| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -436,200 | 1,050,000 | 189.99 | 1.85 | 1,486,200 | 261.13 | 2.71 |
| Capitec Bank Holdings Ltd. | 7,600 | 24,400 | 84.67 | 0.82 | 16,800 | 59.74 | 0.62 |
| FirstRand Ltd. | -1,262,885 | 537,115 | 41.81 | 0.41 | 1,800,000 | 137.20 | 1.42 |
| Standard Bank Group Ltd. | -65,000 | 585,000 | 138.21 | 1.34 | 650,000 | 148.01 | 1.54 |
| Halyk Bank | 90,000 | 90,000 | 41.53 | 0.40 | 0 | 0.00 | 0.00 |
| TBC Bank Group PLC | 0 | 305,600 | 326.28 | 3.17 | 305,600 | 354.21 | 3.68 |
| Banks Total | -1,666,485 | 2,592,115 | 822.49 | 7.99 | 4,258,600 | 960.28 | 9.96 |
| Endeavour Mining PLC | 60,000 | 60,000 | 43.11 | 0.42 | 0 | 0.00 | 0.00 |
| Basic Resources Total | 60,000 | 60,000 | 43.11 | 0.42 | 0 | 0.00 | 0.00 |
| SA Bond CLN864 | -55,000,000 | 0 | 0.00 | 0.00 | 55,000,000 | 77.84 | 0.81 |
| SA Bond CLN898 | -95,000,000 | 0 | 0.00 | 0.00 | 95,000,000 | 137.30 | 1.42 |
| SA Bond CLN938 | 0 | 42,000,000 | 42.17 | 0.41 | 42,000,000 | 42.17 | 0.44 |
| SA Bond I2029 | -100,600,000 | 0 | 0.00 | 0.00 | 100,600,000 | 138.36 | 1.44 |
| SA Bond R2037 | -110,200,000 | 0 | 0.00 | 0.00 | 110,200,000 | 99.81 | 1.04 |
| SA Bond R2040 | -361,100,000 | 845,320,000 | 787.70 | 7.65 | 1,206,420,000 | 1,090.49 | 11.31 |
| SA Bond R2044 | 0 | 212,300,000 | 188.19 | 1.83 | 212,300,000 | 180.61 | 1.87 |
| SA Bond R210 | -102,000,000 | 201,080,000 | 505.21 | 4.91 | 303,080,000 | 748.73 | 7.77 |
| SA Bond SSN211 | 0 | 34,300,000 | 85.08 | 0.83 | 34,300,000 | 83.56 | 0.87 |
| SA Bond TNFG32 | 325,000,000 | 325,000,000 | 329.73 | 3.20 | 0 | 0.00 | 0.00 |
| Bond Total | -498,900,000 | 1,660,000,000 | 1,938.08 | 18.83 | 2,158,900,000 | 2,598.88 | 26.96 |
| Cash on call | 0 | 0 | 156.12 | 1.52 | 0 | -376.69 | -3.91 |
| Margin Account | 0 | 0 | 65.03 | 0.63 | 0 | 31.80 | 0.33 |
| Cash on call Total | 0 | 0 | 221.15 | 2.15 | 0 | -344.88 | -3.58 |
| Omnia Holdings Ltd. | 0 | 100,000 | 7.17 | 0.07 | 100,000 | 7.95 | 0.08 |
| Sasol Ltd. | -1,327,300 | 0 | 0.00 | 0.00 | 1,327,300 | 106.62 | 1.11 |
| Chemicals Total | -1,327,300 | 100,000 | 7.17 | 0.07 | 1,427,300 | 114.57 | 1.19 |
| African Rainbow Capital Investments Ltd. | 0 | 12,800,000 | 124.16 | 1.21 | 12,800,000 | 124.16 | 1.29 |
| EPE Capital Partners Ltd. | 0 | 14,371,523 | 96.29 | 0.94 | 14,371,523 | 94.13 | 0.98 |
| Closed End Investments Total | 0 | 27,171,523 | 220.45 | 2.14 | 27,171,523 | 218.29 | 2.26 |
