| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -1,000 | 2,000 | 0.35 | 0.26 | 3,000 | 0.48 | 0.35 |
| FirstRand Ltd. | 0 | 22,000 | 1.83 | 1.35 | 22,000 | 1.67 | 1.21 |
| Nedbank Group Ltd. | -4,000 | 6,000 | 1.80 | 1.33 | 10,000 | 2.56 | 1.85 |
| Standard Bank Group Ltd. | 0 | 5,000 | 1.21 | 0.89 | 5,000 | 1.06 | 0.76 |
| Banks Total | -5,000 | 35,000 | 5.20 | 3.83 | 40,000 | 5.76 | 4.17 |
| SA Bond I2038 | 0 | 6,000,000 | 8.35 | 6.15 | 6,000,000 | 8.06 | 5.84 |
| SA Bond R202 | 0 | 4,000,000 | 10.76 | 7.93 | 4,000,000 | 10.39 | 7.53 |
| SA Bond R2030 | -4,000,000 | 8,000,000 | 7.84 | 5.78 | 12,000,000 | 11.41 | 8.26 |
| SA Bond R2032 | 0 | 4,000,000 | 3.75 | 2.77 | 4,000,000 | 3.58 | 2.59 |
| SA Bond R2035 | 0 | 11,000,000 | 10.27 | 7.57 | 11,000,000 | 9.66 | 7.00 |
| SA Bond R2040 | 1,000,000 | 17,000,000 | 15.15 | 11.16 | 16,000,000 | 13.24 | 9.59 |
| SA Bond R213 | 0 | 4,000,000 | 3.61 | 2.66 | 4,000,000 | 3.45 | 2.50 |
| SA Bond R214 | 0 | 4,000,000 | 2.78 | 2.05 | 4,000,000 | 2.54 | 1.84 |
| SA Bond TN27 | 0 | 2,000,000 | 1.99 | 1.46 | 2,000,000 | 1.89 | 1.37 |
| Bond Total | -3,000,000 | 60,000,000 | 64.52 | 47.54 | 63,000,000 | 64.24 | 46.51 |
| Cash on call | 0 | 0 | -0.01 | -0.01 | 0 | 0.77 | 0.56 |
| Cash on call Total | 0 | 0 | -0.01 | -0.01 | 0 | 0.77 | 0.56 |
| Alphabet Inc C | 0 | 260 | 0.73 | 0.54 | 260 | 0.88 | 0.63 |
| Cyclical Goods & Services Total | 0 | 260 | 0.73 | 0.54 | 260 | 0.88 | 0.63 |
| Exxon Mobil Corporation | 0 | 470 | 0.94 | 0.69 | 470 | 0.98 | 0.71 |
| Energy Total | 0 | 470 | 0.94 | 0.69 | 470 | 0.98 | 0.71 |
| AvalonBay Communities Inc | 0 | 300 | 1.17 | 0.86 | 300 | 1.13 | 0.82 |
| Financial Services Total | 0 | 300 | 1.17 | 0.86 | 300 | 1.13 | 0.82 |
| JP Morgan Chase & Company | -135 | 0 | 0.00 | 0.00 | 135 | 0.49 | 0.35 |
| Financials Total | -135 | 0 | 0.00 | 0.00 | 135 | 0.49 | 0.35 |
| AVI Ltd. | 0 | 10,000 | 1.09 | 0.80 | 10,000 | 0.95 | 0.69 |
| Food Producers Total | 0 | 10,000 | 1.09 | 0.80 | 10,000 | 0.95 | 0.69 |
| European - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| USA - Currency | 0 | 0 | 0.37 | 0.28 | 0 | 3.87 | 2.80 |
| For Currency Total | 0 | 0 | 0.38 | 0.28 | 0 | 3.87 | 2.80 |
| Digital Realty Trust Com | 0 | 260 | 0.72 | 0.53 | 260 | 0.70 | 0.51 |
| Equity Residential Properties Trust | 0 | 600 | 0.77 | 0.57 | 600 | 0.75 | 0.54 |
| Prologis | 0 | 700 | 1.51 | 1.11 | 700 | 1.42 | 1.03 |
| Public Storage Incoporated | 0 | 210 | 1.29 | 0.95 | 210 | 1.09 | 0.79 |
| Foreign Property Total | 0 | 1,770 | 4.29 | 3.16 | 1,770 | 3.96 | 2.87 |
| Mondi plc | 0 | 1,400 | 0.46 | 0.34 | 1,400 | 0.49 | 0.36 |
| The Bidvest Group Ltd. | 0 | 1,500 | 0.44 | 0.32 | 1,500 | 0.43 | 0.31 |
| General Industrials Total | 0 | 2,900 | 0.90 | 0.66 | 2,900 | 0.93 | 0.67 |
| Netcare Ltd. | -5,000 | 25,000 | 0.38 | 0.28 | 30,000 | 0.38 | 0.28 |
| Health Care Providers Total | -5,000 | 25,000 | 0.38 | 0.28 | 30,000 | 0.38 | 0.28 |
| AbbVie Inc | -145 | 0 | 0.00 | 0.00 | 145 | 0.45 | 0.32 |
| Johnson & Johnson | -135 | 0 | 0.00 | 0.00 | 135 | 0.36 | 0.26 |
| Healthcare Total | -280 | 0 | 0.00 | 0.00 | 280 | 0.80 | 0.58 |
| Anglo American plc | -650 | 1,350 | 0.76 | 0.56 | 2,000 | 1.16 | 0.84 |
