| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 100,000 | 1,100,000 | 194.69 | 3.11 | 1,000,000 | 189.75 | 3.11 |
| FirstRand Ltd. | 1,200,000 | 1,200,000 | 86.21 | 1.38 | 0 | 0.00 | 0.00 |
| Standard Bank Group Ltd. | 453,400 | 603,400 | 144.46 | 2.31 | 150,000 | 33.26 | 0.55 |
| TBC Bank Group PLC | -10,000 | 230,000 | 225.50 | 3.60 | 240,000 | 176.96 | 2.90 |
| Banks Total | 1,743,400 | 3,133,400 | 650.86 | 10.39 | 1,390,000 | 399.98 | 6.57 |
| SA Bond CLN864 | 0 | 32,500,000 | 42.78 | 0.68 | 32,500,000 | 43.62 | 0.72 |
| SA Bond CLN898 | 0 | 55,000,000 | 70.29 | 1.12 | 55,000,000 | 74.14 | 1.22 |
| SA Bond CLN938 | 0 | 24,000,000 | 24.11 | 0.38 | 24,000,000 | 24.11 | 0.40 |
| SA Bond I2029 | 0 | 170,340,000 | 230.47 | 3.68 | 170,340,000 | 227.29 | 3.73 |
| SA Bond R186 | -97,000,000 | 0 | 0.00 | 0.00 | 97,000,000 | 101.17 | 1.66 |
| SA Bond R2030 | -43,000,000 | 0 | 0.00 | 0.00 | 43,000,000 | 42.65 | 0.70 |
| SA Bond R2040 | -85,500,000 | 1,022,690,000 | 860.89 | 13.74 | 1,108,190,000 | 986.53 | 16.19 |
| SA Bond R210 | -36,800,000 | 188,750,000 | 461.56 | 7.37 | 225,550,000 | 545.68 | 8.96 |
| SA Bond R213 | -44,000,000 | 0 | 0.00 | 0.00 | 44,000,000 | 40.14 | 0.66 |
| SA Bond SSN211 | 0 | 23,800,000 | 56.79 | 0.91 | 23,800,000 | 56.65 | 0.93 |
| Bond Total | -306,300,000 | 1,517,080,000 | 1,746.89 | 27.89 | 1,823,380,000 | 2,141.97 | 35.16 |
| Cash on call | 0 | 0 | -131.77 | -2.10 | 0 | 150.12 | 2.46 |
| Margin Account | 0 | 0 | 8.48 | 0.14 | 0 | 15.44 | 0.25 |
| Cash on call Total | 0 | 0 | -123.29 | -1.97 | 0 | 165.56 | 2.72 |
| Omnia Holdings Ltd. | 0 | 60,000 | 4.03 | 0.06 | 60,000 | 4.69 | 0.08 |
| Sasol Ltd. | -49,200 | 824,800 | 63.10 | 1.01 | 874,000 | 72.78 | 1.19 |
| Chemicals Total | -49,200 | 884,800 | 67.13 | 1.07 | 934,000 | 77.46 | 1.27 |
| African Rainbow Capital Investments Ltd. | 0 | 8,200,000 | 75.77 | 1.21 | 8,200,000 | 76.26 | 1.25 |
| EPE Capital Partners Ltd. | 86,800 | 12,586,800 | 63.31 | 1.01 | 12,500,000 | 67.38 | 1.11 |
| Closed End Investments Total | 86,800 | 20,786,800 | 139.08 | 2.22 | 20,700,000 | 143.64 | 2.36 |
| Raubex Group Ltd. | 0 | 2,000,000 | 88.18 | 1.41 | 2,000,000 | 106.00 | 1.74 |
| Construction and Materials Total | 0 | 2,000,000 | 88.18 | 1.41 | 2,000,000 | 106.00 | 1.74 |
| Zeda Ltd. | 0 | 6,225,885 | 69.23 | 1.11 | 6,225,885 | 82.80 | 1.36 |
| Alibaba Group Holdings Limited | 0 | 365,000 | 142.38 | 2.27 | 365,000 | 94.06 | 1.54 |
| Consumer Services Total | 0 | 6,590,885 | 211.61 | 3.38 | 6,590,885 | 176.86 | 2.90 |
| Baidu.Com, Inc. | 0 | 20,000 | 33.85 | 0.54 | 20,000 | 31.82 | 0.52 |
| JDcom | 20,000 | 160,000 | 83.39 | 1.33 | 140,000 | 65.68 | 1.08 |
