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AMP CAPITAL BLUE CHIP FUND ARSN 089 596 994 DIRECTORS' REPORT AND FINANCIAL REPORT FOR THE HALF YEAR ENDED 31 DECEMBER 2016 AMP Capital Funds Management Limited 33 Alfred Street, Sydney, NSW 2000 ACN 159 557 721

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AMP CAPITAL BLUE CHIP FUND

ARSN 089 596 994

DIRECTORS' REPORT AND FINANCIAL REPORTFOR THE HALF YEAR ENDED 31 DECEMBER 2016

AMP Capital Funds Management Limited

33 Alfred Street,

Sydney, NSW 2000

ACN 159 557 721

AMP CAPITAL BLUE CHIP FUND

TABLE OF CONTENTSPage

Directors' Report 1

Auditor's Independence Declaration 2

Financial Report

Statement of Comprehensive Income 3

Statement of Financial Position 4

Statement of Changes in Net Assets Attributable to Unitholders 5

Statement of Cash Flows 6

Notes to the Financial Statements 7 - 11

Directors' Declaration 12

Independent Review Report 13

AMP CAPITAL BLUE CHIP FUND

DIRECTORS' REPORT

The Directors of AMP Capital Funds Management Limited (ABN 15 159 557 721), the "Responsible Entity" of the AMP Capital Blue Chip Fund(the "Scheme"), present their report together with the Financial Report of the Scheme for the half year ended 31 December 2016.

Directors

The Directors of the Responsible Entity during the half year and up to the date of this report are shown below. Directors were in office for thisentire period except where stated otherwise:

Adam M. TindallP. Margaret Payn Douglas P. TalbotEdwina Maloney

Scheme Information

AMP Capital Blue Chip Fund is an Australian Registered Scheme. AMP Capital Funds Management Limited, the Responsible Entity of theScheme, is incorporated and domiciled in Australia.

The registered office of the Responsible Entity is located at 33 Alfred Street, Sydney, NSW 2000.

Principal Activity

The principal activity of the Scheme is the investment of unitholders' funds in accordance with the Scheme mandate. There has been nosignificant change in the nature of this activity during the half year.

Review of Results and Operations

The Scheme derived a net profit attributable to unitholders after tax expense and before finance costs of $6,713,928 for the half year ended 31December 2016 (31 December 2015: net loss of $131,920).

Distributions

Distributions to unitholders by the Scheme for the half year ended 31 December 2016 were $655,512 (31 December 2015: $939,523).

Significant Changes in the State of Affairs

There have been no significant changes in the state of affairs of the Scheme during the half year ended 31 December 2016.

Significant Events After the Balance Date

As at the date of this report, the Directors are not aware of any matter or circumstance that has arisen since the end of the half year that hassignificantly affected or may significantly affect the operations of the Scheme, the results of its operations or its state of affairs, which is notalready reflected in this Financial Report.

Auditor's Independence Declaration

We have obtained an independence declaration from our auditors, Ernst & Young, a copy of which is attached to this report and forms part ofthe Directors’ Report for the half year ended 31 December 2016.

Signed in accordance with a resolution of the Directors:

Director

13 March 2017, Sydney

- 1 -

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

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

Auditor’s Independence Declaration to the Directors of AMP Capital Funds Management Limited

As lead auditor for the review of AMP Capital Blue Chip Fund for the half year ended 31 December 2016, I declare to the best of my knowledge and belief, there have been:

a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

b) no contraventions of any applicable code of professional conduct in relation to the review. Ernst & Young Clare Sporle Engagement Partner 13 March 2017

AMP CAPITAL BLUE CHIP FUND

STATEMENT OF COMPREHENSIVE INCOMEFOR THE HALF YEAR ENDED 31 DECEMBER 2016

1 July 2016

to

31 December 2016

1 July 2015

to

31 December 2015

$ $

INVESTMENT INCOME

Dividends 1,379,168 1,979,214

Distributions 87,721 166,672

Interest income 37,755 31,430

Net changes in the fair value of financial instruments measured atfair value through profit or loss 6,160,390 (1,320,697)

