| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -60,000 | 600,000 | 143.36 | 1.30 | 660,000 | 157.98 | 1.47 |
| Capitec Bank Holdings Ltd. | -16,800 | 0 | 0.00 | 0.00 | 16,800 | 69.82 | 0.65 |
| FirstRand Ltd. | -7,115 | 530,000 | 46.72 | 0.43 | 537,115 | 48.74 | 0.45 |
| Standard Bank Group Ltd. | -120,000 | 410,000 | 123.61 | 1.12 | 530,000 | 153.91 | 1.43 |
| Halyk Bank | 45,000 | 135,000 | 72.80 | 0.66 | 90,000 | 44.58 | 0.42 |
| TBC Bank Group PLC | 0 | 305,600 | 277.70 | 2.53 | 305,600 | 276.36 | 2.57 |
| Banks Total | -158,915 | 1,980,600 | 664.20 | 6.04 | 2,139,515 | 751.38 | 7.00 |
| Endeavour Mining PLC | -60,000 | 0 | 0.84 | 0.01 | 60,000 | 51.75 | 0.48 |
| Basic Resources Total | -60,000 | 0 | 0.84 | 0.01 | 60,000 | 51.75 | 0.48 |
| SA Bond CLN938 | 0 | 42,000,000 | 42.18 | 0.38 | 42,000,000 | 42.18 | 0.39 |
| SA Bond R2030 | -190,000,000 | 245,000,000 | 245.52 | 2.23 | 435,000,000 | 459.56 | 4.28 |
| SA Bond R2037 | -319,000,000 | 0 | -0.10 | 0.00 | 319,000,000 | 328.62 | 3.06 |
| SA Bond R2040 | -393,620,000 | 66,000,000 | 63.18 | 0.57 | 459,620,000 | 478.87 | 4.46 |
| SA Bond R210 | 0 | 180,080,000 | 466.76 | 4.25 | 180,080,000 | 461.29 | 4.30 |
| SA Bond R213 | 160,700,000 | 160,700,000 | 151.59 | 1.38 | 0 | 0.00 | 0.00 |
| SA Bond SSN211 | 0 | 34,300,000 | 87.99 | 0.80 | 34,300,000 | 86.86 | 0.81 |
| SA Bond TNFG32 | 0 | 325,000,000 | 349.77 | 3.18 | 325,000,000 | 341.12 | 3.18 |
| SA Bond TNFG33 | 0 | 48,000,000 | 48.52 | 0.44 | 48,000,000 | 48.58 | 0.45 |
| SA Bond TNFG36 | 0 | 142,000,000 | 143.56 | 1.31 | 142,000,000 | 143.73 | 1.34 |
| SA Bond TNG29 | 132,000,000 | 132,000,000 | 140.73 | 1.28 | 0 | 0.00 | 0.00 |
| Bond Total | -609,920,000 | 1,375,080,000 | 1,739.71 | 15.83 | 1,985,000,000 | 2,390.81 | 22.27 |
| Cash on call | 0 | 0 | 43.56 | 0.40 | 0 | 0.88 | 0.01 |
| Margin Account | 0 | 0 | 65.50 | 0.60 | 0 | 82.42 | 0.77 |
| Cash on call Total | 0 | 0 | 109.07 | 0.99 | 0 | 83.30 | 0.78 |
| Omnia Holdings Ltd. | 0 | 100,000 | 9.53 | 0.09 | 100,000 | 7.88 | 0.07 |
| Chemicals Total | 0 | 100,000 | 9.53 | 0.09 | 100,000 | 7.88 | 0.07 |
| EPE Capital Partners Ltd. | -5,964,182 | 8,407,341 | 56.92 | 0.52 | 14,371,523 | 100.60 | 0.94 |
| Closed End Investments Total | -5,964,182 | 8,407,341 | 56.92 | 0.52 | 14,371,523 | 100.60 | 0.94 |
| Raubex Group Ltd. | 212,535 | 3,600,000 | 174.42 | 1.59 | 3,387,465 | 150.95 | 1.41 |
| Construction and Materials Total | 212,535 | 3,600,000 | 174.42 | 1.59 | 3,387,465 | 150.95 | 1.41 |