| LI Ning Company Limited | -335,000 | 15,000 | 25.62 | 0.41 | 350,000 | 13.99 | 0.23 |
| Sirius XM Inc | 60,000 | 60,000 | 24.88 | 0.40 | 0 | 0.00 | 0.00 |
| Cyclical Goods & Services Total | -255,000 | 255,000 | 167.73 | 2.68 | 510,000 | 111.50 | 1.83 |
| Bond Derivative | 0 | 0 | 392.97 | 6.27 | 0 | 398.07 | 6.53 |
| Equity Derivative | 0 | 0 | 20.21 | 0.32 | 0 | 32.37 | 0.53 |
| Derivatives Total | 0 | 0 | 413.18 | 6.60 | 0 | 430.44 | 7.07 |
| Reunert Ltd. | 0 | 360,000 | 21.80 | 0.35 | 360,000 | 27.00 | 0.44 |
| Electronic and Electrical Equipment Total | 0 | 360,000 | 21.80 | 0.35 | 360,000 | 27.00 | 0.44 |
| Shell Transport & Trading (Royal Dutch/Shell Group) | 0 | 655 | 0.44 | 0.01 | 655 | 0.38 | 0.01 |
| Energy Total | 0 | 655 | 0.44 | 0.01 | 655 | 0.38 | 0.01 |
| Abax Global Equity Fund | 0 | 450,000 | 185.12 | 2.96 | 450,000 | 178.60 | 2.93 |
| Foreign - Equity Derivatives | 0 | 0 | 227.72 | 3.64 | 0 | 113.14 | 1.86 |
| Equities Total | 0 | 450,000 | 412.84 | 6.59 | 450,000 | 291.74 | 4.79 |
| ST James Place | 0 | 160,000 | 37.11 | 0.59 | 160,000 | 32.82 | 0.54 |
| Financial Services Total | 0 | 160,000 | 37.11 | 0.59 | 160,000 | 32.82 | 0.54 |
| Heineken Holding NV | -18,000 | 0 | 0.00 | 0.00 | 18,000 | 20.35 | 0.33 |
| Food & Beverage Total | -18,000 | 0 | 0.00 | 0.00 | 18,000 | 20.35 | 0.33 |
| Oceana Group Ltd. | 0 | 85,000 | 4.93 | 0.08 | 85,000 | 5.74 | 0.09 |
| Premier Group Ltd. | -50,000 | 50,000 | 6.46 | 0.10 | 100,000 | 13.60 | 0.22 |
| Food Producers Total | -50,000 | 135,000 | 11.39 | 0.18 | 185,000 | 19.34 | 0.32 |
| Brazil - Currency | 0 | 0 | 39.46 | 0.63 | 0 | 0.00 | 0.00 |
| European - Currency | 0 | 0 | 62.85 | 1.00 | 0 | 37.22 | 0.61 |
| Foreign - Currency | 0 | 0 | 0.25 | 0.00 | 0 | 0.00 | 0.00 |
| Hong Kong - Currency | 0 | 0 | 5.96 | 0.10 | 0 | 0.23 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 5.83 | 0.09 | 0 | 35.14 | 0.58 |
| USA - Currency | 0 | 0 | 11.64 | 0.19 | 0 | 21.18 | 0.35 |
| For Currency Total | 0 | 0 | 125.99 | 2.01 | 0 | 93.77 | 1.54 |
| Foreign - Bonds | 0 | 0 | 512.50 | 8.18 | 0 | 509.99 | 8.37 |
| Foreign - Equities | 0 | 0 | 151.10 | 2.41 | 0 | 108.63 | 1.78 |
| Foreign Invest Total | 0 | 0 | 663.59 | 10.59 | 0 | 618.62 | 10.15 |
| Barloworld Ltd. | 415,926 | 605,926 | 64.05 | 1.02 | 190,000 | 20.62 | 0.34 |
| KAP Ltd. | 0 | 6,000,000 | 15.18 | 0.24 | 6,000,000 | 18.42 | 0.30 |
| The Bidvest Group Ltd. | 150,000 | 150,000 | 35.33 | 0.56 | 0 | 0.00 | 0.00 |
| General Industrials Total | 565,926 | 6,755,926 | 114.55 | 1.83 | 6,190,000 | 39.04 | 0.64 |
| New Oriental Education | 35,000 | 35,000 | 30.78 | 0.49 | 0 | 0.00 | 0.00 |