| Raubex Group Ltd. | 0 | 2,950,000 | 125.82 | 1.22 | 2,950,000 | 131.95 | 1.37 |
| Construction and Materials Total | 0 | 2,950,000 | 125.82 | 1.22 | 2,950,000 | 131.95 | 1.37 |
| Zeda Ltd. | 0 | 9,300,000 | 116.25 | 1.13 | 9,300,000 | 114.95 | 1.19 |
| Alibaba Group Holdings Limited | -22,000 | 500,000 | 196.56 | 1.91 | 522,000 | 171.75 | 1.78 |
| Consumer Services Total | -22,000 | 9,800,000 | 312.81 | 3.04 | 9,822,000 | 286.69 | 2.97 |
| Baidu.Com, Inc. | 15,000 | 40,000 | 93.23 | 0.91 | 25,000 | 38.28 | 0.40 |
| JDcom | 0 | 290,000 | 116.96 | 1.14 | 290,000 | 110.85 | 1.15 |
| Sirius XM Inc | 0 | 60,000 | 23.53 | 0.23 | 60,000 | 24.07 | 0.25 |
| Cyclical Goods & Services Total | 15,000 | 390,000 | 233.71 | 2.27 | 375,000 | 173.20 | 1.80 |
| Equity Derivative | 0 | 0 | 625.39 | 6.08 | 0 | 1,083.46 | 11.24 |
| Derivatives Total | 0 | 0 | 625.39 | 6.08 | 0 | 1,083.46 | 11.24 |
| Greencoat Renewables plc | -2,000,000 | 0 | 0.00 | 0.00 | 2,000,000 | 32.70 | 0.34 |
| Electricity Total | -2,000,000 | 0 | 0.00 | 0.00 | 2,000,000 | 32.70 | 0.34 |
| Reunert Ltd. | 0 | 529,348 | 28.36 | 0.28 | 529,348 | 31.02 | 0.32 |
| Electronic and Electrical Equipment Total | 0 | 529,348 | 28.36 | 0.28 | 529,348 | 31.02 | 0.32 |
| Pepco Holdings Inc | 0 | 256,300 | 31.64 | 0.31 | 256,300 | 27.31 | 0.28 |
| Royal Dutch Shell Plc - A | 0 | 873 | 0.54 | 0.01 | 873 | 0.55 | 0.01 |
| Energy Total | 0 | 257,173 | 32.18 | 0.31 | 257,173 | 27.86 | 0.29 |
| Foreign - Equity Derivatives | 0 | 0 | 1,341.87 | 13.04 | 0 | 312.99 | 3.25 |
| Equities Total | 0 | 0 | 1,341.87 | 13.04 | 0 | 312.99 | 3.25 |
| JSC KASPI KZ ADR | 0 | 25,000 | 35.35 | 0.34 | 25,000 | 38.30 | 0.40 |
| POMEGRANATE INVESTMENT AB | 0 | 34,500 | 0.00 | 0.00 | 34,500 | 0.00 | 0.00 |
| ST James Place | 0 | 280,000 | 82.14 | 0.80 | 280,000 | 80.98 | 0.84 |
| Financial Services Total | 0 | 339,500 | 117.49 | 1.14 | 339,500 | 119.28 | 1.24 |
| Oceana Group Ltd. | 0 | 140,000 | 7.01 | 0.07 | 140,000 | 7.36 | 0.08 |
| Food Producers Total | 0 | 140,000 | 7.01 | 0.07 | 140,000 | 7.36 | 0.08 |
| Australia - Currency | 0 | 0 | 0.25 | 0.00 | 0 | 0.25 | 0.00 |
| European - Currency | 0 | 0 | 89.47 | 0.87 | 0 | 89.25 | 0.93 |
| Foreign - Currency | 0 | 0 | 1.20 | 0.01 | 0 | 1.24 | 0.01 |
| Foreign - Money Market | 0 | 0 | 194.84 | 1.89 | 0 | 260.17 | 2.70 |
| Hong Kong - Currency | 0 | 0 | 74.44 | 0.72 | 0 | 75.91 | 0.79 |
| Mexican Peso | 0 | 0 | 1.04 | 0.01 | 0 | 1.04 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 3.22 | 0.03 | 0 | 40.65 | 0.42 |
