| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 189,400 | 1,289,400 | 226.93 | 3.50 | 1,100,000 | 194.69 | 3.11 |
| Capitec Bank Holdings Ltd. | 54,000 | 54,000 | 191.75 | 2.96 | 0 | 0.00 | 0.00 |
| FirstRand Ltd. | 1,500,000 | 2,700,000 | 204.36 | 3.15 | 1,200,000 | 86.21 | 1.38 |
| Nedbank Group Ltd. | 132,400 | 132,400 | 32.18 | 0.50 | 0 | 0.00 | 0.00 |
| Standard Bank Group Ltd. | 131,600 | 735,000 | 167.23 | 2.58 | 603,400 | 144.46 | 2.31 |
| TBC Bank Group PLC | 0 | 230,000 | 259.89 | 4.01 | 230,000 | 225.50 | 3.60 |
| Banks Total | 2,007,400 | 5,140,800 | 1,082.36 | 16.71 | 3,133,400 | 650.86 | 10.39 |
| SA Bond CLN864 | 0 | 32,500,000 | 46.39 | 0.72 | 32,500,000 | 42.78 | 0.68 |
| SA Bond CLN898 | 0 | 55,000,000 | 79.61 | 1.23 | 55,000,000 | 70.29 | 1.12 |
| SA Bond CLN938 | 0 | 24,000,000 | 24.10 | 0.37 | 24,000,000 | 24.11 | 0.38 |
| SA Bond I2029 | -90,000,000 | 80,340,000 | 110.47 | 1.71 | 170,340,000 | 230.47 | 3.68 |
| SA Bond R2037 | 74,500,000 | 74,500,000 | 67.48 | 1.04 | 0 | 0.00 | 0.00 |
| SA Bond R2040 | -652,740,000 | 369,950,000 | 333.88 | 5.15 | 1,022,690,000 | 860.89 | 13.74 |
| SA Bond R2044 | 142,700,000 | 142,700,000 | 121.16 | 1.87 | 0 | 0.00 | 0.00 |
| SA Bond R210 | -125,000,000 | 63,750,000 | 157.40 | 2.43 | 188,750,000 | 461.56 | 7.37 |
| SA Bond SSN211 | 0 | 23,800,000 | 57.95 | 0.89 | 23,800,000 | 56.79 | 0.91 |
| Bond Total | -650,540,000 | 866,540,000 | 998.44 | 15.41 | 1,517,080,000 | 1,746.89 | 27.89 |
| Cash on call | 0 | 0 | -172.60 | -2.66 | 0 | -131.77 | -2.10 |
| Margin Account | 0 | 0 | 38.30 | 0.59 | 0 | 8.48 | 0.14 |
| Cash on call Total | 0 | 0 | -134.30 | -2.07 | 0 | -123.29 | -1.97 |
| Omnia Holdings Ltd. | 0 | 60,000 | 4.77 | 0.07 | 60,000 | 4.03 | 0.06 |
| Sasol Ltd. | 210,200 | 1,035,000 | 81.52 | 1.26 | 824,800 | 63.10 | 1.01 |
| Chemicals Total | 210,200 | 1,095,000 | 86.29 | 1.33 | 884,800 | 67.13 | 1.07 |
| African Rainbow Capital Investments Ltd. | 0 | 8,200,000 | 79.54 | 1.23 | 8,200,000 | 75.77 | 1.21 |
| EPE Capital Partners Ltd. | 0 | 12,586,800 | 83.70 | 1.29 | 12,586,800 | 63.31 | 1.01 |
| Closed End Investments Total | 0 | 20,786,800 | 163.24 | 2.52 | 20,786,800 | 139.08 | 2.22 |
| Raubex Group Ltd. | 0 | 2,000,000 | 89.00 | 1.37 | 2,000,000 | 88.18 | 1.41 |
| Construction and Materials Total | 0 | 2,000,000 | 89.00 | 1.37 | 2,000,000 | 88.18 | 1.41 |
| ADvTECH Ltd. | 499,900 | 499,900 | 16.35 | 0.25 | 0 | 0.00 | 0.00 |
| Zeda Ltd. | 674,115 | 6,900,000 | 84.94 | 1.31 | 6,225,885 | 69.23 | 1.11 |
| Alibaba Group Holdings Limited | -365,000 | 0 | 0.00 | 0.00 | 365,000 | 142.38 | 2.27 |
| Consumer Services Total | 809,015 | 7,399,900 | 101.29 | 1.56 | 6,590,885 | 211.61 | 3.38 |
| Baidu.Com, Inc. | 0 | 20,000 | 30.48 | 0.47 | 20,000 | 33.85 | 0.54 |