Securities lending income 2,987 -

Other income 930 6,800

Total investment income/(loss) 7,668,951 863,419

EXPENSES

Responsible entity fees (877,834) (936,557)

Transaction costs (74,997) (57,410)

Securities lending fees - agent (918) -

Securities lending fees - service provider (306) -

Total expenses (954,055) (993,967)

NET PROFIT/(LOSS) ATTRIBUTABLE TO UNITHOLDERS BEFORE TAX EXPENSEAND FINANCE COSTS 6,714,896 (130,548)

Withholding tax expense (968) (1,372)

NET PROFIT/(LOSS) ATTRIBUTABLE TO UNITHOLDERS AFTER TAX EXPENSEAND BEFORE FINANCE COSTS 6,713,928 (131,920)

Finance costs attributable to unitholders

Distributions to unitholders (655,512) (939,523)

(Increase)/decrease in net assets attributable to unitholders (6,058,416) 1,071,443

NET PROFIT/(LOSS) ATTRIBUTABLE TO UNITHOLDERS AFTER TAX EXPENSEAND FINANCE COSTS - -

Other comprehensive income - -

TOTAL COMPREHENSIVE INCOME FOR THE HALF YEAR - -

- 3 -

AMP CAPITAL BLUE CHIP FUND

STATEMENT OF FINANCIAL POSITIONAS AT 31 DECEMBER 2016

31 December 2016 30 June 2016

$ $

ASSETS

Cash and cash equivalents 3,460,007 5,697,494

Receivables 148,478 828,611

Financial assets measured at fair value through profit or loss

Listed securities 80,821,805 72,899,146

Listed securities on loan 416,880 2,745,083

TOTAL ASSETS 84,847,170 82,170,334

LIABILITIES

Payables 436,082 577,005

Distributions payable 655,512 1,011,721

TOTAL LIABILITIES EXCLUDING NET ASSETS ATTRIBUTABLETO UNITHOLDERS 1,091,594 1,588,726

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 83,755,576 80,581,608

- 4 -

AMP CAPITAL BLUE CHIP FUND

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERSFOR THE HALF YEAR ENDED 31 DECEMBER 2016

1 July 2016

to

31 December 2016

1 July 2015

to

31 December 2015

$ $

Balance at the beginning of the half year 80,581,608 79,457,368

Applications 272,321 731,159

Distributions reinvested 905,605 11,910,809

Redemptions (4,062,374) (3,926,493)

77,697,160 88,172,843

Increase/(decrease) in net assets attributable to unitholders 6,058,416 (1,071,443)

Balance at the end of the half year 83,755,576 87,101,400

- 5 -

AMP CAPITAL BLUE CHIP FUND

STATEMENT OF CASH FLOWSFOR THE HALF YEAR ENDED 31 DECEMBER 2016

1 July 2016

to

31 December 2016

1 July 2015

to

31 December 2015

$ $

CASH FLOWS FROM OPERATING ACTIVITIES

Proceeds from sales of financial instruments measured at fair valuethrough profit or loss 40,274,665 42,816,485

Payments for purchases of financial instruments measured at fairvalue through profit or loss (39,774,996) (38,185,335)

Dividends received 1,903,640 2,336,814

Distributions received 167,436 322,750

Interest income received 37,755 31,430

GST received/(paid) (1,630) 6,484

Securities lending income received 2,987 -

Other income received 930 6,800

Responsible entity fees paid (874,967) (993,266)

Withholding tax paid (968) (1,372)

Transaction costs paid (74,946) (57,410)

Securities lending fees paid - agent (918) -

Securities lending fees paid - service provider (306) -

Net cash inflow/(outflow) from operating activities 1,658,682 6,283,380

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from applications by unitholders 272,321 731,159

