FirstChoice Wholesale Investments part 2 - Colonial First State

FirstChoice Wholesale 

Investments 

2013 Annual Financial Report 

Part 2 

Investments 

Colonial First State Investments Ltd 

ABN 98 002 348 352 

AFS Licence 232468

Dear Investor 

Your Annual Financial Report 

I am pleased to present the reports for the 

financial year ended 30 June 2013 for Colonial 

First State FirstChoice Wholesale Investments. 

These statements are the final component of 

the reporting information for the 2012–2013 

financial year. 

Note that this booklet does not contain reports 

for all FirstChoice Wholesale Investment 

funds. The reports for the remaining funds are 

contained in separate booklets (FirstChoice 

Wholesale Investments Part 1 – A, Part 1 – B, 

1 – C and 1 – D). 

If you have any questions about the Annual 

Financial Report, please call Investor Services 

on 13 13 36 Monday to Friday, 8am to 7pm, 

Sydney time. 

Yours sincerely, 

Linda Elkins 

Executive General Manager

COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT 

FUNDS 

FINANCIAL REPORT 

FOR THE REPORTING PERIOD ENDED 30 JUNE 2013 

Responsible Entity of the Fund 

COLONIAL FIRST STATE INVESTMENTS LIMITED 

ABN: 98 002 348 352 

Ground Floor Tower 1, 201 Sussex Street 

SYDNEY NSW 2000


FUNDS 

Represented by: 

ARSN 

Commonwealth Multi-Manager Moderate Fund 099 919 856 

Commonwealth Multi-Manager Fixed Interest Fund 099 920 153 

Commonwealth Multi-Manager Property Securities Fund 099 921 301 

Commonwealth Multi Manager Global Property Securities Fund 113 916 331 

Commonwealth Multi Manager Global Infrastructure Securities Fund 117 954 319 

Commonwealth Multi-Manager Australian Share Fund 099 919 936 

Commonwealth Australian Boutique Shares Blended 108 230 691 

Commonwealth Multi-Manager Small Companies Fund 102 587 619 

Commonwealth Multi-Manager Global Shares Fund 099 920 313 

Commonwealth Multi Manager Asian Share Fund 123 800 751 

Commonwealth Multi Manager Emerging Markets Fund 129 252 722 

Colonial First State Wholesale Conservative Fund 087 559 037 

Commonwealth Diversified Fund 1 099 919 810 


Colonial First State Wholesale Diversified Fund 087 559 868 


Colonial First State Wholesale Diversified Fixed Interest Fund 087 570 634 

Colonial First State Wholesale Global Corporate Debt Fund 093 045 713 

Commonwealth Specialist Fund 19 118 583 976 

Colonial First State Wholesale Enhanced Yield Fund 112 736 491 

Commonwealth Fixed Interest Fund 14 113 916 537 


Colonial First State Wholesale Cash Fund 087 558 674


FUNDS 

INDEX 

Page 

Directors' Report 1 - 12 

Auditor's Independence Declaration 13 

Statements of Comprehensive Income 14 - 36 

Balance Sheets 37 - 59 

Statements of Changes in Equity 60 

Cash Flow Statements 61 - 83 

Notes to the Financial Statements 84 - 361 

Directors' Declaration 362 

Independent Audit Report to the Unitholders 363 - 365

COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS 

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 01 July 2012 to 30 June 2013. The comparative reporting 

period is from 01 July 2011 to 30 June 2012. 

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 Moderate Fund FirstChoice Wholesale Moderate 27/03/2002 27/03/2002 

Commonwealth Multi-Manager Fixed Interest FirstChoice Wholesale Fixed Interest 27/03/2002 27/03/2002 

Fund 

Commonwealth Multi-Manager Property FirstChoice Wholesale Property Securities 27/03/2002 27/03/2002 

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 17/01/2006 24/01/2006 

Infrastructure Securities Fund 

Securities 

Commonwealth Multi-Manager Australian Share FirstChoice Wholesale Australian Share 27/03/2002 27/03/2002 

Fund 

Commonwealth Australian Boutique Shares FirstChoice Wholesale Lower Volatility 25/02/2004 11/03/2004 

Blended 

Australian Share 

Commonwealth Multi-Manager Small Companies FirstChoice Wholesale Australian Small 2/10/2002 4/11/2002 

Fund 

Companies 

Page 1




Date of Constitutions and Date of Registration of the Funds (continued) 



Commonwealth Multi-Manager Global Shares FirstChoice Wholesale Global Share 27/03/2002 27/03/2002 

Fund 

Commonwealth Multi Manager Asian Share Fund FirstChoice Wholesale Asian Share 2/02/2007 16/02/2007 

Commonwealth Multi Manager Emerging Markets FirstChoice Wholesale Emerging Markets 20/12/2007 25/01/2008 

Fund 

Colonial First State Wholesale Conservative Fund Colonial First State Wholesale Conservative 11/05/1999 9/06/1999 

Commonwealth Diversified Fund 1 Perpetual Wholesale Conservative Growth 27/03/2002 27/03/2002 

Commonwealth Diversified Fund 5 BT Wholesale Active Balanced 27/03/2002 27/03/2002 

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 27/03/2002 27/03/2002 

Colonial First State Wholesale Diversified Fixed Colonial First State Wholesale Diversified 11/05/1999 9/06/1999 

Interest Fund 

Fixed Interest 

Colonial First State Wholesale Global Corporate Colonial First State Wholesale Global Credit 24/05/2000 21/06/2000 

Debt Fund 

Income 

Commonwealth Specialist Fund 19 Acadian Wholesale Quant Yield 22/02/2006 13/03/2006 

Page 2




Date of Constitutions and Date of Registration of the Funds (continued) 



Colonial First State Wholesale Enhanced Yield Colonial First State Wholesale Enhanced 4/04/2005 15/02/2005 

Fund 

Yield 

Commonwealth Fixed Interest Fund 14 Goldman Sachs Wholesale Income Plus 19/04/2005 4/05/2005 

Commonwealth Diversified Fund 7 FirstChoice Wholesale Multi-Index Balanced 27/03/2002 27/03/2002 

Colonial First State Wholesale Cash Fund Colonial First State Wholesale Cash 11/05/1999 9/06/1999 

Principles of Consolidation 

The consolidated financial statements comprise the financial statements of the Parent Entities and their subsidiaries 

("the Group"). 

Subsidiaries are all those entities over which the Parent Entity has control. The financial statements of subsidiaries are 

prepared for the same reporting period as their Parent Entities, using consistent accounting policies. Subsidiaries are 

consolidated from the date on which control is obtained and cease to be consolidated from the date that a loss of control 

can clearly be demonstrated. 

The Parent Entities and their subsidiaries in this financial report are: 

Name of Parent 

Name of Subsidiaries 

FirstChoice Wholesale Moderate 

Colonial First State – FirstChoice Wholesale Investments – Alternatives 

FirstChoice Wholesale Fixed Interest Commonwealth Fixed Interest Fund 2 

Commonwealth Fixed Interest Fund 16 





Colonial First State Wholesale Indexed Australian Bond Fund 

Colonial First State Wholesale Indexed Global Bond Fund 

Page 3


Principles of Consolidation (continued) 





FirstChoice Wholesale Property Securities Commonwealth Property Fund 1 

FirstChoice Wholesale Global Property Securities Commonwealth Global Property Securities Fund 1 

Commonwealth Global Property Securities Fund 2 

FirstChoice Wholesale Global Infrastructure Commonwealth Global Infrastructure Securities Fund 1 

Securities Commonwealth Global Infrastructure Securities Fund 2 

Commonwealth Global Infrastructure Fund 3 

Commonwealth Global Listed Infrastructure Fund 4 

FirstChoice Wholesale Australian Share Commonwealth Australian Shares Fund 1 

Commonwealth Australian Shares Fund 2 

Commonwealth Australian Share Fund 18 




Commonwealth Global Share Fund 26 

FirstChoice Wholesale Lower Volatility Australian Commonwealth Australian Boutique Share Fund 1 

Share Commonwealth Australian Boutique Share Fund 3 

Commonwealth Australian Boutique Share Fund 4 


FirstChoice Wholesale Australian Small Commonwealth Small Companies Fund 1 

Companies Commonwealth Small Companies Fund 2 

Commonwealth Small Companies Fund 3 



FirstChoice Wholesale Global Share Commonwealth Global Shares Fund 1 

Commonwealth Global Shares Fund 2 






FirstChoice Wholesale Asian Share Commonwealth Asian Share Fund 1 

Commonwealth Asian Share Fund 2 


Page 4







FirstChoice Wholesale Emerging Markets Commonwealth Emerging Markets Fund 2 

Commonwealth Emerging Markets Fund 3 



Colonial First State Wholesale Conservative Colonial First State Global Asset Management Fixed Interest Trust 3 

Perpetual Wholesale Conservative Growth Commonwealth Cash Fund 1 

BT Wholesale Active Balanced Commonwealth Fixed Interest Fund 6 


Colonial First State Wholesale Diversified 

Colonial First State Wholesale Industrial Share Fund - Core 

Colonial First State Wholesale Industrial Share Fund 

Perpetual Wholesale Balanced Growth Commonwealth Australian Shares Fund 11 

Commonwealth Property Fund 3 

Colonial First State Wholesale Diversified Fixed 

Interest 

Colonial First State Wholesale Australian Inflation-Linked Bond Fund 

Colonial First State Wholesale Global Corporate Debt Enhanced Fund 

Colonial First State Global Asset Management Fixed Interest Trust 2 

Colonial First State Wholesale Global Credit 

Income 

Colonial First State Wholesale Asian Bond Fund 

Acadian Wholesale Quant Yield Commonwealth Specialist Fund 20 

Colonial First State Wholesale Enhanced Yield 

Colonial First State Wholesale Enhanced Yield Fixed Interest Component 

Fund 

Goldman Sachs Wholesale Income Plus Commonwealth Cash Fund 3 


Commonwealth International Fixed Interest Fund 5 

Commonwealth Property Securities Fund 10 

Commonwealth Specialist Fund 8 

Page 5







FirstChoice Wholesale Multi-Index Balanced Commonwealth Global Listed Infrastructure Fund 6 

Colonial First State Wholesale Cash 

Colonial First State Wholesale Mortgage Backed Securities Fund 

Principal Activities 

The principal activities of the Funds are to invest in accordance with the investment objectives and guidelines as set 

out in current Product Disclosure Statement and their Constitutions. 

Please refer to the current Product Disclosure Statement for more information. 

Rounding of amounts to the nearest thousand dollars 

The Funds are registered schemes of a kind referred to in Class Order 98/0100 (as amended) issued by the 

Australian Securities & Investments Commission (ASIC) 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 in accordance with the Class Order, 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. 

Review of Operations 

The Funds provide investors access to a broad range of investments including money market securities, fixed interest 

securities, listed property securities, Australian listed equities, International equities and diversified investments. 

Income 

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 

Consolidated 

Parent 

Period Period Period Period 

ended ended ended ended 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

FirstChoice Wholesale Moderate 1,075,915 59,248 1,070,159 53,934 

FirstChoice Wholesale Fixed Interest 275,872 619,678 245,419 537,871 

FirstChoice Wholesale Property Securities 159,330 62,994 159,322 62,994 

FirstChoice Wholesale Global Property Securities 114,887 44,305 114,887 44,305 

FirstChoice Wholesale Global Infrastructure Securities 181,523 33,719 181,518 33,719 

FirstChoice Wholesale Australian Share 1,022,721 (429,622) 999,059 (427,718) 

FirstChoice Wholesale Lower Volatility Australian Share 82,609 (46,339) 82,609 (46,339) 

Page 6


Review of Operations (continued) 

Income (continued) 



Name of Fund 

Operating profit/(loss) Attributable to unitholders 

Consolidated 

Parent 

Period Period Period Period 

ended ended ended ended 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

FirstChoice Wholesale Australian Small Companies 25,521 (22,501) 24,073 (22,501) 

FirstChoice Wholesale Global Share 978,387 (176,825) 978,387 (176,825) 

FirstChoice Wholesale Asian Share 34,482 (21,876) 34,482 (21,876) 

FirstChoice Wholesale Emerging Markets 70,153 (69,762) 70,153 (69,759) 

Colonial First State Wholesale Conservative 107,276 1,362 104,134 16,855 

Perpetual Wholesale Conservative Growth 24,976 12,415 23,964 10,271 

BT Wholesale Active Balanced 40,484 (733) 31,393 (332) 

Colonial First State Wholesale Diversified 395,964 (32,150) 318,951 (28,677) 

Perpetual Wholesale Balanced Growth 98,013 1,259 71,742 2,450 

Colonial First State Wholesale Diversified Fixed Interest 96,393 199,760 77,396 122,656 

Colonial First State Wholesale Global Credit Income 349,924 122,306 349,924 122,306 

Acadian Wholesale Quant Yield 5,947 3,983 4,723 3,157 

Colonial First State Wholesale Enhanced Yield 22,550 14,708 22,550 14,708 

Goldman Sachs Wholesale Income Plus 25,413 14,546 25,413 15,336 

FirstChoice Wholesale Multi-Index Balanced * 210,567 n/a 204,987 11,991 

Colonial First State Wholesale Cash * 160,486 n/a 160,104 304,622 

* There is no consolidated comparatives as the Fund was not required to be consolidated in the comparative period. 

Distribution to unitholders 

The total amount distributed to unitholders for the current and previous reporting period are as follows: 

Period Period 

ended ended 

30/06/2013 30/06/2012 

Name of Fund $'000 $'000 

FirstChoice Wholesale Moderate 255,979 243,171 

FirstChoice Wholesale Fixed Interest 284,335 270,590 

FirstChoice Wholesale Property Securities 20,893 29,209 

FirstChoice Wholesale Global Property Securities 9,073 11,217 

FirstChoice Wholesale Global Infrastructure Securities 29,659 23,434 

FirstChoice Wholesale Australian Share 181,783 165,416 

FirstChoice Wholesale Lower Volatility Australian Share 11,597 14,502 

FirstChoice Wholesale Australian Small Companies 9,547 8,793 

FirstChoice Wholesale Global Share 51,163 39,472 

FirstChoice Wholesale Asian Share 2,153 3,793 

FirstChoice Wholesale Emerging Markets 4,267 3,384 

Colonial First State Wholesale Conservative 44,017 25,197 

Perpetual Wholesale Conservative Growth 10,493 10,652 

BT Wholesale Active Balanced 5,066 7,007 

Colonial First State Wholesale Diversified 64,375 39,458 

Page 7





Distribution to unitholders (continued) 

Period Period 

ended ended 

30/06/2013 30/06/2012 

Name of Fund $'000 $'000 

Perpetual Wholesale Balanced Growth 14,015 13,951 

Colonial First State Wholesale Diversified Fixed Interest 147,561 92,803 

Colonial First State Wholesale Global Credit Income 193,185 230,301 

Acadian Wholesale Quant Yield 4,032 3,392 

Colonial First State Wholesale Enhanced Yield 20,909 20,504 

Goldman Sachs Wholesale Income Plus 12,373 17,667 

FirstChoice Wholesale Multi-Index Balanced 69,095 26,131 

Colonial First State Wholesale Cash 155,405 314,266 

Details of the income distributions for the reporting periods ended 30 June 2013 and 30 June 2012 are disclosed 

in the "Distributions to Unitholders" note to the financial statements. 

Exit Prices 

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 a 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 2013, together with comparative 

unit prices as at 30 June 2012: 

Name of Fund 2013 2012 

$ $ 

FirstChoice Wholesale Moderate 0.9856 0.8849 

FirstChoice Wholesale Fixed Interest 0.9992 1.0022 

FirstChoice Wholesale Property Securities 0.5108 0.4207 

FirstChoice Wholesale Global Property Securities 0.8744 0.7697 

FirstChoice Wholesale Global Infrastructure Securities 1.1196 0.9422 

FirstChoice Wholesale Australian Share 1.0701 0.9052 

FirstChoice Wholesale Lower Volatility Australian Share 1.0942 0.9336 

FirstChoice Wholesale Australian Small Companies 1.2836 1.2388 

FirstChoice Wholesale Global Share 0.7398 0.5645 

FirstChoice Wholesale Asian Share 1.0326 0.8504 

FirstChoice Wholesale Emerging Markets 0.7407 0.6292 

Colonial First State Wholesale Conservative 1.0840 1.0267 

Perpetual Wholesale Conservative Growth 1.0274 0.9647 

BT Wholesale Active Balanced 1.1410 0.9886 

Colonial First State Wholesale Diversified 1.4028 1.2274 

Perpetual Wholesale Balanced Growth 0.9971 0.8567 

Colonial First State Wholesale Diversified Fixed Interest 1.0103 1.0500 

Colonial First State Wholesale Global Credit Income 0.9831 0.9482 

Page 8





Name of Fund 2013 2012 

$ $ 

Acadian Wholesale Quant Yield 0.9882 0.9791 

Colonial First State Wholesale Enhanced Yield 0.9761 0.9746 

Goldman Sachs Wholesale Income Plus 1.0562 1.0182 

FirstChoice Wholesale Multi-Index Balanced 0.9495 0.8480 

Colonial First State Wholesale Cash 1.0092 1.0087 

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 48 123 123 124). 

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 

Annabel Spring Appointed on 14 October 2011. 

Linda Elkins Appointed on 1 January 2013. 

Michael John Venter Appointed on 4 July 2011. 

Anne Ward Appointed on 1 January 2013. 

Penelope James Appointed on 1 January 2013. 

Peter Hodgett Appointed on 1 January 2013. 

Peter Taylor * Appointed on 7 November 2011. 

Peter Robert Winney Resigned on 1 January 2013. 

Bradley Brian Massey Resigned on 1 January 2013. 

Lynette Cobley Resigned on 1 January 2013. 

* Alternate director to Annabel Spring. 

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, 2000. 

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, 2000. 

Page 9


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 we 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 Responsible 

Entity may compensate where the unit pricing error is less than the tolerance levels. 

Significant Changes in the State of Affairs 

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 Fund. The auditor of 

of the Funds is in no way indemnified out of the assets of the Funds. 

The Commonwealth Bank of Australia has paid insurance premiums for the benefit of the officers of the Responsible 

Entity and the Compliance Committee members. 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. 

Page 10




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 Interest Held in the Funds 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. 

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 Disclosure" note to the financial statements. 

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. 

Environmental Regulation 

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 Class Order 06/0441 dated 29 June 2006 issued by ASIC and in accordance 

with that Class Order, 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. 

Page 11


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 

2 September 2013 

Page 12

Page 13


STATEMENTS OF COMPREHENSIVE INCOME 



Investment income 

Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 16,427 9,436 902 1,094 

Dividend Income - - - - 

Distribution Income 253,911 253,106 259,947 248,415 

Changes in fair value of financial 

instruments held for trading 816,841 (197,288) 811,161 (193,916) 

Other income 45 7 - - 

Responsible Entity fees rebate 166 115 - - 

Net foreign exchange (loss)/gain (278) (184) - - 

Total investment (loss)/gain 1,087,112 65,192 1,072,010 55,593 

Expenses 

Responsible Entity's 

management fees 8(c) 8,813 4,670 1,851 1,658 


performance fees 8(c) 1,807 992 - - 

Custody fees 8(d) 76 31 - 1 

Expenses recharged 8(d) - - - - 

Brokerage costs 475 216 - - 

Other expenses 26 35 - - 

Total operating expenses 11,197 5,944 1,851 1,659 

Operating (loss)/profit attributable 

to unitholders 1,075,915 59,248 1,070,159 53,934 

Changes in net assets attributable to 

minority interest from operations - - - - 

Net transfer 

(to)/from unitholders' funds 6(a) (814,180) 189,237 (814,180) 189,237 

Net profit available for distribution 261,735 248,485 255,979 243,171 

Distributions to unitholders 4 (255,979) (243,171) (255,979) (243,171) 

Distribution to minority interest (5,756) (5,314) - - 

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




FirstChoice Wholesale Fixed Interest 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 270,623 238,101 977 1,352 



instruments held for trading (23,192) 373,661 (48,748) 262,335 


Responsible Entity fees rebate - - - - 

Net foreign exchange (loss)/gain 16,642 1,550 - - 

Total investment (loss)/gain 322,478 658,841 255,561 547,368 

Expenses 




performance fees 8(c) - - - - 

Custody fees 8(d) 1,140 799 1 1 

Expenses recharged 8(d) 44 - - - 





to unitholders 275,872 619,678 245,419 537,871 


minority interest from operations 18,503 (53,479) - - 

Net transfer 

(to)/from unitholders' funds 6(a) 38,916 (267,281) 38,916 (267,281) 








Page 15




FirstChoice Wholesale Property 

Securities 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 305 210 59 51 

Dividend Income 19,511 19,769 - - 



instruments held for trading 133,189 31,868 138,376 33,841 

Other income - 20 - - 


Net foreign exchange (loss)/gain - - - - 


Expenses 


management fees 8(c) 3,700 3,131 726 624 



Custody fees 8(d) 51 55 - - 



Other expenses 1 - - - 

Total operating expenses 3,953 3,317 726 624 




minority interest from operations (8) - - - 

Net transfer 

(to)/from unitholders' funds 6(a) (138,429) (33,785) (138,429) (33,785) 



Distribution to minority interest - - - - 





Page 16




FirstChoice Wholesale Global 

Property Securities 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 



Distribution Income - - 9,893 12,060 





Net foreign exchange (loss)/gain 592 (972) - - 


Expenses 








Other expenses 50 10 - 2 






Net transfer 









Page 17





Infrastructure Securities 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 








Net foreign exchange (loss)/gain 1,096 (600) - - 


Expenses 













minority interest from operations (5) - - - 

Net transfer 









Page 18




FirstChoice Wholesale Australian 

Share 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 4,221 5,310 481 721 





Other income 200 116 - 1 

Responsible Entity fees rebate 1,906 1,758 1,906 1,758 

Net foreign exchange (loss)/gain (76) 736 - - 

Total investment (loss)/gain 1,079,827 (377,405) 999,059 (427,717) 

Expenses 


management fees 8(c) 48,264 43,875 - - 




Dividend expense - short sell 541 - - - 

Brokerage costs 3,365 3,105 - - 

Other expenses 4,367 4,627 - - 

Total operating expenses 57,106 52,217 - 1 


to unitholders 1,022,721 (429,622) 999,059 (427,718) 


minority interest from operations (21,952) 2,528 - - 

Net transfer 




Distribution to minority interest (1,710) (624) - - 





Page 19




FirstChoice Wholesale Lower Volatility 



Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 








Net foreign exchange (loss)/gain - 8 - - 

Total investment (loss)/gain 86,738 (42,754) 83,089 (45,806) 

Expenses 




performance fees 8(c) 78 - - - 







to unitholders 82,609 (46,339) 82,609 (46,339) 



Net transfer 









Page 20





Small Companies 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 







Responsible Entity fees rebate 124 95 124 95 

Net foreign exchange (loss)/gain (2) 1 - - 


Expenses 


management fees 8(c) 4,760 4,873 - - 




Dividend expense - short sell 185 - - - 



Total operating expenses 6,041 5,521 - - 




minority interest from operations (1,191) - - - 

Net transfer 




Distribution to minority interest (257) - - - 





Page 21




FirstChoice Wholesale Global Share 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 465 2,044 428 547 





Other income 492 193 1 1 


Net foreign exchange (loss)/gain 7,703 2,606 - - 

Total investment (loss)/gain 1,023,492 (136,212) 979,755 (175,593) 

Expenses 






Dividend expense - short sell 1,836 - - - 

Brokerage costs 2,330 2,045 - - 

Other expenses 110 1,631 - - 






Net transfer 









Page 22




FirstChoice Wholesale Asian Share 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 






Other income - - - - 

Responsible Entity fees rebate 1 8 1 8 



Expenses 


management fees 8(c) 2,458 2,734 4 - 







Total operating expenses 2,688 3,063 4 - 





Net transfer 









Page 23




FirstChoice Wholesale Emerging 

Markets 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 










Expenses 













minority interest from operations - 3 - - 

Net transfer 









Page 24




Colonial First State Wholesale 

Conservative 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 6,247 210 84 103 

Dividend Income - 11,423 - - 






Net foreign exchange (loss)/gain 97 (2) - (2) 


Expenses 







Brokerage costs 14 256 - 1 

Other expenses 1 8 1 8 





minority interest from operations 8,987 18,738 - - 

Net transfer 









Page 25




Perpetual Wholesale Conservative 

Growth 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 




instruments held for trading 15,593 (825) 15,732 (731) 

Other income - - - - 


Net foreign exchange (loss)/gain 5 (13) 5 (13) 


Expenses 





Custody fees 8(d) 13 10 1 - 


Brokerage costs 9 4 9 4 

Other expenses - - - - 





minority interest from operations (2) 7 - - 

Net transfer 

(to)/from unitholders' funds 6(a) (13,471) 381 (13,471) 381 








Page 26




BT Wholesale Active Balanced 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 








Net foreign exchange (loss)/gain 340 191 (17) 2 

Total investment (loss)/gain 42,127 940 31,824 125 

Expenses 





Custody fees 8(d) 35 39 1 1 






to unitholders 40,484 (733) 31,393 (332) 


minority interest from operations (9,038) 401 - - 

Net transfer 




Distribution to minority interest (53) - - - 





Page 27





Diversified 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 






Other income 6 - - 1 




Expenses 







Brokerage costs 1,013 831 3 6 







Net transfer 









Page 28




Perpetual Wholesale Balanced Growth 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 589 (856) 193 (1,197) 









Expenses 














Net transfer 









Page 29





Diversified Fixed Interest 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 31,332 49,582 14,845 (62,447) 






Net foreign exchange (loss)/gain (78) (247) (78) (247) 


Expenses 













minority interest from operations 4,540 (29,952) - - 

Net transfer 

(to)/from unitholders' funds 6(a) 70,165 (29,853) 70,165 (29,853) 








Page 30




Colonial First State Wholesale Global 

Credit Income 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 189,414 266,372 168,522 244,073 

Dividend Income - 227 - 227 

Distribution Income 1,634 12 34,102 16,429 



Other income 2,257 2,410 2,251 2,383 


Net foreign exchange (loss)/gain 4,649 (2,962) 4,347 (2,046) 


Expenses 





Custody fees 8(d) 750 856 697 806 









Net transfer 









Page 31




Acadian Wholesale Quant Yield 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Dividend Income 1,969 998 - - 



instruments held for trading 2,156 1,052 670 (181) 



Net foreign exchange (loss)/gain - - - - 


Expenses 


management fees 8(c) 771 376 771 376 


performance fees 8(c) 586 346 586 346 


Dividends expense - short sell 1,531 - - - 


Other expenses 226 1,017 - - 

Total operating expenses 3,184 1,776 1,358 723 





Net transfer 

(to)/from unitholders' funds 6(a) (691) 235 (691) 235 



Distribution to minority interest (1,224) (826) - - 





Page 32





Enhanced Yield 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 1,819 (8,655) 1,196 1,004 

