| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -85,000 | 770,000 | 185.72 | 2.44 | 855,000 | 204.65 | 2.73 |
| Capitec Bank Holdings Ltd. | -45,000 | 0 | 0.00 | 0.00 | 45,000 | 187.01 | 2.50 |
| FirstRand Ltd. | -398,037 | 1,250,000 | 107.68 | 1.42 | 1,648,037 | 149.56 | 2.00 |
| Nedbank Group Ltd. | -70,000 | 0 | 0.00 | 0.00 | 70,000 | 18.64 | 0.25 |
| Standard Bank Group Ltd. | -140,000 | 450,000 | 137.00 | 1.80 | 590,000 | 171.34 | 2.29 |
| TBC Bank Group PLC | 0 | 230,000 | 211.82 | 2.79 | 230,000 | 208.12 | 2.78 |
| Banks Total | -738,037 | 2,700,000 | 642.22 | 8.45 | 3,438,037 | 939.32 | 12.54 |
| SA Bond CLN938 | 0 | 24,000,000 | 24.10 | 0.32 | 24,000,000 | 24.09 | 0.32 |
| SA Bond R2030 | -184,000,000 | 238,000,000 | 238.62 | 3.14 | 422,000,000 | 445.84 | 5.95 |
| SA Bond R2037 | -23,000,000 | 0 | -0.01 | 0.00 | 23,000,000 | 23.69 | 0.32 |
| SA Bond R2040 | -30,450,000 | 5,300,000 | 5.08 | 0.07 | 35,750,000 | 37.25 | 0.50 |
| SA Bond R210 | 0 | 16,410,000 | 42.61 | 0.56 | 16,410,000 | 42.03 | 0.56 |
| SA Bond R213 | 155,600,000 | 155,600,000 | 146.81 | 1.93 | 0 | 0.00 | 0.00 |
| SA Bond SSN211 | 0 | 23,800,000 | 60.75 | 0.80 | 23,800,000 | 60.26 | 0.80 |
| SA Bond TNFG32 | 0 | 220,000,000 | 236.72 | 3.11 | 220,000,000 | 230.80 | 3.08 |
| SA Bond TNFG33 | 0 | 34,000,000 | 34.37 | 0.45 | 34,000,000 | 34.41 | 0.46 |
| SA Bond TNFG36 | 0 | 96,000,000 | 97.06 | 1.28 | 96,000,000 | 97.17 | 1.30 |
| SA Bond TNG29 | 92,000,000 | 92,000,000 | 98.08 | 1.29 | 0 | 0.00 | 0.00 |
| Bond Total | 10,150,000 | 905,110,000 | 984.19 | 12.95 | 894,960,000 | 995.54 | 13.29 |
| Cash on call | 0 | 0 | 123.00 | 1.62 | 0 | 481.50 | 6.43 |
| Margin Account | 0 | 0 | 57.10 | 0.75 | 0 | 70.89 | 0.95 |
| Cash on call Total | 0 | 0 | 180.10 | 2.37 | 0 | 552.39 | 7.37 |
| Omnia Holdings Ltd. | 15,000 | 100,000 | 9.55 | 0.13 | 85,000 | 6.70 | 0.09 |
| Chemicals Total | 15,000 | 100,000 | 9.55 | 0.13 | 85,000 | 6.70 | 0.09 |
| EPE Capital Partners Ltd. | -5,223,522 | 7,363,278 | 50.14 | 0.66 | 12,586,800 | 88.11 | 1.18 |
| Closed End Investments Total | -5,223,522 | 7,363,278 | 50.14 | 0.66 | 12,586,800 | 88.11 | 1.18 |
| Raubex Group Ltd. | 155,581 | 2,600,000 | 126.65 | 1.67 | 2,444,419 | 108.92 | 1.45 |
| Construction and Materials Total | 155,581 | 2,600,000 | 126.65 | 1.67 | 2,444,419 | 108.92 | 1.45 |
| Advtech Ltd. | -205,600 | 320,000 | 13.51 | 0.18 | 525,600 | 19.57 | 0.26 |
| Curro Holdings Ltd. | -2,626,004 | 0 | 0.00 | 0.00 | 2,626,004 | 37.66 | 0.50 |
| Zeda Ltd. | 2,381,215 | 10,781,215 | 143.39 | 1.89 | 8,400,000 | 118.44 | 1.58 |
| Alibaba Group Holdings Limited | 315,000 | 315,000 | 81.84 | 1.08 | 0 | 0.00 | 0.00 |
| Consumer Services Total | -135,389 | 11,416,215 | 238.74 | 3.14 | 11,551,604 | 175.66 | 2.34 |
| Baidu.Com, Inc. | -30,000 | 0 | 0.00 | 0.00 | 30,000 | 64.95 | 0.87 |