Payments for redemptions by unitholders (4,062,374) (3,926,493)

Distributions paid (106,116) (1,624,281)

Net cash inflow/(outflow) from financing activities (3,896,169) (4,819,615)

Net increase/(decrease) in cash and cash equivalents held (2,237,487) 1,463,765

Cash and cash equivalents at the beginning of the half year 5,697,494 2,197,074

CASH AND CASH EQUIVALENTS AT THE END OF THE HALFYEAR 3,460,007 3,660,839

- 6 -

AMP CAPITAL BLUE CHIP FUND

NOTES TO THE FINANCIAL STATEMENTSFOR THE HALF YEAR ENDED 31 DECEMBER 2016

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies adopted in the preparation of the Financial Report are set out below. These policies have beenconsistently applied to the current half year and the comparative period, unless otherwise stated. The accounting policies of the Schemeare consistent with those of the most recent annual Financial Report. Where necessary, comparative information has been re-presentedto be consistent with current period disclosures.

(a) Basis of Preparation

This general purpose Financial Report has been prepared in accordance with the Scheme Constitution and with the requirements of theCorporations Act and AASB 134 "Interim Financial Reporting".

The Scheme is a for-profit entity for the purposes of preparing Financial Statements.

The half year Financial Report does not include all the notes normally included within the annual Financial Report and therefore cannotbe expected to provide as full an understanding of the financial position and financial performance of the Scheme as that given by theannual Financial Report. As a result, this Financial Report should be read in conjunction with the most recent annual Financial Reportof the Scheme.

The assets and liabilities are measured on a fair value basis, except where otherwise stated.

The Statement of Financial Position presents assets and liabilities in decreasing order of liquidity and does not distinguish betweencurrent and non-current items. All of the Scheme's assets and liabilities are held for the purpose of being traded or are expected to berealised within 12 months, except for net assets attributable to unitholders which may not be settled within 12 months. Given the natureof the Scheme, a reasonable estimate cannot be made of the amount of the balances, if any, that are unlikely to be settled within 12months.

Changes in Australian Accounting Standards

The Scheme has adopted all mandatory standards and amendments for the half year beginning 1 July 2016. Adoption of thesestandards and amendments has not had any effect on the financial position or performance of the Scheme.

Australian Accounting Standards issued but not yet effective

Standards and amendments that have recently been issued or amended but are not yet effective have not been adopted for the half yearended 31 December 2016. When applied in future periods, these recently issued or amended standards are not expected to have animpact on the Scheme's financial position or performance or the presentation and disclosures in the Financial Report, except wheredescribed below:

AASB 9 "Financial Instruments" (effective from 1 January 2018)

This standard addresses the classification, measurement, derecognition and impairment of financial assets and financial liabilities. TheScheme is currently assessing the impact of adopting this standard, which is not expected to have a significant impact on the Scheme'sfinancial position or performance; however, it may impact the presentation and disclosures in the Financial Report.

AASB 15 "Revenue from Contracts with Customers" (effective from 1 January 2018)

This standard makes significant changes to revenue recognition and adds some additional disclosures. The new standard provides afive-step model to be applied to all contracts with customers when determining when to recognise revenue, and at what amount. TheScheme’s main sources of revenue are dividends, distributions, interest income and gains on financial instruments measured at fairvalue through profit or loss. As all of these are outside the scope of the new standard, it is not expected that this standard will have animpact on the Scheme’s financial position or performance, or the presentation and disclosures in the Financial Report.

(b) Financial Assets Measured at Fair Value Through Profit or Loss

Financial assets measured at fair value through profit or loss have been classified as held for trading as they are part of a portfolio whichis managed for short-term gains. Financial assets are initially recognised at fair value determined as the purchase cost of the financialasset, exclusive of any transaction costs. Transaction costs are expensed as incurred in the Statement of Comprehensive Income.

