monies interest others Financial assets held for trading 5 2,199,491 2,183,607 21,542 15, , ,781 Total assets 2,204,969 2,189,448 21,768 15, , ,121 Liabilities Trade and other payables: - redemptions others Distribution payable 3, Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) 3, Net assets attributable to unitholders - liability 2,201,270 2,188,937 21,608 15, , ,589 Represented by: Fair value of outstanding units based on redemption value 2,201,154 2,189,038 21,609 15, , ,390 Buy and sell spread Adjustment to period end accruals 116 (101) (1) Net assets attributable to unitholders 2,201,270 2,188,937 21,608 15, , ,589 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 41

47 BALANCE SHEETS AS AT 30 JUNE 2017 Sanlam Wholesale Colonial First State Aspect Wholesale Managed Risk Wholesale Index Diversified Futures Multi-Index High Australian Bond Growth Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $ $ $'000 $'000 $'000 $'000 Cash and cash equivalents 3, Trade and other receivables: - application monies others Financial assets held for trading 5 569, ,394 47,053 41,719 34,786 38,236 Total assets 572, ,020 47,373 41,933 34,971 38,423 Liabilities Bank overdraft Trade and other payables: - redemptions others Distribution payable 2, Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) 2, Net assets attributable to unitholders - liability 570, ,557 47,216 41,801 34,934 38,314 Represented by: Fair value of outstanding units based on redemption value 570, ,567 47,213 41,799 34,934 38,312 Buy and sell spread Adjustment to period end accruals 31 (10) Net assets attributable to unitholders 570, ,557 47,216 41,801 34,934 38,314 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 42

48 BALANCE SHEETS AS AT 30 JUNE 2017 Colonial First State Colonial First State Colonial First State Wholesale Developing Wholesale Future Wholesale Index Companies Leaders Global Share Note 30/06/ /06/ /06/ /06/ /06/ /06/2016 Assets $'000 $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 1, ,309 2,044 Trade and other receivables: - application monies interest others Responsible Entity fee rebate 8(c) Financial assets held for trading 5 56,078 25,579 20,980 21, , ,076 Total assets 57,398 26,364 21,179 21, , ,282 Liabilities Trade and other payables: - redemptions others Distribution payable 1, ,238 2,014 Responsible Entity - fee 8(c) Total liabilities (excluding net assets attributable to unitholders) 1, ,368 2,036 Net assets attributable to unitholders - liability 56,200 25,425 21,054 21, , ,246 Represented by: Fair value of outstanding units based on redemption value 56,200 25,426 21,054 21, , ,249 Adjustment to period end accruals - (1) (3) Net assets attributable to unitholders 56,200 25,425 21,054 21, , ,246 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 43

49 BALANCE SHEETS AS AT 30 JUNE 2017 Colonial First State Wholesale Index Property Securities Note 30/06/ /06/2016 Assets $'000 $'000 Cash and cash equivalents 778 1,020 Trade and other receivables: - application monies Financial assets held for trading 5 75,465 91,389 Total assets 76,461 92,449 Liabilities Trade and other payables: - redemptions others - 1 Distribution payable Total liabilities (excluding net assets attributable to unitholders) Net assets attributable to unitholders - liability 75,691 91,611 Represented by: Fair value of outstanding units based on redemption value 75,684 91,608 Adjustment to period end accruals 7 3 Net assets attributable to unitholders 75,691 91,611 The above Balance Sheets should be read in conjunction with the accompanying notes. Page 44

50 STATEMENTS OF CHANGES IN EQUITY The Funds' net assets attributable to unitholders are classified as a liability under AASB 132 Financial Instruments Presentation. As such the Funds have no equity, and no items of changes in equity have been presented for the current and comparative reporting periods. The above Statements of Changes in Equity should be read in conjunction with the "Changes in Net Assets attributable to Unitholders" note in the accompanying notes. Page 45

51 CASH FLOW STATEMENTS FirstChoice Wholesale Defensive FirstChoice Wholesale Conservative FirstChoice Wholesale Diversified Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 49, , , , ,030 Payments for purchase of financial instruments held for trading (30,290) (194,436) (17,500) (433,574) (115,567) (157,864) Interest received Responsible Entity fee received/ (paid) (3,078) (3,423) (8,175) (9,894) (221) (96) Others - (1) (1) 1 1 (3) Net cash (used in)/from operating activities 7(a) 16,083 (67,161) 213,374 (45,249) (115,464) (152,917) Cash flows from financing activities Receipts from issue of units 160, , , , , ,580 Payment for redemption of units (178,536) (123,121) (479,443) (329,118) (25,392) (12,242) Distributions paid (1,300) (973) (2,462) (1,762) (114) (32) Net cash (used in)/from financing activities (19,142) 65,066 (219,691) 45, , ,306 Net movement in cash and cash equivalents (3,059) (2,095) (6,317) 307 1,177 1,389 Add opening cash and cash equivalents brought forward 7,355 9,450 23,315 23,008 1, Closing cash and cash equivalents carried forward 4,296 7,355 16,998 23,315 2,613 1,436 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 46

52 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Moderate Balanced Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 2,326,646 1,520, ,754 96,512 1,252, ,028 Payments for purchase of financial instruments held for trading (46,000) (865,700) (23,350) (99,400) (22,300) (411,680) Interest received Responsible Entity fee received/ (paid) (1,708) (2,335) 43 (32) 2,596 2,358 Others - - (2) - - (1) Net cash (used in)/from operating activities 7(a) 2,279, , ,501 (2,852) 1,232, ,971 Cash flows from financing activities Receipts from issue of units 227, , , , , ,502 Payment for redemption of units (2,493,563) (914,025) (233,971) (114,343) (1,415,411) (477,765) Distributions paid (5,814) (2,259) (1,348) (804) (3,006) (1,476) Net cash (used in)/from financing activities (2,271,568) (670,826) (120,531) 2,385 (1,235,819) (301,739) Net movement in cash and cash equivalents 7,656 (18,015) 970 (467) (2,895) (8,768) Add opening cash and cash equivalents brought forward 31,137 49,152 8,142 8,609 28,955 37,723 Closing cash and cash equivalents carried forward 38,793 31,137 9,112 8,142 26,060 28,955 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 47

53 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale High Growth Geared Growth Plus Fixed Interest Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $ $ $'000 $'000 Proceeds from sale of financial instruments held for trading 70,957 40,910 1,375,500 1,561, , ,580 Payments for purchase of financial instruments held for trading (16,600) (46,900) (2,398,999) (1,160,000) (79,000) (7,000) Interest received Responsible Entity fee received/ (paid) (137,369) (125,670) (8,716) (9,695) Others (46) (1) (1) Net cash (used in)/from operating activities 7(a) 54,695 (5,666) (1,160,639) 275, , ,349 Cash flows from financing activities Receipts from issue of units 70,728 88,606 2,662,824 1,531, , ,663 Payment for redemption of units (125,731) (85,253) (1,426,334) (1,664,069) (919,624) (1,171,687) Distributions paid (256) (157) (119,216) (93,364) (3,947) (2,216) Net cash (used in)/from financing activities (55,259) 3,196 1,117,274 (225,897) (527,854) (966,240) Net movement in cash and cash equivalents (564) (2,470) (43,365) 49,780 (8,004) 2,109 Add opening cash and cash equivalents brought forward 3,588 6,058 99,648 49,868 37,144 35,035 Closing cash and cash equivalents carried forward 3,024 3,588 56,283 99,648 29,140 37,144 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 48

54 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Alternatives Lower Volatility Australian Share Australian Share Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 10,600 7,263 30,240 29,555 1,783, ,600 Payments for purchase of financial instruments held for trading (95,734) (109,058) (650) (1,350) (370,786) (198,500) Interest received Responsible Entity fee received/ (paid) 15 - (92) (95) 2,430 2,175 Others - - (1) 2 (1) 1 Net cash (used in)/from operating activities 7(a) (85,106) (101,793) 29,506 28,124 1,415, ,624 Cash flows from financing activities Receipts from issue of units 90, ,976 5,323 1, , ,089 Payment for redemption of units (4,329) (742) (35,705) (30,619) (2,065,377) (634,030) Distributions paid (27) (19) (122) (133) (1,673) (1,645) Net cash (used in)/from financing activities 86, ,215 (30,504) (28,788) (1,415,510) (262,586) Net movement in cash and cash equivalents 1, (998) (664) 388 8,038 Effects of exchange rate changes 1 (1) Add opening cash and cash equivalents brought forward 313 (108) 1,341 2,005 27,613 19,575 Closing cash and cash equivalents carried forward 1, ,341 28,001 27,613 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 49

55 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Australian Small Global Share Global Share - Hedged Companies Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 33,050 55,092 1,062, , ,019 37,656 Payments for purchase of financial instruments held for trading (6,900) (24,942) (40,000) (630,000) (27,000) (294,300) Interest received Responsible Entity fee received/ (paid) (1,652) (1,724) (89) (86) Others (1) 1 39 (1) (5) - Net cash (used in)/from operating activities 7(a) 26,293 30,296 1,021,459 (158,411) 412,011 (256,562) Cash flows from financing activities Receipts from issue of units 27,366 17, , ,570 9, ,649 Payment for redemption of units (53,162) (48,376) (1,155,389) (286,641) (418,072) (51,854) Distributions paid (494) (274) (678) (201) (29) - Net cash (used in)/from financing activities (26,290) (30,689) (1,036,915) 168,728 (408,168) 248,795 Net movement in cash and cash equivalents 3 (393) (15,456) 10,317 3,843 (7,767) Add opening cash and cash equivalents brought forward 2,190 2,583 29,553 19,236 5,081 12,848 Closing cash and cash equivalents carried forward 2,193 2,190 14,097 29,553 8,924 5,081 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 50

56 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Asian Share Emerging Markets Property Securities Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 19,950 24, ,100 7,000 41, ,675 Payments for purchase of financial instruments held for trading (600) (7,200) (3,250) (58,200) - (286,500) Interest received Responsible Entity fee received/ (paid) (5) (1) (2,628) (2,556) (399) (661) Others (1) (5) (1) (8) - - Net cash (used in)/from operating activities 7(a) 19,351 17, ,273 (53,691) 41, ,546 Cash flows from financing activities Receipts from issue of units 7,465 13, ,836 72,985 37,433 15,612 Payment for redemption of units (25,232) (31,238) (235,241) (21,383) (75,844) (286,469) Distributions paid (951) (698) (34) (18) (539) (245) Net cash (used in)/from financing activities (18,718) (18,536) (130,439) 51,584 (38,950) (271,102) Net movement in cash and cash equivalents 633 (882) 2,834 (2,107) 2,383 (2,556) Add opening cash and cash equivalents brought forward 557 1,439 3,364 5,471 1,279 3,835 Closing cash and cash equivalents carried forward 1, ,198 3,364 3,662 1,279 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 51

57 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Global Property Global Infrastructure Geared Australian Securities Securities Share Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 169,608 81, ,143 59,000 12,061 1,892 Payments for purchase of financial instruments held for trading (4,750) (61,500) (104,500) (102,500) (11,301) (6,420) Interest received Responsible Entity fee received/ (paid) (1,174) (1,166) (2,393) (2,257) (319) (281) Others 1 (6) (1) (7) - 1 Net cash (used in)/from operating activities 7(a) 163,738 18, ,317 (45,674) 441 (4,808) Cash flows from financing activities Receipts from issue of units 135,412 83, , ,890 11,984 7,092 Payment for redemption of units (297,575) (104,399) (401,423) (87,648) (12,005) (1,891) Distributions paid (722) (100) (1,702) (1,871) (386) (187) Net cash (used in)/from financing activities (162,885) (20,792) (243,521) 44,371 (407) 5,014 Net movement in cash and cash equivalents 853 (2,292) (1,204) (1,303) Add opening cash and cash equivalents brought forward 4,324 6,616 7,031 8, Closing cash and cash equivalents carried forward 5,177 4,324 5,827 7, The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 52

58 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale FirstChoice Wholesale Multi-Index Multi-Index Diversified Multi-Index Moderate Conservative Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 14, ,711 34, ,135 1, Payments for purchase of financial instruments held for trading (372,070) (302,960) (229,480) (218,250) (19,998) (7,919) Interest received Responsible Entity fee received/ (paid) (6,498) (5,881) (3,092) (2,698) (26) (7) Others - - (1) Net cash (used in)/from operating activities 7(a) (364,398) (84,995) (197,631) (104,727) (18,585) (7,375) Cash flows from financing activities Receipts from issue of units 523, , , ,886 20,958 8,044 Payment for redemption of units (152,257) (168,784) (117,249) (94,708) (2,642) (646) Distributions paid (2,599) (1,790) (568) (339) (28) (5) Net cash (used in)/from financing activities 368,491 82, , ,839 18,288 7,393 Net movement in cash and cash equivalents 4,093 (2,492) 4,837 (3,888) (297) 18 Effects of exchange rate changes Add opening cash and cash equivalents brought forward 14,184 16,676 6,590 10, Closing cash and cash equivalents carried forward 18,277 14,184 11,427 6,590 (278) 18 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 53

59 CASH FLOW STATEMENTS FirstChoice Wholesale FirstChoice Wholesale AZ Sestante Multi-Index Balanced Multi-Index High Wholesale Growth Conservative Note 1/07/2016-1/07/2015-1/07/2016-1/07/ /09/ Cash flows from 30/06/ /06/ /06/ /06/ /06/2017 operating activities $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 430, ,291 4, ,700 Payments for purchase of financial instruments held for trading (154,550) (189,550) (61,753) (37,165) (31,450) Interest received (1) Responsible Entity fee received/ (paid) (5,254) (5,535) (283) (170) (2) Others (1) (1) 1 (2) 2 Net cash (used in)/from operating activities 7(a) 270, ,359 (57,225) (37,029) (25,751) Cash flows from financing activities Receipts from issue of units 298, ,583 75,718 43,194 25,813 Payment for redemption of units (567,645) (302,062) (16,949) (5,945) (428) Distributions paid (6,144) (4,721) (118) (101) (2) Net cash (used in)/from financing activities (275,457) (118,200) 58,651 37,148 25,383 Net movement in cash and cash equivalents (4,497) (841) 1, (368) Effects of exchange rate changes Add opening cash and cash equivalents brought forward 18,481 19, Closing cash and cash equivalents carried forward 13,984 18,481 1, (367) The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 54

60 CASH FLOW STATEMENTS Colonial First State Perpetual Wholesale AZ Sestante Wholesale Conservative Growth Wholesale Diversified Conservative Note 1/07/2016-1/07/2015-1/07/2016-1/07/ /09/ Cash flows from 30/06/ /06/ /06/ /06/ /06/2017 operating activities $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 356, ,901 73,190 62,931 23,970 Payments for purchase of financial instruments held for trading (56,739) (53,368) (30,742) (42,986) (122,259) Interest received (562) (2) Dividends received Responsible Entity fee received/ (paid) (1,074) (1,306) (1,288) (1,345) 7 Payment for brokerage costs - - (27) (18) - Others (8) 4 Net cash (used in)/from operating activities 7(a) 298,672 93,423 41,477 18,387 (98,280) Cash flows from financing activities Receipts from issue of units 52,582 62,191 16,867 30,707 98,293 Payment for redemption of units (349,238) (155,679) (55,102) (41,335) (2,165) Distributions paid (2,953) (4,212) (86) (156) (2) Net cash (used in)/from financing activities (299,609) (97,700) (38,321) (10,784) 96,126 Net movement in cash and cash equivalents (937) (4,277) 3,156 7,603 (2,154) Effects of exchange rate changes - - (6) (44) 3 Add opening cash and cash equivalents brought forward 3,457 7,734 12,977 5,418 - Closing cash and cash equivalents carried forward 2,520 3,457 16,127 12,977 (2,151) The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 55

61 CASH FLOW STATEMENTS Colonial First State Perpetual Wholesale AZ Sestante Wholesale Balanced Diversified Growth Wholesale Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/ /09/ Cash flows from 30/06/ /06/ /06/ /06/ /06/2017 operating activities $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 194, ,400 39,172 57,929 7,548 Payments for purchase of financial instruments held for trading (48,408) (68,559) (30,563) (43,636) (40,960) Interest received (202) (1,717) (1) Dividends received Responsible Entity fee received/ (paid) (874) (906) (638) (607) 8 Payment for brokerage costs - - (14) (9) - Others (2) (2) - Net cash (used in)/from operating activities 7(a) 145,420 79,166 8,067 12,261 (33,405) Cash flows from financing activities Receipts from issue of units 45,159 37,184 9,399 10,951 33,547 Payment for redemption of units (187,408) (114,471) (21,633) (20,313) (159) Distributions paid (3,415) (4,298) (56) (68) (3) Net cash (used in)/from financing activities (145,664) (81,585) (12,290) (9,430) 33,385 Net movement in cash and cash equivalents (244) (2,419) (4,223) 2,831 (20) Effects of exchange rate changes - - (41) 2 1 Add opening cash and cash equivalents brought forward 3,898 6,317 10,370 7,537 - Closing cash and cash equivalents carried forward 3,654 3,898 6,106 10,370 (19) The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 56

62 CASH FLOW STATEMENTS BT Wholesale Active Colonial First State Perpetual Wholesale Balanced Wholesale Diversified Balanced Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 54,962 20, , , , ,864 Payments for purchase of financial instruments held for trading (6,863) (15,281) (179,427) (628,403) (108,053) (135,938) Interest received (654) (5,739) Dividends received ,124 1,555 Responsible Entity fee received/ (paid) (454) (520) (1,513) (1,741) (1,760) (1,744) Payment for brokerage costs (1) (2) - - (76) (39) Others (2) (3) (41) Net cash (used in)/from operating activities 7(a) 47,761 4, , ,130 43,487 59,918 Cash flows from financing activities Receipts from issue of units 14,942 22,342 45,628 39,350 20,149 26,364 Payment for redemption of units (59,476) (29,711) (455,778) (222,486) (91,701) (58,433) Distributions paid (318) (252) (4,938) (5,414) (117) (208) Net cash (used in)/from financing activities (44,852) (7,621) (415,088) (188,550) (71,669) (32,277) Net movement in cash and cash equivalents 2,909 (3,154) (3,115) (5,420) (28,182) 27,641 Effects of exchange rate changes (155) 10 Add opening cash and cash equivalents brought forward 10,170 13,324 7,139 12,559 46,341 18,690 Closing cash and cash equivalents carried forward 13,080 10,170 4,024 7,139 18,004 46,341 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 57

63 CASH FLOW STATEMENTS Colonial First State Schroder Wholesale Colonial First State Wholesale Multi-Asset Real Return Wholesale High Real Return Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $ $ $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 370, ,462 1, ,510 49,890 Payments for purchase of financial instruments held for trading (278,000) (1,275,072) (6,462) (6,809) (16,835) (27,063) Interest received Responsible Entity fee received/ (paid) (4,187) (4,428) (107) (79) (253) (189) Others (17) (100) Net cash (used in)/from operating activities 7(a) 88,351 (717,013) (4,924) (6,303) 19,617 22,809 Cash flows from financing activities Receipts from issue of units 340,099 1,381,489 7,887 7,427 23,003 15,804 Payment for redemption of units (420,352) (563,752) (2,761) (1,090) (42,051) (38,479) Distributions paid (8,469) (19,935) (68) (26) (605) (440) Net cash (used in)/from financing activities (88,722) 797,802 5,058 6,311 (19,653) (23,115) Net movement in cash and cash equivalents (371) 80, (36) (306) Effects of exchange rate changes 3 (3) Add opening cash and cash equivalents brought forward 5,727 (75,059) ,293 1,599 Closing cash and cash equivalents carried forward 5,359 5, ,257 1,293 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 58

64 CASH FLOW STATEMENTS Sanlam Wholesale Colonial First State Aspect Wholesale Managed Risk Wholesale Index Diversified Futures Multi-Index High Australian Bond Growth Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $ $ $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 24, ,070 3,720 4,590 4,670 Payments for purchase of financial instruments held for trading (457,588) (105,815) (12,460) (8,005) (4,810) (8,710) Interest received 1 (4) Responsible Entity fee received/ (paid) (401) (33) (43) (37) (39) (39) Others (4) (6) Net cash (used in)/from operating activities 7(a) (433,008) (105,511) (5,431) (4,319) (257) (4,075) Cash flows from financing activities Receipts from issue of units 456, ,477 17,916 12,326 10,192 14,441 Payment for redemption of units (20,288) (10,205) (12,356) (7,701) (9,838) (9,598) Distributions paid (447) (175) (291) (343) (101) (1,506) Net cash (used in)/from financing activities 435, ,097 5,269 4, ,337 Net movement in cash and cash equivalents 2, (162) (37) (4) (738) Effects of exchange rate changes 1 (1) Add opening cash and cash equivalents brought forward Closing cash and cash equivalents carried forward 3, (1) The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 59

65 CASH FLOW STATEMENTS Colonial First State Colonial First State Colonial First State Wholesale Developing Wholesale Future Wholesale Index Companies Leaders Global Share Note 1/07/2016-1/07/2015-1/07/2016-1/07/2015-1/07/2016-1/07/ Cash flows from 30/06/ /06/ /06/ /06/ /06/ /06/2016 operating activities $'000 $'000 $'000 $'000 $'000 $'000 Proceeds from sale of financial instruments held for trading 10,750 2,738 2,439 2,210 9,530 26,960 Payments for purchase of financial instruments held for trading (41,323) (20,093) (1,580) (1,820) (20,120) (13,360) Interest received Responsible Entity fee received/ (paid) (2) (3) Others (2) - Net cash (used in)/from operating activities 7(a) (30,144) (17,234) 1, (10,588) 13,609 Cash flows from financing activities Receipts from issue of units 46,820 21,641 2,703 2,865 33,257 24,719 Payment for redemption of units (13,478) (3,532) (3,451) (3,052) (21,166) (36,437) Distributions paid (2,719) (165) (341) (205) (2,238) (693) Net cash (used in)/from financing activities 30,623 17,944 (1,089) (392) 9,853 (12,411) Net movement in cash and cash equivalents (76) 149 (735) 1,198 Add opening cash and cash equivalents brought forward , Closing cash and cash equivalents carried forward 1, ,309 2,044 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 60

66 CASH FLOW STATEMENTS Colonial First State Wholesale Index Property Securities Note 1/07/2016-1/07/ Cash flows from 30/06/ /06/2016 operating activities $'000 $'000 Proceeds from sale of financial instruments held for trading 20,370 4,615 Payments for purchase of financial instruments held for trading (10,190) (11,320) Interest received 4 5 Responsible Entity fee received/ (paid) (1) (1) Others 2 - Net cash (used in)/from operating activities 7(a) 10,185 (6,701) Cash flows from financing activities Receipts from issue of units 20,899 20,180 Payment for redemption of units (30,387) (12,279) Distributions paid (939) (860) Net cash (used in)/from financing activities (10,427) 7,041 Net movement in cash and cash equivalents (242) 340 Add opening cash and cash equivalents brought forward 1, Closing cash and cash equivalents carried forward 778 1,020 The above Cash Flow Statements should be read in conjunction with the accompanying notes. Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalents" note to the financial statements. Page 61