| JDcom | 210,000 | 210,000 | 67.44 | 0.89 | 0 | 52.29 | 0.70 |
| LI Ning Company Limited | -5,000 | 20,000 | 41.90 | 0.55 | 25,000 | 32.37 | 0.43 |
| Sirius XM Inc | 0 | 60,000 | 23.70 | 0.31 | 60,000 | 19.88 | 0.27 |
| Cyclical Goods & Services Total | 175,000 | 290,000 | 133.04 | 1.75 | 115,000 | 169.49 | 2.26 |
| Bond Derivative | 0 | 0 | 1,152.64 | 15.16 | 0 | 938.01 | 12.52 |
| Equity Derivative | 0 | 0 | -273.69 | -3.60 | 0 | -288.99 | -3.86 |
| Derivatives Total | 0 | 0 | 878.95 | 11.56 | 0 | 649.01 | 8.66 |
| Reunert Ltd. | 345,053 | 1,145,053 | 74.61 | 0.98 | 800,000 | 49.86 | 0.67 |
| Electronic and Electrical Equipment Total | 345,053 | 1,145,053 | 74.61 | 0.98 | 800,000 | 49.86 | 0.67 |
| Shell Transport & Trading (Royal Dutch/Shell Group) | 0 | 655 | 0.53 | 0.01 | 655 | 0.40 | 0.01 |
| Energy Total | 0 | 655 | 0.53 | 0.01 | 655 | 0.40 | 0.01 |
| Abax Global Equity Fund | 0 | 450,000 | 195.85 | 2.58 | 450,000 | 203.19 | 2.71 |
| Foreign - Equity Derivatives | 0 | 0 | 771.00 | 10.14 | 0 | 452.35 | 6.04 |
| Equities Total | 0 | 450,000 | 966.85 | 12.72 | 450,000 | 655.54 | 8.75 |
| Channel VAS Investments Ltd. | 1,275,291 | 8,590,891 | 168.47 | 2.22 | 7,315,600 | 149.75 | 2.00 |
| Finance and Credit Services Total | 1,275,291 | 8,590,891 | 168.47 | 2.22 | 7,315,600 | 149.75 | 2.00 |
| ST James Place | -15,000 | 145,000 | 38.51 | 0.51 | 160,000 | 49.37 | 0.66 |
| Financial Services Total | -15,000 | 145,000 | 38.51 | 0.51 | 160,000 | 49.37 | 0.66 |
| Oceana Group Ltd. | 0 | 85,000 | 4.51 | 0.06 | 85,000 | 4.74 | 0.06 |
| Food Producers Total | 0 | 85,000 | 4.51 | 0.06 | 85,000 | 4.74 | 0.06 |
| European - Currency | 0 | 0 | 68.43 | 0.90 | 0 | 76.41 | 1.02 |
| Hong Kong - Currency | 0 | 0 | 6.49 | 0.09 | 0 | 5.37 | 0.07 |
| Mexican Peso | 0 | 0 | 0.61 | 0.01 | 0 | 0.59 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 42.01 | 0.55 | 0 | 7.16 | 0.10 |
| USA - Currency | 0 | 0 | -13.30 | -0.18 | 0 | 58.22 | 0.78 |
| For Currency Total | 0 | 0 | 104.24 | 1.37 | 0 | 147.74 | 1.97 |
| Foreign - Bonds | 0 | 0 | 388.97 | 5.12 | 0 | 331.45 | 4.42 |
| Foreign - Equities | 0 | 0 | 257.84 | 3.39 | 0 | 160.00 | 2.14 |
| Foreign Invest Total | 0 | 0 | 646.82 | 8.51 | 0 | 491.44 | 6.56 |
| British Land Company | -100,000 | 400,000 | 32.09 | 0.42 | 500,000 | 45.00 | 0.60 |
| Foreign Property Total | -100,000 | 400,000 | 32.09 | 0.42 | 500,000 | 45.00 | 0.60 |
| KAP Ltd. | 0 | 6,414,253 | 13.09 | 0.17 | 6,414,253 | 12.32 | 0.16 |
| Mondi plc | 0 | 20,000 | 3.83 | 0.05 | 20,000 | 4.07 | 0.05 |
| The Bidvest Group Ltd. | 0 | 225,000 | 51.20 | 0.67 | 225,000 | 53.44 | 0.71 |
| General Industrials Total | 0 | 6,659,253 | 68.12 | 0.90 | 6,659,253 | 69.82 | 0.93 |
| New Oriental Education | -35,000 | 0 | 0.00 | 0.00 | 35,000 | 31.91 | 0.43 |
| Walmart Inc | 0 | 243,000 | 13.42 | 0.18 | 243,000 | 12.57 | 0.17 |
