FirstChoice Wholesale Investments - Colonial First State

COLONIAL FIRST STATE - FIRSTCHOICE WHOLESALE INVESTMENT FUNDSPrincipal Activities (continued)DIRECTORS' REPORTFOR THE PERIOD ENDED 30 JUNE 2011Name of Fund Also Referred to in this Report as Date of Date ofConstitution RegistrationColonial First State - FirstChoice Wholesale Realindex Wholesale Australian Small 25/08/2008 8/09/2008Investments - Small Companies Fund 10 CompaniesColonial First State - FirstChoice Wholesale Colonial First State Wholesale Index 7/06/2004 15/06/2004Investments - Global Share Fund 14Global ShareColonial First State - FirstChoice Wholesale Realindex Wholesale Global Share 25/08/2008 8/09/2008Investments - Global Share Fund 22Colonial First State - FirstChoice Wholesale Realindex Wholesale Global Share 25/08/2008 8/09/2008Investments - Global Share Fund 23HedgedCommonwealth Diversified Fund 1 Perpetual Wholesale Conservative 27/03/2002 27/03/2002GrowthThe principle activities of the Funds are to invest in accordance with the investment objectives and guidelines of as setout in the current Product Disclosure Statement and in accordance with the provision of the Funds' Constitution.Please refer to the current Product Disclosure for further information.Page 3