quarterly portfolio investment summary - 30 june 2018

Quarterly Portfolio Investment Summary - 30 June 2018

Flinders Council

DEP.DATE TERM % RATE AMOUNT $ % RATE AMOUNT $ % RATE AMOUNT $ % RATE AMOUNT $

INVESTMENT ACCOUNTS:

Tascorp - Managed Fund Flinders Daily 1.50% 523,024 1.50% 523,024 1.50% 518,490 1.50% 518,489

Commonwealth Bank of Aust 0 2.13% 284,747 2.13% 284,747

Bank of Us - Gunn Bequest 11/12/2017 183 days 0 2.60% 111,198 2.60% 109,339 2.60% 109,339

Bendigo -Gunn Bequest 29/06/2018 180 days 2.55% 107,652

Bank of QLD 8/12/2017 180 days 0 2.55% 516,294 2.55% 516,294 0.00% 0

Bendigo 20/02/2018 30 days 1.70% 402,134 1.95% 400,466 0.00% 0 0.00% 0

Bendigo 20/02/2018 30 days 2.00% 352,218 1.55% 350,000 0.00% 0 0.00% 0

BT Investment Portfolio 0.00% 1,027,534 1,027,512 0.00% 1,022,948 0.00% 1,020,934

Balance in Investments 2,412,562 2,928,494 2,451,818 1,933,509

CASH ACCOUNTS:

Cheque Acct (Westpac) 1.40% 771,332 1.40% 159,927 1.40% 510,772 83,744

Flinders Council Everyday 0.00% 557,757 - 262,547 - 280,032 269,162

Flinders Council Holding 1.05% 1,678,518 1.05% 1,867,211 1.05% 2,509,796 2,801,618

Westpac Business Cash Reserve 0.57% 131,364 0.57% 131,199 0.57% 131,037 130,867

Refunds & Trust Acct 0.57% 24,887 0.57% 24,885 0.57% 24,815 24,793

Cash Floats 0.00% 320 - 320 0.00% 320 60

Public Open Space Acct 0.57% 26,219 0.57% 26,186 0.57% 26,154 26,120

Balance in Cash Accounts 3,190,396 2,472,275 3,482,926 3,336,364

TOTAL LIQUID RESERVES 5,602,958 5,400,769 5,934,744 5,269,873

Average Annual Investment -(Rolling Annual Average) 5,552,086

Average Interest Income - (Rolling Annual Average) 107,917

Average Interest % 1.93%

QUARTER 4 - 2017/18 QUARTER 3 - 2017/18 QUARTER 2 - 2017/18 QUARTER 1 - 2017/18

Sep-17Dec-17Mar-18Jun-18

Annexure 4 - A1 - July 2018

1

Portfolio ValuationAs at 30 June 2018

Flinders Council

HoldingSecurity NameCode Unrealised

Profit/(Loss) ($)

% Of

Portfolio

Market

Value ($)

Market

Price ($)

