| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -390,000 | 660,000 | 157.98 | 1.47 | 1,050,000 | 189.99 | 1.85 |
| Capitec Bank Holdings Ltd. | -7,600 | 16,800 | 69.82 | 0.65 | 24,400 | 84.67 | 0.82 |
| FirstRand Ltd. | 0 | 537,115 | 48.74 | 0.45 | 537,115 | 41.81 | 0.41 |
| Standard Bank Group Ltd. | -55,000 | 530,000 | 153.91 | 1.43 | 585,000 | 138.21 | 1.34 |
| Halyk Bank | 0 | 90,000 | 44.58 | 0.42 | 90,000 | 41.53 | 0.40 |
| TBC Bank Group PLC | 0 | 305,600 | 276.36 | 2.57 | 305,600 | 326.28 | 3.17 |
| Banks Total | -452,600 | 2,139,515 | 751.38 | 7.00 | 2,592,115 | 822.49 | 7.99 |
| Endeavour Mining PLC | 0 | 60,000 | 51.75 | 0.48 | 60,000 | 43.11 | 0.42 |
| Basic Resources Total | 0 | 60,000 | 51.75 | 0.48 | 60,000 | 43.11 | 0.42 |
| SA Bond CLN938 | 0 | 42,000,000 | 42.18 | 0.39 | 42,000,000 | 42.17 | 0.41 |
| SA Bond R2030 | 435,000,000 | 435,000,000 | 459.56 | 4.28 | 0 | 0.00 | 0.00 |
| SA Bond R2037 | 319,000,000 | 319,000,000 | 328.62 | 3.06 | 0 | 0.00 | 0.00 |
| SA Bond R2040 | -385,700,000 | 459,620,000 | 478.87 | 4.46 | 845,320,000 | 787.70 | 7.65 |
| SA Bond R2044 | -212,300,000 | 0 | 0.00 | 0.00 | 212,300,000 | 188.19 | 1.83 |
| SA Bond R210 | -21,000,000 | 180,080,000 | 461.29 | 4.30 | 201,080,000 | 505.21 | 4.91 |
| SA Bond SSN211 | 0 | 34,300,000 | 86.86 | 0.81 | 34,300,000 | 85.08 | 0.83 |
| SA Bond TNFG32 | 0 | 325,000,000 | 341.12 | 3.18 | 325,000,000 | 329.73 | 3.20 |
| SA Bond TNFG33 | 48,000,000 | 48,000,000 | 48.58 | 0.45 | 0 | 0.00 | 0.00 |
| SA Bond TNFG36 | 142,000,000 | 142,000,000 | 143.73 | 1.34 | 0 | 0.00 | 0.00 |
| Bond Total | 325,000,000 | 1,985,000,000 | 2,390.81 | 22.27 | 1,660,000,000 | 1,938.08 | 18.83 |
| Cash on call | 0 | 0 | 0.88 | 0.01 | 0 | 156.12 | 1.52 |
| Margin Account | 0 | 0 | 82.42 | 0.77 | 0 | 65.03 | 0.63 |
| Cash on call Total | 0 | 0 | 83.30 | 0.78 | 0 | 221.15 | 2.15 |
| Omnia Holdings Ltd. | 0 | 100,000 | 7.88 | 0.07 | 100,000 | 7.17 | 0.07 |
| Chemicals Total | 0 | 100,000 | 7.88 | 0.07 | 100,000 | 7.17 | 0.07 |
| African Rainbow Capital Investments Ltd. | -12,800,000 | 0 | 0.00 | 0.00 | 12,800,000 | 124.16 | 1.21 |
| EPE Capital Partners Ltd. | 0 | 14,371,523 | 100.60 | 0.94 | 14,371,523 | 96.29 | 0.94 |
| Closed End Investments Total | -12,800,000 | 14,371,523 | 100.60 | 0.94 | 27,171,523 | 220.45 | 2.14 |
| Raubex Group Ltd. | 437,465 | 3,387,465 | 150.95 | 1.41 | 2,950,000 | 125.82 | 1.22 |
