| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -195,000 | 855,000 | 204.65 | 2.73 | 1,050,000 | 190.14 | 2.73 |
| Capitec Bank Holdings Ltd. | -7,400 | 45,000 | 187.01 | 2.50 | 52,400 | 182.04 | 2.62 |
| FirstRand Ltd. | 0 | 1,648,037 | 149.56 | 2.00 | 1,648,037 | 127.99 | 1.84 |
| Nedbank Group Ltd. | -62,400 | 70,000 | 18.64 | 0.25 | 132,400 | 28.27 | 0.41 |
| Standard Bank Group Ltd. | -70,000 | 590,000 | 171.34 | 2.29 | 660,000 | 156.02 | 2.24 |
| TBC Bank Group PLC | 0 | 230,000 | 208.12 | 2.78 | 230,000 | 242.79 | 3.49 |
| Banks Total | -334,800 | 3,438,037 | 939.32 | 12.54 | 3,772,837 | 927.25 | 13.33 |
| SA Bond CLN938 | 0 | 24,000,000 | 24.09 | 0.32 | 24,000,000 | 24.08 | 0.35 |
| SA Bond R2030 | 422,000,000 | 422,000,000 | 445.84 | 5.95 | 0 | 0.00 | 0.00 |
| SA Bond R2037 | 23,000,000 | 23,000,000 | 23.69 | 0.32 | 0 | 0.00 | 0.00 |
| SA Bond R2040 | -88,900,000 | 35,750,000 | 37.25 | 0.50 | 124,650,000 | 116.07 | 1.67 |
| SA Bond R2044 | -72,700,000 | 0 | 0.00 | 0.00 | 72,700,000 | 64.28 | 0.92 |
| SA Bond R210 | 1,200,000 | 16,410,000 | 42.03 | 0.56 | 15,210,000 | 38.23 | 0.55 |
| SA Bond SSN211 | 0 | 23,800,000 | 60.26 | 0.80 | 23,800,000 | 59.06 | 0.85 |
| SA Bond TNFG32 | 0 | 220,000,000 | 230.80 | 3.08 | 220,000,000 | 223.20 | 3.21 |
| SA Bond TNFG33 | 34,000,000 | 34,000,000 | 34.41 | 0.46 | 0 | 0.00 | 0.00 |
| SA Bond TNFG36 | 96,000,000 | 96,000,000 | 97.17 | 1.30 | 0 | 0.00 | 0.00 |
| Bond Total | 414,600,000 | 894,960,000 | 995.54 | 13.29 | 480,360,000 | 524.93 | 7.54 |
| Cash on call | 0 | 0 | 481.50 | 6.43 | 0 | 432.89 | 6.22 |
| Margin Account | 0 | 0 | 70.89 | 0.95 | 0 | 197.26 | 2.83 |
| Cash on call Total | 0 | 0 | 552.39 | 7.37 | 0 | 630.16 | 9.06 |
| Omnia Holdings Ltd. | 25,000 | 85,000 | 6.70 | 0.09 | 60,000 | 4.29 | 0.06 |
| Chemicals Total | 25,000 | 85,000 | 6.70 | 0.09 | 60,000 | 4.29 | 0.06 |
| African Rainbow Capital Investments Ltd. | -8,200,000 | 0 | 0.00 | 0.00 | 8,200,000 | 79.54 | 1.14 |
| EPE Capital Partners Ltd. | 0 | 12,586,800 | 88.11 | 1.18 | 12,586,800 | 86.22 | 1.24 |
| Closed End Investments Total | -8,200,000 | 12,586,800 | 88.11 | 1.18 | 20,786,800 | 165.76 | 2.38 |
| Raubex Group Ltd. | 444,419 | 2,444,419 | 108.92 | 1.45 | 2,000,000 | 85.20 | 1.22 |
| Construction and Materials Total | 444,419 | 2,444,419 | 108.92 | 1.45 | 2,000,000 | 85.20 | 1.22 |
| ADvTECH Ltd. | 25,700 | 525,600 | 19.57 | 0.26 | 499,900 | 15.74 | 0.23 |
| Curro Holdings Ltd. | 2,626,004 | 2,626,004 | 37.66 | 0.50 | 0 | 0.00 | 0.00 |