67 1. 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 the periods presented, unless otherwise stated. (a) Basis of Preparation These general purpose financial statements have been prepared in accordance with Australian Accounting Standards and Interpretations issued by the Accounting Standards Board and the Corporations Act 2001 in Australia. The Funds are for-profit unit trusts for the purpose of preparing these financial statements. The financial statements are prepared on the basis of fair value measurement of assets and liabilities except where otherwise stated. The Balance Sheets are presented on a liquidity basis. Assets and liabilities are presented in decreasing order of liquidity and do not distinguish between current and non-current. All balances are expected to be recovered or settled within twelve months, except for financial assets at fair value through profit or loss and net assets attributable to unitholders. The Funds manage financial assets at fair value through profit or loss based on the economic circumstances at any given point in time, as well as to meet any liquidity requirements. As such, it is expected that a portion of the portfolio will be realised within 12 months, however, an estimate of that amount cannot be determined as at balance date. In the case of net assets attributable to unitholders, the units are redeemed on demand at the unitholder s option. However, holders of these instruments typically retain them for the medium to long term. As such, the amount expected to be settled within 12 months cannot be reliably determined. The financial report was authorised for issue by the Directors of the Responsible Entity on 24 August The Directors of the Responsible Entity have the power to amend and reissue the financial statements. The current reporting period for the financial report is from 1 July 2016 to 30 June The comparative reporting period is from 1 July 2015 to 30 June Both the functional and presentation currency of the Funds are Australian dollars. Comparative figures are, where appropriate, reclassified so as to be comparable with the figures and presentation in the current reporting period. The Funds are registered schemes of a kind referred to in ASIC Corporations (Rounding in Financial/Directors' Reports) Instrument 2016/191 relating to the "rounding off" of amounts in the Directors' Report and the Financial Report. Amounts in the Directors' Report and the Financial Report have been rounded to the nearest thousand dollars, unless otherwise indicated. (i) Compliance with International Financial Reporting Standards The Financial Report complies with Australian Accounting Standards, which include Australian equivalents to International Financial Reporting Standards ("AIFRS"). Compliance with AIFRS ensures that the financial report, comprising the financial statements and notes thereto, complies with International Financial Reporting Standards ("IFRS"). (ii) New and Amended Standards adopted by the Funds There are no standards, interpretations or amendments to existing standards that are effective for the first time for the financial year beginning 1 July 2016 that have a material impact on the Funds. Page 62

68 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (b) (i) Investments in Financial Assets and Liabilities Held for Trading Classification The Funds' investments are classified as held for trading and initially recognised at fair value not including transaction costs, which are expensed in the Statements of Comprehensive Income. (ii) Recognition/Derecognition The Funds recognise financial assets and financial liabilities on the date they become party to the contractual agreement (trade date) and recognises changes in fair value of the financial assets or financial liabilities from this date. The derecognition of a financial instrument takes place when the Funds no longer control the contractual rights that comprise the financial instrument, which is normally the case when the instrument is sold, or all the cash flows attributable to the instrument are passed through to an independent third party. (iii) Measurement At initial recognition, the Funds measure their financial assets at fair value. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the Statements of Comprehensive Income. Subsequent to initial recognition, all financial assets and financial liabilities held for trading are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities held for trading' category are presented in the Statements of Comprehensive Income within changes in fair value of financial instruments held for trading in the period in which they arise. For further details on how the fair values of financial instruments are determined refer to the "Financial Assets Held for Trading" note to the financial statements. (iv) Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Balance Sheets when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Refer to the "Offsetting Financial Assets and Financial Liabilities" note to the financial statements for further information. (c) Investment Income Income is recognised to the extent that it is probable that the economic benefits will flow to the Funds and the income can be reliably measured. The following specific recognition criteria must also be met before income is recognised: (i) Distribution or Dividend Income Income is recognised when the right to receive the payment is established. (ii) Interest Income Income is recognised as the interest accrues (using the effective interest rate method, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial instrument) to the net carrying amount of the financial asset. (iii) Changes in Fair Value of Financial Assets Held for Trading Gains or losses on investments held for trading are calculated and recognised as the difference between the fair value at sale, or at period end, and the fair value at the previous valuation point. This includes both realised and unrealised gains and losses. Page 63

69 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (d) Cash and Cash Equivalents Cash and cash equivalents in the Balance Sheets comprise cash at bank, deposits at call with futures clearing house and short-term bank deposits with an original maturity of three months or less. For the purposes of the Cash Flow Statements, cash and cash equivalents are as defined above, net of outstanding bank overdrafts. Margin accounts comprise cash held as collateral for derivative transactions and short sales. The cash is held by the broker and is only available to meet margin calls. (e) Trade and Other Receivables Receivables are recognised and carried at the original invoice amount, less a provision for any uncollectible debts. An estimate for doubtful debts is made when collection of an amount is no longer probable. Bad debts are written off when identified. Amounts are generally received within 30 days of being recorded as receivables. (f) Trade and Other Payables Liabilities for creditors are carried at cost, which is the fair value of the consideration to be paid in the future for goods and services received, whether or not billed to the Funds. Payables include outstanding settlements on the purchase of financial assets and liabilities held for trading and distributions payable. The carrying period is dictated by market conditions and is generally less than 30 days. (g) Taxation Under current legislation, the Funds are not subject to income tax provided the unitholders are presently entitled to the income of the Funds and the Funds fully distribute their taxable income. (h) Distributions to Unitholders In accordance with the Funds' Constitutions, the Funds fully distribute their distributable income to unitholders. Distributions are payable at the end of each distribution period. Such distributions are determined by reference to the taxable income of the Funds. Distributable income includes capital gains arising from the disposal of financial assets and liabilities held for trading. Unrealised gains and losses on financial assets and liabilities held for trading that are recognised as income are transferred to net assets attributable to unitholders and are not assessable and distributable until realised. Capital losses are not distributed to unitholders but are retained to be offset against any realised capital gains. (i) Net Assets Attributable to Unitholders Under AASB 132 "Financial Instruments: Disclosure and Presentation", contractual obligations are regarded as liabilities. As unitholders have the ability to redeem units from the Funds, all net assets attributable to unitholders have been recognised as liabilities of the Funds, rather than as equity. The classification of net assets attributable to unitholders does not alter the underlying economic interest of the unitholders in the net assets and net profit attributable to unitholders of the Funds. Page 64

70 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (j) Terms and Conditions on Units Each unit issued confers upon the unitholder an equal interest in the respective fund, and is of equal value. A unit does not confer any interest in any particular asset or investment of the particular fund. Unitholders have various rights under the Constitution and the Corporations Act 2001, including the right to: - have their units redeemed; - receive income distributions; - attend and vote at meetings of unitholders; and - participate in the termination and winding up of the fund. The rights, obligations and restrictions attached to each unit within each fund are identical in all respects. (k) Applications and Redemptions Applications received for units in the Funds are recorded net of any entry fees payable (where applicable) prior to the issue of units in the Funds. Redemptions from the Funds are recorded gross of any exit fees payable (where applicable) after the cancellation of units redeemed. (l) Goods and Services Tax (GST) Income, expenses and assets, with the exception of receivables and payables, are recognised net of the amount of GST to the extent that the GST is recoverable from the taxation authority. Where GST is not recoverable, it is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable. Receivables and payables are stated inclusive of GST. Reduced input tax credits (RITC) recoverable by the Funds from the Australian Taxation Office are recognised as receivables in the Balance Sheets. Cash flows are included in the Cash Flow Statements on a gross basis. The GST component of cash flows, which is recoverable from, or payable to, the taxation authority is classified as operating cash flows. (m) Expense Recognition Expenses are recognised in the Statements of Comprehensive Income when the Funds have a present obligation (legal or constructive) as a result of a past event that can be reliably measured. Expenses are recognised in the Statements of Comprehensive Income if expenditure does not produce future economic benefits that qualify for recognition in the Balance Sheets. (n) Use of Estimates The Responsible Entity makes estimates and assumptions that affect the reported amounts of assets and liabilities within the next financial period. 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 Funds' 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. Page 65

71 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (o) Unit Prices Unit prices are determined in accordance with the Funds' Constitution and are calculated as the net assets attributable to unitholders, divided by the number of units on issue. Financial assets and liabilities held for trading for unit pricing purposes are valued on a "last sale" price basis. (p) Investment Entity The Responsible Entity has determined that the Funds are an investment entity under the definition in AASB 10 as they meet the following criteria: (a) the Funds have obtained funds from unitholders for the purpose of providing them with investment management services (b) the Funds' business purpose, which it communicated directly to unitholders, is investing solely for returns from capital appreciation and investment income; and (c) the performance of investments made by the Funds are measured and evaluated on a fair value basis. The Funds also meet all of the typical characteristics of investment entities. (q) Transactions in Foreign Currencies Transactions in foreign currencies are initially recorded in the functional currency at the exchange rates ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheets date. Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in a previous financial report, are recognised in the profit or loss in the period in which they arise. Items included in the Funds' 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 Funds compete for funds and is regulated. The Australian dollar is also the Funds' presentation currency. The Funds do not isolate that portion of gains or losses on securities and derivative financial instruments that are measured at fair value through profit and 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 profit and loss. Page 66

72 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) (r) New Application of Accounting Standards Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2017 reporting periods and have not been early adopted by the Funds. The Responsible Entity's assessment of the impact of these new standards (to the extent relevant to the fund) and interpretations is set out below: AASB 9 Financial Instruments addresses the classification, measurement and derecognition of financial assets and financial liabilities. It has now also introduced revised rules around hedge accounting and impairment. The standard is not applicable until 1 January 2018 but is available for early adoption. The Responsible Entity does not expect this to have a significant impact on the recognition and measurement of the Funds' financial instruments as they are carried at fair value through profit or loss. The derecognition rules have not been changed from the previous requirements, and the Funds do not apply hedge accounting. AASB 9 introduces a new impairment model. However, as the Funds' investments are all held at fair value through profit or loss, the change in impairment rules will not impact the Funds. The Funds have not yet decided when to adopt AASB 9. (s) Structured Entities A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding control. Structured entities are generally created to achieve a narrow and well defined objective with restrictions around their ongoing activities. Depending on the Funds' power over the activities of the entity and their exposure to and ability to influence its own returns, they may control the entity. However, the Funds apply the Investment Entity Exemption available under AASB10 and therefore does not consolidate its controlled entities (Note 1(p)). In other cases they may have exposure to such an entity but not control it. An interest in a structured entity is any form of contractual or non-contractual involvement which creates variability in returns arising from the performance of the entity for the Funds. Such interests include holdings of units in unlisted trusts. The nature and extent of the Funds' interests in structured entities are titled "unlisted unit trusts" and are summarised in Note 1(b), "Financial Assets Held for Trading" and "Related Parties Disclosures" notes where appropriate. The total size of the structured entities that the Funds have exposure to is the net assets of the "unlisted unit trusts", which is determined based on the percentage interest held and carrying value disclosed in the "Related Parties Disclosures" note. 2. AUDITOR'S REMUNERATION The auditor's remuneration in respect of auditing the financial reports is fully paid by the Responsible Entity. The Responsible Entity may recharge a portion of the auditor's remuneration to the Funds. See the note under "Management Expenses Recharged" in the "Related Parties Disclosures" note to the Financial Statements. Other services provided by the auditor are the audit of the compliance plan of the Funds and tax compliance services. The auditor's non-audit remuneration is also fully paid by the Responsible Entity. 3. INTEREST INCOME Interest income of the Funds is derived mainly from interest earned on bank accounts. Page 67

73 4. DISTRIBUTIONS TO UNITHOLDERS The Responsible Entity adopts the policy of distributing as a minimum the net income for tax purposes. The amounts shown as "Distribution payable" in the Balance Sheets represent the components of the distributions for the reporting period which had not been paid at balance date. Quarterly and half-yearly distributing Funds: The amounts distributed or proposed to be distributed to unitholders in cents per unit (cpu) during the period were: FirstChoice Wholesale Defensive 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,965 Distributions to unitholders 46,775 39,247 FirstChoice Wholesale Conservative 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,239 Distributions to unitholders 183, ,086 FirstChoice Wholesale Diversified 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December , March , June , ,131 Distributions to unitholders 19,661 5,461 FirstChoice Wholesale Moderate 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,741 Distributions to unitholders 864, ,479 Page 68

74 4. DISTRIBUTIONS TO UNITHOLDERS (continued) FirstChoice Wholesale Balanced 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,063 Distributions to unitholders 116,770 54,968 FirstChoice Wholesale Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,057 Distributions to unitholders 464, ,433 FirstChoice Wholesale High Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , June , ,082 Distributions to unitholders 91,348 26,156 FirstChoice Wholesale Geared Growth Plus 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $ cpu $ - 30 September December , , March , , June ,343, ,356 Distributions to unitholders 1,609,848 1,223,833 Page 69

75 4. DISTRIBUTIONS TO UNITHOLDERS (continued) FirstChoice Wholesale Fixed Interest 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,385 Distributions to unitholders 323, ,501 FirstChoice Wholesale Alternatives 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December June , Distributions to unitholders 5,093 1,184 FirstChoice Wholesale Lower Volatility Australian Share 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June ,898 Distributions to unitholders 4,477 7,586 FirstChoice Wholesale Australian Share 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,144 Distributions to unitholders 409, ,450 Page 70

76 4. DISTRIBUTIONS TO UNITHOLDERS (continued) FirstChoice Wholesale Australian Small Companies 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December , , June , ,971 Distributions to unitholders 9,340 10,640 FirstChoice Wholesale Global Share 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December , , June , ,962 Distributions to unitholders 626, ,730 FirstChoice Wholesale Global Share - Hedged 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December June , ,285 Distributions to unitholders 216,645 14,285 FirstChoice Wholesale Asian Share 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December , , June , ,913 Distributions to unitholders 21,079 29,964 FirstChoice Wholesale Emerging Markets 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December , , June , ,979 Distributions to unitholders 6,452 7,985 Page 71

77 4. DISTRIBUTIONS TO UNITHOLDERS (continued) FirstChoice Wholesale Property Securities 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , March , , June , ,113 Distributions to unitholders 15,210 21,352 FirstChoice Wholesale Global Property Securities 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December , , June , ,938 Distributions to unitholders 103,987 31,366 FirstChoice Wholesale Global Infrastructure Securities 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December , , June , ,519 Distributions to unitholders 232,795 93,428 FirstChoice Wholesale Geared Australian Share 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December March June , ,446 Distributions to unitholders 1,528 1,446 Page 72

78 4. DISTRIBUTIONS TO UNITHOLDERS (continued) FirstChoice Wholesale Multi-Index Conservative 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,460 Distributions to unitholders 71, ,467 FirstChoice Wholesale Multi-Index Diversified 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,350 Distributions to unitholders 46,767 35,824 FirstChoice Wholesale Multi-Index Moderate 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December March June Distributions to unitholders FirstChoice Wholesale Multi-Index Balanced 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,766 Distributions to unitholders 157, ,778 Page 73

79 4. DISTRIBUTIONS TO UNITHOLDERS (continued) FirstChoice Wholesale Multi-Index High Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December , , March June , ,627 Distributions to unitholders 8,106 7,958 AZ Sestante Wholesale Conservative 13/09/ /06/ /09/ /06/2016 Period ended: cpu $'000 cpu $' September December March June Distributions to unitholders Colonial First State Wholesale Conservative 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,751 Distributions to unitholders 18,761 29,668 Perpetual Wholesale Conservative Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , March , June , ,406 Distributions to unitholders 5,552 9,323 Page 74

80 4. DISTRIBUTIONS TO UNITHOLDERS (continued) AZ Sestante Wholesale Diversified 13/09/ /06/ /09/ /06/2016 Period ended: cpu $'000 cpu $' September December March June , Distributions to unitholders 2,497 - Colonial First State Wholesale Balanced 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,061 Distributions to unitholders 17,647 25,220 Perpetual Wholesale Diversified Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December March June , ,011 Distributions to unitholders 3,062 2,509 AZ Sestante Wholesale Growth 13/09/ /06/2017 Period ended: cpu $' September December March June Distributions to unitholders 927 Page 75

81 4. DISTRIBUTIONS TO UNITHOLDERS (continued) BT Wholesale Active Balanced 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , December , , March , , June , ,339 Distributions to unitholders 22,988 18,661 Colonial First State Wholesale Diversified 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March , , June , ,881 Distributions to unitholders 37,310 56,223 Perpetual Wholesale Balanced Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , December , March , June , ,222 Distributions to unitholders 15,366 10,393 Colonial First State Wholesale Multi-Asset Real Return 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $ cpu $ - 30 September December , March , June , Distributions to unitholders 51, Page 76

82 4. DISTRIBUTIONS TO UNITHOLDERS (continued) Schroder Wholesale Real Return 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December June , Distributions to unitholders 1, Colonial First State Wholesale High Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September , , December , , March June , ,202 Distributions to unitholders 8,371 13,473 Sanlam Wholesale Managed Risk Multi-Index High Growth 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $ cpu $ - 30 September December March June , ,992 Distributions to unitholders 5,292 5,486 Colonial First State Wholesale Index Australian Bond 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December March June Distributions to unitholders 1,329 1,858 Page 77

83 4. DISTRIBUTIONS TO UNITHOLDERS (continued) Aspect Wholesale Diversified Futures 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December , June Distributions to unitholders - 3,176 Colonial First State Wholesale Developing Companies 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December , March , June , ,899 Distributions to unitholders 4,681 2,226 Colonial First State Wholesale Future Leaders 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December March June Distributions to unitholders 723 1,081 Colonial First State Wholesale Index Global Share 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' December June , ,654 Distributions to unitholders 6,711 8,231 Colonial First State Wholesale Index Property Securities 1/07/ /06/2017 1/07/ /06/2016 Period ended: cpu $'000 cpu $' September December March June , ,438 Distributions to unitholders 2,989 3,376 Page 78

84 5. FINANCIAL ASSETS HELD FOR TRADING (a) Fair Value Measurements The Funds measure and recognise the following assets and liabilities at fair value on a recurring basis: - Financial assets / liabilities held for trading - Derivative financial instruments The Funds have no assets or liabilities measured at fair value on a non-recurring basis in the current reporting period. (b) Fair Value Hierarchy AASB 13 requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: - Level 1 for quoted prices (unadjusted) in active markets for identical assets or liabilities; - Level 2 for inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and - Level 3 for inputs for the asset or liability that are not based on observable market data (unobservable inputs). (i) Fair Value in an active market (Level 1) The fair value of financial assets and liabilities traded in active markets is based on their quoted market prices at the end of the reporting period without any deduction for estimated future selling costs. The Funds value their investments in accordance with policies set out in Note 1 to the financial statements. For the majority of these investments, the Funds rely on information provided by independent pricing services for the valuation of their investments. The quoted market price used for financial assets held by the Funds is the current bid price; the appropriate quoted market price for financial liabilities is the current asking price. When the Funds hold derivatives with offsetting market risks, it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies this bid and asking price to the net open position, as appropriate. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm's length basis. Page 79

85 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (ii) Fair value in an inactive or unquoted market (Level 2 and Level 3) The fair value of financial assets and liabilities that are not traded in an active market is determined using valuation techniques. These include the use of recent arm s length market transactions, reference to the current fair value of a substantially similar other instrument, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. Where discounted cash flow techniques are used, estimated future cash flows are based on management s best estimates and the discount rate used is a market rate at the end of the reporting period applicable for an instrument with similar terms and conditions. For other pricing models, inputs are based on market data at the end of the reporting period. Fair values for unquoted equity investments are estimated, if possible, using applicable price/earnings ratios for similar listed companies adjusted to reflect the specific circumstances of the issuer. The fair value of derivatives that are not exchange traded is estimated at the amount that the Funds would receive or pay to terminate the contract at the end of the reporting period taking into account current market conditions (volatility and appropriate yield curve) and the current creditworthiness of the counterparties. The fair value of a forward contract is determined as a net present value of estimated future cash flows, discounted at appropriate market rates as at the valuation date. The fair value of an option contract is determined by applying the Black Scholes option valuation model. Investments in other unlisted unit trusts are recorded at the redemption value per unit as reported by the investment managers of such funds. Some of the inputs to these models may not be market observable and are therefore estimated based on assumptions. The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions the Funds hold. Valuations are therefore adjusted, to allow for additional factors including liquidity risk and counterparty risk. (c) Recognised Fair Value Measurements The following tables presents the Funds' assets and liabilities measured and recognised at fair value as at the end of the reporting periods. FirstChoice Wholesale Defensive 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 953, ,315 - Total Assets Held for Trading 953, ,315-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 944, ,458 - Total Assets Held for Trading 944, ,458 - Page 80

86 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Conservative 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 3,458,075-3,458,075 - Total Assets Held for Trading 3,458,075-3,458,075-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 3,511,412-3,511,412 - Total Assets Held for Trading 3,511,412-3,511,412 - FirstChoice Wholesale Diversified 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 294, ,951 - Total Assets Held for Trading 294, ,951-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 164, ,269 - Total Assets Held for Trading 164, ,269 - FirstChoice Wholesale Moderate 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 6,623,778-6,623,778 - Total Assets Held for Trading 6,623,778-6,623,778-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 8,319,203-8,319,203 - Total Assets Held for Trading 8,319,203-8,319,203 - Page 81

87 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Balanced 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 995, ,696 - Total Assets Held for Trading 995, ,696-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,024,767-1,024,767 - Total Assets Held for Trading 1,024,767-1,024,767 - FirstChoice Wholesale Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 4,088,861-4,088,861 - Total Assets Held for Trading 4,088,861-4,088,861-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 4,848,523-4,848,523 - Total Assets Held for Trading 4,848,523-4,848,523 - FirstChoice Wholesale High Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 949, ,160 - Total Assets Held for Trading 949, ,160-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 873, ,835 - Total Assets Held for Trading 873, ,835 - Page 82

88 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Geared Growth Plus 30/06/2017 Total Level 1 Level 2 Level 3 $ $ $ $ Financial Assets Held for Trading: Managed Investment Schemes 7,988,357-7,988,357 - Total Assets Held for Trading 7,988,357-7,988,357-30/06/2016 Total Level 1 Level 2 Level 3 $ $ $ $ Financial Assets Held for Trading: Managed Investment Schemes 5,439,322-5,439,322 - Total Assets Held for Trading 5,439,322-5,439,322 - FirstChoice Wholesale Fixed Interest 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 5,548,184-5,548,184 - Total Assets Held for Trading 5,548,184-5,548,184-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 6,041,189-6,041,189 - Total Assets Held for Trading 6,041,189-6,041,189 - FirstChoice Wholesale Alternatives 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 197, ,326 - Total Assets Held for Trading 197, ,326-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 112, ,930 - Total Assets Held for Trading 112, ,930 - Page 83

89 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Lower Volatility Australian Share 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 163, ,333 - Total Assets Held for Trading 163, ,333-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 175, ,847 - Total Assets Held for Trading 175, ,847 - FirstChoice Wholesale Australian Share 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 4,670,362-4,670,362 - Total Assets Held for Trading 4,670,362-4,670,362-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 5,242,796-5,242,796 - Total Assets Held for Trading 5,242,796-5,242,796 - FirstChoice Wholesale Australian Small Companies 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 345, ,977 - Total Assets Held for Trading 345, ,977-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 346, ,567 - Total Assets Held for Trading 346, ,567 - Page 84