| Curro Holdings Ltd. | -3,751,458 | 0 | 0.00 | 0.00 | 3,751,458 | 53.80 | 0.50 |
| Zeda Ltd. | 1,800,000 | 12,000,000 | 159.60 | 1.45 | 10,200,000 | 143.82 | 1.34 |
| Alibaba Group Holdings Limited | -50,000 | 450,000 | 116.21 | 1.06 | 500,000 | 151.70 | 1.41 |
| Consumer Services Total | -2,001,458 | 12,450,000 | 275.81 | 2.51 | 14,451,458 | 349.31 | 3.25 |
| Baidu.Com, Inc. | -40,000 | 0 | 0.00 | 0.00 | 40,000 | 87.57 | 0.82 |
| JDcom | 330,000 | 330,000 | 103.27 | 0.94 | 0 | 90.15 | 0.84 |
| Sirius XM Inc | 0 | 60,000 | 23.23 | 0.21 | 60,000 | 20.06 | 0.19 |
| Cyclical Goods & Services Total | 290,000 | 390,000 | 126.50 | 1.15 | 100,000 | 197.79 | 1.84 |
| Equity Derivative | 0 | 0 | 1,543.64 | 14.04 | 0 | 1,538.86 | 14.33 |
| Derivatives Total | 0 | 0 | 1,543.64 | 14.04 | 0 | 1,538.86 | 14.33 |
| Greencoat Renewables plc | 847,904 | 2,847,904 | 39.59 | 0.36 | 2,000,000 | 27.60 | 0.26 |
| Electricity Total | 847,904 | 2,847,904 | 39.59 | 0.36 | 2,000,000 | 27.60 | 0.26 |
| Reunert Ltd. | 366,504 | 1,366,504 | 88.78 | 0.81 | 1,000,000 | 62.32 | 0.58 |
| Electronic and Electrical Equipment Total | 366,504 | 1,366,504 | 88.78 | 0.81 | 1,000,000 | 62.32 | 0.58 |
| Royal Dutch Shell Plc - A | 0 | 873 | 0.70 | 0.01 | 873 | 0.53 | 0.01 |
| Energy Total | 0 | 873 | 0.70 | 0.01 | 873 | 0.53 | 0.01 |
| Foreign - Equity Derivatives | 0 | 0 | 421.37 | 3.83 | 0 | 392.35 | 3.65 |
| Equities Total | 0 | 0 | 421.37 | 3.83 | 0 | 392.35 | 3.65 |
| Optasia Ltd. | 1,014,320 | 11,738,620 | 232.19 | 2.11 | 10,724,300 | 219.53 | 2.04 |
| Finance and Credit Services Total | 1,014,320 | 11,738,620 | 232.19 | 2.11 | 10,724,300 | 219.53 | 2.04 |
| JSC KASPI KZ ADR | 4,000 | 44,000 | 54.06 | 0.49 | 40,000 | 52.29 | 0.49 |
| Lion Finance Group Plc | 30,000 | 30,000 | 63.01 | 0.57 | 0 | 0.00 | 0.00 |
| POMEGRANATE INVESTMENT AB | 0 | 34,500 | 0.00 | 0.00 | 34,500 | 0.00 | 0.00 |
| ST James Place | -30,000 | 250,000 | 67.73 | 0.62 | 280,000 | 86.35 | 0.80 |
| Financial Services Total | 4,000 | 358,500 | 184.80 | 1.68 | 354,500 | 138.64 | 1.29 |
| Oceana Group Ltd. | 0 | 140,000 | 7.20 | 0.07 | 140,000 | 7.80 | 0.07 |
| Food Producers Total | 0 | 140,000 | 7.20 | 0.07 | 140,000 | 7.80 | 0.07 |
| Australia - Currency | 0 | 0 | 0.25 | 0.00 | 0 | 0.24 | 0.00 |
| European - Currency | 0 | 0 | 122.12 | 1.11 | 0 | 120.29 | 1.12 |
| Foreign - Currency | 0 | 0 | 33.91 | 0.31 | 0 | 34.24 | 0.32 |
| Hong Kong - Currency | 0 | 0 | 18.97 | 0.17 | 0 | 9.92 | 0.09 |
| Mexican Peso | 0 | 0 | 1.58 | 0.01 | 0 | 1.53 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 65.16 | 0.59 | 0 | 21.93 | 0.20 |