Dividend Income 2,333 3,211 2,333 3,211 




Other income - 60 - 54 

Responsible Entity fees rebate 1,541 1,942 - - 

Net foreign exchange (loss)/gain (33) (89) - - 


Expenses 













Net transfer 









Page 33




Goldman Sachs Wholesale Income 

Plus 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 12,170 15,424 (3) (23) 


Distribution Income 2,629 - 13,467 18,247 







Expenses 








Other expenses 3 1 2 - 





minority interest from operations - 1,903 - - 

Net transfer 




Distribution to minority interest - (1,113) - - 





Page 34




FirstChoice Wholesale Multi-Index 

Balanced * 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2013 30/06/2012 

$'000 $'000 $'000 

Interest income 3 317 267 277 

Dividend Income 3,950 - - 

Distribution Income 66,032 66,695 43,571 


instruments held for trading 143,935 141,395 (29,840) 

Other income 9 8 - 

Responsible Entity fees rebate - - - 

Net foreign exchange (loss)/gain 300 - - 

Total investment (loss)/gain 214,543 208,365 14,008 

Expenses 


management fees 8(c) 3,868 3,377 2,014 


performance fees 8(c) - - - 

Custody fees 8(d) 32 1 3 

Expenses recharged 8(d) - - - 

Brokerage costs 10 - - 

Other expenses 66 - - 

Total operating expenses 3,976 3,378 2,017 


to unitholders 210,567 204,987 11,991 


minority interest from operations (5,288) - - 

Net transfer 

(to)/from unitholders' funds 6(a) (135,892) (135,892) 14,140 

Net profit available for distribution 69,387 69,095 26,131 

Distributions to unitholders 4 (69,095) (69,095) (26,131) 

Distribution to minority interest (292) - - 

Other comprehensive income for the period - - - 


period - - - 



Page 35




Colonial First State Wholesale Cash * 


Notes 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Interest income 3 169,536 166,698 338,591 

Distribution Income - 2,669 1,983 


instruments held for trading 9,286 9,069 (8,932) 

Other income 10 10 3 

Responsible Entity fees rebate - - - 

Net foreign exchange (loss)/gain - - - 

Total investment (loss)/gain 178,832 178,446 331,645 

Expenses 


management fees 8(c) 18,138 18,138 26,726 


performance fees 8(c) - - - 

Custody fees 8(d) 205 202 288 

Expenses recharged 8(d) - - - 

Brokerage costs 1 1 7 

Other expenses 2 1 2 

Total operating expenses 18,346 18,342 27,023 


to unitholders 160,486 160,104 304,622 


minority interest from operations - - - 

Net transfer 

(to)/from unitholders' funds 6(a) (4,699) (4,699) 9,644 

Net profit available for distribution 155,787 155,405 314,266 

Distributions to unitholders 4 (155,405) (155,405) (314,266) 

Distribution to minority interest (382) - - 

Other comprehensive income for the period - - - 


period - - - 



Page 36


BALANCE SHEETS 

AS AT 30 JUNE 2013 


Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 

Cash and cash equivalents 402,426 258,855 19,179 55,377 

Trade and other receivables: 

- outstanding sales settlement 326 - - - 

- application monies - - - - 

- dividends - - - - 

- interests 460 616 53 90 

- others 405 142 47 60 

Fee rebate due from 

Responsible Entity 8(c) 19 10 - - 

Financial assets held for trading 5 8,302,096 7,044,796 8,192,941 7,069,263 

Total assets 8,705,732 7,304,419 8,212,220 7,124,790 

Liabilities 

Bank overdraft 11,316 2,431 - - 

Trade and other payables: 

- outstanding purchase - - - - 

settlements 1,386 - - - 

- redemptions - - - - 

- interest on loans - - - - 

- others 7 4 - 2 

Distribution payable 851 664 851 664 

Fees due to Responsible Entity 8(c) 1,798 494 140 230 

Others due to Responsible Entity - - - - 

Financial liabilities held for trading 5 102,095 24,582 - - 

Minority Interest 377,050 152,350 - - 

Total liabilities (excluding net 

assets attributable to unitholders) 494,503 180,525 991 896 

Net assets attributable 

to unitholders - liability 6(a) 8,211,229 7,123,894 8,211,229 7,123,894 

Net assets attributable to unitholders is 

represented by: 

Fair value of outstanding units based on redemption value 8,213,748 7,127,083 

Adjustments arising from different unit pricing and AIFRS valuation 

principles - - 

Buy sell spread (2,803) (3,501) 

Under or (over) distributions - - 

Adjustments to period end accruals 284 312 


to unitholders 8,211,229 7,123,894 

The above Balance Sheets should be read in conjunction with the accompanying notes. 

Page 37





Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement 365,069 87,349 - - 



- interests 583 679 74 109 

- others 1,406 1,133 272 258 




Total assets 8,379,907 6,768,994 6,354,473 5,557,664 

Liabilities 

Bank overdraft 10,732 12,183 - - 



settlements 500,102 289,202 - - 



- others 13 24 - - 


Fees due to Responsible Entity 8(c) 4,360 3,605 888 868 



Minority Interest 1,119,334 835,150 - - 


assets attributable to unitholders) 2,026,993 1,212,542 1,559 1,212 








Buy sell spread 2,951 2,535 






Page 38





Securities 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement 1,155 880 - - 


- dividends 5,919 5,474 - - 

- interests 12 21 4 8 

- others 112 92 20 18 

Financial assets held for trading 5 725,441 648,537 733,366 657,777 

Total assets 736,938 660,733 735,399 660,327 

Liabilities 

Bank overdraft - - - - 



settlements 1,234 170 - - 



- others - - 1 1 


Fees due to Responsible Entity 8(c) 335 298 66 61 


Financial liabilities held for trading 5 - - - - 

Minority Interest 37 - - - 


assets attributable to unitholders) 1,664 526 125 120 


to unitholders - liability 6(a) 735,274 660,207 735,274 660,207 



Fair value of outstanding units based on redemption value 735,217 660,187 



Buy sell spread - - 




to unitholders 735,274 660,207 


Page 39






Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 2,270 2,566 - - 

- interests 22 64 10 12 

- others 256 251 27 26 


Total assets 910,157 797,747 876,384 788,451 

Liabilities 




settlements 6,736 3,662 - - 



- others - 1 - - 





Minority Interest - - - - 












Adjustments to period end accruals 53 (29) 




Page 40






Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 3,527 5,178 - - 

- interests 50 59 7 12 

- others 357 271 51 43 


Total assets 976,033 817,302 944,370 813,382 

Liabilities 

Bank overdraft - 47 - - 



settlements 4,096 1,555 - - 



- others - - - 1 


Fees due to Responsible Entity 8(c) 1,013 870 171 149 



Minority Interest 33 - - - 












Adjustments to period end accruals (27) (4) 




Page 41





Share 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 38,600 36,261 - - 

- interests 196 352 15 77 

- others 1,500 1,263 1 - 


Responsible Entity 8(c) 210 138 210 138 


Total assets 5,549,287 4,715,671 5,199,604 4,594,808 

Liabilities 




settlements 51,145 25,030 - - 


- dividends short sell 915 645 - - 


- others 90 46 57 45 


Fees due to Responsible Entity 8(c) 4,748 3,858 - - 













Buy sell spread 52 142 






Page 42






Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 1,491 2,082 - - 

- interests 113 14 2 5 

- others 97 92 9 13 


Total assets 300,559 376,342 251,544 375,524 

Liabilities 






- dividends short sell 159 - - - 


- others - - - 2 




Financial liabilities held for trading 5 43,398 5 - - 



assets attributable to unitholders) 49,095 929 80 111 








Buy sell spread (22) (38) 






Page 43






Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 601 466 - - 

- interests 26 42 2 6 

- others 160 146 1 - 




Total assets 359,667 337,737 315,273 334,809 

Liabilities 




settlements 1,188 2,510 - - 




- others 3 2 3 2 


Fees due to Responsible Entity 8(c) 417 402 - - 



Minority Interest 33,016 - - - 










Buy sell spread (23) 56 






Page 44





Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 7,399 5,120 - - 

- interests 119 196 57 44 

- others 1,443 1,236 39 37 


Responsible Entity 8(c) - 2 - - 


Total assets 3,773,687 3,158,668 3,659,883 3,083,570 

Liabilities 

Bank overdraft 2,169 66 - - 



settlements 16,477 7,338 - - 




- others 7 - - 2 


Fees due to Responsible Entity 8(c) 4,470 3,267 137 123 















Adjustments to period end accruals (90) 40 




Page 45





Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 

Cash and cash equivalents 3,981 1,514 471 205 


- outstanding sales settlement - 1,244 - - 


- dividends 547 492 - - 

- interests 9 8 2 - 

- others 81 88 - - 


Total assets 167,172 167,454 166,950 167,106 

Liabilities 




settlements - 126 - - 



- others - 2 1 1 


Fees due to Responsible Entity 8(c) 222 221 - - 





assets attributable to unitholders) 256 406 35 58 










Adjustments to period end accruals - 6 




Page 46





Markets 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement - 104 - - 


- dividends 1,764 963 - - 

- interests 20 33 3 12 

- others 210 167 48 37 


Total assets 460,430 352,461 459,976 351,989 

Liabilities 




settlements - 119 - - 




- others 2 1 - - 




Financial liabilities held for trading 5 2 - - - 

Minority Interest - 10 - - 


assets attributable to unitholders) 629 610 175 138 














Page 47





Conservative 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends - 1,965 - - 

- interests 67 13 2 10 

- others 90 103 27 31 




Total assets 1,439,808 1,177,315 1,110,091 1,096,815 

Liabilities 

Bank overdraft 120 357 120 112 



settlements 3,940 1,292 - - 



- others - - 1 - 

Distribution payable 2,308 539 2,308 300 



Financial liabilities held for trading 5 1,588 - - - 



assets attributable to unitholders) 332,243 81,015 2,526 515 














Page 48





Growth 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement - - - - 



- interests 30 47 19 9 

- others 34 35 24 25 


Total assets 272,455 247,723 236,697 210,495 

Liabilities 




settlements 1,010 - - - 



- others - - - 2 




Financial liabilities held for trading 5 1,672 390 1,672 390 



assets attributable to unitholders) 37,565 37,745 1,807 517 














Page 49





Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement 2 612 - - 


- dividends 100 86 - - 

- interests 19 29 16 25 

- others 51 47 12 12 




Total assets 227,289 204,790 193,878 178,385 

Liabilities 

Bank overdraft 17 124 - 87 



settlements - - - - 



- others 1 1 - - 




Financial liabilities held for trading 5 1,209 520 191 68 

















Page 50





Diversified 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 8,184 7,617 - - 

- interests 14 50 3 16 

- others 279 286 18 18 




Total assets 2,245,677 1,956,929 1,941,034 1,853,852 

Liabilities 

Bank overdraft 944 883 944 883 



settlements 2,615 3,445 - - 



- others 1 - - - 







assets attributable to unitholders) 308,035 104,843 3,392 1,766 














Page 51





Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 





- dividends 2,557 1,965 - - 

- interests 44 28 25 5 

- others 122 95 18 21 


Total assets 555,580 439,231 421,064 359,065 

Liabilities 







- others - 1 1 1 




Financial liabilities held for trading 5 3,473 1,300 3,385 1,300 











Buy sell spread - 76 






Page 52






Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement - 14,203 - - 

- application monies 4 - 4 - 


- interests 56 539 47 143 

- others 111 260 73 47 


Total assets 2,177,970 3,181,645 1,866,374 2,378,532 

Liabilities 

Bank overdraft - 762 - 762 



settlements - 21,795 - 21,795 

- redemptions - 9,421 - - 


- others 6 - 1 - 

Distribution payable 3,171 2,974 2,303 1,550 













principles (770) (429) 

Buy sell spread 1,000 544 






Page 53





Credit Income 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement 26,759 48,693 26,640 48,693 



- interests 239 408 236 387 

- others 746 880 689 822 


Responsible Entity 8(c) 28 - 28 - 


Total assets 4,124,896 4,493,767 4,095,020 4,488,143 

Liabilities 

Bank overdraft 1,084 208 728 - 



settlements 6,819 66,579 6,819 66,579 



- others 11 8 11 7 

Distribution payable 9,536 4,635 9,536 4,635 

Fees due to Responsible Entity 8(c) 1,975 2,226 1,837 2,067 












principles (9,526) (11,913) 

Buy sell spread 8,145 9,762 


Adjustments to period end accruals 1,282 (8) 




Page 54





Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement 7 2,910 - - 


- dividends 305 77 - - 

- interests 37 27 - - 

- others 32 24 28 21 


Total assets 273,566 135,560 164,588 86,934 

Liabilities 




settlements 7 3,010 - - 




- others 1 1 1 - 

















Adjustments to period end accruals (14) - 




Page 55






Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 



- outstanding sales settlement 6,049 2,289 6,049 2,289 


- dividends 270 73 270 73 

- interests 22 87 14 72 

- others 60 60 59 60 



Total assets 383,926 433,990 383,787 433,777 

Liabilities 

Bank overdraft 108 92 - - 



settlements - - - - 



- others 31 54 - 1 




Financial liabilities held for trading 5 855 85 855 17 



assets attributable to unitholders) 2,305 580 2,166 367 







principles (236) (98) 







Page 56





Plus 

Consolidated 

Parent 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 $'000 

Assets 

Cash and cash equivalents 22,493 23,835 1,189 - 


- outstanding sales settlement 554 2,593 - - 


- dividends 415 1,292 - - 

- interests 50 56 3 - 

- others 86 112 4 3 


Total assets 369,425 409,521 366,956 364,530 

Liabilities 

Bank overdraft - 158 - 81 



settlements 164 44 - - 



- others - 4 - 4 





Minority Interest - 44,293 - - 












Adjustments to period end accruals 7 - 




Page 57





Balanced * 

Consolidated 

Parent 

30/06/2013 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 

Assets 

Cash and cash equivalents 20,498 12,332 10,991 


- outstanding sales settlement - - - 

- application monies - - - 

- dividends 414 - - 

- interests 25 17 18 

- others 128 105 65 

Financial assets held for trading 5 1,779,223 1,721,707 1,064,253 

Total assets 1,800,288 1,734,161 1,075,327 

Liabilities 

Bank overdraft - - - 


- outstanding purchase - - - 

settlements 5,059 - - 

- redemptions - - - 

- interest on loans - - - 

- others 28 1 - 

Distribution payable 1,052 1,052 224 

Fees due to Responsible Entity 8(c) 436 364 228 

Others due to Responsible Entity - - - 

Financial liabilities held for trading 5 9,242 - - 

Minority Interest 51,727 - - 


assets attributable to unitholders) 67,544 1,417 452 


to unitholders - liability 6(a) 1,732,744 1,732,744 1,074,875 













Page 58





Consolidated 

Parent 

30/06/2013 30/06/2013 30/06/2012 

Note $'000 $'000 $'000 

Assets 

Cash and cash equivalents 29,880 28,633 48,385 


- outstanding sales settlement - - - 

- application monies - - - 

- dividends - - - 

- interests 43 41 100 

- others 452 452 720 

Financial assets held for trading 5 4,300,620 4,301,869 7,027,959 

Total assets 4,330,995 4,330,995 7,077,164 

Liabilities 

Bank overdraft - - 187 


- outstanding purchase - - - 

settlements - - - 

- redemptions - - - 

- interest on loans - - - 

- others - - 1 

Distribution payable 2,567 2,567 6,117 

Fees due to Responsible Entity 8(c) 1,566 1,566 2,551 

Others due to Responsible Entity - - - 

Financial liabilities held for trading 5 - - - 

Minority Interest - - - 


assets attributable to unitholders) 4,133 4,133 8,856 


to unitholders - liability 6(a) 4,326,862 4,326,862 7,068,308 





principles (734) (1,819) 








Page 59


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. 

Page 60


CASH FLOW STATEMENTS 


Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Operating activities 

Proceeds from sale of financial 868,442 1,102,277 654,930 955,942 

instruments held for trading 

Payments for purchase of financial 

instruments held for trading (986,638) (803,387) (707,500) (658,400) 

Interest received 14,429 9,205 939 1,132 

Dividends received - - - - 

Other income received 45 7 - - 

Responsible Entity fee paid (9,250) (5,479) (1,891) (1,644) 

Interest paid - - - - 

Other expenses paid (268) (64) (37) - 

Payment for brokerage costs (475) (216) - - 

Net cash (used in)/from 

operating activities 7(a) (113,715) 302,343 (53,559) 297,030 

Cash flows from financing 

activities 

Receipts from issue of units 792,594 465,377 563,343 460,827 

Payment for redemption of units (544,187) (754,931) (544,187) (754,931) 

Distributions paid (1,795) (2,486) (1,795) (2,486) 

Net cash from/(used in) 

financing activities 246,612 (292,040) 17,361 (296,590) 

Net movement in cash and 

cash equivalents 132,897 10,303 (36,198) 440 

Effects of exchange rate changes 1,789 (4) - - 

Add opening cash and cash 

equivalents brought forward 256,424 246,125 55,377 54,937 

Closing cash and cash 

equivalents carried forward 391,110 256,424 19,179 55,377 

Non-cash financing activities are disclosed in part (b) under "Cash and Cash Equivalent" note the the financial statements. 

The above Cash Flow Statements should be read in conjunction with the accompanying notes. 

Page 61




Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 7,209,193 4,925,282 467,350 458,000 



instruments held for trading (8,281,951) (4,966,051) (1,029,500) (232,000) 

Interest received 249,687 237,465 1,011 1,371 



Responsible Entity (fee paid)/ rebate received (43,751) (37,374) (9,935) (9,427) 


Other expenses (paid)/refund (2,110) (1,174) (201) 1 



operating activities 7(a) (869,010) 158,620 (571,275) 217,945 


activities 

Receipts from issue of units 1,280,469 753,537 894,696 458,462 




financing activities 809,328 (79,786) 551,372 (206,496) 


cash equivalents (59,682) 78,834 (19,903) 11,449 

Effects of exchange rate changes 3,418 (819) - - 







Page 62




Note 


Securities 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 112,672 84,390 84,400 52,800 



instruments held for trading (45,317) (49,967) - (2,000) 

Interest received 314 200 63 46 

Dividends received 19,066 18,872 - - 

Other income received - 18 - - 

Responsible Entity (fee paid)/ rebate received (3,611) (3,119) (708) (621) 


Other expenses (paid)/refund (124) (56) (15) - 



operating activities 7(a) 82,799 50,207 83,740 50,225 


activities 



Distributions paid (197) (233) (197) (233) 


financing activities (84,229) (48,958) (84,255) (48,958) 


cash equivalents (1,430) 1,249 (515) 1,267 

Effects of exchange rate changes - - - - 







Page 63




Note 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 











Other expenses (paid)/refund (399) (221) (20) (2) 





activities 







cash equivalents (2,404) 9,021 1,587 1,111 

Effects of exchange rate changes 77 (12) - - 







Page 64




Note 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 














operating activities 7(a) 49,156 (11,249) 49,836 (7,507) 


activities 





financing activities (50,534) 6,932 (50,551) 6,932 


cash equivalents (1,378) (4,317) (715) (575) 








Page 65




Note 


Share 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 3,110,054 2,695,682 1,030,026 401,100 



instruments held for trading (2,980,112) (2,834,458) (652,758) (443,200) 

Interest received 4,377 5,354 543 675 



Responsible Entity (fee paid)/ rebate received (44,824) (42,119) 1,846 1,786 


Other expenses (paid)/refund (6,115) (4,592) (1) (1) 

Payment for brokerage costs (3,365) (3,105) - - 




activities 



Distributions paid (981) (1,145) (981) (1,145) 




cash equivalents 44,338 44,837 (14,618) 14,997 








Page 66




Note 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading (306,943) (127,149) (90,740) - 











activities 







cash equivalents 46,595 145 (189) (530) 








Page 67




Note 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading (348,562) (213,383) (8,000) (500) 




Responsible Entity (fee paid)/ rebate received (4,539) (4,831) 126 97 


Other expenses (paid)/refund (610) (52) - (1) 





activities 







cash equivalents (2,105) 2,862 (95) (932) 








Page 68




Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 2,608,779 2,437,395 437,000 84,150 




Interest received 548 2,233 415 518 





Other expenses (paid)/refund (3,663) (2,730) (27) (1) 

Payment for brokerage costs (2,330) (2,045) - - 




activities 















Page 69




Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 








Other income received - - - - 

Responsible Entity (fee paid)/ rebate received (2,401) (2,774) (3) 7 







activities 







cash equivalents 2,459 (6,155) 266 (908) 



equivalents brought forward 1,514 7,676 205 1,113 


equivalents carried forward 3,980 1,514 471 205 



Page 70




Note 


Markets 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 126,300 559,461 - 131,374 












operating activities 7(a) (39,444) (15,744) (40,810) (17,867) 


activities 





financing activities 37,798 21,222 37,799 21,221 










Page 71




Note 


Conservative 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 1,102,185 377,975 742,844 256,467 



instruments held for trading (1,322,527) (247,126) (652,159) (133,000) 

Interest received 2,370 214 92 104 

Dividends received - 10,366 - - 

Other income received - 7 - 7 




Payment for brokerage costs (14) (256) - (1) 


operating activities 7(a) (219,789) 137,412 89,662 122,430 


activities 





financing activities 230,091 (138,334) (90,854) (122,920) 


cash equivalents 10,302 (922) (1,192) (490) 

Effects of exchange rate changes 55 - - - 







Page 72




Note 


Growth 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 








Other income received - - - - 



Other expenses (paid)/refund (37) (9) (18) 1 

Payment for brokerage costs (9) (4) (9) (4) 




activities 





financing activities (2,553) (52,925) 947 (23,325) 


cash equivalents 3,430 (5,154) 4,103 (401) 








Page 73




Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 








Other income received 13 13 3 10 








activities 







cash equivalents 1,851 (5,060) 1,921 (2,042) 

Effects of exchange rate changes 43 1 - - 







Page 74




Note 


Diversified 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 882,272 1,360,985 518,279 1,062,456 



instruments held for trading (810,443) (1,083,030) (287,550) (768,858) 

Interest received 548 1,050 103 132 


Other income received 4 - - - 

Responsible Entity (fee paid)/ rebate received (7,905) (7,805) (586) (1,002) 



Payment for brokerage costs (1,013) (831) (3) (6) 




activities 







cash equivalents (3,551) (12,713) (1,601) 515 

Effects of exchange rate changes 66 - 66 - 







Page 75




Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 






Interest received 578 (834) 180 (1,178) 








operating activities 7(a) (11,588) 42,294 21,982 34,397 


activities 





financing activities 20,343 (39,219) (11,840) (34,559) 


cash equivalents 8,755 3,075 10,142 (162) 








Page 76




Note 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 1,472,566 2,543,418 1,376,313 2,221,163 



instruments held for trading (959,251) (2,196,669) (831,533) (1,947,060) 

Interest received 25,617 81,913 9,062 (40,849) 


Other income received 35 105 33 67 








activities 


Payment for redemption of units (1,043,419) (873,371) (866,426) (530,574) 





cash equivalents (33,220) (13,648) (31,649) 20,396 

Effects of exchange rate changes 59 20 59 20 







Page 77




Note 


Credit Income 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 2,228,635 1,985,093 2,193,828 1,924,612 



instruments held for trading (1,596,309) (1,824,477) (1,527,801) (1,757,191) 

Interest received 202,356 269,601 180,906 247,420 

Dividends received - 227 - 227 

Other income received 2,257 2,410 2,251 2,383 



Other expenses (paid)/refund (1,230) (863) (1,138) (808) 





activities 

Receipts from issue of units 1,379,389 1,215,508 1,379,389 1,215,508 

Payment for redemption of units (2,146,198) (1,555,452) (2,146,198) (1,555,452) 





cash equivalents 4,581 (13) 18,700 (13,675) 

Effects of exchange rate changes 1,050 (391) 654 (22) 







Page 78




Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 735,748 399,261 780 1,430 





Dividends received 1,747 958 - - 


Responsible Entity (fee paid)/ rebate received (1,332) (684) (1,330) (683) 


Other expenses (paid)/refund (1,694) (939) (16) 1 



operating activities 7(a) (101,981) (40,780) (72,765) (40,661) 


activities 





financing activities 109,293 45,717 72,912 40,836 


cash equivalents 7,312 4,937 147 175 



equivalents brought forward 10,735 5,798 304 129 


equivalents carried forward 18,047 10,735 451 304 



Page 79




Note 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 






Interest received 1,154 (8,502) 1,254 1,015 

Dividends received 2,136 3,221 2,136 3,221 

Other income received - 59 - 54 

Responsible Entity (fee paid)/ rebate received (452) (380) (2,045) (2,364) 







activities 







cash equivalents 11,716 (5,051) 2,611 (4,426) 

Effects of exchange rate changes - 17 - - 







Page 80




Note 


Plus 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Proceeds from sale of financial 685,923 1,812,918 126,641 193,008 




Interest received 12,343 16,263 (5) (24) 





Other expenses (paid)/refund (120) (64) (10) 2 





activities 







cash equivalents (207) 11,192 1,270 (335) 

Effects of exchange rate changes 23 21 - - 


equivalents brought forward 22,677 12,464 (81) 254 


equivalents carried forward 22,493 23,677 1,189 (81) 



Page 81




Note 


Balanced * 

Consolidated 

Parent 

1/07/2012 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2013 30/06/2012 

$'000 $'000 $'000 


Proceeds from sale of financial 150,407 80,711 46,134 



instruments held for trading (641,707) (530,075) (406,890) 

Interest received 311 269 274 

Dividends received 3,535 - - 

Other income received 8 8 - 

Responsible Entity (fee paid)/ rebate received (3,654) (3,221) (1,951) 

Interest paid - - - 

Other expenses (paid)/refund (167) (62) (3) 

Payment for brokerage costs (10) - - 


operating activities 7(a) (491,277) (452,370) (362,436) 


activities 

Receipts from issue of units 579,262 528,371 413,179 

Payment for redemption of units (77,602) (73,784) (44,841) 

Distributions paid (876) (876) (568) 


financing activities 500,784 453,711 367,770 


cash equivalents 9,507 1,341 5,334 

Effects of exchange rate changes - - - 


equivalents brought forward 10,991 10,991 5,657 


equivalents carried forward 20,498 12,332 10,991 




Page 82




Note 


Consolidated 

Parent 

1/07/2012 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2013 30/06/2012 

$'000 $'000 $'000 


Proceeds from sale of financial 25,752,847 25,739,188 32,992,225 



instruments held for trading (22,992,133) (23,017,742) (33,519,381) 

Interest received 186,061 183,138 340,568 

Dividends received - - - 

Other income received 10 10 2 

Responsible Entity (fee paid)/ rebate received (18,498) (18,498) (26,568) 

Interest paid - - - 

Other expenses (paid)/refund (564) (561) (289) 

Payment for brokerage costs (1) (1) (7) 


operating activities 7(a) 2,927,722 2,885,534 (213,450) 


activities 

Receipts from issue of units 5,037,724 5,037,725 7,128,223 

Payment for redemption of units (7,959,660) (7,914,402) (6,886,701) 

Distributions paid (29,011) (28,422) (27,118) 


financing activities (2,950,947) (2,905,099) 214,404 


cash equivalents (23,225) (19,565) 954 

Effects of exchange rate changes - - - 


equivalents brought forward 53,105 48,198 47,244 


equivalents carried forward 29,880 28,633 48,198 




Page 83


NOTES TO THE FINANCIAL STATEMENTS 


1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

(a) 

Basis of Preparation 

The financial report is a general purpose financial report, which has been prepared in accordance with the Funds' 

Constitutions and the requirements of the Corporations Act 2001, which includes Accounting Standards. Other mandatory 

professional reporting requirements have also been complied with. 