| USA - Currency | 0 | 0 | 76.74 | 0.75 | 0 | 192.82 | 2.00 |
| For Currency Total | 0 | 0 | 441.20 | 4.29 | 0 | 661.33 | 6.86 |
| Foreign - Bonds | 0 | 0 | 489.24 | 4.75 | 0 | 393.05 | 4.08 |
| Foreign - Equities | 0 | 0 | 0.00 | 0.00 | 0 | 39.20 | 0.41 |
| Foreign Invest Total | 0 | 0 | 489.24 | 4.75 | 0 | 432.26 | 4.48 |
| British Land Company | 150,000 | 700,000 | 56.34 | 0.55 | 550,000 | 51.35 | 0.53 |
| Foreign Property Total | 150,000 | 700,000 | 56.34 | 0.55 | 550,000 | 51.35 | 0.53 |
| Barloworld Ltd. | 0 | 872,515 | 102.67 | 1.00 | 872,515 | 96.74 | 1.00 |
| KAP Ltd. | 0 | 5,749,450 | 9.66 | 0.09 | 5,749,450 | 11.79 | 0.12 |
| Mondi plc | 50,000 | 50,000 | 11.81 | 0.11 | 0 | 0.00 | 0.00 |
| The Bidvest Group Ltd. | 0 | 160,000 | 33.75 | 0.33 | 160,000 | 37.62 | 0.39 |
| General Industrials Total | 50,000 | 6,831,965 | 157.89 | 1.53 | 6,781,965 | 146.14 | 1.52 |
| Autohome INC ADR | 0 | 320,000 | 160.49 | 1.56 | 320,000 | 147.52 | 1.53 |
| Goods & Services Total | 0 | 320,000 | 160.49 | 1.56 | 320,000 | 147.52 | 1.53 |
| Life Healthcare Group Holdings Ltd. | 0 | 1,734,900 | 20.14 | 0.20 | 1,734,900 | 24.74 | 0.26 |
| Health Care Providers Total | 0 | 1,734,900 | 20.14 | 0.20 | 1,734,900 | 24.74 | 0.26 |
| Anglo American plc | 734 | 80,000 | 51.61 | 0.50 | 79,266 | 41.27 | 0.43 |
| Glencore plc | -180,000 | 1,500,000 | 120.02 | 1.17 | 1,680,000 | 116.58 | 1.21 |
| Kumba Iron Ore Ltd. | -330,000 | 0 | 0.00 | 0.00 | 330,000 | 94.20 | 0.98 |
| Master Drilling Group Ltd. | 0 | 4,400,000 | 67.41 | 0.66 | 4,400,000 | 70.22 | 0.73 |
| Merafe Resources Ltd. | 0 | 55,500,000 | 59.39 | 0.58 | 55,500,000 | 72.71 | 0.75 |
| Industrial Metals and Mining Total | -509,266 | 61,480,000 | 298.41 | 2.90 | 61,989,266 | 394.98 | 4.10 |
| Hudaco Industries Ltd. | 0 | 64,388 | 11.20 | 0.11 | 64,388 | 12.58 | 0.13 |
| Industrial Support Services Total | 0 | 64,388 | 11.20 | 0.11 | 64,388 | 12.58 | 0.13 |
| Brait plc | 0 | 72,500,000 | 149.35 | 1.45 | 72,500,000 | 162.40 | 1.69 |
| Brait plc | 0 | 95,921 | 72.90 | 0.71 | 95,921 | 75.78 | 0.79 |
| Quilter plc | -650,000 | 650,000 | 24.94 | 0.24 | 1,300,000 | 49.34 | 0.51 |
| Zeder Investments Ltd. | 0 | 4,000,000 | 5.08 | 0.05 | 4,000,000 | 5.16 | 0.05 |
| Investment Banking and Brokerage Services Total | -650,000 | 77,245,921 | 252.27 | 2.45 | 77,895,921 | 292.67 | 3.04 |