1 3Cost ($) 2

Australian Shares 0.84 (789.09)AMCOR LIMITED 600 14.410 8,646.00 AMC 9,435.09

2.75 241.23 ANZ BANKING GROUP LIMITED 1,000 28.240 28,240.00 ANZ 27,998.77

4.90 1,396.24 ANZ BANKING GROUP LTD CNT 2 500 100.620 50,310.00 ANZPE 48,913.76

10.18 4,619.00 ANZ CAPITAL NOTE 1,000 104.619 104,619.00 ANZPG 100,000.00

0.41 817.50 ALUMINA LIMITED 1,500 2.800 4,200.00 AWC 3,382.50

2.31 5,546.01 BHP BILLITON LIMITED 700 33.910 23,737.00 BHP 18,190.99

0.51 (548.90)BORAL LIMITED 800 6.530 5,224.00 BLD 5,772.90

2.13 (1,865.53)COMMONWEALTH BANK OF AUSTRALIA 300 72.870 21,861.00 CBA 23,726.53

2.94 (436.68)CBA PERLS VI PRF 300 100.850 30,255.00 CBAPC 30,691.68

10.23 (2,437.87)CBA CAP NOTES PEARLS VIII DEF 1,000 105.160 105,160.00 CBAPE 107,597.87

0.56 400.32 CSL LIMITED 30 192.620 5,778.60 CSL 5,378.28

1.58 953.42 CALTEX AUSTRALIA LIMITED 500 32.540 16,270.00 CTX 15,316.58

0.66 (2,058.07)JB HI-FI LIMITED 300 22.520 6,756.00 JBH 8,814.07

0.51 (596.71)METCASH LIMITED 2,000 2.610 5,220.00 MTS 5,816.71

0.80 (135.18)NATIONAL AUSTRALIA BANK LTD 300 27.410 8,223.00 NAB 8,358.18

15.33 7,500.00 NATIONAL AUSTRALIA BANK DEF 1,500 105.000 157,500.00 NABPD 150,000.00

1.80 6,536.88 QANTAS AIRWAYS LIMITED 3,000 6.160 18,480.00 QAN 11,943.12

0.81 3,549.73 RIO TINTO LIMITED 100 83.440 8,344.00 RIO 4,794.27

0.69 2,620.13 RESMED INC 500 14.100 7,050.00 RMD 4,429.87

0.70 (185.07)SYDNEY AIRPORT 1,000 7.160 7,160.00 SYD 7,345.07

0.51 (6,295.18)TELSTRA CORPORATION LIMITED 2,000 2.620 5,240.00 TLS 11,535.18

0.71 56.04 UNIBAIL-RODAMCO-WESTFIELD CDI 500 14.670 7,335.00 URW 7,278.96

1.71 (1,396.84)WESTPAC BANKING CORPORATION 600 29.300 17,580.00 WBC 18,976.84

8.12 (1,904.02)WBC CAP NOTE 4 DEFERRED 800 104.300 83,440.00 WBCPG 85,344.02

1.20 1,711.82 WESFARMERS LIMITED 250 49.360 12,340.00 WES 10,628.18

0.59 930.31 WOOLWORTHS GROUP LIMITED 200 30.520 6,104.00 WOW 5,173.69

0.57 742.18 WOODSIDE PETROLEUM LIMITED 166 35.460 5,886.36 WPL 5,144.18

BT Private Portfolio

Page 1 of 3Ref: 830519


2

HoldingSecurity NameCode Unrealised

Profit/(Loss) ($)

% Of

Portfolio

Market

Value ($)

Market

Price ($)

1 3Cost ($) 2

74.06 18,971.67 760,958.96 Total Australian Shares 741,987.29

Australian Real Estate 1.40 2,875.10 GOODMAN GROUP STAPLED SEC 1,500 9.620 14,430.00 GMG 11,554.90

1.53 2,340.33 INVESTA OFFICE FUND 3,000 5.230 15,690.00 IOF 13,349.67

0.43 (960.89)SCENTRE GROUP 1,000 4.390 4,390.00 SCG 5,350.89

0.39 (760.20)STOCKLAND 1,000 3.970 3,970.00 SGP 4,730.20

0.25 (898.84)VICINITY CENTRES 1,000 2.590 2,590.00 VCX 3,488.84

4.00 2,595.50 41,070.00 Total Australian Real Estate 38,474.50

Australian Fixed Interest 2.93 (561.81)ANZ BANKING CORP CONV PREF 300 100.399 30,119.70 ANZPH 30,681.51

2.93 (561.81) 30,119.70 Total Australian Fixed Interest 30,681.51

4Cash And Other

0.58 5.22 CASH AT BANK-AUD - - 5,933.60 5,928.38

0.50 - INCOME DUE BUT NOT RECD - - 5,151.33 5,151.33

17.94 300.40 PENDAL MANAGED CASH FUND 184,000 1.000 184,300.40 184,000.00

19.01 305.62 195,385.33 Total Cash And Other 195,079.71

Portfolio Total 1,027,533.99 21,310.98 100.00 1,006,223.01




3

1. Investment Valuations

(a) Investments are valued at market value using the latest available last sale price. All investments are valued on a cum-payment basis until such time as income accrued on an

investment becomes due and payable, at which point the security is valued on an ex-payment basis.

(b) Investment valuations are obtained using the Interactive Data providing equities and fixed interest pricing service as appropriate, unless otherwise stated.