| Construction and Materials Total | 437,465 | 3,387,465 | 150.95 | 1.41 | 2,950,000 | 125.82 | 1.22 |
| Curro Holdings Ltd. | 3,751,458 | 3,751,458 | 53.80 | 0.50 | 0 | 0.00 | 0.00 |
| Zeda Ltd. | 900,000 | 10,200,000 | 143.82 | 1.34 | 9,300,000 | 116.25 | 1.13 |
| Alibaba Group Holdings Limited | 0 | 500,000 | 151.70 | 1.41 | 500,000 | 196.56 | 1.91 |
| Consumer Services Total | 4,651,458 | 14,451,458 | 349.31 | 3.25 | 9,800,000 | 312.81 | 3.04 |
| Baidu.Com, Inc. | 0 | 40,000 | 87.57 | 0.82 | 40,000 | 93.23 | 0.91 |
| JDcom | -290,000 | 0 | 90.15 | 0.84 | 290,000 | 116.96 | 1.14 |
| Sirius XM Inc | 0 | 60,000 | 20.06 | 0.19 | 60,000 | 23.53 | 0.23 |
| Cyclical Goods & Services Total | -290,000 | 100,000 | 197.79 | 1.84 | 390,000 | 233.71 | 2.27 |
| Equity Derivative | 0 | 0 | 1,538.86 | 14.33 | 0 | 625.39 | 6.08 |
| Derivatives Total | 0 | 0 | 1,538.86 | 14.33 | 0 | 625.39 | 6.08 |
| Greencoat Renewables plc | 2,000,000 | 2,000,000 | 27.60 | 0.26 | 0 | 0.00 | 0.00 |
| Electricity Total | 2,000,000 | 2,000,000 | 27.60 | 0.26 | 0 | 0.00 | 0.00 |
| Reunert Ltd. | 470,652 | 1,000,000 | 62.32 | 0.58 | 529,348 | 28.36 | 0.28 |
| Electronic and Electrical Equipment Total | 470,652 | 1,000,000 | 62.32 | 0.58 | 529,348 | 28.36 | 0.28 |
| Pepco Holdings Inc | -256,300 | 0 | 0.00 | 0.00 | 256,300 | 31.64 | 0.31 |
| Royal Dutch Shell Plc - A | 0 | 873 | 0.53 | 0.01 | 873 | 0.54 | 0.01 |
| Energy Total | -256,300 | 873 | 0.53 | 0.01 | 257,173 | 32.18 | 0.31 |
| Foreign - Equity Derivatives | 0 | 0 | 392.35 | 3.65 | 0 | 1,341.87 | 13.04 |
| Equities Total | 0 | 0 | 392.35 | 3.65 | 0 | 1,341.87 | 13.04 |
| Channel VAS Investments Ltd. | 10,724,300 | 10,724,300 | 219.53 | 2.04 | 0 | 0.00 | 0.00 |
| Finance and Credit Services Total | 10,724,300 | 10,724,300 | 219.53 | 2.04 | 0 | 0.00 | 0.00 |
| JSC KASPI KZ ADR | 15,000 | 40,000 | 52.29 | 0.49 | 25,000 | 35.35 | 0.34 |
| POMEGRANATE INVESTMENT AB | 0 | 34,500 | 0.00 | 0.00 | 34,500 | 0.00 | 0.00 |
| ST James Place | 0 | 280,000 | 86.35 | 0.80 | 280,000 | 82.14 | 0.80 |
| Financial Services Total | 15,000 | 354,500 | 138.64 | 1.29 | 339,500 | 117.49 | 1.14 |
| Oceana Group Ltd. | 0 | 140,000 | 7.80 | 0.07 | 140,000 | 7.01 | 0.07 |
| Food Producers Total | 0 | 140,000 | 7.80 | 0.07 | 140,000 | 7.01 | 0.07 |
| Australia - Currency | 0 | 0 | 0.24 | 0.00 | 0 | 0.25 | 0.00 |
| European - Currency | 0 | 0 | 120.29 | 1.12 | 0 | 89.47 | 0.87 |
| Foreign - Currency | 0 | 0 | 34.24 | 0.32 | 0 | 1.20 | 0.01 |
