Wellington Management Portfolios (Australia) - Australian Global

Wellington Management Portfolios(Australia) - Australian Global TotalReturn PortfolioARSN 108 039 354Annual report - 30 June 2015

Wellington Management Portfolios (Australia) - Australian Global Total Return PortfolioARSN 108 039 354

Annual report - 30 June 2015

Contents

Page

Directors' Report 1Auditor's Independence Declaration 4Statement of Comprehensive Income 5Statement of Financial Position 6Statement of Changes in Equity 7Statement of Cash Flows 8Notes to the Financial Statements 9Directors' Declaration 34Independent Auditor's Report 35

This financial report covers Wellington Management Portfolios (Australia) - Australian Global Total Return Portfolio as anindividual entity.

The Responsible Entity of Wellington Management Portfolios (Australia) - Australian Global Total Return Portfolio isMacquarie Investment Management Limited (ABN 66 002 867 003). The Responsible Entity's registered office is No. 50Martin Place, Sydney, NSW 2000.

Wellington Management Portfolios (Australia) - Australian Global Total Return Portfolio

Directors' Report30 June 2015

The directors of Macquarie Investment Management Limited, a wholly owned subsidiary of Macquarie Group Limited,the Responsible Entity of Wellington Management Portfolios (Australia) - Australian Global Total Return Portfolio,present their report together with the financial report of Wellington Management Portfolios (Australia) - AustralianGlobal Total Return Portfolio (the "Trust") for the year ended 30 June 2015.

Principal activities

The Trust invests in debt securities and derivatives in accordance with the Trust Constitution.

The Trust did not have any employees during the year.

There were no significant changes in the nature of the Trust’s activities during the year.

Directors

The following persons held office as directors of Macquarie Investment Management Limited during the year or sincethe end of the year and up to the date of this report:

B Terry (resigned 30/06/2015)J EdsteinI MillerH Brown (appointed 01/07/2014)

Review and results of operations

Results

The performance of the Trust, as represented by the results of its operations, was as follows:

2015 2014Operating profit before finance costsattributable to unitholders ($'000) 30,840 24,147

DistributionsDistribution paid and payable ($'000) - 37,974

Distribution (cents per unit) - 4.67

Significant changes in state of affairs

In the opinion of the directors, there were no significant changes in the state of affairs of the Trust that occurred duringthe financial year under review.

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Matters subsequent to the end of the financial year

On 1 July 2015, Macquarie Investment Management Limited executed business transfer deeds transferring theeconomic risks and rewards of its Macquarie Investment Management business to Macquarie Investment ManagementAustralia Ltd (formerly known as MQ Portfolio Management Limited) and Macquarie Investment Management GlobalLtd (formerly known as Macquarie Capital Investment Management (Australia) Limited). Subject to receiving relevantapprovals, the transfer is expected to result in Macquarie Investment Management Limited retiring as ResponsibleEntity of the Trust and Macquarie Investment Management Australia Ltd being appointed as Responsible Entity of theTrust.

No other matter or circumstance has arisen since 30 June 2015 that has significantly affected, or may significantlyaffect:

(i) the operations of the Trust in future financial years, or

(ii) the results of those operations in future financial years, or

(iii) the state of affairs of the Trust in future financial years.

Likely developments and expected results of operations

The Trust will continue to be managed in accordance with the investment objective and strategy set out in the Trust’soffer document and in accordance with the Trust Constitution.

The results of the Trust's operations will be affected by a number of factors, including the performance of investmentmarkets in which the Trust invests. Investment performance is not guaranteed and future returns may differ from pastreturns. As investment conditions change over time, past returns should not be used to predict future returns.

Further information on likely developments in the operations of the Trust and the expected results of those operationshave not been included in this report because the Responsible Entity believes it would be likely to result inunreasonable prejudice to the Trust.

Indemnification and insurance of officers and auditors

No insurance premiums are paid for out of the assets of the Trust in regards to insurance cover provided to either theofficers of Macquarie Investment Management Limited or the auditors of the Trust. Under the Trust Constitution,Macquarie Investment Management Limited as Responsible Entity of the Trust is entitled to be indemnified out of theassets of the Trust for any liability incurred by it in properly performing or exercising any of its powers or duties inrelation to the Trust.

Fees paid to and interests held in the Trust by the Responsible Entity or its associates

Fees paid to the Responsible Entity and its associates out of Trust property during the year are disclosed in note 10 ofthe financial statements.

No fees were paid out of Trust property to the directors of the Responsible Entity during the year (2014: Nil).

The number of interests in the Trust held by the Responsible Entity, its directors or its associates as at the end of thefinancial year are disclosed in note 10 of the financial statements.

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Interests in the Trust

The movement in units on issue in the Trust during the year is disclosed in note 6 of the financial statements.

The value of the Trust’s assets and liabilities is disclosed on the statement of financial position and derived using thebasis set out in note 2 of the financial statements.

Environmental regulation

The operations of the Trust are not subject to any particular or significant environmental regulations under aCommonwealth, State or Territory law.

Rounding of amounts to the nearest thousand dollars

Pursuant to Class Order 98/100 issued by the Australian Securities & Investments Commission, relating to the"rounding off" of amounts in the directors' report and financial report, amounts in the directors' report and financialreport have been rounded off to the nearest thousand dollars in accordance with that Class Order, unless otherwiseindicated.

Auditor's independence declaration

A copy of the Auditor's independence declaration as required under section 307C of the Corporations Act 2001 is setout on page 4.

This report is made in accordance with a resolution of the directors.

Director: ...............................................................I Miller

Sydney

28 September 2015

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A member firm of Ernst & Young Global LimitedLiability limited by a scheme approved under Professional Standards Legislation

Ernst & Young680 George StreetSydney NSW 2000 AustraliaGPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555Fax: +61 2 9248 5959ey.com/au

Auditor’s Independence Declaration to the Directors of MacquarieInvestment Management Limited

In relation to our audit of the financial report of Wellington Management Portfolios (Australia) -Australian Global Total Return Portfolio for the financial year ended 30 June 2015, to the best of myknowledge and belief, there have been no contraventions of the auditor independence requirements ofthe Corporations Act 2001 or any applicable code of professional conduct.