Any realised and unrealised gains and losses arising from subsequent measurement to fair value are recognised in the Statement ofComprehensive Income as 'Net changes in the fair value of financial instruments measured at fair value through profit or loss' in theperiod in which they arise.

Subsequent to initial recognition, the fair value of financial assets measured at fair value through profit or loss is determined as follows:

- 7 -

AMP CAPITAL BLUE CHIP FUND

NOTES TO THE FINANCIAL STATEMENTSFOR THE HALF YEAR ENDED 31 DECEMBER 2016

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(b) Financial Assets Measured at Fair Value Through Profit or Loss (continued)

Listed securities

Listed securities include investments in listed managed investment funds and shareholdings in listed companies. The fair value of listedsecurities is the "bid" price of those securities, as quoted on their primary exchange at the balance date.

Certain listed securities are on loan, as part of a securities lending program that the Scheme participates in. Listed securities of theScheme may be lent to approved borrowers, such as brokers and other financial institutions. The borrower lodges collateral against thesecurities lent either in the form of cash or approved securities.

During the term of the loan, the Scheme remains entitled to all distributions and retains all voting rights in respect of the loanedsecurities. Securities lent may be recalled and are required to be returned within the normal settlement periods applicable to thesecurities.

The listed securities continue to be recognised in the Statement of Financial Position as the contractual rights to cash flows and theability to dispose of the securities are retained by the Scheme.

The fair value of the loaned securities remains the “bid” price of those securities as quoted on their primary exchange at the balancedate.

(c) Significant Accounting Judgements, Estimates and Assumptions

The making of judgements, estimates and assumptions is a necessary part of the financial reporting process and these judgements,estimates and assumptions can have a significant effect on the reported amounts in the Financial Report. Estimates and assumptionsare determined based on information available at the time of preparing the Financial Report and actual results may differ from theseestimates and assumptions. Had different estimates and assumptions been adopted, this may have had a significant impact on theFinancial Report. Significant accounting judgements, estimates and assumptions are re-evaluated at each balance date in light ofhistorical experience and changes to reasonable expectations of future events. Revisions to accounting estimates are recognised in theperiod in which the estimate is revised and in any future periods affected. Significant accounting judgements, estimates andassumptions include but are not limited to:

Fair value measurement of investments in financial instruments

The majority of the Scheme's investments are financial instruments held for trading and are measured at fair value through profit or loss.Where available, quoted market prices for the same or similar instrument are used to determine fair value. Where there is no marketprice available for an instrument, a valuation technique is used. Judgement is applied in selecting valuation techniques and settingvaluation assumptions and inputs. Further details on the determination of fair value of financial assets is set out in Note 1(b).

(d) Net Assets Attributable to Unitholders

Net assets attributable to unitholders comprise units on issue and undistributed reserves. Net assets attributable to unitholders areclassified as financial liabilities and not as equity because the Responsible Entity has a contractual obligation to pay distributable incomeof the Scheme to unitholders and units are redeemable at the unitholders' option (subject to the provisions of the Scheme Constitution).As there are no equityholders, total comprehensive income attributable to unitholders and equity for the Scheme is nil. Non-distributableincome is transferred directly to net assets attributable to unitholders and may consist of unrealised changes in the fair value of financialassets and derivative financial instruments. The fair value of redeemable units is measured at the redemption amount that is payable(based on the redemption unit price) at the balance date if unitholders exercised their right to redeem their units. The Scheme'sredemption unit price is based on different valuation principles to that applied in financial reporting, resulting in a valuation differencewhich is treated as a component of net assets attributable to unitholders.

(e) Unit Classes

The Scheme contains multiple unit classes reflecting the different servicing requirements of various unitholders. Due to the additionalservices required by some unitholder classes, different management fees apply to different unit classes. These fees are detailed in theProduct Disclosure Statement of the Scheme.