| Foreign - Money Market | 0 | 0 | 0.00 | 0.00 | 0 | 194.84 | 1.89 |
| Hong Kong - Currency | 0 | 0 | 9.92 | 0.09 | 0 | 74.44 | 0.72 |
| Mexican Peso | 0 | 0 | 1.53 | 0.01 | 0 | 1.04 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 21.93 | 0.20 | 0 | 3.22 | 0.03 |
| USA - Currency | 0 | 0 | 59.12 | 0.55 | 0 | 76.74 | 0.75 |
| For Currency Total | 0 | 0 | 247.27 | 2.30 | 0 | 441.20 | 4.29 |
| Foreign - Bonds | 0 | 0 | 640.60 | 5.97 | 0 | 489.24 | 4.75 |
| Foreign - Equities | 0 | 0 | 21.33 | 0.20 | 0 | 0.00 | 0.00 |
| Foreign Invest Total | 0 | 0 | 661.93 | 6.17 | 0 | 489.24 | 4.75 |
| British Land Company | 0 | 700,000 | 64.88 | 0.60 | 700,000 | 56.34 | 0.55 |
| Foreign Property Total | 0 | 700,000 | 64.88 | 0.60 | 700,000 | 56.34 | 0.55 |
| Barloworld Ltd. | -872,515 | 0 | 0.00 | 0.00 | 872,515 | 102.67 | 1.00 |
| KAP Ltd. | 372,325 | 6,121,775 | 11.75 | 0.11 | 5,749,450 | 9.66 | 0.09 |
| Mondi plc | -30,000 | 20,000 | 4.07 | 0.04 | 50,000 | 11.81 | 0.11 |
| The Bidvest Group Ltd. | 0 | 160,000 | 38.00 | 0.35 | 160,000 | 33.75 | 0.33 |
| General Industrials Total | -530,190 | 6,301,775 | 53.82 | 0.50 | 6,831,965 | 157.89 | 1.53 |
| Autohome INC ADR | 0 | 320,000 | 129.34 | 1.20 | 320,000 | 160.49 | 1.56 |
| Goods & Services Total | 0 | 320,000 | 129.34 | 1.20 | 320,000 | 160.49 | 1.56 |
| Life Healthcare Group Holdings Ltd. | 0 | 1,734,900 | 19.76 | 0.18 | 1,734,900 | 20.14 | 0.20 |
| Health Care Providers Total | 0 | 1,734,900 | 19.76 | 0.18 | 1,734,900 | 20.14 | 0.20 |
| Anglo American plc | -80,000 | 0 | 0.00 | 0.00 | 80,000 | 51.61 | 0.50 |
| Glencore plc | 0 | 1,500,000 | 136.73 | 1.27 | 1,500,000 | 120.02 | 1.17 |
| Master Drilling Group Ltd. | 0 | 4,400,000 | 70.40 | 0.66 | 4,400,000 | 67.41 | 0.66 |
| Merafe Resources Ltd. | 0 | 55,500,000 | 60.50 | 0.56 | 55,500,000 | 59.39 | 0.58 |
| Industrial Metals and Mining Total | -80,000 | 61,400,000 | 267.62 | 2.49 | 61,480,000 | 298.41 | 2.90 |
| Hudaco Industries Ltd. | 0 | 64,388 | 13.20 | 0.12 | 64,388 | 11.20 | 0.11 |
| Industrial Support Services Total | 0 | 64,388 | 13.20 | 0.12 | 64,388 | 11.20 | 0.11 |
| Brait plc | 0 | 72,500,000 | 161.68 | 1.51 | 72,500,000 | 149.35 | 1.45 |
| Brait plc | 12,359 | 108,280 | 81.32 | 0.76 | 95,921 | 72.90 | 0.71 |
| Ninety One plc | 233,549 | 233,549 | 11.28 | 0.11 | 0 | 0.00 | 0.00 |
| Quilter plc | 0 | 650,000 | 26.36 | 0.25 | 650,000 | 24.94 | 0.24 |
| Zeder Investments Ltd. | 0 | 4,000,000 | 5.00 | 0.05 | 4,000,000 | 5.08 | 0.05 |
