| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 150,000 | 1,600,000 | 282.24 | 3.04 | 1,450,000 | 275.14 | 3.11 |
| FirstRand Ltd. | 1,150,000 | 1,150,000 | 82.71 | 0.89 | 0 | 0.00 | 0.00 |
| Standard Bank Group Ltd. | 592,900 | 772,900 | 185.63 | 2.00 | 180,000 | 39.92 | 0.45 |
| TBC Bank Group PLC | -15,000 | 330,000 | 325.65 | 3.51 | 345,000 | 254.40 | 2.87 |
| Banks Total | 1,877,900 | 3,852,900 | 876.22 | 9.45 | 1,975,000 | 569.46 | 6.43 |
| SA Bond CLN864 | 0 | 55,000,000 | 72.57 | 0.78 | 55,000,000 | 73.83 | 0.83 |
| SA Bond CLN898 | 0 | 95,000,000 | 121.95 | 1.31 | 95,000,000 | 128.19 | 1.45 |
| SA Bond CLN938 | 0 | 42,000,000 | 42.19 | 0.45 | 42,000,000 | 42.19 | 0.48 |
| SA Bond I2029 | 0 | 234,600,000 | 317.44 | 3.42 | 234,600,000 | 313.07 | 3.53 |
| SA Bond R2030 | -183,000,000 | 0 | 0.00 | 0.00 | 183,000,000 | 181.52 | 2.05 |
| SA Bond R2040 | -80,000,000 | 1,512,120,000 | 1,271.81 | 13.71 | 1,592,120,000 | 1,417.37 | 16.00 |
| SA Bond R210 | 102,000,000 | 303,080,000 | 741.19 | 7.99 | 201,080,000 | 486.52 | 5.49 |
| SA Bond R213 | -124,000,000 | 0 | 0.00 | 0.00 | 124,000,000 | 113.12 | 1.28 |
| SA Bond SSN211 | 0 | 34,300,000 | 82.61 | 0.89 | 34,300,000 | 81.65 | 0.92 |
| Bond Total | -285,000,000 | 2,276,100,000 | 2,649.76 | 28.57 | 2,561,100,000 | 2,837.47 | 32.03 |
| Cash on call | 0 | 0 | 95.44 | 1.03 | 0 | 154.83 | 1.75 |
| Margin Account | 0 | 0 | 20.21 | 0.22 | 0 | 35.49 | 0.40 |
| Cash on call Total | 0 | 0 | 115.65 | 1.25 | 0 | 190.32 | 2.15 |
| Omnia Holdings Ltd. | 0 | 100,000 | 6.73 | 0.07 | 100,000 | 7.81 | 0.09 |
| Sasol Ltd. | -492,100 | 1,000,000 | 76.29 | 0.82 | 1,492,100 | 124.25 | 1.40 |
| Chemicals Total | -492,100 | 1,100,000 | 83.02 | 0.90 | 1,592,100 | 132.06 | 1.49 |
| African Rainbow Capital Investments Ltd. | 0 | 12,800,000 | 118.53 | 1.28 | 12,800,000 | 119.04 | 1.34 |
| EPE Capital Partners Ltd. | 71,523 | 14,371,523 | 70.42 | 0.76 | 14,300,000 | 77.08 | 0.87 |
| Closed End Investments Total | 71,523 | 27,171,523 | 188.95 | 2.04 | 27,100,000 | 196.12 | 2.21 |
| Raubex Group Ltd. | 0 | 2,950,000 | 131.48 | 1.42 | 2,950,000 | 156.35 | 1.76 |
| Construction and Materials Total | 0 | 2,950,000 | 131.48 | 1.42 | 2,950,000 | 156.35 | 1.76 |
| Zeda Ltd. | 0 | 8,600,000 | 95.55 | 1.03 | 8,600,000 | 114.38 | 1.29 |
| Alibaba Group Holdings Limited | 0 | 522,000 | 204.83 | 2.21 | 522,000 | 134.96 | 1.52 |
| Consumer Services Total | 0 | 9,122,000 | 300.38 | 3.24 | 9,122,000 | 249.34 | 2.81 |
| Baidu.Com, Inc. | 0 | 25,000 | 42.92 | 0.46 | 25,000 | 39.63 | 0.45 |
| JDcom | 90,000 | 290,000 | 144.81 | 1.56 | 200,000 | 94.48 | 1.07 |
| LI Ning Company Limited | -500,000 | 0 | 0.00 | 0.00 | 500,000 | 19.99 | 0.23 |
| Sirius XM Inc | 60,000 | 60,000 | 25.10 | 0.27 | 0 | 0.00 | 0.00 |
| Cyclical Goods & Services Total | -350,000 | 375,000 | 212.83 | 2.29 | 725,000 | 154.10 | 1.74 |