(c) Unlisted Unit Trusts are valued using the latest available Net Asset Value (NAV) per unit, less any disposal costs. The NAV is calculated by deducting from the value of the unlisted

unit trust’s gross assets the value of the liabilities of the unlisted unit trust .

(d) Other Investments not included above, for which a generally accepted market price is not available, are valued using a fair market value which could reasonably be expected to be

obtained upon disposal in an orderly market.

2. Costs incurred in the acquisition of investments (such as brokerage and GST on brokerage) are included in the Cost. The amount of GST on brokerage included is the amount which is not

recoverable, i.e. GST less recoverable input tax credit (ITC)/reduced input tax credit (RITC) (which is calculated based on the ITC/RITC entitlement information you supplied to us).

3. The Unrealised Profit/(Loss) for each security is calculated as Market Value less Cost .

4. Market values for Pendal Institutional Managed Cash Fund, Pendal Institional Stable Cash Fund and Cash at Bank include accrued interest income.

Notes

1. This product is issued by Westpac RE Limited ABN 80 000 742 478, holder of AFSL 233717.

2. An investment in this product is not a deposit with, or any other liability of, Westpac Banking Corporation ABN 33 007 457 141 or any other company in the Westpac Group of

companies. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac Banking Corporation or (any of) its

related entities stands behind or otherwise guarantees the capital value or performance of this investment.

3. The information contained in this report is general information only and has been prepared without taking account of your objectives, financial situation or needs. Because of this you

should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation and needs.

4. No member of the Westpac group of companies nor any of their employees , officers or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising

in any other way including by reason of negligence for errors or omissions in this document.

Disclaimer & Disclosure




4

FLINDERS COUNCIL Investment Review

Derek Bennett

Senior Portfolio Manager

01 June 2018


5

Market Outlook


6

The domestic equity market finished the first quarter of 2018 on a soft tone, with the S&P/ASX 200 Accumulation Index losing 3.9% over the period. The largest two sectors of the domestic market, Materials (-3.4%) and Financials (-5.9%) recorded losses over the quarter.

Global equity markets capped off the worst quarterly performance in more than two years for the March quarter, Stocks in the US bore the brunt of the sell-off, with stocks that have been the beneficiaries of strength in the global economy experiencing the largest falls.

The Australian dollar weakened on currency markets in February, reversing its prior month advance against the US dollar and then weakening as commodity prices declined to close the quarter down by 1.9% against the US dollar, 4.3% against the euro, 5.4% against the British pound and a sizeable 7.4% against the Japanese yen.

The Reserve Bank left the cash rate unchanged at 1.5% over the quarter.

Market Snapshot

-3.9-6.4

-1.2

-8.2

0.6 0.8 0.9 0.62.5

-0.8

11.8

-3.6

24.8

13.3

3.3 3.2

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Aust. Shares Aust.Property

US Shares UK Shares Hong KongShares

MSCI World(ex Aust)

Index in $A

Aust. Bonds Intl Bonds

Qtr Year


7

Australian Market

The domestic equity market finished the first quarter of calendar year 2018 on a soft tone, with the S&P/ASX 200 Accumulation index losing 3.9% over the period.

President Trump sparked fears of a trade war after announcing the intention to impose tariffs on both aluminium and steel imports into the US in March, and threatened to increase tariffs of up to 25% on the $US60 billion worth of goods currently imported from China. Whilst the response from China has to date been on a minor scale, investor sentiment quickly wanned as a result.

Both Resources (-4.2%) and Industrials (-3.7%) finished the quarter in the red, and so did the majority of the 11 GICs sectors. Exceptions include Healthcare (+6.6%), Consumer Staples (+0.9%) as well as IT (+1.9%).

The largest two sectors of the domestic market, both Materials (-3.4%) and Financials (-5.9%) recorded losses over the quarter. The biggest performance detractor from Materials was the country’s largest

gold miner Newcrest Mining (NCM, -13.9%).

Within Financials, the Royal Commission has wrapped up public hearings for the first session. There wasn’t anything particularly new that came out, although it does continue to reinforce the views that the

Australian market is going to face more stringent lending standards, creating a headwind on banks' near-term profits, and potentially causing a drag on the domestic economy.