| Zeda Ltd. | 1,500,000 | 8,400,000 | 118.44 | 1.58 | 6,900,000 | 86.73 | 1.25 |
| Consumer Services Total | 4,151,704 | 11,551,604 | 175.66 | 2.34 | 7,399,900 | 102.47 | 1.47 |
| Baidu.Com, Inc. | 0 | 30,000 | 64.95 | 0.87 | 30,000 | 68.20 | 0.98 |
| JDcom | 0 | 0 | 52.29 | 0.70 | 0 | 66.92 | 0.96 |
| LI Ning Company Limited | 10,000 | 25,000 | 32.37 | 0.43 | 15,000 | 21.14 | 0.30 |
| Sirius XM Inc | 0 | 60,000 | 19.88 | 0.27 | 60,000 | 24.09 | 0.35 |
| Cyclical Goods & Services Total | 10,000 | 115,000 | 169.49 | 2.26 | 105,000 | 180.35 | 2.59 |
| Bond Derivative | 0 | 0 | 938.01 | 12.52 | 0 | 1,118.41 | 16.07 |
| Equity Derivative | 0 | 0 | -288.99 | -3.86 | 0 | -208.81 | -3.00 |
| Derivatives Total | 0 | 0 | 649.01 | 8.66 | 0 | 909.60 | 13.07 |
| Reunert Ltd. | 363,097 | 800,000 | 49.86 | 0.67 | 436,903 | 23.51 | 0.34 |
| Electronic and Electrical Equipment Total | 363,097 | 800,000 | 49.86 | 0.67 | 436,903 | 23.51 | 0.34 |
| Shell Transport & Trading (Royal Dutch/Shell Group) | 0 | 655 | 0.40 | 0.01 | 655 | 0.40 | 0.01 |
| Energy Total | 0 | 655 | 0.40 | 0.01 | 655 | 0.40 | 0.01 |
| Abax Global Equity Fund | 0 | 450,000 | 203.19 | 2.71 | 450,000 | 205.40 | 2.95 |
| Foreign - Equity Derivatives | 0 | 0 | 452.35 | 6.04 | 0 | 0.00 | 0.00 |
| Equities Total | 0 | 450,000 | 655.54 | 8.75 | 450,000 | 205.40 | 2.95 |
| Channel VAS Investments Ltd. | 7,315,600 | 7,315,600 | 149.75 | 2.00 | 0 | 0.00 | 0.00 |
| Finance and Credit Services Total | 7,315,600 | 7,315,600 | 149.75 | 2.00 | 0 | 0.00 | 0.00 |
| ST James Place | 0 | 160,000 | 49.37 | 0.66 | 160,000 | 47.20 | 0.68 |
| Financial Services Total | 0 | 160,000 | 49.37 | 0.66 | 160,000 | 47.20 | 0.68 |
| Oceana Group Ltd. | 0 | 85,000 | 4.74 | 0.06 | 85,000 | 4.21 | 0.06 |
| Food Producers Total | 0 | 85,000 | 4.74 | 0.06 | 85,000 | 4.21 | 0.06 |
| European - Currency | 0 | 0 | 76.41 | 1.02 | 0 | 53.63 | 0.77 |
| Hong Kong - Currency | 0 | 0 | 5.37 | 0.07 | 0 | 5.59 | 0.08 |
| Mexican Peso | 0 | 0 | 0.59 | 0.01 | 0 | 0.26 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 7.16 | 0.10 | 0 | 0.82 | 0.01 |
| USA - Currency | 0 | 0 | 58.22 | 0.78 | 0 | 58.59 | 0.84 |
| For Currency Total | 0 | 0 | 147.74 | 1.97 | 0 | 118.89 | 1.71 |
| Foreign - Bonds | 0 | 0 | 331.45 | 4.42 | 0 | 371.62 | 5.34 |
| Foreign - Equities | 0 | 0 | 160.00 | 2.14 | 0 | 599.81 | 8.62 |
| Foreign Invest Total | 0 | 0 | 491.44 | 6.56 | 0 | 971.43 | 13.96 |
| British Land Company | 500,000 | 500,000 | 45.00 | 0.60 | 0 | 40.44 | 0.58 |