Ernst & Young

Darren Handley-GreavesPartner28 September 2015


Statement of Comprehensive IncomeFor the Year Ended 30 June 2015

Notes2015$'000

2014$'000

Investment incomeNet gains on financial instrumentsheld at fair value through profit orloss 5 33,305 26,511

Other operating income 133 246

Total net investment income 33,438 26,757

ExpensesResponsible Entity/InvestmentManager fees 10 (2,598) (2,610)

Total operating expenses (2,598) (2,610)

Operating profit 30,840 24,147

Finance costs attributable to unitholders

Distributions to unitholders - (37,974)(Increase)/decrease in net assetsattributable to unitholders 6 (30,840) 13,827

Profit/(loss) for the year - -Other comprehensive income for theyear - -

Total comprehensive income forthe year - -

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

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Statement of Financial PositionAs at 30 June 2015

Notes2015$'000

2014$'000

AssetsCash and cash equivalents 7 32,812 71,772Margin accounts 7,069 10,607Due from brokers - receivable forsecurities sold 108,407 1,175,120Interest/coupons receivable - 34Other receivables 15 16Financial assets held at fair valuethrough profit or loss 8 688,252 724,155

Total assets 836,555 1,981,704

LiabilitiesDistributions payable - 4,641Due to brokers - payable forsecurities purchased 83,942 1,209,849Responsible Entity/InvestmentManager fees payable 10 286 268Cash collateral payable 4,057 5,493Financial liabilities held at fair valuethrough profit or loss 9 4,480 6,552

Total liabilities (excluding netassets attributable to unitholders) 92,765 1,226,803

Net assets attributable tounitholders - liability 6 743,790 754,901

The above statement of financial position should be read in conjunction with the accompanying notes.

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Statement of Changes in EquityFor the Year Ended 30 June 2015

2015$'000

2014$'000

Total equity at the beginning of theyear - -Total comprehensive income for the year - -Transactions with owners in theircapacity as owners - -

Total equity at the end of the year - -

Under Australian Accounting Standards, net assets attributable to unitholders are classified as a liability rather than equity.As a result there was no equity at the start or end of the year.The above statement of changes in equity should be read in conjunction with the accompanying notes.

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Statement of Cash FlowsFor the Year Ended 30 June 2015

Notes2015$'000

2014$'000

Cash flows from operatingactivities:Proceeds from sale of financialinstruments held at fair value throughprofit or loss 3,449,602 1,761,737Purchase of financial instrumentsheld at fair value through profit orloss (3,470,065) (1,742,908)Interest/coupons received 21,416 24,253Responsible Entity/InvestmentManager fees paid (2,580) (2,569)Other income received 134 247Net cash (outfolw)/inflow fromoperating activities 11(a) (1,493) 40,760

Cash flows from financingactivities:Proceeds from applications byunitholders 95,151 114,576Payments for redemptions byunitholders (137,102) (96,153)Distributions paid (4,641) -Net cash (outflow)/inflow fromfinancing activities (46,592) 18,423

Net (decrease)/increase in cashand cash equivalents (48,085) 59,183Cash and cash equivalents at thebeginning of the year 71,772 11,398Effects of foreign currency exchangerate changes on cash and cashequivalents 9,125 1,191Cash and cash equivalents at theend of the year 7 32,812 71,772

Non-cash financing activities 11(b) - 33,333

The above statement of cash flows should be read in conjunction with the accompanying notes.

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Notes to the Financial StatementsFor the Year Ended 30 June 2015

1 General Information

This financial report covers Wellington Management Portfolios (Australia) - Australian Global Total Return Portfolio (the"Trust") as an individual entity. The Trust was constituted on 12 February 2004. The Trust is a registered managedinvestment scheme domiciled in Australia.

The Responsible Entity of the Trust is Macquarie Investment Management Limited (the "Responsible Entity''). TheResponsible Entity’s registered office is No. 50 Martin Place, Sydney, NSW 2000. The financial report is presented inAustralian dollars.

For the period from 1 July 2014 to 31 December 2014, the Investment Manager of the Trust was WellingtonManagement Company, LLP (a Massachusetts limited liability partnership) (the “Investment Manager”). On 1 January2015, Wellington Management Company, LLP (Massachusetts) resigned as the Investment Manager of the Trust andWellington Management Company LLP (a Delaware limited liability partnership) (the “Investment Manager”) wasappointed Investment Manager of the Trust.

The Trust will continue to be managed in accordance with the investment objective and strategy set out in the Trust’soffer document and in accordance with the Trust Constitution.

The financial statements were authorised for issue by the directors on 28 September 2015. The directors of theResponsible Entity have the power to amend and reissue the financial report.

2 Summary of Significant Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. Thesepolicies have been consistently applied to all years presented, unless otherwise stated in the following text.

(a) Basis of Preparation

This general purpose financial report has been prepared in accordance with Australian Accounting Standards,other authoritative pronouncements of the Australian Accounting Standards Board and the Corporations Act2001 in Australia.

The financial report is prepared on the basis of fair value measurement of assets and liabilities except whereotherwise stated.

The statement of financial position is presented on a liquidity basis. Assets and liabilities are presented indecreasing order of liquidity and do not distinguish between current and non-current. All balances are expectedto be recovered or settled within twelve months, except for investments in financial assets and net assetsattributable to unitholders. The amount expected to be recovered or settled within twelve months after the endof each reporting period cannot be reliably determined.

Where necessary, comparative information has been reclassified to be consistent with current perioddisclosures.

Changes in Australian Accounting Standards

The Trust has adopted all mandatory Australian Accounting Standards and Interpretations for the financial yearbeginning on or after 1 July 2014. The following key Accounting Standards and amendments to AccountingStandards became applicable in the current financial year:

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2 Summary of Significant Accounting Policies (continued)

(a) Basis of Preparation (continued)

(i) AASB 2012-3 Amendments to Australian Accounting Standards - Offsetting Financial Assets and FinancialLiabilities

AASB 2012-3 amends AASB 132 Financial Instruments: Presentation to clarify that to set off an asset with aliability:

! The right of set-off must be available and legally enforceable for all counterparties in the normal courseof business, as well as in the event of default, insolvency or bankruptcy;

! Certain gross settlement mechanisms (such as through a clearing house) may be equivalent to netsettlement;

! Master netting arrangements where the legal right of offset is only enforceable on the occurrence of afuture event (such as default of the counterparty) continue to not meet the requirements for netting.

AASB 2012-3 is required to be retrospectively applied.

Application in the current period has not had a material impact on the financial position nor performance of theTrust.

(ii) AASB 2013-5 Amendments to Australian Accounting Standards – Investment Entities

AASB 2013-5 defines an investment entity and provides an exception to the consolidation requirements inAASB 10. Investment entities are required to measure particular subsidiaries at fair value through profit or loss,rather than consolidate them. However, where a non-investment entity parent ultimately controls an investmententity, the parent must still consolidate the investment entity and all the underlying subsidiaries, reversing fairvalue used by the investment entity. The amendments also set out new disclosure requirements for investmententities.

AASB 2013-5 is required to be retrospectively applied, however, adjustments are not required for subsidiaryinvestments that are disposed of or for which control is lost before the due date of initial application, 1 July2014.

