| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -113,800 | 1,486,200 | 261.13 | 2.71 | 1,600,000 | 282.24 | 3.04 |
| Capitec Bank Holdings Ltd. | 16,800 | 16,800 | 59.74 | 0.62 | 0 | 0.00 | 0.00 |
| FirstRand Ltd. | 650,000 | 1,800,000 | 137.20 | 1.42 | 1,150,000 | 82.71 | 0.89 |
| Standard Bank Group Ltd. | -122,900 | 650,000 | 148.01 | 1.54 | 772,900 | 185.63 | 2.00 |
| TBC Bank Group PLC | -24,400 | 305,600 | 354.21 | 3.68 | 330,000 | 325.65 | 3.51 |
| Banks Total | 405,700 | 4,258,600 | 960.28 | 9.96 | 3,852,900 | 876.22 | 9.45 |
| SA Bond CLN864 | 0 | 55,000,000 | 77.84 | 0.81 | 55,000,000 | 72.57 | 0.78 |
| SA Bond CLN898 | 0 | 95,000,000 | 137.30 | 1.42 | 95,000,000 | 121.95 | 1.31 |
| SA Bond CLN938 | 0 | 42,000,000 | 42.17 | 0.44 | 42,000,000 | 42.19 | 0.45 |
| SA Bond I2029 | -134,000,000 | 100,600,000 | 138.36 | 1.44 | 234,600,000 | 317.44 | 3.42 |
| SA Bond R2037 | 110,200,000 | 110,200,000 | 99.81 | 1.04 | 0 | 0.00 | 0.00 |
| SA Bond R2040 | -305,700,000 | 1,206,420,000 | 1,090.49 | 11.31 | 1,512,120,000 | 1,271.81 | 13.71 |
| SA Bond R2044 | 212,300,000 | 212,300,000 | 180.61 | 1.87 | 0 | 0.00 | 0.00 |
| SA Bond R210 | 0 | 303,080,000 | 748.73 | 7.77 | 303,080,000 | 741.19 | 7.99 |
| SA Bond SSN211 | 0 | 34,300,000 | 83.56 | 0.87 | 34,300,000 | 82.61 | 0.89 |
| Bond Total | -117,200,000 | 2,158,900,000 | 2,598.88 | 26.96 | 2,276,100,000 | 2,649.76 | 28.57 |
| Cash on call | 0 | 0 | -376.69 | -3.91 | 0 | 95.44 | 1.03 |
| Margin Account | 0 | 0 | 31.80 | 0.33 | 0 | 20.21 | 0.22 |
| Cash on call Total | 0 | 0 | -344.88 | -3.58 | 0 | 115.65 | 1.25 |
| Omnia Holdings Ltd. | 0 | 100,000 | 7.95 | 0.08 | 100,000 | 6.73 | 0.07 |
| Sasol Ltd. | 327,300 | 1,327,300 | 106.62 | 1.11 | 1,000,000 | 76.29 | 0.82 |
| Chemicals Total | 327,300 | 1,427,300 | 114.57 | 1.19 | 1,100,000 | 83.02 | 0.90 |
| African Rainbow Capital Investments Ltd. | 0 | 12,800,000 | 124.16 | 1.29 | 12,800,000 | 118.53 | 1.28 |
| EPE Capital Partners Ltd. | 0 | 14,371,523 | 94.13 | 0.98 | 14,371,523 | 70.42 | 0.76 |
| Closed End Investments Total | 0 | 27,171,523 | 218.29 | 2.26 | 27,171,523 | 188.95 | 2.04 |
| Raubex Group Ltd. | 0 | 2,950,000 | 131.95 | 1.37 | 2,950,000 | 131.48 | 1.42 |
| Construction and Materials Total | 0 | 2,950,000 | 131.95 | 1.37 | 2,950,000 | 131.48 | 1.42 |
| Zeda Ltd. | 700,000 | 9,300,000 | 114.95 | 1.19 | 8,600,000 | 95.55 | 1.03 |
| Alibaba Group Holdings Limited | 0 | 522,000 | 171.75 | 1.78 | 522,000 | 204.83 | 2.21 |
| Consumer Services Total | 700,000 | 9,822,000 | 286.69 | 2.97 | 9,122,000 | 300.38 | 3.24 |
| Baidu.Com, Inc. | 0 | 25,000 | 38.28 | 0.40 | 25,000 | 42.92 | 0.46 |
| JDcom | 0 | 290,000 | 110.85 | 1.15 | 290,000 | 144.81 | 1.56 |
| Sirius XM Inc | 0 | 60,000 | 24.07 | 0.25 | 60,000 | 25.10 | 0.27 |
| Cyclical Goods & Services Total | 0 | 375,000 | 173.20 | 1.80 | 375,000 | 212.83 | 2.29 |
| Equity Derivative | 0 | 0 | 1,083.46 | 11.24 | 0 | 494.67 | 5.33 |