90 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Global Share 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 3,892,944-3,892,944 - Total Assets Held for Trading 3,892,944-3,892,944-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 4,355,696-4,355,696 - Total Assets Held for Trading 4,355,696-4,355,696 - FirstChoice Wholesale Global Share - Hedged 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,387,311-1,387,311 - Derivatives 29,398-29,398 - Total Assets Held for Trading 1,416,709-1,416,709 - Financial Liabilities Held for Trading: Derivatives (6,397) - (6,397) - Total Liabilities Held for Trading (6,397) - (6,397) - 30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,542,563-1,542,563 - Derivatives 43,642-43,642 - Total Assets Held for Trading 1,586,205-1,586,205 - Financial Liabilities Held for Trading: Derivatives (24,490) - (24,490) - Total Liabilities Held for Trading (24,490) - (24,490) - Page 85

91 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Asian Share 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 150, ,076 - Total Assets Held for Trading 150, ,076-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 138, ,724 - Total Assets Held for Trading 138, ,724 - FirstChoice Wholesale Emerging Markets 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 645, ,854 - Total Assets Held for Trading 645, ,854-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 652, ,682 - Total Assets Held for Trading 652, ,682 - FirstChoice Wholesale Property Securities 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 343, ,309 - Total Assets Held for Trading 343, ,309-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 399, ,216 - Total Assets Held for Trading 399, ,216 - Page 86

92 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Global Property Securities 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 941, ,215 - Total Assets Held for Trading 941, ,215-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,103,581-1,103,581 - Total Assets Held for Trading 1,103,581-1,103,581 - FirstChoice Wholesale Global Infrastructure Securities 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,156,913-1,156,913 - Total Assets Held for Trading 1,156,913-1,156,913-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,240,754-1,240,754 - Total Assets Held for Trading 1,240,754-1,240,754 - FirstChoice Wholesale Geared Australian Share 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 18,910-18,910 - Total Assets Held for Trading 18,910-18,910-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 14,848-14,848 - Total Assets Held for Trading 14,848-14,848 - Page 87

93 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Multi-Index Conservative 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 2,332,149-2,332,149 - Total Assets Held for Trading 2,332,149-2,332,149-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,860,756-1,860,756 - Total Assets Held for Trading 1,860,756-1,860,756 - FirstChoice Wholesale Multi-Index Diversified 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,354,002-1,354,002 - Total Assets Held for Trading 1,354,002-1,354,002-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,065,781-1,065,781 - Total Assets Held for Trading 1,065,781-1,065,781 - FirstChoice Wholesale Multi-Index Moderate 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 27,275-27,275 - Total Assets Held for Trading 27,275-27,275-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 7,622-7,622 - Total Assets Held for Trading 7,622-7,622 - Page 88

94 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) FirstChoice Wholesale Multi-Index Balanced 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 2,369,666-2,369,666 - Total Assets Held for Trading 2,369,666-2,369,666-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 2,399,637-2,399,637 - Total Assets Held for Trading 2,399,637-2,399,637 - FirstChoice Wholesale Multi-Index High Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 174, ,104 - Total Assets Held for Trading 174, ,104-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 99,436-99,436 - Total Assets Held for Trading 99,436-99,436 - AZ Sestante Wholesale Conservative 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 25,930-25,930 - Total Assets Held for Trading 25,930-25,930 - Page 89

95 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) Colonial First State Wholesale Conservative 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 748, ,111 - Total Assets Held for Trading 748, ,111-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,021,537-1,021,537 - Total Assets Held for Trading 1,021,537-1,021,537 - Perpetual Wholesale Conservative Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities 19,831 19, Debt Securities 13,818-13,818 - Managed Investment Schemes 206, ,542 - Derivatives Total Assets Held for Trading 240,830 19, ,859 - Financial Liabilities Held for Trading: Derivatives (325) (56) (269) - Total Liabilities Held for Trading (325) (56) (269) - 30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities 12,823 12, Debt Securities 14,112-14,112 - Managed Investment Schemes 240, ,620 - Derivatives Total Assets Held for Trading 268,018 12, ,056 - Financial Liabilities Held for Trading: Derivatives (436) (96) (340) - Total Liabilities Held for Trading (436) (96) (340) - Page 90

96 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) AZ Sestante Wholesale Diversified 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 99,249-99,249 - Total Assets Held for Trading 99,249-99,249 - Colonial First State Wholesale Balanced 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 751, ,685 - Total Assets Held for Trading 751, ,685-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 855, ,301 - Total Assets Held for Trading 855, ,301 - Page 91

97 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) Perpetual Wholesale Diversified Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities 17,701 17, Debt Securities 5,429-5,429 - Managed Investment Schemes 101, ,677 - Derivatives Total Assets Held for Trading 125,659 17, ,814 - Financial Liabilities Held for Trading: Derivatives (369) (49) (320) - Total Liabilities Held for Trading (369) (49) (320) - 30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities 12,814 12, Debt Securities 5,546-5,546 - Managed Investment Schemes 105, ,008 - Derivatives Total Assets Held for Trading 123,811 12, ,902 - Financial Liabilities Held for Trading: Derivatives (414) (72) (342) - Total Liabilities Held for Trading (414) (72) (342) - AZ Sestante Wholesale Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 33,731-33,731 - Total Assets Held for Trading 33,731-33,731 - Page 92

98 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) BT Wholesale Active Balanced 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 172, ,166 - Total Assets Held for Trading 172, ,166 - Financial Liabilities Held for Trading: Derivatives (180) (180) - - Total Liabilities Held for Trading (180) (180) /06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 202, ,436 - Derivatives Total Assets Held for Trading 202, ,436 - Financial Liabilities Held for Trading: Derivatives (2) (2) - - Total Liabilities Held for Trading (2) (2) - - Colonial First State Wholesale Diversified 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,443,749-1,443,749 - Total Assets Held for Trading 1,443,749-1,443,749-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 1,746,238-1,746,238 - Total Assets Held for Trading 1,746,238-1,746,238 - Page 93

99 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) Perpetual Wholesale Balanced Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities 65,997 65, Debt Securities 15,829-15,829 - Managed Investment Schemes 312, ,403 - Derivatives 3, ,134 - Total Assets Held for Trading 397,660 66, ,366 - Financial Liabilities Held for Trading: Derivatives (1,862) (212) (1,650) - Total Liabilities Held for Trading (1,862) (212) (1,650) - 30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Listed Equities 55,983 55, Debt Securities 16,161-16,161 - Managed Investment Schemes 323, ,312 - Derivatives 2, ,009 - Total Assets Held for Trading 397,694 56, ,482 - Financial Liabilities Held for Trading: Derivatives (1,747) (58) (1,689) - Total Liabilities Held for Trading (1,747) (58) (1,689) - Colonial First State Wholesale Multi-Asset Real Return 30/06/2017 Total Level 1 Level 2 Level 3 $ $ $ $ Financial Assets Held for Trading: Managed Investment Schemes 2,199,491-2,199,491 - Total Assets Held for Trading 2,199,491-2,199,491-30/06/2016 Total Level 1 Level 2 Level 3 $ $ $ $ Financial Assets Held for Trading: Managed Investment Schemes 2,183,607-2,183,607 - Total Assets Held for Trading 2,183,607-2,183,607 - Page 94

100 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) Schroder Wholesale Real Return 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 21,542-21,542 - Total Assets Held for Trading 21,542-21,542-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 15,558-15,558 - Total Assets Held for Trading 15,558-15,558 - Colonial First State Wholesale High Growth 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 338, ,347 - Total Assets Held for Trading 338, ,347-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 325, ,781 - Total Assets Held for Trading 325, ,781 - Sanlam Wholesale Managed Risk Multi-Index High Growth 30/06/2017 Total Level 1 Level 2 Level 3 $ $ $ $ Financial Assets Held for Trading: Managed Investment Schemes 569, ,805 - Total Assets Held for Trading 569, ,805-30/06/2016 Total Level 1 Level 2 Level 3 $ $ $ $ Financial Assets Held for Trading: Managed Investment Schemes 116, ,394 - Total Assets Held for Trading 116, ,394 - Page 95

101 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) Colonial First State Wholesale Index Australian Bond 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 47,053-47,053 - Total Assets Held for Trading 47,053-47,053-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 41,719-41,719 - Total Assets Held for Trading 41,719-41,719 - Aspect Wholesale Diversified Futures 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 34,786-34,786 - Total Assets Held for Trading 34,786-34,786-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 38,236-38,236 - Total Assets Held for Trading 38,236-38,236 - Colonial First State Wholesale Developing Companies 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 56,078-56,078 - Total Assets Held for Trading 56,078-56,078-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 25,579-25,579 - Total Assets Held for Trading 25,579-25,579 - Page 96

102 5. FINANCIAL ASSETS HELD FOR TRADING (continued) (c) Recognised Fair Value Measurements (continued) Colonial First State Wholesale Future Leaders 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 20,980-20,980 - Total Assets Held for Trading 20,980-20,980-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 21,541-21,541 - Total Assets Held for Trading 21,541-21,541 - Colonial First State Wholesale Index Global Share 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 128, ,957 - Total Assets Held for Trading 128, ,957-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 103, ,076 - Total Assets Held for Trading 103, ,076 - Colonial First State Wholesale Index Property Securities 30/06/2017 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 75,465-75,465 - Total Assets Held for Trading 75,465-75,465-30/06/2016 Total Level 1 Level 2 Level 3 $'000 $'000 $'000 $'000 Financial Assets Held for Trading: Managed Investment Schemes 91,389-91,389 - Total Assets Held for Trading 91,389-91,389 - (d) Transfers between Levels There are no material transfers between levels for the Funds during the current and previous reporting periods. Page 97

103 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS As stipulated within the Funds' Constitutions, each unit represents a right to an individual share in the Funds and does not extend to a right to the underlying assets of the Funds. There are no separate classes of units and each unit has the same rights attaching to it as all other units of the respective Funds. (a) Movements in Number of Units and Net Assets Attributable to Unitholders FirstChoice Wholesale Defensive 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 934, , , ,251 Applications 157, , , ,279 Redemptions (175,788) (179,149) (119,457) (123,105) Units issued upon reinvestment of distributions 45,242 45,421 37,419 38,224 Change in net assets attributable to unitholders from operations (21,837) (8,544) Closing Balance 962, , , ,105 FirstChoice Wholesale Conservative 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 3,275,971 3,534,723 3,138,808 3,395,159 Applications 237, , , ,328 Redemptions (438,329) (479,907) (303,993) (328,652) Units issued upon reinvestment of distributions 167, ,182 95, ,968 Change in net assets attributable to unitholders from operations (23,868) (10,080) Closing Balance 3,241,872 3,471,707 3,275,971 3,534,723 FirstChoice Wholesale Diversified 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 176, ,961 8,986 8,611 Applications 147, , , ,896 Redemptions (26,237) (25,401) (12,902) (12,247) Units issued upon reinvestment of distributions 20,547 19,415 5,713 5,386 Change in net assets attributable to unitholders from operations (4,452) (2,685) Closing Balance 318, , , ,961 Page 98

104 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale Moderate 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 7,483,842 8,348,095 7,814,802 8,867,996 Applications 197, , , ,763 Redemptions (2,205,251) (2,498,523) (808,987) (908,820) Units issued upon reinvestment of distributions 784, , , ,710 Change in net assets attributable to unitholders from operations (280,894) (146,554) Closing Balance 6,260,664 6,649,756 7,483,842 8,348,095 FirstChoice Wholesale Balanced 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 763,910 1,031, ,816 1,015,214 Applications 81, ,512 84, ,830 Redemptions (168,829) (233,984) (82,426) (114,101) Units issued upon reinvestment of distributions 85, ,671 39,846 54,110 Change in net assets attributable to unitholders from operations (24,341) (41,262) Closing Balance 762,141 1,002, ,910 1,031,791 FirstChoice Wholesale Growth 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 4,359,665 4,876,140 4,406,221 5,139,410 Applications 154, , , ,069 Redemptions (1,233,593) (1,429,682) (416,957) (477,213) Units issued upon reinvestment of distributions 406, , , ,220 Change in net assets attributable to unitholders from operations 8,558 (205,346) Closing Balance 3,687,559 4,095,699 4,359,665 4,876,140 Page 99

105 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale High Growth 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 791, , , ,610 Applications 58,955 70,716 78,676 87,889 Redemptions (106,912) (126,012) (76,417) (84,916) Units issued upon reinvestment of distributions 78,018 90,715 23,500 25,947 Change in net assets attributable to unitholders from operations 38,675 (34,024) Closing Balance 821, , , ,506 FirstChoice Wholesale Geared Growth Plus 1/07/ /06/2017 1/07/ /06/2016 No. $ No. $ Opening balance 7,894,675 5,449,400 6,555,013 5,964,948 Applications 3,433,488 2,759,484 1,808,580 1,508,724 Redemptions (1,834,448) (1,426,334) (2,010,114) (1,663,747) Units issued upon reinvestment of distributions 2,020,038 1,431,302 1,541,196 1,106,818 Change in net assets attributable to unitholders from operations (225,377) (1,467,343) Closing Balance 11,513,753 7,988,475 7,894,675 5,449,400 FirstChoice Wholesale Fixed Interest 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 5,967,318 6,076,046 6,531,285 6,595,912 Applications 394, , , ,616 Redemptions (918,833) (920,184) (1,130,316) (1,170,814) Units issued upon reinvestment of distributions 327, , , ,457 Change in net assets attributable to unitholders from operations (296,770) 69,875 Closing Balance 5,770,571 5,574,951 5,967,318 6,076,046 Page 100

106 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale Alternatives 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 107, ,884 8,870 9,035 Applications 84,569 89,946 98, ,495 Redemptions (4,301) (4,559) (705) (742) Units issued upon reinvestment of distributions 4,786 4,956 1,103 1,160 Change in net assets attributable to unitholders from operations (5,801) 936 Closing Balance 192, , , ,884 FirstChoice Wholesale Lower Volatility Australian Share 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 149, , , ,369 Applications 3,526 4,474 2,372 2,864 Redemptions (28,709) (35,795) (25,174) (30,296) Units issued upon reinvestment of distributions 3,513 4,394 6,251 7,429 Change in net assets attributable to unitholders from operations 12,516 (4,359) Closing Balance 127, , , ,007 FirstChoice Wholesale Australian Share 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 4,905,367 5,271,642 4,820,390 5,684,440 Applications 570, , , ,471 Redemptions (1,761,958) (2,065,652) (565,517) (634,500) Units issued upon reinvestment of distributions 351, , , ,066 Change in net assets attributable to unitholders from operations 434,257 (494,835) Closing Balance 4,065,437 4,696,619 4,905,367 5,271,642 Page 101

107 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale Australian Small Companies 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 201, , , ,040 Applications 14,172 26,257 11,379 19,012 Redemptions (29,050) (53,524) (29,337) (48,254) Units issued upon reinvestment of distributions 4,907 8,926 5,994 10,232 Change in net assets attributable to unitholders from operations 16,363 39,598 Closing Balance 191, , , ,628 FirstChoice Wholesale Global Share 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 4,359,989 4,384,910 4,070,559 4,413,581 Applications 115, , , ,639 Redemptions (1,094,740) (1,155,334) (260,660) (286,447) Units issued upon reinvestment of distributions 629, , , ,434 Change in net assets attributable to unitholders from operations (67,646) (306,297) Closing Balance 4,010,107 3,905,142 4,359,989 4,384,910 FirstChoice Wholesale Global Share - Hedged 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 1,242,748 1,566,792 1,031,738 1,406,543 Applications 6,981 9, , ,785 Redemptions (305,331) (418,117) (39,401) (51,871) Units issued upon reinvestment of distributions 169, ,072 11,291 14,256 Change in net assets attributable to unitholders from operations 43,952 (102,921) Closing Balance 1,113,813 1,418,519 1,242,748 1,566,792 Page 102

108 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale Asian Share 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 137, , , ,791 Applications 6,512 7,491 10,445 13,445 Redemptions (22,831) (25,421) (24,952) (31,063) Units issued upon reinvestment of distributions 18,957 20,411 27,781 28,907 Change in net assets attributable to unitholders from operations 9,626 (43,692) Closing Balance 139, , , ,388 FirstChoice Wholesale Emerging Markets 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 771, , , ,177 Applications 116, ,860 85,748 72,803 Redemptions (259,941) (237,227) (25,730) (21,400) Units issued upon reinvestment of distributions 6,674 6,414 9,474 7,954 Change in net assets attributable to unitholders from operations 119,996 (53,435) Closing Balance 635, , , ,099 FirstChoice Wholesale Property Securities 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 544, , , ,670 Applications 47,466 34,690 26,408 18,249 Redemptions (105,830) (76,165) (398,437) (286,142) Units issued upon reinvestment of distributions 21,141 14,736 29,632 20,857 Change in net assets attributable to unitholders from operations (29,777) 91,156 Closing Balance 507, , , ,790 Page 103

109 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale Global Property Securities 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 935,692 1,107, ,211 1,014,265 Applications 130, ,442 71,843 83,717 Redemptions (281,365) (297,449) (90,829) (104,473) Units issued upon reinvestment of distributions 97, ,154 26,467 31,122 Change in net assets attributable to unitholders from operations (102,601) 82,821 Closing Balance 882, , ,692 1,107,452 FirstChoice Wholesale Global Infrastructure Securities 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 1,139,103 1,246,843 1,014,505 1,133,282 Applications 157, , , ,105 Redemptions (384,425) (401,459) (77,733) (87,486) Units issued upon reinvestment of distributions 224, ,808 84,507 92,455 Change in net assets attributable to unitholders from operations (74,306) (25,513) Closing Balance 1,136,780 1,160,589 1,139,103 1,246,843 FirstChoice Wholesale Geared Australian Share 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 38,804 14,901 24,172 11,636 Applications 25,896 11,924 16,354 7,091 Redemptions (27,253) (12,006) (4,476) (1,879) Units issued upon reinvestment of distributions 2,224 1,059 2,754 1,060 Change in net assets attributable to unitholders from operations 2,971 (3,007) Closing Balance 39,671 18,849 38,804 14,901 Page 104

110 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale Multi-Index Conservative 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 2,009,433 1,874,576 1,808,230 1,729,140 Applications 547, , , ,783 Redemptions (159,170) (151,774) (177,333) (168,650) Units issued upon reinvestment of distributions 73,691 70, , ,937 Change in net assets attributable to unitholders from operations 34,914 (45,634) Closing Balance 2,471,082 2,352,266 2,009,433 1,874,576 FirstChoice Wholesale Multi-Index Diversified 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 1,036,880 1,072, , ,439 Applications 295, , , ,449 Redemptions (108,769) (116,986) (92,662) (95,082) Units issued upon reinvestment of distributions 42,726 46,032 34,537 35,353 Change in net assets attributable to unitholders from operations 43,770 (1,825) Closing Balance 1,266,205 1,366,678 1,036,880 1,072,334 FirstChoice Wholesale Multi-Index Moderate 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 8,379 7, Applications 21,992 21,333 8,555 7,998 Redemptions (2,737) (2,642) (697) (646) Units issued upon reinvestment of distributions Change in net assets attributable to unitholders from operations 133 (194) Closing Balance 28,501 27,291 8,379 7,636 Page 105

111 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) FirstChoice Wholesale Multi-Index Balanced 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 2,458,883 2,414,827 2,353,698 2,469,727 Applications 285, , , ,121 Redemptions (555,977) (566,709) (294,207) (300,794) Units issued upon reinvestment of distributions 148, , , ,204 Change in net assets attributable to unitholders from operations 83,909 (156,431) Closing Balance 2,336,407 2,382,359 2,458,883 2,414,827 FirstChoice Wholesale Multi-Index High Growth 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 100,804 99,821 57,175 61,402 Applications 69,031 75,834 41,537 42,962 Redemptions (15,557) (16,945) (5,834) (5,951) Units issued upon reinvestment of distributions 7,323 7,955 7,926 7,842 Change in net assets attributable to unitholders from operations 9,326 (6,434) Closing Balance 161, , ,804 99,821 AZ Sestante Wholesale Conservative 13/09/ /06/2017 No.'000 $'000 Opening balance - - Applications 25,695 26,290 Redemptions (418) (428) Units issued upon reinvestment of distributions Change in net assets attributable to unitholders from operations (301) Closing Balance 25,716 26,006 Page 106

112 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) Colonial First State Wholesale Conservative 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 875,190 1,023, ,392 1,088,410 Applications 44,682 52,711 52,754 61,804 Redemptions (298,152) (348,695) (133,522) (156,073) Units issued upon reinvestment of distributions 13,823 16,243 22,566 26,261 Change in net assets attributable to unitholders from operations 6,507 2,666 Closing Balance 635, , ,190 1,023,068 Perpetual Wholesale Conservative Growth 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 261, , , ,444 Applications 15,252 16,857 27,720 30,289 Redemptions (50,264) (55,289) (37,806) (41,167) Units issued upon reinvestment of distributions 4,986 5,478 8,509 9,189 Change in net assets attributable to unitholders from operations 5,935 (2,653) Closing Balance 231, , , ,102 AZ Sestante Wholesale Diversified 13/09/ /06/2017 No.'000 $'000 Opening balance - - Applications 98, ,914 Redemptions (2,093) (2,165) Units issued upon reinvestment of distributions 2,339 2,373 Change in net assets attributable to unitholders from operations (1,522) Closing Balance 98,369 99,600 Page 107

113 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) Colonial First State Wholesale Balanced 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 736, , , ,809 Applications 37,883 45,156 31,844 36,893 Redemptions (156,706) (187,432) (99,825) (114,480) Units issued upon reinvestment of distributions 12,992 15,409 18,743 21,465 Change in net assets attributable to unitholders from operations 24,170 3,894 Closing Balance 630, , , ,581 Perpetual Wholesale Diversified Growth 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 122, , , ,061 Applications 8,179 9,279 10,060 11,157 Redemptions (19,103) (21,623) (18,337) (20,254) Units issued upon reinvestment of distributions 2,664 3,014 2,253 2,465 Change in net assets attributable to unitholders from operations 5,686 (1,952) Closing Balance 114, , , ,477 AZ Sestante Wholesale Growth 13/09/ /06/2017 No.'000 $'000 Opening balance - - Applications 32,253 33,733 Redemptions (152) (159) Units issued upon reinvestment of distributions Change in net assets attributable to unitholders from operations (598) Closing Balance 32,947 33,846 Page 108