As the Trust does not have any subsidiary investments, the application of this standard has no impact on thefinancial position nor performance of the Trust.

Compliance with International Financial Reporting Standards

The financial statements also comply with International Financial Reporting Standards as issued by theInternational Accounting Standards Board.

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(b) Financial instruments

(i) Classification

The Trust's investments are categorised as at fair value through profit or loss. They comprise:

! Financial instruments held for trading

These include derivative financial instruments such as options, futures, credit default swaps,interest rate swaps and foreign currency forward contracts. The Trust does not designate anyderivatives as hedges in a hedging relationship.

! Financial instruments designated at fair value through profit or loss upon initial recognition

These include financial assets that are not held for trading purposes and which may be sold.These include investments in debt securities.

Financial assets and financial liabilities designated at fair value through profit or loss at inceptionare those that are managed and their performance evaluated on a fair value basis in accordancewith the Trust’s documented investment strategy. The Trust’s policy is for the Responsible Entityto evaluate the information about these financial assets on a fair value basis together with otherrelated financial information.

Loans and receivables comprise amounts due to the Trust.

(ii) Recognition/derecognition

The Trust recognises financial assets and financial liabilities on the date it becomes party to thecontractual agreement (trade date) and recognises changes in fair value of the financial assets orfinancial liabilities from this date.

Investments are derecognised when the right to receive cashflows from the investments has expired orthe Trust has transferred substantially all risks and rewards of ownership.

(iii) Measurement

(a) Financial assets and financial liabilities held at fair value through profit or loss

Financial assets and financial liabilities held at fair value through profit or loss are measured initially atfair value excluding any transaction costs that are directly attributable to the acquisition or issue of thefinancial asset or financial liability. Transaction costs on financial assets and financial liabilities at fairvalue through profit or loss are expensed immediately. Subsequent to initial recognition, all instrumentsheld at fair value through profit or loss are measured at fair value with changes in their fair valuerecognised in the statement of comprehensive income.

! Fair value in an active market

The fair value of financial assets and financial liabilities traded in active markets is based on theirquoted market prices at the statement of financial position date without any deduction forestimated future selling costs. Financial assets are priced at current bid prices, while financialliabilities are priced at current asking prices.

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(b) Financial instruments (continued)

(iii) Measurement (continued)

(a) Financial assets and financial liabilities held at fair value through profit or loss (continued)

! Fair value in an inactive or unquoted market

The fair value of financial assets and financial liabilities that are not traded in an active market isdetermined using valuation techniques. These include the use of recent arm’s length markettransactions, reference to the current fair value of a substantially similar other instrument,discounted cash flow techniques, option pricing models or any other valuation technique thatprovides a reliable estimate of prices obtained in actual market transactions.

Where discounted cash flow techniques are used, estimated future cash flows are based onmanagement’s best estimates and the discount rate used in a market rate at the statement offinancial position date applicable for an instrument with similar terms and conditions.

For other pricing models, inputs are based on market data at the statement of financial positiondate. Fair values for unquoted equity investments are estimated, if possible, using applicablepricing/earnings ratios for similar listed companies adjusted to reflect the specific circumstancesof the issuer.

The fair value of derivatives that are not exchange traded is estimated at the amount that theTrust would receive or pay to terminate the contract at the statement of financial position datetaking into account current market conditions (volatility and appropriate yield curve) and thecurrent creditworthiness of the counterparties.

Details on how the fair value of financial instruments is determined are disclosed in note 3(e).

(b) Loans and receivables

Loans and receivables are measured initially at fair value plus transaction costs and subsequentlyamortised using the effective interest method, less impairment losses if any. Such assets are reviewedat each statement of financial position date to determine whether there is objective evidence ofimpairment.

If any such indication of impairment exists, an impairment calculation is undertaken and any impairmentloss is recognised in the statement of comprehensive income as the difference between the asset’scarrying amount and the present value of estimated future cash flows discounted at the original effectiveinterest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried atamortised cost decreases and the decrease can be linked objectively to an event occurring after thewrite-down, the write-down is reversed through the statement of comprehensive income.

(iv) Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the statement offinancial position if, and only if, there is a legally enforceable right to offset the recognised amounts at alltimes and there is an intention to settle on a net basis, or realise the asset and settle the liabilitysimultaneously.

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(c) Net assets attributable to unitholders

Units are redeemable at the unitholders' option and are therefore classified as financial liabilities. The units canbe put back to the Trust at any time for cash based on the redemption price. The fair value of redeemable unitsis measured at the redemption amount that is payable (based on the redemption unit price) at the statement offinancial position date if unitholders exercised their right to put the units back to the Trust.

(d) Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash includes cash on hand and deposits heldat call with financial institutions. Cash equivalents include other short-term, highly liquid investments withoriginal maturities of three months or less from the date of acquisition that are readily convertible to knownamounts of cash, which are subject to an insignificant risk of changes in value and are held for the purpose ofmeeting short-term cash commitments rather than for investment or other purposes. Bank overdrafts, if any, areshown separately on the statement of financial position.

Payments and receipts relating to the purchase and sale of investment securities are classified as cash flowsfrom operating activities, as movements in the fair value of these securities represent the Trust's main incomegenerating activity.

(e) Cash collateral payable

Cash collateral payable comprises cash received as collateral for over-the-counter derivative transactions. Thecash is held by the Trust and is payable to the broker.

(f) Margin accounts

Margin accounts comprise cash held as collateral for derivative transactions. The cash is held by the broker andis only available to meet margin calls.

(g) Investment income

Interest income is recognised in the statement of comprehensive income using the effective interest method forall financial instruments that are not held at fair value through profit or loss. Interest income on assets held atfair value through profit or loss is included in the net gains/(losses) on financial instruments. Other changes infair value for such instruments are recorded in accordance with the policies described in note 2(b).

The effective interest method is a method of calculating the amortised cost of a financial asset or financialliability and of allocating the interest income or interest expense over the relevant period. The effective interestrate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life ofthe financial instrument, or a shorter period where applicable, to the net carrying amount of the financial assetor liability. When calculating the effective interest rate, the Trust estimates cash flows considering allcontractual terms of the financial instrument (for example, prepayment options) but does not consider futurecredit losses. The calculation includes all fees paid or received between the parties to the contract that are anintegral part of the effective interest rate, including transaction costs and all other premiums or discounts.

Swap income is recognised in the statement of comprehensive income when the right to receive such income isestablished.

(h) Expenses

All expenses, including Responsible Entity/Investment Manager fees, are recognised in the statement ofcomprehensive income on an accruals basis.