Also weighing on banks' outlook is the recent increase in the LIBOR spread (the difference between the LIBOR rate at which banks source their funds, and the Cash rate at which mortgage rates are based on). Taken together, this saw the “Big Four” finished the month in negative territory, recording

losses from -3.7% (NAB) to -8.7% (WBC).


8

Global equity markets capped off the worst quarterly performance in more than two years for the March quarter, where investors experienced a definitive break in the buoyant market conditions that have shaped sentiment over the past few years.

Volatility made a return as uncertainties arose on the back of rising trade tensions between US and China, with investors extrapolating the extent to which twitter-sourced rhetoric could transpire into policy enactment.

The implications of protectionist policies rattled both developed and emerging markets, given the underlying set of commodities – steel, aluminium, copper and their derivatives – that are in question.

Stocks in the US bore the brunt of the sell-off, with stocks that have been the beneficiaries of strength in the global economy experiencing the largest falls. These included the mega-cap technology stocks including Facebook, Apple and Alphabet (parent entity of Google). Commodity-related sectors also weakened on fears of a trade war, sending metals and soft commodity prices into a negative trend.

The major European equity markets were not immune to the US-led global correction, which saw the German DAX (-6.5%), the French CAC (-2.7%) and the UK FTSE100 (-8.2%) experience broad based de-rating. The declines were despite more favourable economic indicators for the euro-area suggesting that recovery for the region is firming.

China remains crucial to equity market fundamentals and sentiment and more specifically, for the health of Australia’s resource sector. The economic outlook remains stable at this point, with GDP growth

expected to continue on its multi-year path of moderate deceleration. The Government remains focused on corporate profitability to help address the country’s debt problem and relieve stress on the financial

system. The supply-side discipline this entails should continue to support commodity producers.

International Shares


9

Domestic MarketThe Australian bond market realised another positive return during the first quarter of 2018. After a notable curve steepening in January and February the curve flattened in March as long-end yields followed offshore peers lower.Meanwhile, short-end money market yields increased substantially on the back of the BBSW-OIS spread widening, which was led by US money market developments. Meanwhile, the Reserve Bank of Australia (RBA) left rates on hold during the quarter, with upbeat commentary on the labour market moderated by expectations for a gradual improvement. Fourth quarter GDP rose by a lower-than-expected 0.4% quarterly growth rate, although weakness was more in exports which should bounce back. Jobs growth was constructive but marred by weak wage growth and a rising participation rate. The Australian dollar was dragged 1.4% lower, reflective of a fall in bulk commodity prices and trade war concerns.

International MarketsGlobal bond curves flattened in March after steepening earlier in the quarter. US short-end money market yields increased sharply in March on the back of the LIBOR-OIS spread widening. This was attributed to Trump tax reforms and the increased supply of T-Bills as well as repatriation resulting in US money market fund outflows. Risk appetite was dampened further by rising diplomatic tensions with Russia and data breaches at social media giant, Facebook.Also in the US, the US Federal Reserve (Fed) hiked its target rate by 0.25% with a positive outlook offered by recently-inducted Chair Jerome Powell. These US-centric developments largely overshadowed news elsewhere, including a hung parliament in Italy and the European Central Bank’s (ECB) decision to leave policy unchanged.By quarter-end, US 10-year yields rose by 33bp to 2.74% and the two-year maturity added 38bp to 2.27%.

Fixed Income


10

The current environment - dominated by the tug-of-war between a strong global growth pulse on one hand and the risk of a destabilising trade-war upon the other – is driving elevated macro-economic uncertainty and market volatility.

At the same time the shift from an era of steadily declining bond yields to a more range-bound regime has removed the relatively stable and predictable thematic tailwind from markets.

At this point we believe that some sort of negotiated outcome is the most likely result of the US-China trade tension. But in the interim, both sides will bluff the other, trying to convince them that they are willing to bear pain, so we are likely to see further provocative statements and further stock market volatility.

There is also no timetable – periodic surges of trade-related concern could persist for weeks or even months before we see a conclusion. We remain mindful of the risk that this issue presents.

However, at this point we do not believe we are witnessing a significant threat to global trade and as such, would treat bouts of weakness as buying opportunities.