| JDcom | -160,000 | 0 | 63.76 | 0.98 | 160,000 | 83.39 | 1.33 |
| LI Ning Company Limited | 0 | 15,000 | 22.63 | 0.35 | 15,000 | 25.62 | 0.41 |
| Sirius XM Inc | 0 | 60,000 | 24.49 | 0.38 | 60,000 | 24.88 | 0.40 |
| Cyclical Goods & Services Total | -160,000 | 95,000 | 141.36 | 2.18 | 255,000 | 167.73 | 2.68 |
| Bond Derivative | 0 | 0 | 609.13 | 9.40 | 0 | 392.97 | 6.27 |
| Equity Derivative | 0 | 0 | -90.91 | -1.40 | 0 | 20.21 | 0.32 |
| Derivatives Total | 0 | 0 | 518.22 | 8.00 | 0 | 413.18 | 6.60 |
| Reunert Ltd. | 76,903 | 436,903 | 25.12 | 0.39 | 360,000 | 21.80 | 0.35 |
| Electronic and Electrical Equipment Total | 76,903 | 436,903 | 25.12 | 0.39 | 360,000 | 21.80 | 0.35 |
| Shell Transport & Trading (Royal Dutch/Shell Group) | 0 | 655 | 0.41 | 0.01 | 655 | 0.44 | 0.01 |
| Energy Total | 0 | 655 | 0.41 | 0.01 | 655 | 0.44 | 0.01 |
| Abax Global Equity Fund | 0 | 450,000 | 192.80 | 2.98 | 450,000 | 185.12 | 2.96 |
| Foreign - Equity Derivatives | 0 | 0 | 0.00 | 0.00 | 0 | 227.72 | 3.64 |
| Equities Total | 0 | 450,000 | 192.80 | 2.98 | 450,000 | 412.84 | 6.59 |
| ST James Place | 0 | 160,000 | 46.13 | 0.71 | 160,000 | 37.11 | 0.59 |
| Financial Services Total | 0 | 160,000 | 46.13 | 0.71 | 160,000 | 37.11 | 0.59 |
| Oceana Group Ltd. | 0 | 85,000 | 4.45 | 0.07 | 85,000 | 4.93 | 0.08 |
| Premier Group Ltd. | -50,000 | 0 | 0.00 | 0.00 | 50,000 | 6.46 | 0.10 |
| Food Producers Total | -50,000 | 85,000 | 4.45 | 0.07 | 135,000 | 11.39 | 0.18 |
| Brazil - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 39.46 | 0.63 |
| European - Currency | 0 | 0 | 68.45 | 1.06 | 0 | 62.85 | 1.00 |
| Foreign - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.25 | 0.00 |
| Hong Kong - Currency | 0 | 0 | 7.27 | 0.11 | 0 | 5.96 | 0.10 |
| Mexican Peso | 0 | 0 | 0.26 | 0.00 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 5.17 | 0.08 | 0 | 5.83 | 0.09 |
| USA - Currency | 0 | 0 | 6.96 | 0.11 | 0 | 11.64 | 0.19 |
| For Currency Total | 0 | 0 | 88.10 | 1.36 | 0 | 125.99 | 2.01 |
| Foreign - Bonds | 0 | 0 | 382.95 | 5.91 | 0 | 512.50 | 8.18 |
| Foreign - Equities | 0 | 0 | 645.64 | 9.97 | 0 | 151.10 | 2.41 |
| Foreign Invest Total | 0 | 0 | 1,028.59 | 15.88 | 0 | 663.59 | 10.59 |
| British Land Company | 450,000 | 450,000 | 41.25 | 0.64 | 0 | 0.00 | 0.00 |
| Foreign Property Total | 450,000 | 450,000 | 41.25 | 0.64 | 0 | 0.00 | 0.00 |
| Barloworld Ltd. | -2,708 | 603,218 | 68.11 | 1.05 | 605,926 | 64.05 | 1.02 |
| KAP Ltd. | -250,550 | 5,749,450 | 11.79 | 0.18 | 6,000,000 | 15.18 | 0.24 |
| The Bidvest Group Ltd. | 75,000 | 225,000 | 52.54 | 0.81 | 150,000 | 35.33 | 0.56 |
| General Industrials Total | -178,258 | 6,577,668 | 132.44 | 2.04 | 6,755,926 | 114.55 | 1.83 |
| New Oriental Education | 0 | 35,000 | 33.56 | 0.52 | 35,000 | 30.78 | 0.49 |