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(i) Income tax

Under current legislation, the Trust is not subject to income tax as unitholders are presently entitled to theincome of the Trust.

Financial instruments held at fair value may include unrealised capital gains. Should such a gain be realised,that portion of the gain that is subject to capital gains tax will be distributed so that the Trust is not subject tocapital gains tax.

Realised capital losses are not distributed to unitholders but are retained in the Trust to be offset against anyrealised capital gains. If realised capital gains exceed realised capital losses, the excess is distributed tounitholders.

The benefits of tax paid are passed on to unitholders.

(j) Distributions

In accordance with the Trust Constitution, the Trust distributes its distributable income, and any other amountsdetermined by the Responsible Entity, to unitholders by cash or reinvestment. The distributions are recognisedin the statement of comprehensive income as finance costs attributable to unitholders.

(k) Increase/decrease in net assets attributable to unitholders

Income not distributed is included in net assets attributable to unitholders. Movements in net assets attributableto unitholders are recognised in the statement of comprehensive income as finance costs.

(l) Foreign currency translation

(i) Functional and presentation currency

Items included in the Trust’s financial statements are measured using the currency of the primaryeconomic environment in which it operates (the “functional currency”). This is the Australian dollar, whichreflects the currency of the economy in which the Trust competes for funds and is regulated. TheAustralian dollar is also the Trust’s presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange ratesprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from thesettlement of such transactions and from the translations at year end exchange rates of monetary assetsand liabilities denominated in foreign currencies are recognised in the statement of comprehensiveincome.

The Trust does not isolate that portion of gains or losses on securities and derivative financialinstruments that are measured at fair value through profit or loss and which is due to changes in foreignexchange rates from that which is due to changes in the market price of securities. Such fluctuations areincluded with the net gains on financial instruments at fair value through profit or loss.

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(m) Due from/to brokers

Amounts due from/to brokers represent receivables for securities sold and payables for securities purchasedthat have been contracted for but not yet delivered by the end of the year. A provision for impairment ofamounts due from brokers is established when there is objective evidence that the Trust will not be able tocollect all amounts due from the relevant broker. Significant financial difficulties of the broker, probability thatthe broker will enter bankruptcy or financial reorganisation, and default in payments are considered indicatorsthat the amount due from brokers is impaired.

(n) Receivables

Receivables may include amounts for interest. Interest is accrued at the reporting date from the time of lastpayment in accordance with the policy set out in note 2(g) above. Amounts are generally received within 30days of being recorded as receivables.

Receivables may include such items as Reduced Input Tax Credits ("RITC").

(o) Payables

Payables include liabilities and accrued expenses owing by the Trust which are unpaid as at year end.

The distribution amount payable to unitholders as at year end is recognised separately in the statement offinancial position as unitholders are presently entitled to the distributable income under the Trust Constitution.

(p) Applications and redemptions

Applications received for units in the Trust are recorded net of any entry fees payable prior to the issue of unitsin the Trust. Redemptions from the Trust are recorded gross of any exit fees payable after the cancellation ofunits redeemed.

(q) Goods and Services Tax (GST)

The GST incurred on the costs of various services provided to the Trust by third parties such as ResponsibleEntity/Investment Manager fees have been passed onto the Trust. The Trust qualifies for RITChence Responsible Entity fees and other expenses have been recognised in the statement of comprehensiveincome net of the amount of GST recoverable from the Australian Taxation Office ("ATO"). Accounts payableare inclusive of GST. The net amount of GST recoverable from the ATO is included in receivables in thestatement of financial position. Cash flows relating to GST are included as cash flow from operating activities inthe statement of cash flows on a gross basis.

(r) Use of estimates

The Responsible Entity makes estimates and assumptions that affect the reported amounts of assets andliabilities within the next financial year. Estimates are continually evaluated and based on historical experienceand other factors, including expectations of future events that are believed to be reasonable under thecircumstances.

Certain financial instruments, for example, over-the-counter derivatives and unquoted securities are fair valuedusing valuation techniques. Where valuation techniques (for example, pricing models) are used to determinefair 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 toensure that outputs are reliable.

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(r) Use of estimates (continued)

Models use observable data to the extent practicable. However, inputs such as credit risk (both own andcounterparty), volatilities and correlations require management to make estimates. Changes in assumptionsabout these inputs could affect the reported fair value of financial instruments.

For certain other financial instruments, including amounts due from/to brokers and accounts payable, thecarrying amounts approximate fair value due to the immediate or short-term nature of these financialinstruments.

(s) New accounting standards and interpretations

Certain new accounting standards and interpretations have been published that are not mandatory for the 30June 2015 reporting periods. The Responsible Entity’s assessment of the impact of these new standards (to theextent relevant to the Trust) and interpretations is set out below:

(i) AASB 9 Financial Instruments, AASB 2010-7 Amendments to Australian Accounting Standards arising fromAASB 9, AASB 2013-9 Amendments to Australian Accounting Standards - Conceptual Framework, Materialityand Financial Instruments - Part C and related amendment AASB 2010-7 and AASB 2014-1 Amendments toAccounting Standards

AASB 9 Financial Instruments applies to annual reporting periods beginning on or after 1 January 2018 and willtherefore apply to the Trust from 1 July 2018.

AASB 9 Financial Instruments requires all financial instruments to be measured at fair value unless the criteriafor amortised cost are met. The application of the standard is not expected to change the measurement basis ofany of the Trust's current financial instruments, however, AASB 9 Financial Instruments allows the Trust to electto present gains and losses on financial instruments held at fair value through other comprehensive income,which may impact the presentation of these gains and losses. The impact of the standard may also change ifthe nature of the Trust's activities or investments changes prior to initial application.

The Trust is continuing to assess the full impact of adopting AASB 9 Financial Instruments.

Standards and interpretations that are not expected to have material impact on the Trust have not beenincluded.

(t) Rounding of amounts

Pursuant to Class Order 98/100 issued by the Australian Securities & Investments Commission, relating to the"rounding off" of amounts in the directors' report and financial report, amounts in the directors' report andfinancial report have been rounded off to the nearest thousand dollars in accordance with that Class Order,unless otherwise indicated.

3 Financial risk management

(a) Strategy in using financial instruments

The Trust’s activities expose it to a variety of financial risks: market risk (which may include price risk, foreignexchange risk and interest rate risk), credit risk and liquidity risk.

The Responsible Entity’s overall risk management programme focuses on ensuring compliance with the Trust’sinvestment guidelines and seeks to maximise the returns derived for the level of risk to which the Trust isexposed. The Trust uses derivatives and other instruments for trading purposes and in connection with its riskmanagement activities.

