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11 September 2015 Australian Governance Masters Index Fund

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11 September 2015 Australian Governance Masters Index Fund 11 September 2015 Australian Governance Masters Index Fund Limited ASX: AQF NTA & Investment Update – 31 August 2015 At 31 August 2015, Australian Governance Masters Index Fund Limited (Company) was invested in 75 companies. The total investment value of the portfolio was $55,867,753. The unaudited, estimated pre-tax net tangible asset (NTA) value of the Company was $1.82 per Share*. The Company is a long-term equity investor and does not intend to dispose of its total portfolio. If estimated tax at 30% on gains were to be recognised, the NTA value after tax would be $1.74 per Share*. At 31 August 2015, the 75 shareholdings of the Company, at market value, were: COMPANY MARKET VALUE ($) WEIGHT (%) COMMONWEALTH BANK OF AUSTRALIA $6,327,511 11.18% WESTPAC BANKING CORPORATION $5,014,160 8.86% NATIONAL AUSTRALIA BANK LTD $4,211,566 7.44% BHP BILLITON LTD $4,175,700 7.38% AUST AND NZ BANKING GROUP $3,988,320 7.05% TELSTRA CORPORATION LTD $3,645,036 6.44% WESFARMERS LTD $2,361,370 4.17% CSL LTD $2,212,413 3.91% WOOLWORTHS LTD $1,727,801 3.05% MACQUARIE GROUP LTD $1,308,274 2.31% WOODSIDE PETROLEUM LTD $1,181,232 2.09% RIO TINTO LTD $1,102,256 1.95% TRANSURBAN GROUP $955,745 1.69% AMP LTD $909,356 1.61% SUNCORP GROUP LTD $852,938 1.51% AMCOR LIMITED $846,208 1.50% BRAMBLES LTD $794,915 1.41% SYDNEY AIRPORT $656,794 1.16% INSURANCE AUSTRALIA GROUP LTD $613,485 1.08% AGL ENERGY LTD $587,519 1.04% APA GROUP $504,933 0.89% STOCKLAND $474,506 0.84% ORIGIN ENERGY LTD $473,562 0.84% CALTEX AUSTRALIA LTD $443,738 0.78% COMPANY MARKET VALUE ($) WEIGHT (%) SONIC HEALTHCARE LTD $429,754 0.76% ASCIANO LTD $427,879 0.76% SOUTH32 LTD $417,041 0.74% RAMSAY HEALTH CARE LTD $416,109 0.74% GPT GROUP $409,546 0.72% JAMES HARDIE INDUSTRIES $402,564 0.71% ASX LTD $394,479 0.70% LEND LEASE GROUP $381,998 0.68% MEDIBANK PRIVATE LTD $331,554 0.59% MIRVAC GROUP $330,194 0.58% INCITEC PIVOT LTD $303,878 0.54% ORICA LTD $301,768 0.53% TATTS GROUP LTD $277,800 0.49% SANTOS LTD $265,698 0.47% COMPUTERSHARE LTD $260,519 0.46% ARISTOCRAT LEISURE LTD $257,099 0.45% BENDIGO AND ADELAIDE BANK $253,890 0.45% COCHLEAR LTD $251,591 0.44% BANK OF QUEENSLAND LTD $240,223 0.42% COCA-COLA AMATIL LTD $229,270 0.41% BORAL LTD $228,132 0.40% SEEK LTD $219,455 0.39% DUET GROUP $211,850 0.37% HENDERSON GROUP $203,651 0.36% ECHO ENTERTAINMENT GROUP LTD $200,047 0.35% TABCORP HOLDINGS LTD $199,085 0.35% ANSELL LTD $177,129 0.31% ILUKA RESOURCES LTD $161,840 0.29% HEALTHSCOPE LTD $148,721 0.26% ORORA LTD $143,878 0.25% TPG TELECOM LTD $140,596 0.25% DOMINO'S PIZZA ENTERPRISES LTD $129,061 0.23% BLUESCOPE STEEL LTD $125,947 0.22% MAGELLAN FINANCIAL GROUP LTD $125,441 0.22% RECALL HOLDINGS LTD $113,169 0.20% DULUXGROUP LTD $111,744 0.20% FLIGHT CENTRE TRAVEL GROUP LTD $108,735 0.19% CARSALES.COM LTD $108,284 0.19% PERPETUAL LTD $106,556 0.19% ADELAIDE BRIGHTON LTD $104,384 0.18% COMPANY MARKET VALUE ($) WEIGHT (%) REA GROUP LTD $103,234 0.18% SIMS METAL MANAGEMENT LTD $99,371 0.18% JB HI-FI LTD $95,418 0.17% WORLEYPARSONS LTD $85,697 0.15% CSR LTD $82,934 0.15% DOWNER EDI LTD $81,957 0.14% GRAINCORP LTD-A $76,952 0.14% OZ MINERALS LTD $70,038 0.12% NAVITAS LTD $62,820 0.11% METCASH LTD $52,044 0.09% MYER HOLDINGS LTD $37,394 0.07% SUBTOTAL $55,867,753 98.75% CASH $709,253 1.25% TOTAL $56,577,007 100.00% * Source: Walsh & Company Asset Management Pty Limited. Note some figures may not reconcile due to rounding. The historical performance of the Manager is not a guarantee of the future performance of the Portfolio or the Company. The Company invests only in, what it considers to be, the best governed Australian companies within the S&P/ASX 100 Index, as ranked by the Company’s corporate governance analysis and third party research. The Company pursues an index style of investing with an active corporate governance bias and expects to hold securities of approximately 75 to 85 Australian entities within the S&P/ASX 100 at any time. The Company believes that boards and management that show relatively high levels of corporate governance tend to outperform companies with relatively lower levels of corporate governance over the long term. The Company also seeks to promote adherence to corporate governance best practice recommendations in its investments by voting in shareholder meetings. The Company aims to achieve long-term capital appreciation, while reducing risk, preserving the capital of the Company and investing in a diversified portfolio of investments. .
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