- 8 -

AMP CAPITAL BLUE CHIP FUND

NOTES TO THE FINANCIAL STATEMENTSFOR THE HALF YEAR ENDED 31 DECEMBER 2016

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

(f) Terms and Conditions of Units on Issue

Issued and paid up units are initially recognised at the fair value of the consideration received by the Scheme.

Each unit, within a unit class, confers upon the unitholder an equal interest in the Scheme (subject to income entitlements), and is ofequal value. A unit does not confer an interest in any particular asset or investment of the Scheme.

Unitholders have various rights under the Scheme Constitution and the Corporations Act, which, subject to certain terms and conditions,include the right to:

have their units redeemed

receive income distributions

attend and vote at meetings of unitholders

participate in the termination and winding up of the Scheme.

The rights, obligations and restrictions attached to each unitholder class are identical in all respects other than the minimum investmentrequirements and/or fee structures applicable to each class.

Applications received for units in the Scheme are recognised net of any transaction costs arising on the issue of units in the Scheme.Redemptions from the Scheme are recognised gross of any transaction costs payable after the cancellation of units redeemed. Unitentry and exit prices are determined in accordance with the Scheme Constitution.

(g) Goods and Services Tax ("GST")

All income, expenses and assets are recognised net of any GST paid, except where they relate to products and services which are inputtaxed for GST purposes or the GST incurred is not recoverable from the relevant tax authorities. In such circumstances, the GST paid isrecognised as part of the cost of acquisition of the assets or as part of the relevant expense.

Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from or payable to the taxauthorities is included as a receivable or payable in the Statement of Financial Position.

Cash flows are disclosed on a gross basis reflecting any GST paid or collected. The GST component of cash flows arising frominvesting or financial activities which are recoverable from, or payable to, local tax authorities are classified as operating cash flows.

- 9 -

AMP CAPITAL BLUE CHIP FUND

NOTES TO THE FINANCIAL STATEMENTSFOR THE HALF YEAR ENDED 31 DECEMBER 2016

1 July 2016

to

31 December 2016

1 July 2015

to

31 December 2015

Units Units

NOTE 2: NET ASSETS ATTRIBUTABLE TO UNITHOLDERS

The movement in the number of units on issue during the half year was as follows:

Units on Issue

Opening balance 52,919,923 49,327,123

Applications 19,704 408,529

Distributions reinvested 590,571 7,369,912

Redemptions (2,419,095) (2,411,412)

Closing balance 51,111,103 54,694,152

Represented by:

On-Platform A Class

Opening balance 144,034 186,447

Redemptions (41,271) (76)

Closing balance 102,763 186,371

Retail Class

Opening balance 52,775,889 49,140,676

Applications 19,704 408,529

Distributions reinvested 590,571 7,369,912

Redemptions (2,377,824) (2,411,336)

Closing balance 51,008,340 54,507,781

NOTE 3: FAIR VALUE MEASUREMENT

Financial assets and liabilities measured at fair value are categorised under a three level hierarchy, reflecting the availability of observablemarket inputs when estimating the fair value. If different levels of inputs are used to measure a financial asset or liability's fair value, theclassification within the hierarchy is based on the lowest level input that is significant to the fair value measurement. The three levels are:

Level 1: Valued by reference to quoted prices in active markets for identical assets or liabilities. These quoted prices represent actual andregularly occurring market transactions on an arms length basis.

Level 2: Valued using inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (asprices) or indirectly (derived from prices), including: quoted prices in active markets for similar assets or liabilities, quoted prices in markets inwhich there are few transactions for identical or similar assets or liabilities, and other inputs that are not quoted prices but are observable forthe asset or liability.

Level 3: Valued in whole or in part using valuation techniques or models that are based on unobservable inputs that are neither supported byprices from observable current market transactions in the same instrument nor are they based on available market data. Unobservable inputsare determined based on the best information available, which might include the Scheme's own data, reflecting the Scheme's ownassumptions about the assumptions that market participants would use in pricing the asset or liability. Valuation techniques are used to theextent that observable inputs are not available.