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3 Financial risk management (continued)

(a) Strategy in using financial instruments (continued)

The Trust may use derivative financial instruments:

! to gain or reduce the Trust’s exposure to a particular security or index

! to gain or reduce market exposure in the portfolio

! for currency hedging

! to hedge the credit exposure within the portfolio.

Derivatives are not used to gear (leverage) the portfolio. Gearing a portfolio would occur if the level of exposureto the markets exceed the underlying value of the Trust.

Financial risk management is monitored by the Investment Manager's's risk management department underpolicies approved by the Responsible Entity's senior managers or by the board of directors of the ResponsibleEntity.

The Board Audit Risk and Compliance Committee of the Responsible Entity reviews any identified high andmedium severity exceptions to internal risk policies and procedures on a quarterly basis.

(b) Market risk

(i) Price risk

Price risk for the Trust's debt securities and derivatives is a function of foreign exchange risk, interest rate risk,credit risk and liquidity risk.

(ii) Foreign exchange risk

The Trust holds both monetary and non-monetary assets and liabilities denominated in currencies other thanthe Australian dollar. The foreign exchange risk relating to non-monetary assets and liabilities is a component ofprice risk. Foreign exchange risk arises as the value of monetary assets and liabilities denominated in othercurrencies will fluctuate due to changes in exchange rates.

Foreign exchange risk on monetary and non-monetary assets and liabilities is managed by hedging undesiredcurrency exposure.

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(b) Market risk (continued)

(ii) Foreign exchange risk (continued)

The table below summarises the Trust’s monetary and non-monetary assets and liabilities denominated inAustralian dollars and other currencies.

30 June 2015

AustralianDollarsA$'000

USDollarsA$'000

Othercurrencies

A$'000Total

A$'000

AssetsCash and cash equivalents 101 52,378 (19,667) 32,812Margin accounts (115) 5,887 1,297 7,069Due from brokers - receivablefor securities sold 15 61,957 46,435 108,407Other receivables 15 - - 15Financial assets held at fairvalue through profit or loss 56,343 541,716 90,193 688,252

Total assets 56,359 661,938 118,258 836,555

LiabilitiesDue to brokers - payable forsecurities purchased 107 56,547 27,288 83,942ResponsibleEntity/Investment Managerfees payable 286 - - 286Cash collateral payable - 4,057 - 4,057Financial liabilities held at fairvalue through profit or loss 275 1,722 2,483 4,480

Total liabilities (excludingnet assets attributable tounitholders) 668 62,326 29,771 92,765

Net assets attributable tounitholders - liability 55,691 599,612 88,487 743,790

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30 June 2014

AustralianDollarsA$'000

USDollarsA$'000

Othercurrencies

A$'000Total

A$'000

AssetsCash and cash equivalents (5,116) 76,862 26 71,772Margin accounts 125 10,427 55 10,607Due from brokers - receivablefor securities sold 203 1,133,967 40,950 1,175,120Interest/coupons receivable 34 - - 34Other receivables 16 - - 16Financial assets held at fairvalue through profit or loss 82,904 480,543 160,708 724,155

Total assets 78,166 1,701,799 201,739 1,981,704

LiabilitiesDistributions payable 4,641 - - 4,641Due to brokers - payable forsecurities purchased 203 1,173,403 36,243 1,209,849ResponsibleEntity/Investment Managerfees payable 268 - - 268Cash collateral payable - 5,493 - 5,493Financial liabilities held at fairvalue through profit or loss 65 2,385 4,102 6,552

Total liabilities (excludingnet assets attributable tounitholders) 5,177 1,181,281 40,345 1,226,803

Net assets attributable tounitholders - liability 72,989 520,518 161,394 754,901

The value of monetary assets and liabilities in all other currencies are individually not material to the Trust.

Foreign exchange risk on monetary assets and monetary liabilities is measured using sensitivity analysis. Thefollowing table summarises the sensitivity of the Trust to foreign exchange risk as at 30 June 2015 and 30 June2014. The sensitivity of profit/(loss) for the year and the impact on net assets attributable to unitholders is theeffect of a reasonably possible change in foreign exchange rates on monetary assets and liabilities held at yearend. If exchange rates increased or decreased by 10%, with all other variables remaining constant, theapproximate movement in net assets attributable to unitholders would amount to the following.

19






In practice, the actual results may differ from the below sensitivity analysis and the difference could besignificant.

Foreign exchange riskImpact on operating

profit/Net assets attributable to unitholders

+10%USD

A$'000

-10%USD

A$'000

30 June 2015 5,961 (5,961)30 June 2014 4,236 (4,236)

(iii) Interest rate risk

The Trust is subject to interest rate risk due to fluctuations in the prevailing levels of market interest rates. Anyexcess cash and cash equivalents are invested at short-term market interest rates.

Interest rate risk is managed by:

! only allowing investments into certain instrument types

! ensuring the Trust is tracking the benchmark within permitted ranges

! limiting the amount invested in interest rate securities

! monitoring target interest rate durations.

The Trust's financial assets and financial liabilities expose it to risks associated with the effects of fluctuations inthe prevailing levels of market interest rates on its financial position and cash flow.

The table below demonstrates the sensitivity of the Trust's profit/(loss) for the year to a reasonably possiblechange in interest rates, with all other variables held constant. The sensitivity of the profit/(loss) for the year isthe effect of the assumed changes in interest rates on net interest income for the year based on the floatingrate financial assets at year end and changes in fair value of investments for the year based on revaluing fixedrate financial assets at year end.

20





(iii) Interest rate risk (continued)

In practice, the actual results may differ from the below sensitivity analysis and the difference could besignificant.

Change inbasis points

Sensitivity ofinterestincome

Sensitivity ofchanges in fair

valueof investments

relating to a change in

interest ratesIncrease/

(decrease)Increase/

(decrease)Increase/

(decrease)

30 June 2015 25/(25) 754/(754) (372)/37230 June 2014 25/(25) 644/(644) (1,472)/1,472

(c) Credit risk

Credit risk arises from the Trust's investment in debt securities.

Other credit risk arises from cash and cash equivalents, deposits with banks and other financial institutions,counterparties to derivatives and amounts due from brokers. None of these assets are impaired nor past duebut not impaired.

Credit risk is managed by:

! managing its exposures to issuers, deposit taking institutions, brokers and other counterparties

! using credit default swaps to manage credit exposure.

Credit default swap exposures are managed through limiting the aggregate long, short and net exposurespermitted to such instruments by the Trust. Credit default exposures are also incorporated in existing Trustexposure limits by "looking-through" the contract to the underlying issuer-level exposure being provided.

The exposure to credit risk for cash and cash equivalents, deposits with banks and other financial institutionsand counterparties to derivatives is low as all counterparties generally have a rating of at least BBB+ (2014: A-)as determined by Standard and Poor's rating agency.