114 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) BT Wholesale Active Balanced 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 177, , , ,603 Applications 12,101 14,971 17,418 22,307 Redemptions (48,463) (59,272) (23,424) (29,687) Units issued upon reinvestment of distributions 19,089 22,545 15,084 18,399 Change in net assets attributable to unitholders from operations (5,677) (14,411) Closing Balance 160, , , ,211 Colonial First State Wholesale Diversified 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 1,053,464 1,750,913 1,134,412 1,875,168 Applications 26,468 45,435 23,899 39,367 Redemptions (267,257) (455,478) (135,933) (222,312) Units issued upon reinvestment of distributions 19,561 33,425 31,086 50,867 Change in net assets attributable to unitholders from operations 72,196 7,823 Closing Balance 832,236 1,446,491 1,053,464 1,750,913 Perpetual Wholesale Balanced Growth 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 409, , , ,458 Applications 17,393 19,890 23,962 26,619 Redemptions (80,903) (91,552) (53,059) (58,507) Units issued upon reinvestment of distributions 13,376 15,213 9,433 10,284 Change in net assets attributable to unitholders from operations 19,461 (10,381) Closing Balance 359, , , ,473 Page 109

115 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) Colonial First State Wholesale Multi-Asset Real Return 1/07/ /06/2017 1/07/ /06/2016 No. $ No. $ Opening balance 2,189,257 2,188,937 1,496,114 1,512,073 Applications 328, ,099 1,272,089 1,281,489 Redemptions (414,110) (420,352) (579,274) (563,752) Units issued upon reinvestment of distributions 38,982 39, Change in net assets attributable to unitholders from operations 52,663 (41,202) Closing Balance 2,142,659 2,201,270 2,189,257 2,188,937 Schroder Wholesale Real Return 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 15,315 15,571 8,946 9,137 Applications 7,465 7,926 7,272 7,434 Redemptions (2,617) (2,762) (1,070) (1,092) Units issued upon reinvestment of distributions 1,012 1, Change in net assets attributable to unitholders from operations (166) (78) Closing Balance 21,175 21,608 15,315 15,571 Colonial First State Wholesale High Growth 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 247, , , ,518 Applications 16,466 23,061 11,962 15,634 Redemptions (30,246) (42,092) (29,711) (38,556) Units issued upon reinvestment of distributions 5,736 7,991 9,886 12,839 Change in net assets attributable to unitholders from operations 23,808 2,154 Closing Balance 239, , , ,589 Page 110

116 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) Sanlam Wholesale Managed Risk Multi-Index High Growth 1/07/ /06/2017 1/07/ /06/2016 No. $ No. $ Opening balance 138, ,557 10,842 9,801 Applications 485, , , ,477 Redemptions (21,906) (20,288) (11,452) (10,205) Units issued upon reinvestment of distributions 3,102 2,934 5,751 4,864 Change in net assets attributable to unitholders from operations 15,056 (4,380) Closing Balance 604, , , ,557 Colonial First State Wholesale Index Australian Bond 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 40,049 41,801 34,143 35,080 Applications 17,689 18,184 11,812 12,332 Redemptions (12,144) (12,433) (7,386) (7,701) Units issued upon reinvestment of distributions 1,073 1,090 1,480 1,532 Change in net assets attributable to unitholders from operations (1,426) 558 Closing Balance 46,667 47,216 40,049 41,801 Aspect Wholesale Diversified Futures 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 33,185 38,314 27,275 29,693 Applications 9,176 10,196 11,882 14,310 Redemptions (8,935) (9,869) (8,058) (9,601) Units issued upon reinvestment of distributions - - 2,086 2,486 Change in net assets attributable to unitholders from operations (3,707) 1,426 Closing Balance 33,426 34,934 33,185 38,314 Colonial First State Wholesale Developing Companies 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 21,256 25,425 5,602 5,868 Applications 35,605 46,851 17,630 21,648 Redemptions (10,267) (13,482) (2,924) (3,532) Units issued upon reinvestment of distributions 1,387 1, ,136 Change in net assets attributable to unitholders from operations (4,308) 305 Closing Balance 47,981 56,200 21,256 25,425 Page 111

117 6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) (a) Movements in Number of Units and Net Assets Attributable to Unitholders (continued) Colonial First State Wholesale Future Leaders 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 20,606 21,594 20,129 20,192 Applications 2,565 2,693 2,690 2,863 Redemptions (3,286) (3,449) (2,911) (3,055) Units issued upon reinvestment of distributions Change in net assets attributable to unitholders from operations (271) 856 Closing Balance 20,357 21,054 20,606 21,594 Colonial First State Wholesale Index Global Share 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 75, ,246 78, ,607 Applications 22,462 33,376 16,489 24,740 Redemptions (14,392) (21,274) (24,245) (36,160) Units issued upon reinvestment of distributions 3,531 5,249 4,368 6,022 Change in net assets attributable to unitholders from operations 8,583 (7,963) Closing Balance 86, ,180 75, ,246 Colonial First State Wholesale Index Property Securities 1/07/ /06/2017 1/07/ /06/2016 No.'000 $'000 No.'000 $'000 Opening balance 129,262 91, ,074 67,788 Applications 30,516 21,078 30,806 20,145 Redemptions (44,581) (30,372) (18,911) (12,240) Units issued upon reinvestment of distributions 3,280 2,102 3,293 2,233 Change in net assets attributable to unitholders from operations (8,728) 13,685 Closing Balance 118,477 75, ,262 91,611 (b) Capital Risk Management The Responsible Entity manages the Funds' net assets attributable to unitholders as capital, notwithstanding net assets attributable to unitholders are classified as a liability. The amount of net assets attributable to unitholders can change significantly on a daily basis as the Funds are subject to daily applications and redemptions at the discretion of unitholders. The Responsible Entity monitors the level of daily applications and redemptions relative to the liquid assets in the Funds. Liquid assets include cash and cash equivalents and financial assets classified as Level 1 in the "Financial Assets Held for Trading" note to the financial statements. Page 112

118 7. CASH AND CASH EQUIVALENTS (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities FirstChoice Wholesale Defensive 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 24,938 30,703 Proceeds from sale of financial instruments held for trading 49, ,618 Payments for purchase of financial instruments held for trading (30,290) (194,436) Changes in fair value of financial instruments held for trading 17,003 5,104 Distribution or Dividend income reinvested (44,975) (39,100) Change in receivables and other assets 1 (14) Change in payables and other liabilities 2 (36) Net Cash From/(Used In) Operating Activities 16,083 (67,161) FirstChoice Wholesale Conservative 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 160,031 95,006 Proceeds from sale of financial instruments held for trading 238, ,967 Payments for purchase of financial instruments held for trading (17,500) (433,574) Changes in fair value of financial instruments held for trading 36,781 38,445 Distribution or Dividend income reinvested (204,851) (142,923) Change in receivables and other assets 16 (29) Change in payables and other liabilities (11) (141) Net Cash From/(Used In) Operating Activities 213,374 (45,249) FirstChoice Wholesale Diversified 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 15,209 2,776 Proceeds from sale of financial instruments held for trading 300 5,030 Payments for purchase of financial instruments held for trading (115,567) (157,864) Changes in fair value of financial instruments held for trading 4,378 2,732 Distribution or Dividend income reinvested (19,793) (5,597) Change in receivables and other assets (4) 12 Change in payables and other liabilities 13 (6) Net Cash From/(Used In) Operating Activities (115,464) (152,917) Page 113

119 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale Moderate 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 583, ,925 Proceeds from sale of financial instruments held for trading 2,326,646 1,520,436 Payments for purchase of financial instruments held for trading (46,000) (865,700) Changes in fair value of financial instruments held for trading (15,570) 219,105 Distribution or Dividend income reinvested (569,652) (366,895) Change in receivables and other assets 22 (22) Change in payables and other liabilities (15) (38) Net Cash From/(Used In) Operating Activities 2,279, ,811 FirstChoice Wholesale Balanced 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 92,429 13,706 Proceeds from sale of financial instruments held for trading 144,754 96,512 Payments for purchase of financial instruments held for trading (23,350) (99,400) Changes in fair value of financial instruments held for trading (1,544) 31,505 Distribution or Dividend income reinvested (90,790) (45,171) Change in receivables and other assets - 15 Change in payables and other liabilities 2 (19) Net Cash From/(Used In) Operating Activities 121,501 (2,852) FirstChoice Wholesale Growth 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 473,226 39,087 Proceeds from sale of financial instruments held for trading 1,252, ,028 Payments for purchase of financial instruments held for trading (22,300) (411,680) Changes in fair value of financial instruments held for trading (58,778) 178,830 Distribution or Dividend income reinvested (411,677) (215,266) Change in receivables and other assets 39 (62) Change in payables and other liabilities (3) 34 Net Cash From/(Used In) Operating Activities 1,232, ,971 Page 114

120 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale High Growth 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 130,023 (7,868) Proceeds from sale of financial instruments held for trading 70,957 40,910 Payments for purchase of financial instruments held for trading (16,600) (46,900) Changes in fair value of financial instruments held for trading (26,621) 45,326 Distribution or Dividend income reinvested (103,061) (37,134) Change in receivables and other assets (4) (7) Change in payables and other liabilities 1 7 Net Cash From/(Used In) Operating Activities 54,695 (5,666) FirstChoice Wholesale Geared Growth Plus 1/07/2016-1/07/ /06/ /06/2016 $ $ Net profit/(loss) attributable to unitholders 1,384,471 (243,510) Proceeds from sale of financial instruments held for trading 1,375,500 1,561,000 Payments for purchase of financial instruments held for trading (2,398,999) (1,160,000) Changes in fair value of financial instruments held for trading (76,649) 805,823 Distribution or Dividend income reinvested (1,448,887) (687,028) Change in receivables and other assets (707) (2,462) Change in payables and other liabilities 4,632 1,854 Net Cash From/(Used In) Operating Activities (1,160,639) 275,677 FirstChoice Wholesale Fixed Interest 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 26, ,376 Proceeds from sale of financial instruments held for trading 607, ,580 Payments for purchase of financial instruments held for trading (79,000) (7,000) Changes in fair value of financial instruments held for trading 253,199 (168,982) Distribution or Dividend income reinvested (288,420) (286,626) Change in receivables and other assets 45 (73) Change in payables and other liabilities (83) 74 Net Cash From/(Used In) Operating Activities 519, ,349 Page 115

121 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale Alternatives 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders (708) 2,120 Proceeds from sale of financial instruments held for trading 10,600 7,263 Payments for purchase of financial instruments held for trading (95,734) (109,058) Changes in fair value of financial instruments held for trading 5,128 (1,210) Distribution or Dividend income reinvested (4,390) (909) Net foreign exchange gain/(loss) (1) 1 Change in receivables and other assets (1) 2 Change in payables and other liabilities - (2) Net Cash From/(Used In) Operating Activities (85,106) (101,793) FirstChoice Wholesale Lower Volatility Australian Share 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 16,993 3,227 Proceeds from sale of financial instruments held for trading 30,240 29,555 Payments for purchase of financial instruments held for trading (650) (1,350) Changes in fair value of financial instruments held for trading (10,739) 4,549 Distribution or Dividend income reinvested (6,338) (7,858) Change in receivables and other assets 2 32 Change in payables and other liabilities (2) (31) Net Cash From/(Used In) Operating Activities 29,506 28,124 FirstChoice Wholesale Australian Share 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 843,482 (152,385) Proceeds from sale of financial instruments held for trading 1,783, ,600 Payments for purchase of financial instruments held for trading (370,786) (198,500) Changes in fair value of financial instruments held for trading (389,740) 444,614 Distribution or Dividend income reinvested (451,029) (289,723) Change in receivables and other assets (27) (4) Change in payables and other liabilities 8 22 Net Cash From/(Used In) Operating Activities 1,415, ,624 Page 116

122 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale Australian Small Companies 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 25,703 50,238 Proceeds from sale of financial instruments held for trading 33,050 55,092 Payments for purchase of financial instruments held for trading (6,900) (24,942) Changes in fair value of financial instruments held for trading (2,663) (31,882) Distribution or Dividend income reinvested (22,897) (18,210) Change in receivables and other assets 1 30 Change in payables and other liabilities (1) (30) Net Cash From/(Used In) Operating Activities 26,293 30,296 FirstChoice Wholesale Global Share 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 558,661 (197,567) Proceeds from sale of financial instruments held for trading 1,062, ,000 Payments for purchase of financial instruments held for trading (40,000) (630,000) Changes in fair value of financial instruments held for trading (137,633) 480,766 Distribution or Dividend income reinvested (422,449) (284,510) Change in receivables and other assets 7 (3) Change in payables and other liabilities 40 (97) Net Cash From/(Used In) Operating Activities 1,021,459 (158,411) FirstChoice Wholesale Global Share - Hedged 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 260,597 (88,636) Proceeds from sale of financial instruments held for trading 439,019 37,656 Payments for purchase of financial instruments held for trading (27,000) (294,300) Changes in fair value of financial instruments held for trading (38,434) 126,649 Distribution or Dividend income reinvested (222,183) (37,958) Change in receivables and other assets 3 17 Change in payables and other liabilities 9 10 Net Cash From/(Used In) Operating Activities 412,011 (256,562) Page 117

123 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale Asian Share 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 30,705 (13,728) Proceeds from sale of financial instruments held for trading 19,950 24,850 Payments for purchase of financial instruments held for trading (600) (7,200) Changes in fair value of financial instruments held for trading (15,390) 34,407 Distribution or Dividend income reinvested (15,312) (20,677) Change in receivables and other assets (2) 10 Change in payables and other liabilities - (8) Net Cash From/(Used In) Operating Activities 19,351 17,654 FirstChoice Wholesale Emerging Markets 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 126,448 (45,450) Proceeds from sale of financial instruments held for trading 139,100 7,000 Payments for purchase of financial instruments held for trading (3,250) (58,200) Changes in fair value of financial instruments held for trading (110,465) 54,442 Distribution or Dividend income reinvested (18,557) (11,485) Change in receivables and other assets (2) (11) Change in payables and other liabilities (1) 13 Net Cash From/(Used In) Operating Activities 133,273 (53,691) FirstChoice Wholesale Property Securities 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders (14,567) 112,508 Proceeds from sale of financial instruments held for trading 41, ,675 Payments for purchase of financial instruments held for trading - (286,500) Changes in fair value of financial instruments held for trading 33,408 (79,271) Distribution or Dividend income reinvested (19,201) (33,857) Change in receivables and other assets (3) 20 Change in payables and other liabilities (4) (29) Net Cash From/(Used In) Operating Activities 41, ,546 Page 118

124 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale Global Property Securities 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 1, ,187 Proceeds from sale of financial instruments held for trading 169,608 81,100 Payments for purchase of financial instruments held for trading (4,750) (61,500) Changes in fair value of financial instruments held for trading 107,733 (26,541) Distribution or Dividend income reinvested (110,226) (88,788) Change in receivables and other assets (1) 31 Change in payables and other liabilities (12) 11 Net Cash From/(Used In) Operating Activities 163,738 18,500 FirstChoice Wholesale Global Infrastructure Securities 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 158,489 67,915 Proceeds from sale of financial instruments held for trading 349,143 59,000 Payments for purchase of financial instruments held for trading (104,500) (102,500) Changes in fair value of financial instruments held for trading 21,641 23,648 Distribution or Dividend income reinvested (182,443) (93,752) Change in receivables and other assets - (20) Change in payables and other liabilities (13) 35 Net Cash From/(Used In) Operating Activities 242,317 (45,674) FirstChoice Wholesale Geared Australian Share 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 4,499 (1,561) Proceeds from sale of financial instruments held for trading 12,061 1,892 Payments for purchase of financial instruments held for trading (11,301) (6,420) Changes in fair value of financial instruments held for trading (3,297) 2,713 Distribution or Dividend income reinvested (1,525) (1,436) Change in receivables and other assets (2) - Change in payables and other liabilities 6 4 Net Cash From/(Used In) Operating Activities 441 (4,808) Page 119

125 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale Multi-Index Conservative 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 106,891 62,833 Proceeds from sale of financial instruments held for trading 14, ,711 Payments for purchase of financial instruments held for trading (372,070) (302,960) Changes in fair value of financial instruments held for trading (36,792) 27,073 Distribution or Dividend income reinvested (76,563) (95,666) Net foreign exchange gain/(loss) - (1) Change in receivables and other assets (37) (33) Change in payables and other liabilities Net Cash From/(Used In) Operating Activities (364,398) (84,995) FirstChoice Wholesale Multi-Index Diversified 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 90,537 33,999 Proceeds from sale of financial instruments held for trading 34, ,135 Payments for purchase of financial instruments held for trading (229,480) (218,250) Changes in fair value of financial instruments held for trading (40,616) 31,142 Distribution or Dividend income reinvested (52,987) (67,768) Change in receivables and other assets (21) (25) Change in payables and other liabilities Net Cash From/(Used In) Operating Activities (197,631) (104,727) FirstChoice Wholesale Multi-Index Moderate 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 1, Proceeds from sale of financial instruments held for trading 1, Payments for purchase of financial instruments held for trading (19,998) (7,919) Changes in fair value of financial instruments held for trading (177) 211 Distribution or Dividend income reinvested (917) (418) Net foreign exchange gain/(loss) (1) - Change in receivables and other assets (1) - Change in payables and other liabilities 4 1 Net Cash From/(Used In) Operating Activities (18,585) (7,375) Page 120

126 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) FirstChoice Wholesale Multi-Index Balanced 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 240,989 61,347 Proceeds from sale of financial instruments held for trading 430, ,291 Payments for purchase of financial instruments held for trading (154,550) (189,550) Changes in fair value of financial instruments held for trading (134,091) 120,136 Distribution or Dividend income reinvested (112,000) (186,851) Change in receivables and other assets 9 (34) Change in payables and other liabilities (9) 20 Net Cash From/(Used In) Operating Activities 270, ,359 FirstChoice Wholesale Multi-Index High Growth 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 17,432 1,524 Proceeds from sale of financial instruments held for trading 4, Payments for purchase of financial instruments held for trading (61,753) (37,165) Changes in fair value of financial instruments held for trading (9,267) 6,433 Distribution or Dividend income reinvested (8,448) (8,124) Change in receivables and other assets (5) (4) Change in payables and other liabilities 16 7 Net Cash From/(Used In) Operating Activities (57,225) (37,029) AZ Sestante Wholesale Conservative 13/09/ /06/2017 $'000 Net profit/(loss) attributable to unitholders 177 Proceeds from sale of financial instruments held for trading 5,700 Payments for purchase of financial instruments held for trading (31,450) Changes in fair value of financial instruments held for trading 264 Distribution or Dividend income reinvested (445) Net foreign exchange gain/(loss) (1) Change in receivables and other assets 1 Change in payables and other liabilities 3 Net Cash From/(Used In) Operating Activities (25,751) Page 121

127 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) Colonial First State Wholesale Conservative 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 25,268 32,334 Proceeds from sale of financial instruments held for trading 356, ,901 Payments for purchase of financial instruments held for trading (56,739) (53,368) Changes in fair value of financial instruments held for trading 10,994 7,740 Distribution or Dividend income reinvested (37,161) (41,173) Change in receivables and other assets 10 (7) Change in payables and other liabilities (31) (4) Net Cash From/(Used In) Operating Activities 298,672 93,423 Perpetual Wholesale Conservative Growth 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 11,487 6,670 Proceeds from sale of financial instruments held for trading 73,190 62,931 Payments for purchase of financial instruments held for trading (30,742) (42,986) Changes in fair value of financial instruments held for trading (5,858) 1,377 Distribution or Dividend income reinvested (6,881) (9,785) Net foreign exchange gain/(loss) Change in receivables and other assets (8) 116 Change in payables and other liabilities (13) 11 Net Cash From/(Used In) Operating Activities 41,477 18,387 AZ Sestante Wholesale Diversified 13/09/ /06/2017 $'000 Net profit/(loss) attributable to unitholders 975 Proceeds from sale of financial instruments held for trading 23,970 Payments for purchase of financial instruments held for trading (122,259) Changes in fair value of financial instruments held for trading 1,362 Distribution or Dividend income reinvested (2,323) Net foreign exchange gain/(loss) (3) Change in receivables and other assets (6) Change in payables and other liabilities 4 Net Cash From/(Used In) Operating Activities (98,280) Page 122

128 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) Colonial First State Wholesale Balanced 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 41,817 29,114 Proceeds from sale of financial instruments held for trading 194, ,400 Payments for purchase of financial instruments held for trading (48,408) (68,559) Changes in fair value of financial instruments held for trading (12,449) 14,141 Distribution or Dividend income reinvested (30,003) (43,923) Change in receivables and other assets (9) (3) Change in payables and other liabilities (4) (4) Net Cash From/(Used In) Operating Activities 145,420 79,166 Perpetual Wholesale Diversified Growth 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 8, Proceeds from sale of financial instruments held for trading 39,172 57,929 Payments for purchase of financial instruments held for trading (30,563) (43,636) Changes in fair value of financial instruments held for trading (5,697) 1,951 Distribution or Dividend income reinvested (3,761) (4,667) Net foreign exchange gain/(loss) Change in receivables and other assets (9) 80 Change in payables and other liabilities (5) 8 Net Cash From/(Used In) Operating Activities 8,067 12,261 AZ Sestante Wholesale Growth 13/09/ /06/2017 $'000 Net profit/(loss) attributable to unitholders 329 Proceeds from sale of financial instruments held for trading 7,548 Payments for purchase of financial instruments held for trading (40,960) Changes in fair value of financial instruments held for trading 537 Distribution or Dividend income reinvested (856) Net foreign exchange gain/(loss) (1) Change in receivables and other assets (4) Change in payables and other liabilities 2 Net Cash From/(Used In) Operating Activities (33,405) Page 123

129 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) BT Wholesale Active Balanced 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 17,311 4,250 Proceeds from sale of financial instruments held for trading 54,962 20,061 Payments for purchase of financial instruments held for trading (6,863) (15,281) Changes in fair value of financial instruments held for trading (1,382) 10,508 Distribution or Dividend income reinvested (16,262) (15,008) Net foreign exchange gain/(loss) (2) (61) Change in receivables and other assets (4) (1) Change in payables and other liabilities 1 (1) Net Cash From/(Used In) Operating Activities 47,761 4,467 Colonial First State Wholesale Diversified 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 109,506 64,046 Proceeds from sale of financial instruments held for trading 592, ,659 Payments for purchase of financial instruments held for trading (179,427) (628,403) Changes in fair value of financial instruments held for trading (37,464) 45,554 Distribution or Dividend income reinvested (72,974) (110,693) Change in receivables and other assets (10) (9) Change in payables and other liabilities (13) (24) Net Cash From/(Used In) Operating Activities 411, ,130 Perpetual Wholesale Balanced Growth 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 34, Proceeds from sale of financial instruments held for trading 152, ,864 Payments for purchase of financial instruments held for trading (108,053) (135,938) Changes in fair value of financial instruments held for trading (23,639) 7,112 Distribution or Dividend income reinvested (13,174) (13,632) Net foreign exchange gain/(loss) Change in receivables and other assets (12) 420 Change in payables and other liabilities (24) - Net Cash From/(Used In) Operating Activities 43,487 59,918 Page 124

