FirstChoice Wholesale Investments - Colonial First State

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COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS10. FINANCIAL RISK MANAGEMENT (continued)NOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 30 JUNE 2011(d)Liquidity risk (continued)Perpetual Wholesale Conservative GrowthLess than 1 - 3 3 - 12 1 - 2 2 - 3 More than Total30/06/2011 1 month months months years years 3 years$'000 $'000 $'000 $'000 $'000 $'000 $'000Australian share priceindex futuresInflows - - - - - - -(Outflows) - (72) - - - - (72)Australian interest ratefuturesInflows - 11 - - - - 11(Outflows) - - - - - - -Foreign currency forwardcontractsInflows 1,772 - - - - - 1,772(Outflows) (1,747) - - - - - (1,747)Perpetual Wholesale Conservative GrowthLess than 1 - 3 3 - 12 1 - 2 2 - 3 More than Total30/06/2010 1 month months months years years 3 years$'000 $'000 $'000 $'000 $'000 $'000 $'000Australian share priceindex futuresInflows - 21 - - - - 21(Outflows) - - - - - - -Australian interest ratefuturesInflows - 70 - - - - 70(Outflows) - - - - - - -Page 141
COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDS10. FINANCIAL RISK MANAGEMENT (continued)NOTES TO THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED 30 JUNE 2011(e)Fair Value EstimationThe 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 Note 1. The fair value of financialinstruments traded in active markets (such as publicly traded derivatives) is based on quoted market prices at thereporting date. The quoted market price used for financial assets held by the Funds is the last bid price. Derivativecontracts classified as held for trading are fair valued by comparing the contracted rate to the current market rate for acontract with the same remaining period to maturity.Investments in unlisted managed investment schemes are recorded at the redemption value per unit as reported by theResponsible Entity of such funds.The fair value of financial instruments that are not traded in an active market (such as over the counter derivatives) isdetermined using valuation techniques. These Funds use a variety of methods and make assumptions that are based onmarket conditions existing at each balance date. Quoted market prices or dealer quotes for similar instruments are usedfor long-term debt instruments held. Other techniques, such as estimated discounted cash flows, are used to determinethe fair value for the remaining financial instruments. The fair value of interest rate swaps is calculated as the presentvalue of the estimated future cash flows. The fair value of forward exchange contracts is determined using forwardexchange market rates at the reporting date.Page 142
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Dear InvestorYour Annual Financial
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FirstChoice Wholesale Investments - Colonial First State

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