The financial report is 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 are not distinguished between current and non-current. All balances are expected to be settled within 

twelve months, except for financial assets held for trading, loans and net assets attributable to unitholders. The amounts 

expected to be recovered or settled after more than twelve months in relation to these balances cannot be reliably 

determined, except as otherwise stated. 

The Funds are for-profit unit trusts for the purpose of preparing the financial statements. 

The financial report was authorised for issue by the Directors of the Responsible Entity on 27 August 2013. 

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 01 July 2012 to 30 June 2013. The comparative reporting 

period is from 01 July 2011 to 30 June 2012. 

Both the functional and presentational 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 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"). 

The Funds are registered schemes of a kind referred to in Class Order 98/0100 (as amended) issued by the Australian 

Securities & Investments Commission 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 in 

accordance with that Class Order, unless otherwise indicated. 

Page 84




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 it becomes 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 

After initial recognition, the financial assets held for trading are revalued to fair value at each reporting date. 

For financial assets held for trading that are actively traded in organised financial markets, fair value is determined by 

reference to Exchange quoted market bid prices at the close of business on the balance date. 

Share price index (SPI) futures contracts are marked to market according to the bid price on the relevant futures 

exchange. 

Convertible notes have been recognised as fixed interest securities in the Balance Sheets. Upon expiry of the note, if it 

is converted to shares, the fair value is recognised as listed equity. 

For financial liabilities from the short sales of financial instruments that are actively traded in organised financial 

markets, fair value is determined by reference to exchange quoted market ask prices at the close of business on the 

Balance Sheet date. 

For investments where there is no quoted market price, fair value is determined by reference to the current market value 

of another instrument which is substantively the same or is calculated based on the expected cash flows of the 

underlying net asset base of the investment. 

The fair value of units in unlisted Managed Investment Schemes is determined by reference to published bid prices at 

the close of business on the Balance Sheet date being the redemption price as established by the underlying Fund's 

Responsible Entity. 

Gains or losses on investments held for trading are recognised in the Statements of Comprehensive Income. 

Investments of the Funds which are considered to be held for trading are equity securities, fixed interest and money 

market securities, derivatives and investments in Managed Investment Schemes. 

Page 85





(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 are recognised. This includes both realised and 

unrealised gains and losses. 

(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. 

(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. 

Page 86





(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 distributing periods. 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. 

(j) 

Terms and Conditions on Units 

Each unit issued confers upon the unitholder an equal interest in the Fund, and is of equal value. A unit does not confer 

any interest in any particular asset or investment of the 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 are identical in all respects. 

Page 87





(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. 

Dividend expenses on shares sold short are recognised when the Fund's have an obligation to pay the dividend. This is 

generally when the dividend is declared by the Company whose shares have been sold short. 

(n) 

Use of Estimates 

The Funds make 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. 

The Funds invest in managed investment schemes which are also managed by the Responsible Entity. For the 

majority of the financial instruments of these managed investment schemes, 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 88





(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) 

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 retranslated 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. 

2. AUDITOR'S REMUNERATION 

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 not paid by the Funds. 

Page 89





(q) 

New Application of Accounting Standards 

Certain new accounting standards and interpretations have been published that are not mandatory for 30 June 2013 

reporting periods and have not been early adopted by the Fund. The director'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 and AASB 2009-11 Amendments to Australian Accounting Standards arising from 

AASB 9 and AASB 2010-7 Amendments to Australian Accounting Standards arising from AASB 9 (December 2010) 

and AASB 2012-6 Amendments to Australian Accounting Standards - Mandatory Effective Date of AASB 9 and 

Transition Disclosures (effective from 1 January 2015) 

- AASB 9 Financial Instruments addresses the classification, measurement and derecognition of financial assets 

and financial liabilities. The standard is not applicable until 1 January 2015 but is available for early adoption. 

The directors do not expect this to have a significant impact on the recognition and measurement of the Fund's 

financial instruments as they are carried at fair value through profit and loss. 

- AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising 

from AASB 13 (effective from 1 January 2013) 

- AASB 13 was released in September 2011. It explains how to measure fair value and aims to enhance fair value 

disclosures. Application of the new standard will impact the type of information disclosed in the notes to the 

financial statements. The Funds will adopt the new standard from its operative date, which means that it would 

be applied in the annual reporting period ending 30 June 2014. The directors do not expect this to have a signficant 

impact on the Fund. 

(r) 

Derivatives and Hedging Activities 

Derivatives are initially recognised at fair value on the date the derivative contracts are entered into and are subsequently 

remeasured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value 

depends on whether the derivative is designated as a hedging instrument. The Responsible Entity designated those 

derivatives as the only hedging instruments to hedge the foreign exchange fluctuation of the fair value of the recognised 

assets, the hedged items. For this purpose, the derivatives are forward currency contracts. 

The Responsible Entity documents at the inception of the Fair Value Hedge, the relationship between hedging instruments 

and hedged items, as well as their financial risk management objective and strategy for undertaking Fair Value Hedge 

Accounting. On an ongoing basis the Responsible Entity documents their assessments, of whether the hedging instruments 

that are used in Fair Value Hedge have been and will continue to be highly effective in offsetting changes in the foreign 

exchange portion that is attributable to the fair value of the hedged items. 

Derivatives that are assessed to be highly effective will qualify for Hedge Accounting. 

Page 90





(r) 

(i) 

Derivatives and Hedging Activities (continued) 

Derivative Instruments That Are Not Designated for Hedge Accounting 

Derivative instruments that are not designated for Hedge Accounting are initially recognised at fair value on the date the 

derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting 

period. Changes in the fair value of derivative instruments are recognised in the Statement of Comprehensive Income as 

changes in fair value of financial instruments held for trading. 

(s) 

Principles of Consolidation 

The consolidated financial statements comprise the financial statements of the Parent Entities and their subsidiaries 

("the Group"). 

Subsidiaries are all those entities over which the parent entity has control. The financial statements of subsidiaries are 

prepared for the same reporting period as their Parent Entities, using consistent accounting policies. 

The purchase method of accounting is used to account for the acquisition of subsidiaries by the Parent Entity. The 

purchase method measures the acquiree's assets and liabilities at their fair value at acquisition date. 

All inter-fund balances and transactions, including unrealised profits arising from intra-group transactions have been 

eliminated in full. 

Minority interest in the net profit and net assets of subsidiaries are shown separately in the Statement of Comprehensive 

Incomes and Balance Sheets respectively. 

Page 91

3. INTEREST INCOME 




The interest income of the Funds are summarised as follows: 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Cash and cash equivalents 10,141 9,436 902 1,094 

Debt securities 4,518 - - - 

Interest rate swaps 1,768 - - - 

Total Interest Income 16,427 9,436 902 1,094 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Cash and cash equivalents 3,486 4,371 977 1,352 

Debt securities 263,567 219,725 - - 

Interest rate swaps 3,570 14,005 - - 

Total Interest Income 270,623 238,101 977 1,352 

FirstChoice Wholesale Property Securities 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Cash and cash equivalents 305 210 59 51 

Debt securities - - - - 

Interest rate swaps - - - - 

Total Interest Income 305 210 59 51 

Page 92


3. INTEREST INCOME (continued) 



FirstChoice Wholesale Global Property Securities 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





FirstChoice Wholesale Global Infrastructure Securities 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





FirstChoice Wholesale Australian Share 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Debt securities - 39 - - 


Total Interest Income 4,221 5,310 481 721 

Page 93





FirstChoice Wholesale Lower Volatility Australian Share 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Debt securities 51 - - - 



FirstChoice Wholesale Australian Small Companies 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 






Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Cash and cash equivalents 459 2,022 428 547 

Debt securities 6 22 - - 


Total Interest Income 465 2,044 428 547 

Page 94






Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





FirstChoice Wholesale Emerging Markets 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





Colonial First State Wholesale Conservative 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Debt securities 5,694 - - - 

Interest rate swaps 276 - - - 

Total Interest Income 6,247 210 84 103 

Page 95





Perpetual Wholesale Conservative Growth 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 



Interest rate swaps (71) (14) (71) (14) 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 



Interest rate swaps 527 753 - - 



Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





Page 96






Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 



Interest rate swaps 56 (1,376) 56 (1,376) 

Total Interest Income 589 (856) 193 (1,197) 

Colonial First State Wholesale Diversified Fixed Interest 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Cash and cash equivalents 940 4,455 686 1,519 

Debt securities 25,429 106,629 15,702 3,916 

Interest rate swaps 4,963 (61,502) (1,543) (67,882) 

Total Interest Income 31,332 49,582 14,845 (62,447) 

Colonial First State Wholesale Global Credit Income 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Debt securities 196,803 217,060 183,425 203,937 

Interest rate swaps (8,629) 46,838 (15,998) 37,849 

Total Interest Income 189,414 266,372 168,522 244,073 

Page 97






Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 






Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


Debt securities 2,833 1,750 1,096 870 

Interest rate swaps (1,237) (10,883) - - 

Total Interest Income 1,819 (8,655) 1,196 1,004 

Goldman Sachs Wholesale Income Plus 

Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Cash and cash equivalents 702 568 (3) (23) 


Interest rate swaps (31) (99) - - 

Total Interest Income 12,170 15,424 (3) (23) 

Page 98





FirstChoice Wholesale Multi-Index Balanced * 

Consolidated 

Parent 

1/07/2012 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2013 30/06/2012 

$'000 $'000 $'000 

Cash and cash equivalents 317 267 277 

Debt securities - - - 

Interest rate swaps - - - 

Total Interest Income 317 267 277 


Consolidated 

Parent 

1/07/2012 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2013 30/06/2012 

$'000 $'000 $'000 

Cash and cash equivalents 1,084 974 961 

Debt securities 168,452 165,724 337,630 

Interest rate swaps - - - 

Total Interest Income 169,536 166,698 338,591 


Page 99


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 component of the final distribution 

for the reporting period which had not been paid at balance date. 

Quarterly, half-yearly and yearly distributing Funds: 

The amounts distributed or proposed to be distributed to unitholders in cents per unit (cpu) during the period were: 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

Period ended: cpu $ cpu $ 

- 30 September 0.50 40,138 0.60 47,714 

- 31 December 0.70 56,530 0.70 55,651 

- 31 March 0.60 49,123 0.70 55,433 

- 30 June 1.34 110,188 1.06 84,373 

Distributions to 

unitholders 255,979 243,171 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.80 45,292 0.90 46,859 

- 31 December 0.80 46,859 0.90 47,021 

- 31 March 1.40 87,174 2.00 107,208 

- 30 June 1.68 105,010 1.27 69,502 


unitholders 284,335 270,590 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.20 3,100 0.40 6,458 

- 31 December 0.40 5,971 0.50 8,052 

- 31 March 0.40 5,826 0.50 8,019 

- 30 June 0.42 5,996 0.43 6,680 


unitholders 20,893 29,209 

Page 100


4. DISTRIBUTIONS TO UNITHOLDERS (continued) 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September - - - - 

- 31 December 0.50 4,984 0.50 5,421 

- 31 March - - - - 

- 30 June 0.41 4,089 0.57 5,796 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September - - - - 

- 31 December 0.90 7,504 0.80 6,695 

- 31 March - - - - 

- 30 June 2.69 22,155 1.98 16,739 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 1.00 49,990 1.00 49,339 

- 31 December 1.00 48,014 0.90 44,485 

- 31 March 0.80 37,072 0.60 29,847 

- 30 June 0.97 46,707 0.83 41,745 


unitholders 181,783 165,416 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.80 3,079 0.90 3,989 

- 31 December 0.90 3,396 1.00 4,318 

- 31 March 0.70 2,686 0.70 2,926 

- 30 June 1.07 2,436 0.82 3,269 



Page 101






1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September - - - - 

- 31 December 1.50 3,831 1.50 4,235 

- 31 March - - - - 

- 30 June 2.37 5,716 1.71 4,558 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September - - - - 

- 31 December 0.20 10,557 0.10 5,439 

- 31 March - - - - 

- 30 June 0.83 40,606 0.63 34,033 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September - - - - 

- 31 December 0.60 1,061 0.90 1,889 

- 31 March - - - - 

- 30 June 0.68 1,092 0.98 1,904 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September - - - - 

- 31 December 0.30 1,797 0.20 1,106 

- 31 March - - - - 

- 30 June 0.40 2,470 0.41 2,278 



Page 102






1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.80 8,346 0.70 7,892 

- 31 December 0.90 9,289 0.80 8,889 

- 31 March 0.20 2,034 0.50 5,433 

- 30 June 2.43 24,348 0.28 2,983 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.80 1,717 0.70 1,567 

- 31 December 1.00 2,174 1.10 2,424 

- 31 March 1.00 2,203 1.00 2,165 

- 30 June 1.96 4,399 2.11 4,496 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.30 523 0.40 765 

- 31 December 0.80 1,378 0.80 1,487 

- 31 March 0.70 1,184 0.60 1,083 

- 30 June 1.18 1,981 2.08 3,672 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.70 10,206 0.70 11,523 

- 31 December 0.80 11,421 0.80 12,853 

- 31 March 1.10 15,338 0.40 6,216 

- 30 June 2.01 27,410 0.59 8,866 



Page 103






1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.40 1,638 0.70 2,995 

- 31 December 1.00 4,089 0.60 2,531 

- 31 March 0.80 3,283 0.70 2,917 

- 30 June 1.21 5,005 1.34 5,508 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.90 20,420 0.50 10,829 

- 31 December 1.40 32,498 0.70 15,559 

- 31 March 2.00 33,994 0.50 11,270 

- 30 June 3.43 60,649 2.52 55,145 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 1.00 1,036 1.30 628 

- 31 December 0.90 1,023 1.10 643 

- 31 March 0.50 750 1.20 862 

- 30 June 0.74 1,223 1.44 1,259 



Page 104






1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.60 2,565 0.50 2,424 

- 31 December 0.90 3,724 1.70 7,943 

- 31 March 1.00 4,014 1.90 8,584 

- 30 June 2.78 10,606 0.35 1,553 




1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 1.00 3,437 1.10 4,280 

- 31 December 0.70 2,379 1.00 3,821 

- 31 March 0.40 1,353 1.50 5,532 

- 30 June 1.52 5,204 1.14 4,034 



FirstChoice Wholesale Multi-Index Balanced 

1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 


- 30 September 0.40 5,441 0.60 5,401 

- 31 December 1.00 14,826 0.60 6,076 

- 31 March 0.50 8,179 0.40 4,488 

- 30 June 2.28 40,649 0.81 10,166 



Page 105





Monthly distributing Funds: 

The amounts distributed or proposed to be distributed to unitholders in cents per unit (cpu) during the periods were: 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

Period ended: cpu $'000 cpu $'000 

- 31 July 0.40 17,570 0.40 18,254 

- 31 August 0.40 17,507 0.40 17,840 

- 30 September 0.38 16,365 0.40 17,849 

- 31 October 0.35 14,808 0.40 17,534 

- 30 November 0.35 14,663 0.40 17,549 

- 31 December 0.32 13,443 0.40 17,603 

- 31 January 0.30 12,164 0.40 17,639 

- 28 February 0.29 11,723 0.40 17,775 

- 31 March 0.27 10,468 0.40 18,922 

- 30 April 0.40 15,272 0.40 19,145 

- 31 May 0.40 15,098 0.35 16,099 

- 30 June 0.91 34,104 0.78 34,092 


unitholders 193,185 230,301 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

Period ended: cpu $'000 cpu $'000 

- 31 July 0.35 22,393 0.40 26,101 

- 31 August 0.30 16,305 0.40 26,727 

- 30 September 0.30 13,344 0.40 26,618 

- 31 October 0.30 12,703 0.45 30,426 

- 30 November 0.30 12,713 0.40 26,502 

- 31 December 0.30 12,857 0.40 26,376 

- 31 January 0.30 12,761 0.40 26,176 

- 28 February 0.25 10,478 0.40 25,967 

- 31 March 0.20 8,464 0.40 25,530 

- 30 April 0.20 8,562 0.40 25,474 

- 31 May 0.25 10,288 0.40 26,688 

- 30 June 0.34 14,537 0.31 21,681 


unitholders 155,405 314,266 

Page 106




5. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES 

The financial assets and liabilities held for trading of the Funds are tabled below. These are further classified using a fair 

value hierarchy that reflects the subjectivity of the inputs used in making the measurements of fair value of these assets 

and liabilities. 

The level in which instruments are classified in the hierarchy is based on the lowest level input that is significant to the fair 

value measurement in its entirety. Assessment of the significance of an input requires judgement after considering factors 

specific to the instrument. 

The fair value of financial instruments traded in active markets (such as shares in listed companies and publicly traded 

derivatives) is based on quoted market prices at the end of the reporting period. The quoted market price used for 

financial assets held by the Funds is the last sale price. These instruments are included in Level 1. Investments in 

unlisted managed investment schemes which have daily liquidity are also classified as Level 1. 

Investments in unlisted managed investment schemes which have daily liquidity are also classified as Level 1. 

The fair value of financial instruments that trade in markets that are not considered to be active but are valued based on 

quoted market prices or alternative pricing sources supported by observable inputs (such as over-the-counter derivatives) 

are classified within Level 2. 

Investments classified within Level 3 have significant unobservable inputs, as they are infrequently traded. Level 3 

instruments include shares in unlisted companies, certain unlisted unit trusts and certain corporate bonds. As 

observable inputs are not available for these instruments, valuation techniques such as discounted cash flows are used 

to derive fair value. 

The various methods adopted in determining the fair value of the Funds' financial instruments are further explained 

in the 'Summary of Significant Accounting Policies" note to the financial statements. 

Page 107




5. FAIR VALUE HIERARCHY OF FINANCIAL ASSETS AND LIABILITIES (continued) 


30/06/2013 Total Level 1 Level 2 Level 3 

Consolidated $'000 $'000 $'000 $'000 

Financial Assets Held for Trading: 

Listed Equities 1,215 1,215 - - 

Listed Property Trust - - - - 

Unlisted Equities - - - - 

Debt Securities 178,752 - 178,752 - 

Managed Investment Schemes 7,987,704 7,987,704 - - 

Derivatives 134,425 24,893 109,532 - 

Total Assets Held for Trading 8,302,096 8,013,812 288,284 - 

Financial Liabilities Held for Trading: 

Derivatives (102,095) (25,464) (76,631) - 

Securities - short sell - - - - 

Total Liabilities Held for Trading (102,095) (25,464) (76,631) - 


Consolidated $'000 $'000 $'000 $'000 


Listed Equities - - - - 



Debt Securities - - - - 


Derivatives 19,188 7,883 11,305 - 



Derivatives (24,582) (10,218) (14,364) - 



Page 108







Parent: $'000 $'000 $'000 $'000 







Derivatives - - - - 

Total Assets Held for Trading 8,192,941 8,192,941 - - 




Total Liabilities Held for Trading - - - - 


Parent $'000 $'000 $'000 $'000 













Page 109







Consolidated $'000 $'000 $'000 $'000 





Debt Securities 7,225,512 - 7,225,512 - 

Managed Investment Schemes 479,749 479,749 - - 

Derivatives 136,832 7,031 129,801 - 

Total Assets Held for Trading 7,842,093 486,780 7,355,313 - 


Derivatives (305,293) (10,044) (295,249) - 

Securities - short sell (86,480) - (86,480) - 



Consolidated $'000 $'000 $'000 $'000 







Derivatives 167,316 2,396 164,920 - 



Derivatives (60,063) (2,963) (57,100) - 

Securities - short sell (11,964) - (11,964) - 


Page 110







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 111







Consolidated $'000 $'000 $'000 $'000 



Listed Property Trust 268,584 266,215 2,369 - 





Total Assets Held for Trading 725,441 723,072 2,369 - 






Consolidated $'000 $'000 $'000 $'000 



Listed Property Trust 248,175 248,175 - - 





Total Assets Held for Trading 648,537 648,537 - - 





Page 112







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 113







Consolidated $'000 $'000 $'000 $'000 







Derivatives 4,118 - 4,118 - 



Derivatives (26,433) - (26,433) - 


Total Liabilities Held for Trading (26,433) - (26,433) - 


Consolidated $'000 $'000 $'000 $'000 







Derivatives 23,485 - 23,485 - 



Derivatives (5,022) - (5,022) - 



Page 114







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 115







Consolidated $'000 $'000 $'000 $'000 






Managed Investment Schemes - - - - 

Derivatives 4,819 - 4,819 - 



Derivatives (26,692) - (26,692) - 




Consolidated $'000 $'000 $'000 $'000 


Listed Equities 767,663 767,118 545 - 

Listed Property Trust 555 555 - - 




Derivatives 20,469 - 20,469 - 



Derivatives (1,598) - (1,598) - 



Page 116







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 117







Consolidated $'000 $'000 $'000 $'000 


Listed Equities 4,780,401 4,780,401 - - 





Derivatives 193 193 - - 



Derivatives (32) (32) - - 

Securities - short sell (101,835) (101,835) - - 

Total Liabilities Held for Trading (101,867) (101,867) - - 


Consolidated $'000 $'000 $'000 $'000 


Listed Equities 3,940,628 3,933,012 7,616 - 





Derivatives 748 739 9 - 






Page 118







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 119







Consolidated $'000 $'000 $'000 $'000 














Consolidated $'000 $'000 $'000 $'000 








Total Assets Held for Trading 369,596 369,296 300 - 


Derivatives (5) - (5) - 


Total Liabilities Held for Trading (5) - (5) - 

Page 120







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 121







Consolidated $'000 $'000 $'000 $'000 


Listed Equities 327,599 324,435 3,164 - 












Consolidated $'000 $'000 $'000 $'000 












Total Liabilities Held for Trading (16) (16) - - 

Page 122







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 123







Consolidated $'000 $'000 $'000 $'000 







Derivatives 25,376 845 24,531 - 



Derivatives (25,371) (630) (24,741) - 




Consolidated $'000 $'000 $'000 $'000 





Debt Securities 790 - 790 - 


Derivatives 7,807 144 7,663 - 



Derivatives (10,821) - (10,821) - 



Page 124







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 125







Consolidated $'000 $'000 $'000 $'000 














Consolidated $'000 $'000 $'000 $'000 



Listed Property Trust 7,700 6,747 953 - 




Derivatives 3 - 3 - 






Page 126







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 127







Consolidated $'000 $'000 $'000 $'000 














Consolidated $'000 $'000 $'000 $'000 













Page 128







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 129







Consolidated $'000 $'000 $'000 $'000 







Derivatives 1,654 73 1,581 - 



Derivatives (1,588) (1,278) (310) - 


Total Liabilities Held for Trading (1,588) (1,278) (310) - 


Consolidated $'000 $'000 $'000 $'000 













Page 130







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 131







Consolidated $'000 $'000 $'000 $'000 










Derivatives (1,672) (215) (1,457) - 


Total Liabilities Held for Trading (1,672) (215) (1,457) - 


Consolidated $'000 $'000 $'000 $'000 










Derivatives (390) (61) (329) - 


Total Liabilities Held for Trading (390) (61) (329) - 

Page 132







Parent: $'000 $'000 $'000 $'000 










Derivatives (1,672) (215) (1,457) - 




Parent $'000 $'000 $'000 $'000 










Derivatives (390) (61) (329) - 



Page 133







Consolidated $'000 $'000 $'000 $'000 










Derivatives (1,209) (401) (808) - 


Total Liabilities Held for Trading (1,209) (401) (808) - 


Consolidated $'000 $'000 $'000 $'000 










Derivatives (520) (81) (439) - 



Page 134







Parent: $'000 $'000 $'000 $'000 










Derivatives (191) (191) - - 




Parent $'000 $'000 $'000 $'000 













Page 135







Consolidated $'000 $'000 $'000 $'000 



Listed Property Trust 669 669 - - 











Consolidated $'000 $'000 $'000 $'000 













Page 136







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 137







Consolidated $'000 $'000 $'000 $'000 







Derivatives 1,210 1,041 169 - 



Derivatives (3,473) (355) (3,118) - 




Consolidated $'000 $'000 $'000 $'000 










Derivatives (1,300) (98) (1,202) - 



Page 138







Parent: $'000 $'000 $'000 $'000 







Derivatives 1,188 1,023 165 - 



Derivatives (3,385) (355) (3,030) - 




Parent $'000 $'000 $'000 $'000 










Derivatives (1,300) (98) (1,202) - 



Page 139







Consolidated $'000 $'000 $'000 $'000 







Derivatives 30,562 6,666 23,896 - 



Derivatives (19,999) (2,038) (17,961) - 




Consolidated $'000 $'000 $'000 $'000 







Derivatives 56,092 176 55,916 - 

Total Assets Held for Trading 3,065,196 1,211,202 1,853,994 - 


Derivatives (3,189) (2,556) (633) - 



Page 140







Parent: $'000 $'000 $'000 $'000 







Derivatives 13,011 6,644 6,367 - 



Derivatives (19,059) (2,006) (17,053) - 




Parent $'000 $'000 $'000 $'000 







Derivatives 34,209 60 34,149 - 



Derivatives (3,007) (2,374) (633) - 



Page 141







Consolidated $'000 $'000 $'000 $'000 


Listed Equities 554 554 - - 





Derivatives 113,446 2,787 110,659 - 



Derivatives (396,459) (808) (395,651) - 




Consolidated $'000 $'000 $'000 $'000 






Managed Investment Schemes 854 662 192 - 

Derivatives 261,114 373 260,741 - 



Derivatives (248,325) (1,166) (247,159) - 



Page 142







Parent: $'000 $'000 $'000 $'000 







Derivatives 109,547 1,820 107,727 - 



Derivatives (367,077) (378) (366,699) - 




Parent $'000 $'000 $'000 $'000 






Managed Investment Schemes 279,209 279,017 192 - 

Derivatives 240,715 365 240,350 - 



Derivatives (243,069) (1,106) (241,963) - 



Page 143







Consolidated $'000 $'000 $'000 $'000 














Consolidated $'000 $'000 $'000 $'000 











Securities - short sell (29,948) (29,893) (55) - 


Page 144







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 145







Consolidated $'000 $'000 $'000 $'000 





Debt Securities 72,950 16,912 56,038 - 





Derivatives (855) (491) (364) - 




Consolidated $'000 $'000 $'000 $'000 







Derivatives 6,603 77 6,526 - 



Derivatives (85) (68) (17) - 



Page 146







Parent: $'000 $'000 $'000 $'000 





Debt Securities 16,912 16,912 - - 





Derivatives (855) (491) (364) - 




Parent $'000 $'000 $'000 $'000 













Page 147







Consolidated $'000 $'000 $'000 $'000 










Derivatives (2,044) (76) (1,968) - 




Consolidated $'000 $'000 $'000 $'000 







Derivatives 1,325 20 1,305 - 



Derivatives (228) (10) (218) - 



Page 148







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 149







Consolidated $'000 $'000 $'000 $'000 







Derivatives 1,864 - 1,864 - 



Derivatives (9,242) - (9,242) - 




Consolidated $'000 $'000 $'000 $'000 


Listed Equities 

Listed Property Trust 

Unlisted Equities 

Debt Securities 

Managed Investment Schemes 

Derivatives 

Total Assets Held for Trading 


Derivatives 

Securities - short sell 

Total Liabilities Held for Trading 


Page 150







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 151







Consolidated $'000 $'000 $'000 $'000 


Listed Equities 126 126 - - 






Total Assets Held for Trading 4,300,620 126 4,300,494 - 






Consolidated $'000 $'000 $'000 $'000 


Listed Equities 

Listed Property Trust 

Unlisted Equities 

Debt Securities 

Managed Investment Schemes 

Derivatives 

Total Assets Held for Trading 


Derivatives 

Securities - short sell 



Page 152







Parent: $'000 $'000 $'000 $'000 














Parent $'000 $'000 $'000 $'000 













Page 153




6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 

As stipulated within the Funds' Constitution, each unit represents a right to an individual share in the Fund and 

does not extend to a right to the underlying assets of the Fund. There are no separate classes of units and each 

unit has the same rights attaching to it as all other units of the Fund. 

