content_image/147778.jpg content_image/147779.jpg
<img src='content_image/147778.jpg'>

(a) The investment in Perennial Fixed Interest Partners Pty Ltd is through Perennial Investment Partners Ltd which directly holds a 70.2% (2011: 70.2%) shareholding in this entity and through IOOF Holdings Ltd which directly holds a 4.5% (2011: 4.5%) shareholding in this entity. 

(b) The Group is currently in the process of deregistration of this dormant subsidiary in accordance with a corporate simplification project. 

## 40 Statutory Funds 

A subsidiary of the Company, IOOF Ltd, is a friendly society in accordance with the Life Insurance Act 1995. Balances below are disclosed inclusive of amounts receivable from or paid/payable to Group entities. 

## (a) Assets relating to Insurance Business 

<img src='content_image/147779.jpg'>

Investments held in the life insurance Statutory Funds (including the Benefit Funds) are subject to the distribution and transfer restrictions and other requirements of the Life Insurance Act 1995. Monies held in the benefit funds and controlled trusts are held for the benefit of the members of those funds, and are subject to the constitution and rules of those funds. 

Accordingly, with the exception of permitted profit distributions, the investments held in the statutory funds are not available for use by other parties of the Group. 