| Investment Banking and Brokerage Services Total | 245,908 | 77,491,829 | 285.63 | 2.66 | 77,245,921 | 252.27 | 2.45 |
| Old Mutual Ltd. | -890,000 | 4,010,000 | 59.75 | 0.56 | 4,900,000 | 65.22 | 0.63 |
| Life Insurance Total | -890,000 | 4,010,000 | 59.75 | 0.56 | 4,900,000 | 65.22 | 0.63 |
| Nedgroup Investments Corporate Money Market - C25 | -100,500,000 | 64,000,000 | 64.89 | 0.60 | 164,500,000 | 165.32 | 1.61 |
| Money Market Total | -100,500,000 | 64,000,000 | 64.89 | 0.60 | 164,500,000 | 165.32 | 1.61 |
| Santam Ltd. | -1,950 | 62,250 | 26.61 | 0.25 | 64,200 | 24.22 | 0.24 |
| Non-life Insurance Total | -1,950 | 62,250 | 26.61 | 0.25 | 64,200 | 24.22 | 0.24 |
| Abax Global Equity Fund (USD) - A | 0 | 800,000 | 360.53 | 3.36 | 800,000 | 365.79 | 3.55 |
| Offshore Intern Total | 0 | 800,000 | 360.53 | 3.36 | 800,000 | 365.79 | 3.55 |
| Thungela Resources Ltd. | 0 | 650,000 | 62.40 | 0.58 | 650,000 | 56.58 | 0.55 |
| Oil, Gas and Coal Total | 0 | 650,000 | 62.40 | 0.58 | 650,000 | 56.58 | 0.55 |
| Bid Corporation Ltd. | 53,000 | 188,000 | 79.31 | 0.74 | 135,000 | 58.32 | 0.57 |
| Dis-Chem Pharmacies Ltd. | -637,266 | 1,350,000 | 47.25 | 0.44 | 1,987,266 | 64.88 | 0.63 |
| Pick n Pay Stores Ltd. | 814,400 | 3,964,400 | 98.71 | 0.92 | 3,150,000 | 78.84 | 0.77 |
| Personal Care, Drug and Grocery Stores Total | 230,134 | 5,502,400 | 225.28 | 2.10 | 5,272,266 | 202.05 | 1.96 |
| Aspen Pharmacare Holdings Ltd. | 566,100 | 566,100 | 66.11 | 0.62 | 0 | 0.00 | 0.00 |
| Pharmaceuticals and Biotechnology Total | 566,100 | 566,100 | 66.11 | 0.62 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | -25,000 | 205,000 | 288.96 | 2.69 | 230,000 | 277.84 | 2.70 |
| Precious Metals and Mining Total | -25,000 | 205,000 | 288.96 | 2.69 | 230,000 | 277.84 | 2.70 |
| Balwin Properties Ltd. | 0 | 22,000,000 | 63.80 | 0.59 | 22,000,000 | 63.80 | 0.62 |
| MAS plc | 0 | 379,008 | 8.56 | 0.08 | 379,008 | 8.06 | 0.08 |
| Real Estate Investment and Services Total | 0 | 22,379,008 | 72.36 | 0.67 | 22,379,008 | 71.86 | 0.70 |
| Dipula Properties Ltd. | 0 | 35,294,507 | 237.88 | 2.22 | 35,294,507 | 194.12 | 1.89 |
| Octodec Investments Ltd. | 0 | 6,843,092 | 101.55 | 0.95 | 6,843,092 | 77.94 | 0.76 |
| Schroder European Real Estate Investment Trust plc | 0 | 950,000 | 13.66 | 0.13 | 950,000 | 14.49 | 0.14 |
| Stor-Age Property REIT Ltd. | 0 | 1,400,000 | 25.10 | 0.23 | 1,400,000 | 21.56 | 0.21 |