(a) 

Movements in Number of Units and Net Assets Attributable to Unitholders: 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 

Opening balance 8,054,111 7,123,894 8,121,707 7,370,167 

Applications 586,581 563,345 513,930 455,949 

Redemptions (570,068) (544,188) (857,029) (754,241) 

Units issued upon reinvestment of 

distributions 263,130 253,998 275,503 241,256 

Change in net assets attributable 

to unitholders from operations 814,180 (189,237) 

Closing Balance 8,333,754 8,211,229 8,054,111 7,123,894 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 869,567 894,695 459,994 456,714 

Redemptions (335,026) (341,964) (674,502) (663,149) 




to unitholders from operations (38,916) 267,281 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 

Opening balance 1,569,258 660,207 1,615,906 646,258 

Applications 46,610 22,790 67,696 25,680 

Redemptions (218,952) (106,848) (189,891) (74,455) 




to unitholders from operations 138,429 33,785 

Closing Balance 1,439,344 735,274 1,569,258 660,207 

Page 154




6. CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (continued) 

(a) 

Movements in Number of Units and Net Assets Attributable to Unitholders: (continued) 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 

Opening balance 1,024,262 788,344 1,079,326 797,643 

Applications 57,063 48,311 38,101 26,358 

Redemptions (89,878) (75,227) (108,878) (79,912) 





Closing Balance 1,002,083 876,273 1,024,262 788,344 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 

Opening balance 863,035 813,147 830,494 772,773 

Applications 39,798 41,909 37,145 33,798 

Redemptions (86,570) (92,330) (29,825) (27,026) 





Closing Balance 843,238 944,062 863,035 813,147 


1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 248,531 269,766 318,856 297,790 

Redemptions (640,016) (663,061) (257,008) (241,907) 






Page 155





(a) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 28,228 31,135 11,970 11,601 

Redemptions (211,307) (237,456) (114,843) (109,712) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 12,866 17,752 14,010 18,223 

Redemptions (44,560) (61,108) (52,068) (67,321) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 84,390 51,644 276,731 154,746 

Redemptions (671,811) (453,635) (169,832) (97,145) 






Page 156





(a) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 4,933 4,815 12,614 11,335 

Redemptions (41,833) (39,361) (45,939) (41,440) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 69,267 47,212 54,963 36,674 

Redemptions (13,687) (9,404) (23,340) (15,542) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 66,890 72,289 75,518 77,444 

Redemptions (149,995) (160,931) (191,545) (196,171) 






Page 157





(a) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 30,260 30,893 19,374 18,825 

Redemptions (29,482) (29,824) (43,400) (42,040) 




to unitholders from operations 13,471 (381) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 12,258 13,642 7,299 7,311 

Redemptions (27,340) (29,541) (33,237) (32,942) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 27,081 36,549 182,171 225,194 

Redemptions (197,860) (264,264) (417,554) (511,673) 






Page 158





(a) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 33,242 31,762 20,886 18,138 

Redemptions (46,569) (43,525) (61,295) (52,634) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 271,109 287,730 301,340 319,430 

Redemptions (822,098) (866,427) (502,732) (530,548) 




to unitholders from operations (70,165) 29,853 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 1,393,154 1,379,388 1,268,404 1,214,414 

Redemptions (2,172,524) (2,146,198) (1,613,703) (1,533,850) 






Page 159





(a) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 80,883 80,047 47,257 46,649 

Redemptions (7,148) (7,072) (5,944) (5,847) 




to unitholders from operations 691 (235) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 24,940 24,917 43,685 42,915 

Redemptions (97,653) (97,086) (159,543) (156,025) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 26,035 27,713 16,937 17,289 

Redemptions (48,002) (50,254) (91,671) (93,278) 






Page 160





(a) 



1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 

Opening balance 1,266,834 1,074,875 802,999 697,730 

Applications 564,983 528,370 486,734 410,499 

Redemptions (79,342) (73,784) (53,743) (44,841) 







1/07/2012 - 30/06/2013 1/07/2011 - 30/06/2012 

No.'000 $'000 No.'000 $'000 


Applications 4,987,244 5,037,725 7,019,619 7,098,975 

Redemptions (7,837,318) (7,914,402) (6,797,523) (6,874,874) 






(b) 

Capital Risk Management 

The Funds manage their 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 Funds monitor 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 "Fair Value Hierarchy of Financial Assets 

and Liabilities" note to the financial statements. 

Page 161


7. CASH AND CASH EQUIVALENTS 



(a) 

Reconciliation of Net Profit/(Loss) Attributable to Unitholders to Net Cash from Operating 

Activities: 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Net (loss)/profit attributable 

to unitholders and minority interest 1,075,915 59,248 1,070,159 53,934 

Distributions to unitholders - - - - 

Proceeds from sale of financial 

instruments held for trading 868,442 1,102,277 654,930 955,942 





Dividend/Distribution income reinvested (253,911) (253,106) (259,947) (248,415) 

Net foreign exchange gain/(loss) 281 184 - - 

Changes in assets and 

liabilities: 

Receivables and other assets (2,269) (196) 50 22 

Payables and other liabilities 1,309 35 (90) 31 

Net Cash From/(Used In) 

Operating Activities (113,712) 302,343 (53,559) 297,030 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


to unitholders and minority interest 275,872 619,678 245,419 537,871 



instruments held for trading 7,209,193 4,925,282 467,350 458,000 


instruments held for trading (8,281,951) (4,966,051) (1,029,500) (232,000) 




Net foreign exchange gain/(loss) (16,643) (1,550) - - 


liabilities: 

Receivables and other assets (21,207) (722) 20 32 

Payables and other liabilities 734 174 20 58 


Operating Activities (869,010) 158,620 (571,275) 217,945 

Page 162


7. CASH AND CASH EQUIVALENTS (continued) 



(a) 


Activities: (continued) 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 











Net foreign exchange gain/(loss) - - - - 


liabilities: 

Receivables and other assets (455) (266) 2 (4) 



Operating Activities 82,799 50,207 83,740 50,225 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 










Dividend/Distribution income reinvested (424) (448) (9,893) (12,060) 

Net foreign exchange gain/(loss) (591) 972 - - 


liabilities: 

Receivables and other assets 391 (203) - (3) 

Payables and other liabilities 4 (16) 10 (5) 



Page 163





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 











Net foreign exchange gain/(loss) (1,095) 600 - - 


liabilities: 

Receivables and other assets 1,695 (992) (2) (5) 



Operating Activities 49,156 (11,249) 49,836 (7,507) 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


to unitholders and minority interest 1,022,721 (429,622) 999,059 (427,718) 



instruments held for trading 3,110,054 2,695,682 1,030,026 401,100 






Net foreign exchange gain/(loss) 76 (736) - - 


liabilities: 

Receivables and other assets (2,492) (6,686) (10) (64) 

Payables and other liabilities 1,205 678 11 45 



Page 164





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


to unitholders and minority interest 82,608 (46,339) 82,608 (46,339) 





instruments held for trading (306,943) (127,149) (90,740) - 




Net foreign exchange gain/(loss) - (8) - - 


liabilities: 

Receivables and other assets 437 (4) 8 5 

Payables and other liabilities 188 (99) (31) (17) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 







instruments held for trading (348,562) (213,383) (8,000) (500) 




Net foreign exchange gain/(loss) 2 (1) - - 


liabilities: 

Receivables and other assets (134) 262 5 (2) 

Payables and other liabilities 41 (84) - 2 



Page 165





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 



Distributions to unitholders 52,409 - - - 


instruments held for trading 2,608,779 2,437,395 437,000 84,150 





Dividend/Distribution income reinvested (54,289) (329) (52,409) (39,884) 

Net foreign exchange gain/(loss) (7,703) (2,606) - - 


liabilities: 

Receivables and other assets (2,153) (314) (16) (38) 

Payables and other liabilities 1,191 (316) 14 86 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 










Dividend/Distribution income reinvested (40) (21) (7,650) (7,589) 



liabilities: 

Receivables and other assets (28) 459 (2) 1 

Payables and other liabilities - (70) - (1) 



Page 166





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 



Distributions to unitholders 11,849 - - - 


instruments held for trading 126,300 559,461 - 131,374 








liabilities: 

Receivables and other assets (787) 571 (4) (1) 



Operating Activities (39,444) (15,744) (40,810) (17,867) 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading 1,102,185 377,975 742,844 256,467 


instruments held for trading (1,322,527) (247,126) (652,159) (133,000) 




Net foreign exchange gain/(loss) (97) 2 - 2 


liabilities: 

Receivables and other assets (3,941) 624 11 6 

Payables and other liabilities 167 (86) (6) (19) 


Operating Activities (219,789) 137,412 89,662 122,430 

Page 167





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 









instruments held for trading (15,593) 825 (15,732) 731 


Net foreign exchange gain/(loss) (5) 13 (5) 13 


liabilities: 

Receivables and other assets 13 177 (5) 9 





Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 


to unitholders and minority interest 40,484 (733) 31,393 (332) 









Net foreign exchange gain/(loss) (340) (191) 17 (2) 


liabilities: 

Receivables and other assets (33) 201 10 23 




Page 168





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading 882,272 1,360,985 518,279 1,062,456 








liabilities: 

Receivables and other assets (525) 912 14 14 





Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 













liabilities: 




Operating Activities (11,588) 42,294 21,982 34,397 

Page 169





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading 1,472,566 2,543,418 1,376,313 2,221,163 


instruments held for trading (959,251) (2,196,669) (831,533) (1,947,060) 




Net foreign exchange gain/(loss) 78 247 78 247 


liabilities: 

Receivables and other assets (5,724) 32,403 (5,809) 21,585 

Payables and other liabilities 67 (206) 120 42 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading 2,228,635 1,985,093 2,193,828 1,924,612 


instruments held for trading (1,596,309) (1,824,477) (1,527,801) (1,757,191) 




Net foreign exchange gain/(loss) (4,649) 2,962 (4,347) 2,046 


liabilities: 

Receivables and other assets 13,076 3,226 12,515 3,351 

Payables and other liabilities (246) (129) (224) (147) 



Page 170





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading 735,748 399,261 780 1,430 




instruments held for trading (2,156) (1,052) (670) 181 

Dividend/Distribution income reinvested 6 (33) (5,400) (4,050) 

Net foreign exchange gain/(loss) - - - - 


liabilities: 

Receivables and other assets (567) (304) (7) (6) 



Operating Activities (101,981) (40,780) (72,765) (40,661) 


Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 











Net foreign exchange gain/(loss) 33 89 - - 


liabilities: 


Payables and other liabilities (44) (58) (22) (46) 



Page 171





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2011 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 





instruments held for trading 685,923 1,812,918 126,641 193,008 








liabilities: 

Receivables and other assets 163 1,056 (3) (1) 

Payables and other liabilities 2 (42) (2) 3 




Consolidated 

Parent 

1/07/2012 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2013 30/06/2012 

$'000 - - 


to unitholders and minority interest 210,567 204,987 11,991 

Distributions to unitholders - - - 


instruments held for trading 150,407 80,711 46,134 


instruments held for trading (641,707) (530,075) (406,890) 


instruments held for trading (143,935) (141,395) 29,840 

Dividend/Distribution income reinvested (66,032) (66,695) (43,571) 

Net foreign exchange gain/(loss) (300) - - 


liabilities: 

Receivables and other assets (485) (39) (31) 

Payables and other liabilities 208 136 91 


Operating Activities (491,277) (452,370) (362,436) 


Page 172





(a) 




Consolidated 

Parent 

1/07/2012 - 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2013 30/06/2012 

$'000 - - 


to unitholders and minority interest 160,487 160,105 304,623 

Distributions to unitholders - - - 


instruments held for trading 25,752,847 25,739,188 32,992,225 


instruments held for trading (22,992,133) (23,017,742) (33,519,381) 


instruments held for trading (9,286) (9,069) 8,932 

Dividend/Distribution income reinvested - (2,669) (1,983) 

Net foreign exchange gain/(loss) - - - 


liabilities: 

Receivables and other assets 16,793 16,707 1,963 

Payables and other liabilities (986) (986) 171 


Operating Activities 2,927,722 2,885,534 (213,450) 


(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 distibutions" in 

part (a) of the "Changes in Net Asset 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. 

Page 173


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, 2000. 

(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 

Annabel Spring Appointed on 14 October 2011. 

Linda Elkins Appointed on 1 January 2013. 

Michael John Venter Appointed on 4 July 2011. 

Anne Ward Appointed on 1 January 2013. 

Penelope James Appointed on 1 January 2013. 

Peter Hodgett Appointed on 1 January 2013. 

Peter Taylor * Appointed on 7 November 2011. 

Peter Robert Winney Resigned on 1 January 2013. 

Bradley Brian Massey Resigned on 1 January 2013. 

Lynette Cobley Resigned on 1 January 2013. 

* Alternate director to Annabel Spring. 

(ii) 

Compensation of Key Management Personnel 

No amounts are paid by the Funds directly to the Directors of the Responsible Entity of the Funds. 

The Directors of the Responsible Entity receive compensation in their capacity as Directors of the Responsible 

Entity. 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. 

Page 174


8. RELATED PARTIES DISCLOSURES (continued) 



(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. 

The management fees rate charged for the current and comparative reporting periods are as follows: 

Name of Fund: 2013 2012 

Management Management 

Fees Fees 

% % 

FirstChoice Wholesale Moderate 0.95 0.95 

FirstChoice Wholesale Fixed Interest 0.75 0.75 

FirstChoice Wholesale Property Securities 0.90 0.90 

FirstChoice Wholesale Global Property Securities 1.20 1.20 

FirstChoice Wholesale Global Infrastructure Securities 1.20 1.20 

FirstChoice Wholesale Australian Share 1.00 1.00 

FirstChoice Wholesale Lower Volatility Australian Share 1.20 1.20 

FirstChoice Wholesale Australian Small Companies 1.30 1.30 

FirstChoice Wholesale Global Share 1.20 1.20 

FirstChoice Wholesale Asian Share 1.50 1.50 

FirstChoice Wholesale Emerging Markets 1.50 1.50 

Colonial First State Wholesale Conservative 0.75 0.75 

Perpetual Wholesale Conservative Growth 1.15 1.15 

BT Wholesale Active Balanced 1.15 1.15 

Colonial First State Wholesale Diversified 0.95 0.95 

Perpetual Wholesale Balanced Growth 1.20 1.20 

Colonial First State Wholesale Diversified Fixed Interest 0.55 0.55 

Colonial First State Wholesale Global Credit Income 0.60 0.60 

Acadian Wholesale Quant Yield 0.60 0.60 

Colonial First State Wholesale Enhanced Yield 0.50 0.50 

Goldman Sachs Wholesale Income Plus 0.95 0.95 

FirstChoice Wholesale Multi-Index Balanced 0.68 0.68 

Colonial First State Wholesale Cash 0.40 0.40 

In addition to the management fee stated above a performance fee may also be payable for certain Funds. Performance fees 

are payable if the Funds' performance outperform a specified benchmark. The performance fee is normally in the region of 

10-25% as a percentage of the total assets of each Fund. Performance fees charged for the reporting periods are disclosed 

below. Refer to the Product Disclosure Statement/Information Memorandum for more details. 

The actual management fee rate charged for global investing Funds are lower than those disclosed above. This is due to 

these Funds being entitled to claim 100% of the Good and Services Tax ("GST") as compared to 75% for domestic 

investing Funds. 

Page 175





The Responsible Entity's management fees charged/(refunded) for the reporting periods are as follows: 

Name of Fund: 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 

$ $ 

FirstChoice Wholesale Moderate 1,850,719 1,657,877 

FirstChoice Wholesale Fixed Interest 9,941,019 9,496,464 



FirstChoice Wholesale Global Infrastructure Securities 1,758,882 1,525,655 

FirstChoice Wholesale Australian Share (1,905,906) (1,757,909) 


FirstChoice Wholesale Australian Small Companies (123,821) (94,933) 

FirstChoice Wholesale Global Share 1,340,940 1,231,088 

FirstChoice Wholesale Asian Share 2,790 (7,941) 

FirstChoice Wholesale Emerging Markets 1,631,509 1,420,525 

Colonial First State Wholesale Conservative 1,089,105 1,125,107 





Colonial First State Wholesale Diversified Fixed Interest 2,192,848 1,330,133 

Colonial First State Wholesale Global Credit Income 21,386,330 23,604,073 


Colonial First State Wholesale Enhanced Yield 2,023,461 2,330,415 


FirstChoice Wholesale Multi-Index Balanced 3,317,187 2,013,530 

Colonial First State Wholesale Cash 17,779,328 26,725,859 

The Responsible Entity's performance fees charged/(refunded) for the reporting periods are as follows: 

Name of Fund: 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 

$ $ 

FirstChoice Wholesale Moderate - - 

FirstChoice Wholesale Fixed Interest - - 

FirstChoice Wholesale Property Securities - - 

FirstChoice Wholesale Global Property Securities - - 

FirstChoice Wholesale Global Infrastructure Securities - - 

FirstChoice Wholesale Australian Share - - 

FirstChoice Wholesale Lower Volatility Australian Share - - 

FirstChoice Wholesale Australian Small Companies - - 

FirstChoice Wholesale Global Share - - 

FirstChoice Wholesale Asian Share - - 

FirstChoice Wholesale Emerging Markets - - 

Colonial First State Wholesale Conservative - - 

Page 176





Name of Fund: 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 

$ $ 

Perpetual Wholesale Conservative Growth - - 

BT Wholesale Active Balanced - - 

Colonial First State Wholesale Diversified - - 

Perpetual Wholesale Balanced Growth - - 

Colonial First State Wholesale Diversified Fixed Interest - - 

Colonial First State Wholesale Global Credit Income - - 


Colonial First State Wholesale Enhanced Yield - - 

Goldman Sachs Wholesale Income Plus - - 

FirstChoice Wholesale Multi-Index Balanced - - 

Colonial First State Wholesale Cash - - 

Fees due to/(refund from) the Responsible Entity as at the end of the reporting periods are as follows: 

Name of Fund: 1/07/2012 - 1/07/2011 - 

30/06/2013 30/06/2012 

$ $ 

FirstChoice Wholesale Moderate 139,870 229,820 

FirstChoice Wholesale Fixed Interest 887,525 867,899 




FirstChoice Wholesale Australian Share (209,773) (138,159) 


FirstChoice Wholesale Australian Small Companies (6,548) (8,400) 

FirstChoice Wholesale Global Share 136,915 123,394 

FirstChoice Wholesale Asian Share 460 (179) 







Colonial First State Wholesale Diversified Fixed Interest 269,429 149,683 





FirstChoice Wholesale Multi-Index Balanced 363,915 228,039 


Page 177





(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 etc) 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: 


Number Number 

of Units of Units 

No.'000 No.'000 

FirstChoice Wholesale Moderate 264,225 7,717,436 

FirstChoice Wholesale Fixed Interest 4,981,068 5,428,615 

FirstChoice Wholesale Property Securities 780,571 1,494,984 

FirstChoice Wholesale Global Property Securities 823,726 1,008,343 


FirstChoice Wholesale Australian Share 3,830,865 4,966,668 


FirstChoice Wholesale Australian Small Companies 30,334 241,154 

FirstChoice Wholesale Global Share 4,390,036 5,400,804 

FirstChoice Wholesale Asian Share 11,583 174,900 





Colonial First State Wholesale Diversified 196,495 1,111,987 


Colonial First State Wholesale Diversified Fixed Interest 513,962 2,039,433 



Page 178





(f) 

Units Held by Related Parties (continued) 


Number Number 

of Units of Units 

No.'000 No.'000 



FirstChoice Wholesale Multi-Index Balanced 10,805 1,188,472 


The Funds may transact between the Funds and other registered Funds, which are also managed by the Responsible Entity. 

These transactions normally consist of the sale of units in the Funds to related Managed Investment Schemes or 

purchases of units in related Managed Investment Schemes, and receipt and payment of distributions on normal commercial 

terms and conditions. 

The amounts outstanding payable or receivable at period end represent the value of the units (financial liability of the Funds) 

issued or held and any amount of interest expense payable or receivable. 

(i) 

Terms and Conditions of Transactions with Related Parties 

All related party transactions are made in arms 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 179





(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 Value of Interest held Units Units Distribution 

Name At The Investment in Acquired Disposed Received 

End of the At Investment During During During 

Period Period End at Period End Period Period Period 

No.'000 $'000 % No.'000 No.'000 $'000 


Units held in: 

Colonial First State – FirstChoice Wholesale Investments – Alternatives 

- 2013 425,668 395,532 51.19 254,866 - 6,036 

- 2012 170,802 162,090 51.55 11,977 - 5,652 


- 2013 37,183 32,635 7.70 651 - 569 

- 2012 36,532 29,697 12.23 432 - 347 

Commonwealth Multi-Manager Australian Share Fund 

- 2013 1,829,811 1,958,081 37.66 147,986 265,533 68,914 

- 2012 1,947,358 1,762,749 38.37 161,494 39,965 63,420 

Commonwealth Multi Manager Emerging Markets Fund 

- 2013 211,646 156,766 34.09 19,793 - 1,467 

- 2012 191,853 120,714 34.31 16,773 - 1,162 

Commonwealth Multi Manager Global Infrastructure Securities Fund 

- 2013 305,958 342,550 36.28 9,918 36,426 10,832 

- 2012 332,466 313,249 38.52 9,786 2,129 9,046 

Commonwealth Multi Manager Global Property Securities Fund 

- 2013 369,724 323,286 36.90 3,984 35,413 3,381 

- 2012 401,153 308,768 39.17 6,239 41,534 4,431 

Commonwealth Multi-Manager Global Shares Fund 

- 2013 1,361,644 1,007,345 27.53 30,384 129,984 14,120 

- 2012 1,461,244 824,872 26.75 69,740 13,557 10,561 

Page 180





(h) 

(i) 

Investing Activities (continued) 

Related Managed Investment Schemes (continued) 





No.'000 $'000 % No.'000 No.'000 $'000 

FirstChoice Wholesale Moderate (continued) 


- 2013 436,263 431,551 39.30 8,232 121,590 7,992 

- 2012 549,621 447,667 41.53 64,496 40,081 561 


- 2013 60,943 66,324 5.80 1,441 1,104 1,480 

- 2012 60,606 51,448 7.33 1,257 - 1,061 


- 2013 57,487 65,185 9.72 1,296 2,842 1,399 

- 2012 59,033 55,686 11.45 3,503 4,313 3,237 

Commonwealth Multi-Manager Property Securities Fund 

- 2013 343,128 175,270 23.84 10,491 67,455 5,111 

- 2012 400,092 168,319 25.50 34,412 2,403 7,131 

Colonial First State Wholesale Cash Fund 

- 2013 - - - - - - 

- 2012 - - - 34,283 446,763 6,678 

Commonwealth Multi-Manager Fixed Interest Fund 

- 2013 2,777,220 2,774,998 43.70 384,964 30,502 122,388 

- 2012 2,422,758 2,428,088 43.72 150,025 355,461 121,899 

Commonwealth Multi Manager Cash Fund 

- 2013 463,372 463,418 20.99 106,625 39,923 16,258 

- 2012 396,670 395,916 25.24 434,629 37,959 13,229 

Page 181





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 859,911 823,106 100.00 73,122 204,483 71,947 

- 2012 991,272 988,795 100.00 77,911 48,164 35,696 


- 2013 436,062 440,291 100.00 56,176 5,876 19,171 

- 2012 385,762 384,759 100.00 33,138 75,636 21,756 


- 2013 685,876 726,686 100.00 110,118 10,361 18,855 

- 2012 586,119 608,919 100.00 55,436 24,089 50,622 


- 2013 370,131 377,200 100.00 97,182 10,412 29,792 

- 2012 283,361 274,747 100.00 22,409 28,651 16,189 


- 2013 423,057 443,533 100.00 166,575 8,309 27,968 

- 2012 264,791 274,244 100.00 32,838 28,047 28,464 


- 2013 936,926 1,011,974 100.00 282,180 17,581 26,348 

- 2012 672,327 720,869 100.00 60,041 44,857 46,528 


- 2013 1,934,839 1,937,935 70.89 420,856 52,756 80,709 

- 2012 1,566,739 1,601,364 72.31 199,647 149,336 82,285 


- 2013 468,757 569,165 63.79 48,342 117,524 28,542 

- 2012 537,939 659,460 74.81 26,130 50,685 2,141 

Page 182





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 576,938 368,375 99.99 18,596 69,897 11,336 