| Goods & Services Total | -35,000 | 243,000 | 13.42 | 0.18 | 278,000 | 44.48 | 0.59 |
| Life Healthcare Group Holdings Ltd. | 0 | 2,100,000 | 24.26 | 0.32 | 2,100,000 | 23.92 | 0.32 |
| Health Care Providers Total | 0 | 2,100,000 | 24.26 | 0.32 | 2,100,000 | 23.92 | 0.32 |
| Anglo American plc | 12,000 | 12,000 | 8.64 | 0.11 | 0 | 0.00 | 0.00 |
| Glencore plc | -200,000 | 1,300,000 | 166.39 | 2.19 | 1,500,000 | 136.73 | 1.82 |
| Master Drilling Group Ltd. | 0 | 3,350,000 | 59.50 | 0.78 | 3,350,000 | 53.60 | 0.72 |
| Merafe Resources Ltd. | 0 | 42,100,000 | 46.73 | 0.61 | 42,100,000 | 45.89 | 0.61 |
| Industrial Metals and Mining Total | -188,000 | 46,762,000 | 281.25 | 3.70 | 46,950,000 | 236.21 | 3.15 |
| Hudaco Industries Ltd. | 0 | 100,000 | 18.97 | 0.25 | 100,000 | 20.50 | 0.27 |
| Industrial Support Services Total | 0 | 100,000 | 18.97 | 0.25 | 100,000 | 20.50 | 0.27 |
| Brait plc | 0 | 57,700,000 | 124.63 | 1.64 | 57,700,000 | 128.67 | 1.72 |
| Brait plc | 0 | 60,824 | 46.45 | 0.61 | 60,824 | 45.85 | 0.61 |
| PSG Financial Services Ltd. | 200,022 | 200,022 | 5.34 | 0.07 | 0 | 0.00 | 0.00 |
| Quilter plc | 0 | 750,000 | 29.60 | 0.39 | 750,000 | 30.41 | 0.41 |
| Zeder Investments Ltd. | 0 | 2,590,033 | 3.26 | 0.04 | 2,590,033 | 3.24 | 0.04 |
| Investment Banking and Brokerage Services Total | 200,022 | 61,300,879 | 209.28 | 2.75 | 61,100,857 | 208.18 | 2.78 |
| Momentum Group Ltd. | 800,000 | 800,000 | 28.76 | 0.38 | 0 | 0.00 | 0.00 |
| Old Mutual Ltd. | 1,610,000 | 4,300,000 | 59.34 | 0.78 | 2,690,000 | 40.08 | 0.53 |
| Sanlam Ltd. | 725,000 | 725,000 | 64.51 | 0.85 | 0 | 0.00 | 0.00 |
| Life Insurance Total | 3,135,000 | 5,825,000 | 152.61 | 2.01 | 2,690,000 | 40.08 | 0.53 |
| Santam Ltd. | 0 | 45,900 | 17.99 | 0.24 | 45,900 | 19.62 | 0.26 |
| Non-life Insurance Total | 0 | 45,900 | 17.99 | 0.24 | 45,900 | 19.62 | 0.26 |
| Thungela Resources Ltd. | -560,000 | 0 | 0.00 | 0.00 | 560,000 | 53.76 | 0.72 |
| Oil, Gas and Coal Total | -560,000 | 0 | 0.00 | 0.00 | 560,000 | 53.76 | 0.72 |
| Bid Corporation Ltd. | 15,000 | 200,000 | 81.52 | 1.07 | 185,000 | 78.05 | 1.04 |
| Dis-Chem Pharmacies Ltd. | -1,100,000 | 0 | 0.00 | 0.00 | 1,100,000 | 38.50 | 0.51 |
| Pick n Pay Stores Ltd. | -2,700,000 | 0 | 0.00 | 0.00 | 2,700,000 | 67.23 | 0.90 |
| Personal Care, Drug and Grocery Stores Total | -3,785,000 | 200,000 | 81.52 | 1.07 | 3,985,000 | 183.78 | 2.45 |
| Compagnie Financière Richemont SA | 2,900 | 2,900 | 8.58 | 0.11 | 0 | 0.00 | 0.00 |
| Personal Goods Total | 2,900 | 2,900 | 8.58 | 0.11 | 0 | 0.00 | 0.00 |
| Aspen Pharmacare Holdings Ltd. | -396,800 | 0 | 0.00 | 0.00 | 396,800 | 46.34 | 0.62 |
| Pharmaceuticals and Biotechnology Total | -396,800 | 0 | 0.00 | 0.00 | 396,800 | 46.34 | 0.62 |