Outlook


11

Portfolio Review


12

Detailed Portfolio HistoryInception:04 July 2016

Date: 30 June Value Contributions Withdrawals Performance(%)2017 1,021 1,000 21 4.96

31/05/2018 1,013 - 21 -

Portfolio summary

Contributions Withdrawals Investment Earnings Value$'000 1,000 -42 55 1,013


13

Asset AllocationAs at 31 May 2018

Value % of Portfolio

($'000) Actual Target

Australian Fixed Interest 376 37.09 18

Australian Real Estate 40 3.96 10

Australian Shares ( 1 ) 389 38.40 32

International Shares 0 0.00 5

Liquids 208 20.55 35

1,013 100.00 100

(1) High Yield Strategy


14

Largest Ten Investment Holdings

HoldingsInvestment Asset Class 000'$ %National Australia Bank Ltd Capital Note Deferred Settlement Australian Fixed Interest 157 15.52

Commonwealth Bank Of Aus Cap Notes Pearls Viii Deferred Australian Shares 105 10.39

ANZ Banking Group Limited Capital Note Australian Fixed Interest 105 10.33

Westpac Banking Corporation Cap Note 4 Deferred Australian Fixed Interest 84 8.26

Australia And New Zealand Banking Group Cnt Perp Cap Note 2

Australian Shares 49 4.87

CBA Perp Exchange Resale Sec-perls Vi Deferred Settlement Australian Shares 30 3.01

ANZ Banking Corp Conv Pref Australian Fixed Interest 30 2.97

ANZ Banking Group Limited Australian Shares 27 2.69

BHP Billiton Limited Australian Shares 23 2.27

Commonwealth Bank Of Australia Australian Shares 21 2.05

Largest Ten Holdings 632 62.36

Other Investments 173 17.09

Cash 208 20.55

Total Investments 1,013 100.00


15

Major Transactions Since July 2017

Investment Purchases $ Units $/UnitCBA CAP Notes Pearls Viii DEF 32,075.00 300 106.92WBC CAP Note 4 Deferred 31,793.00 300 105.98

CBA Perls VI PRF 30,692.00 300 102.31

Investa Office Fund 13,350.00 3,000 4.45

BHP Billiton Limited 12,090.00 400 30.23

Institutional Placements $ Units $/UnitWoodside Petroleum Limited 594.00 22 27.00

Investment Sales $ Units $/UnitNational Australia Bank DEF 104,755.00 1,000 104.75

Westpac Banking Corp SUB FRN 65,418.00 650 100.64

Westpac Banking Corporation 40,761.00 400 101.90

Telstra Corporation Limited 15,972.00 5,000 3.19

Dexus 9,461.00 1,000 9.46


16

Income Projection

Asset Value

($'000)

Estimated Yield

(%)

Estimated

Income

Australian Fixed Interest 376 3.50 13

Australian Real Estate 40 4.90 2

Australian Shares 389 4.80 19

Cash 208 1.50 3

Total 1,013 3.64 37

Franking Credits(@ 87.6% average franking level) 7

4.34 44

For the next 12 months


17

Benchmark Asset Class Returnsas at 30 April 2018

1 Mnth 3 Mnths 6 Mnths 1 Year 3 Years 5 Years 10 Years(pa) (pa) (pa)

(1)Australian Shares 3.86% 0.29% 3.39% 5.82% 5.58% 7.37% 5.41%

(3)International Shares-Hedged 3.02% 1.06% 3.38% 9.04% 7.68% 14.99% 6.61%

(4)International Shares-Unhedged 2.75% 1.78% 5.08% 12.40% 9.24% 16.78% 7.92%

(5)Australian Real Estate 4.47% 1.10% 3.18% 1.03% 7.32% 9.83% 3.25%

(6)International Real Estate 2.77% -1.42% 0.66% 3.26% 3.56% 6.40% 5.97%

(7)Australian Fixed Interest -0.35% 0.79% 0.86% 2.16% 2.71% 3.91% 6.01%

(8)International Fixed Interest -0.38% 0.22% -0.04% 1.74% 3.17% 4.30% 6.80%

(9)Liquids (Cash And Short Term Money Market)