| Equity Derivative | 0 | 0 | 494.67 | 5.33 | 0 | 480.34 | 5.42 |
| Derivatives Total | 0 | 0 | 494.67 | 5.33 | 0 | 480.34 | 5.42 |
| Reunert Ltd. | 0 | 400,000 | 24.59 | 0.27 | 400,000 | 30.00 | 0.34 |
| Electronic and Electrical Equipment Total | 0 | 400,000 | 24.59 | 0.27 | 400,000 | 30.00 | 0.34 |
| Royal Dutch Shell Plc - A | 0 | 873 | 0.58 | 0.01 | 873 | 0.51 | 0.01 |
| Energy Total | 0 | 873 | 0.58 | 0.01 | 873 | 0.51 | 0.01 |
| Foreign - Equity Derivatives | 0 | 0 | 254.50 | 2.74 | 0 | 245.06 | 2.77 |
| Equities Total | 0 | 0 | 254.50 | 2.74 | 0 | 245.06 | 2.77 |
| JSC KASPI KZ ADR | 25,000 | 25,000 | 43.22 | 0.47 | 0 | 0.00 | 0.00 |
| POMEGRANATE INVESTMENT AB | -34,500 | 0 | 0.00 | 0.00 | 34,500 | 0.00 | 0.00 |
| ST James Place | 0 | 280,000 | 64.75 | 0.70 | 280,000 | 57.44 | 0.65 |
| Financial Services Total | -9,500 | 305,000 | 107.97 | 1.16 | 314,500 | 57.44 | 0.65 |
| Heineken Holding NV | -26,000 | 0 | 0.00 | 0.00 | 26,000 | 29.43 | 0.33 |
| Food & Beverage Total | -26,000 | 0 | 0.00 | 0.00 | 26,000 | 29.43 | 0.33 |
| Oceana Group Ltd. | 0 | 140,000 | 8.15 | 0.09 | 140,000 | 9.45 | 0.11 |
| Premier Group Ltd. | -75,000 | 75,000 | 9.44 | 0.10 | 150,000 | 20.40 | 0.23 |
| Food Producers Total | -75,000 | 215,000 | 17.59 | 0.19 | 290,000 | 29.85 | 0.34 |
| Australia - Currency | 0 | 0 | 0.25 | 0.00 | 0 | 0.25 | 0.00 |
| European - Currency | 0 | 0 | 79.04 | 0.85 | 0 | 63.72 | 0.72 |
| Foreign - Currency | 0 | 0 | 0.06 | 0.00 | 0 | 0.06 | 0.00 |
| Foreign - Money Market | 0 | 0 | 253.39 | 2.73 | 0 | 266.35 | 3.01 |
| Hong Kong - Currency | 0 | 0 | 79.21 | 0.85 | 0 | 95.91 | 1.08 |
| Mexican Peso | 0 | 0 | 1.00 | 0.01 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 7.22 | 0.08 | 0 | 40.33 | 0.46 |
| USA - Currency | 0 | 0 | 110.82 | 1.19 | 0 | 75.43 | 0.85 |
| For Currency Total | 0 | 0 | 530.98 | 5.73 | 0 | 542.05 | 6.12 |
| Foreign - Bonds | 0 | 0 | 530.27 | 5.72 | 0 | 503.72 | 5.69 |
| Foreign - Equities | 0 | 0 | 40.71 | 0.44 | 0 | 0.00 | 0.00 |
| Foreign Invest Total | 0 | 0 | 570.98 | 6.16 | 0 | 503.72 | 5.69 |
| British Land Company | 550,000 | 550,000 | 48.65 | 0.52 | 0 | 0.00 | 0.00 |
| Foreign Property Total | 550,000 | 550,000 | 48.65 | 0.52 | 0 | 0.00 | 0.00 |
| Barloworld Ltd. | 593,892 | 908,892 | 96.77 | 1.04 | 315,000 | 35.16 | 0.40 |
| KAP Ltd. | 0 | 6,000,000 | 15.06 | 0.16 | 6,000,000 | 18.42 | 0.21 |
| The Bidvest Group Ltd. | 150,000 | 150,000 | 35.30 | 0.38 | 0 | 0.00 | 0.00 |
| General Industrials Total | 743,892 | 7,058,892 | 147.13 | 1.59 | 6,315,000 | 53.58 | 0.60 |
| Autohome INC ADR | 0 | 360,000 | 183.60 | 1.98 | 360,000 | 185.49 | 2.09 |
| New Oriental Education | 50,000 | 50,000 | 43.17 | 0.47 | 0 | 0.00 | 0.00 |
| Vinci SA | 0 | 15,000 | 34.64 | 0.37 | 15,000 | 29.31 | 0.33 |