| Derivatives Total | 0 | 0 | 1,083.46 | 11.24 | 0 | 494.67 | 5.33 |
| Greencoat Renewables plc | 2,000,000 | 2,000,000 | 32.70 | 0.34 | 0 | 0.00 | 0.00 |
| Electricity Total | 2,000,000 | 2,000,000 | 32.70 | 0.34 | 0 | 0.00 | 0.00 |
| Reunert Ltd. | 129,348 | 529,348 | 31.02 | 0.32 | 400,000 | 24.59 | 0.27 |
| Electronic and Electrical Equipment Total | 129,348 | 529,348 | 31.02 | 0.32 | 400,000 | 24.59 | 0.27 |
| Pepco Holdings Inc | 256,300 | 256,300 | 27.31 | 0.28 | 0 | 0.00 | 0.00 |
| Royal Dutch Shell Plc - A | 0 | 873 | 0.55 | 0.01 | 873 | 0.58 | 0.01 |
| Energy Total | 256,300 | 257,173 | 27.86 | 0.29 | 873 | 0.58 | 0.01 |
| Foreign - Equity Derivatives | 0 | 0 | 312.99 | 3.25 | 0 | 254.50 | 2.74 |
| Equities Total | 0 | 0 | 312.99 | 3.25 | 0 | 254.50 | 2.74 |
| JSC KASPI KZ ADR | 0 | 25,000 | 38.30 | 0.40 | 25,000 | 43.22 | 0.47 |
| POMEGRANATE INVESTMENT AB | 34,500 | 34,500 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| ST James Place | 0 | 280,000 | 80.98 | 0.84 | 280,000 | 64.75 | 0.70 |
| Financial Services Total | 34,500 | 339,500 | 119.28 | 1.24 | 305,000 | 107.97 | 1.16 |
| Oceana Group Ltd. | 0 | 140,000 | 7.36 | 0.08 | 140,000 | 8.15 | 0.09 |
| Premier Group Ltd. | -75,000 | 0 | 0.00 | 0.00 | 75,000 | 9.44 | 0.10 |
| Food Producers Total | -75,000 | 140,000 | 7.36 | 0.08 | 215,000 | 17.59 | 0.19 |
| Australia - Currency | 0 | 0 | 0.25 | 0.00 | 0 | 0.25 | 0.00 |
| European - Currency | 0 | 0 | 89.25 | 0.93 | 0 | 79.04 | 0.85 |
| Foreign - Currency | 0 | 0 | 1.24 | 0.01 | 0 | 0.06 | 0.00 |
| Foreign - Money Market | 0 | 0 | 260.17 | 2.70 | 0 | 253.39 | 2.73 |
| Hong Kong - Currency | 0 | 0 | 75.91 | 0.79 | 0 | 79.21 | 0.85 |
| Mexican Peso | 0 | 0 | 1.04 | 0.01 | 0 | 1.00 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 40.65 | 0.42 | 0 | 7.22 | 0.08 |
| USA - Currency | 0 | 0 | 192.82 | 2.00 | 0 | 110.82 | 1.19 |
| For Currency Total | 0 | 0 | 661.33 | 6.86 | 0 | 530.98 | 5.73 |
| Foreign - Bonds | 0 | 0 | 393.05 | 4.08 | 0 | 530.27 | 5.72 |
| Foreign - Equities | 0 | 0 | 39.20 | 0.41 | 0 | 40.71 | 0.44 |
| Foreign Invest Total | 0 | 0 | 432.26 | 4.48 | 0 | 570.98 | 6.16 |
| British Land Company | 0 | 550,000 | 51.35 | 0.53 | 550,000 | 48.65 | 0.52 |
| Foreign Property Total | 0 | 550,000 | 51.35 | 0.53 | 550,000 | 48.65 | 0.52 |
| Barloworld Ltd. | -36,377 | 872,515 | 96.74 | 1.00 | 908,892 | 96.77 | 1.04 |
| KAP Ltd. | -250,550 | 5,749,450 | 11.79 | 0.12 | 6,000,000 | 15.06 | 0.16 |
| The Bidvest Group Ltd. | 10,000 | 160,000 | 37.62 | 0.39 | 150,000 | 35.30 | 0.38 |
| General Industrials Total | -276,927 | 6,781,965 | 146.14 | 1.52 | 7,058,892 | 147.13 | 1.59 |
| Autohome INC ADR | -40,000 | 320,000 | 147.52 | 1.53 | 360,000 | 183.60 | 1.98 |
| New Oriental Education | -50,000 | 0 | 0.00 | 0.00 | 50,000 | 43.17 | 0.47 |
| Vinci SA | -15,000 | 0 | 0.00 | 0.00 | 15,000 | 34.64 | 0.37 |
| Goods & Services Total | -105,000 | 320,000 | 147.52 | 1.53 | 425,000 | 261.41 | 2.82 |