0.16% 0.44% 0.87% 1.75% 1.96% 2.26% 3.44%

(10)Inflation (Headline) Est 0.00% 0.37% 0.84% 1.69% 2.03% 2.27% 2.61%

(1) S&P/ASX 200 ex A-REIT

(3) MSCI World ex Australia (Net Dividends) Standard Hedged in AUD

(4) MSCI World ex Australia (Net Dividends) Standard in AUD

(5) S&P/ASX 200 A_REIT

(6) Morgan Stanley REIT Hedged Index in AUD to 10/05/05 UBS Global REI ex Aust (Net WHT) Hegded to AUD thereafter

(7) Bloomberg AusBond Composite 0+ Yr Index

(8) Barclay Global Aggregate Hedged in AUD

(9) Bloomberg AusBond Bank Bill Index

(10) Inflation (headline) est


18

Detailed Valuation

AUSTRALIAN SHARESCode Security Name Holding Market Market % Of Cost($) Unrealised

Price($) Value($) Portfolio Profit/(Loss)($)AWC Alumina Limited 1,500 2.68 4,020.00 0.40 3,382.50 637.50AMC Amcor Limited 600 14.06 8,436.00 0.83 9,435.09 -999.09

ANZ ANZ Banking Group Limited 1,000 27.21 27,210.00 2.69 27,998.77 -788.77

ANZPE ANZ Banking Group Ltd Cnt 2 500 98.75 49,375.00 4.87 48,913.76 461.24

BHP BHP Billiton Limited 700 32.79 22,953.00 2.27 18,190.99 4,762.01

BLD Boral Limited 800 6.27 5,016.00 0.50 5,772.90 -756.90

CBAPE CBA Cap Notes Pearls Viii Def 1,000 105.30 105,300.00 10.39 107,597.87 -2,297.87

CBAPC CBA Perls Vi Prf 300 101.61 30,483.00 3.01 30,691.68 -208.68CBA Commonwealth Bank Of Australia 300 69.30 20,790.00 2.05 23,726.53 -2,936.53

CSL CSL Limited 30 185.85 5,575.50 0.55 5,378.28 197.22

JBH JB Hi-fi Limited 300 23.99 7,197.00 0.71 8,814.07 -1,617.07

MTS Metcash Limited 2,000 2.90 5,800.00 0.57 5,252.28 547.72

NAB National Australia Bank Ltd 300 26.80 8,040.00 0.79 8,358.18 -318.18

OMN Onemarket Limited 25 1.53 38.25 0.00 46.70 -8.45QAN Qantas Airways Limited 3,000 6.35 19,050.00 1.88 11,943.12 7,106.88

RMD Resmed Inc 500 13.52 6,760.00 0.67 4,429.87 2,330.13

RIO RIO Tinto Limited 100 82.97 8,297.00 0.82 4,794.27 3,502.73

SYD Sydney Airport 1,000 7.28 7,280.00 0.72 7,345.07 -65.07

TLS Telstra Corporation Limited 2,000 2.80 5,600.00 0.55 11,535.18 -5,935.18

URW Unibail-rodamco-westfield Cdi 184 14.71 2,706.64 0.27 3,268.13 -561.49

WES Wesfarmers Limited 250 45.56 11,390.00 1.12 10,628.18 761.82WBC Westpac Banking Corporation 600 27.85 16,710.00 1.65 18,976.84 -2,266.84

WPL Woodside Petroleum Limited 166 32.41 5,380.06 0.53 5,144.18 235.88

WOW Woolworths Group Limited 200 28.46 5,692.00 0.56 5,173.69 518.31

Total Australian Shares 389,099.45 386,798.13 2,301.32


19

Detailed Valuation

AUSTRALIAN REAL ESTATECode Security Name Holding Market Market % Of Cost($) Unrealised

Price($) Value($) Portfolio Profit/(Loss)($)GMG Goodman Group Stapled Sec 1,500 9.34 14,010.00 1.38 11,554.90 2,455.10