- 2012 628,239 328,129 100.00 32,062 60,926 15,282 

Colonial First State Wholesale Property Securities Fund 

- 2013 516,838 364,991 39.78 15,336 61,516 10,278 

- 2012 563,018 329,647 40.22 30,985 40,938 14,444 




- 2013 256,645 235,574 100.00 8,860 132,715 4,043 

- 2012 380,500 303,791 100.00 13,435 46,266 7,196 


- 2013 573,419 367,619 100.00 9,450 2,759 5,850 

- 2012 566,728 320,088 100.00 11,354 25,964 4,864 

Colonial First State Wholesale Global Property Securities Fund 

- 2013 186,267 267,479 34.60 82,875 22,824 - 

- 2012 126,216 160,446 25.10 - 6,809 - 

Page 183





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 



Commonwealth Global Infrastructure Fund 3 

- 2013 149,868 187,605 100.00 10,404 9,426 12,990 

- 2012 148,890 163,944 100.00 2,929 5,250 3,023 


- 2013 78,926 93,203 100.00 2,469 3,779 1,147 

- 2012 80,236 81,335 100.00 3,658 - 3,199 

Commonwealth Global Infrastructure Securities Fund 1 

- 2013 324,450 327,435 99.99 8,287 7,701 8,084 

- 2012 323,864 280,822 100.00 14,892 1,744 10,201 

Commonwealth Global Infrastructure Securities Fund 2 

- 2013 278,542 332,774 100.00 17,625 24,814 20,758 

- 2012 285,731 283,216 100.00 26,884 - 16,220 

Page 184





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 



Colonial First State Wholesale Imputation Fund 

- 2013 - 1 - 3,028 109,348 6,579 

- 2012 106,320 204,369 10.07 6,224 1,967 7,565 


- 2013 836,264 931,263 100.00 52,502 101,063 32,217 

- 2012 884,825 824,923 100.00 70,803 11,442 32,939 


- 2013 808,382 1,048,229 100.00 130,248 103,598 30,633 

- 2012 781,732 838,407 100.00 45,917 22,234 28,427 

Colonial First State Wholesale Australian Share Fund - Core 

- 2013 237,910 350,845 23.74 13,520 26,894 12,204 

- 2012 251,284 313,603 22.99 11,808 245,817 12,074 


- 2013 842,230 929,569 100.00 60,595 85,264 33,204 

- 2012 866,899 796,507 100.00 54,932 12,585 32,400 


- 2013 929,458 931,967 100.00 88,486 74,463 26,316 

- 2012 915,435 813,181 100.00 49,987 9,789 23,217 


- 2013 663,128 518,831 73.10 45,718 74,107 16,029 

- 2012 691,517 455,433 96.05 39,261 9,162 16,307 


- 2013 867 885 100.00 228,566 227,699 570 

- 2012 - - - - - - 


- 2013 433,289 468,169 100.00 133,183 35,867 20,822 

- 2012 335,973 313,933 100.00 339,112 3,139 9,731 

Page 185





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 - - - - 86,944 - 

- 2012 86,944 73,389 19.96 3,874 19,471 3,363 


- 2013 49,249 62,660 100.00 10,682 32,487 2,350 

- 2012 71,054 75,076 100.00 2,501 20,264 2,650 


- 2013 41,949 50,334 100.00 3,520 35,212 2,560 

- 2012 73,641 75,276 100.00 2,693 19,284 2,715 


- 2013 43,022 44,605 100.00 3,610 43,483 2,318 

- 2012 82,895 75,169 100.00 3,881 21,473 3,511 


- 2013 58,402 49,741 42.49 4,943 47,341 3,030 

- 2012 100,800 74,754 49.74 3,691 25,633 2,769 


- 2013 45,969 42,540 100.00 87,629 41,660 12,765 

- 2012 - - - - - - 

Page 186





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 27,816 36,460 99.97 1,063 3,903 1,442 

- 2012 30,656 41,028 100.00 1,163 5,415 1,524 


- 2013 60,542 58,423 100.00 11,060 6,373 2,735 

- 2012 55,855 53,576 100.00 1,422 7,228 1,389 


- 2013 38,695 53,275 100.00 1,055 10,923 1,473 

- 2012 48,563 57,668 100.00 1,973 6,777 1,858 


- 2013 128,117 86,569 100.00 3,090 4,683 2,122 

- 2012 129,710 89,954 100.00 2,313 17,215 1,632 


- 2013 79,974 78,910 70.46 1,614 20,421 1,621 

- 2012 98,781 90,848 100.00 2,468 13,352 2,282 

Page 187





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 668,416 541,953 100.00 5,111 275,837 3,670 

- 2012 939,142 578,981 100.00 12,963 94,180 7,993 


- 2013 1,048,513 677,235 100.00 31,428 78,225 4,769 

- 2012 1,095,310 530,240 100.00 35,862 - 2,724 


- 2013 775,955 489,472 100.00 42,623 110,822 14,402 

- 2012 844,154 394,811 100.00 83,283 6,525 8,565 


- 2013 810,473 600,236 100.00 29,101 56,316 20,580 

- 2012 837,688 504,540 100.00 20,966 18,926 12,659 


- 2013 324,448 346,738 100.00 4,459 955 - 

- 2012 320,944 276,814 100.00 4,828 2,886 - 


- 2013 321,439 313,950 100.00 10,808 21,861 865 

- 2012 332,492 234,839 100.00 111,097 - 1,224 


- 2013 805,275 675,464 100.00 17,163 78,718 8,123 

- 2012 866,830 545,496 100.00 22,471 12,344 6,719 

Page 188





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 75,013 75,178 100.00 632 15,236 611 

- 2012 89,617 75,556 100.00 2,212 16,688 1,861 


- 2013 37,261 40,421 100.00 5,884 11,513 6,409 

- 2012 42,890 41,621 100.00 4,954 7,471 4,814 


- 2013 59,188 50,878 100.00 790 10,225 630 

- 2012 68,623 49,724 100.00 2,716 8,997 914 




- 2013 134,583 111,461 100.00 11,020 - 1,828 

- 2012 123,563 87,012 100.00 25,447 35,758 1,580 


- 2013 115,465 93,792 100.00 11,644 - 1,239 

- 2012 103,821 69,332 100.00 19,076 87,254 936 


- 2013 220,134 137,540 100.00 26,771 - 1,449 

- 2012 193,363 104,416 99.99 51,128 75,391 1,920 


- 2013 98,983 115,345 100.00 12,071 - 1,409 

- 2012 86,912 86,382 100.00 88,411 1,499 260 

Page 189





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 



Colonial First State Wholesale Income Fund 

- 2013 2 2 0.01 - 86 1 

- 2012 88 87 0.01 4 - 4 

Colonial First State Wholesale Diversified Fixed Interest Fund 

- 2013 - - - 8,789 411,164 9,302 

- 2012 402,375 422,494 17.97 16,392 74,413 17,246 

Colonial First State Wholesale Leaders Fund 

- 2013 - - - 1,337 121,690 1,910 

- 2012 120,353 156,399 66.33 4,452 12,768 6,091 

Colonial First State Wholesale Global Share Fund 

- 2013 83,448 113,581 10.28 721 25,493 872 

- 2012 108,220 110,839 11.14 7,340 15,994 784 


- 2013 312,491 315,366 7.29 57,494 85,144 10,863 

- 2012 340,141 343,100 4.85 86,627 100,004 15,606 


- 2013 - - - - - - 

- 2012 - - - - 67,506 - 


- 2013 460,965 448,104 58.05 460,965 - 16,781 

- 2012 - - - - - - 

Colonial First State Wholesale Imputation Fund 

- 2013 73,182 168,824 8.73 78,973 5,791 5,260 

- 2012 - - - - - - 


- 2013 41,338 59,362 7.68 - 4,165 - 

- 2012 45,503 57,843 9.05 50,372 4,869 - 

Page 190





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 31,713 37,638 14.53 1,039 - 1,168 

- 2012 30,674 29,937 15.00 1,346 - 1,319 


- 2013 30,340 23,401 10.01 513 8,567 358 

- 2012 38,394 23,056 11.04 516 2,175 308 


- 2013 28,153 14,037 31.75 794 - 373 

- 2012 27,359 11,209 29.38 1,491 3,712 568 


- 2013 23,711 24,159 17.61 2,027 - 1,089 

- 2012 21,684 21,888 36.78 10,178 - 806 


- 2013 70,489 70,031 42.62 9,256 1,945 4,425 

- 2012 63,178 64,309 41.91 6,115 21,878 6,239 

Commonwealth Cash Fund 1 

- 2013 57,983 57,954 62.54 6,614 3,992 1,622 

- 2012 55,361 55,339 59.80 5,630 11,255 2,643 

Page 191





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 56,683 74,341 19.09 2,638 7,823 2,339 

- 2012 61,868 68,129 19.80 7,274 8,325 2,126 


- 2013 46,361 42,605 56.92 76 11,639 69 

- 2012 57,924 39,533 60.56 2,530 9,905 - 


- 2013 22,851 15,712 6.17 585 3,556 388 

- 2012 25,822 14,902 10.21 1,254 5,147 665 


- 2013 48,546 47,560 100.00 6,572 1,697 2,582 

- 2012 43,671 44,003 100.00 4,060 11,623 4,110 

Page 192





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 485,354 490,353 26.58 71,564 1,881 34,897 

- 2012 415,671 436,455 18.56 17,300 116,694 18,201 

Colonial First State Wholesale Global Resources Fund 

- 2013 139,692 187,299 14.54 35,083 5,264 2,290 

- 2012 109,873 162,865 9.78 56,421 - 1,026 


- 2013 70,193 100,797 13.04 - 7,035 - 

- 2012 77,228 98,172 15.36 53,127 19,093 - 

Colonial First State Wholesale Global Share Fund 

- 2013 289,887 394,565 35.70 2,470 83,041 2,992 

- 2012 370,458 379,423 38.14 2,615 106,102 2,685 

Colonial First State Wholesale Industrial Share Fund 

- 2013 219,908 294,765 66.19 17,856 71,941 9,911 

- 2012 273,993 282,925 73.92 12,713 91,806 12,872 


- 2013 55,845 56,359 1.30 174,621 201,624 1,913 

- 2012 82,848 83,569 1.18 230,743 249,937 2,447 


- 2013 - - - - - - 

- 2012 - - - - 205,928 - 

Colonial First State Wholesale Industrial Share Fund - Core 

- 2013 252,936 303,447 66.88 20,842 72,500 11,020 

- 2012 304,594 288,328 100.00 14,191 102,309 12,812 

Page 193





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 

Colonial First State Wholesale Diversified (continued) 


- 2013 - - - - - - 

- 2012 - - - 275,824 275,824 - 

Colonial First State Wholesale Global Listed Infrastructure Securities Fund 

- 2013 110,451 105,779 25.96 5,888 27,146 5,587 

- 2012 131,709 112,954 34.70 136,535 4,826 6,055 




- 2013 124,794 148,104 57.19 4,419 21,382 4,949 

- 2012 141,757 138,356 69.33 6,262 1,979 6,136 


- 2013 137,475 106,035 45.33 2,169 20,844 1,526 

- 2012 156,150 93,768 44.92 2,086 12,343 1,247 


- 2013 45,184 22,529 50.96 1,275 4,650 599 

- 2012 48,559 19,895 52.14 2,528 5,116 963 


- 2013 49,904 50,847 37.07 24,087 - 1,894 

- 2012 25,817 26,060 43.79 10,789 - 935 


- 2013 61,270 60,872 37.04 9,599 3,895 3,808 

- 2012 55,566 56,560 36.86 5,265 17,102 5,372 


- 2013 17,211 17,203 18.56 11,546 14,484 549 

- 2012 20,149 20,141 21.77 1,206 17,326 1,208 

Page 194





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 



Commonwealth First State Wholesale Corporate Debt Fund 

- 2013 - - - - - - 

- 2012 - 2 - - 46,819 1 

Colonial First State Wholesale Global Bond Fund 

- 2013 222 253 0.18 1 - 2 

- 2012 221 241 0.14 - 97,028 - 

Colonial First State Wholesale Australian Inflation-Linked Bond Fund 

- 2013 134,939 124,549 65.99 15,392 74,545 15,215 

- 2012 194,092 199,837 64.43 16,029 14,146 16,436 


- 2013 6 6 0.00 - - - 

- 2012 6 6 0.00 - - - 

Colonial First State Wholesale Global Corporate Debt Fund 

- 2013 479,114 471,017 12.70 29,506 378,717 28,916 

- 2012 828,325 785,417 18.82 650,573 73,452 26,187 

Colonial First State Wholesale Global Corporate Debt Enhanced Fund 

- 2013 253,014 256,278 52.53 17,069 100,579 17,388 

- 2012 336,524 332,419 74.93 348,427 328,630 19,363 

Colonial First State Wholesale Australian Bond Fund 

- 2013 273,275 295,000 37.04 23,162 116,374 25,676 

- 2012 366,487 412,004 52.63 376,110 406,459 16,221 

Colonial First State Wholesale International High Yield Fund 

- 2013 10,246 8,892 4.15 13,097 6,993 609 

- 2012 4,142 3,523 1.73 34,885 254,047 19,493 

Page 195





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 

Colonial First State Wholesale Diversified Fixed Interest (continued) 

Colonial First State Wholesale Sovereign Australian Bond Fund 

- 2013 154,990 144,218 49.38 30,850 240,305 30,253 

- 2012 364,445 374,248 65.28 383,229 877,942 34,482 


- 2013 17,880 16,723 55.00 24,689 6,809 2,477 

- 2012 - - - 3 586 - 



Colonial First State Wholesale Asian Bond Fund 

- 2013 262,647 240,059 100.00 33,488 52,723 32,468 

- 2012 281,882 278,753 100.00 26,789 - 16,417 


- 2013 - - - 6 267 6 

- 2012 261 264 0.00 11 4,939 12 




- 2013 166,119 164,109 75.54 78,366 786 5,400 

- 2012 88,539 86,609 84.71 46,094 1,456 4,050 

Page 196





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 58 58 0.00 2 - 2 

- 2012 56 56 0.00 5 592 5 

Colonial First State Wholesale Enhanced Yield Fixed Interest Component Fund 

- 2013 271,727 259,961 100.00 16,460 127,876 15,773 

- 2012 383,143 364,599 100.00 15,781 88,646 14,991 



Commonwealth Property Securities Fund 10 

- 2013 28,102 17,620 100.00 13,914 11,633 580 

- 2012 25,821 13,489 100.00 2,692 40,385 737 

Commonwealth Australian Infrastructure Fund 1 

- 2013 49,069 44,599 45.14 8,150 16,806 2,629 

- 2012 57,725 48,102 51.92 21,591 21,054 1,137 


- 2013 61,543 61,980 100.00 18,012 18,982 3,335 

- 2012 62,513 64,194 100.00 4,139 12,750 4,201 


- 2013 71,236 74,370 100.00 8,344 24,434 2,394 

- 2012 87,326 87,047 100.00 13,964 6,137 3,883 

Commonwealth International Fixed Interest Fund 5 

- 2013 37,608 36,032 100.00 2,160 7,335 2,055 

- 2012 42,783 38,937 100.00 20,446 31,990 2,812 


- 2013 130,753 131,159 100.00 70,874 52,564 2,474 

- 2012 112,443 112,758 100.00 76,490 108,874 5,477 

Page 197





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 




- 2013 38,596 33,874 7.99 13,812 - 539 

- 2012 24,784 20,147 8.30 10,303 - 197 


- 2013 71,907 103,058 32.73 23,883 29,143 12,386 

- 2012 77,167 108,220 34.09 29,630 - 10,179 


- 2013 96,505 83,988 26.10 30,821 - 4,494 

- 2012 65,684 52,724 19.13 27,354 - 2,764 


- 2013 209,947 228,485 19.99 56,772 10,514 4,995 

- 2012 163,689 138,955 19.79 67,248 - 2,706 


- 2013 211,610 239,945 35.78 41,869 2,533 4,784 

- 2012 172,274 162,506 33.40 72,646 - 8,527 


- 2013 381,292 413,435 28.73 89,710 1,021 17,927 

- 2012 292,603 267,176 26.25 117,422 - 9,578 


- 2013 - - - - - - 

- 2012 - - - 7,656 38,230 553 

Page 198





(h) 

(i) 







No.'000 $'000 % No.'000 No.'000 $'000 

FirstChoice Wholesale Multi-Index Balanced (continued) 


- 2013 259,185 259,600 9.50 103,641 298 9,699 

- 2012 155,842 159,286 7.19 55,280 5,508 7,279 


- 2013 142,510 173,036 19.39 56,137 - 8,677 

- 2012 86,373 105,884 12.01 25,907 1,752 326 


- 2013 90,224 102,459 66.48 90,224 - 663 

- 2012 - - - - - - 

Commonwealth Multi Manager Cash Fund 

- 2013 83,819 83,827 3.80 57,901 23,531 2,531 

- 2012 49,449 49,355 3.15 49,449 - 1,462 



Colonial First State Wholesale Mortgage Backed Securities Fund 

- 2013 63,894 65,038 100.00 47,628 12,763 2,669 

- 2012 29,029 29,163 39.21 1,971 19,836 1,983 

Page 199





(h) 

(ii) 


Related Listed Securities 

The following Funds invests in listed securities issued by the Bank and its related parties as follows: 





No.'000 $'000 % No.'000 No.'000 $'000 


Consolidated: 

Commonwealth Property Office Fund 

2013 - - - - - - 

2012 - - - - 928 - 

CFS Retail Property Trust 

2013 3,952 7,885 0.14 360 450 574 

2012 4,042 7,802 0.14 4,042 - 289 


Consolidated: 


2013 - - - 369 1,378 - 

2012 1,009 1,024 0.04 1,009 - 18 


2013 - - - - 2,563 - 

2012 2,563 4,946 0.09 2,750 1,802 357 

Page 200





(h) 

(ii) 


Related Listed Securities (continued) 





No.'000 $'000 % No.'000 No.'000 $'000 


Consolidated: 

Commonwealth Bank of Australia 

2013 5,312 367,458 0.33 1,346 1,318 17,496 

2012 5,284 280,457 0.34 2,747 1,155 17,280 


2013 ( 2,850) ( 3,135) - 0.12 ( 1,559) ( 3,500) ( 252) 

2012 ( 4,791) ( 4,863) - ( 6,124) ( 1,333) ( 216) 


2013 - - - - - - 

2012 - - - ( 1,962) ( 1,962) ( 84) 


Consolidated: 


2013 117 8,058 0.01 117 260 949 

2012 260 13,762 0.02 47 133 893 


2013 ( 338) ( 372) ( 0.01) ( 338) - ( 11) 

2012 - - - - - - 


2013 ( 678) ( 1,353) ( 0.02) ( 678) - ( 46) 

2012 - - - - - - 

Page 201





(h) 

(ii) 







No.'000 $'000 % No.'000 No.'000 $'000 


Consolidated: 


2013 34 2,383 0.00 19 37 142 

2012 52 2,740 0.00 34 21 124 


2013 4,359 5,949 0.19 597 1,198 141 

2012 4,960 5,408 0.21 3,985 1,549 3,261 


Consolidated: 


2013 - - - 26 460 - 

2012 434 474 0.02 361 308 438 


Consolidated: 


2013 17 2,435 0.00 - - 36 

2012 17 1,367 0.00 367 731 37 



2013 1,505 104,089 0.09 641 467 4,760 

2012 1,331 70,646 0.08 144 543 4,872 

Page 202





(h) 

(ii) 







No.'000 $'000 % No.'000 No.'000 $'000 



2013 284 19,642 0.02 95 236 1,100 

2012 425 22,539 0.03 90 58 1,420 


2013 770 847 0.03 598 737 39 

2012 909 922 0.04 678 392 49 


2013 363 725 0.01 44 794 65 

2012 1,113 2,149 0.04 240 471 141 


Consolidated: 


2013 1,505 104,089 0.09 641 467 4,760 

2012 1,331 70,646 0.09 144 543 4,872 

Page 203





(h) 

(ii) 







No.'000 $'000 % No.'000 No.'000 $'000 


Consolidated: 


2013 (16) (1,087) (0.00) (11) (5) (34) 

2012 (10) (546) (0.00) (5) - (21) 


2013 900 990 0.04 554 - 41 

2012 346 351 0.02 360 270 14 


2013 541 1,080 0.02 541 (256) 66 

2012 (256) (494) (0.01) (196) (74) (29) 


Consolidated: 


2013 98 9,584 0.01 201 217 706 

2012 114 22,821 0.01 - 91 1,197 


Consolidated: 


2013 - - - 184 184 - 

2012 - - - - - - 


2013 - - - 184 184 - 

2012 - - - - - - 

Page 204





(h) 


(iii) Other related Financial Instruments 

The following Funds have certain financial inistuments issued by the Bank and its asssociates. 


Consolidated: 

2013 2012 

$'000 $'000 


Future and Options - market value - - 

Fixed Interest and Discount securities - market value 38,610 45,551 

Swaps - market value - - 

Currency Contracts: 

Notional 124,760 1,423 

Market Value ( 477) 60 


Consolidated: 

2013 2012 

$'000 $'000 



Fixed Interest and Discount securities - market value - - 



Notional 75,164 466 

Market Value ( 3,094) 7 


Consolidated: 

2013 2012 

$'000 $'000 



Fixed Interest and Discount securities - market value 6,013 - 



Notional - - 

Market Value - - 

Page 205





(h) 


(iii) Other related Financial Instruments (continued) 


Consolidated: 

2013 2012 

$'000 $'000 






Notional - - 



Consolidated: 

2013 2012 

$'000 $'000 




Swaps - market value ( 127) ( 127) 


Notional - - 


Page 206





(h) 




Consolidated: 

Parent: 

2013 2012 

$'000 $'000 




Swaps - market value 7,629 21,892 


Notional - - 


2013 2012 

$'000 $'000 




Swaps - market value 7,629 19,791 


Notional - - 



Consolidated: 

2013 2012 

$'000 $'000 



Fixed Interest and Discount securities - market value - 14,036 



Notional - 2,846 

Market Value - 120 

Page 207





(h) 




Consolidated: 

2013 2012 

$'000 $'000 


Future and Options - market value ( 69) - 



Parent: 


Notional - 5,798 

Market Value - 167 


Consolidated: 

2013 2012 

$'000 $'000 


Future and Options - market value ( 69) - 




Notional - - 


2013 2012 

$'000 $'000 



Fixed Interest and Discount securities - market value 1,153,538 1,692,647 


Parent: 


Notional - - 


2013 2012 

$'000 $'000 



Fixed Interest and Discount securities - market value 1,153,538 1,692,647 



Notional - - 


Page 208


9. FINANCIAL RISK MANAGEMENT 



Investing activities of a Fund may expose it to a variety of financial risks: market risk (including price risk, foreign exchange 

risk and interest rate risk), credit risk and liquidity risk. 

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 Fund is exposed. A Fund 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 Compliance Department of the 


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. Except for equities sold short, the maximum risk resulting from financial instruments is 

determined by the fair value of the financial instruments. Possible losses from equities sold short can be unlimited. 

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 are regularly monitored by the Compliance 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 a Fund's 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 the fair value of the Fund which has 

indirect exposures to equity securities and derivatives moved according to the historical correlation with the indexes. Any 

Fund which invests in various asset classes, such as a multi-sector Fund, will have a weighted average movement calculated 

based on the proportion of their investments in the those classes. 

Page 209


9. FINANCIAL RISK MANAGEMENT (continued) 



(a) 

(ii) 

Market Risk (continued) 

Foreign Exchange Risk 

A Fund may holds both monetary and non-monetary assets denominated in currencies other than the Australian dollar. The 

foreign exchange risk relating to non-monetary assets and liabilities is a component of price risk not foreign exchange risk. 

Foreign exchange risk arises as the value of monetary securities denominated in other currencies will fluctuate due to 

changes in exchange rates. The risk is measured using sensitivity analysis. 

A Fund 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. 

However, for accounting purposes, these Funds do not designate any derivatives as hedges in a hedging relationship, and 

hence these derivative financial instruments are classified as at fair value through profit or loss. 

Where a Fund has invest in derivative instruments, the Compliance Department of the Responsible Entity regularly monitors 

these hedging activities. 

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 210





(a) 

(ii) 


Foreign Exchange Risk (continued) 

The table below summarises the Funds' assets and liabilities, monetary and non-monetary, that are denominated in a 

currency other than the Australian dollar. 