| Vinci SA | 0 | 10,000 | 23.11 | 0.37 | 10,000 | 19.49 | 0.32 |
| Walmart Inc | 243,000 | 243,000 | 12.31 | 0.20 | 0 | 0.00 | 0.00 |
| Goods & Services Total | 278,000 | 288,000 | 66.19 | 1.06 | 10,000 | 19.49 | 0.32 |
| Life Healthcare Group Holdings Ltd. | 800,000 | 3,000,000 | 41.49 | 0.66 | 2,200,000 | 36.04 | 0.59 |
| Health Care Providers Total | 800,000 | 3,000,000 | 41.49 | 0.66 | 2,200,000 | 36.04 | 0.59 |
| Glencore plc | 600,000 | 600,000 | 40.37 | 0.64 | 0 | 0.00 | 0.00 |
| Kumba Iron Ore Ltd. | 240,000 | 240,000 | 74.89 | 1.20 | 0 | 0.00 | 0.00 |
| Master Drilling Group Ltd. | 0 | 3,200,000 | 47.04 | 0.75 | 3,200,000 | 43.49 | 0.71 |
| Merafe Resources Ltd. | 0 | 40,000,000 | 46.80 | 0.75 | 40,000,000 | 56.00 | 0.92 |
| Industrial Metals and Mining Total | 840,000 | 44,040,000 | 209.10 | 3.34 | 43,200,000 | 99.49 | 1.63 |
| Hudaco Industries Ltd. | 0 | 40,000 | 7.50 | 0.12 | 40,000 | 8.64 | 0.14 |
| Industrial Support Services Total | 0 | 40,000 | 7.50 | 0.12 | 40,000 | 8.64 | 0.14 |
| Brait plc | 94,762 | 53,800,000 | 106.52 | 1.70 | 53,705,238 | 111.17 | 1.82 |
| Brait plc | 0 | 50,000 | 38.61 | 0.62 | 50,000 | 38.15 | 0.63 |
| Ninety One Ltd. | -60,000 | 500,000 | 17.39 | 0.28 | 560,000 | 19.40 | 0.32 |
| Zeder Investments Ltd. | 0 | 2,590,033 | 4.12 | 0.07 | 2,590,033 | 4.09 | 0.07 |
| Investment Banking and Brokerage Services Total | 34,762 | 56,940,033 | 166.64 | 2.66 | 56,905,271 | 172.81 | 2.84 |
| Momentum Group Ltd. | 300,000 | 600,000 | 18.73 | 0.30 | 300,000 | 9.08 | 0.15 |
| Old Mutual Ltd. | 450,000 | 2,250,000 | 26.78 | 0.43 | 1,800,000 | 22.52 | 0.37 |
| Life Insurance Total | 750,000 | 2,850,000 | 45.50 | 0.73 | 2,100,000 | 31.60 | 0.52 |
| Bid Corporation Ltd. | -65,000 | 0 | 0.00 | 0.00 | 65,000 | 27.99 | 0.46 |
| Dis-Chem Pharmacies Ltd. | 500,000 | 500,000 | 15.15 | 0.24 | 0 | 0.00 | 0.00 |
| Pick n Pay Stores Ltd. | -398,400 | 2,250,000 | 61.72 | 0.99 | 2,648,400 | 81.31 | 1.33 |
| Shoprite Holdings Ltd. | 147,940 | 269,900 | 73.60 | 1.18 | 121,960 | 35.92 | 0.59 |
| Personal Care, Drug and Grocery Stores Total | 184,540 | 3,019,900 | 150.47 | 2.40 | 2,835,360 | 145.21 | 2.38 |
| Adcock Ingram Holdings Ltd. | 23,792 | 180,000 | 8.72 | 0.14 | 156,208 | 10.47 | 0.17 |
| Pharmaceuticals and Biotechnology Total | 23,792 | 180,000 | 8.72 | 0.14 | 156,208 | 10.47 | 0.17 |
| AngloGold Ashanti plc | -1,394 | 0 | 0.00 | 0.00 | 1,394 | 0.59 | 0.01 |
| Valterra Platinum Ltd. | -91,200 | 0 | 0.00 | 0.00 | 91,200 | 51.89 | 0.85 |
| Precious Metals and Mining Total | -92,594 | 0 | 0.00 | 0.00 | 92,594 | 52.48 | 0.86 |