IOF Investa Office Fund 3,000 5.05 15,150.00 1.50 13,349.67 1,800.33

SCG Scentre Group 1,000 4.18 4,180.00 0.41 5,350.89 -1,170.89

SGP Stockland 1,000 4.15 4,150.00 0.41 4,730.20 -580.20

VCX Vicinity Centres 1,000 2.67 2,670.00 0.26 3,488.84 -818.84

Total Australian Real Estate 40,160.00 38,474.50 1,685.50

AUSTRALIAN FIXED INTERESTCode Security Name Holding Market Market % Of Cost($) Unrealised

Price($) Value($) Portfolio Profit/(Loss)($)ANZPH ANZ Banking Corp Conv Pref 300 100.33 30,099.00 2.97 30,681.51 -582.51

ANZPG ANZ Capital Note 1,000 104.70 104,700.00 10.33 100,000.00 4,700.00

NABPD National Australia Bank Def 1,500 104.80 157,198.50 15.52 150,000.00 7,198.50

WBCPG WBC Cap Note 4 Deferred 800 104.60 83,680.00 8.26 85,344.02 -1,664.02

Total Australian Fixed Interest 375,677.50 366,025.53 9,651.97

LIQUIDSCode Security Name Holding Market Market % Of Cost($) Unrealised

Price($) Value($) Portfolio Profit/(Loss)($)700AUD Cash At Bank-aud - 0.00 5,930.55 0.59 5,930.55 -

710AUD Income Due But Not Recd - 0.00 1,437.24 0.14 1,437.24 -*WBCHX Pendal Managed Cash Fund 199,000 1.00 199,000.00 19.64 199,000.00 -


20

Detailed Valuation

LIQUIDSCode Security Name Holding Market Market % Of Cost($) Unrealised

Price($) Value($) Portfolio Profit/(Loss)($)765AUD Unsettled Sales - 0.00 1,764.16 0.17 1,764.16 -

Total Liquids 208,131.95 208,131.95 -

Portfolio Total 1,013,068.90 999,430.11 13,638.79


21

1. Investment valuations

(a) Investments are valued at market value using the latest available last sale price. All investments are valued on a cum-payment basis until such time as income accrued on an investment becomes due and payable, at which point the security is valued on an ex-payment basis.

(b) Investment valuations are obtained using the Interactive Data Sharetrack Equities Quotes and Pricing Service or Bondtrack Fixed Interest Pricing Service as appropriate, unless otherwise stated.

(c) Unlisted Unit Trusts are valued using the latest available Net Asset Value (NAV) per unit, less any disposal costs. The NAV is calculated by deducting from the value of the unlisted unit trusts gross assets the value of the liabilities of the unlisted unit trust.

(d) Other Investments not included above, for which a generally accepted market price is not available, are valued using a fair market value which could reasonably be expected to be obtained upon disposal in an orderly market.

(e) The BT Total Return Fund is priced monthly, and valuations for investments in the BT Total Return Fund are based on daily estimates. These prices are therefore indicative only and do not generally reflect the price which would be obtained if the investment is realised.

2. Cash and Other includes Cash at Bank, Cash Investment Fund, Unsettled Trades, Income Due But Not Yet Received and Fees Payable.

Notes

Presentation Report


22

1. BT Private Portfolio is provided by BT Investment Management No. 3 Limited ABN 80 000 742 478, holder of AFSL 233717

2. An investment made with BT Private Portfolio does not represent either a deposit with or a liability of, Westpac Banking Corporation ABN 33 007 457 141 or any other company in the Westpac Group of companies. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. None of Westpac Banking Corporation or (any of) its related entities stands behind or otherwise guarantees the capital value or investment performance of an investment made with BT Private Portfolio.

3. The information in this document is general securities advice only and is not intended to constitute professional advice or a securities recommendation. The advice does not take into account the investment objectives, financial situation and particular needs of any investor. Before making an investment decision we suggest you take into consideration whether the advice is appropriate to your particular investment needs, objectives and financial circumstances and recommend you consult a financial adviser.

4. The information contained in this document is given in good faith and has been derived from sources believed to be accurate. However, no member companies of the BT Financial Group nor any of their employees, officers or directors gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way including by reason of negligence for errors or omissions in this document. This disclaimer is subject to any contrary provisions of the Trade Practices Act and the Corporation Act.

Disclaimer & Disclosure

Presentation Report


23

quarterly portfolio investment summary - 30 june 2018

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