| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -531,221 | 1,800,000 | 315.00 | 3.71 | 2,331,221 | 371.06 | 4.82 |
| FirstRand Ltd. | -800,000 | 0 | 0.00 | 0.00 | 800,000 | 60.81 | 0.79 |
| Nedbank Group Ltd. | -300,000 | 0 | 0.00 | 0.00 | 300,000 | 76.73 | 1.00 |
| TBC Bank Group PLC | 48,000 | 370,000 | 227.15 | 2.68 | 322,000 | 199.73 | 2.59 |
| Banks Total | -1,583,221 | 2,170,000 | 542.15 | 6.38 | 3,753,221 | 708.33 | 9.20 |
| SA Bond CLN864 | 0 | 55,000,000 | 73.51 | 0.87 | 55,000,000 | 68.07 | 0.88 |
| SA Bond CLN898 | 0 | 95,000,000 | 128.65 | 1.52 | 95,000,000 | 111.36 | 1.45 |
| SA Bond CLN938 | 0 | 42,000,000 | 42.18 | 0.50 | 42,000,000 | 42.18 | 0.55 |
| SA Bond I2029 | -20,000,000 | 157,000,000 | 208.37 | 2.45 | 177,000,000 | 230.90 | 3.00 |
| SA Bond R2037 | -460,700,000 | 0 | 0.00 | 0.00 | 460,700,000 | 379.31 | 4.93 |
| SA Bond R2040 | -447,100,000 | 1,429,800,000 | 1,274.24 | 15.01 | 1,876,900,000 | 1,553.75 | 20.17 |
| SA Bond R2044 | -56,100,000 | 0 | 0.00 | 0.00 | 56,100,000 | 44.25 | 0.57 |
| SA Bond R210 | -33,100,000 | 133,580,000 | 320.03 | 3.77 | 166,680,000 | 395.62 | 5.14 |
| SA Bond SSN211 | 34,300,000 | 34,300,000 | 80.73 | 0.95 | 0 | 0.00 | 0.00 |
| Bond Total | -982,700,000 | 1,946,680,000 | 2,127.71 | 25.06 | 2,929,380,000 | 2,825.45 | 36.69 |
| Cash on call | 0 | 0 | 117.58 | 1.38 | 0 | -531.64 | -6.90 |
| Margin Account | 0 | 0 | 27.81 | 0.33 | 0 | 11.12 | 0.14 |
| Cash on call Total | 0 | 0 | 145.40 | 1.71 | 0 | -520.52 | -6.76 |
| Omnia Holdings Ltd. | 0 | 100,000 | 6.54 | 0.08 | 100,000 | 6.67 | 0.09 |
| Sasol Ltd. | 0 | 1,492,100 | 173.56 | 2.04 | 1,492,100 | 206.43 | 2.68 |
| Chemicals Total | 0 | 1,592,100 | 180.10 | 2.12 | 1,592,100 | 213.10 | 2.77 |
| African Rainbow Capital Investments Ltd. | 0 | 12,800,000 | 92.80 | 1.09 | 12,800,000 | 88.32 | 1.15 |
| EPE Capital Partners Ltd. | 0 | 14,300,000 | 71.50 | 0.84 | 14,300,000 | 60.20 | 0.78 |
| Closed End Investments Total | 0 | 27,100,000 | 164.30 | 1.93 | 27,100,000 | 148.52 | 1.93 |
| Raubex Group Ltd. | 0 | 2,700,342 | 142.69 | 1.68 | 2,700,342 | 108.55 | 1.41 |
| Construction and Materials Total | 0 | 2,700,342 | 142.69 | 1.68 | 2,700,342 | 108.55 | 1.41 |
| Zeda Ltd. | 1,600,000 | 8,600,000 | 118.68 | 1.40 | 7,000,000 | 83.65 | 1.09 |
| Alibaba Group Holdings Limited | 22,000 | 592,000 | 179.64 | 2.12 | 570,000 | 95.38 | 1.24 |
| Consumer Services Total | 1,622,000 | 9,192,000 | 298.32 | 3.51 | 7,570,000 | 179.03 | 2.32 |
| Baidu.Com, Inc. | 25,000 | 25,000 | 45.25 | 0.53 | 0 | 0.00 | 0.00 |
| JDcom | 10,000 | 240,000 | 120.53 | 1.42 | 230,000 | 76.68 | 1.00 |
