INVESTMENT PORTFOLIO

PORTFOLIO MIX

GOWINGS AT A GLANCE

31 October 2008		31 July 2008
	$	$
1. CASH & FIXED INTEREST SECURITIES
Cash and term deposits	18,497,000	51,839,000
CGS	51,321,000	-
Total Cash	69,818,000	51,839,000
2. EQUITIES
Australian Equity Portfolio
BHP Billiton	11,196,000	15,884,000
Woodside Petroleum	6,282,000	8,070,000
Rio TInto Limited	3,880,000	6,270,000
Woolworths	3,614,000	3,276,000
Blackmores Ltd	3,214,000	3,712,000
Carlton Investments Ltd	2,422,000	2,695,000
National Australia Bank	2,399,000	2,470,000
Australian Stock Exchange	2,287,000	2,647,000
Alesco Corp	2,240,000	2,616,000
St George Bank**	2,049,000	1,385,000
Commonwealth Bank	2,015,000	-
Harvey Norman	1,471,000	1,852,000
News Corporation	1,374,000	1,466,000
Hexima	1,065,000	1,308,000
ARB Corporation	785,000	684,450
India Equities Fund	709,000	975,000
Aspen Group*	673,000	1,369,000
ANZ Bank	597,000	558,773
AMP China Fund*	538,000	765,000
Soul Private Equity	445,000	656,425
Other Holdings*	3,590,000	18,933,352
Total Australian Equities	52,845,000	77,593,000
International Equity Portfolio	$AUD	$AUD
Bunge	2,300,000	4,194,000
Deere & Co	785,000	1,012,000
Veolia Environment SA	423,000	648,000
Delegats Group	410,000	359,000
Textron	397,000	691,000
Nokia	326,000	408,000
Other	-	5,937,000
Total Global Equities	4,641,000	13,249,000
Total Equity Portfolio	57,486,000	90,842,000
Total Cash & Equities	127,304,000	142,681,000
* Denotes full or partial sale of holding during the period
** Denotes sale and purchase of holding during the period
3. MANAGED PRIVATE EQUITIES
Macquarie Whole Sale Co-Investment Fund	4,604,000	4,564,000
AMP PEFIIIA	1,448,000	1,442,000
ANZ Busines Equity Fund	5,000,000	5,000,000
Cresent Capital Partners II LP	2,317,000	2,282,000
Everest Babccock & Brown Opportunity Fund	2,091,000	2,091,000
MEIF	3,537,000	3,054,000
MEIF loan	(1,149,000)	(992,000)
Other Investments	601,000	604,000
Total	18,449,000	18,045,000
4. PROPERTY PORTFOLIO
Retail*	5,048,000	5,045,000
Commercial	4,184,000	4,184,000
Industrial	1,425,000	1,425,000
Residential	2,644,000	2,644,000
Property Development	2,790,000	2,156,000
Borrowings	(13,935,000)	(13,405,000)
Total	2,156,000	2,047,000
5. OTHER
Working Capital, loans receivable, provisions	(1,479,000)	(347,000)
Net assets before tax on unrealised gains	146,430,000	162,428,000
Estimated provision for tax on unrealised gains	(1,623,000)	(5,212,000)
Net assets after tax on unrealised gains	144,807,000	157,216,000
Shares Outstanding	42,513,419	42,536,593
Net Assets per share before estimated tax on unrealised gains	$ 3.44	$3.82
Net Assets per share after allowing for estimated tax on unrealised gains	$ 3.41	$3.70