| Vinci SA | -10,000 | 0 | 0.00 | 0.00 | 10,000 | 23.11 | 0.37 |
| Walmart Inc | 0 | 243,000 | 14.21 | 0.22 | 243,000 | 12.31 | 0.20 |
| Goods & Services Total | -10,000 | 278,000 | 47.76 | 0.74 | 288,000 | 66.19 | 1.06 |
| Life Healthcare Group Holdings Ltd. | 100,000 | 3,100,000 | 44.27 | 0.68 | 3,000,000 | 41.49 | 0.66 |
| Health Care Providers Total | 100,000 | 3,100,000 | 44.27 | 0.68 | 3,000,000 | 41.49 | 0.66 |
| Anglo American plc | 52,844 | 52,844 | 27.78 | 0.43 | 0 | 0.00 | 0.00 |
| Glencore plc | 1,100,000 | 1,700,000 | 118.24 | 1.83 | 600,000 | 40.37 | 0.64 |
| Kumba Iron Ore Ltd. | 20,000 | 260,000 | 74.11 | 1.14 | 240,000 | 74.89 | 1.20 |
| Master Drilling Group Ltd. | 0 | 3,200,000 | 51.07 | 0.79 | 3,200,000 | 47.04 | 0.75 |
| Merafe Resources Ltd. | 0 | 40,000,000 | 52.40 | 0.81 | 40,000,000 | 46.80 | 0.75 |
| Industrial Metals and Mining Total | 1,172,844 | 45,212,844 | 323.59 | 5.00 | 44,040,000 | 209.10 | 3.34 |
| Hudaco Industries Ltd. | 3,032 | 43,032 | 8.51 | 0.13 | 40,000 | 7.50 | 0.12 |
| Industrial Support Services Total | 3,032 | 43,032 | 8.51 | 0.13 | 40,000 | 7.50 | 0.12 |
| Brait plc | 0 | 53,800,000 | 119.97 | 1.85 | 53,800,000 | 106.52 | 1.70 |
| Brait plc | 0 | 50,000 | 39.64 | 0.61 | 50,000 | 38.61 | 0.62 |
| Ninety One Ltd. | -500,000 | 0 | 0.00 | 0.00 | 500,000 | 17.39 | 0.28 |
| Quilter plc | 1,500,000 | 1,500,000 | 57.03 | 0.88 | 0 | 0.00 | 0.00 |
| Zeder Investments Ltd. | 0 | 2,590,033 | 3.21 | 0.05 | 2,590,033 | 4.12 | 0.07 |
| Investment Banking and Brokerage Services Total | 1,000,000 | 57,940,033 | 219.85 | 3.39 | 56,940,033 | 166.64 | 2.66 |
| Momentum Group Ltd. | -600,000 | 0 | 0.00 | 0.00 | 600,000 | 18.73 | 0.30 |
| Old Mutual Ltd. | 750,000 | 3,000,000 | 36.21 | 0.56 | 2,250,000 | 26.78 | 0.43 |
| Life Insurance Total | 150,000 | 3,000,000 | 36.21 | 0.56 | 2,850,000 | 45.50 | 0.73 |
| Abax Global Equity Fund (USD) - A | 450,000 | 450,000 | 192.80 | 2.98 | 0 | 0.00 | 0.00 |
| Offshore Intern Total | 450,000 | 450,000 | 192.80 | 2.98 | 0 | 0.00 | 0.00 |
| Thungela Resources Ltd. | 760,000 | 760,000 | 64.44 | 0.99 | 0 | 0.00 | 0.00 |
| Oil, Gas and Coal Total | 760,000 | 760,000 | 64.44 | 0.99 | 0 | 0.00 | 0.00 |
| Bid Corporation Ltd. | 100,000 | 100,000 | 46.74 | 0.72 | 0 | 0.00 | 0.00 |
| Dis-Chem Pharmacies Ltd. | 1,372,930 | 1,872,930 | 60.50 | 0.93 | 500,000 | 15.15 | 0.24 |
| Pick n Pay Stores Ltd. | 0 | 2,250,000 | 60.30 | 0.93 | 2,250,000 | 61.72 | 0.99 |
| Shoprite Holdings Ltd. | -109,900 | 160,000 | 44.31 | 0.68 | 269,900 | 73.60 | 1.18 |
| Personal Care, Drug and Grocery Stores Total | 1,363,030 | 4,382,930 | 211.85 | 3.27 | 3,019,900 | 150.47 | 2.40 |
| Adcock Ingram Holdings Ltd. | 153,400 | 333,400 | 16.80 | 0.26 | 180,000 | 8.72 | 0.14 |
| Pharmaceuticals and Biotechnology Total | 153,400 | 333,400 | 16.80 | 0.26 | 180,000 | 8.72 | 0.14 |