| Old Mutual Ltd. | 500,000 | 4,900,000 | 65.22 | 0.63 | 4,400,000 | 52.80 | 0.55 |
| Life Insurance Total | 500,000 | 4,900,000 | 65.22 | 0.63 | 4,400,000 | 52.80 | 0.55 |
| Nedgroup Investments Corporate Money Market - C25 | 164,500,000 | 164,500,000 | 165.32 | 1.61 | 0 | 0.00 | 0.00 |
| Money Market Total | 164,500,000 | 164,500,000 | 165.32 | 1.61 | 0 | 0.00 | 0.00 |
| Santam Ltd. | 64,200 | 64,200 | 24.22 | 0.24 | 0 | 0.00 | 0.00 |
| Non-life Insurance Total | 64,200 | 64,200 | 24.22 | 0.24 | 0 | 0.00 | 0.00 |
| Abax Global Equity Fund (USD) - A | 0 | 800,000 | 365.79 | 3.55 | 800,000 | 342.91 | 3.56 |
| Offshore Intern Total | 0 | 800,000 | 365.79 | 3.55 | 800,000 | 342.91 | 3.56 |
| Thungela Resources Ltd. | -240,000 | 650,000 | 56.58 | 0.55 | 890,000 | 75.07 | 0.78 |
| Oil, Gas and Coal Total | -240,000 | 650,000 | 56.58 | 0.55 | 890,000 | 75.07 | 0.78 |
| Bid Corporation Ltd. | 45,000 | 135,000 | 58.32 | 0.57 | 90,000 | 42.50 | 0.44 |
| Dis-Chem Pharmacies Ltd. | -118,975 | 1,987,266 | 64.88 | 0.63 | 2,106,241 | 68.47 | 0.71 |
| Pick n Pay Stores Ltd. | 0 | 3,150,000 | 78.84 | 0.77 | 3,150,000 | 84.36 | 0.88 |
| Shoprite Holdings Ltd. | -200,000 | 0 | 0.00 | 0.00 | 200,000 | 55.98 | 0.58 |
| Personal Care, Drug and Grocery Stores Total | -273,975 | 5,272,266 | 202.05 | 1.96 | 5,546,241 | 251.31 | 2.61 |
| Adcock Ingram Holdings Ltd. | -200,000 | 0 | 0.00 | 0.00 | 200,000 | 10.17 | 0.11 |
| Pharmaceuticals and Biotechnology Total | -200,000 | 0 | 0.00 | 0.00 | 200,000 | 10.17 | 0.11 |
| AngloGold Ashanti plc | -12,000 | 0 | 0.00 | 0.00 | 12,000 | 9.57 | 0.10 |
| Valterra Platinum Ltd. | 230,000 | 230,000 | 277.84 | 2.70 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 218,000 | 230,000 | 277.84 | 2.70 | 12,000 | 9.57 | 0.10 |
| Balwin Properties Ltd. | 0 | 22,000,000 | 63.80 | 0.62 | 22,000,000 | 62.04 | 0.64 |
| MAS plc | -320,992 | 379,008 | 8.06 | 0.08 | 700,000 | 17.06 | 0.18 |
| Real Estate Investment and Services Total | -320,992 | 22,379,008 | 71.86 | 0.70 | 22,700,000 | 79.10 | 0.82 |
| Dipula Properties Ltd. | 2,894,507 | 35,294,507 | 194.12 | 1.89 | 32,400,000 | 173.34 | 1.80 |
| Hammerson plc | -275,000 | 0 | 0.00 | 0.00 | 275,000 | 20.24 | 0.21 |
| Octodec Investments Ltd. | 0 | 6,843,092 | 77.94 | 0.76 | 6,843,092 | 69.12 | 0.72 |
| Schroder European Real Estate Investment Trust plc | 0 | 950,000 | 14.49 | 0.14 | 950,000 | 15.90 | 0.17 |
| Stor-Age Property REIT Ltd. | -150,000 | 1,400,000 | 21.56 | 0.21 | 1,550,000 | 24.78 | 0.26 |