| Goods & Services Total | 50,000 | 425,000 | 261.41 | 2.82 | 375,000 | 214.80 | 2.42 |
| Life Healthcare Group Holdings Ltd. | 500,000 | 3,000,000 | 41.58 | 0.45 | 2,500,000 | 40.95 | 0.46 |
| Health Care Providers Total | 500,000 | 3,000,000 | 41.58 | 0.45 | 2,500,000 | 40.95 | 0.46 |
| Glencore plc | 840,000 | 840,000 | 56.22 | 0.61 | 0 | 0.00 | 0.00 |
| Kumba Iron Ore Ltd. | 300,000 | 300,000 | 93.61 | 1.01 | 0 | 0.00 | 0.00 |
| Master Drilling Group Ltd. | 0 | 4,400,000 | 64.64 | 0.70 | 4,400,000 | 59.80 | 0.68 |
| Merafe Resources Ltd. | 0 | 55,500,000 | 65.49 | 0.71 | 55,500,000 | 77.70 | 0.88 |
| Industrial Metals and Mining Total | 1,140,000 | 61,040,000 | 279.95 | 3.02 | 59,900,000 | 137.50 | 1.55 |
| Hudaco Industries Ltd. | 0 | 60,000 | 11.37 | 0.12 | 60,000 | 12.96 | 0.15 |
| Industrial Support Services Total | 0 | 60,000 | 11.37 | 0.12 | 60,000 | 12.96 | 0.15 |
| Brait plc | 25,920 | 72,500,000 | 143.55 | 1.55 | 72,474,080 | 150.02 | 1.69 |
| Brait plc | 0 | 95,921 | 72.90 | 0.79 | 95,921 | 72.90 | 0.82 |
| Ninety One Ltd. | -60,000 | 500,000 | 17.35 | 0.19 | 560,000 | 19.40 | 0.22 |
| Zeder Investments Ltd. | 0 | 4,000,000 | 6.28 | 0.07 | 4,000,000 | 6.32 | 0.07 |
| Investment Banking and Brokerage Services Total | -34,080 | 77,095,921 | 240.08 | 2.59 | 77,130,001 | 248.64 | 2.81 |
| Momentum Group Ltd. | 400,000 | 800,000 | 25.34 | 0.27 | 400,000 | 12.10 | 0.14 |
| Old Mutual Ltd. | 700,000 | 3,400,000 | 40.60 | 0.44 | 2,700,000 | 33.78 | 0.38 |
| Life Insurance Total | 1,100,000 | 4,200,000 | 65.93 | 0.71 | 3,100,000 | 45.88 | 0.52 |
| Nedgroup Investments Corporate Money Market - C25 | -235,600,000 | 0 | 0.04 | 0.00 | 235,600,000 | 236.95 | 2.67 |
| Money Market Total | -235,600,000 | 0 | 0.04 | 0.00 | 235,600,000 | 236.95 | 2.67 |
| Abax Global Equity Fund (USD) - A | 0 | 800,000 | 331.36 | 3.57 | 800,000 | 317.35 | 3.58 |
| Offshore Intern Total | 0 | 800,000 | 331.36 | 3.57 | 800,000 | 317.35 | 3.58 |
| Bid Corporation Ltd. | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 43.06 | 0.49 |
| Dis-Chem Pharmacies Ltd. | 700,000 | 700,000 | 21.41 | 0.23 | 0 | 0.00 | 0.00 |
| Pick n Pay Stores Ltd. | -651,100 | 3,150,000 | 86.75 | 0.94 | 3,801,100 | 116.69 | 1.32 |
| Shoprite Holdings Ltd. | 233,500 | 399,000 | 108.13 | 1.17 | 165,500 | 48.74 | 0.55 |
| Personal Care, Drug and Grocery Stores Total | 182,400 | 4,249,000 | 216.29 | 2.33 | 4,066,600 | 208.49 | 2.35 |
| Adcock Ingram Holdings Ltd. | 15,864 | 200,000 | 9.80 | 0.11 | 184,136 | 12.34 | 0.14 |
| Pharmaceuticals and Biotechnology Total | 15,864 | 200,000 | 9.80 | 0.11 | 184,136 | 12.34 | 0.14 |
| Anglo American Platinum Ltd. | -132,000 | 0 | 0.00 | 0.00 | 132,000 | 75.10 | 0.85 |
| AngloGold Ashanti plc | -1,861 | 0 | 0.00 | 0.00 | 1,861 | 0.78 | 0.01 |
| Precious Metals and Mining Total | -133,861 | 0 | 0.00 | 0.00 | 133,861 | 75.88 | 0.86 |