130 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) Colonial First State Wholesale Multi-Asset Real Return 1/07/2016-1/07/ /06/ /06/2016 $ $ Net profit/(loss) attributable to unitholders 104,242 (40,764) Proceeds from sale of financial instruments held for trading 370, ,462 Payments for purchase of financial instruments held for trading (278,000) (1,275,072) Changes in fair value of financial instruments held for trading (24,311) 36,608 Distribution or Dividend income reinvested (84,073) (421) Net foreign exchange gain/(loss) (3) 3 Change in receivables and other assets (5) (67) Change in payables and other liabilities Net Cash From/(Used In) Operating Activities 88,351 (717,013) Schroder Wholesale Real Return 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 1, Proceeds from sale of financial instruments held for trading 1, Payments for purchase of financial instruments held for trading (6,462) (6,809) Changes in fair value of financial instruments held for trading Distribution or Dividend income reinvested (1,221) (277) Change in receivables and other assets - 58 Change in payables and other liabilities 3 (55) Net Cash From/(Used In) Operating Activities (4,924) (6,303) Colonial First State Wholesale High Growth 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 32,179 15,627 Proceeds from sale of financial instruments held for trading 36,510 49,890 Payments for purchase of financial instruments held for trading (16,835) (27,063) Changes in fair value of financial instruments held for trading (14,913) 12,889 Distribution or Dividend income reinvested (17,327) (28,533) Change in receivables and other assets (2) 8 Change in payables and other liabilities 5 (9) Net Cash From/(Used In) Operating Activities 19,617 22,809 Page 125

131 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) Sanlam Wholesale Managed Risk Multi-Index High Growth 1/07/2016-1/07/ /06/ /06/2016 $ $ Net profit/(loss) attributable to unitholders 20,348 1,106 Proceeds from sale of financial instruments held for trading 24, Payments for purchase of financial instruments held for trading (457,588) (105,815) Changes in fair value of financial instruments held for trading (15,275) 4,382 Distribution or Dividend income reinvested (5,532) (5,545) Net foreign exchange gain/(loss) (1) 1 Change in receivables and other assets (18) (2) Change in payables and other liabilities Net Cash From/(Used In) Operating Activities (433,008) (105,511) Colonial First State Wholesale Index Australian Bond 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders (97) 2,416 Proceeds from sale of financial instruments held for trading 7,070 3,720 Payments for purchase of financial instruments held for trading (12,460) (8,005) Changes in fair value of financial instruments held for trading 1,428 (683) Distribution or Dividend income reinvested (1,372) (1,769) Change in receivables and other assets - 5 Change in payables and other liabilities - (3) Net Cash From/(Used In) Operating Activities (5,431) (4,319) Aspect Wholesale Diversified Futures 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders (3,707) 4,602 Proceeds from sale of financial instruments held for trading 4,590 4,670 Payments for purchase of financial instruments held for trading (4,810) (8,710) Changes in fair value of financial instruments held for trading 3,670 (1,418) Distribution or Dividend income reinvested - (3,218) Change in receivables and other assets - (1) Change in payables and other liabilities - - Net Cash From/(Used In) Operating Activities (257) (4,075) Page 126

132 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) Colonial First State Wholesale Developing Companies 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 373 2,531 Proceeds from sale of financial instruments held for trading 10,750 2,738 Payments for purchase of financial instruments held for trading (41,323) (20,093) Changes in fair value of financial instruments held for trading 2,954 (309) Distribution or Dividend income reinvested (2,880) (2,089) Change in receivables and other assets (26) (6) Change in payables and other liabilities 8 (6) Net Cash From/(Used In) Operating Activities (30,144) (17,234) Colonial First State Wholesale Future Leaders 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 452 1,937 Proceeds from sale of financial instruments held for trading 2,439 2,210 Payments for purchase of financial instruments held for trading (1,580) (1,820) Changes in fair value of financial instruments held for trading 733 (414) Distribution or Dividend income reinvested (1,031) (1,371) Change in receivables and other assets - 49 Change in payables and other liabilities - (50) Net Cash From/(Used In) Operating Activities 1, Colonial First State Wholesale Index Global Share 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders 15, Proceeds from sale of financial instruments held for trading 9,530 26,960 Payments for purchase of financial instruments held for trading (20,120) (13,360) Changes in fair value of financial instruments held for trading (13,137) 1,385 Distribution or Dividend income reinvested (2,154) (1,644) Change in receivables and other assets (1) 42 Change in payables and other liabilities - (42) Net Cash From/(Used In) Operating Activities (10,588) 13,609 Page 127

133 7. CASH AND CASH EQUIVALENTS (continued) (a) Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating Activities (continued) Colonial First State Wholesale Index Property Securities 1/07/2016-1/07/ /06/ /06/2016 $'000 $'000 Net profit/(loss) attributable to unitholders (5,739) 17,061 Proceeds from sale of financial instruments held for trading 20,370 4,615 Payments for purchase of financial instruments held for trading (10,190) (11,320) Changes in fair value of financial instruments held for trading 8,737 (13,517) Distribution or Dividend income reinvested (2,993) (3,540) Change in receivables and other assets - 2 Change in payables and other liabilities - (2) Net Cash From/(Used In) Operating Activities 10,185 (6,701) (b) Non-cash Financing Activities Carried Out During the Reporting Periods on Normal Commercial Terms and Conditions include: - Reinvestment of unitholders distributions as disclosed under "Units issued upon reinvestment of distributions" in part (a) of the "Changes in Net Assets Attributable to Unitholders" note to the financial statements. - Participation in dividend reinvestment plans as disclosed under "Distribution or Dividend Income Reinvested" in part (a) of the "Cash and Cash Equivalents" note to the financial statements. (c) Terms and Conditions on Cash Cash at bank and in hand, cash held in collateral and deposits at call with a futures clearing house, earn interest at floating rate as determined by the financial institutions. (d) Derivative Cash Accounts Included in the cash and cash equivalents are derivative cash accounts which comprise of cash held as collateral for derivative transactions. The balance of the derivative cash accounts at the end of the reporting periods were as follows: Name of Fund: 30/06/ /06/2016 $'000 $'000 FirstChoice Wholesale Multi-Index Diversified Perpetual Wholesale Conservative Growth 1, Perpetual Wholesale Diversified Growth BT Wholesale Active Balanced 1,108 2,491 Perpetual Wholesale Balanced Growth 2, Page 128

134 8. RELATED PARTIES DISCLOSURES (a) Responsible Entity The Responsible Entity of the Funds is Colonial First State Investments Limited. The ultimate holding company is the Commonwealth Bank of Australia (the Bank). The Responsible Entity is incorporated and domiciled in Australia and has its registered office at Ground Floor Tower 1, 201 Sussex Street, Sydney, New South Wales, (b) (i) Details of Key Management Personnel Key Management Personnel The Directors of Colonial First State Investments Limited are considered to be Key Management Personnel. The Directors of the Responsible Entity in office during the period and up to the date of the report are: Name of Director Date of Appointment or Resignation Andrew Morgan Resigned on 10 July Anne Ward Appointed on 1 January Penelope James Appointed on 1 January Peter Hodgett Appointed on 1 January Elizabeth Lewin Appointed on 27 October Linda Elkins Resigned on 5 September 2016 and subsequently reappointed on 24 March (ii) Compensation of Key Management Personnel No amounts are paid by the Funds directly to the Directors of the Responsible Entity of the Funds. Directors are employed as executives of the Commonwealth Bank of Australia, and in that capacity, part of their role is to act as a Director of the Responsible Entity. Consequently, no compensation as defined in AASB 124: Related Parties is paid by the Funds to the Directors as Key Management Personnel. (c) Responsible Entity's Management Fees Under the terms of the Constitutions, the Responsible Entity is entitled to receive monthly management fees which are expressed as a percentage of the total assets of each fund (i.e. excluding liabilities). Management fees are paid directly by the Funds. The table below shows the current fee rates charged. Where monies are invested into other funds managed by the Responsible Entity the management fees are calculated after rebating fees charged in the underlying funds. As a consequence, the amounts shown in the Statements of Comprehensive Income reflect only the amount of fees charged directly to the respective Funds. Page 129

135 8. RELATED PARTIES DISCLOSURES (continued) (c) Responsible Entity's Management Fees (continued) The management fees rate charged for the current and comparative reporting periods are as follows: Name of Fund: Period Period Ended Ended 30/06/ /06/2016 Management Management Fees Fees % % FirstChoice Wholesale Defensive FirstChoice Wholesale Conservative FirstChoice Wholesale Diversified FirstChoice Wholesale Moderate FirstChoice Wholesale Balanced FirstChoice Wholesale Growth FirstChoice Wholesale High Growth FirstChoice Wholesale Geared Growth Plus * FirstChoice Wholesale Fixed Interest FirstChoice Wholesale Alternatives FirstChoice Wholesale Lower Volatility Australian Share FirstChoice Wholesale Australian Share FirstChoice Wholesale Australian Small Companies FirstChoice Wholesale Global Share FirstChoice Wholesale Global Share - Hedged FirstChoice Wholesale Asian Share FirstChoice Wholesale Emerging Markets FirstChoice Wholesale Property Securities FirstChoice Wholesale Global Property Securities FirstChoice Wholesale Global Infrastructure Securities FirstChoice Wholesale Geared Australian Share FirstChoice Wholesale Multi-Index Conservative FirstChoice Wholesale Multi-Index Diversified FirstChoice Wholesale Multi-Index Moderate FirstChoice Wholesale Multi-Index Balanced FirstChoice Wholesale Multi-Index High Growth AZ Sestante Wholesale Conservative 0.68 n/a Colonial First State Wholesale Conservative Perpetual Wholesale Conservative Growth AZ Sestante Wholesale Diversified 0.78 n/a Colonial First State Wholesale Balanced Perpetual Wholesale Diversified Growth AZ Sestante Wholesale Growth 0.88 n/a BT Wholesale Active Balanced Colonial First State Wholesale Diversified Perpetual Wholesale Balanced Growth Colonial First State Wholesale Multi-Asset Real Return Schroder Wholesale Real Return Colonial First State Wholesale High Growth * The Responsible Entity is not remunerated by way of cash fee. Instead, each month the Responsible Entity receives units in the Fund at no cost in consideration for managing the Fund. Page 130

136 8. RELATED PARTIES DISCLOSURES (continued) (c) Responsible Entity's Management Fees (continued) Name of Fund: Period Period Ended Ended 30/06/ /06/2016 Management Management Fees Fees % % Sanlam Wholesale Managed Risk Multi-Index High Growth Colonial First State Wholesale Index Australian Bond Aspect Wholesale Diversified Futures Colonial First State Wholesale Developing Companies Colonial First State Wholesale Future Leaders Colonial First State Wholesale Index Global Share Colonial First State Wholesale Index Property Securities The Responsible Entity's management fees charged/(refunded) for the reporting periods are as follows: Name of Fund: Period Period Ended Ended 30/06/ /06/2016 $ $ FirstChoice Wholesale Defensive 3,079,681 3,371,051 FirstChoice Wholesale Conservative 8,178,009 9,714,603 FirstChoice Wholesale Diversified 230, ,611 FirstChoice Wholesale Moderate 1,703,558 2,268,565 FirstChoice Wholesale Balanced (40,518) 24,676 FirstChoice Wholesale Growth (2,569,672) (2,387,249) FirstChoice Wholesale High Growth (304,762) (269,748) FirstChoice Wholesale Geared Growth Plus 141, ,062 FirstChoice Wholesale Fixed Interest 8,660,959 9,686,800 FirstChoice Wholesale Alternatives (15,759) (723) FirstChoice Wholesale Lower Volatility Australian Share 90,746 93,120 FirstChoice Wholesale Australian Share (2,443,843) (2,167,033) FirstChoice Wholesale Australian Small Companies (118,169) (121,990) FirstChoice Wholesale Global Share 1,688,160 1,626,437 FirstChoice Wholesale Global Share - Hedged 100, ,655 FirstChoice Wholesale Asian Share 5,227 1,808 FirstChoice Wholesale Emerging Markets 2,626,239 2,557,216 FirstChoice Wholesale Property Securities 397, ,412 FirstChoice Wholesale Global Property Securities 1,157,643 1,204,681 FirstChoice Wholesale Global Infrastructure Securities 2,378,003 2,272,558 FirstChoice Wholesale Geared Australian Share 323, ,374 FirstChoice Wholesale Multi-Index Conservative 6,602,249 5,894,297 FirstChoice Wholesale Multi-Index Diversified 3,146,867 2,709,901 FirstChoice Wholesale Multi-Index Moderate 28,613 7,552 FirstChoice Wholesale Multi-Index Balanced 5,249,495 5,518,841 FirstChoice Wholesale Multi-Index High Growth 294, ,174 AZ Sestante Wholesale Conservative 4,158 n/a Colonial First State Wholesale Conservative 1,051,944 1,293,799 Perpetual Wholesale Conservative Growth 1,278,177 1,346,557 AZ Sestante Wholesale Diversified (14,179) n/a Colonial First State Wholesale Balanced 869, ,065 Perpetual Wholesale Diversified Growth 635, ,580 AZ Sestante Wholesale Growth (10,449) n/a BT Wholesale Active Balanced 455, ,222 Page 131

137 8. RELATED PARTIES DISCLOSURES (continued) (c) Responsible Entity's Management Fees (continued) Name of Fund: Period Period Ended Ended 30/06/ /06/2016 $ $ Colonial First State Wholesale Diversified 1,503,587 1,705,035 Perpetual Wholesale Balanced Growth 1,741,539 1,755,533 Colonial First State Wholesale Multi-Asset Real Return 4,190 4,627 Schroder Wholesale Real Return 109,371 80,993 Colonial First State Wholesale High Growth 256, ,733 Sanlam Wholesale Managed Risk Multi-Index High Growth Colonial First State Wholesale Index Australian Bond 43,206 37,469 Aspect Wholesale Diversified Futures 38,701 38,172 Colonial First State Wholesale Developing Companies (443,926) (132,768) Colonial First State Wholesale Future Leaders (152,516) (150,640) Colonial First State Wholesale Index Global Share 2,168 3,229 Colonial First State Wholesale Index Property Securities Fees due to/(refund from) the Responsible Entity as at the end of the reporting periods are as follows: Name of Fund: Period Period Ended Ended 30/06/ /06/2016 $ $ FirstChoice Wholesale Defensive 280, ,659 FirstChoice Wholesale Conservative 749, ,704 FirstChoice Wholesale Diversified 27,705 14,304 FirstChoice Wholesale Moderate 170, ,254 FirstChoice Wholesale Balanced 678 (552) FirstChoice Wholesale Growth (212,007) (241,807) FirstChoice Wholesale High Growth (29,132) (25,166) FirstChoice Wholesale Geared Growth Plus 15,508 10,981 FirstChoice Wholesale Fixed Interest 757, ,253 FirstChoice Wholesale Alternatives (1,751) (694) FirstChoice Wholesale Lower Volatility Australian Share 7,181 8,974 FirstChoice Wholesale Australian Share (196,948) (174,998) FirstChoice Wholesale Australian Small Companies (8,350) (10,025) FirstChoice Wholesale Global Share 99,713 59,243 FirstChoice Wholesale Global Share - Hedged 34,419 26,252 FirstChoice Wholesale Asian Share 1, FirstChoice Wholesale Emerging Markets 239, ,397 FirstChoice Wholesale Property Securities 32,753 36,567 FirstChoice Wholesale Global Property Securities 102, ,180 FirstChoice Wholesale Global Infrastructure Securities 213, ,439 FirstChoice Wholesale Geared Australian Share 35,719 30,020 FirstChoice Wholesale Multi-Index Conservative 678, ,819 FirstChoice Wholesale Multi-Index Diversified 327, ,828 FirstChoice Wholesale Multi-Index Moderate 4,501 1,250 FirstChoice Wholesale Multi-Index Balanced 484, ,497 FirstChoice Wholesale Multi-Index High Growth 35,068 19,460 AZ Sestante Wholesale Conservative 2,138 n/a Colonial First State Wholesale Conservative 79, ,861 Perpetual Wholesale Conservative Growth 113, ,601 AZ Sestante Wholesale Diversified (8,174) n/a Page 132

138 8. RELATED PARTIES DISCLOSURES (continued) (c) Responsible Entity's Management Fees (continued) Name of Fund: Period Period Ended Ended 30/06/ /06/2016 $ $ Colonial First State Wholesale Balanced 71,424 75,794 Perpetual Wholesale Diversified Growth 55,948 59,477 AZ Sestante Wholesale Growth (3,456) n/a BT Wholesale Active Balanced 41,708 40,416 Colonial First State Wholesale Diversified 126, ,460 Perpetual Wholesale Balanced Growth 154, ,423 Colonial First State Wholesale Multi-Asset Real Return Schroder Wholesale Real Return 11,946 8,478 Colonial First State Wholesale High Growth 24,341 18,989 Sanlam Wholesale Managed Risk Multi-Index High Growth Colonial First State Wholesale Index Australian Bond 4,094 3,664 Aspect Wholesale Diversified Futures 3,309 3,654 Colonial First State Wholesale Developing Companies (46,995) (21,166) Colonial First State Wholesale Future Leaders (13,153) (13,955) Colonial First State Wholesale Index Global Share Colonial First State Wholesale Index Property Securities (d) Management Expenses Recharged The Responsible Entity is responsible for paying the custody fees on behalf of the Funds. The amount paid is based on the overall arrangement in place with the custodian. The Responsible Entity recharges the custody fees to the Funds. The amount recharged is disclosed as "Custody Fees" in the "Statements of Comprehensive Income". The Responsible Entity is also responsible for paying certain expenses (such as audit fees, printing and postage) for the Funds. The amount recharged is based on the lower of the expenses paid or 0.02% of the net assets of the Funds. The amount recharged is disclosed under "Expenses Recharged" in the "Statements of Comprehensive Income". (e) Bank and Deposit Accounts The bank accounts and 11am deposit accounts for the Funds may be held with the Commonwealth Bank of Australia. Fees and expenses are negotiated on an arm's length basis. Various short term money market, fixed interest securities and foreign currency transactions are from time to time transacted through the Commonwealth Bank of Australia which receives a fee which is negotiated on an arm's length basis. (f) Units Held by Related Parties Other funds managed by the Responsible Entity or its affiliates may from time to time purchase or redeem units in the Funds. Such activity is undertaken in the ordinary course of business at entry and exit prices available to all investors at the time of the transaction. The interests of Colonial First State Investments Limited and its associates in the Funds are tabled below: Name of Fund: 30/06/ /06/2016 Number Number of Units of Units No.'000 No.'000 FirstChoice Wholesale Defensive 796, ,751 FirstChoice Wholesale Conservative 2,759,528 2,825,238 FirstChoice Wholesale Diversified 272, ,468 Page 133

139 8. RELATED PARTIES DISCLOSURES (continued) (f) Units Held by Related Parties (continued) Name of Fund: 30/06/ /06/2016 Number Number of Units of Units No.'000 No.'000 FirstChoice Wholesale Moderate 5,804,801 7,067,633 FirstChoice Wholesale Balanced 705, ,000 FirstChoice Wholesale Growth 3,478,390 4,179,961 FirstChoice Wholesale High Growth 782, ,359 FirstChoice Wholesale Fixed Interest 5,593,556 5,801,946 FirstChoice Wholesale Alternatives 171,619 97,465 FirstChoice Wholesale Lower Volatility Australian Share 116, ,231 FirstChoice Wholesale Australian Share 3,977,378 4,816,041 FirstChoice Wholesale Australian Small Companies 166, ,016 FirstChoice Wholesale Global Share 3,957,719 4,314,202 FirstChoice Wholesale Global Share - Hedged 1,105,449 1,234,016 FirstChoice Wholesale Asian Share 122, ,904 FirstChoice Wholesale Emerging Markets 614, ,463 FirstChoice Wholesale Property Securities 430, ,874 FirstChoice Wholesale Global Property Securities 863, ,896 FirstChoice Wholesale Global Infrastructure Securities 1,084,118 1,098,961 FirstChoice Wholesale Multi-Index Conservative 2,150,332 1,811,306 FirstChoice Wholesale Multi-Index Diversified 1,159, ,199 FirstChoice Wholesale Multi-Index Balanced 2,142,364 2,298,414 FirstChoice Wholesale Multi-Index High Growth 146,164 93,240 AZ Sestante Wholesale Conservative 21,513 n/a Colonial First State Wholesale Conservative 521, ,364 Perpetual Wholesale Conservative Growth 212, ,748 AZ Sestante Wholesale Diversified 87,558 n/a Colonial First State Wholesale Balanced 557, ,211 Perpetual Wholesale Diversified Growth 106, ,592 AZ Sestante Wholesale Growth 28,698 n/a BT Wholesale Active Balanced 148, ,934 Colonial First State Wholesale Diversified 680, ,177 Perpetual Wholesale Balanced Growth 342, ,973 Colonial First State Wholesale High Growth 206, ,250 Colonial First State Wholesale Index Global Share 7,039 6,650 (g) Related Party Transactions The Funds may transact with other managed investment schemes, which are also managed by the Responsible Entity. These transactions normally consist of the sale or purchase of units in related managed investment schemes and receipt and payment of distributions on normal commercial terms and conditions. (i) Terms and Conditions of Transactions with Related Parties All related party transactions are made in arm's length transactions on normal commercial terms and conditions. Outstanding balances at period end are unsecured and settlement occurs in cash. (ii) Guarantees There have been no guarantees provided or received for any related party receivables. Page 134

140 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities Related Managed Investment Schemes The following Funds held investments in the following managed investment schemes which were managed by Colonial First State Investments Limited. Distributions received are immediately reinvested into additional units. Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Defensive Units held in: Commonwealth Multi Manager Cash Fund , , ,622 14,597 8, , , ,996 3,990 9,805 Colonial First State Investment Fund ,877 95, ,572 2,408 2, ,713 94, ,713-1,625 Commonwealth Multi-Manager Australian Share Fund ,064 47, ,426 7,443 3, ,081 45, , ,317 Commonwealth Multi-Manager Global Shares Fund ,185 37, ,959 6,329 6, ,555 37, , Commonwealth Global Share Fund ,338 9, ,119 1,211 1, ,430 9, , Commonwealth Multi-Manager Fixed Interest Fund , , ,961 15,206 22, , , ,051 12,949 22,950 Colonial First State Investment Fund ,147 88, Commonwealth Australian Share Fund ,442 17, Page 135

141 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Defensive (continued) Commonwealth Multi Manager Emerging Markets Fund , FirstChoice Wholesale Conservative Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives , , ,441 4,095 3, , , ,737-1,952 Commonwealth Multi Manager Cash Fund ,142,873 1,143, ,531 46,938 26, ,158,280 1,158, ,865 90,790 31,941 Colonial First State Investment Fund , , ,834 4,136 6, , , ,675-3,303 Commonwealth Multi-Manager Australian Share Fund , , ,443 55,650 30, , , ,685 4,466 21,577 Commonwealth Multi Manager Emerging Markets Fund ,642 34, , ,819 42, ,262 7, Commonwealth Multi Manager Global Infrastructure Securities Fund ,763 84, ,543 15,269 16, ,489 89, ,524 1,299 6,745 Page 136