| Balwin Properties Ltd. | 0 | 20,000,000 | 41.40 | 0.66 | 20,000,000 | 50.00 | 0.82 |
| MAS plc | 0 | 450,000 | 8.12 | 0.13 | 450,000 | 10.49 | 0.17 |
| Real Estate Investment and Services Total | 0 | 20,450,000 | 49.52 | 0.79 | 20,450,000 | 60.49 | 0.99 |
| Dipula Properties Ltd. | 0 | 23,500,000 | 121.50 | 1.94 | 23,500,000 | 125.26 | 2.06 |
| Hammerson plc | 0 | 180,000 | 10.54 | 0.17 | 180,000 | 12.01 | 0.20 |
| Octodec Investments Ltd. | 0 | 3,937,234 | 41.10 | 0.66 | 3,937,234 | 45.28 | 0.74 |
| Schroder European Real Estate Investment Trust plc | 0 | 600,000 | 9.17 | 0.15 | 600,000 | 9.25 | 0.15 |
| Stor-Age Property REIT Ltd. | 270,000 | 1,200,000 | 17.51 | 0.28 | 930,000 | 14.49 | 0.24 |
| Real Estate Investment Trusts Total | 270,000 | 29,417,234 | 199.81 | 3.19 | 29,147,234 | 206.28 | 3.39 |
| Auto Trader Group PLC | 0 | 250,000 | 127.46 | 2.03 | 250,000 | 122.42 | 2.01 |
| Retail Total | 0 | 250,000 | 127.46 | 2.03 | 250,000 | 122.42 | 2.01 |
| Combined Motor Holdings Ltd. | 0 | 700,000 | 22.02 | 0.35 | 700,000 | 23.10 | 0.38 |
| Italtile Ltd. | 0 | 1,800,000 | 18.45 | 0.29 | 1,800,000 | 25.45 | 0.42 |
| KAL Group Ltd. | 0 | 883,789 | 35.79 | 0.57 | 883,789 | 45.06 | 0.74 |
| Motus Holdings Ltd. | 20,000 | 70,000 | 6.10 | 0.10 | 50,000 | 6.08 | 0.10 |
| Pepkor Holdings Ltd. | 2,000,000 | 2,000,000 | 51.06 | 0.82 | 0 | 0.00 | 0.00 |
| We Buy Cars Holdings Ltd. | 88,871 | 88,871 | 3.74 | 0.06 | 0 | 0.00 | 0.00 |
| Woolworths Holdings Ltd. | 600,000 | 600,000 | 30.60 | 0.49 | 0 | 0.00 | 0.00 |
| Retailers Total | 2,708,871 | 6,142,660 | 167.76 | 2.68 | 3,433,789 | 99.69 | 1.64 |
| Naspers Ltd. | 42,000 | 42,000 | 189.76 | 3.03 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 42,000 | 42,000 | 189.76 | 3.03 | 0 | 0.00 | 0.00 |
| Zoom Video Communications | -18,000 | 0 | 0.00 | 0.00 | 18,000 | 27.72 | 0.46 |
| Technology Total | -18,000 | 0 | 0.00 | 0.00 | 18,000 | 27.72 | 0.46 |
| MTN Group Ltd. | -580,000 | 0 | 0.00 | 0.00 | 580,000 | 53.35 | 0.88 |
| Telecommunications Service Providers Total | -580,000 | 0 | 0.00 | 0.00 | 580,000 | 53.35 | 0.88 |
| City Lodge Hotels Ltd. | 1,150,000 | 5,000,000 | 20.10 | 0.32 | 3,850,000 | 19.44 | 0.32 |
| Southern Sun Ltd. | 0 | 475,242 | 3.94 | 0.06 | 475,242 | 4.32 | 0.07 |
| Spur Corporation Ltd. | 400,000 | 400,000 | 12.80 | 0.20 | 0 | 0.00 | 0.00 |
| Sun International Ltd. | 559,886 | 1,159,886 | 48.09 | 0.77 | 600,000 | 26.10 | 0.43 |
| Travel and Leisure Total | 2,109,886 | 7,035,128 | 84.93 | 1.36 | 4,925,242 | 49.86 | 0.82 |
| Portfolio Total | -296,924,817 | 1,732,287,421 | 6,263.93 | 100.00 | 2,029,212,238 | 6,092.47 | 100.00 |