INVESTMENT PORTFOLIO

PORTFOLIO MIX

GOWINGS AT A GLANCE

31 July 2010		31 July 2009
	$	$
1. CASH
Cash and term deposits	30,882,000	5,972,000
Commonwealth Government Securities	-	30,163,000
Total Cash	30,882,000	36,135,000
2. EQUITIES
Australian Equity Portfolio
ANZ Banking Group	5,417,000	4,336,000
Blackmores	4,709,000	3,276,000
QBE Insurance Group	4,142,000	2,984,000
Commonwealth Bank	3,942,000	4,194,000
Woolworths	3,868,000	2,071,000
Westpac Banking Corp	3,598,000	4,251,000
Carlton Investments	2,959,000	2,567,000
CSL	2,055,000	1,894,000
Bank of Queensland	1,106,000	618,750
Metcash	890,000	1,969,000
Hexima	631,000	1,121,000
Infigen Energy	613,000	516,000
Wotif.com Holdings	569,000	346,377
Tassal Group	406,000	-
Souls Private Equity	360,000	355,740
GLG Corp	282,000	149,563
Alinta Energy Group	139,000	191,200
Qrxpharma	94,000	220,000
Other holdings	-	49,182,370
Total Australian Equities	35,780,000	80,243,000
International Equity Portfolio	$AUD	$AUD
Deere & Co	-	718,000
Warehouse Group	737,000	474,000
Veolia Environment SA	341,000	473,000
Delegats Group	-	374,000
Textron	347,000	244,000
Nokia	144,000	223,000
Other holdings	-	-
Total Global Equities	1,569,000	2,506,000
Total Equity Portfolio	37,349,000	82,749,000
Total Cash & Equities	68,231,000	118,884,000
3. MANAGED PRIVATE EQUITIES
Macquarie Whole Sale Co-Investment Fund	4,808,000	3,532,000
AMP PEFIIIA	442,000	608,000
ANZ Busines Equity Fund	3,415,000	3,796,000
Boundary Bend	2,000,000	-
Cresent Capital Partners II LP	2,338,000	2,124,000
Everest Babccock & Brown Opportunity Fund	325,000	700,000
MEIF	2,185,000	2,395,000
MEIF loan	-	(1,024,000)
Other Investments	619,000	577,000
Total	16,132,000	12,708,000
4. PROPERTY PORTFOLIO
Retail	92,658,000	5,110,000
Commercial	3,808,000	4,151,000
Industrial	1,560,000	1,425,000
Residential	804,000	2,655,000
Property Development	1,978,000	2,539,000
Borrowings	(35,325,000)	(13,317,000)
Total	65,483,000	2,563,000
5. OTHER
Working Capital, loans receivable, provisions	4,194,000	3,487,000
Net assets before tax on unrealised gains	154,040,000	137,642,000
Estimated provision for tax on unrealised gains	(2,318,000)	(2,202,000)
Net assets after tax on unrealised gains	151,722,000	135,440,000
Shares Outstanding	49,892,213	42,588,378
Net Assets per share before estimated tax on unrealised gains	$ 3.09	$3.23
Net Assets per share after allowing for estimated tax on unrealised gains	$ 3.04	$3.18