Investments included in the AFIC portfolio are selected for their profitability and long-term growth prospects.

A list of AFIC’s 25 largest holdings as at 30 June 2010 is set out in the following table.

Top 25 Investments – Ordinary Securities


Valued at closing prices at 30 June 2010

Total Value
$ million

1

*BHP

BHP Billiton

537.5

2 CBA

Commonwealth Bank of Australia

421.1
3 WBC

 Westpac Banking Corporation

387.2
4

RIO

Rio Tinto

238.2

5

WES

Wesfarmers (a)

217.0

6

NAB

National Australian Bank

204.6

7

WOW Woolworths 167.6

8

TLS

Telstra Corporation

162.7

9

*ANZ

Australia & New Zealand Banking Group

151.1

10

WPL

Woodside Petroleum

109.2

11

CPU

Computershare

86.5
12

STO

Santos

86.3

13

*QBE

QBE Insurance Group

84.1

14

AMC

Amcor

80.5

15

*ORG

Origin Energy

78.3

16

*OSH

Oil Search

77.7

17

ORI

Orica

63.2

18

*TCL

Transurban Group

63.0

19

AGK

AGL Energy

63.0

20

*AMP

AMP

56.1

21

AIX

Australian Infrastructure Fund

55.5

22

WDC

Westfield Group

54.6

23

WAN

West Australian Newspapers Holdings

52.6

24

CCL

Coca-Cola Amatil

51.1

25

IPL

Incitec Pivot

49.4

Total

3,589.2

As % of Total Portfolio Value
Excludes cash and bank bills

80.9%

* Indicates that options were outstanding against part or all of the holding in the Trading Portfolio

(a) Includes $40.3 million of WESN partially protected securities