United States European Japanese Uk Pound Other 

Dollar Euro Yen Sterling 

30/06/2013 AUD AUD AUD AUD AUD 

$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 24,206 3,828 1,934 7,333 7,414 

Receivables - 15 - - 313 

Financial assets held for trading - 21,527 3,318 8,514 89,466 

Derivatives 36,890 21,995 23,531 346 49,359 

Mortgages - - - - - 

Payables - ( 40) ( 1,126) - ( 221) 

Bank overdraft - ( 3,706) ( 4) - ( 7,316) 

Financial liabilities held for trading 

- Securities - Short Sell - - - - - 

- Derivatives ( 11,868) ( 6,106) ( 13,126) ( 5,701) ( 64,839) 

49,228 37,513 14,527 10,492 74,176 

Net increase/decrease in exposure 

from: 

- foreign currency contract 16,184 36,781 ( 19,532) 43,039 ( 258,634) 

- cross currency swap - - - - - 

65,412 74,294 ( 5,005) 53,531 ( 184,458) 

Parent 

Cash and cash equivalents - - - - - 

Receivables - - - - - 

Financial assets held for trading - - - - - 

Derivatives - - - - - 


Payables - - - - - 

Bank overdraft - - - - - 



- Derivatives - - - - - 

- - - - - 


from: 

- foreign currency contract - - - - - 


- - - - - 

Page 211





(a) 

(ii) 




United States Uk Pound European Swiss Other 

Dollar Sterling Euro Franc 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents - - 477 - 1,212 



Derivatives 149 135 979 - 6,574 



Bank overdraft ( 76) ( 46) - - ( 2,310) 



- Derivatives - - ( 2,701) - ( 7,352) 

73 89 ( 1,245) - ( 1,876) 


from: 

- foreign currency contract 36,271 26,589 25,960 ( 20,223) ( 36,788) 


36,344 26,678 24,715 ( 20,223) ( 38,664) 

Parent 











- - - - - 


from: 



- - - - - 

Page 212





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 16,521 10,644 13,965 - 302,610 

Financial assets held for trading 1,560,241 596,910 298,644 129,391 1,338,187 

Derivatives 10,090 2,316 - 2,280 4,632 


Payables ( 144,384) ( 479) - - ( 336,596) 

Bank overdraft ( 3,093) - ( 7) ( 3,793) ( 900) 


- Securities - Short Sell ( 18,079) - - - ( 68,400) 

- Derivatives ( 10,173) ( 2,259) ( 68) ( 46) ( 8,626) 

1,464,159 634,122 315,142 132,034 1,239,156 


from: 

- foreign currency contract ( 1,517,391) ( 673,581) ( 297,182) ( 118,949) ( 1,380,768) 

- cross currency swap ( 28,417) ( 20,006) ( 21,897) - 2,470 

( 81,649) ( 59,465) ( 3,937) 13,085 ( 139,142) 

Parent 











- - - - - 


from: 



- - - - - 

Page 213





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 3,947 - - 19,732 63,799 

Financial assets held for trading 1,387,208 395,958 372,262 145,932 709,659 

Derivatives 5,134 5,625 102 194 2,138 


Payables ( 64,907) - - ( 32,417) ( 191,878) 

Bank overdraft ( 9,086) - ( 7) ( 2,295) ( 619) 


- Securities - Short Sell - - - ( 4,871) ( 7,093) 

- Derivatives ( 7,834) ( 1,092) - ( 135) ( 303) 

1,391,206 409,058 375,151 128,724 597,506 


from: 

- foreign currency contract ( 1,323,368) ( 389,549) ( 335,716) ( 136,331) ( 552,933) 

- cross currency swap ( 21,480) ( 28,959) ( 55,522) - - 

46,358 ( 9,450) ( 16,087) ( 7,607) 44,573 

Parent 











- - - - - 


from: 



- - - - - 

Page 214





(a) 

(ii) 




United States Japanese Uk Pound European Other 

Dollar Yen Sterling Euro 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 3,167 784 450 132 1,234 

Receivables 11,760 346 1,027 1,357 3,913 

Financial assets held for trading 338,517 45,073 42,137 39,259 70,989 

Derivatives 2,923 79 142 267 486 


Payables ( 2,859) ( 742) ( 707) ( 2,277) ( 151) 




- Derivatives ( 9) ( 1) ( 2) ( 2) ( 55) 

353,499 45,539 43,047 38,736 76,416 


from: 

- foreign currency contract ( 353,807) ( 42,713) ( 42,516) ( 39,280) ( 80,147) 


( 308) 2,826 531 ( 544) ( 3,731) 

Parent 











- - - - - 


from: 



- - - - - 

Page 215





(a) 

(ii) 




United States Uk Pound European Japanese Other 

Dollar Sterling Euro Yen 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 181 7 66 10 - 

Receivables 803 426 51 305 342 


Derivatives - 2 - - - 


Payables ( 1,163) - - - ( 755) 




- Derivatives ( 21) - - - ( 9) 

358,790 38,124 35,660 34,555 57,408 


from: 



15,393 2,112 790 658 681 

Parent 











- - - - - 


from: 



- - - - - 

Page 216





(a) 

(ii) 




European United States Japanese Uk Pound Other 

Euro Dollar Yen Sterling 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 342 133 344 58 184 

Receivables 1,460 846 1,368 643 5,199 


Derivatives 5 - - - 53 


Payables ( 335) - ( 188) - ( 2,856) 




- Derivatives ( 32) ( 4) ( 13) ( 4) ( 34) 

225,049 196,894 78,367 24,935 310,875 


from: 



5,779 ( 5,221) 2,730 750 17,537 

Parent 











- - - - - 


from: 



- - - - - 

Page 217





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 2,979 - - 383 2,789 


Derivatives 19 23 - - 35 


Payables ( 1,000) ( 235) - ( 99) ( 19) 

Bank overdraft - ( 47) - - - 



- Derivatives ( 66) - - ( 8) ( 55) 

224,809 213,714 51,915 18,423 136,245 


from: 



( 61,696) ( 21,532) 2,563 ( 6,138) ( 20,626) 

Parent 











- - - - - 


from: 



- - - - - 

Page 218





(a) 

(ii) 




Uk Pound New Zealand Other 

Sterling Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 1 1 - - - 


Financial assets held for trading 65,048 2,684 - - - 








65,049 2,685 - - - 


from: 



65,049 2,685 - - - 

Parent 











- - - - - 


from: 



- - - - - 

Page 219





(a) 

(ii) 




Uk Pound New Zealand - Other 

Sterling Dollar - 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 31 - - - - 

Receivables 1,203 - - - - 


Derivatives 9 - - - - 







124,202 2,006 - - - 


from: 



124,202 2,006 - - - 

Parent 











- - - - - 


from: 



- - - - - 

Page 220





(a) 

(ii) 




New Zealand 

Other 

Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables - - - - 166 

Financial assets held for trading 743 - - - - 



Payables - - - - ( 389) 





743 - - - ( 223) 


from: 



743 - - - ( 223) 

Parent 











- - - - - 


from: 



- - - - - 

Page 221





(a) 

(ii) 




Uk Pound 

Other 

Sterling 


$'000 $'000 $'000 $'000 $'000 

Consolidated 



Financial assets held for trading 7,507 - - - - 








7,508 - - - - 


from: 



7,508 - - - - 

Parent 











- - - - - 


from: 



- - - - - 

Page 222





(a) 

(ii) 




New Zealand 

Other 

Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 8 - - - 839 




Payables ( 122) - - - - 





1,328 - - - 839 


from: 



1,328 - - - 839 

Parent 











- - - - - 


from: 



- - - - - 

Page 223





(a) 

(ii) 




New Zealand 

Other 

Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 



Financial assets held for trading 934 - - - - 








965 - - - - 


from: 



965 - - - - 

Parent 











- - - - - 


from: 



- - - - - 

Page 224





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 20,057 362 3,022 1,736 15,646 

Receivables 14,998 816 2,477 2,399 10,671 


Derivatives 96 9 800 1 19 


Payables ( 8,209) ( 1,973) ( 2,122) ( 212) ( 4,001) 

Bank overdraft ( 1,701) - ( 65) ( 80) ( 324) 


- Securities - Short Sell ( 50,121) ( 261) ( 9,955) - ( 4,713) 

- Derivatives ( 139) - ( 3) ( 159) ( 478) 

1,992,608 360,661 269,309 185,497 745,795 


from: 

- foreign currency contract 95,243 ( 29,238) ( 5,439) ( 6,469) ( 3,438) 


2,087,851 331,423 263,870 179,028 742,357 

Parent 











- - - - - 


from: 



- - - - - 

Page 225





(a) 

(ii) 




United States Japanese European Uk Pound Other 

Dollar Yen Euro Sterling 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 6,202 2,066 405 1,163 15,323 

Receivables 2,480 2,573 279 1,663 2,607 




Payables ( 2,555) ( 3,842) - - ( 1,000) 

Bank overdraft - ( 6) ( 59) - - 


- Securities - Short Sell ( 36,877) ( 7,772) ( 3,201) - 101,522 

- Derivatives ( 39) ( 73) - - ( 5) 

1,667,736 277,458 256,403 160,634 700,844 


from: 

- foreign currency contract 59,173 ( 6,638) ( 54,819) 12,605 12,189 


1,726,909 270,820 201,584 173,239 713,033 

Parent 











- - - - - 


from: 



- - - - - 

Page 226





(a) 

(ii) 




Hong Kong Indian Korean Taiwan Other 

Dollar Rupee Won Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 441 49 - - 57 









73,321 23,040 18,375 14,093 35,110 


from: 



73,321 23,040 18,375 14,093 35,110 

Parent 











- - - - - 


from: 



- - - - - 

Page 227





(a) 

(ii) 




Hong Kong Korean Taiwan Indian Other 

Dollar Won Dollar Rupee 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 6 - 167 306 231 

Receivables 389 - - 67 1,279 


Derivatives - - - - 3 


Payables - - - ( 80) ( 47) 





67,326 23,635 20,467 20,400 34,759 


from: 



67,326 23,635 20,467 20,400 34,759 

Parent 











- - - - - 


from: 



- - - - - 

Page 228





(a) 

(ii) 




United States Hong Kong Korean Taiwan Other 

Dollar Dollar Won Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 523 108 - 896 488 

Receivables 451 911 - 82 319 




Payables ( 1) - - - - 




- Derivatives - ( 1) - - - 

108,562 90,017 35,781 35,656 178,878 


from: 



108,562 90,017 35,781 35,656 178,878 

Parent 











- - - - - 


from: 



- - - - - 

Page 229





(a) 

(ii) 




United States Hong Kong Korean Taiwan Other 

Dollar Dollar Won Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 307 505 - 51 205 




Payables ( 107) - - - ( 12) 

Bank overdraft - - - - ( 3) 




108,888 55,992 29,709 23,725 121,192 


from: 



108,888 55,992 29,709 23,725 121,192 

Parent 











- - - - - 


from: 



- - - - - 

Page 230





(a) 

(ii) 




United States European Japanese Canadian Other 

Dollar Euro Yen Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 










- Derivatives ( 310) - - - - 

602 44 20 6 5 


from: 



602 44 20 6 5 

Parent 











37 44 20 6 6 


from: 



37 44 20 6 6 

Page 231





(a) 

(ii) 




European United States Japanese Canadian Other 

Euro Dollar Yen Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 











44 37 20 6 5 


from: 



44 37 20 6 5 

Parent 











44 37 20 6 5 


from: 



44 37 20 6 5 

Page 232





(a) 

(ii) 




United States - - - Other 

Dollar - - - 


$'000 $'000 $'000 $'000 $'000 

Consolidated 










- Derivatives ( 305) - - - - 

9 - - - - 


from: 

- foreign currency contract ( 2,476) - - - ( 2,636) 


( 2,467) - - - ( 2,636) 

Parent 










- Derivatives ( 305) - - - - 

9 - - - - 


from: 

- foreign currency contract ( 2,476) - - - ( 2,635) 


( 2,467) - - - ( 2,635) 

Page 233





(a) 

(ii) 




European Japanese Uk Pound United States Other 

Euro Yen Sterling Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents - - - 119 - 









- Derivatives - - - ( 293) - 

- - - ( 174) - 


from: 

- foreign currency contract ( 820) ( 462) ( 423) - - 


( 820) ( 462) ( 423) ( 174) - 

Parent 

Cash and cash equivalents - - - 119 - 









- Derivatives - - - ( 293) - 

- - - ( 174) - 


from: 

- foreign currency contract ( 820) ( 462) ( 423) - - 


( 820) ( 462) ( 423) ( 174) - 

Page 234





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 1,330 281 56 10 236 

Receivables 42 - 15 34 11 


Derivatives 1 - - - 8 



Bank overdraft - - ( 7) ( 6) ( 4) 



- Derivatives ( 71) ( 162) ( 5) ( 7) ( 1) 

42,509 8,882 7,231 6,463 9,179 


from: 

- foreign currency contract ( 632) 21 ( 90) 338 355 


41,877 8,903 7,141 6,801 9,534 

Parent 










- Derivatives ( 64) ( 120) - - - 

12 104 - - - 


from: 



12 104 - - - 

Page 235





(a) 

(ii) 




United States European Uk Pound Japanese Other 

Dollar Euro Sterling Yen 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 2,425 32 12 91 184 

Receivables 49 1 26 2 60 





Bank overdraft ( 44) ( 55) ( 8) ( 11) ( 6) 



- Derivatives ( 9) ( 67) - - ( 2) 

37,620 7,124 6,103 5,874 8,122 


from: 

- foreign currency contract ( 700) ( 847) ( 243) 497 ( 313) 


36,920 6,277 5,860 6,371 7,809 

Parent 







Bank overdraft ( 44) ( 43) - - - 



- Derivatives ( 7) ( 55) - - ( 1) 

( 51) ( 98) - - ( 1) 


from: 



( 51) ( 98) - - ( 1) 

Page 236





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 











434 266 98 89 70 


from: 



434 266 98 89 70 

Parent 











434 266 98 89 70 


from: 



434 266 98 89 70 

Page 237





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 











391 242 108 84 66 


from: 



391 242 108 84 66 

Parent 











391 242 108 84 66 


from: 



391 242 108 84 66 

Page 238





(a) 

(ii) 




Uk Pound United States Hong Kong European Other 

Sterling Dollar Dollar Euro 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents - 346 6 - - 

Receivables 1,055 14 179 - - 


Derivatives - 11 - - - 






- Derivatives ( 6) ( 1,391) ( 3) - - 

7,279 855 182 - - 


from: 

- foreign currency contract ( 2,854) ( 934) - ( 6,455) ( 1,214) 


4,425 ( 79) 182 ( 6,455) ( 1,214) 

Parent 

Cash and cash equivalents - 327 - - - 



Derivatives - 11 - - ( 1) 






- Derivatives - ( 1,391) - - - 

- ( 1,053) - - ( 1) 


from: 

- foreign currency contract ( 1,495) - - ( 6,455) ( 1,213) 


( 1,495) ( 1,053) - ( 6,455) ( 1,214) 

Page 239





(a) 

(ii) 




Uk Pound United States European Hong Kong Other 

Sterling Dollar Euro Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 67 - - - 181 

Financial assets held for trading 12,171 2,583 970 262 - 

Derivatives - 8 - - 1 






- Derivatives - ( 1,141) - - - 

12,242 1,640 971 270 183 


from: 

- foreign currency contract ( 3,153) ( 2,488) ( 2,288) ( 266) ( 1,163) 


9,089 ( 848) ( 1,317) 4 ( 980) 

Parent 

Cash and cash equivalents - 167 - - - 



Derivatives - 8 - - ( 1) 






- Derivatives - ( 1,141) - - - 

- ( 966) - - ( 1) 


from: 

- foreign currency contract ( 1,072) - ( 1,363) - ( 1,164) 


( 1,072) ( 966) ( 1,363) - ( 1,165) 

Page 240





(a) 

(ii) 




European 

Other 

Euro 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 208 - - - 469 









- Derivatives - - - - ( 861) 

208 - - - ( 390) 


from: 



208 - - - ( 390) 

Parent 

Cash and cash equivalents 208 - - - 469 









- Derivatives - - - - ( 861) 

208 - - - ( 390) 


from: 



208 - - - ( 390) 

Page 241





(a) 

(ii) 




European United States Japanese Other 

Euro Dollar Yen 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 165 601 71 - - 



Derivatives 18,148 8,930 - - - 



Bank overdraft ( 762) - - - - 



- Derivatives - ( 18) - - - 

17,551 9,513 71 - - 


from: 

- foreign currency contract ( 20,704) ( 18,974) - - - 


( 3,153) ( 9,461) 71 - - 

Parent 

Cash and cash equivalents 165 601 71 - - 



Derivatives 18,148 8,930 - - - 






- Derivatives - ( 18) - - - 

17,551 9,513 71 - - 


from: 



( 3,153) ( 9,461) 71 - - 

Page 242





(a) 

(ii) 




United States Uk Pound European Japanese Other 



$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 8,125 1,421 2,539 - 7 

Receivables 21,247 3,860 1,545 - - 


Derivatives 4,956 4,695 9,675 - 21 


Payables ( 6,819) - - - - 




- Derivatives ( 12,809) ( 228) ( 4,298) - ( 20) 

2,012,953 417,188 324,689 10,001 786,013 


from: 

- foreign currency contract 36,494 93,170 129,842 1,138 ( 4,758) 

- cross currency swap ( 2,815,935) ( 516,609) ( 469,724) ( 11,251) 7,055 

( 766,488) ( 6,251) ( 15,193) ( 112) 788,310 

Parent 

Cash and cash equivalents 5,013 1,421 2,539 - 3 

Receivables 21,247 3,860 1,545 - - 


Derivatives 3,788 4,695 9,675 - 22 


Payables ( 6,819) - - - - 




- Derivatives ( 9,232) ( 228) ( 4,298) - ( 19) 

1,753,142 417,188 324,689 10,001 785,835 


from: 

- foreign currency contract 54,870 93,170 129,842 1,138 ( 4,757) 

- cross currency swap ( 2,577,862) ( 516,609) ( 469,724) ( 11,251) 7,055 

( 769,850) ( 6,251) ( 15,193) ( 112) 788,133 

Page 243





(a) 

(ii) 




United States U K Pound European Japanese Other 



$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 43,965 1,341 3,588 1 3 

Receivables 28,295 9,181 35 - - 

Financial assets held for trading 2,888,783 441,381 410,415 18,608 155 

Derivatives 4,111 5,203 9,634 - - 


Payables ( 46,049) ( 9,181) - - - 




- Derivatives ( 48,307) - ( 855) - ( 155,907) 

2,870,590 447,925 422,817 18,609 ( 155,749) 


from: 

- foreign currency contract ( 73,717) 53,895 21,732 - - 

- cross currency swap ( 2,789,852) ( 507,367) ( 463,554) ( 19,040) - 

7,021 ( 5,547) ( 19,005) ( 431) ( 155,749) 

Parent 

Cash and cash equivalents 32,098 1,341 3,588 1 1 

Receivables 28,295 9,181 35 - - 

Financial assets held for trading 2,644,893 441,381 410,415 18,608 3 

Derivatives 3,799 5,203 9,634 - - 


Payables ( 46,049) ( 9,181) - - 1 




- Derivatives ( 44,559) - ( 855) - ( 155,906) 

2,618,477 447,925 422,817 18,609 ( 155,901) 


from: 

- foreign currency contract ( 45,826) 53,895 21,732 - - 

- cross currency swap ( 2,568,548) ( 507,367) ( 463,554) ( 19,040) ( 1) 

4,103 ( 5,547) ( 19,005) ( 431) ( 155,902) 

Page 244





(a) 

(ii) 




United States European Other 

Dollar Euro 


$'000 $'000 $'000 $'000 $'000 

Consolidated 







Bank overdraft - ( 108) - - - 




441 119 - - - 


from: 



441 119 - - - 

Parent 











- - - - - 


from: 



- - - - - 

Page 245





(a) 

(ii) 




European United States Other 

Euro Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 




Derivatives 3,014 3,102 - - - 






- Derivatives - ( 68) - - - 

5,113 3,367 - - - 


from: 



( 598) ( 2,900) - - - 

Parent 











- - - - - 


from: 



- - - - - 

Page 246





(a) 

(ii) 




United States European Uk Pound Other 

Dollar Euro Sterling 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 1,649 13 - - - 

Receivables 554 - - - - 

Financial assets held for trading 29,392 5,594 348 - - 



Payables ( 164) - - - - 





31,431 5,607 348 - - 


from: 

- foreign currency contract ( 31,302) ( 5,684) ( 327) - ( 21) 


129 ( 77) 21 - ( 21) 

Parent 











- - - - - 


from: 



- - - - - 

Page 247





(a) 

(ii) 




United States European Uk Pound Canadian Other 

Dollar Euro Sterling Dollar 


$'000 $'000 $'000 $'000 $'000 

Consolidated 

Cash and cash equivalents 1,069 - - - - 

Receivables 45 - - - - 

Financial assets held for trading 32,590 3,500 278 258 - 



Payables ( 44) - - - - 





33,675 3,500 278 258 - 


from: 

- foreign currency contract ( 33,567) ( 3,482) ( 279) ( 244) - 


108 18 ( 1) 14 - 

Parent 











- - - - - 


from: 



- - - - - 

Page 248





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Consolidated 


Receivables 101 18 - 133 56 




Payables ( 1,905) ( 1,273) ( 827) ( 320) ( 450) 





57,123 40,576 25,471 9,812 12,732 


from: 



( 834) ( 287) 514 60 ( 219) 

Parent 











- - - - - 


from: 



- - - - - 

Page 249





(a) 

(ii) 







$'000 $'000 $'000 $'000 $'000 

Cash and cash equivalents 

Receivables 

Financial assets held for trading 

Derivatives 

Mortgages 

Payables 

Bank overdraft 


- Securities - Short Sell 

- Derivatives 

Consolidated 


from: 

- foreign currency contract 

- cross currency swap 

Parent 











- - - - - 


from: 



- - - - - 


Page 250





(a) 

(iii) 


Interest Rate Risk 

Investments in interest bearing financial assets are exposed to the risks associated with the effects of fluctuations in the 

prevailing levels of market interest rates on its financial position and cash flows. Such Funds are exposed to cash flow 

interest rate risk on financial instruments with variable interest rates. Financial instruments with fixed rates expose these 

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 Compliance Department of the Responsible Entity. The table below summarises the Funds' exposure to interest rate 

risks. It includes the Funds' assets and liabilities at fair values. 


Floating Fixed Non-interest Total 

30/06/2013 interest rate interest rate bearing 

$'000 $'000 $'000 $'000 

Consolidated 

Financial assets 

Cash and cash equivalents 402,426 - - 402,426 

Receivables - - 1,212 1,212 

Financial assets held for trading 18,756 159,997 7,988,918 8,167,671 

Derivatives 330 50,362 83,733 134,425 

Mortgages - - - - 

Financial liabilities 

Payables - - (4,044) (4,044) 

Bank overdraft (11,316) - - (11,316) 

Loans - - - - 


- Derivatives (3,967) (37,921) (60,207) (102,095) 

- Short sell - - - - 

Minority Interest - - ( 377,050) ( 377,050) 

406,229 172,438 7,632,562 8,211,229 

Net increase/(decrease) in exposure 

from interest rate swaps (notional 

principal) 983,710 (983,710) - - 

Net exposure 1,389,939 (811,272) 7,632,562 8,211,229 

Parent 



Receivables - - 100 100 

Financial assets held for trading - - 8,192,941 8,192,941 


Payables - - (991) (991) 

Net exposure 19,179 - 8,192,050 8,211,229 

Page 251





(a) 

(iii) 


Interest Rate Risk (continued) 




$'000 $'000 $'000 $'000 

Consolidated 





Derivatives - 7,883 11,305 19,188 



Payables - - (1,162) (1,162) 


Loans - - - - 


- Derivatives - (10,053) (14,529) (24,582) 



256,424 (2,170) 6,869,640 7,123,894 



principal) - - - - 

Net exposure 256,424 (2,170) 6,869,640 7,123,894 

Parent 








Payables - - (894) (894) 

Net exposure 55,377 - 7,068,517 7,123,894 

Page 252





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 367,066 367,066 

Financial assets held for trading 45,031 7,180,480 479,749 7,705,260 

Derivatives 2,545 13,320 120,967 136,832 



Payables - - (505,155) (505,155) 


Loans - - - - 


- Derivatives (9,039) (12,071) (284,183) (305,293) 

- Short sell - - (86,480) (86,480) 

Minority Interest - - ( 1,119,334) ( 1,119,334) 

198,555 7,181,729 (1,027,370) 6,352,914 



principal) 897,818 (897,818) - - 

Net exposure 1,096,373 6,283,911 (1,027,370) 6,352,914 

Parent 








Payables - - (1,559) (1,559) 


Loans - - - - 


- Derivatives - - - - 


Net exposure 24,237 - 6,328,677 6,352,914 

Page 253





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 89,169 89,169 


Derivatives 12,045 2,819 152,451 167,315 



Payables - - (293,182) (293,182) 


Loans - - - - 


- Derivatives (3,569) (5,182) (51,313) (60,064) 

- Short sell - (11,963) - (11,963) 


289,338 5,444,896 (177,782) 5,556,452 



principal) 393,439 (393,439) - - 

Net exposure 682,777 5,051,457 (177,782) 5,556,452 

Parent 








Payables - - (1,212) (1,212) 


Loans - - - - 




Net exposure 44,140 - 5,512,312 5,556,452 

Page 254





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 7,196 7,196 

Financial assets held for trading - - 725,441 725,441 




Payables - - (1,625) (1,625) 


Loans - - - - 




Minority Interest - - ( 37) ( 37) 

Net exposure 4,299 - 730,975 735,274 

Parent 








Payables - - (125) (125) 


Loans - - - - 




Net exposure 2,009 - 733,265 735,274 

Page 255





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 6,467 6,467 





Payables - - (526) (526) 


Loans - - - - 





Net exposure 5,729 - 654,478 660,207 

Parent 








Payables - - (120) (120) 


Loans - - - - 




Net exposure 2,524 - 657,683 660,207 

Page 256





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 22,683 22,683 


Derivatives - - 4,118 4,118 



Payables - - (7,449) (7,449) 


Loans - - - - 


- Derivatives - - (26,433) (26,433) 



Net exposure 18,772 - 857,501 876,273 

Parent 








Payables - - (111) (111) 


Loans - - - - 




Net exposure 5,675 - 870,598 876,273 

Page 257





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 3,166 3,166 


Derivatives - - 23,485 23,485 



Payables - - (4,381) (4,381) 


Loans - - - - 


- Derivatives - - (5,022) (5,022) 



Net exposure 21,099 - 767,245 788,344 

Parent 








Payables - - (107) (107) 


Loans - - - - 




Net exposure 4,088 - 784,256 788,344 

Page 258





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 12,108 12,108 


Derivatives - - 4,819 4,819 



Payables - - (5,245) (5,245) 


Loans - - - - 


- Derivatives - - (26,692) (26,692) 



Net exposure 17,950 - 926,112 944,062 

Parent 








Payables - - (309) (309) 


Loans - - - - 




Net exposure 3,295 - 940,767 944,062 

Page 259





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 9,258 9,258 


Derivatives - - 20,469 20,469 



Payables - - (2,510) (2,510) 

Bank overdraft (47) - - (47) 

Loans - - - - 


- Derivatives - - (1,598) (1,598) 



Net exposure 19,310 - 793,837 813,147 

Parent 








Payables - - (235) (235) 


Loans - - - - 




Net exposure 4,010 - 809,137 813,147 

Page 260





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 81,361 81,361 


Derivatives - - 193 193 



Payables - - (57,145) (57,145) 


Loans - - - - 


- Derivatives - - (32) (32) 

- Short sell - - (101,835) (101,835) 


Net exposure 187,208 - 5,012,089 5,199,297 

Parent 








Payables - - (306) (306) 


Loans - - - - 




Net exposure 19,619 - 5,179,678 5,199,297 

Page 261





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 76,878 76,878 





Payables - - (29,805) (29,805) 


Loans - - - - 


- Derivatives - - (25) (25) 

- Short sell - - (72,749) (72,749) 


Net exposure 142,870 - 4,451,667 4,594,537 

Parent 








Payables - - (271) (271) 


Loans - - - - 




Net exposure 34,237 - 4,560,300 4,594,537 

Page 262





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 4,821 4,821 

Financial assets held for trading - 24,051 221,142 245,193 




Payables - - (5,696) (5,696) 


Loans - - - - 


- Derivatives - - (2) (2) 

- Short sell - - (43,396) (43,396) 


Net exposure 50,526 24,051 176,887 251,464 

Parent 








Payables - - (80) (80) 


Loans - - - - 




Net exposure 1,653 - 249,811 251,464 

Page 263





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 2,815 2,815 





Payables - - (924) (924) 


Loans - - - - 





Net exposure 3,931 - 371,482 375,413 

Parent 








Payables - - (111) (111) 


Loans - - - - 




Net exposure 1,842 - 373,571 375,413 

Page 264





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 3,658 3,658 





Payables - - (1,822) (1,822) 


Loans - - - - 



- Short sell - - (9,749) (9,749) 


Net exposure 12,680 - 302,398 315,078 

Parent 








Payables - - (194) (194) 


Loans - - - - 




Net exposure 1,626 - 313,452 315,078 

Page 265





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 3,452 3,452 





Payables - - (3,048) (3,048) 


Loans - - - - 


- Derivatives - - (16) (16) 



Net exposure 14,785 - 319,888 334,673 

Parent 








Payables - - (136) (136) 


Loans - - - - 




Net exposure 1,721 - 332,952 334,673 

Page 266





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 33,421 33,421 


Derivatives - 845 24,531 25,376 



Payables - - (21,088) (21,088) 


Loans - - - - 


- Derivatives - (629) (24,743) (25,372) 

- Short sell - - (65,407) (65,407) 


Net exposure 109,459 216 3,549,976 3,659,651 

Parent 








Payables - - (231) (231) 


Loans - - - - 




Net exposure 14,739 - 3,644,912 3,659,651 

Page 267





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 12,073 12,073 

Financial assets held for trading - 790 3,026,601 3,027,391 

Derivatives - 144 7,663 7,807 



Payables - - (10,736) (10,736) 


Loans - - - - 


- Derivatives - - (10,821) (10,821) 

- Short sell - - (53,672) (53,672) 


Net exposure 111,331 934 2,971,108 3,083,373 

Parent 








Payables - - (195) (195) 


Loans - - - - 




Net exposure 17,768 - 3,065,605 3,083,373 

Page 268





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 








Payables - - (257) (257) 


Loans - - - - 




Minority Interest - 

Net exposure 3,981 - 162,934 166,915 

Parent 


Cash and cash equivalents 471 - - 471 






Payables - - (35) (35) 


Loans - - - - 




Net exposure 471 - 166,444 166,915 

Page 269





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 1,832 1,832 





Payables - - (406) (406) 


Loans - - - - 





Net exposure 1,514 - 165,534 167,048 

Parent 



Receivables - - - - 





Payables - - (58) (58) 