142 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Conservative (continued) Commonwealth Multi Manager Global Property Securities Fund ,524 86, ,463 5,041 8, ,102 91, ,370 2,554 2,597 Commonwealth Multi-Manager Global Shares Fund , , ,473 26,064 33, , , ,177 4,365 5,068 Commonwealth Global Share Fund , , ,540 14,807 18, , , ,800-1,099 Commonwealth Multi-Manager Fixed Interest Fund ,076,614 1,039, ,477 31,229 60, ,042,366 1,060, ,512 40,019 64,302 Colonial First State Investment Fund , ,948 1,349 Commonwealth Australian Share Fund ,145 62,551 2,450 FirstChoice Wholesale Diversified Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives ,267 17, , ,443 9, , Page 137

143 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Diversified (continued) Commonwealth Multi Manager Cash Fund ,190 58, ,467-1, ,723 31, , Colonial First State Investment Fund ,056 14, , ,142 8, , Commonwealth Multi-Manager Australian Share Fund ,767 54, ,942-3, ,825 29, , ,471 Commonwealth Multi Manager Emerging Markets Fund ,778 5, , ,827 3, , Commonwealth Multi Manager Global Infrastructure Securities Fund ,431 11, ,220-2, ,211 6, , Commonwealth Multi Manager Global Property Securities Fund ,870 11, , ,705 6, , Commonwealth Multi-Manager Global Shares Fund ,694 30, ,150-4, ,544 17, , Commonwealth Global Share Fund ,711 16, ,347-2, ,364 9, , Page 138

144 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Diversified (continued) Commonwealth Multi-Manager Fixed Interest Fund ,523 73, , , ,299 41, , ,215 Colonial First State Investment Fund ,032 3, FirstChoice Wholesale Moderate Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives , , , ,694 9, , , ,911 33,578 7,355 Commonwealth Multi Manager Cash Fund , , , ,514 19, , , , ,469 23,005 Colonial First State Investment Fund , , ,627 42,146 5, , , ,673-1,037 Commonwealth Multi-Manager Australian Share Fund ,291,601 1,492, , , , ,748,243 1,878, , , ,285 Commonwealth Multi Manager Emerging Markets Fund , , ,758 77,707 1, , , ,906 1,125 2,537 Page 139

145 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Moderate (continued) Commonwealth Multi Manager Global Infrastructure Securities Fund , , , ,811 63, , , ,547 25,936 28,649 Commonwealth Multi Manager Global Property Securities Fund , , ,688 83,575 34, , , ,549 31,212 10,912 Commonwealth Multi-Manager Global Shares Fund , , , , , ,036,422 1,042, ,655 50,331 25,956 Commonwealth Global Share Fund , , , ,132 76, , , ,158 14,995 5,535 Commonwealth Multi-Manager Property Securities Fund , ,010 1,552 Commonwealth Multi-Manager Fixed Interest Fund ,724,405 1,665, , ,166 98, ,074,107 2,110, , , ,014 Commonwealth Global Share Fund ,461 82, Page 140

146 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Balanced Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives ,561 66, ,716 7,479 1, ,324 72, ,301 2,684 1,030 Commonwealth Multi Manager Cash Fund ,087 75, ,764 8,348 1, ,671 78, ,980 17,253 2,110 Commonwealth Multi-Manager Australian Share Fund , , ,385 40,897 20, , , ,963 22,704 16,592 Commonwealth Multi Manager Emerging Markets Fund ,604 31, , ,746 32, ,294 4, Commonwealth Multi Manager Global Infrastructure Securities Fund ,935 55, ,789 10,225 11, ,371 58, ,303-4,352 Commonwealth Multi Manager Global Property Securities Fund ,934 53, ,876 5,733 5, ,791 58, ,581-1,656 Commonwealth Multi-Manager Global Shares Fund , , ,384 20,030 22, , , ,242 3,981 3,483 Commonwealth Global Share Fund ,147 93, ,151 11,207 14, ,203 92, , Page 141

147 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Balanced (continued) Commonwealth Small Companies Fund ,545 10, , ,648 10, ,364 1, Commonwealth Multi-Manager Property Securities Fund , Commonwealth Multi-Manager Fixed Interest Fund , , ,706 20,258 12, , , ,367 17,005 13,690 Commonwealth Global Share Fund ,058 11,058 8 FirstChoice Wholesale Growth Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives , , ,721 67,249 7, , , ,701 27,268 5,300 Commonwealth Multi Manager Cash Fund , , ,674 24,210 2, , , ,949 87,245 3,475 Commonwealth Multi-Manager Australian Share Fund ,025,911 1,185, , , , ,305,164 1,402, , ,039 92,636 Page 142

148 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Growth (continued) Commonwealth Multi Manager Emerging Markets Fund , , ,530 62,127 1, , , ,437 2,372 2,142 Commonwealth Multi Manager Global Infrastructure Securities Fund , , ,409 82,200 51, , , ,474 14,602 22,268 Commonwealth Multi Manager Global Property Securities Fund , , ,209 48,754 25, , , ,935 22,525 7,852 Commonwealth Multi-Manager Global Shares Fund , , , , , , , ,510 49,536 19,703 Commonwealth Global Share Fund , , , ,664 66, , , ,488 10,476 4,623 Commonwealth Small Companies Fund ,944 59, ,095 20,140 4, ,989 72, ,592 12,322 5,511 Commonwealth Multi-Manager Property Securities Fund , ,448 1,320 Commonwealth Multi-Manager Fixed Interest Fund , , , ,558 41, , , , ,747 50,380 Page 143

149 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Growth (continued) Commonwealth Global Share Fund ,606 76, FirstChoice Wholesale High Growth Units held in: Commonwealth Multi-Manager Australian Share Fund , , ,176 23,682 27, , , ,344 14,488 19,720 Commonwealth Multi Manager Emerging Markets Fund ,795 95, ,520 11, ,176 88, , ,073 Commonwealth Multi Manager Global Infrastructure Securities Fund ,493 96, ,035 4,107 18, ,565 88, ,020 3,838 6,706 Commonwealth Multi Manager Global Property Securities Fund ,755 93, ,914 2,980 9, ,821 88, ,156 5,609 2,534 Commonwealth Multi-Manager Global Shares Fund , , ,933 8,199 22, , , ,059 6,315 3,217 Commonwealth Global Share Fund , , ,249 8,176 21, , , , ,196 Page 144

150 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale High Growth (continued) Commonwealth Small Companies Fund ,757 35, ,427 4,095 2, ,425 35, ,339 5,395 2,687 FirstChoice Wholesale Geared Growth Plus ^ Units held in: Commonwealth Geared Growth Fund ,213,404 7,988, ,640,829 1,289,395 1,448, ,861,970 5,439, ,881,976 1,548, ,028 ^ Amounts and units are rounded to nearest dollar and unit. FirstChoice Wholesale Fixed Interest Units held in: Commonwealth Fixed Interest Fund , , ,749 47,884 20, , , ,322 81,526 4,114 Commonwealth Fixed Interest Fund , , ,968 52,259 36, , , ,888 81,941 23,211 Commonwealth Fixed Interest Fund , , ,156 84,382 53, , , , ,845 27,186 Commonwealth Fixed Interest Fund , , ,493 51,440 30, , , ,847 66,701 30,489 Commonwealth Fixed Interest Fund , , ,480 45,194 19, , , ,485 59,256 18,473 Page 145

151 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Fixed Interest (continued) Commonwealth Fixed Interest Fund , , ,351 94,449 37, ,791 1,001, , ,815 89,009 Commonwealth International Fixed Interest Fund , , ,698 55,346 38, , , ,989 94,326 10,853 Colonial First State Wholesale Indexed Australian Bond Fund ,603,880 1,613, , ,608 50, ,686,074 1,750, , ,583 83,291 FirstChoice Wholesale Alternatives Units held in: Commonwealth Specialist Fund ,419 20, , ,016 11, ,713 7,778 - Commonwealth Specialist Fund ,565 33, ,084 4, ,845 22, , Commonwealth Specialist Fund ,141 29, , ,155 16, , Commonwealth Specialist Fund ,690 39, ,483 6,452 3, ,659 28, , Page 146

152 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Alternatives (continued) Colonial First State Investment Fund ,101 15, ,101-1, Commonwealth Specialist Fund ,073 29, , ,511 16, , Commonwealth Specialist Fund ,016 28, , ,832 17, , FirstChoice Wholesale Lower Volatility Australian Share Units held in: Commonwealth Australian Boutique Share Fund ,914 40, ,287 5,747 1, ,374 43, ,178 4,470 1,675 Commonwealth Australian Boutique Share Fund ,006 32, ,635 1, ,894 34, ,533 1,369 Commonwealth Australian Boutique Share Fund ,992 29, ,635 5, ,563 32, ,217 8,211 1,538 Commonwealth Australian Share Fund ,974 32, ,148 7,209 1, ,035 35, ,440 5,437 1,378 Page 147

153 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Lower Volatility Australian Share (continued) Commonwealth Australian Share Fund ,486 28, ,320 2,240 1, ,406 29, ,975 5,290 1,898 FirstChoice Wholesale Australian Share Units held in: Commonwealth Australian Shares Fund , , , , , , , ,243 29,009 35,769 Commonwealth Australian Shares Fund , , , ,270 86, ,133 1,072, ,883 26,255 53,177 Commonwealth Australian Share Fund , , , , , , , ,306 7,263 73,066 Commonwealth Australian Share Fund , , , ,344 36, , , ,010 19,538 32,413 Commonwealth Australian Share Fund , , , ,986 22, , , , ,699 52,105 Commonwealth Australian Share Fund , , , ,028 59, , , ,714 5,835 19,757 Page 148

154 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Australian Share (continued) Colonial First State Wholesale Australian Share Fund - Core , ,905 11, , , ,060 7,164 23,437 FirstChoice Wholesale Australian Small Companies Units held in: Commonwealth Small Companies Fund ,115 41, , ,051 42, ,468 1,303 1,056 Commonwealth Small Companies Fund ,018 72, , ,374 74, , ,877 Commonwealth Small Companies Fund ,479 88, ,741 2,465 2, ,203 78, ,560 11,296 2,263 Commonwealth Small Companies Fund ,675 57, ,039 2, ,950 61, , Commonwealth Small Companies Fund ,714 86, ,544 9,210 17, ,380 89, ,766 7,477 12,604 FirstChoice Wholesale Global Share Units held in: Commonwealth Global Shares Fund , , ,101 96,975 47, , , ,323 25,166 76,476 Page 149

155 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Global Share (continued) Commonwealth Global Shares Fund , , ,933 96,485 74, , , ,698 18,074 2,614 Commonwealth Global Shares Fund , , ,125 49,196 65, , , ,159 48,016 95,355 Commonwealth Global Shares Fund , , ,047 59,539 79, , , ,439 10,326 28,109 Commonwealth Global Share Fund , , ,913 23,898 5, , , ,983 5,647 34,866 Commonwealth Global Share Fund , , , ,824 66, , , ,947 84,242 35,159 Commonwealth Global Shares Fund , ,681 82, , , , ,036 11,932 FirstChoice Wholesale Global Share - Hedged Units held in: Commonwealth Multi-Manager Global Shares Fund ,424,636 1,387, , , , ,533,820 1,542, ,869 81,991 37,958 Page 150

156 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Asian Share Units held in: Commonwealth Asian Share Fund ,900 68, ,686 6,855 5, ,069 62, ,617 11,187 7,457 Commonwealth Asian Share Fund ,582 36, ,092 5,042 3, ,532 34, ,838 4,093 4,401 Commonwealth Asian Share Fund ,670 45, ,864 5,321 5, ,127 42, ,404 5,206 8,819 FirstChoice Wholesale Emerging Markets Units held in: Commonwealth Emerging Markets Fund , , ,741 45,082 2, , , ,458 3,674 2,893 Commonwealth Emerging Markets Fund , , ,028 24,034 1, , , ,581-2,309 Commonwealth Emerging Markets Fund , , ,172 53,691 1, , , ,249 5,808 2,233 Commonwealth Emerging Markets Fund , , ,461 19,121 13, , , ,383-4,050 Page 151

157 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Property Securities Units held in: Commonwealth Property Fund , , ,639 27,996 8, , , , ,317 12,054 Colonial First State Investment Fund , , ,894 16,115 10, , , , ,967 21,803 Colonial First State Wholesale Property Securities Fund ,066 - FirstChoice Wholesale Global Property Securities Units held in: Commonwealth Global Property Securities Fund , , ,527 56,908 26, , , ,531 28,923 49,701 Commonwealth Global Property Securities Fund , , ,804 91,672 59, , , ,873 43,635 32,507 Colonial First State Wholesale Global Property Securities Fund , , ,537 26,741 24, , , ,846 6,822 6,580 Page 152

158 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Global Infrastructure Securities Units held in: Commonwealth Global Infrastructure Fund , , ,291 46,143 30, , , , ,696 Commonwealth Global Listed Infrastructure Fund , , ,808 30,764 15, , , ,482 3,414 7,141 Commonwealth Global Infrastructure Securities Fund , , ,884 66,114 58, , , ,234 23,314 25,031 Commonwealth Global Infrastructure Securities Fund , , , ,242 77, , , ,482 22,188 56,883 FirstChoice Wholesale Geared Australian Share Units held in: Commonwealth Geared Australian Boutique Shares Fund ,679 18, ,132 24,780 1, ,327 14, ,024 4,197 1,436 FirstChoice Wholesale Multi-Index Conservative Units held in: Commonwealth Multi Manager Cash Fund , , , , , , ,600 24,439 19,240 Page 153

159 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Multi-Index Conservative (continued) Commonwealth Global Listed Infrastructure Fund ,009 69, , , ,274 58, ,697 1,373 3,780 Commonwealth Emerging Markets Fund ,898 23, , , ,396 17, , Commonwealth Global Property Securities Fund ,418 69, ,389 1,069 1, ,098 58, ,508 2,264 12,310 Commonwealth Small Companies Fund ,471 47, ,335 2,793 3, ,929 39, ,238 3,279 2,920 Commonwealth Global Share Fund , , , , ,450 90, ,652-12,368 Commonwealth Global Share Fund , , ,330 1,627 8, , , ,159 4,137 9,129 Commonwealth Australian Share Fund , , ,071 4,496 10, , , ,761 10,789 11,199 Colonial First State Investment Fund , , , , , , , Page 154

160 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Multi-Index Conservative (continued) Colonial First State Wholesale Indexed Australian Bond Fund , , , , , , ,103 56,235 15,799 Colonial First State Wholesale Indexed Global Bond Fund ,785 92, , , ,277 76, ,334 84,563 8,525 FirstChoice Wholesale Multi-Index Diversified Units held in: Commonwealth Multi Manager Cash Fund , , ,465 6,033 5, , , ,252 10,969 5,297 Commonwealth Global Listed Infrastructure Fund ,894 60, , , ,532 49, ,858-3,189 Commonwealth Emerging Markets Fund ,177 20, , , ,768 16, , Commonwealth Global Property Securities Fund ,481 59, ,557 1,197 1, ,121 50, , ,380 Commonwealth Small Companies Fund ,881 47, ,467 1,345 3, ,759 37, ,251 3,195 2,759 Page 155

161 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Multi-Index Diversified (continued) Commonwealth Global Share Fund , , ,350 2,235 6, ,986 95, ,898-12,826 Commonwealth Global Share Fund , , ,142 5,309 8, , , ,872 1,721 8,733 Commonwealth Australian Share Fund , , ,861 8,612 10, , , ,418 9,883 10,619 Colonial First State Investment Fund , , ,388 1,293 3, ,028 85, , Colonial First State Wholesale Indexed Australian Bond Fund , , ,025 2,335 5, , , ,375 24,178 8,040 Colonial First State Wholesale Indexed Global Bond Fund ,668 81, , , ,909 65, ,355 45,847 5,595 FirstChoice Wholesale Multi-Index Moderate Units held in: Commonwealth Diversified Fund 10 - Class A ,579 27, ,682 1, ,406 7, , Page 156

162 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Multi-Index Balanced Units held in: Commonwealth Multi Manager Cash Fund , , ,577 23,704 2, , , ,036 19,701 3,048 Commonwealth Global Listed Infrastructure Fund , , ,036 18,742 4, , , ,633 11,095 9,869 Commonwealth Emerging Markets Fund ,023 48, ,233 8,242 4, ,032 46, ,499-1,051 Commonwealth Global Property Securities Fund , , ,197 19,537 3, , , ,272 9,139 32,136 Commonwealth Small Companies Fund , , ,799 23,469 8, , , ,234 22,781 9,102 Commonwealth Global Share Fund , , ,743 43,763 17, , , ,552 7,832 42,511 Commonwealth Global Share Fund , , ,231 54,672 20, , , ,144 9,920 27,766 Commonwealth Australian Share Fund , , ,811 97,884 27, , , ,885 29,096 34,906 Page 157

163 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Multi-Index Balanced (continued) Colonial First State Investment Fund , , ,080 16,904 3, , , , Colonial First State Wholesale Indexed Australian Bond Fund , , ,912 41,987 9, , , ,157 82,766 15,587 Colonial First State Wholesale Indexed Global Bond Fund , , ,021 17,056 10, , , ,823 71,901 10,874 FirstChoice Wholesale Multi-Index High Growth Units held in: Commonwealth Global Listed Infrastructure Fund ,345 17, , ,712 10, , Commonwealth Emerging Markets Fund ,150 17, , , ,372 10, , Commonwealth Global Property Securities Fund ,577 17, , ,119 10, ,033-2,022 Commonwealth Small Companies Fund ,874 10, , ,866 5, , Page 158

164 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 FirstChoice Wholesale Multi-Index High Growth (continued) Commonwealth Global Share Fund ,983 25, , , ,711 14, ,270-1,889 Commonwealth Global Share Fund ,410 26, , , ,688 14, ,057-1,184 Commonwealth Australian Share Fund ,491 59, ,838 1,401 2, ,054 33, , ,776 AZ Sestante Wholesale Conservative Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives , Commonwealth Multi Manager Cash Fund ,831 8, , Commonwealth Specialist Fund Commonwealth Specialist Fund Page 159

165 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Conservative (continued) Colonial First State Wholesale Global Resources Fund Commonwealth Australian Shares Fund Colonial First State Investment Fund Commonwealth Emerging Markets Fund Commonwealth Global Infrastructure Securities Fund Commonwealth Global Property Securities Fund Commonwealth Global Shares Fund Commonwealth Global Shares Fund Page 160

166 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Conservative (continued) Commonwealth Global Shares Fund Commonwealth Small Companies Fund Commonwealth Specialist Fund ,180 2, , Commonwealth Australian Share Fund Commonwealth Global Share Fund Commonwealth Australian Share Fund Commonwealth Fixed Interest Fund Commonwealth International Fixed Interest Fund , Page 161

167 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Conservative (continued) Commonwealth International Fixed Interest Fund ,110 1, , Colonial First State Wholesale Indexed Australian Bond Fund ,211 3, , Colonial First State Wholesale Global Corporate Debt Fund Commonwealth Fixed Interest Fund Commonwealth International Fixed Interest Fund Commonwealth Specialist Fund Colonial First State Wholesale Global Listed Infrastructure Securities Fund Colonial First State Wholesale Conservative Units held in: Colonial First State Global Asset Management Fixed Interest Trust , , , ,562 7, , , ,671 43,892 13,494 Colonial First State Wholesale Imputation Fund , , ,760 20,655 19, , , ,250 2,444 12,467 Page 162

168 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Colonial First State Wholesale Conservative (continued) Commonwealth Global Share Fund ,445 40, ,952 15,052 2, ,545 51, ,107 2,129 7,211 Colonial First State Wholesale Global Property Securities Fund ,712 41, ,993 8,370 3, ,089 56, ,322 1,153 Colonial First State Wholesale Global Share Fund ,135 40, , ,565 57, , Colonial First State Wholesale Cash Fund , , , ,258 4, , , ,250 86,554 6,628 Colonial First State Wholesale Income Fund Perpetual Wholesale Conservative Growth Units held in: Commonwealth Australian Shares Fund ,813 45, ,543 5,672 2, ,942 45, ,000 4,418 1,663 Commonwealth Global Shares Fund ,369 13, , ,567 11, Page 163

169 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Perpetual Wholesale Conservative Growth (continued) Commonwealth Property Fund ,017 1, ,017 1, , Commonwealth Fixed Interest Fund ,127 35, ,852 6, ,182 38, ,057 3,992 1,082 Commonwealth Fixed Interest Fund ,005 81, ,145 7,316 2, ,176 87, ,625 8,041 5,567 Commonwealth Cash Fund ,585 28, , ,933 55, ,936 5, AZ Sestante Wholesale Diversified Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives ,547 6, , Commonwealth Multi Manager Cash Fund ,472 13, , Commonwealth Specialist Fund ,456 3, , Page 164

170 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Diversified (continued) Commonwealth Specialist Fund ,999 6, , Colonial First State Wholesale Global Resources Fund , Commonwealth Australian Shares Fund ,504 3, , Colonial First State Investment Fund ,272 5, , Commonwealth Emerging Markets Fund ,629 3, , Commonwealth Global Infrastructure Securities Fund ,369 2, , Commonwealth Global Property Securities Fund ,786 1, Commonwealth Global Shares Fund ,315 2, , Page 165

171 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Diversified (continued) Commonwealth Global Shares Fund ,066 2, , Commonwealth Global Shares Fund ,827 5, , Commonwealth Small Companies Fund ,694 3, , Commonwealth Specialist Fund ,770 5, , Commonwealth Australian Share Fund ,836 6, , Commonwealth Global Share Fund ,762 6, , Commonwealth Australian Share Fund ,541 4, , Commonwealth Fixed Interest Fund ,420 1, ,068 1, Page 166

172 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Diversified (continued) Commonwealth International Fixed Interest Fund ,406 2, ,655 2, Commonwealth International Fixed Interest Fund ,559 2, Colonial First State Wholesale Indexed Australian Bond Fund ,754 8, , Colonial First State Wholesale Global Corporate Debt Fund ,919 2, Commonwealth Fixed Interest Fund ,848 1, Commonwealth International Fixed Interest Fund ,751 2, Commonwealth Specialist Fund ,426 4, Colonial First State Wholesale Global Listed Infrastructure Securities Fund Colonial First State Wholesale Balanced Units held in: Colonial First State Global Asset Management Fixed Interest Trust , , ,898 39,135 5, , , ,839 39,414 9,712 Page 167

173 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Colonial First State Wholesale Balanced (continued) Colonial First State Wholesale Global Resources Fund ,552 69, , ,851 90, ,513 4,852 1,475 Commonwealth Global Share Fund ,144 59, ,927 12,619 3, ,836 65, ,654 1,774 9,039 Colonial First State Wholesale Global Property Securities Fund ,615 40, ,992 3,320 3, ,943 46, , Colonial First State Wholesale Global Share Fund ,796 59, , ,410 71, , Colonial First State Wholesale Industrial Share Fund ,410 77, ,380 9,587 6, ,617 86, ,899 6,735 10,953 Colonial First State Wholesale Cash Fund , , ,864 54,014 2, , , ,739 69,217 2,486 Colonial First State Wholesale Industrial Share Fund - Core ,892 78, ,713 16,732 7, ,911 86, ,222 6,958 9,027 Page 168

