FirstChoice Wholesale Investments part 2 - Colonial First State

COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS
DIRECTORS' REPORT
FOR THE REPORTING PERIOD ENDED 30 JUNE 2013
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.
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