| AngloGold Ashanti plc | 10,000 | 10,000 | 16.42 | 0.22 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | -130,000 | 30,000 | 42.03 | 0.55 | 160,000 | 225.53 | 3.01 |
| Precious Metals and Mining Total | -120,000 | 40,000 | 58.45 | 0.77 | 160,000 | 225.53 | 3.01 |
| Balwin Properties Ltd. | 0 | 21,100,000 | 72.80 | 0.96 | 21,100,000 | 61.19 | 0.82 |
| MAS plc | -256,378 | 0 | 0.00 | 0.00 | 256,378 | 5.79 | 0.08 |
| Real Estate Investment and Services Total | -256,378 | 21,100,000 | 72.80 | 0.96 | 21,356,378 | 66.98 | 0.89 |
| Dipula Properties Ltd. | -54,867 | 24,900,000 | 164.34 | 2.16 | 24,954,867 | 168.20 | 2.24 |
| Octodec Investments Ltd. | 0 | 4,267,234 | 66.78 | 0.88 | 4,267,234 | 63.33 | 0.85 |
| Schroder European Real Estate Investment Trust plc | 0 | 600,000 | 8.39 | 0.11 | 600,000 | 8.63 | 0.12 |
| Stor-Age Property REIT Ltd. | 0 | 990,000 | 16.53 | 0.22 | 990,000 | 17.75 | 0.24 |
| Real Estate Investment Trusts Total | -54,867 | 30,757,234 | 256.04 | 3.37 | 30,812,101 | 257.90 | 3.44 |
| Auto Trader Group PLC | 0 | 225,000 | 66.90 | 0.88 | 225,000 | 82.99 | 1.11 |
| Retail Total | 0 | 225,000 | 66.90 | 0.88 | 225,000 | 82.99 | 1.11 |
| Combined Motor Holdings Ltd. | 0 | 754,000 | 26.53 | 0.35 | 754,000 | 27.82 | 0.37 |
| Italtile Ltd. | 0 | 1,950,000 | 16.67 | 0.22 | 1,950,000 | 17.65 | 0.24 |
| KAL Group Ltd. | 0 | 944,426 | 43.07 | 0.57 | 944,426 | 47.22 | 0.63 |
| Pepkor Holdings Ltd. | 2,000,000 | 7,000,000 | 158.20 | 2.08 | 5,000,000 | 132.25 | 1.77 |
| Truworths International Ltd. | 699,300 | 3,000,000 | 155.01 | 2.04 | 2,300,700 | 130.98 | 1.75 |
| We Buy Cars Holdings Ltd. | -215,441 | 0 | 0.00 | 0.00 | 215,441 | 10.30 | 0.14 |
| Woolworths Holdings Ltd. | -949,500 | 0 | 0.00 | 0.00 | 949,500 | 53.17 | 0.71 |
| Retailers Total | 1,534,359 | 13,648,426 | 399.47 | 5.26 | 12,114,067 | 419.40 | 5.60 |
| Bytes Technology Group plc | 0 | 170,000 | 10.62 | 0.14 | 170,000 | 13.85 | 0.18 |
| Naspers Ltd. | 366,600 | 400,000 | 344.78 | 4.54 | 33,400 | 36.89 | 0.49 |
| Prosus NV | 84,000 | 92,000 | 70.72 | 0.93 | 8,000 | 8.19 | 0.11 |
| Software and Computer Services Total | 450,600 | 662,000 | 426.12 | 5.61 | 211,400 | 58.93 | 0.79 |
| British American Tobacco plc | -9,000 | 0 | 0.00 | 0.00 | 9,000 | 8.47 | 0.11 |
| Tobacco Total | -9,000 | 0 | 0.00 | 0.00 | 9,000 | 8.47 | 0.11 |
| City Lodge Hotels Ltd. | -168,600 | 6,500,000 | 28.41 | 0.37 | 6,668,600 | 34.54 | 0.46 |
| Southern Sun Ltd. | -790,000 | 0 | 0.00 | 0.00 | 790,000 | 8.09 | 0.11 |
| Spur Corporation Ltd. | 410,000 | 1,320,000 | 51.48 | 0.68 | 910,000 | 34.82 | 0.46 |
| Sun International Ltd. | 2,505 | 1,802,505 | 85.38 | 1.12 | 1,800,000 | 69.57 | 0.93 |
| Travel and Leisure Total | -546,095 | 9,622,505 | 165.27 | 2.17 | 10,168,600 | 147.02 | 1.96 |
| Portfolio Total | 5,275,718 | 1,139,690,189 | 7,601.23 | 100.00 | 1,134,414,471 | 7,492.89 | 100.00 |