Loans - - - - 




Net exposure 205 - 166,843 167,048 

Page 270





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 1,994 1,994 





Payables - - (627) (627) 


Loans - - - - 





Net exposure 12,894 - 446,907 459,801 

Parent 








Payables - - (175) (175) 


Loans - - - - 




Net exposure 1,787 - 458,014 459,801 

Page 271





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 1,267 1,267 





Payables - - (597) (597) 


Loans - - - - 





Net exposure 14,507 - 337,344 351,851 

Parent 








Payables - - (138) (138) 


Loans - - - - 




Net exposure 4,798 - 347,053 351,851 

Page 272





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 4,731 4,731 

Financial assets held for trading - 317,945 1,099,220 1,417,165 

Derivatives 927 728 1 1,656 



Payables - - (6,517) (6,517) 


Loans - - - - 


- Derivatives - (1,279) (311) (1,590) 



17,065 317,394 773,106 1,107,565 



principal) 106,000 (106,000) - - 

Net exposure 123,065 211,394 773,106 1,107,565 

Parent 








Payables - - (2,406) (2,406) 


Loans - - - - 




Net exposure 4,589 - 1,102,976 1,107,565 

Page 273





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 4,013 4,013 





Payables - - (2,138) (2,138) 


Loans - - - - 





6,399 - 1,089,901 1,096,300 



principal) - - - - 

Net exposure 6,399 - 1,089,901 1,096,300 

Parent 








Payables - - (403) (403) 


Loans - - - - 




Net exposure 5,781 - 1,090,519 1,096,300 

Page 274





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 




Financial assets held for trading 8,554 82,688 169,267 260,509 

Derivatives 139 540 (1) 678 



Payables - - (1,177) (1,177) 


Loans - - - - 


- Derivatives (1,243) (161) (268) (1,672) 



18,654 83,067 133,169 234,890 



principal) 32,184 (32,184) - - 

Net exposure 50,838 50,883 133,169 234,890 

Parent 





Derivatives 139 540 (1) 678 



Payables - - (135) (135) 


Loans - - - - 


- Derivatives (1,243) (161) (268) (1,672) 


7,650 379 226,861 234,890 



principal) 32,184 (32,184) - - 

Net exposure 39,834 (31,805) 226,861 234,890 

Page 275





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 





Derivatives - 2 70 72 



Payables - - (159) (159) 


Loans - - - - 


- Derivatives (329) - (61) (390) 



21,547 75,293 113,138 209,978 



principal) 14,598 (14,598) - - 

Net exposure 36,145 60,695 113,138 209,978 

Parent 








Payables - - (127) (127) 


Loans - - - - 


- Derivatives (329) - (61) (390) 


4,322 2 205,654 209,978 



principal) 14,598 (14,598) - - 

Net exposure 18,920 (14,596) 205,654 209,978 

Page 276





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 








Payables - - (173) (173) 


Loans - - - - 


- Derivatives (346) (520) (343) (1,209) 



Net exposure 27,771 35,610 130,248 193,629 



principal) 17,800 (17,800) - - 

Net exposure 45,571 17,810 130,248 193,629 

Parent 





Derivatives - 24 - 24 



Payables - - (58) (58) 


Loans - - - - 


- Derivatives - (184) (7) (191) 


13,608 (160) 180,181 193,629 

Page 277





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 





Derivatives 258 137 277 672 



Payables - - (160) (160) 


Loans - - - - 


- Derivatives - (208) (312) (520) 



Net exposure 25,888 32,481 119,800 178,169 



principal) 17,300 (17,300) - - 

Net exposure 43,188 15,181 119,800 178,169 

Parent 








Payables - - (61) (61) 


Loans - - - - 


- Derivatives - (68) - (68) 


Net exposure 11,687 (68) 166,550 178,169 

Page 278





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 19,287 19,287 





Payables - - (5,817) (5,817) 


Loans - - - - 





Net exposure 16,527 - 1,921,115 1,937,642 

Parent 








Payables - - (2,448) (2,448) 


Loans - - - - 




Net exposure 6,544 - 1,931,098 1,937,642 

Page 279





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 10,817 10,817 





Payables - - (4,888) (4,888) 


Loans - - - - 





Net exposure 20,012 - 1,832,074 1,852,086 

Parent 








Payables - - (883) (883) 


Loans - - - - 




Net exposure 8,079 - 1,844,007 1,852,086 

Page 280





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 5,366 5,366 


Derivatives 165 1,041 3 1,209 



Payables - - (1,946) (1,946) 


Loans - - - - 


- Derivatives (2,443) (232) (798) (3,473) 



18,489 809 398,290 417,588 



principal) 49,094 (49,094) - - 

Net exposure 67,583 (48,285) 398,290 417,588 

Parent 





Derivatives 165 1,023 - 1,188 



Payables - - (89) (89) 


Loans - - - - 


- Derivatives (2,443) (232) (712) (3,387) 


11,965 791 404,832 417,588 



principal) 49,094 (49,094) - - 

Net exposure 61,059 (48,303) 404,832 417,588 

Page 281





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 3,520 3,520 


Derivatives 8 7 219 234 



Payables - - (1,194) (1,194) 


Loans - - - - 


- Derivatives (1,202) - (98) (1,300) 



10,818 7 346,863 357,688 



principal) 32,558 (32,558) - - 

Net exposure 43,376 (32,551) 346,863 357,688 

Parent 





Derivatives 8 7 143 158 



Payables - - (77) (77) 


Loans - - - - 


- Derivatives (1,202) - (98) (1,300) 


2,907 7 354,774 357,688 



principal) 32,558 (32,558) - - 

Net exposure 35,465 (32,551) 354,774 357,688 

Page 282





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 





Derivatives 23,896 6,666 - 30,562 



Payables - - (3,570) (3,570) 


Loans - - - - 


- Derivatives (16,604) (2,534) (861) (19,999) 



35,653 734,839 1,074,250 1,844,742 



principal) 1,147,000 (1,147,000) - - 

Net exposure 1,182,653 (412,161) 1,074,250 1,844,742 

Parent 





Derivatives 6,367 6,644 - 13,011 



Payables - - (2,573) (2,573) 


Loans - - - - 


- Derivatives (15,696) (2,502) (861) (19,059) 


14,730 516,386 1,313,626 1,844,742 



principal) 604,000 (604,000) - - 

Net exposure 618,730 (87,614) 1,313,626 1,844,742 

Page 283





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 15,002 15,002 

Financial assets held for trading 4,538 1,793,540 1,211,026 3,009,104 

Derivatives 26,671 176 29,245 56,092 



Payables - - (35,052) (35,052) 


Loans - - - - 


- Derivatives - (2,812) (377) (3,189) 



131,894 1,790,904 428,470 2,351,268 



principal) 721,500 (721,500) - - 

Net exposure 853,394 1,069,404 428,470 2,351,268 

Parent 





Derivatives 4,904 60 29,245 34,209 



Payables - - (23,495) (23,495) 


Loans - - - - 


- Derivatives - (2,631) (376) (3,007) 


60,553 177,455 2,113,260 2,351,268 



principal) 275,000 (275,000) - - 

Net exposure 335,553 (97,545) 2,113,260 2,351,268 

Page 284





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 27,772 27,772 


Derivatives 32,176 67,356 13,914 113,446 



Payables - - (18,341) (18,341) 


Loans - - - - 


- Derivatives (56,397) (333,176) (6,886) (396,459) 


Minority Interest - 

212,149 3,260,501 236,362 3,709,012 



principal) 959,005 (959,005) - - 

Net exposure 1,171,154 2,301,496 236,362 3,709,012 

Parent 



Receivables - - 27,591 27,591 


Derivatives 30,647 66,389 12,511 109,547 



Payables - - (18,199) (18,199) 


Loans - - - - 


- Derivatives (34,048) (329,599) (3,432) (367,079) 


227,442 3,003,691 477,879 3,709,012 



principal) 933,331 (933,331) - - 

Net exposure 1,160,773 2,070,360 477,879 3,709,012 

Page 285





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 49,981 49,981 

Financial assets held for trading 164,875 3,892,687 854 4,058,416 

Derivatives 110,726 140,059 10,329 261,114 



Payables - - (73,448) (73,448) 


Loans - - - - 


- Derivatives (21,119) (218,344) (8,862) (248,325) 



Net exposure 378,530 3,814,402 (21,146) 4,171,786 



principal) 1,122,068 (1,122,068) - - 

Net exposure 1,500,598 2,692,334 (21,146) 4,171,786 

Parent 



Receivables - - 49,902 49,902 


Derivatives 90,765 140,051 9,899 240,715 



Payables - - (73,288) (73,288) 


Loans - - - - 


- Derivatives (19,610) (214,596) (8,863) (243,069) 


Net exposure 340,828 3,574,098 256,860 4,171,786 



principal) 1,099,142 (1,099,142) - - 

Net exposure 1,439,970 2,474,956 256,860 4,171,786 

Page 286





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 








Payables - - (355) (355) 


Loans - - - - 



- Short sell - - (55,629) (55,629) 


Net exposure 18,047 199,214 (52,780) 164,481 

Parent 








Payables - - (107) (107) 


Loans - - - - 




Net exposure 451 - 164,030 164,481 

Page 287





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 3,038 3,038 





Payables - - (3,258) (3,258) 


Loans - - - - 



- Short sell - - (29,948) (29,948) 


Net exposure 10,735 91,984 (15,875) 86,844 

Parent 








Payables - - (90) (90) 


Loans - - - - 




Net exposure 304 - 86,540 86,844 

Page 288





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 6,497 6,497 





Payables - - (1,341) (1,341) 


Loans - - - - 


- Derivatives - - (855) (855) 



Net exposure 19,960 73,769 287,892 381,621 

Parent 



Receivables - - 6,392 6,392 





Payables - - (1,311) (1,311) 


Loans - - - - 


- Derivatives - - (855) (855) 


Net exposure 6,253 16,912 358,456 381,621 

Page 289





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 2,676 2,676 


Derivatives - 77 6,526 6,603 



Payables - - (403) (403) 


Loans - - - - 


- Derivatives - (68) (17) (85) 



Net exposure 11,590 16,769 405,051 433,410 

Parent 



Receivables - - 2,494 2,494 





Payables - - (350) (350) 


Loans - - - - 


- Derivatives - - (17) (17) 


Net exposure 3,642 14,944 414,824 433,410 

Page 290





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 1,104 1,104 





Payables - - (624) (624) 


Loans - - - - 


- Derivatives - (76) (1,968) (2,044) 



Net exposure 48,903 222,747 95,106 366,756 

Parent 








Payables - - (200) (200) 


Loans - - - - 




Net exposure 1,189 - 365,567 366,756 

Page 291





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 



Receivables - - 4,053 4,053 


Derivatives - 20 1,305 1,325 



Payables - - (532) (532) 


Loans - - - - 


- Derivatives - (10) (218) (228) 



Net exposure 71,266 188,306 104,738 364,310 

Parent 


Cash and cash equivalents - - - - 






Payables - - (139) (139) 


Loans - - - - 




Net exposure (81) - 364,391 364,310 

Page 292





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 





Derivatives - - 1,864 1,864 



Payables - - (6,577) (6,577) 


Loans - - - - 


- Derivatives - - (9,242) (9,242) 



Net exposure 20,498 - 1,712,246 1,732,744 

Parent 








Payables - - (1,415) (1,415) 


Loans - - - - 




Net exposure 12,332 - 1,720,412 1,732,744 

Page 293





(a) 

(iii) 






$'000 $'000 $'000 $'000 



Receivables 


Derivatives 

Mortgages 


Payables 


Loans 


- Derivatives 

- Short sell 

Minority Interest 

Consolidated 

Net exposure 

Parent 








Payables - - (452) (452) 


Loans - - - - 




Net exposure 10,991 - 1,063,884 1,074,875 


Page 294





(a) 

(iii) 






$'000 $'000 $'000 $'000 

Consolidated 




Financial assets held for trading 62,431 4,238,063 126 4,300,620 




Payables - - (4,133) (4,133) 


Loans - - - - 





Net exposure 92,311 4,238,063 (3,512) 4,326,862 

Parent 








Payables - - (4,133) (4,133) 


Loans - - - - 




Net exposure 91,064 4,174,400 61,398 4,326,862 

Page 295





(a) 

(iii) 






$'000 $'000 $'000 $'000 



Receivables 


Derivatives 

Mortgages 


Payables 


Loans 


- Derivatives 

- Short sell 

Minority Interest 

Consolidated 

Net exposure - - - - 

Parent 








Payables - - (8,669) (8,669) 


Loans - - - - 




Net exposure 140,450 6,906,544 21,314 7,068,308 


Page 296





(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. 


Interest rate risk Foreign exchange risk Price risk 

Impact on operating profit/(loss) and net assets attributable to unitholders 

Consolidated 

-0.50 0.50 -10.00% 10.00% -14.87% 14.87% 

basis points basis points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 4,056) 4,056 ( 3,263) 3,263 ( 1,194,168) 1,194,168 

-60 basis +60 basis -9.30% 9.30% -14.90% 14.90% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 1,618) 1,618 69 ( 69) ( 1,046,946) 1,046,946 

Parent 

-0.50 0.50 -10.00% 10.00% -14.60% 14.60% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 96 ( 96) - - ( 1,196,497) 1,196,497 

-60 basis +60 basis -9.30% 9.30% -15.16% 15.16% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 332) 332 - - ( 1,071,559) 1,071,559 

Page 297





(b) 

Summarised Sensitivity Analysis (continued) 




Consolidated 

-0.50 0.50 -10.00% 10.00% 0.35% -0.35% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 223,203) 223,203 5,043 ( 5,043) 1,364 ( 1,364) 

-60 basis +60 basis -9.30% 9.30% -3.41% 3.41% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 175,932 ( 175,932) 9,416 ( 9,416) ( 25,537) 25,537 

Parent 

-0.50 0.50 -10.00% 10.00% -3.60% 3.60% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 121 ( 121) - - ( 227,876) 227,876 

-60 basis +60 basis -9.30% 9.30% -3.70% 3.70% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 265) 265 - - ( 203,987) 203,987 

Page 298





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -19.47% 19.47% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 21 ( 21) - - ( 141,218) 141,218 

-60 basis +60 basis -9.30% 9.30% -21.46% 21.46% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 34) 34 - - ( 139,171) 139,171 

Parent 

-0.50 0.50 -10.00% 10.00% -15.00% 15.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 10 ( 10) - - ( 110,005) 110,005 

-60 basis +60 basis -9.30% 9.30% -17.40% 17.40% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 15) 15 - - ( 114,453) 114,453 

Page 299





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -20.29% 20.29% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 94 ( 94) ( 1,743) 1,743 ( 175,418) 175,418 

-60 basis +60 basis -9.30% 9.30% -21.15% 21.15% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 127) 127 ( 26) 26 ( 158,647) 158,647 

Parent 

-0.50 0.50 -10.00% 10.00% -16.00% 16.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 28 ( 28) - - ( 139,308) 139,308 

-60 basis +60 basis -9.30% 9.30% -17.80% 17.80% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 25) 25 - - ( 139,610) 139,610 

Page 300





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -22.22% 22.22% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 90 ( 90) ( 720) 720 ( 209,155) 209,155 

-60 basis +60 basis -9.30% 9.30% -22.25% 22.25% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 116) 116 ( 566) 566 ( 170,924) 170,924 

Parent 

-0.50 0.50 -10.00% 10.00% -16.00% 16.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 16 ( 16) - - ( 150,563) 150,563 

-60 basis +60 basis -10.10% 10.10% -14.50% 14.50% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 28) 28 - - ( 111,373) 111,373 

Page 301





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -23.73% 23.73% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 936 ( 936) - - ( 1,228,727) 1,228,727 

-60 basis +60 basis -9.30% 9.30% -25.35% 25.35% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 858) 858 ( 115) 115 ( 1,121,425) 1,121,425 

Parent 

-0.50 0.50 -10.00% 10.00% -24.00% 24.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 98 ( 98) - - ( 1,243,142) 1,243,142 

-60 basis +60 basis -9.30% 9.30% -25.70% 25.70% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 205) 205 - - ( 1,172,011) 1,172,011 

Page 302





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -23.83% 23.83% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 373 ( 373) 22 ( 22) ( 42,368) 42,369 

-60 basis +60 basis -9.30% 9.30% -25.52% 25.52% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 24) 24 - - ( 94,308) 94,308 

Parent 

-0.50 0.50 -10.00% 10.00% -24.00% 24.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 8 ( 8) - - ( 59,971) 59,971 

-60 basis +60 basis -9.30% 9.30% -25.70% 25.70% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 11) 11 - - ( 96,032) 96,032 

Page 303





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -23.96% 23.96% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 63 ( 63) ( 76) 76 ( 79,931) 79,931 

-60 basis +60 basis -9.30% 9.30% -25.62% 25.62% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 88) 88 ( 3) 3 ( 81,838) 81,838 

Parent 

-0.50 0.50 -10.00% 10.00% -24.00% 24.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 8 ( 8) - - ( 75,273) 75,273 

-60 basis +60 basis -9.30% 9.30% -25.70% 25.70% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 10) 10 - - ( 85,600) 85,600 

Page 304





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -21.98% 21.98% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 539 ( 539) ( 5,350) 5,350 ( 777,730) 777,730 

-60 basis +60 basis -9.30% 9.30% -21.59% 21.59% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 634) 634 ( 2,539) 2,539 ( 641,834) 641,834 

Parent 

-0.50 0.50 -10.00% 10.00% -22.00% 22.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 74 ( 74) - - ( 801,910) 801,910 

-60 basis +60 basis -9.30% 9.30% -21.60% 21.60% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 107) 107 - - ( 662,196) 662,196 

Page 305





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -22.00% 22.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 20 ( 20) ( 145) 145 ( 35,762) 35,762 

-60 basis +60 basis -9.30% 9.30% -21.60% 21.60% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 9) 9 ( 216) 216 ( 35,447) 35,447 

Parent 

-0.50 0.50 -10.00% 10.00% -21.60% 21.60% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 2 ( 2) - - ( 35,959) 35,959 

-60 basis +60 basis -9.30% 9.30% -21.60% 21.60% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 1) 1 - - ( 36,051) 36,051 

Page 306





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -22.01% 22.01% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 64 ( 64) ( 378) 378 ( 98,053) 98,053 

-60 basis +60 basis -9.30% 9.30% -21.59% 21.59% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 87) 87 ( 238) 238 ( 72,702) 72,702 

Parent 

-0.50 0.50 -10.00% 10.00% -30.00% 30.00% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 9 ( 9) - - ( 137,441) 137,441 

-60 basis +60 basis -9.30% 9.30% -29.90% 29.90% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 29) 29 - - ( 103,796) 103,796 

Page 307





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -4.89% 4.89% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 11,322) 11,322 ( 91) 91 ( 53,797) 53,797 

-60 basis +60 basis -9.30% 9.30% -11.85% 11.85% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 39) 39 ( 10) 10 ( 138,262) 138,262 

Parent 

-0.50 0.50 -10.00% 10.00% -8.19% 8.19% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 23 ( 23) ( 11) 11 ( 90,519) 90,519 

-60 basis +60 basis -9.30% 9.30% -8.53% 8.53% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 35) 35 ( 10) 10 ( 92,998) 92,998 

Page 308





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -8.23% 8.23% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 176 ( 176) ( 31) 31 ( 13,934) 13,934 

-60 basis +60 basis -9.30% 9.30% -8.74% 8.74% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 337) 337 ( 11) 11 ( 13,144) 13,144 

Parent 

-0.50 0.50 -10.00% 10.00% -8.24% 8.24% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 30 ( 30) ( 31) 31 ( 18,710) 18,710 

-60 basis +60 basis -9.30% 9.30% -8.74% 8.74% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 28) 28 ( 11) 11 ( 17,986) 17,986 

Page 309





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -18.73% 18.73% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 959) 959 ( 200) 200 ( 30,438) 30,437 

-60 basis +60 basis -9.30% 9.30% -18.90% 18.90% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 947 ( 947) ( 257) 257 ( 27,410) 27,410 

Parent 

-0.50 0.50 -10.00% 10.00% -16.09% 16.09% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 74 ( 74) ( 30) 30 ( 29,004) 29,004 

-60 basis +60 basis -9.30% 9.30% -16.88% 16.88% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 73) 73 8 ( 8) ( 28,113) 28,113 

Page 310





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -19.28% 19.28% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 83 ( 83) ( 96) 96 ( 425,861) 425,861 

-60 basis +60 basis -9.30% 9.30% -19.82% 19.82% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 120) 120 ( 83) 83 ( 381,539) 381,539 

Parent 

-0.50 0.50 -10.00% 10.00% -16.24% 16.24% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 33 ( 33) ( 96) 96 ( 314,075) 314,075 

-60 basis +60 basis -9.30% 9.30% -16.91% 16.91% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 48) 48 ( 83) 83 ( 312,011) 312,011 

Page 311





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -20.63% 20.63% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 75 ( 75) ( 160) 160 ( 108,925) 108,924 

-60 basis +60 basis -9.30% 9.30% -21.52% 21.52% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 72) 72 ( 42) 42 ( 91,126) 91,126 

Parent 

-0.50 0.50 -10.00% 10.00% -16.62% 16.62% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 43 ( 43) ( 33) 33 ( 67,379) 67,379 

-60 basis +60 basis -9.30% 9.30% -17.35% 17.35% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 25) 25 ( 15) 15 ( 61,529) 61,529 

Page 312





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -3.09% 3.09% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 26,207) 26,207 ( 68) 68 ( 42,847) 42,847 

-60 basis +60 basis -9.30% 9.30% -3.19% 3.19% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 64,385 ( 64,385) ( 7) 7 ( 38,687) 38,687 

Parent 

-0.50 0.50 -10.00% 10.00% -2.83% 2.83% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 18,488) 18,488 ( 68) 68 ( 37,203) 37,203 

-60 basis +60 basis -9.30% 9.30% -2.92% 2.92% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 6,241 ( 6,241) ( 7) 7 ( 61,650) 61,650 

Page 313





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -1.61% 1.61% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 114,650) 114,650 ( 3,178) 3,178 ( 3,530) 3,530 

-60 basis +60 basis -9.30% 9.30% -8.65% 8.65% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 130,202 ( 130,202) ( 2,881) 2,881 ( 74) 74 

Parent 

-0.50 0.50 -10.00% 10.00% -2.65% 2.65% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 105,320) 105,320 ( 2,880) 2,880 ( 12,152) 12,152 

-60 basis +60 basis -9.30% 9.30% -3.72% 3.72% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 121,289 ( 121,289) ( 1,796) 1,796 ( 10,373) 10,373 

Page 314





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -6.20% 6.20% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 1,086 ( 1,086) - - ( 18) 18 

-60 basis +60 basis -9.30% 9.30% -92.37% 92.37% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 617) 617 - - 137 ( 137) 

Parent 

-0.50 0.50 -10.00% 10.00% -2.05% 2.05% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 2 ( 2) - - ( 3,364) 3,364 

-60 basis +60 basis -9.30% 9.30% -2.15% 2.15% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 2) 2 - - ( 1,862) 1,862 

Page 315





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -10.29% 10.29% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 2,556) 2,556 ( 37) 37 ( 29,093) 29,092 

-60 basis +60 basis -9.30% 9.30% -6.37% 6.37% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 551 ( 551) ( 57) 57 ( 25,225) 25,225 

Parent 

-0.50 0.50 -10.00% 10.00% -7.81% 7.81% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 578) 578 - - ( 27,608) 27,607 

-60 basis +60 basis -9.30% 9.30% -4.89% 4.89% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 531 ( 531) - - ( 20,182) 20,182 

Page 316





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -15.92% 15.92% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 ( 2,901) 2,901 ( 205) 205 ( 15,308) 15,308 

-60 basis +60 basis -9.30% 9.30% -25.65% 25.65% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 2,837 ( 2,837) ( 99) 99 ( 37,052) 37,052 

Parent 

-0.50 0.50 -10.00% 10.00% -6.61% 6.61% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 6 ( 6) - - ( 24,177) 24,177 

-60 basis +60 basis -9.30% 9.30% -7.10% 7.10% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 - - - - ( 25,863) 25,863 

Page 317





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -16.59% 16.59% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 102 ( 102) 394 ( 394) ( 294,854) 294,854 

30/06/2012 

Parent 

-0.50 0.50 -10.00% 10.00% -16.05% 16.05% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 62 ( 62) - - ( 276,334) 276,334 

-60 basis +60 basis -9.30% 9.30% -16.67% 16.67% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 66) 66 - - ( 177,358) 177,358 


Page 318





(b) 





Consolidated 

-0.50 0.50 -10.00% 10.00% -3.60% 3.60% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 21,652 ( 21,652) - - ( 5) 5 

30/06/2012 

Parent 

-0.50 0.50 -10.00% 10.00% -3.60% 3.60% 


$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2013 21,327 ( 21,327) - - ( 2,341) 2,341 

-60 basis +60 basis -9.30% 9.30% -3.70% 3.70% 

points points 

$'000 $'000 $'000 $'000 $'000 $'000 

30/06/2012 ( 42,259) 42,259 - - ( 1,079) 1,079 


Page 319





(c) 

Credit risk 

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 Compliance Department of the Responsible Entity regularly monitors the credit risks that arise from holding these 

securities. 