| Real Estate Investment Trusts Total | 2,469,507 | 44,487,599 | 308.11 | 2.99 | 42,018,092 | 303.38 | 3.15 |
| Wal-Mart de Mexico S.A.B. de C.V. | 0 | 370,000 | 19.67 | 0.19 | 370,000 | 22.34 | 0.23 |
| Retail Total | 0 | 370,000 | 19.67 | 0.19 | 370,000 | 22.34 | 0.23 |
| Combined Motor Holdings Ltd. | 0 | 900,000 | 29.70 | 0.29 | 900,000 | 27.63 | 0.29 |
| Italtile Ltd. | 0 | 2,100,000 | 19.95 | 0.19 | 2,100,000 | 21.15 | 0.22 |
| KAL Group Ltd. | 0 | 1,287,614 | 53.56 | 0.52 | 1,287,614 | 54.13 | 0.56 |
| Motus Holdings Ltd. | 0 | 100,000 | 10.40 | 0.10 | 100,000 | 9.45 | 0.10 |
| Mr Price Group Ltd. | -30,000 | 0 | 0.00 | 0.00 | 30,000 | 6.65 | 0.07 |
| Pepkor Holdings Ltd. | 3,367,700 | 4,827,700 | 118.18 | 1.15 | 1,460,000 | 39.83 | 0.41 |
| Truworths International Ltd. | 556,100 | 2,200,000 | 120.12 | 1.17 | 1,643,900 | 117.09 | 1.21 |
| We Buy Cars Holdings Ltd. | 303,618 | 303,618 | 16.85 | 0.16 | 0 | 0.00 | 0.00 |
| Woolworths Holdings Ltd. | 935,500 | 1,405,200 | 70.36 | 0.68 | 469,700 | 24.42 | 0.25 |
| Retailers Total | 5,132,918 | 13,124,132 | 439.12 | 4.27 | 7,991,214 | 300.34 | 3.12 |
| Bytes Technology Group plc | 250,000 | 250,000 | 22.98 | 0.22 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 250,000 | 250,000 | 22.98 | 0.22 | 0 | 0.00 | 0.00 |
| Greencoat UK Wind PLC | 2,000,000 | 2,000,000 | 29.17 | 0.28 | 0 | 0.00 | 0.00 |
| Specialist Securities Total | 2,000,000 | 2,000,000 | 29.17 | 0.28 | 0 | 0.00 | 0.00 |
| Qfin Holdings Inc | 0 | 214,100 | 110.08 | 1.07 | 214,100 | 169.50 | 1.76 |
| Technology Total | 0 | 214,100 | 110.08 | 1.07 | 214,100 | 169.50 | 1.76 |
| British American Tobacco plc | 13,000 | 13,000 | 11.84 | 0.12 | 0 | 0.00 | 0.00 |
| Tobacco Total | 13,000 | 13,000 | 11.84 | 0.12 | 0 | 0.00 | 0.00 |
| City Lodge Hotels Ltd. | 0 | 6,500,000 | 26.52 | 0.26 | 6,500,000 | 25.35 | 0.26 |
| Comair Ltd. | 0 | 10,500,000 | 0.00 | 0.00 | 10,500,000 | 0.00 | 0.00 |
| Southern Sun Ltd. | -47,882 | 1,100,000 | 9.43 | 0.09 | 1,147,882 | 10.10 | 0.10 |
| Spur Corporation Ltd. | 600,000 | 1,200,000 | 40.93 | 0.40 | 600,000 | 20.11 | 0.21 |
| Sun International Ltd. | 877,336 | 2,000,000 | 80.54 | 0.78 | 1,122,664 | 48.87 | 0.51 |
| Travel and Leisure Total | 1,429,454 | 21,300,000 | 157.42 | 1.53 | 19,870,546 | 104.43 | 1.08 |
| Portfolio Total | -329,257,939 | 2,133,261,138 | 10,291.55 | 100.00 | 2,462,519,077 | 9,638.18 | 100.00 |