In accordance with the Trust’s policy, the Investment Manager's risk management department monitors theTrust’s credit exposure on a daily basis.

21




(c) Credit risk (continued)

The maximum exposure to credit risk at the reporting date is the carrying amount of cash and cash equivalentsand other financial assets. An analysis of debt securities by credit rating is set out in the table below :

2015$'000

2014$'000

S&P long term ratings

Debt securitiesAAA 205,112 215,472AA+ 14,428 57,918AA 17,580 15,463AA- 27,547 24,451A+ 57,131 30,935A 42,628 78,062A- 96,583 75,837BBB+ 46,673 39,654BBB 51,595 64,129BBB- 50,876 36,588BB+ 24,679 17,512BB 14,024 14,776BB- 5,786 3,619B+ 1,235 2,550B 5,469 4,417B- 249 2,013CCC+ 546 -CCC 3,636 4,707CCC- 1,074 676CC 926 2,994D 2,384 2,739Unrated 5,187 8,305

Total S&P long term ratings 675,348 702,817

S&P short term ratings

Debt securitiesA2 1,729 7,180

Total S&P short term ratings 1,729 7,180

Total debt securities 677,077 709,997

22




(d) Liquidity risk

The Trust is exposed to daily cash redemptions of redeemable units. It therefore invests the majority of itsassets in investments that can be generally liquidated within a short period of time.

The investments of the Trust may become illiquid. As a result, the Trust may not be able to liquidate quickly itsinvestments in these instruments at an amount close to their fair value, or at all, to meet its liquidityrequirements. No such investments were held at the statement of financial position date.

Liquidity risk is managed by:

! restricting the use of borrowing in order to ensure the fund has no debt obligations which may comprisesolvency

! managing the exposure to less liquid securities.

Redeemable units are redeemed at the request of unitholders subject to the Trust's offer document and TrustConstitution (as applicable).

The table below analyses the Trust’s financial liabilities into relevant maturity groupings based on the remainingperiod to the earliest possible contractual maturity date at 30 June 2015 and 30 June 2014. The amounts in thetable are contractual undiscounted cash flows.

Less than1 month

$'000

1-6months

$'000

6-12months

$'0001-5 years

$'000

Over 5years$'000

Total$'000

30 June 2015Due to brokers - payable forsecurities purchased 83,942 - - - - 83,942Responsible Entity/InvestmentManager fees payable 286 - - - - 286Cash collateral payable 4,057 - - - - 4,057Financial liabilities held at fairvalue through profit or loss 105 1,442 115 1,191 1,627 4,480

Total liabilities (excluding netassets attributable tounitholders) 88,390 1,442 115 1,191 1,627 92,765

23




(d) Liquidity risk (continued)

Less than1 month

$'000

1-6months

$'000

6-12months

$'0001-5 years

$'000

Over 5years$'000

Total$'000

30 June 2014Distributions payable 4,641 - - - - 4,641Due to brokers - payable forsecurities purchased 1,209,849 - - - - 1,209,849Responsible Entity/InvestmentManager fees payable 268 - - - - 268Cash collateral payable 5,493 - - - - 5,493Financial liabilities held at fairvalue through profit or loss 1,502 1,777 62 1,112 2,099 6,552

Total liabilities (excluding netassets attributable tounitholders) 1,221,753 1,777 62 1,112 2,099 1,226,803

(e) Fair value estimation

The carrying amounts of all the Trust's financial assets and financial liabilities at the end of each reportingperiod approximated their fair values as all financial assets and financial liabilities not fair valued are short-termin nature.

The Responsible Entity classifies fair value measurements using a fair value hierarchy that reflects thesubjectivity of the inputs used in making the measurements. The fair value hierarchy has the following levels:

! Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

! Inputs other than quoted prices included within level 1 that are observable for the asset or liability, eitherdirectly (that is, as prices) or indirectly (that is, derived from prices) (level 2).

! Inputs for the asset or liability that are not based on observable market data (that is, unobservableinputs) (level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety isdetermined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If afair value measurement uses observable inputs that require significant adjustment based on unobservableinputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fairvalue measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes 'observable' requires significant judgement by the Responsible Entity.The Responsible Entity considers observable data to be market data that is readily available, regularlydistributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that areactively involved in the relevant market.

24




(e) Fair value estimation (continued)

The following table analyses within the fair value hierarchy the Trust's financial assets and financial liabilities (byclass) measured at fair value.

30 June 2015Level 1$'000

Level 2$'000

Level 3$'000

Total$'000

Financial assets

Financial assets held fortrading:

- Derivatives 541 10,634 - 11,175

Financial assetsdesignated at fair valuethrough profit or loss atinception:

- Debt securities - 677,077 - 677,077

Total financial assets 541 687,711 - 688,252

Financial liabilities

Financial liabilities held fortrading:

- Derivatives 1,256 3,224 - 4,480

Total financial liabilities 1,256 3,224 - 4,480

30 June 2014Level 1$'000

Level 2$'000

Level 3$'000

Total$'000

Financial assets

Financial assets held fortrading:

- Derivatives 3,470 10,688 - 14,158

Financial assetsdesignated at fair valuethrough profit or loss atinception:

- Debt securities - 709,997 - 709,997

Total financial assets 3,470 720,685 - 724,155

Financial liabilities

Financial liabilities held fortrading:

- Derivatives 1,736 4,816 - 6,552

Total financial liabilities 1,736 4,816 - 6,552

During the year, there were no transfers between level 1 and 2 or into/out of level 3 (2014: Nil).

25




(e) Fair value estimation (continued)

The fair value of publicly traded derivatives are based on quoted market prices or binding dealer pricequotations at the reporting date (bid price for long positions and ask price for short positions) and havetherefore been classified as level 1 in the fair value hierarchy.

For debt securities and over-the-counter derivatives, fair value is determined using valuation techniques.Valuation techniques include net present value techniques, comparison to similar instruments for which marketobservable prices exist, options pricing models and other relevant valuation models. These financialinstruments have therefore been classified as level 2 in the fair value hierarchy.

(f) Offsetting financial instruments

Financial assets and financial liabilities are presented net in the statement of financial position where the Trustcurrently has a legally enforceable right to set off the recognised amounts and intends either to settle on a netbasis, or to realise the asset and settle the liability simultaneously.

Certain derivative assets and liabilities are subject to legally enforceable master netting arrangements, such asan International Swaps and Derivatives Association (ISDA) master netting agreement. The ISDA agreements inplace meet the criteria for offsetting in the statement of financial position as the Trust has a current legallyenforceable right of payment netting to net same day, same currency payments, by derivative transaction type.