| LI Ning Company Limited | 0 | 600,000 | 26.20 | 0.31 | 600,000 | 23.62 | 0.31 |
| Cyclical Goods & Services Total | 35,000 | 865,000 | 191.99 | 2.26 | 830,000 | 100.31 | 1.30 |
| Equity Derivative | 0 | 0 | 822.92 | 9.69 | 0 | 791.43 | 10.28 |
| Derivatives Total | 0 | 0 | 822.92 | 9.69 | 0 | 791.43 | 10.28 |
| Reunert Ltd. | 0 | 400,000 | 32.30 | 0.38 | 400,000 | 28.32 | 0.37 |
| Electronic and Electrical Equipment Total | 0 | 400,000 | 32.30 | 0.38 | 400,000 | 28.32 | 0.37 |
| Royal Dutch Shell Plc - A | 0 | 873 | 0.49 | 0.01 | 873 | 0.57 | 0.01 |
| Energy Total | 0 | 873 | 0.49 | 0.01 | 873 | 0.57 | 0.01 |
| BYD Company | -70,000 | 0 | 0.00 | 0.00 | 70,000 | 38.66 | 0.50 |
| Foreign - Equity Derivatives | 0 | 0 | 140.69 | 1.66 | 0 | 76.89 | 1.00 |
| Equities Total | -70,000 | 0 | 140.69 | 1.66 | 70,000 | 115.55 | 1.50 |
| Lufax Holdings Ltd | -250,000 | 0 | 0.00 | 0.00 | 250,000 | 20.41 | 0.27 |
| POMEGRANATE INVESTMENT AB | 0 | 34,500 | 0.00 | 0.00 | 34,500 | 0.00 | 0.00 |
| ST James Place | 0 | 280,000 | 47.22 | 0.56 | 280,000 | 35.37 | 0.46 |
| Financial Services Total | -250,000 | 314,500 | 47.22 | 0.56 | 564,500 | 55.78 | 0.72 |
| Heineken Holding NV | 0 | 26,000 | 34.02 | 0.40 | 26,000 | 37.67 | 0.49 |
| Food & Beverage Total | 0 | 26,000 | 34.02 | 0.40 | 26,000 | 37.67 | 0.49 |
| Oceana Group Ltd. | 0 | 140,000 | 9.64 | 0.11 | 140,000 | 10.32 | 0.13 |
| Premier Group Ltd. | -283,460 | 435,675 | 45.31 | 0.53 | 719,135 | 50.98 | 0.66 |
| Food Producers Total | -283,460 | 575,675 | 54.95 | 0.65 | 859,135 | 61.30 | 0.80 |
| Australia - Currency | 0 | 0 | 0.26 | 0.00 | 0 | 0.26 | 0.00 |
| European - Currency | 0 | 0 | 104.70 | 1.23 | 0 | 94.29 | 1.22 |
| Foreign - Currency | 0 | 0 | 0.06 | 0.00 | 0 | 0.06 | 0.00 |
| Hong Kong - Currency | 0 | 0 | 52.97 | 0.62 | 0 | 15.03 | 0.20 |
| United Kingdom - Currency | 0 | 0 | 12.70 | 0.15 | 0 | 25.24 | 0.33 |
| USA - Currency | 0 | 0 | 160.11 | 1.89 | 0 | 19.19 | 0.25 |
| For Currency Total | 0 | 0 | 330.79 | 3.90 | 0 | 154.07 | 2.00 |
| Foreign - Bonds | 0 | 0 | 618.94 | 7.29 | 0 | 723.21 | 9.39 |
| Foreign Invest Total | 0 | 0 | 618.94 | 7.29 | 0 | 723.21 | 9.39 |
| Barloworld Ltd. | 0 | 315,000 | 27.15 | 0.32 | 315,000 | 26.59 | 0.35 |
| KAP Ltd. | 0 | 6,000,000 | 20.40 | 0.24 | 6,000,000 | 17.40 | 0.23 |
| General Industrials Total | 0 | 6,315,000 | 47.55 | 0.56 | 6,315,000 | 43.99 | 0.57 |
| Autohome INC ADR | -40,000 | 360,000 | 204.59 | 2.41 | 400,000 | 197.85 | 2.57 |
| Vinci SA | 0 | 15,000 | 30.45 | 0.36 | 15,000 | 28.78 | 0.37 |
| Goods & Services Total | -40,000 | 375,000 | 235.03 | 2.77 | 415,000 | 226.63 | 2.94 |