| Life Healthcare Group Holdings Ltd. | -1,265,100 | 1,734,900 | 24.74 | 0.26 | 3,000,000 | 41.58 | 0.45 |
| Health Care Providers Total | -1,265,100 | 1,734,900 | 24.74 | 0.26 | 3,000,000 | 41.58 | 0.45 |
| Anglo American plc | 79,266 | 79,266 | 41.27 | 0.43 | 0 | 0.00 | 0.00 |
| Glencore plc | 840,000 | 1,680,000 | 116.58 | 1.21 | 840,000 | 56.22 | 0.61 |
| Kumba Iron Ore Ltd. | 30,000 | 330,000 | 94.20 | 0.98 | 300,000 | 93.61 | 1.01 |
| Master Drilling Group Ltd. | 0 | 4,400,000 | 70.22 | 0.73 | 4,400,000 | 64.64 | 0.70 |
| Merafe Resources Ltd. | 0 | 55,500,000 | 72.71 | 0.75 | 55,500,000 | 65.49 | 0.71 |
| Industrial Metals and Mining Total | 949,266 | 61,989,266 | 394.98 | 4.10 | 61,040,000 | 279.95 | 3.02 |
| Hudaco Industries Ltd. | 4,388 | 64,388 | 12.58 | 0.13 | 60,000 | 11.37 | 0.12 |
| Industrial Support Services Total | 4,388 | 64,388 | 12.58 | 0.13 | 60,000 | 11.37 | 0.12 |
| Brait plc | 0 | 72,500,000 | 162.40 | 1.69 | 72,500,000 | 143.55 | 1.55 |
| Brait plc | 0 | 95,921 | 75.78 | 0.79 | 95,921 | 72.90 | 0.79 |
| Ninety One Ltd. | -500,000 | 0 | 0.00 | 0.00 | 500,000 | 17.35 | 0.19 |
| Quilter plc | 1,300,000 | 1,300,000 | 49.34 | 0.51 | 0 | 0.00 | 0.00 |
| Zeder Investments Ltd. | 0 | 4,000,000 | 5.16 | 0.05 | 4,000,000 | 6.28 | 0.07 |
| Investment Banking and Brokerage Services Total | 800,000 | 77,895,921 | 292.67 | 3.04 | 77,095,921 | 240.08 | 2.59 |
| Momentum Group Ltd. | -800,000 | 0 | 0.00 | 0.00 | 800,000 | 25.34 | 0.27 |
| Old Mutual Ltd. | 1,000,000 | 4,400,000 | 52.80 | 0.55 | 3,400,000 | 40.60 | 0.44 |
| Life Insurance Total | 200,000 | 4,400,000 | 52.80 | 0.55 | 4,200,000 | 65.93 | 0.71 |
| Nedgroup Investments Corporate Money Market - C25 | -40,949 | 0 | 0.00 | 0.00 | 40,949 | 0.04 | 0.00 |
| Money Market Total | -40,949 | 0 | 0.00 | 0.00 | 40,949 | 0.04 | 0.00 |
| Abax Global Equity Fund (USD) - A | 0 | 800,000 | 342.91 | 3.56 | 800,000 | 331.36 | 3.57 |
| Offshore Intern Total | 0 | 800,000 | 342.91 | 3.56 | 800,000 | 331.36 | 3.57 |
| Thungela Resources Ltd. | 890,000 | 890,000 | 75.07 | 0.78 | 0 | 0.00 | 0.00 |
| Oil, Gas and Coal Total | 890,000 | 890,000 | 75.07 | 0.78 | 0 | 0.00 | 0.00 |
| Bid Corporation Ltd. | 90,000 | 90,000 | 42.50 | 0.44 | 0 | 0.00 | 0.00 |
| Dis-Chem Pharmacies Ltd. | 1,406,241 | 2,106,241 | 68.47 | 0.71 | 700,000 | 21.41 | 0.23 |
| Pick n Pay Stores Ltd. | 0 | 3,150,000 | 84.36 | 0.88 | 3,150,000 | 86.75 | 0.94 |
| Shoprite Holdings Ltd. | -199,000 | 200,000 | 55.98 | 0.58 | 399,000 | 108.13 | 1.17 |
| Personal Care, Drug and Grocery Stores Total | 1,297,241 | 5,546,241 | 251.31 | 2.61 | 4,249,000 | 216.29 | 2.33 |
| Adcock Ingram Holdings Ltd. | 0 | 200,000 | 10.17 | 0.11 | 200,000 | 9.80 | 0.11 |
| Pharmaceuticals and Biotechnology Total | 0 | 200,000 | 10.17 | 0.11 | 200,000 | 9.80 | 0.11 |
| AngloGold Ashanti plc | 12,000 | 12,000 | 9.57 | 0.10 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 12,000 | 12,000 | 9.57 | 0.10 | 0 | 0.00 | 0.00 |