In certain circumstances, for example, when a credit event such as a default occurs, all outstandingtransactions under an ISDA agreement are terminated, the termination value is assessed, and only a netamount is payable in settlement of all transactions. As at 30 June 2015, if this netting agreement was applied tothe derivative portfolio the derivative assets of $11,174,851 (2014: $14,158,475) would be reduced by$3,097,431 (2014: $4,631,232) to the net amount of $8,077,420 (2014: $9,527,243) and the derivative liabilitiesof $4,479,982 (2014: $6,551,730) would be reduced by $3,097,431 (2014: $4,631,232) to the net amount of$1,382,551 (2014: $1,920,498).

The Trust has cash collateral pledged at 30 June 2015 of $4,056,765 (2014: $5,493,489) in relation to itsderivative exposures. In the event of default, this collateral would further reduce the net derivative assets of$11,174,851 (2014: $14,158,475) as calculated above, to the net amount of $7,118,086 (2014: $8,664,986).

4 Auditor's remuneration

During the year the following fees were paid or payable for services provided by the auditor of the Trust:

2015$

2014$

Audit servicesErnst & Young Australian firm

Audit of financial reports 5,583 5,212Other audit work under theCorporations Act 2001 363 346

Total remuneration for auditservices 5,946 5,558

Audit fees are paid out of the Responsible Entity's own resources.

26



5 Net gains on financial instruments held at fair value through profit or loss

Net gains recognised in relation to financial instruments held at fair value through profit or loss:

2015$'000

2014$'000

Net (losses)/gains on financialinstruments held for trading (91,593) 10,599Net gains/(losses) on financialinstruments designated as at fairvalue through profit or loss 103,053 (8,602)Interest income on financialinstruments held at fair valuethrough profit or loss 21,845 24,514

Net gains on financialinstruments held at fair valuethrough profit or loss 33,305 26,511

6 Net assets attributable to unitholders

As stipulated within the Trust Constitution, each unit represents an undivided share in the beneficial interest in theTrust. There are no separate classes of units and each unit has the same rights attaching to it as all other units of theTrust.

Movements in number of units and net assets attributable to unitholders during the year were as follows:

2015No. '000

2014No. '000

2015$'000

2014$'000

Opening balance 850,874 792,121 754,901 716,972Applications 105,772 125,667 95,151 114,576Redemptions (150,230) (104,485) (137,102) (96,153)Units issued upon reinvestment ofdistributions - 37,571 - 33,333Increase/(decrease) in net assetsattributable to unitholders - - 30,840 (13,827)

Closing balance 806,416 850,874 743,790 754,901

Capital risk management

The Trust manages its net assets attributable to unitholders as capital, notwithstanding net assets attributable tounitholders are classified as a liability. The amount of net assets attributable to unitholders can change significantly ona daily basis as the Trust is subject to daily applications and redemptions at the discretion of unitholders.

The Investment Manager monitors the impact of applications and redemptions relative to the liquid assets in the Trust.

27



7 Cash and cash equivalents2015$'000

2014$'000

Cash at bank 32,812 71,772

Total cash and cashequivalents 32,812 71,772

8 Financial assets held at fair value through profit or loss

2015Fair value

$'000

2014Fair value

$'000

Held for tradingDerivatives 11,175 14,158

Total held for trading 11,175 14,158

Designated at fair value throughprofit or lossDebt securities 677,077 709,997

Total designated at fair valuethrough profit or loss 677,077 709,997

Total financial assets held atfair value through profit or loss 688,252 724,155

Comprising:

DerivativesForeign currency forwardcontracts 983 1,218Bond future options 1,142 345Fixed interest rate swaps 3,434 2,455International credit default swaps 5,169 6,490Fixed interest bond forwards 23 206Fixed interest futures 84 3,194International swap options 340 250

Total derivatives 11,175 14,158

28



8 Financial assets held at fair value through profit or loss (continued)

2015Fair value

$'000

2014Fair value

$'000

Comprising

Debt securitiesAsset backed securities 219,996 213,582Floating rate notes 171,528 158,532Australian corporate bonds 28,411 34,894International corporate bonds 257,142 243,231International government bonds - 53,659Australian semi-governmentbonds - 6,099

Total debt securities 677,077 709,997

Total financial assets held atfair value through profit or loss 688,252 724,155

An overview of the risk exposures relating to financial assets at fair value through profit or loss is included in note 3.

29



9 Financial liabilities held at fair value through profit or loss

2015Fair value

$'000

2014Fair value

$'000

Held for tradingDerivatives 4,480 6,552

Total held for trading 4,480 6,552

Total financial liabilities held atfair value through profit or loss 4,480 6,552

Comprising:

DerivativesForeign currency forwardcontracts 375 1,202Bond future options 413 149Fixed interest rate swaps 1,516 2,130International credit default swaps 1,177 1,093Fixed interest bond forwards 18 332Fixed interest futures 911 1,587International swap options 70 59

Total derivatives 4,480 6,552

Total financial liabilities held atfair value through profit or loss 4,480 6,552

An overview of the risk exposures relating to financial liabilities at fair value through profit or loss is included in note 3.

10 Related party disclosures

(a) Responsible Entity

The Responsible Entity of Wellington Management Portfolios (Australia) - Australian Global Total ReturnPortfolio is Macquarie Investment Management Limited ("MIML"), a wholly owned subsidiary of MacquarieGroup Limited ("MGL").

(b) Key management personnel

The following persons held office as directors of MIML during the year or since the end of the year and up to thedate of this report:

B Terry (resigned 30/06/2015)J EdsteinI MillerH Brown (appointed 01/07/2014)

No amount is paid by the Trust directly to the directors of the Responsible Entity. Consequently, nocompensation as defined in AASB 124 Related Party Disclosures is paid by the Trust to the directors as keymanagement personnel.

30



10 Related party disclosures (continued)

(c) Key management personnel unitholdings

No key management personnel held units in the Trust at any time during the year (2014: Nil).

(d) Key management personnel loan disclosures

The Trust has not made, guaranteed or secured, directly or indirectly, any loans to the key managementpersonnel or their personally related entities at any time during the reporting period (2014: Nil).

(e) Responsible Entity/Investment Manager fees and other transactions

For the year ended 30 June 2015, in accordance with the Trust Constitution, the Responsible Entity/InvestmentManager received a total fee of 0.33% of net asset value (inclusive of GST, net of RITC available to the Trust)per annum (2014: 0.33%).

All expenses in connection with the preparation of accounting records and the maintenance of the unit registerhave been fully borne by the Responsible Entity.