| Life Healthcare Group Holdings Ltd. | 2,500,000 | 2,500,000 | 39.73 | 0.47 | 0 | 0.00 | 0.00 |
| Health Care Providers Total | 2,500,000 | 2,500,000 | 39.73 | 0.47 | 0 | 0.00 | 0.00 |
| Anglo American plc | 13,000 | 73,000 | 41.03 | 0.48 | 60,000 | 34.69 | 0.45 |
| Master Drilling Group Ltd. | 0 | 4,400,000 | 56.32 | 0.66 | 4,400,000 | 52.80 | 0.69 |
| Merafe Resources Ltd. | 0 | 55,500,000 | 84.36 | 0.99 | 55,500,000 | 80.48 | 1.04 |
| Industrial Metals and Mining Total | 13,000 | 59,973,000 | 181.71 | 2.14 | 59,960,000 | 167.96 | 2.18 |
| Hudaco Industries Ltd. | 0 | 60,000 | 11.64 | 0.14 | 60,000 | 10.15 | 0.13 |
| Industrial Support Services Total | 0 | 60,000 | 11.64 | 0.14 | 60,000 | 10.15 | 0.13 |
| Brait plc | 54,974,080 | 72,474,080 | 107.99 | 1.27 | 17,500,000 | 15.58 | 0.20 |
| Brait plc | 0 | 95,921 | 59.95 | 0.71 | 95,921 | 81.53 | 1.06 |
| Coronation Fund Managers Ltd. | -200,000 | 750,000 | 29.39 | 0.35 | 950,000 | 34.18 | 0.44 |
| Ninety One Ltd. | 0 | 560,000 | 22.91 | 0.27 | 560,000 | 21.39 | 0.28 |
| Zeder Investments Ltd. | 0 | 4,000,000 | 8.16 | 0.10 | 4,000,000 | 7.28 | 0.09 |
| Investment Banking and Brokerage Services Total | 54,774,080 | 77,880,001 | 228.39 | 2.69 | 23,105,921 | 159.96 | 2.08 |
| Momentum Group Ltd. | -240,000 | 560,000 | 16.55 | 0.19 | 800,000 | 18.30 | 0.24 |
| Old Mutual Ltd. | -800,000 | 2,700,000 | 37.04 | 0.44 | 3,500,000 | 43.40 | 0.56 |
| Life Insurance Total | -1,040,000 | 3,260,000 | 53.59 | 0.63 | 4,300,000 | 61.70 | 0.80 |
| Nedgroup Investments Corporate Money Market - C25 | 467,000,000 | 467,000,000 | 468.07 | 5.51 | 0 | 0.00 | 0.00 |
| Money Market Total | 467,000,000 | 467,000,000 | 468.07 | 5.51 | 0 | 0.00 | 0.00 |
| Abax Global Equity Fund (USD) - A | 0 | 800,000 | 297.83 | 3.51 | 800,000 | 303.65 | 3.94 |
| Offshore Intern Total | 0 | 800,000 | 297.83 | 3.51 | 800,000 | 303.65 | 3.94 |
| Bid Corporation Ltd. | -70,000 | 0 | 0.00 | 0.00 | 70,000 | 29.79 | 0.39 |
| Personal Care, Drug and Grocery Stores Total | -70,000 | 0 | 0.00 | 0.00 | 70,000 | 29.79 | 0.39 |
| Adcock Ingram Holdings Ltd. | 0 | 140,000 | 9.97 | 0.12 | 140,000 | 8.45 | 0.11 |
| Pharmaceuticals and Biotechnology Total | 0 | 140,000 | 9.97 | 0.12 | 140,000 | 8.45 | 0.11 |
| Anglo American Platinum Ltd. | -25,000 | 0 | 0.00 | 0.00 | 25,000 | 14.80 | 0.19 |
| Precious Metals and Mining Total | -25,000 | 0 | 0.00 | 0.00 | 25,000 | 14.80 | 0.19 |
| Balwin Properties Ltd. | 0 | 22,000,000 | 46.42 | 0.55 | 22,000,000 | 42.68 | 0.55 |
| MAS plc | -100,000 | 900,000 | 16.51 | 0.19 | 1,000,000 | 16.34 | 0.21 |