| Balwin Properties Ltd. | 0 | 22,000,000 | 62.04 | 0.64 | 22,000,000 | 43.78 | 0.47 |
| MAS plc | 0 | 700,000 | 17.06 | 0.18 | 700,000 | 12.68 | 0.14 |
| Real Estate Investment and Services Total | 0 | 22,700,000 | 79.10 | 0.82 | 22,700,000 | 56.46 | 0.61 |
| Dipula Properties Ltd. | 0 | 32,400,000 | 173.34 | 1.80 | 32,400,000 | 167.51 | 1.81 |
| Hammerson plc | 0 | 275,000 | 20.24 | 0.21 | 275,000 | 16.27 | 0.18 |
| Octodec Investments Ltd. | 0 | 6,843,092 | 69.12 | 0.72 | 6,843,092 | 71.44 | 0.77 |
| Schroder European Real Estate Investment Trust plc | 0 | 950,000 | 15.90 | 0.17 | 950,000 | 14.52 | 0.16 |
| Stor-Age Property REIT Ltd. | -350,000 | 1,550,000 | 24.78 | 0.26 | 1,900,000 | 27.63 | 0.30 |
| Real Estate Investment Trusts Total | -350,000 | 42,018,092 | 303.38 | 3.15 | 42,368,092 | 297.36 | 3.21 |
| Wal-Mart de Mexico S.A.B. de C.V. | 370,000 | 370,000 | 22.34 | 0.23 | 0 | 0.00 | 0.00 |
| Wal-Mart Stores Incorporated | -370,000 | 0 | 0.00 | 0.00 | 370,000 | 19.14 | 0.21 |
| Retail Total | 0 | 370,000 | 22.34 | 0.23 | 370,000 | 19.14 | 0.21 |
| Combined Motor Holdings Ltd. | 0 | 900,000 | 27.63 | 0.29 | 900,000 | 27.90 | 0.30 |
| Italtile Ltd. | 0 | 2,100,000 | 21.15 | 0.22 | 2,100,000 | 21.61 | 0.23 |
| KAL Group Ltd. | 0 | 1,287,614 | 54.13 | 0.56 | 1,287,614 | 53.62 | 0.58 |
| Motus Holdings Ltd. | 0 | 100,000 | 9.45 | 0.10 | 100,000 | 8.69 | 0.09 |
| Mr Price Group Ltd. | 30,000 | 30,000 | 6.65 | 0.07 | 0 | 0.00 | 0.00 |
| Pepkor Holdings Ltd. | -740,000 | 1,460,000 | 39.83 | 0.41 | 2,200,000 | 56.36 | 0.61 |
| Truworths International Ltd. | 1,643,900 | 1,643,900 | 117.09 | 1.21 | 0 | 0.00 | 0.00 |
| We Buy Cars Holdings Ltd. | -128,359 | 0 | 0.00 | 0.00 | 128,359 | 5.36 | 0.06 |
| Woolworths Holdings Ltd. | -410,300 | 469,700 | 24.42 | 0.25 | 880,000 | 45.56 | 0.49 |
| Retailers Total | 395,241 | 7,991,214 | 300.34 | 3.12 | 7,595,973 | 219.10 | 2.36 |
| Naspers Ltd. | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 181.68 | 1.96 |
| Software and Computer Services Total | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 181.68 | 1.96 |
| Qifu Technology Inc | 4,100 | 214,100 | 169.50 | 1.76 | 210,000 | 175.40 | 1.89 |
| Technology Total | 4,100 | 214,100 | 169.50 | 1.76 | 210,000 | 175.40 | 1.89 |
| City Lodge Hotels Ltd. | 0 | 6,500,000 | 25.35 | 0.26 | 6,500,000 | 25.87 | 0.28 |
| Comair Ltd. | 10,500,000 | 10,500,000 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Southern Sun Ltd. | 450,857 | 1,147,882 | 10.10 | 0.10 | 697,025 | 5.82 | 0.06 |
| Spur Corporation Ltd. | 0 | 600,000 | 20.11 | 0.21 | 600,000 | 19.50 | 0.21 |
| Sun International Ltd. | -342,976 | 1,122,664 | 48.87 | 0.51 | 1,465,640 | 60.85 | 0.66 |
| Travel and Leisure Total | 10,607,881 | 19,870,546 | 104.43 | 1.08 | 9,262,665 | 112.04 | 1.21 |
| Portfolio Total | -100,339,711 | 2,462,519,077 | 9,638.18 | 100.00 | 2,562,858,788 | 9,274.93 | 100.00 |