| Real Estate Investment Trusts Total | 0 | 44,487,599 | 378.20 | 3.52 | 44,487,599 | 308.11 | 2.99 |
| Wal-Mart de Mexico S.A.B. de C.V. | 0 | 370,000 | 19.09 | 0.18 | 370,000 | 19.67 | 0.19 |
| Retail Total | 0 | 370,000 | 19.09 | 0.18 | 370,000 | 19.67 | 0.19 |
| Combined Motor Holdings Ltd. | 0 | 900,000 | 33.21 | 0.31 | 900,000 | 29.70 | 0.29 |
| Italtile Ltd. | 0 | 2,100,000 | 19.01 | 0.18 | 2,100,000 | 19.95 | 0.19 |
| KAL Group Ltd. | 0 | 1,287,614 | 64.38 | 0.60 | 1,287,614 | 53.56 | 0.52 |
| Motus Holdings Ltd. | -100,000 | 0 | 0.00 | 0.00 | 100,000 | 10.40 | 0.10 |
| Pepkor Holdings Ltd. | 2,322,300 | 7,150,000 | 189.12 | 1.76 | 4,827,700 | 118.18 | 1.15 |
| Truworths International Ltd. | 599,500 | 2,799,500 | 159.38 | 1.48 | 2,200,000 | 120.12 | 1.17 |
| We Buy Cars Holdings Ltd. | 0 | 303,618 | 14.52 | 0.14 | 303,618 | 16.85 | 0.16 |
| Woolworths Holdings Ltd. | 0 | 1,405,200 | 78.69 | 0.73 | 1,405,200 | 70.36 | 0.68 |
| Retailers Total | 2,821,800 | 15,945,932 | 558.30 | 5.20 | 13,124,132 | 439.12 | 4.27 |
| Bytes Technology Group plc | 0 | 250,000 | 20.37 | 0.19 | 250,000 | 22.98 | 0.22 |
| Naspers Ltd. | 47,800 | 47,800 | 52.80 | 0.49 | 0 | 0.00 | 0.00 |
| Prosus NV | 12,000 | 12,000 | 12.28 | 0.11 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 59,800 | 309,800 | 85.45 | 0.80 | 250,000 | 22.98 | 0.22 |
| Greencoat UK Wind PLC | -2,000,000 | 0 | 0.00 | 0.00 | 2,000,000 | 29.17 | 0.28 |
| Specialist Securities Total | -2,000,000 | 0 | 0.00 | 0.00 | 2,000,000 | 29.17 | 0.28 |
| Qfin Holdings Inc | 0 | 214,100 | 69.29 | 0.65 | 214,100 | 110.08 | 1.07 |
| Technology Total | 0 | 214,100 | 69.29 | 0.65 | 214,100 | 110.08 | 1.07 |
| British American Tobacco plc | 0 | 13,000 | 12.41 | 0.12 | 13,000 | 11.84 | 0.12 |
| Tobacco Total | 0 | 13,000 | 12.41 | 0.12 | 13,000 | 11.84 | 0.12 |
| City Lodge Hotels Ltd. | 0 | 6,500,000 | 33.67 | 0.31 | 6,500,000 | 26.52 | 0.26 |
| Comair Ltd. | 0 | 10,500,000 | 0.00 | 0.00 | 10,500,000 | 0.00 | 0.00 |
| Southern Sun Ltd. | 0 | 1,100,000 | 11.26 | 0.10 | 1,100,000 | 9.43 | 0.09 |
| Spur Corporation Ltd. | 100,000 | 1,300,000 | 49.74 | 0.46 | 1,200,000 | 40.93 | 0.40 |
| Sun International Ltd. | 0 | 2,000,000 | 77.30 | 0.72 | 2,000,000 | 80.54 | 0.78 |
| Travel and Leisure Total | 100,000 | 21,400,000 | 171.97 | 1.60 | 21,300,000 | 157.42 | 1.53 |
| Portfolio Total | 229,496,577 | 2,362,757,715 | 10,736.45 | 100.00 | 2,133,261,138 | 10,291.55 | 100.00 |