174 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Perpetual Wholesale Diversified Growth Units held in: Commonwealth Australian Shares Fund ,515 31, ,950 3,506 1, ,071 30, ,888 4,278 1,157 Commonwealth Global Shares Fund ,842 12, , ,969 12, , Commonwealth Property Fund ,677 1, , , Commonwealth Fixed Interest Fund ,577 16, ,178 2, ,869 15, ,207 6, Commonwealth Fixed Interest Fund ,411 34, , ,234 35, ,337 4,512 2,313 Commonwealth Cash Fund ,230 4, , ,139 9, ,975 6, AZ Sestante Wholesale Growth Units held in: Colonial First State FirstChoice Wholesale Investments Alternatives ,757 1, , Page 169

175 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Growth (continued) Commonwealth Multi Manager Cash Fund Commonwealth Specialist Fund ,109 1,136 - Commonwealth Specialist Fund ,631 1, , Colonial First State Wholesale Global Resources Fund Commonwealth Australian Shares Fund ,419 1, , Colonial First State Investment Fund ,847 2, , Commonwealth Emerging Markets Fund ,337 2, , Commonwealth Global Infrastructure Securities Fund ,257 3, , Page 170

176 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Growth (continued) Commonwealth Global Property Securities Fund Commonwealth Global Shares Fund , , Commonwealth Global Shares Fund ,544 1, , Commonwealth Global Shares Fund ,385 2, , Commonwealth Small Companies Fund ,525 1, , Commonwealth Specialist Fund Commonwealth Australian Share Fund ,054 2, , Commonwealth Global Share Fund ,368 3, , Commonwealth Specialist Fund ,696 1,696 6 Colonial First State Wholesale Global Listed Infrastructure Securities Fund Page 171

177 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 AZ Sestante Wholesale Growth (continued) Commonwealth Australian Share Fund ,745 1, , Commonwealth Fixed Interest Fund Commonwealth International Fixed Interest Fund Commonwealth International Fixed Interest Fund Colonial First State Wholesale Indexed Australian Bond Fund ,167 1, , Colonial First State Wholesale Global Corporate Debt Fund Commonwealth Fixed Interest Fund Commonwealth International Fixed Interest Fund Page 172

178 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 BT Wholesale Active Balanced Units held in: Commonwealth Australian Shares Fund ,408 71, ,599 17,448 9, ,257 84, ,949 1,112 5,769 Commonwealth Global Shares Fund ,200 40, ,071 11,377 3, ,506 46, ,774 4,856 5,543 Commonwealth Property Fund ,859 14, ,652 6,545 1, ,752 16, ,921 6,638 1,271 Commonwealth Fixed Interest Fund ,413 46, ,678 10,413 1, ,148 54, ,701 7,332 2,425 Colonial First State Wholesale Diversified Units held in: Colonial First State Global Asset Management Fixed Interest Trust , , ,170 80,249 8, , , ,443 35,945 14,185 Colonial First State Wholesale Global Resources Fund , , ,922 1, , , ,513 10,077 3,026 Commonwealth Global Share Fund , , ,232 44,032 8, , , ,675 6,388 24,413 Page 173

179 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Colonial First State Wholesale Diversified (continued) Colonial First State Wholesale Global Listed Infrastructure Securities Fund ,159 78, ,786 30,657 7, ,030 97, ,152 20,260 4,502 Colonial First State Wholesale Global Property Securities Fund ,487 78, ,826 9,148 6, ,809 94, ,019 3,966 1,950 Colonial First State Wholesale Global Share Fund , , , , , , Colonial First State Wholesale Industrial Share Fund , , ,284 38,425 18, , , ,074 19,112 33,454 Colonial First State Wholesale Cash Fund ,743 44, , , ,853 32, , , Colonial First State Wholesale Industrial Share Fund - Core , , ,943 62,337 20, , , ,048 21,409 27,501 Colonial First State Wholesale Diversified Fixed Interest Fund ,571 - Page 174

180 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Perpetual Wholesale Balanced Growth Units held in: Commonwealth Australian Shares Fund , , ,637 17,468 6, , , ,428 10,964 5,292 Commonwealth Global Shares Fund ,128 52, ,522 13,590 3, ,196 54, ,192 5,196 2,014 Commonwealth Property Fund ,355 3, ,355 3, , Commonwealth Fixed Interest Fund ,305 44, ,085 13,822 1, ,042 48, ,092 24,048 1,610 Commonwealth Fixed Interest Fund ,052 66, ,244 5,079 1, ,887 59, ,321 22,471 4,276 Commonwealth Cash Fund ,592 9, , ,910 14, ,260 15, Colonial First State Wholesale Multi-Asset Real Return^ Units held in: Colonial First State Global Asset Management Multi Sector Trust ,093,358 2,199, , ,494 84, ,107,729 2,183, ,223, , ^ Amounts and units are rounded to nearest dollar and unit. Page 175

181 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Schroder Wholesale Real Return Units held in: Commonwealth Specialist Fund ,018 21, ,027 1,502 1, ,493 15, , Colonial First State Wholesale High Growth Units held in: Colonial First State Wholesale Global Resources Fund ,104 49, ,321 4, ,411 50, ,690 6, Colonial First State Developing Companies Fund ,618 32, ,650 2,142 1, ,110 33, ,408 2,527 3,117 Commonwealth Global Share Fund ,838 59, ,161 5,658 3, ,335 55, ,822 1,623 7,324 Colonial First State Wholesale Global Share Fund ,790 59, , ,418 57, ,668 3, Colonial First State Wholesale Industrial Share Fund ,917 69, , , ,106 64, ,131 3,085 8,146 Colonial First State Wholesale Cash Fund ,373 8, ,469 3,475 3 Page 176

182 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Colonial First State Wholesale High Growth (continued) Colonial First State Wholesale Industrial Share Fund - Core ,735 69, ,502 2,970 6, ,203 64, ,097 2,959 6, ,104 14,922 2,230 Sanlam Wholesale Managed Risk Multi-Index High Growth^ Units held in: Colonial First State Investment Fund , , ,134 26,951 5, , , , ,545 ^ Amounts and units are rounded to nearest dollar and unit. Colonial First State Wholesale Index Australian Bond Units held in: Colonial First State Wholesale Indexed Australian Bond Fund ,777 47, ,543 6,950 1, ,184 41, ,447 3,593 1,769 Aspect Wholesale Diversified Futures Units held in: Commonwealth Specialist Fund ,669 34, ,234 4, ,522 38, ,717 3,837 3,218 Page 177

183 8. RELATED PARTIES DISCLOSURES (continued) (h) (i) Investing Activities (continued) Related Managed Investment Schemes (continued) Investment Units Held at Value of Interest held Units Acquired Units Disposed Distribution Name Period End Investment at in Investment During Period During Period Received Period End at Period End No'000 $'000 % No'000 No'000 $'000 Colonial First State Wholesale Developing Companies Units held in: Colonial First State Developing Companies Fund ,282 56, ,152 4,444 2, ,574 25, ,814 1,231 2,089 Colonial First State Wholesale Future Leaders Units held in: Colonial First State Future Leaders Fund ,939 20, , ,882 21, ,371 Colonial First State Wholesale Index Global Share Units held in: Colonial First State Wholesale Indexed Global Share Fund , , ,761 3,769 2, , , ,262 11,356 1,644 Colonial First State Wholesale Index Property Securities Units held in: Colonial First State Wholesale Indexed Property Securities Fund ,540 75, ,816 22,968 2, ,692 91, ,134 5,389 3,540 (ii) Related Listed Securities The Funds did not invest in any related listed securities. (iii) Other related Financial Instruments FirstChoice Wholesale Global Share - Hedged $'000 $'000 CBA Currency Contracts: Notional 128, ,424 Market Value 2, Page 178

184 9. FINANCIAL RISK MANAGEMENT Investing activities of the Funds may expose them to a variety of financial risks: market risk (including price risk, foreign exchange risk and interest rate risk), credit risk and liquidity risk. The overall risk management programme focuses on ensuring compliance with its Product Disclosure Statement/Information Memorandum and seeks to maximise the returns derived for the level of risk to which the Funds are exposed. The Funds may use derivative financial instruments to alter certain risk exposures. Financial risk management is carried out by the respective investment management departments (Investment Managers) and regularly monitored by the Investment Review Services Department of the Responsible Entity. Different methods are used to measure different types of risk to which it is exposed. These methods include sensitivity analysis in the case of interest rate, foreign exchange and other price risks and ratings analysis for credit risk. (a) (i) Market Risk Price Risk Financial assets are either directly or indirectly exposed to price risk. This arises from investments held for which prices in the future are uncertain. They are classified on the balance sheet at fair value through profit or loss. All securities investments present a risk of loss of capital. The maximum risk resulting from financial instruments is determined by the fair value of the financial instruments. Where non-monetary financial instruments are denominated in currencies other than the Australian dollar, the price in the future will also fluctuate because of changes in foreign exchange rates. Paragraph (ii) below sets out how this component of price risk is managed and measured. An Investment Manager may mitigate price risk through diversification and a careful selection of securities and other financial instruments within specified limits and guidelines in accordance with the Product Disclosure Statement/Information Memorandum or Constitutions and monitored by the Investment Review Services Department of the Responsible Entity. The table in part (b) under "Summarised Sensitivity Analysis" of the "Financial Risk Management" note to the financial statements summarises the impact of an increase/decrease of the Australian and global indexes on the Funds' net assets attributable to unitholders at the end of the reporting periods. The analysis is based on the assumptions that the relevant indexes increased or decreased as tabled with all other variables held constant and that fair values of the Funds move according to the historical correlation with the indexes. (ii) Foreign Exchange Risk The Funds may hold 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 not foreign exchange risk. Foreign exchange risk arises as the value of monetary securities denominated in other currencies fluctuates due to changes in exchange rates. The risk is measured using sensitivity analysis. The Funds may manage this risk by entering into foreign exchange forward contracts to hedge the risks. The terms and conditions of these contracts rarely exceed twelve months and are contracted in accordance with the investment guidelines. The tables below summarises the Funds' assets and liabilities, monetary and non-monetary, that are denominated in a currency other than the Australian dollar. Page 179

185 9. FINANCIAL RISK MANAGEMENT (a) (ii) Market Risk (continued) Foreign Exchange Risk FirstChoice Wholesale Global Share - Hedged United States European Japanese U K Pound Others Dollar Euro Yen Sterling 30/06/2017 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Net increase/decrease in exposure from: - foreign currency contract ( 763,103) ( 154,388) ( 107,026) ( 84,308) ( 273,903) ( 763,103) ( 154,388) ( 107,026) ( 84,308) ( 273,903) United States European Japanese U K Pound Others Dollar Euro Yen Sterling 30/06/2016 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Net increase/decrease in exposure from: - foreign currency contract ( 1,102,903) ( 195,693) ( 160,992) ( 124,683) ( 340,616) ( 1,102,903) ( 195,693) ( 160,992) ( 124,683) ( 340,616) Perpetual Wholesale Conservative Growth United States Canadian Japanese European Others Dollar Dollar Yen Euro 30/06/2017 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 3, Receivables Financial assets held for trading 13, Derivatives Payables ( 1,229) Bank overdraft ( 559) - - ( 48) - Financial liabilities held for trading - Derivatives - - ( 20) ( 36) - 15, ( 45) 223 Net increase/decrease in exposure from: - foreign currency contract 902 2,202 ( 1,984) 1,738 1,396 16,087 2,703 ( 1,879) 1,693 1,619 Page 180

186 9. FINANCIAL RISK MANAGEMENT (continued) (a) (ii) Market Risk (continued) Foreign Exchange Risk (continued) Perpetual Wholesale Conservative Growth (continued) United States European Japanese Canadian Others Dollar Euro Yen Dollar 30/06/2016 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 5, Receivables 1, Financial assets held for trading 12, Derivatives Bank overdraft - ( 23) ( 63) - - Financial liabilities held for trading - Derivatives ( 62) , ( 5) Net increase/decrease in exposure from: - foreign currency contract 954 ( 2,733) ( 2,170) ,335 ( 2,648) ( 2,175) Perpetual Wholesale Diversified Growth United States Japanese Canadian Swedish Others Dollar Yen Dollar Kroner 30/06/2017 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 2, Receivables Financial assets held for trading 14, Derivatives Payables ( 641) Bank overdraft ( 185) ( 40) Financial liabilities held for trading - Derivatives - ( 16) - - ( 33) 15, Net increase/decrease in exposure from: - foreign currency contract ( 3,815) ( 1,955) 1, ,921 ( 1,890) 1, Page 181

187 9. FINANCIAL RISK MANAGEMENT (continued) (a) (ii) Market Risk (continued) Foreign Exchange Risk (continued) Perpetual Wholesale Diversified Growth (continued) United States European Japanese U K Pound Others Dollar Euro Yen Sterling 30/06/2016 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 2, Receivables Financial assets held for trading 12, Derivatives Bank overdraft - ( 18) ( 53) - - Financial liabilities held for trading - Derivatives ( 106) , Net increase/decrease in exposure from: - foreign currency contract ( 1,790) ( 2,779) ( 2,220) ( 451) ( 324) 13,799 ( 2,730) ( 2,158) ( 451) 211 BT Wholesale Active Balanced United States European Others Dollar Euro 30/06/2017 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents Financial liabilities held for trading - Derivatives ( 6) ( 139) United States European Others Dollar Euro 30/06/2016 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Derivatives Bank overdraft ( 1) ( 1) ( 1) ( 1) Page 182

188 9. FINANCIAL RISK MANAGEMENT (continued) (a) (ii) Market Risk (continued) Foreign Exchange Risk (continued) Perpetual Wholesale Balanced Growth United States Japanese Canadian Swedish Others Dollar Yen Dollar Kroner 30/06/2017 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 8, Receivables Financial assets held for trading 55,248-2, Derivatives Payables ( 3,955) Bank overdraft ( 413) ( 195) Financial liabilities held for trading - Derivatives - ( 67) - - ( 145) 59, , Net increase/decrease in exposure from: - foreign currency contract ( 11,851) ( 7,914) 4,575 4,141 ( 1,923) 48,047 ( 7,677) 6,646 4,141 ( 1,515) United States European Japanese U K Pound Others Dollar Euro Yen Sterling 30/06/2016 AUD AUD AUD AUD AUD $'000 $'000 $'000 $'000 $'000 Cash and cash equivalents 14, Receivables 4, Financial assets held for trading 53, ,206 Derivatives Bank overdraft - ( 91) ( 262) - - Financial liabilities held for trading - Derivatives ( 745) , ( 40) 1 2,272 Net increase/decrease in exposure from: - foreign currency contract ( 10,666) ( 12,764) ( 9,905) ( 2,838) ( 1,667) 61,878 ( 12,598) ( 9,945) ( 2,837) 605 (ii) Foreign Exchange Risk (continued) The table in part (b) under "Summarised Sensitivity Analysis" of the "Financial Risk Management" note to the financial statements summarises the sensitivities of the Funds' monetary assets and liabilities to foreign exchange risk. The analysis is based on the assumption that the Australian dollar strengthened/weakened by a pre-determined percentage as disclosed in the table for the reporting periods against each of the other currencies to which the Funds are exposed. Page 183

189 9. FINANCIAL RISK MANAGEMENT (continued) (a) (iii) Market Risk (continued) Interest Rate Risk Interest bearing financial instruments are exposed to fluctuations in the prevailing levels of market interest rates on their financial position and cash flows. Cash flow interest rate risk arises on financial instruments with variable interest rates. Financial instruments with fixed rates expose funds to fair value interest rate risk. The risk is measured using sensitivity analysis. Certain funds may also enter into derivative financial instruments to mitigate the risk of future interest rate changes in accordance with the risk policies and guidelines of the Investment Managers. These transactions are regularly monitored by the Investment Review Services Department of the Responsible Entity. The table below summarises those funds with exposure to interest rate risks other than in cash only. It includes the Funds' assets and liabilities at fair values. Perpetual Wholesale Conservative Growth Floating Fixed Non-interest Total interest rate interest rate bearing $'000 $'000 $'000 $'000 30/06/2017 Financial assets Cash and cash equivalents 16, ,734 Receivables Financial assets held for trading - 13, , ,191 Derivatives Financial liabilities Payables - - (1,602) (1,602) Bank overdraft (607) - - (607) Financial liabilities held for trading - Derivatives - - (325) (325) 16,127 13, , ,083 Net increase/(decrease) in exposure from interest rate swaps (notional principal) Net exposure 16,127 13, , ,083 30/06/2016 Financial assets Cash and cash equivalents 13, ,063 Receivables - - 1,755 1,755 Financial assets held for trading - 14, , ,555 Derivatives Financial liabilities Payables - - (212) (212) Bank overdraft (86) - - (86) Financial liabilities held for trading - Derivatives (62) (95) (279) (436) 13,010 14, , ,102 Net increase/(decrease) in exposure from interest rate swaps (notional principal) 6,715 (6,715) - - Net exposure 19,725 7, , ,102 Page 184

190 9. FINANCIAL RISK MANAGEMENT (continued) (a) (iii) Market Risk (continued) Interest Rate Risk (continued) Perpetual Wholesale Diversified Growth Floating Fixed Non-interest Total interest rate interest rate bearing $'000 $'000 $'000 $'000 30/06/2017 Financial assets Cash and cash equivalents 6, ,363 Receivables Financial assets held for trading - 5, , ,807 Derivatives Financial liabilities Payables - - (725) (725) Bank overdraft (257) - - (257) Financial liabilities held for trading - Derivatives - - (369) (369) 6,106 5, , ,833 Net increase/(decrease) in exposure from interest rate swaps (notional principal) Net exposure 6,106 5, , ,833 30/06/2016 Financial assets Cash and cash equivalents 10, ,441 Receivables Financial assets held for trading - 5, , ,368 Derivatives Financial liabilities Payables - - (105) (105) Bank overdraft (71) - - (71) Financial liabilities held for trading - Derivatives (106) (71) (237) (414) 10,264 5, , ,477 Net increase/(decrease) in exposure from interest rate swaps (notional principal) 12,107 (12,107) - - Net exposure 22,371 (6,632) 118, ,477 Page 185

191 9. FINANCIAL RISK MANAGEMENT (continued) (a) (iii) Market Risk (continued) Interest Rate Risk (continued) BT Wholesale Active Balanced Floating Fixed Non-interest Total interest rate interest rate bearing $'000 $'000 $'000 $'000 30/06/2017 Financial assets Cash and cash equivalents 13, ,080 Receivables Financial assets held for trading , ,166 Financial liabilities Payables - - (345) (345) Financial liabilities held for trading - Securities - Short Sell Derivatives - (44) (136) (180) 13,080 (44) 171, ,778 Net increase/(decrease) in exposure from interest rate swaps (notional principal) Net exposure 13,080 (44) 171, ,778 30/06/2016 Financial assets Cash and cash equivalents 10, ,171 Receivables Financial assets held for trading , ,436 Derivatives Financial liabilities Payables - - (424) (424) Bank overdraft (1) - - (1) Financial liabilities held for trading - Derivatives - (1) (1) (2) 10, , ,211 Net increase/(decrease) in exposure from interest rate swaps (notional principal) Net exposure 10, , ,211 Page 186

192 9. FINANCIAL RISK MANAGEMENT (continued) (a) (iii) Market Risk (continued) Interest Rate Risk (continued) Perpetual Wholesale Balanced Growth Floating Fixed Non-interest Total interest rate interest rate bearing $'000 $'000 $'000 $'000 30/06/2017 Financial assets Cash and cash equivalents 18, ,612 Receivables Financial assets held for trading - 15, , ,229 Derivatives ,363 3,431 Financial liabilities Payables - - (4,430) (4,430) Bank overdraft (608) - - (608) Financial liabilities held for trading - Derivatives - - (1,862) (1,862) 18,004 15, , ,485 Net increase/(decrease) in exposure from interest rate swaps (notional principal) Net exposure 18,004 15, , ,485 30/06/2016 Financial assets Cash and cash equivalents 46, ,694 Receivables - - 4,798 4,798 Financial assets held for trading - 16, , ,456 Derivatives 336-1,902 2,238 Financial liabilities Payables - - (613) (613) Bank overdraft (353) - - (353) Financial liabilities held for trading - Derivatives (745) (58) (944) (1,747) 45,932 16, , ,473 Net increase/(decrease) in exposure from interest rate swaps (notional principal) 43,698 (43,698) - - Net exposure 89,630 (27,595) 384, ,473 The table in part (b) under "Summarised Sensitivity Analysis" of the "Financial Risk Management" note to the financial statements, summarises the impact of an increase/decrease of interest rates on the Funds' operating profit and net assets attributable to unitholders through changes in fair value or changes in future cash flows. The analysis is based on the assumption that interest rates increase or decrease by a "predetermined basis points" from the year end rates with all other variables held constant. The impact mainly arises from changes in the fair value of debt securities. The "predetermined basis points" are disclosed in the table below. Page 187

193 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis The following tables summarise the sensitivity of the Funds' operating profit or loss and net assets attributable to unitholders to interest rate risk, foreign exchange risk and other price risk. The reasonably possible movements in the risk variables have been determined based on management's best estimate, having regard to a number of factors, including historical levels of changes in interest rates and foreign exchange rates, historical correlation of the Funds' investments with the relevant benchmark and market volatility. However, actual movements in the risk variables may be greater or less than anticipated due to a number of factors, including unusually large market shocks resulting from changes in the performance of and/or correlation between the performance of the economies, markets and securities in which the Funds invest. As a result, historic variations in risk variables should not be used to predict future variations in the risk variables. Certain funds may not be subject to all these risks and are denoted with "-" in the tables below. FirstChoice Wholesale Defensive Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 21) ( 38,133) 38, basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 37) ( 37,778) 37,778 FirstChoice Wholesale Conservative Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 85) ( 242,065) 242, basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 117) ( 245,799) 245,799 Page 188

194 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Diversified Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 13) ( 38,344) 38, basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 7) ( 21,355) 21,355 FirstChoice Wholesale Moderate Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 194) ( 861,091) 861, basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 156) ( 1,081,496) 1,081,496 FirstChoice Wholesale Balanced Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 46) ( 39,828) 39, basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 41) ( 40,991) 40,991 Page 189

195 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 16.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 130) ( 654,218) 654, basis 50 basis % 10.00% % 16.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 145) ( 775,764) 775,764 FirstChoice Wholesale High Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 15) ( 189,832) 189, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 18) ( 174,767) 174,767 FirstChoice Wholesale Geared Growth Plus Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $ $ $ $ $ $ 30/06/2017 ( 281) ( 1,597,671) 1,597, basis 50 basis % 10.00% % 20.00% points points $ $ $ $ $ $ 30/06/2016 ( 498) ( 1,087,864) 1,087,864 Page 190

196 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Fixed Interest Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -3.60% 3.60% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 146) ( 199,735) 199, basis 50 basis % 10.00% -3.60% 3.60% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 186) ( 217,483) 217,483 FirstChoice Wholesale Alternatives Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 7) ( 39,465) 39, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 2) ( 22,586) 22,586 FirstChoice Wholesale Lower Volatility Australian Share Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 2) ( 32,667) 32, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 7) ( 35,169) 35,169 Page 191