| BHP Group Ltd. | -1,000 | 1,000 | 0.55 | 0.41 | 2,000 | 1.04 | 0.76 |
| Glencore plc | 0 | 10,000 | 0.99 | 0.73 | 10,000 | 1.05 | 0.76 |
| Kumba Iron Ore Ltd. | 0 | 1,200 | 0.49 | 0.36 | 1,200 | 0.53 | 0.39 |
| South32 Ltd. | 0 | 7,700 | 0.34 | 0.25 | 7,700 | 0.34 | 0.25 |
| Industrial Metals and Mining Total | -1,650 | 21,250 | 3.13 | 2.31 | 22,900 | 4.12 | 2.99 |
| Hudaco Industries Ltd. | 1,398 | 1,398 | 0.27 | 0.20 | 0 | 0.00 | 0.00 |
| Industrial Support Services Total | 1,398 | 1,398 | 0.27 | 0.20 | 0 | 0.00 | 0.00 |
| Discovery Ltd. | 0 | 3,500 | 0.60 | 0.44 | 3,500 | 0.47 | 0.34 |
| Life Insurance Total | 0 | 3,500 | 0.60 | 0.44 | 3,500 | 0.47 | 0.34 |
| Merchant West SCI Money Market - B | 14,823 | 14,823 | 0.01 | 0.01 | 0 | 0.01 | 0.01 |
| Money Market Total | 14,823 | 14,823 | 0.01 | 0.01 | 0 | 0.01 | 0.01 |
| OUTsurance Group Ltd. | 12,450 | 12,450 | 0.74 | 0.54 | 0 | 0.00 | 0.00 |
| Non-life Insurance Total | 12,450 | 12,450 | 0.74 | 0.54 | 0 | 0.00 | 0.00 |
| Merchant West Global Equity - B | -1,000,000 | 0 | 26.82 | 19.76 | 1,000,000 | 26.61 | 19.27 |
| Offshore Intern Total | -1,000,000 | 0 | 26.82 | 19.76 | 1,000,000 | 26.61 | 19.27 |
| Thungela Resources Ltd. | 0 | 6,400 | 0.70 | 0.52 | 6,400 | 0.72 | 0.52 |
| Oil, Gas and Coal Total | 0 | 6,400 | 0.70 | 0.52 | 6,400 | 0.72 | 0.52 |
| AngloGold Ashanti plc | 0 | 3,000 | 1.40 | 1.03 | 3,000 | 1.39 | 1.00 |
| Impala Platinum Holdings Ltd. | -700 | 5,000 | 0.49 | 0.36 | 5,700 | 0.52 | 0.38 |
| Northam Platinum Holdings Ltd. | 0 | 4,000 | 0.43 | 0.32 | 4,000 | 0.51 | 0.37 |
| Precious Metals and Mining Total | -700 | 12,000 | 2.32 | 1.71 | 12,700 | 2.41 | 1.75 |
| Absa Bank Ltd. | -509 | 4,200 | 3.52 | 2.59 | 4,709 | 3.51 | 2.54 |
| Preference Shares Total | -509 | 4,200 | 3.52 | 2.59 | 4,709 | 3.51 | 2.54 |
| Equites Property Fund Ltd. | 0 | 140,000 | 2.03 | 1.49 | 140,000 | 1.79 | 1.30 |
| Growthpoint Properties Ltd. | 0 | 117,000 | 1.64 | 1.21 | 117,000 | 1.43 | 1.03 |
| Spear REIT Ltd. | 0 | 390,000 | 3.74 | 2.76 | 390,000 | 3.39 | 2.46 |
| Stor-Age Property REIT Ltd. | 59,402 | 150,000 | 2.27 | 1.67 | 90,598 | 1.25 | 0.91 |
| Real Estate Investment Trusts Total | 59,402 | 797,000 | 9.68 | 7.13 | 737,598 | 7.86 | 5.69 |
| Mr Price Group Ltd. | 0 | 1,850 | 0.50 | 0.37 | 1,850 | 0.38 | 0.27 |
| The Foschini Group Ltd. | 5,000 | 5,000 | 0.79 | 0.58 | 0 | 0.00 | 0.00 |
| Retailers Total | 5,000 | 6,850 | 1.29 | 0.95 | 1,850 | 0.38 | 0.27 |
| Naspers Ltd. | -100 | 700 | 2.96 | 2.18 | 800 | 2.86 | 2.07 |
| Software and Computer Services Total | -100 | 700 | 2.96 | 2.18 | 800 | 2.86 | 2.07 |
| American Tower | 0 | 300 | 1.19 | 0.88 | 300 | 1.07 | 0.78 |
| Nvidia Corporation | 0 | 200 | 0.42 | 0.31 | 200 | 0.45 | 0.33 |
| Qualcomm AG | 0 | 280 | 0.82 | 0.60 | 280 | 0.99 | 0.72 |
| Technology Total | 0 | 780 | 2.43 | 1.79 | 780 | 2.52 | 1.82 |
| Vodacom Group Ltd. | 0 | 3,500 | 0.39 | 0.28 | 3,500 | 0.34 | 0.25 |
| Telecommunications Service Providers Total | 0 | 3,500 | 0.39 | 0.28 | 3,500 | 0.34 | 0.25 |
| British American Tobacco plc | 0 | 2,000 | 1.29 | 0.95 | 2,000 | 1.15 | 0.83 |
| Tobacco Total | 0 | 2,000 | 1.29 | 0.95 | 2,000 | 1.15 | 0.83 |
| Portfolio Total | -3,920,301 | 60,962,551 | 135.72 | 100.00 | 64,882,852 | 138.12 | 100.00 |