| USA - Currency | 0 | 0 | -28.22 | -0.26 | 0 | 59.12 | 0.55 |
| For Currency Total | 0 | 0 | 213.77 | 1.94 | 0 | 247.27 | 2.30 |
| Foreign - Bonds | 0 | 0 | 704.76 | 6.41 | 0 | 640.60 | 5.97 |
| Foreign - Equities | 0 | 0 | 0.00 | 0.00 | 0 | 21.33 | 0.20 |
| Foreign Invest Total | 0 | 0 | 704.76 | 6.41 | 0 | 661.93 | 6.17 |
| British Land Company | -150,000 | 550,000 | 44.52 | 0.40 | 700,000 | 64.88 | 0.60 |
| Foreign Property Total | -150,000 | 550,000 | 44.52 | 0.40 | 700,000 | 64.88 | 0.60 |
| Equity | 0 | 0 | 282.63 | 2.57 | 0 | 0.00 | 0.00 |
| General Equity Total | 0 | 0 | 282.63 | 2.57 | 0 | 0.00 | 0.00 |
| KAP Ltd. | 0 | 6,121,775 | 12.18 | 0.11 | 6,121,775 | 11.75 | 0.11 |
| Mondi plc | 0 | 20,000 | 3.86 | 0.04 | 20,000 | 4.07 | 0.04 |
| The Bidvest Group Ltd. | -65,148 | 94,852 | 21.61 | 0.20 | 160,000 | 38.00 | 0.35 |
| General Industrials Total | -65,148 | 6,236,627 | 37.66 | 0.34 | 6,301,775 | 53.82 | 0.50 |
| Autohome INC ADR | 0 | 320,000 | 93.04 | 0.85 | 320,000 | 129.34 | 1.20 |
| Goods & Services Total | 0 | 320,000 | 93.04 | 0.85 | 320,000 | 129.34 | 1.20 |
| Life Healthcare Group Holdings Ltd. | 0 | 1,734,900 | 20.04 | 0.18 | 1,734,900 | 19.76 | 0.18 |
| Health Care Providers Total | 0 | 1,734,900 | 20.04 | 0.18 | 1,734,900 | 19.76 | 0.18 |
| Anglo American plc | 18,000 | 18,000 | 12.90 | 0.12 | 0 | 0.00 | 0.00 |
| Glencore plc | 100,000 | 1,600,000 | 204.11 | 1.86 | 1,500,000 | 136.73 | 1.27 |
| Master Drilling Group Ltd. | 0 | 4,400,000 | 78.14 | 0.71 | 4,400,000 | 70.40 | 0.66 |
| Merafe Resources Ltd. | -1,500,000 | 54,000,000 | 64.80 | 0.59 | 55,500,000 | 60.50 | 0.56 |
| Industrial Metals and Mining Total | -1,382,000 | 60,018,000 | 359.95 | 3.27 | 61,400,000 | 267.62 | 2.49 |
| Hudaco Industries Ltd. | 0 | 64,388 | 12.14 | 0.11 | 64,388 | 13.20 | 0.12 |
| Industrial Support Services Total | 0 | 64,388 | 12.14 | 0.11 | 64,388 | 13.20 | 0.12 |
| Brait plc | 0 | 72,500,000 | 155.88 | 1.42 | 72,500,000 | 161.68 | 1.51 |
| Brait plc | 0 | 108,280 | 81.37 | 0.74 | 108,280 | 81.32 | 0.76 |
| Ninety One plc | -233,549 | 0 | 0.00 | 0.00 | 233,549 | 11.28 | 0.11 |
| PSG Financial Services Ltd. | 285,748 | 285,748 | 7.54 | 0.07 | 0 | 0.00 | 0.00 |
| Quilter plc | 0 | 650,000 | 25.53 | 0.23 | 650,000 | 26.36 | 0.25 |
| Zeder Investments Ltd. | 0 | 4,000,000 | 5.20 | 0.05 | 4,000,000 | 5.00 | 0.05 |
| Investment Banking and Brokerage Services Total | 52,199 | 77,544,028 | 275.51 | 2.51 | 77,491,829 | 285.63 | 2.66 |