The exposure to credit risk for cash and cash equivalents is low as all counterparties have a high 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. 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 40,676 - - - 

AA+ 23,058 - - - 

AA - - - - 

AA- 4,148 - - - 

A+ 8,393 - - - 

A 10,101 - - - 

A- 17,170 - - - 

Others 57,133 - - - 

Non rated 18,074 - - - 

Total 178,753 - - - 

Page 320





(c) 

Credit risk (continued) 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 3,228,926 2,740,656 - - 

AA+ 1,506,117 886,201 - - 

AA 104,190 79,943 - - 

AA- 358,206 437,929 - - 

A+ 134,266 111,988 - - 

A 301,919 193,687 - - 

A- 283,366 323,906 - - 

Others 799,233 470,292 - - 

Non rated 509,288 279,200 - - 

Total 7,225,511 5,523,802 - - 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA - - - - 

AA+ - - - - 

AA - - - - 

AA- - - - - 

A+ - - - - 

A - - - - 

A- - - - - 

Others - - - - 

Non rated 24,051 - - - 

Total 24,051 - - - 

Page 321





(c) 



30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA - - - - 

AA+ - - - - 

AA - - - - 

AA- - - - - 

A+ - - - - 

A - - - - 

A- - - - - 


Non rated - 790 - - 

Total - 790 - - 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 237,230 - - - 

AA+ 75,219 - - - 

AA 3,036 - - - 

AA- - - - - 

A+ 2,459 - - - 

A - - - - 

A- - - - - 


Non rated - - - - 

Total 317,944 - - - 

Page 322





(c) 



30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 68,782 71,864 - - 

AA+ - - - - 

AA - 3,028 - - 

AA- 9,348 11,494 - - 

A+ 4,814 2,006 - - 

A 752 - - - 

A- - - - - 


Non rated 7,547 1,001 - - 

Total 91,243 89,393 - - 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 26,197 24,720 - - 

AA+ 5,057 3,391 - - 

AA 1,514 1,002 - - 

AA- 6,669 2,096 - - 

A+ 994 1,992 - - 

A 1,517 1,503 - - 

A- 4,277 6,378 - - 


Non rated - 1,007 - - 

Total 46,225 42,089 - - 

Page 323





(c) 



30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 607,244 1,482,741 421,844 169,567 

AA+ 83,446 99,095 82,099 10,459 

AA 15,173 37,526 8,301 - 

AA- 12,712 47,959 - - 

A+ 3,419 22,861 - - 

A 970 25,025 - - 

A- 1,814 64,791 - - 

Others - 14,126 - - 

Non rated 5,929 3,955 - - 

Total 730,707 1,798,079 512,244 180,026 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 182,686 285,373 178,787 280,287 

AA+ 15,113 11,727 11,903 11,727 

AA 78,648 86,626 77,139 85,249 

AA- 129,527 218,693 124,077 212,601 

A+ 234,133 352,233 194,415 340,034 

A 277,524 367,364 252,474 328,338 

A- 647,684 732,710 618,248 693,768 

Others 1,144,810 1,032,339 999,011 891,017 

Non rated 922,886 970,497 917,539 970,497 

Total 3,633,011 4,057,562 3,373,593 3,813,518 

Page 324





(c) 



30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 186,120 86,856 - - 

AA+ - - - - 

AA 104 128 - - 

AA- - - - - 

A+ - - - - 

A 12,989 4,992 - - 

A- - - - - 


Non rated - - - - 

Total 199,213 91,976 - - 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 56,038 - - - 

AA+ - - - - 

AA - - - - 

AA- - - - - 

A+ - - - - 

A - - - - 

A- - 1,337 - - 

Others 6,635 3,825 6,635 - 

Non rated 10,277 14,944 10,277 14,944 

Total 72,950 20,106 16,912 14,944 

Page 325





(c) 



30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 139,855 117,936 - - 

AA+ 5,372 4,293 - - 

AA - 4,090 - - 

AA- 9,900 12,837 - - 

A+ 2,982 1,022 - - 

A 36,869 32,910 - - 

A- 14,163 1,024 - - 

Others 35,588 38,102 - - 

Non rated 4,408 23,671 - - 

Total 249,137 235,885 - - 


30/06/2013 30/06/2012 30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 

Consolidated 

Parent 

Rating 

AAA 312,059 248,395 - 

AA+ - - - 

AA 4,491 4,491 - 

AA- - - - 

A+ 62,431 62,431 - 

A - - - 

A- - - - 

Others - - - 

Non rated 3,921,513 3,921,513 - 

Total 4,300,494 4,236,830 - 


Page 326





(c) 


Certain Funds have entered into a credit support agreement with various counterparties which allow the Funds to pledge cash 

and securities as collateral to cover unrealised hedge exposures on certain derivatives. Under this agreement, the Fund can 

provide securities in the form of cash, listed equities or debt securities to a counterparty as collateral on terms which permit 

the counterparty to repledge or resell these securities to others. The counterparties have an obligation to return the securities 

or equivalent credit support (i.e. securities of the same type, nominal value, description and amount) to the Fund. The risks 

and benefits of ownership of the securities remain with these Funds and therefore the securities have not been derecognised 

(i.e. treated as having been sold). These asseta are included as Financial Assets held for trading in the Balance Sheets. 

The amount of financial assets or cash held as collaterial are listed below: 

Asset Pledged Pledged 

Class Value Value 

2013 2012 

$'000 $'000 


Consolidated: Cash 15,129 - 

Parent: Cash - - 


Consolidated: Cash 33,824 4,107 

Parent: Cash - - 


Consolidated: Listed Shares 2,181 36 

Parent: Listed Shares 2,181 36 

There is no comparative as this is the first year of detailed disclosure of collateral holdings 

Page 327





(d) 

Liquidity risk 

The Funds are exposed to daily cash redemptions of redeemable units. It therefore primarily holds investments that are 

traded in an active market and can be readily disposed. Only a limited proportion of its assets are held in investments not 

actively traded on a stock exchange. 

The Funds' listed securities are considered readily realisable, as they are listed on either the Australian Stock Exchange 

or other recognised International Stock Exchanges. 

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, these 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 And Liabilities" 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. 


Less than 1 - 3 3 - 12 1 - 2 2 - 3 More than Total 

30/06/2013 1 month months months years years 3 years 

$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 320,696 857,812 127,794 3,183 1,670 42,825 1,353,980 

(Outflows) (327,006) (862,981) (126,218) (2,738) (2,019) (46,164) (1,367,126) 

Derivatives: 

Inflows - - - 

Parent 

- - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Derivatives: 

Inflows 38,434 409,764 1,492 

Consolidated 

- - - 449,690 

(Outflows) (39,586) (414,250) (1,541) - - - (455,377) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Page 328





(d) 

Liquidity risk (continued) 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 5,342,148 3,529,590 129,621 15,022 5,203 81,441 9,103,025 

(Outflows) (5,437,820) (3,590,496) (130,591) (18,525) (7,047) (92,190) (9,276,669) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 3,906,210 2,315,802 58,065 6,346 46,984 82,869 6,416,276 

(Outflows) (3,838,401) (2,278,748) (62,534) (11,225) (50,274) (91,456) (6,332,638) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 357,579 547,574 - - - - 905,153 

(Outflows) (375,143) (554,462) - - - - (929,605) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 797,992 265,522 - - - - 1,063,514 

(Outflows) (783,021) (260,507) - - - - (1,043,528) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Page 329





(d) 





$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 385,182 772,827 - - - - 1,158,009 

(Outflows) (404,447) (772,345) - - - - (1,176,792) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 297,336 547,749 - - - - 845,085 

(Outflows) (286,887) (536,920) - - - - (823,807) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 193 - - - - 193 

(Outflows) - (32) - - - - (32) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 739 - - - - 739 

(Outflows) - (25) - - - - (25) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Page 330





(d) 





$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 18 - - - - 18 

(Outflows) - (2) - - - - (2) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 40 - - - - 40 

(Outflows) - - - - - - - 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - (16) - - - - (16) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Page 331





(d) 





$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 6,279 837,271 - - - - 843,550 

(Outflows) (6,209) (828,124) - - - - (834,333) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 15,606 492,711 - - - - 508,317 

(Outflows) (15,818) (495,578) - - - - (511,396) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 5,438 - - - - 5,438 

(Outflows) - (5,326) (43) (57) (57) (1,929) (7,412) 

Parent 

Derivatives: 

Inflows - 5,438 - - - - 5,438 

(Outflows) - (5,326) (43) (57) (57) (1,929) (7,412) 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 1,774 2 - - - - 1,776 

(Outflows) (1,703) (61) - - - - (1,764) 

Parent 

Derivatives: 

Inflows 1,774 2 - - - - 1,776 

(Outflows) (1,703) (61) - - - - (1,764) 

Page 332





(d) 





$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 31 8,268 26 51 51 - 8,427 

(Outflows) (71) (8,622) (80) (127) (127) - (9,027) 

Parent 

Derivatives: 

Inflows - 24 - - - - 24 

(Outflows) - (191.00) - - - - (191.00) 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 16,692 1,599 31 62 62 93 18,539 

(Outflows) (16,725) (1,559) (47) (94) (94) (141) (18,660) 

Parent 

Derivatives: 

Inflows - 7 - - - - 7 

(Outflows) - (68) - - - - (68) 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 181 - - - - 181 

(Outflows) - - - - - - - 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 56 - - - - 56 

(Outflows) - - - - - - - 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Page 333





(d) 





$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 12,446 - - - - 12,446 

(Outflows) - (12,400) (48) (64) (64) (2,163) (14,739) 

Parent 

Derivatives: 

Inflows - 9,599 - - - - 9,599 

(Outflows) - (9,508) (48) (64) (64) (2,163) (11,847) 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 3,742 5,890 - - - - 9,632 

(Outflows) (3,594) (5,859) - - - - (9,453) 

Parent 

Derivatives: 

Inflows 3,742 57 - - - - 3,799 

(Outflows) (3,594) (146) - - - - (3,740) 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 1,762 10,730 27,976 29,068 24,295 93,279 187,110 

(Outflows) (1,200) (4,197) (21,507) (22,042) (19,469) (78,158) (146,573) 

Parent 

Derivatives: 

Inflows - 6,644 11,909 11,909 11,909 77,848 120,219 

(Outflows) - (2,348) (10,916) (11,257) (11,257) (67,356) (103,134) 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 33,448 29,004 15,479 16,714 12,387 17,952 124,984 

(Outflows) (32,346) (32,931) (25,449) (30,009) (27,526) (50,307) (198,568) 

Parent 

Derivatives: 

Inflows 31,657 25,030 - - - - 56,687 

(Outflows) (30,895) (30,914) (14,354) (19,139) (19,139) (38,278) (152,719) 

Page 334





(d) 





$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 77,353 328,741 257,647 457,961 770,223 2,647,723 4,539,648 

(Outflows) (74,305) (311,856) (261,296) (424,308) (800,054) (2,716,035) (4,587,854) 

Parent 

Derivatives: 

Inflows 17,307 326,842 252,489 419,605 651,155 2,575,049 4,242,447 

(Outflows) (12,391) (311,333) (260,374) (392,226) (670,675) (2,634,298) (4,281,297) 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 434,913 94,736 287,852 393,398 501,746 3,453,601 5,166,246 

(Outflows) (425,728) (78,557) (254,269) (350,219) (414,445) (3,116,863) (4,640,081) 

Parent 

Derivatives: 

Inflows 410,720 57,250 264,256 385,968 439,247 3,313,436 4,870,877 

(Outflows) (403,758) (46,315) (238,574) (348,611) (364,651) (2,980,875) (4,382,784) 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 8 - - - - 8 

(Outflows) - - - - - - - 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Page 335





(d) 





$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows - 819 - - - - 819 

(Outflows) - - - - - - - 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 2,848 9,667 - - - - 12,515 

(Outflows) (2,724) (10,666) (4,150) (5,533) (5,533) (11,066) (39,672) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 




$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 49,749 95 - - - - 49,844 

(Outflows) (51,216) (76) - - - - (51,292) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 



$'000 $'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

Derivatives: 

Inflows 48,714 23 10 13 13 17 48,790 

(Outflows) (47,587) (12) (6) (8) (8) (12) (47,633) 

Parent 

Derivatives: 

Inflows - - - - - - - 

(Outflows) - - - - - - - 

Page 336





(e) 

Fair Value Estimation 

The carrying amounts of the Funds' assets and liabilities at the balance sheet date approximate their fair values. 

The Funds value their investments in accordance with the accounting policies set out in under "Summary of Significant 

Accounting Policies" note to the financial statements. Their fair value estimations are summarised below: 

- The fair value of financial instruments traded in active markets (such as publicly traded derivatives and listed securities) 

is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the 

Funds is the last bid price. 

- Derivative contracts classified as held for trading are fair valued by comparing the contracted rate to the current market 

rate for a contract with the same remaining period to maturity. 

- Investments in unlisted managed investment schemes are recorded at the redemption value per unit as reported by the 


- The fair value of financial instruments that are not traded in an active market (such as over the counter derivatives and 

investments in unlisted securities) is determined using valuation techniques. These Funds use a variety of methods and 

make assumptions that are based on market conditions existing at each balance date. Quoted market prices or dealer 

quotes for similar instruments are used for long-term debt instruments held. Other techniques, such as estimated 

discounted cash flows, are used to determine the fair value for the remaining financial instruments. The fair value of 

interest rate swaps is calculated as the present value of the estimated future cash flows. 

- The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows. 

- The fair value of forward exchange contracts is determined using forward exchange market rates at the reporting date. 

As a result of the developments in global markets, generally known as the global financial crisis, liquidity in some 

investment markets has decreased significantly. As a result, the volume of trading in some of the investments held by the 

Funds has decreased significantly, and accordingly the valuation of those investments is subject to a greater uncertainty 

and requires greater judgement than would be the case in normal investment market conditions. 

Page 337




10. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING 

a) Derivative Financial Instruments 

In the normal course of business a Fund 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 a Fund's 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 or to reduce volatility a substitution for 

trading of physical securities 

- 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 a Fund. 

Derivative instruments used by a Fund 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. 

- 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 

Fund is 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. 

Page 338




10. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTING (continued) 

a) Derivative Financial Instruments (continued) 

- Forward Currency Contracts 

Forward currency contracts are primarily used by a Fund to hedge against foreign currency exchange rate risks 

on its non-Australian dollar denominated trading securities. The Fund agrees 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 Fund recognises 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 cashflows 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 Fund 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 Fund 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 Fund recognises a gain or 

loss equal to the change in fair value at the end of each reporting period. 

Page 339







Contract/ Fair Values Contract/ Fair Values 

Notional Assets Liabilities Notional Assets Liabilities 

30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future 13,353 109 (82) (13,084) - (165) 

- Interest rate futures (92,516) 47,254 (37,665) 32,746 7,883 (10,053) 

- Exchange traded options 43,035 54,124 (11,068) - - - 

- Foreign currency forward contracts 1,260,567 25,027 (44,896) 441,807 11,305 (14,364) 

- Interest rate swaps 983,710 5,292 (5,349) - - - 

- Cross currency swaps - - - - - - 

- Credit default swaps 54,961 2,500 (2,986) - - - 

- Warrants - 43 - - - - 

- Others 12,341 76 (49) - - - 

2,275,451 134,425 (102,095) 461,469 19,188 (24,582) 

Parent 

- Share price index future - - - - - - 

- Interest rate futures - - - - - - 

- Exchange traded options - - - - - - 

- Foreign currency forward contracts - - - - - - 

- Interest rate swaps - - - - - - 


- Credit default swaps - - - - - - 

- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 340









30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures 11,396 7,031 (10,044) 262,450 2,818 (3,080) 

- Exchange traded options 1,840 2,506 (666) 30 39 (9) 

- Foreign currency forward contracts 8,988,255 116,903 (278,111) 6,271,055 142,078 (46,175) 

- Interest rate swaps 897,818 6,290 (6,052) 393,439 7,251 (2,803) 

- Cross currency swaps 67,099 2,545 (5,015) 106,654 4,794 (2,868) 

- Credit default swaps 133,562 379 (4,888) 408,132 10,321 (5,097) 

- Warrants - - - - - - 

- Others 411,137 1,178 (517) 17,489 14 (32) 

10,511,107 136,832 (305,293) 7,459,249 167,315 (60,064) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 341









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 




- Foreign currency forward contracts 905,152 220 (26,364) 1,063,514 23,483 (4,992) 




- Warrants - - - - - - 

- Others 350,560 3,898 (69) 2,375 2 (30) 

1,255,712 4,118 (26,433) 1,065,889 23,485 (5,022) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 342









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 




- Foreign currency forward contracts 1,158,009 4,760 (26,605) 845,085 20,393 (1,470) 




- Warrants - - - - - - 

- Others 189,053 59 (87) 144,764 76 (128) 

1,347,062 4,819 (26,692) 989,849 20,469 (1,598) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 343









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future 110,879 193 (32) 75,764 740 (25) 







- Warrants - - - - - - 

- Others - - - 1,201 9 - 

110,879 193 (32) 76,965 749 (25) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 344









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future (2,742) 18 (2) - - - 


- Exchange traded options - - - (5) - (5) 





- Warrants - - - - - - 

- Others - - - - - - 

(2,742) 18 (2) (5) - (5) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 345









30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future 5,365 40 - 2,231 - (16) 







- Warrants - - - - - - 

- Others 123 - - - - - 

5,488 40 - 2,231 - (16) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 346









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures 37,856 845 (629) 2,039 144 - 


- Foreign currency forward contracts 842,704 24,451 (24,591) 508,174 7,554 (10,702) 




- Warrants - 4 - - - - 

- Others 21,608 76 (151) 15,331 109 (118) 

902,168 25,376 (25,371) 525,544 7,807 (10,820) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 347









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 








- Warrants - - - - - - 

- Others 25 - - 353 3 - 

25 - - 353 3 - 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 348









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 








- Warrants - - - - - - 

- Others 145 - (2) 52 - - 

145 - (2) 52 - - 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 349









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures 137,526 73 (1,279) - - - 



- Interest rate swaps 106,000 1,581 - - - - 


- Credit default swaps 9,832 - (310) - - - 

- Warrants - - - - - - 

- Others - - - - - - 

253,358 1,654 (1,589) - - - 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 350









30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future (15,499) - (55) 5,376 - (61) 

- Interest rate futures (28,439) 540 (161) (776) 2 - 


- Foreign currency forward contracts 4,898 - (213) 1,774 70 - 

- Interest rate swaps 32,184 139 (1,244) 14,598 - (329) 



- Warrants - - - - - - 

- Others - - - - - - 

(6,856) 679 (1,673) 20,972 72 (390) 

Parent 


- Interest rate futures (28,439) 540 (161) (776) 2 - 



- Interest rate swaps 32,184 139 (1,244) 14,598 - (329) 



- Warrants - - - - - - 

- Others - - - - - - 

(6,856) 679 (1,673) 20,972 72 (390) 

Page 351









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future 1,669 - (7) (2,130) 7 - 

- Interest rate futures 1,248 35 (393) 2,670 137 (81) 


- Foreign currency forward contracts 8,239 327 (335) 18,116 268 (310) 

- Interest rate swaps 17,800 - (473) 17,300 258 (127) 



- Warrants - - - - - - 

- Others 82 1 (1) 93 2 (2) 

29,038 363 (1,209) 36,049 672 (520) 

Parent 

- Share price index future 1,669 - (7) (2,130) 7 - 

- Interest rate futures 971 24 (184) 1,547 - (68) 






- Warrants - - - - - - 

- Others - - - - - - 

2,640 24 (191) (583) 7 (68) 

Page 352









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future 13,115 181 - 5,376 56 - 







- Warrants - - - - - - 

- Others - - - - - - 

13,115 181 - 5,376 56 - 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 353









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures (44,196) 1,041 (232) (2,327) 7 - 


- Foreign currency forward contracts 11,405 3 (666) 9,575 218 - 

- Interest rate swaps 49,094 166 (2,443) 32,558 8 (1,202) 



- Warrants - - - - - - 

- Others 1,169 - (9) 186 1 - 

(16,865) 1,210 (3,473) 48,613 234 (1,300) 

Parent 


- Interest rate futures (44,812) 1,023 (232) (2,327) 7 - 



- Interest rate swaps 49,094 166 (2,443) 32,558 8 (1,202) 



- Warrants - - - - - - 

- Others - - - - - - 

(21,479) 1,189 (3,385) 42,594 158 (1,300) 

Page 354









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures 506,160 6,666 (2,039) 551,385 176 (2,555) 


- Foreign currency forward contracts - - - 56,627 2,227 (376) 

- Interest rate swaps 1,147,000 23,896 (17,100) 721,500 26,672 (258) 


- Credit default swaps 27,312 - (861) 868,089 27,017 - 

- Warrants - - - - - - 

- Others - - - - - - 

1,680,472 30,562 (20,000) 2,197,601 56,092 (3,189) 

Parent 


- Interest rate futures 520,932 6,644 (2,006) 618,503 60 (2,374) 


- Foreign currency forward contracts - - - 56,627 2,227 (376) 

- Interest rate swaps 604,000 6,367 (16,192) 275,000 4,904 (257) 


- Credit default swaps 27,312 - (861) 868,089 27,018 - 

- Warrants - - - - - - 

- Others - - - - - - 

1,152,244 13,011 (19,059) 1,818,219 34,209 (3,007) 

Page 355









30/06/2013 30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures (32,437) 2,786 (808) 51,599 374 (1,166) 


- Foreign currency forward contracts 352,359 13,813 (4,009) 408,316 7,536 (8,819) 

- Interest rate swaps 959,004 17,495 (38,033) 1,122,068 16,264 (80,881) 

- Cross currency swaps 3,351,885 79,250 (350,732) 3,613,956 234,148 (157,416) 

- Credit default swaps 46,426 - (2,856) 497,537 2,792 (43) 

- Warrants - - - - - - 

- Others 6,406 102 (21) - - - 

4,683,643 113,446 (396,459) 5,693,476 261,114 (248,325) 

Parent 


- Interest rate futures (61,496) 1,819 (378) (9,686) 365 (1,106) 


- Foreign currency forward contracts 293,057 12,490 (555) 379,997 7,107 (8,819) 

- Interest rate swaps 933,331 17,373 (34,886) 1,099,142 15,961 (77,193) 

- Cross currency swaps 3,135,960 77,843 (328,383) 3,375,902 214,490 (155,908) 

- Credit default swaps 46,426 - (2,856) 497,537 2,792 (43) 

- Warrants - - - - - - 

- Others 1,599 22 (19) - - - 

4,348,877 109,547 (367,077) 5,342,892 240,715 (243,069) 

Page 356









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures - - - (5,803) 8 - 






- Warrants - - - - - - 

- Others - - - - - - 

- - - (5,803) 8 - 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 357









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures (88,159) 819 - (54,895) 77 (68) 

- Exchange traded options (855) - (855) (17) - (17) 

- Foreign currency forward contracts - - - 12,439 461 - 



- Credit default swaps - - - 190,389 6,065 - 

- Warrants - - - - - - 

- Others - - - - - - 

(89,014) 819 (855) 147,916 6,603 (85) 

Parent 



- Exchange traded options (855) - (855) (17) - (17) 





- Warrants - - - - - - 

- Others - - - - - - 

(855) - (855) (17) - (17) 

Page 358









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 


- Interest rate futures (16,850) 95 (76) (12,581) 20 (10) 


- Foreign currency forward contracts 49,749 444 (1,968) 48,714 1,290 (218) 



- Credit default swaps - - - 424 10 - 

- Warrants - - - - 5 - 

- Others - - - - - - 

32,899 539 (2,044) 36,557 1,325 (228) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 

Page 359









30/06/2013 

30/06/2012 

$'000 $'000 $'000 $'000 $'000 $'000 

Consolidated 

- Share price index future - - - 

- Interest rate futures - - - 

- Exchange traded options - - - 

- Foreign currency forward contracts 469,313 1,812 (9,242) 

- Interest rate swaps - - - 

- Cross currency swaps - - - 

- Credit default swaps - - - 

- Warrants - - - 

- Others 4,581 52 - 

473,894 1,864 (9,242) 

Parent 








- Warrants - - - - - - 

- Others - - - - - - 

- - - - - - 


Page 360


11. CONTINGENT LIABILITIES AND COMMITMENTS 



The Funds did not have any contingent liabilities or commitments at the end of the current and previous reporting period. 

12. 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 2013 or on the results and cash flows of the Funds for the reporting 

period ended on that date. 

Page 361


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 that contained 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 position as at 30 June 2013 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 


Page 362

pwc 

Independent auditor's report to the unitholders of Colonial 

First State - FirstChoice Wholesale Investment Funds 

Report on the financial report 

We have audited the accompanying financial report of Colonial First State - FirstChoice Wholesale 

Investment Funds (the Funds), which comprises the balance sheets as at 30 June 2013, the statements 

of comprehensive income, statements of changes in equity and cash flow statements for the year ended 

on that date, a summary of significant accounting policies, other explanatory notes and the directors' 

declaration for both the Funds and the consolidated entities. The consolidated entities comprise the 

Funds and the entities they controlled at year's end or from time to time during the financial year. The 

Colonial First State - FirstChoice Wholesale Investment Funds comprise the following funds: 

Commonwealth Multi-Manager Moderate Fund 

Commonwealth Multi-Manager Fixed Interest Fund 

Commonwealth Multi-Manager Property Securities Fund 

Commonwealth Multi Manager Global Property Securities Fund 

Commonwealth Multi Manager Global Infrastructure Securities Fund 

Commonwealth Multi-Manager Australian Share Fund 

Commonwealth Australian Boutique Shares Blended 

Commonwealth Multi-Manager Small Companies Fund 

Commonwealth Multi-Manager Global Shares Fund 

Commonwealth Multi Manager Asian Share Fund 

Commonwealth Multi Manager Emerging Markets Fund 

Colonial First State Wholesale Conservative Fund 

Commonwealth Diversified Fund 1 


Colonial First State Wholesale Diversified Fund 



Colonial First State Wholesale Global Corporate Debt Fund 


Colonial First State Wholesale Enhanced Yield Fund 




PricewaterhouseCoopers, ABN 52 780 433 757 

Darling Park Tower 2, 201 Sussex Street, GPO BOX 2650, SYDNEY NSW 1171 

T: +61 2 8266 0000, F: +61 2 8266 9999, www.pwc.com.au 

Uability limited by a scheme approved under Professional Standards Legislation. 

Page 363

pwc 

Directors' responsibility for the financial report 

The directors of Colonial First State Investments Limited (the Responsible Entity) are responsible for 

the preparation of the financial report that gives a true and fair view in accordance with Australian 

Accounting Standards and the Corporations Act 2001 and for such internal control as the directors 

determine is necessary to enable the preparation of the financial report that is free from material 

misstatement, whether due to fraud or error. In Note 1, the directors also state, in accordance with 

Accounting Standard AASB 101 Presentation of Financial Statements, that the financial statements 

comply with International Fiiwncial Reporting Standards. 

Auditor's responsibility 

Our responsibility is to express an opinion on the financial report based on our audit. We conducted 

our audit in accordance with Australian Auditing Standards. Those standards require that we comply 

with relevant ethical requirements relating to audit engagements and plan and perform the audit to 

obtain reasonable assurance whether the financial report is free from material misstatement. 

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures 

in the financial report. The procedures selected depend on the auditor's judgement, including the 

assessment of the risks of material misstatement of the financial report, whether due to fraud or error. 

In making those risk assessments, the auditor considers internal control relevant to the entity's 

preparation and fair presentation of the financial report in order to design audit procedures that are 

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness 

of the entity's internal control. An audit also includes evaluating the appropriateness of accounting 

policies used and the reasonableness of accounting estimates made by the directors, as well as 

evaluating the overall presentation of the financial report. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for 

our audit opinions. 

Independence 

In conducting our audit, we have complied with the independence requirements of the Corporations 

Act 2001. 

Auditor's opinion 

In our opinion: 

a) the financial report of Colonial First State - FirstChoice Wholesale Investment Funds is in 

accordance with the Corporations Act 2001, including: 

(i) giving a true and fair view of the Funds' and consolidated entities' financial positions as at 30 

June 2013 and of their performance for the year ended on that date; and 

(ii) complying with Australian Accounting Standards (including the Australian Accounting 

Interpretations) and the Corporations Regulations 2001, and 

Page 364

pwc 

b) the financial report and notes also comply with International Financial Reporting Standards as 

disclosed in Note 1. 

y~(~ 

~Pricewat:housecoopers 

~ ? 

i1son 

Partner 

Sydney 


Page 365

Enquiries 

Investor Services: 13 13 36 

Website: colonialfirststate.com.au 

Email: 

contactus@colonialfirststate.com.au 

19541/FS2597/0813 

The Colonial First State FirstChoice Wholesale Investments Product Disclosure Statement was issued on 11 June 2013.

FirstChoice Wholesale Investments part 2 - Colonial First State

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