All related party transactions are conducted on normal commercial terms and conditions. The transactionsduring the year and amounts payable at year end between the Trust and the Responsible Entity/InvestmentManager were as follows:

2015$

2014$

Management fees paid by theTrust to the ResponsibleEntity/Investment Manager (2,597,567) (2,610,227)Aggregate amounts payable tothe Responsible Entity/InvestmentManager at the reporting date 285,921 268,081

The Investment Manager is not a related party of the Trust or the Responsible Entity.

(f) Related party schemes' unitholdings

Parties related to the Trust (including MIML, its affiliates and other schemes managed by MIML) held no units inthe Trust (2014: Nil).

(g) Investments

The Trust held no investments in any scheme which is also managed by MIML or its related parties (2014: Nil).

(h) Other transactions within the Trust

Apart from those details disclosed in this note, no directors of the Responsible Entity have entered into amaterial contract with the Trust since the end of the previous financial year and there were no material contractsinvolving directors' interests subsisting at year end.

The Trust may hold bank accounts with Macquarie Bank Limited ("MBL"), a wholly owned subsidiary of MGL.The Trust may use Macquarie Securities (Australia) Limited, MBL or other wholly subsidiaries of MGL forbroking and clearing services respectively. Fees and expenses are negotiated on an arm's length basis for alltransactions with related parties.

31



11 Reconciliation of profit/(loss) to net cash (outflow)/inflow from operating activities

(a) Reconciliation of profit/(loss) to net cash (outflow)/inflow from operating activities

2015$'000

2014$'000

Profit/(loss) for the year - -Increase/(decrease) in net assetsattributable to unitholders 30,840 (13,827)Net gains on financial instrumentsheld at fair value through profit orloss (33,305) (26,511)Proceeds from sale of financialinstruments held at fair valuethrough profit or loss 3,449,602 1,761,737Purchase of financial instrumentsheld at fair value through profit orloss (3,470,065) (1,742,908)Distributions to unitholders - 37,974Movement in amortised intereston financial instruments held atfair value through profit or loss 21,382 24,018Net change in receivables andother assets 35 236Net change in payables and otherliabilities 18 41

Net cash (outflow)/inflow fromoperating activities (1,493) 40,760

(b) Non-cash financing activities

2015$'000

2014$'000

During the year, the followingdistribution payments weresatisfied by the issue of unitsunder the distributionreinvestment plan - 33,333

As described in note 2(k), income not distributed is included in net assets attributable to unitholders. The change inthis amount each year (as reported in (a) above) represents a non-cash financing cost as it is not settled in cash untilsuch time as it becomes distributable.

32



12 Events occurring after the reporting date

On 1 July 2015, MIML executed business transfer deeds transferring the economic risks and rewards of its MacquarieInvestment Management business to Macquarie Investment Management Australia Ltd (formerly known as MQPortfolio Management Limited) and Macquarie Investment Management Global Ltd (formerly known as MacquarieCapital Investment Management (Australia) Limited). Subject to receiving relevant approvals, the transfer is expectedto result in MIML retiring as Responsible Entity of the Trust and Macquarie Investment Management Australia Ltdbeing appointed as Responsible Entity of the Trust.

No other significant events have occurred since the reporting date which would impact on the financial position of theTrust disclosed in the statement of financial position as at 30 June 2015 or on the results and cash flows of the Trustfor the year ended on that date.

13 Contingent assets, contingent liabilities and commitments

There are no outstanding contingent assets, contingent liabilities or commitments as at 30 June 2015 and 30 June2014.

33


Directors' Declaration

In the opinion of the directors of the Responsible Entity:

(a) the financial statements and notes as set out on pages 5 to 33 are in accordance with the Corporations Act 2001,including:

(i) complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatoryprofessional reporting requirements; and

(ii) giving a true and fair view of the Trust's financial position as at 30 June 2015 and of its performance for thefinancial year ended on that date; and

(b) there are reasonable grounds to believe that the Trust will be able to pay its debts as and when they become dueand payable.

The directors declare that the notes to the financial statements include an explicit and unreserved statement of compliancewith the International Financial Reporting Standards (see note 2(a)).

This declaration is made in accordance with a resolution of the directors.

Director ..................................................................I Miller

Sydney28 September 2015

34


Ernst & Young680 George StreetSydney NSW 2000 AustraliaGPO Box 2646 Sydney NSW 2001

Tel: +61 2 9248 5555Fax: +61 2 9248 5959ey.com/au

Independent auditor's report to the unitholders of WellingtonManagement Portfolios (Australia) - Australian Global Total ReturnPortfolio

We have audited the accompanying financial report of Wellington Management Portfolios (Australia) -Australian Global Total Return Portfolio (“the Trust”), which comprises the statement of financialposition as at 30 June 2015, the statement of comprehensive income, statement of changes in equityand statement of cash flows for the year then ended, notes comprising a summary of significantaccounting policies and other explanatory information, and the directors' declaration.

Directors' responsibility for the financial reportThe directors of Macquarie Investment Management Limited (“the Responsible Entity”) areresponsible for the preparation of the financial report that gives a true and fair view in accordancewith Australian Accounting Standards and the Corporations Act 2001 and for such internal controls asthe directors determine are necessary to enable the preparation of the financial report that is freefrom material misstatement, whether due to fraud or error. In Note 2(a), the directors also state, inaccordance with Accounting Standard AASB 101 Presentation of Financial Statements, that thefinancial statements comply with International Financial Reporting Standards.

Auditor's responsibilityOur responsibility is to express an opinion on the financial report based on our audit. We conducted ouraudit in accordance with Australian Auditing Standards. Those standards require that we comply withrelevant ethical requirements relating to audit engagements and plan and perform the audit to obtainreasonable assurance about whether the financial report is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial report. The procedures selected depend on the auditor's judgment, including theassessment 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 controls relevant to the ResponsibleEntity's preparation of the financial report that gives a true and fair view in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the Responsible Entity's internal controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of accounting estimates made bythe 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 forour audit opinion.

IndependenceIn conducting our audit we have complied with the independence requirements of the Corporations Act2001. We have given to the directors of the Responsible Entity a written Auditor’s IndependenceDeclaration, a copy of which is included in the Directors’ Report.


Page 2

OpinionIn our opinion:

a. the financial report of Wellington Management Portfolios (Australia) - Australian Global TotalReturn Portfolio is in accordance with the Corporations Act 2001, including:

i giving a true and fair view of the Trust’s financial position as at 30 June 2015 and of itsperformance for the year ended on that date; and

ii complying with Australian Accounting Standards and the Corporations Regulations2001; and

b. the financial report also complies with International Financial Reporting Standards asdisclosed in Note 2(a).

Ernst & Young

Darren Handley-GreavesPartnerSydney28 September 2015

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Wellington Management Portfolios (Australia) - Australian Global