| Momentum Group Ltd. | 800,000 | 800,000 | 28.74 | 0.26 | 0 | 0.00 | 0.00 |
| Old Mutual Ltd. | 2,490,000 | 6,500,000 | 89.96 | 0.82 | 4,010,000 | 59.75 | 0.56 |
| Sanlam Ltd. | 950,000 | 950,000 | 83.19 | 0.76 | 0 | 0.00 | 0.00 |
| Life Insurance Total | 4,240,000 | 8,250,000 | 201.89 | 1.84 | 4,010,000 | 59.75 | 0.56 |
| Nedgroup Investments Corporate Money Market - C25 | 696,700,000 | 760,700,000 | 764.73 | 6.96 | 64,000,000 | 64.89 | 0.60 |
| Money Market Total | 696,700,000 | 760,700,000 | 764.73 | 6.96 | 64,000,000 | 64.89 | 0.60 |
| Santam Ltd. | -12,250 | 50,000 | 19.55 | 0.18 | 62,250 | 26.61 | 0.25 |
| Non-life Insurance Total | -12,250 | 50,000 | 19.55 | 0.18 | 62,250 | 26.61 | 0.25 |
| Abax Global Equity Fund (USD) - C | 0 | 800,000 | 346.03 | 3.15 | 800,000 | 360.53 | 3.36 |
| Offshore Intern Total | 0 | 800,000 | 346.03 | 3.15 | 800,000 | 360.53 | 3.36 |
| Thungela Resources Ltd. | -650,000 | 0 | 0.00 | 0.00 | 650,000 | 62.40 | 0.58 |
| Oil, Gas and Coal Total | -650,000 | 0 | 0.00 | 0.00 | 650,000 | 62.40 | 0.58 |
| Bid Corporation Ltd. | -28,982 | 159,018 | 65.05 | 0.59 | 188,000 | 79.31 | 0.74 |
| Dis-Chem Pharmacies Ltd. | -1,350,000 | 0 | 0.00 | 0.00 | 1,350,000 | 47.25 | 0.44 |
| Pick n Pay Stores Ltd. | -3,964,400 | 0 | 0.00 | 0.00 | 3,964,400 | 98.71 | 0.92 |
| Personal Care, Drug and Grocery Stores Total | -5,343,382 | 159,018 | 65.05 | 0.59 | 5,502,400 | 225.28 | 2.10 |
| Compagnie Financière Richemont SA | 4,100 | 4,100 | 12.04 | 0.11 | 0 | 0.00 | 0.00 |
| Personal Goods Total | 4,100 | 4,100 | 12.04 | 0.11 | 0 | 0.00 | 0.00 |
| Aspen Pharmacare Holdings Ltd. | -566,100 | 0 | 0.00 | 0.00 | 566,100 | 66.11 | 0.62 |
| Pharmaceuticals and Biotechnology Total | -566,100 | 0 | 0.00 | 0.00 | 566,100 | 66.11 | 0.62 |
| AngloGold Ashanti plc | 14,000 | 14,000 | 22.43 | 0.20 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | -165,000 | 40,000 | 55.17 | 0.50 | 205,000 | 288.96 | 2.69 |
| Precious Metals and Mining Total | -151,000 | 54,000 | 77.60 | 0.71 | 205,000 | 288.96 | 2.69 |
| Balwin Properties Ltd. | 0 | 22,000,000 | 76.12 | 0.69 | 22,000,000 | 63.80 | 0.59 |
| MAS plc | -379,008 | 0 | 0.00 | 0.00 | 379,008 | 8.56 | 0.08 |
| Real Estate Investment and Services Total | -379,008 | 22,000,000 | 76.12 | 0.69 | 22,379,008 | 72.36 | 0.67 |
| Dipula Properties Ltd. | -94,507 | 35,200,000 | 231.62 | 2.11 | 35,294,507 | 237.88 | 2.22 |
| Octodec Investments Ltd. | 0 | 6,843,092 | 105.04 | 0.96 | 6,843,092 | 101.55 | 0.95 |
