FirstChoice Wholesale Investments - Colonial First State

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COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDSReview of Operations (continued)Management Costs and Indirect Cost Ratio (ICR)DIRECTORS' REPORTFOR THE PERIOD ENDED 30 JUNE 2011Management costs include investment expenses, custody fees and management fees paid or payable as provided underthe Constitution for a Fund. These costs are not paid directly by the unitholders of a Fund and do not includetransactions costs and additional service fees.The ICR of a Fund is expressed as a percentage of a Fund's management costs over the Fund's average net assets.The ICR of the Funds are shown in the following table:30/6/2011 30/6/2010Annualised AnnualisedICR % ICR %FirstChoice Wholesale Defensive 0.86 0.86FirstChoice Wholesale Conservative 0.92 0.91FirstChoice Wholesale Balanced 1.01 0.99FirstChoice Wholesale Growth 1.03 1.01FirstChoice Wholesale High Growth 1.11 1.11FirstChoice Wholesale Geared Growth Plus 1.93 1.87FirstChoice Wholesale Global Share - Hedged 1.21 1.21FirstChoice Wholesale Geared Boutique Australian Share 2.58 2.51FirstChoice Wholesale Multi-Index Conservative 0.61 0.61FirstChoice Wholesale Multi-Index Balanced 0.69 0.69Colonial First State Wholesale Balanced 0.86 0.86Perpetual Wholesale Diversified Growth 1.20 1.21Colonial First State Wholesale High Growth 1.16 1.16Perpetual Wholesale Split Growth 1.36 1.36Colonial First State Wholesale Index Australian Bond 0.40 0.40Colonial First State Wholesale Index Property Securities 0.40 0.40Colonial First State Wholesale Index Australian Share 0.40 0.41Realindex Wholesale Australian Share 0.65 0.66Colonial First State Wholesale Future Leaders 1.30 1.30Realindex Wholesale Australian Small Companies 0.85 0.85Colonial First State Wholesale Index Global Share 0.52 0.51Realindex Wholesale Global Share 0.78 0.79Realindex Wholesale Global Share Hedged 0.77 0.77Perpetual Wholesale Conservative Growth 1.15 1.15PerformanceThe performance figures below have been calculated on an annual compound basis using exit prices and with noallowance made for the taxation of these returns. Distributions paid have been treated as being reinvested and havebeen recognised in the period of entitlement.30/6/2011 30/6/2010Annualised Annualised% %FirstChoice Wholesale Defensive 6.16 9.80FirstChoice Wholesale Conservative 7.71 10.28Page 5
COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDSReview of Operations (continued)Performance (continued)DIRECTORS' REPORTFOR THE PERIOD ENDED 30 JUNE 201130/6/2011 30/6/2010Annualised Annualised% %FirstChoice Wholesale Balanced 10.36 13.39FirstChoice Wholesale Growth 10.59 13.05FirstChoice Wholesale High Growth 13.09 14.42FirstChoice Wholesale Geared Growth Plus 17.51 16.37FirstChoice Wholesale Global Share - Hedged 24.54 13.27FirstChoice Wholesale Geared Boutique Australian Share 17.22 15.33FirstChoice Wholesale Multi-Index Conservative 8.08 10.02FirstChoice Wholesale Multi-Index Balanced 11.78 14.20Colonial First State Wholesale Balanced 6.84 9.72Perpetual Wholesale Diversified Growth 5.65 9.78Colonial First State Wholesale High Growth 8.55 11.24Perpetual Wholesale Split Growth 1.62 7.45Colonial First State Wholesale Index Australian Bond 5.17 7.40Colonial First State Wholesale Index Property Securities 5.91 19.96Colonial First State Wholesale Index Australian Share 11.46 12.87Realindex Wholesale Australian Share 10.16 15.47Colonial First State Wholesale Future Leaders 15.23 22.06Realindex Wholesale Australian Small Companies 12.23 15.99Colonial First State Wholesale Index Global Share 2.46 4.70Realindex Wholesale Global Share 3.06 5.77Realindex Wholesale Global Share Hedged 24.43 15.75Perpetual Wholesale Conservative Growth 5.36 8.93Responsible Entity and DirectorsThe Responsible Entity of the Fund is Colonial First State Investments Limited. The ultimate holding company is theCommonwealth Bank of Australia (ABN 48 123 123 124).The Directors of the Responsible Entity in office during the current reporting period and up to the date of the report are:Grahame Anthony PetersenLynette Elizabeth CobleyBrian Vincent BissakerMichael John Venter Appointed on 4 July 2011.Peter Robert WinneyBradley Brian MasseyGregg Johnston Resigned on 4 July 2011.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.Page 6
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