| Balwin Properties Ltd. | 0 | 22,000,000 | 43.78 | 0.47 | 22,000,000 | 55.00 | 0.62 |
| MAS plc | 0 | 700,000 | 12.68 | 0.14 | 700,000 | 16.31 | 0.18 |
| Real Estate Investment and Services Total | 0 | 22,700,000 | 56.46 | 0.61 | 22,700,000 | 71.31 | 0.80 |
| Dipula Properties Ltd. | 0 | 32,400,000 | 167.51 | 1.81 | 32,400,000 | 172.69 | 1.95 |
| Hammerson plc | 0 | 275,000 | 16.27 | 0.18 | 275,000 | 18.34 | 0.21 |
| Octodec Investments Ltd. | 0 | 6,843,092 | 71.44 | 0.77 | 6,843,092 | 78.70 | 0.89 |
| Schroder European Real Estate Investment Trust plc | 0 | 950,000 | 14.52 | 0.16 | 950,000 | 14.91 | 0.17 |
| Stor-Age Property REIT Ltd. | 550,000 | 1,900,000 | 27.63 | 0.30 | 1,350,000 | 21.03 | 0.24 |
| Real Estate Investment Trusts Total | 550,000 | 42,368,092 | 297.36 | 3.21 | 41,818,092 | 305.68 | 3.45 |
| Wal-Mart Stores Incorporated | 370,000 | 370,000 | 19.14 | 0.21 | 0 | 0.00 | 0.00 |
| Retail Total | 370,000 | 370,000 | 19.14 | 0.21 | 0 | 0.00 | 0.00 |
| Combined Motor Holdings Ltd. | 0 | 900,000 | 27.90 | 0.30 | 900,000 | 29.70 | 0.34 |
| Italtile Ltd. | 0 | 2,100,000 | 21.61 | 0.23 | 2,100,000 | 29.69 | 0.34 |
| KAL Group Ltd. | 0 | 1,287,614 | 53.62 | 0.58 | 1,287,614 | 65.66 | 0.74 |
| Motus Holdings Ltd. | 30,000 | 100,000 | 8.69 | 0.09 | 70,000 | 8.51 | 0.10 |
| Pepkor Holdings Ltd. | 2,200,000 | 2,200,000 | 56.36 | 0.61 | 0 | 0.00 | 0.00 |
| We Buy Cars Holdings Ltd. | 128,359 | 128,359 | 5.36 | 0.06 | 0 | 0.00 | 0.00 |
| Woolworths Holdings Ltd. | 880,000 | 880,000 | 45.56 | 0.49 | 0 | 0.00 | 0.00 |
| Retailers Total | 3,238,359 | 7,595,973 | 219.10 | 2.36 | 4,357,614 | 133.56 | 1.51 |
| Naspers Ltd. | 40,000 | 40,000 | 181.68 | 1.96 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 40,000 | 40,000 | 181.68 | 1.96 | 0 | 0.00 | 0.00 |
| Qifu Technology Inc | 0 | 210,000 | 175.40 | 1.89 | 210,000 | 149.40 | 1.69 |
| Zoom Video Communications | -24,000 | 0 | 0.00 | 0.00 | 24,000 | 37.45 | 0.42 |
| Technology Total | -24,000 | 210,000 | 175.40 | 1.89 | 234,000 | 186.84 | 2.11 |
| MTN Group Ltd. | -760,000 | 0 | 0.00 | 0.00 | 760,000 | 69.91 | 0.79 |
| Telecommunications Service Providers Total | -760,000 | 0 | 0.00 | 0.00 | 760,000 | 69.91 | 0.79 |
| City Lodge Hotels Ltd. | 0 | 6,500,000 | 25.87 | 0.28 | 6,500,000 | 32.83 | 0.37 |
| Comair Ltd. | -10,500,000 | 0 | 0.00 | 0.00 | 10,500,000 | 0.00 | 0.00 |
| Southern Sun Ltd. | 0 | 697,025 | 5.82 | 0.06 | 697,025 | 6.33 | 0.07 |
| Spur Corporation Ltd. | 600,000 | 600,000 | 19.50 | 0.21 | 0 | 0.00 | 0.00 |
| Sun International Ltd. | 465,640 | 1,465,640 | 60.85 | 0.66 | 1,000,000 | 43.50 | 0.49 |
| Travel and Leisure Total | -9,434,360 | 9,262,665 | 112.04 | 1.21 | 18,697,025 | 82.65 | 0.93 |
| Portfolio Total | -521,508,963 | 2,562,817,839 | 9,274.93 | 100.00 | 3,084,326,802 | 8,858.89 | 100.00 |