| Real Estate Investment and Services Total | -100,000 | 22,900,000 | 62.93 | 0.74 | 23,000,000 | 59.02 | 0.77 |
| Dipula Income Fund Ltd. | -2,092,293 | 35,000,000 | 174.65 | 2.06 | 37,092,293 | 155.42 | 2.02 |
| Hammerson plc | -1,751,320 | 275,000 | 20.19 | 0.24 | 2,026,320 | 12.93 | 0.17 |
| Octodec Investments Ltd. | 0 | 6,843,092 | 80.75 | 0.95 | 6,843,092 | 68.43 | 0.89 |
| Schroder European Real Estate Investment Trust plc | 0 | 950,000 | 16.05 | 0.19 | 950,000 | 16.63 | 0.22 |
| Spear REIT Ltd. | -300,000 | 1,200,000 | 11.52 | 0.14 | 1,500,000 | 13.05 | 0.17 |
| Stor-Age Property REIT Ltd. | 0 | 1,350,000 | 20.45 | 0.24 | 1,350,000 | 18.68 | 0.24 |
| Real Estate Investment Trusts Total | -4,143,613 | 45,618,092 | 323.60 | 3.81 | 49,761,705 | 285.13 | 3.70 |
| Combined Motor Holdings Ltd. | 0 | 900,000 | 31.41 | 0.37 | 900,000 | 24.92 | 0.32 |
| Italtile Ltd. | 0 | 2,300,000 | 29.62 | 0.35 | 2,300,000 | 25.62 | 0.33 |
| KAL Group Ltd. | 7,614 | 1,287,614 | 65.41 | 0.77 | 1,280,000 | 61.32 | 0.80 |
| Pepkor Holdings Ltd. | -900,000 | 1,000,000 | 24.15 | 0.28 | 1,900,000 | 35.66 | 0.46 |
| Woolworths Holdings Ltd. | -540,000 | 360,000 | 24.48 | 0.29 | 900,000 | 55.54 | 0.72 |
| Retailers Total | -1,432,386 | 5,847,614 | 175.08 | 2.06 | 7,280,000 | 203.07 | 2.64 |
| Naspers Ltd. | 20,000 | 20,000 | 84.56 | 1.00 | 0 | 0.00 | 0.00 |
| Prosus NV | 100,000 | 100,000 | 75.76 | 0.89 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 120,000 | 120,000 | 160.32 | 1.89 | 0 | 0.00 | 0.00 |
| Hello Group INC | -800,000 | 0 | 0.00 | 0.00 | 800,000 | 87.46 | 1.14 |
| Qifu Technology Inc | 0 | 270,000 | 140.24 | 1.65 | 270,000 | 95.24 | 1.24 |
| Zoom Video Communications | 0 | 24,000 | 28.73 | 0.34 | 24,000 | 25.53 | 0.33 |
| Technology Total | -800,000 | 294,000 | 168.97 | 1.99 | 1,094,000 | 208.23 | 2.70 |
| MTN Group Ltd. | -615,000 | 760,000 | 70.72 | 0.83 | 1,375,000 | 117.18 | 1.52 |
| Telkom SA SOC Ltd. | -490,000 | 0 | 0.00 | 0.00 | 490,000 | 11.92 | 0.15 |
| Telecommunications Service Providers Total | -1,105,000 | 760,000 | 70.72 | 0.83 | 1,865,000 | 129.09 | 1.68 |
| City Lodge Hotels Ltd. | 0 | 5,900,000 | 30.68 | 0.36 | 5,900,000 | 25.67 | 0.33 |
| Comair Ltd. | 0 | 10,500,000 | 0.00 | 0.00 | 10,500,000 | 0.00 | 0.00 |
| Southern Sun Ltd. | 697,025 | 697,025 | 5.47 | 0.06 | 0 | 0.00 | 0.00 |
| Sun International Ltd. | 83,664 | 1,000,000 | 45.56 | 0.54 | 916,336 | 33.60 | 0.44 |
| Travel and Leisure Total | 780,689 | 18,097,025 | 81.71 | 0.96 | 17,316,336 | 59.27 | 0.77 |
| Portfolio Total | -466,797,911 | 2,703,556,222 | 8,491.79 | 100.00 | 3,170,354,133 | 7,701.59 | 100.00 |