| AngloGold Ashanti plc | 8,000 | 8,000 | 6.41 | 0.10 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | 6,139 | 6,139 | 4.85 | 0.07 | 0 | 0.00 | 0.00 |
| Precious Metals and Mining Total | 14,139 | 14,139 | 11.26 | 0.17 | 0 | 0.00 | 0.00 |
| Balwin Properties Ltd. | 0 | 20,000,000 | 53.00 | 0.82 | 20,000,000 | 41.40 | 0.66 |
| MAS plc | 0 | 450,000 | 10.92 | 0.17 | 450,000 | 8.12 | 0.13 |
| Real Estate Investment and Services Total | 0 | 20,450,000 | 63.92 | 0.99 | 20,450,000 | 49.52 | 0.79 |
| Dipula Properties Ltd. | -500,000 | 23,000,000 | 123.05 | 1.90 | 23,500,000 | 121.50 | 1.94 |
| Hammerson plc | 0 | 180,000 | 13.37 | 0.21 | 180,000 | 10.54 | 0.17 |
| Octodec Investments Ltd. | 0 | 3,937,234 | 40.36 | 0.62 | 3,937,234 | 41.10 | 0.66 |
| Schroder European Real Estate Investment Trust plc | 0 | 600,000 | 10.04 | 0.16 | 600,000 | 9.17 | 0.15 |
| Stor-Age Property REIT Ltd. | -220,000 | 980,000 | 15.63 | 0.24 | 1,200,000 | 17.51 | 0.28 |
| Real Estate Investment Trusts Total | -720,000 | 28,697,234 | 202.45 | 3.12 | 29,417,234 | 199.81 | 3.19 |
| Auto Trader Group PLC | -25,000 | 225,000 | 103.12 | 1.59 | 250,000 | 127.46 | 2.03 |
| Retail Total | -25,000 | 225,000 | 103.12 | 1.59 | 250,000 | 127.46 | 2.03 |
| Combined Motor Holdings Ltd. | 0 | 700,000 | 21.22 | 0.33 | 700,000 | 22.02 | 0.35 |
| Italtile Ltd. | 0 | 1,800,000 | 18.00 | 0.28 | 1,800,000 | 18.45 | 0.29 |
| KAL Group Ltd. | 0 | 883,789 | 37.15 | 0.57 | 883,789 | 35.79 | 0.57 |
| Motus Holdings Ltd. | 0 | 70,000 | 6.59 | 0.10 | 70,000 | 6.10 | 0.10 |
| Mr Price Group Ltd. | 20,000 | 20,000 | 4.43 | 0.07 | 0 | 0.00 | 0.00 |
| Pepkor Holdings Ltd. | -1,000,000 | 1,000,000 | 27.23 | 0.42 | 2,000,000 | 51.06 | 0.82 |
| Truworths International Ltd. | 1,368,400 | 1,368,400 | 97.73 | 1.51 | 0 | 0.00 | 0.00 |
| We Buy Cars Holdings Ltd. | -88,871 | 0 | 0.00 | 0.00 | 88,871 | 3.74 | 0.06 |
| Woolworths Holdings Ltd. | -285,300 | 314,700 | 16.29 | 0.25 | 600,000 | 30.60 | 0.49 |
| Retailers Total | 14,229 | 6,156,889 | 228.63 | 3.53 | 6,142,660 | 167.76 | 2.68 |
| Naspers Ltd. | -42,000 | 0 | 0.00 | 0.00 | 42,000 | 189.76 | 3.03 |
| Software and Computer Services Total | -42,000 | 0 | 0.00 | 0.00 | 42,000 | 189.76 | 3.03 |
| City Lodge Hotels Ltd. | 1,334,100 | 6,334,100 | 24.96 | 0.39 | 5,000,000 | 20.10 | 0.32 |
| Southern Sun Ltd. | 330,127 | 805,369 | 7.10 | 0.11 | 475,242 | 3.94 | 0.06 |
| Spur Corporation Ltd. | 0 | 400,000 | 13.16 | 0.20 | 400,000 | 12.80 | 0.20 |
| Sun International Ltd. | 40,114 | 1,200,000 | 52.43 | 0.81 | 1,159,886 | 48.09 | 0.77 |
| Travel and Leisure Total | 1,704,341 | 8,739,469 | 97.65 | 1.51 | 7,035,128 | 84.93 | 1.36 |
| Portfolio Total | -641,286,725 | 1,091,000,696 | 6,478.32 | 100.00 | 1,732,287,421 | 6,263.93 | 100.00 |