197 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Australian Share Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 140) ( 934,072) 934, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 138) ( 1,048,559) 1,048,559 FirstChoice Wholesale Australian Small Companies Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 11) ( 69,195) 69, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 11) ( 69,313) 69,313 FirstChoice Wholesale Global Share Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 70) ( 778,589) 778, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 148) ( 871,139) 871,139 Page 192

198 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Global Share - Hedged Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 45) ( 277,462) 277, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 25) ( 308,513) 308,513 FirstChoice Wholesale Asian Share Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 6) ( 30,015) 30, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 3) ( 27,745) 27,745 FirstChoice Wholesale Emerging Markets Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 30.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 31) ( 193,756) 193, basis 50 basis % 10.00% % 30.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 17) ( 195,805) 195,805 Page 193

199 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Property Securities Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 18) ( 51,496) 51, basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 6) ( 59,882) 59,882 FirstChoice Wholesale Global Property Securities Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 26) ( 141,182) 141, basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 22) ( 165,537) 165,537 FirstChoice Wholesale Global Infrastructure Securities Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 29) ( 173,537) 173, basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 35) ( 186,113) 186,113 Page 194

200 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Geared Australian Share Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 2) ( 3,782) 3, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 2) ( 2,970) 2,970 FirstChoice Wholesale Multi-Index Conservative Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 91) ( 163,250) 163, basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 71) ( 130,253) 130,253 FirstChoice Wholesale Multi-Index Diversified Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 57) ( 176,020) 176, basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 33) ( 138,552) 138,552 Page 195

201 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) FirstChoice Wholesale Multi-Index Moderate Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 3,546) 3, basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 991) 991 FirstChoice Wholesale Multi-Index Balanced Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 70) ( 94,787) 94, basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 92) ( 95,985) 95,985 FirstChoice Wholesale Multi-Index High Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 9) ( 34,821) 34, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 2) ( 19,887) 19,887 Page 196

202 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) AZ Sestante Wholesale Conservative Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 5,186) 5,186 Colonial First State Wholesale Conservative Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 13) ( 52,368) 52, basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 17) ( 71,508) 71,508 Perpetual Wholesale Conservative Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 414) ( 192) 192 ( 15,870) 15, basis 50 basis % 10.00% -7.00% 7.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 440) ( 706) 706 ( 17,751) 17,751 Page 197

203 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) AZ Sestante Wholesale Diversified Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 19,850) 19,850 Colonial First State Wholesale Balanced Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 18) ( 30,067) 30, basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 19) ( 34,212) 34,212 Perpetual Wholesale Diversified Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 166) ( 163) 163 ( 15,549) 15, basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 145) ( 348) 348 ( 15,329) 15,329 Page 198

204 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) AZ Sestante Wholesale Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 6,746) 6,746 BT Wholesale Active Balanced Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 67) 67 ( 58) 58 ( 6,887) 6, basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 51) ( 8,098) 8,098 Colonial First State Wholesale Diversified Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 20) ( 187,687) 187, basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 36) ( 227,011) 227,011 Page 199

205 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) Perpetual Wholesale Balanced Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 479) ( 543) 543 ( 15,171) 15, basis 50 basis % 10.00% -4.00% 4.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 347) ( 1,927) 1,927 ( 15,181) 15,181 Colonial First State Wholesale Multi-Asset Real Return Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $ $ $ $ $ $ 30/06/2017 ( 27) ( 285,934) 285, basis 50 basis % 10.00% % 13.00% points points $ $ $ $ $ $ 30/06/2016 ( 29) ( 283,869) 283,869 Schroder Wholesale Real Return Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 1) ( 2,800) 2, basis 50 basis % 10.00% % 13.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 2,023) 2,023 Page 200

206 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) Colonial First State Wholesale High Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 6) ( 67,669) 67, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 6) ( 65,156) 65,156 Sanlam Wholesale Managed Risk Multi-Index High Growth Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $ $ $ $ $ $ 30/06/2017 ( 16) ( 113,961) 113, basis 50 basis % 10.00% % 20.00% points points $ $ $ $ $ $ 30/06/2016 ( 3) ( 23,279) 23,279 Colonial First State Wholesale Index Australian Bond Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% -3.60% 3.60% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/ ( 1,694) 1, basis 50 basis % 10.00% -3.60% 3.60% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 1) ( 1,502) 1,502 Page 201

207 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) Aspect Wholesale Diversified Futures Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 1) ( 6,957) 6, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 1) ( 7,647) 7,647 Colonial First State Wholesale Developing Companies Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 6) ( 11,216) 11, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 4) ( 5,116) 5,116 Colonial First State Wholesale Future Leaders Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 1) ( 4,196) 4, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 1) ( 4,308) 4,308 Page 202

208 9. FINANCIAL RISK MANAGEMENT (continued) (b) Summarised Sensitivity Analysis (continued) Colonial First State Wholesale Index Global Share Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 7) ( 25,791) 25, basis 50 basis % 10.00% % 20.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 10) ( 20,615) 20,615 Colonial First State Wholesale Index Property Securities Interest rate risk Foreign exchange risk Price risk Impact on operating profit/(loss) and net assets attributable to unitholders -50 basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2017 ( 4) ( 11,320) 11, basis 50 basis % 10.00% % 15.00% points points $'000 $'000 $'000 $'000 $'000 $'000 30/06/2016 ( 5) ( 13,708) 13,708 Page 203

209 9. FINANCIAL RISK MANAGEMENT (continued) (c) Credit risk The exposure to credit risk for cash and cash equivalents is low as all counterparties have a high credit rating. The Funds' investments in managed investment schemes are subject to credit risk at the point in time it renders its investment. However, as the Responsible Entity of the Funds are the same as the underlying investment, the credit risk is deemed to be insignificant. Credit risk is the risk that a counterparty will be unable to pay amounts in full when they fall due. Credit risk primarily arises from investments in debt securities and derivative products. Other credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions, amounts due from brokers and other receivables. Some funds may transact in derivatives in the over the counter (OTC) markets. OTC derivatives are entered into directly with the counterparty as there is no Clearing House arrangement. Such transactions are only dealt through suitably credit-worthy counterparties. The maximum exposure to credit risk for these OTC derivatives is the contract/notional amount, as shown in the "Derivative Financial Instruments" note to the financial statements. Certain funds invest in debt securities which have an investment grade as rated by the Standard & Poor s rating agency. For unrated assets a rating is assigned by the Investment Manager using an approach that is consistent with the approach used by rating agencies. The exposure to credit risk for cash and cash equivalents is low as all counterparties have a credit rating of at least AA. The maximum exposure to credit risk at the reporting date is the carrying amount of the financial assets and the contract/notional amount of the OTC derivatives. An analysis of debt securities by rating is set out in the table below for the Funds which have such securities. (d) Liquidity risk The Funds are exposed to daily cash redemptions of redeemable units. They therefore primarily hold investments that are traded in an active market and can be readily disposed. Only a limited proportion of their assets are held in investments not actively traded on a stock exchange. Certain funds may, from time to time, invest in derivative contracts traded over the counter, which are not traded in an organised market and may be illiquid. As a result, the Funds may not be able to quickly liquidate their 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. Investments with a higher liquidity risk have been disclosed under "Level 3" in the "Fair Value Hierarchy" of "Financial Assets Held for Trading" note to the Financial Statements. The Funds' financial liabilities, excluding derivative financial liabilities, comprise trade and other payables and are contractually due within 30 days. The table below analyses the Funds' derivative financial instruments 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 gross cash flows expected to be paid or received, determined by reference to the conditions existing at the reporting period end date. The contractual amounts can be settled on a gross or net basis. Page 204

210 9. FINANCIAL RISK MANAGEMENT (continued) (d) Liquidity risk (continued) FirstChoice Wholesale Global Share - Hedged 30/06/2017 Less than More than Total 1 month months months years years 3 years $'000 $'000 $'000 $'000 $'000 $'000 $'000 Derivatives: Inflows 425,158 1,073, ,499,094 (Outflows) (426,539) (1,022,891) (1,449,430) 30/06/2016 Derivatives: Inflows 915,148 1,549, , ,906,225 (Outflows) (911,789) (1,517,075) (439,869) (2,868,733) Perpetual Wholesale Conservative Growth 30/06/2017 Less than More than Total 1 month months months years years 3 years $'000 $'000 $'000 $'000 $'000 $'000 $'000 Derivatives: Inflows - 18, ,161 (Outflows) - (18,066) (18,066) 30/06/2016 Derivatives: Inflows 8,616 8, ,719 (Outflows) (8,779) (7,926) (16,705) Page 205

211 9. FINANCIAL RISK MANAGEMENT (continued) (d) Liquidity risk (continued) Perpetual Wholesale Diversified Growth 30/06/2017 Less than More than Total 1 month months months years years 3 years $'000 $'000 $'000 $'000 $'000 $'000 $'000 Derivatives: Inflows - 24, ,962 (Outflows) - (24,639) (24,639) 30/06/2016 Derivatives: Inflows 9,529 13, ,974 (Outflows) (9,662) (13,143) (22,805) BT Wholesale Active Balanced 30/06/2017 Less than More than Total 1 month months months years years 3 years $'000 $'000 $'000 $'000 $'000 $'000 $'000 Derivatives: Inflows (Outflows) - (180) (180) 30/06/2016 Derivatives: Inflows (Outflows) - (2) (2) Page 206

212 9. FINANCIAL RISK MANAGEMENT (continued) (d) Liquidity risk Perpetual Wholesale Balanced Growth 30/06/2017 Less than More than Total 1 month months months years years 3 years $'000 $'000 $'000 $'000 $'000 $'000 $'000 Derivatives: Inflows - 122, ,073 (Outflows) - (121,178) (121,178) 30/06/2016 Derivatives: Inflows 38,826 64, ,005 (Outflows) (39,422) (62,530) (101,952) 10. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business the Funds may enter into transactions in various derivative financial instruments which have certain risks. A derivative is a financial instrument or other contract which is settled at a future date and whose value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, credit rating or credit index or other variable. Derivative financial instruments require no initial net investment or an initial net investment that is smaller than would be required for other types of contracts that would be expected to have a similar response to changes in market factors. Derivative transactions include many different instruments such as forwards, futures and options. Derivatives are considered to be part of the investment process and the use of derivatives is an essential part of the Funds' portfolio management. Derivatives are not managed in isolation. Consequently, the use of derivatives is multifaceted and includes: - hedging to protect an asset or liability against a fluctuation in market values, to reduce volatility or as a substitution for trading of physical securities and - adjusting asset exposures within the parameters set in the investment strategy, and adjusting the duration of fixed interest portfolios or the weighted average maturity of cash portfolios. While derivatives are used for trading purposes, they are not used to gear (leverage) a portfolio. Gearing a portfolio would occur if the level of exposure to the markets exceeds the underlying value of the Funds. Derivative instruments used by the Funds may include the following: - Futures Futures are contractual obligations to buy or sell financial instruments on a future date at a specified price established in an organised market. The futures contracts are collateralised by cash or marketable securities. Changes in futures contracts' values are usually settled net daily with the exchange. Interest rate futures are contractual obligations to receive or pay a net amount based on changes in interest rates at a future date at a specified price, established in an organised market. Page 207

213 10. DERIVATIVE FINANCIAL INSTRUMENTS (continued) - Options An option is a contractual agreement under which the seller (writer) grants the purchaser (holder) the right, but not the obligation, either to buy (a call option) or sell (a put option) at or buy a set date or during a set period, a specific amount of securities or a financial instrument at a predetermined price. The seller receives a premium from the purchaser in consideration for the assumption of future securities price. Options held normally are exchange-traded. The Funds are exposed to credit risk on purchased options to the extent of their carrying amount, which is their fair value. Options are settled on a gross basis. - Forward Currency Contracts Forward currency contracts are primarily used by the Funds to hedge against foreign currency exchange rate risks on its non-australian dollar denominated trading securities. The Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed upon price on an agreed future date. Forward currency contracts are valued at the prevailing bid price at the reporting date. The Funds recognise a gain or loss equal to the change in fair value at the reporting date. - Interest Rate Swaps Interest rate swap contracts are agreements under which the parties exchange one stream of interest for another. They are used to hedge cash flows against unfavourable movements in interest rates. The contracts are for interest rates on notional principal amounts and can cover, for example, fixed interest rate to floating rate or fixed rate and floating rate to fixed rate. The party with the higher interest obligation pays the net amount to the other party. The amount received is considered an offset to the interest on investment or debt hedged. At reporting dates, the differences expected to be paid or received on the maturity of the contracts are marked-to-market with the unrealised gains and losses being recognised in investment revenue. - Cross Currency Swaps A cross currency swap is a foreign exchange agreement between two parties to exchange principal and interest payments on a loan in one currency for principal and interest payments on an equal (regarding net present value) loan in another currency. Unlike interest rate swaps, cross currency swaps involve the exchange of the principal amount. Interest payments are not netted (as they are in interest rate swaps) because they are denominated in different currencies. Cross currency swaps are valued at fair value which is based on the estimated amount the Funds would pay or receive to terminate the currency derivatives at the balance sheet date, taking into account current interest rates, foreign exchange rates, volatility and the current creditworthiness of the counterparties. - Credit Default Swaps A credit default swap is a swap contract in which the buyer makes a series of payments to the seller and, in exchange, receives a payoff if a particular credit event occurs. The credit event can be a credit instrument, typically a bond or loan, that goes into default or a company undergoing restructuring, bankruptcy or having its credit rating downgraded. Credit derivatives are valued at fair value which is based on the estimated amount the Funds would pay or receive to terminate these derivatives at the balance sheet date, taking into account current interest rates, volatility and credit risk. - Warrants Warrants are an option to purchase additional securities from the issuer at a specified price during a specified period. Warrants are valued at the prevailing market price at the end of each reporting period. The Funds recognise a gain or loss equal to the change in fair value at the end of each reporting period. Page 208

214 10. DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments of Funds at the end of the reporting period end are detailed below: FirstChoice Wholesale Global Share - Hedged Contract/ Fair Values Contract/ Fair Values Notional Assets Liabilities Notional Assets Liabilities 30/06/ /06/2016 $'000 $'000 $'000 $'000 $'000 $'000 - Forward Currency Contracts 1,499,121 29,398 (6,397) 2,906,623 43,642 (24,490) 1,499,121 29,398 (6,397) 2,906,623 43,642 (24,490) Perpetual Wholesale Conservative Growth Contract/ Fair Values Contract/ Fair Values Notional Assets Liabilities Notional Assets Liabilities 30/06/ /06/2016 $'000 $'000 $'000 $'000 $'000 $'000 - Share price index futures (12,448) 129 (56) (6,013) Interest rate futures (5,354) 11 - (7,849) - (96) - Exchange traded options Forward Currency Contracts 18, (269) 16, (278) - Interest rate swaps , (62) (325) 9, (436) Perpetual Wholesale Diversified Growth Contract/ Fair Values Contract/ Fair Values Notional Assets Liabilities Notional Assets Liabilities 30/06/ /06/2016 $'000 $'000 $'000 $'000 $'000 $'000 - Share price index futures (6,717) 76 (49) (2,502) Interest rate futures (5,841) 68 - (4,802) - (71) - Exchange traded options Forward Currency Contracts 24, (320) 22, (237) - Interest rate swaps ,107 - (106) 12, (369) 27, (414) Page 209

215 10. DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments of Funds at the end of the reporting period end are detailed below: BT Wholesale Active Balanced Contract/ Fair Values Contract/ Fair Values Notional Assets Liabilities Notional Assets Liabilities 30/06/ /06/2016 $'000 $'000 $'000 $'000 $'000 $'000 - Share price index futures 8,114 - (136) 3,595 3 (1) - Interest rate futures 2,366 - (44) 3,919 3 (1) 10,480 - (180) 7,514 6 (2) Perpetual Wholesale Balanced Growth Contract/ Fair Values Contract/ Fair Values Notional Assets Liabilities Notional Assets Liabilities 30/06/ /06/2016 $'000 $'000 $'000 $'000 $'000 $'000 - Share price index futures (15,775) 230 (212) (9,404) Interest rate futures (11,390) 68 - (7,469) - (58) - Exchange traded options Forward Currency Contracts 121,923 2,477 (1,650) 102,789 1,671 (944) - Interest rate swaps , (745) 95,414 3,431 (1,862) 129,616 2,238 (1,747) Page 210

216 11. OFFSETTING FINANCIAL ASSETS AND FINANCIAL LIABILITIES Certain funds will present the fair value of their derivative assets and liabilities on a gross basis. Certain derivative financial instruments are subject to enforceable master netting arrangements, such as an International Swaps and Derivatives Association (ISDA) master netting agreement. In certain circumstances, for example, when a credit event such as a default occurs, all outstanding transactions under the ISDA agreement are terminated, the termination value is assessed and only a single net amount may be payable in settlement of all transactions. The gross and net positions of financial assets and liabilities that have been offset in the balance sheet for the Funds are disclosed below: Legends for the table below: a - Gross amounts of financial assets/(liabilities) b - Gross amounts set off in the statement of financial position c - Net amounts of financial assets/(liabilities) presented in the statement of financial position d - Amounts subject to Master netting arrangements which are not currently enforceable e - Financial Instrument collateral f - Cash Collateral g - Net Amount FirstChoice Wholesale Global Share - Hedged 30/06/2017 Effects of offsetting on the Related amounts not offset Balance Sheet on the Balance Sheet a b c d e f g $'000 $'000 $'000 $'000 $'000 $'000 $'000 Derivatives: - Assets 29,424-29, ,424 - Liabilities (6,453) - (6,453) (6,453) 30/06/2016 Derivatives: - Assets 43,642-43,642 43, ,284 - Liabilities (24,490) - (24,490) (43,642) - - (68,132) Page 211

217 12. STRUCTURED ENTITIES Certain funds have exposures to unconsolidated structured entities through trading activities. These funds typically have no other involvement with the structured entities other than the securities they hold as part of trading activities and their maximum exposure to loss is restricted to the carrying value of the asset. Exposure to trading assets are managed in accordance with financial risk management practices as set out in "Financial Risk Management" note, which includes an indication of changes in risk measures compared to prior year. 13. CONTINGENT LIABILITIES AND COMMITMENTS The Funds did not have any contingent liabilities or commitments at the end of the current and previous reporting period. 14. EVENTS AFTER BALANCE SHEET DATE No significant events have occurred since balance sheet date which would impact on the financial positions of the Funds disclosed in the Balance Sheets as at 30 June 2017 or on the results and cash flows of the Funds for the reporting period ended on that date. Page 212

218 DIRECTORS' DECLARATION In the opinion of the Directors of Colonial First State Investments Limited: a) the financial statements and notes to the financial statements of the Funds in this Financial Report are in accordance with the Corporations Act 2001, including: i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and ii) giving a true and fair view of the Funds' financial positions as at 30 June 2017 and of their performances for the reporting period ended on that date, and b) there are reasonable grounds to believe that the Funds will be able to pay their debts as and when they become due and payable, and c) the financial statements comply with International Financial Reporting Standards issued by the International Accounting Standards Board as stated in Note 1. This declaration is made in accordance with a resolution of the directors. Linda Elkins Director Sydney 24 August 2017 Page 213

219 I pwc Independent suditor's report To the members of Colonial First State - FirstChoice Wholesale Investment Funds Our opinion In our opinion: The accompanying financial report of Colonial First State - FirstChoice Wholesale Investment Funds (the Funds), is in accordance with the Corporations Act 2oor, including: (a) giving a true and fair view of the Funds' financial positions as at go June zort and of their financial performances for the year then ended (b) complying with Australian Accounting Standards and the Corporations Regulations 2ooi. I4/hat we hage audited. The financial report comprises:. the balance sheets as at 30 June zort. the statements of comprehensive income for the year then ended. the statements of changes in equity for the year then ended. the cash flow statements for the year then ended. the notes to the financial statements, which include a summary of significant accounting policies r thedirectors'declaration. The Colonial First State - FirstChoice Wholesale Investment Funds comprises the following funds: Commonwealth Multi-Manager Defensive Fund Commonwealth Multi-Manager Conservative Fund Commonwealth MultiM Diversified Fund Commonwealth Multi-M Commonwealth Balanced Fund z Commonwealth Multi-M Growth Fund Common Multi- Commonwealth Multi Geared Growth Fund Common Fixed Interest Fund Colonial First State - FirstChoice Wholesale Investments - Alternatives r Commonwealth Australian Bou Shares Blended Common Manager Commonwealth Multi-Manager Small Companies Fund Commonwealth Multi-Manager Global Shares Fund Commonwealth Global Share Fund 15 Commonwealth Multi ManagerAsian Share Fund Commonwealth Multi Manager Emerging Markets Fund Commonwealth Multi-Manager Property Securities Fund Commonwealth Multi Global Securities Fund Common th Global Infrastructure Securities Fund Common Manager Boutique Commonwealth Diversified Fund z PricewaterhouseCoopers, ABN 5z 78o 4gS 757 OneInternationalTowersSydney,WatermansQuay,Barangaroo,GPOBOXz65o,SYDNEY T: +6t z 8266 oooo, F: +6t z , NSW zoot Liability limited by a scheme approved under Professional Standards Legislation. Page 214

220 } pwe Commonwealth Diversified Fund 3 Commonwealth Diversified Fund ro Commonwealth Diversified Fund 7 Commonwealth Diversified Fund 8 Colonial First State Investment Fund 44 Colonial First State Wholesale Conservative Fund Commonwealth Diversified Fund r Colonial First State Investment Fund 45 Colonial First State Wholesale Balanced Fund Commonwealth Diversified Fund 4 Colonial First State Investment Fund 46 Commonwealth Diversified Fund 5 Colonial First State Wholesale Diversified Fund Commonwealth Diversified Fund 6 Colonial First State - FirstChoice Wholesale Investments - Multi-Sector Fund r Colonial First State - FirstChoice Wholesale Investments - Specialist Fund 3z State Growth Fund Colonial First State Investment Fund 19 Colonial First State - FirstChoice Wholesale Investments - Fixed Interest Fund 8 State - Investments - Fund Colonial First State Colonial First State Wholesale Future Leaders Fund Colonial First State - FirstChoice Wholesale Investments - Global Share Fund 14 Colonial First State - FirstChoice Wholesale Investments - Property Securities Fund 7 Basisfor opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Audif or's responsibilities for the audit of the financial report section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Funds in accordance with the auditor independence requirements of the Corporations Act zoot and the ethical requirements of the Accounting Professional and Ethical Standards Board's APES rro Code ofethicsfor ProfessionalAccountants (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Other information The directors of Colonial First State Investments Limited (the responsible entity) are responsible for the other information. The other information obtained at the date of this auditor's report comprises the Directors' Report included in the annual report, but does not include the financial report and our auditor's report thereon. Page 215

221 *L pwc Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon. In connection with our audit of the financial report, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the Jinancial report The directors ofthe responsible entity are responsible for the preparation ofthe financial report that gives a true and fair view in accordance with Australian Accounting Standards and Corporations Act zoot and for such internal control as the directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors ofthe responsible entity are responsible for assessing the ability of the Funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Funds or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: This description forms part of our auditor's report. PricewaterhouseCoopers C L-*L CJ Cummins Partner Sydney 24 August 2017 Page 216