- 10 -

AMP CAPITAL BLUE CHIP FUND

NOTES TO THE FINANCIAL STATEMENTSFOR THE HALF YEAR ENDED 31 DECEMBER 2016

NOTE 3: FAIR VALUE MEASUREMENT (Continued)

The table below shows the Scheme's financial assets and liabilities measured at fair value on a recurring basis by each level of the fair valuehierarchy. The Scheme did not measure any financial assets or liabilities at fair value on a non-recurring basis as at 31 December 2016 (30June 2016: nil).

Level 1 Level 2 Level 3 Total$ $ $ $

31 December 2016

Listed securities 80,821,805 - - 80,821,805

Listed securities on loan 416,880 - - 416,880

Total 81,238,685 - - 81,238,685

30 June 2016

Listed securities 72,899,146 - - 72,899,146

Listed securities on loan 2,745,083 - - 2,745,083

Total 75,644,229 - - 75,644,229

The Scheme recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the transfer hasoccurred.

There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the half year ended 31 December 2016 (financial yearended 30 June 2016: nil).

Valuation techniques

The valuation techniques and inputs used in measuring the fair value of financial assets and liabilities are outlined in Note 1(b).

There were no material changes in valuation techniques during the half year.

NOTE 4: COMMITMENTS AND CONTINGENCIES

The Scheme had no commitments or contingencies at 31 December 2016 (30 June 2016: nil).

NOTE 5: EVENTS OCCURRING AFTER THE BALANCE DATE

Since 31 December 2016 there have been no matters or circumstances not otherwise dealt with in the Financial Report that have significantlyaffected or may significantly affect the Scheme.

NOTE 6: AUTHORISATION OF THE FINANCIAL REPORT

The Financial Report of the AMP Capital Blue Chip Fund for the half year ended 31 December 2016 was authorised for issue in accordancewith a resolution of the Directors of AMP Capital Funds Management Limited on 13 March 2017.

- 11 -

AMP CAPITAL BLUE CHIP FUND

DIRECTORS' DECLARATION

In accordance with a resolution of the Directors of AMP Capital Funds Management Limited, the Responsible Entity, I state that for the purposeof section 303(4) of the Corporations Act, in the opinion of the Directors of the Responsible Entity:

(a) The Financial Statements and notes are in accordance with the Corporations Act, including section 304 (compliance with accountingstandards) and section 305 (true and fair view); and

(b) There are reasonable grounds to believe that the Scheme will be able to pay its debts as and when they become due and payable.

Director

13 March 2017, Sydney

- 12 -

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

To the unitholders of AMP Capital Blue Chip Fund

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of AMP Capital Blue Chip Fund (the “Scheme”), which comprises the statement of financial position as at 31 December 2016, the statement of comprehensive income, statement of changes in net assets attributable to unitholders and statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration.

Directors’ Responsibility for the Half-Year Financial Report

The directors of AMP Capital Funds Management Limited as the Responsible Entity of the Scheme (the “Responsible Entity”) are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine are necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the Scheme’s financial position as at 31 December 2016 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of the Scheme, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001. We have given to the directors of the Responsible Entity a written Auditor’s Independence Declaration, a copy of which is attached to the directors’ report.

Ernst & Young 200 George Street Sydney NSW 2000 Australia GPO Box 2646 Sydney NSW 2001

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

A member firm of Ernst & Young Global Limited

Liability limited by a scheme approved under Professional Standards Legislation

Page 2

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of AMP Capital Blue Chip Fund is not in accordance with the Corporations Act 2001, including:

a) giving a true and fair view of the Scheme’s financial position as at 31 December 2016 and of its performance for the half-year ended on that date; and

b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.

Ernst & Young Clare Sporle Engagement Partner Sydney 13 March 2017