| Schroder European Real Estate Investment Trust plc | 0 | 950,000 | 13.28 | 0.12 | 950,000 | 13.66 | 0.13 |
| Stor-Age Property REIT Ltd. | 0 | 1,400,000 | 23.23 | 0.21 | 1,400,000 | 25.10 | 0.23 |
| Real Estate Investment Trusts Total | -94,507 | 44,393,092 | 373.16 | 3.39 | 44,487,599 | 378.20 | 3.52 |
| Wal-Mart de Mexico S.A.B. de C.V. | 0 | 370,000 | 20.25 | 0.18 | 370,000 | 19.09 | 0.18 |
| Retail Total | 0 | 370,000 | 20.25 | 0.18 | 370,000 | 19.09 | 0.18 |
| Combined Motor Holdings Ltd. | 0 | 900,000 | 31.05 | 0.28 | 900,000 | 33.21 | 0.31 |
| Italtile Ltd. | 0 | 2,100,000 | 18.06 | 0.16 | 2,100,000 | 19.01 | 0.18 |
| KAL Group Ltd. | 0 | 1,287,614 | 57.93 | 0.53 | 1,287,614 | 64.38 | 0.60 |
| Pepkor Holdings Ltd. | 1,550,000 | 8,700,000 | 195.32 | 1.78 | 7,150,000 | 189.12 | 1.76 |
| Truworths International Ltd. | 600,500 | 3,400,000 | 176.12 | 1.60 | 2,799,500 | 159.38 | 1.48 |
| We Buy Cars Holdings Ltd. | -303,618 | 0 | 0.00 | 0.00 | 303,618 | 14.52 | 0.14 |
| Woolworths Holdings Ltd. | -1,405,200 | 0 | 0.00 | 0.00 | 1,405,200 | 78.69 | 0.73 |
| Retailers Total | 441,682 | 16,387,614 | 478.47 | 4.35 | 15,945,932 | 558.30 | 5.20 |
| Bytes Technology Group plc | 0 | 250,000 | 15.57 | 0.14 | 250,000 | 20.37 | 0.19 |
| Naspers Ltd. | 452,200 | 500,000 | 428.80 | 3.90 | 47,800 | 52.80 | 0.49 |
| Prosus NV | 6,000 | 18,000 | 13.75 | 0.13 | 12,000 | 12.28 | 0.11 |
| Software and Computer Services Total | 458,200 | 768,000 | 458.12 | 4.17 | 309,800 | 85.45 | 0.80 |
| Adobe Systems | 30,000 | 30,000 | 123.06 | 1.12 | 0 | 0.00 | 0.00 |
| Qfin Holdings Inc | 0 | 214,100 | 45.02 | 0.41 | 214,100 | 69.29 | 0.65 |
| Wix.com Ltd | 12,000 | 12,000 | 17.92 | 0.16 | 0 | 0.00 | 0.00 |
| Technology Total | 42,000 | 256,100 | 186.00 | 1.69 | 214,100 | 69.29 | 0.65 |
| British American Tobacco plc | -13,000 | 0 | 0.00 | 0.00 | 13,000 | 12.41 | 0.12 |
| Tobacco Total | -13,000 | 0 | 0.00 | 0.00 | 13,000 | 12.41 | 0.12 |
| City Lodge Hotels Ltd. | 0 | 6,500,000 | 28.80 | 0.26 | 6,500,000 | 33.67 | 0.31 |
| Comair Ltd. | 0 | 10,500,000 | 0.00 | 0.00 | 10,500,000 | 0.00 | 0.00 |
| Southern Sun Ltd. | -1,100,000 | 0 | 0.00 | 0.00 | 1,100,000 | 11.26 | 0.10 |
| Spur Corporation Ltd. | 500,000 | 1,800,000 | 70.20 | 0.64 | 1,300,000 | 49.74 | 0.46 |
| Sun International Ltd. | 2,507 | 2,002,507 | 95.84 | 0.87 | 2,000,000 | 77.30 | 0.72 |
| Travel and Leisure Total | -597,493 | 20,802,507 | 194.83 | 1.77 | 21,400,000 | 171.97 | 1.60 |
| Portfolio Total | 77,165,001 | 2,439,922,716 | 10,993.11 | 100.00 | 2,362,757,715 | 10,736.45 | 100.00 |