| Foreign Property Total | 500,000 | 500,000 | 45.00 | 0.60 | 0 | 40.44 | 0.58 |
| Barloworld Ltd. | -603,218 | 0 | 0.00 | 0.00 | 603,218 | 71.18 | 1.02 |
| KAP Ltd. | 664,803 | 6,414,253 | 12.32 | 0.16 | 5,749,450 | 9.49 | 0.14 |
| Mondi plc | -20,000 | 20,000 | 4.07 | 0.05 | 40,000 | 9.42 | 0.14 |
| The Bidvest Group Ltd. | 0 | 225,000 | 53.44 | 0.71 | 225,000 | 47.66 | 0.68 |
| General Industrials Total | 41,585 | 6,659,253 | 69.82 | 0.93 | 6,617,668 | 137.75 | 1.98 |
| New Oriental Education | 0 | 35,000 | 31.91 | 0.43 | 35,000 | 32.05 | 0.46 |
| Walmart Inc | 0 | 243,000 | 12.57 | 0.17 | 243,000 | 12.94 | 0.19 |
| Goods & Services Total | 0 | 278,000 | 44.48 | 0.59 | 278,000 | 44.98 | 0.65 |
| Life Healthcare Group Holdings Ltd. | 0 | 2,100,000 | 23.92 | 0.32 | 2,100,000 | 24.34 | 0.35 |
| Health Care Providers Total | 0 | 2,100,000 | 23.92 | 0.32 | 2,100,000 | 24.34 | 0.35 |
| Anglo American plc | -60,000 | 0 | 0.00 | 0.00 | 60,000 | 38.79 | 0.56 |
| Glencore plc | 0 | 1,500,000 | 136.73 | 1.82 | 1,500,000 | 119.55 | 1.72 |
| Master Drilling Group Ltd. | 150,000 | 3,350,000 | 53.60 | 0.72 | 3,200,000 | 50.40 | 0.72 |
| Merafe Resources Ltd. | 2,100,000 | 42,100,000 | 45.89 | 0.61 | 40,000,000 | 42.80 | 0.62 |
| Industrial Metals and Mining Total | 2,190,000 | 46,950,000 | 236.21 | 3.15 | 44,760,000 | 251.54 | 3.62 |
| Hudaco Industries Ltd. | 56,968 | 100,000 | 20.50 | 0.27 | 43,032 | 7.57 | 0.11 |
| Industrial Support Services Total | 56,968 | 100,000 | 20.50 | 0.27 | 43,032 | 7.57 | 0.11 |
| Brait plc | 3,900,000 | 57,700,000 | 128.67 | 1.72 | 53,800,000 | 114.59 | 1.65 |
| Brait plc | 10,824 | 60,824 | 45.85 | 0.61 | 50,000 | 38.61 | 0.55 |
| Quilter plc | 0 | 750,000 | 30.41 | 0.41 | 750,000 | 28.72 | 0.41 |
| Zeder Investments Ltd. | 0 | 2,590,033 | 3.24 | 0.04 | 2,590,033 | 3.50 | 0.05 |
| Investment Banking and Brokerage Services Total | 3,910,824 | 61,100,857 | 208.18 | 2.78 | 57,190,033 | 185.42 | 2.66 |
| Old Mutual Ltd. | -610,000 | 2,690,000 | 40.08 | 0.53 | 3,300,000 | 44.06 | 0.63 |
| Life Insurance Total | -610,000 | 2,690,000 | 40.08 | 0.53 | 3,300,000 | 44.06 | 0.63 |
| Santam Ltd. | 2,500 | 45,900 | 19.62 | 0.26 | 43,400 | 16.40 | 0.24 |
| Non-life Insurance Total | 2,500 | 45,900 | 19.62 | 0.26 | 43,400 | 16.40 | 0.24 |
| Thungela Resources Ltd. | 0 | 560,000 | 53.76 | 0.72 | 560,000 | 49.01 | 0.70 |
| Oil, Gas and Coal Total | 0 | 560,000 | 53.76 | 0.72 | 560,000 | 49.01 | 0.70 |
| Bid Corporation Ltd. | 35,000 | 185,000 | 78.05 | 1.04 | 150,000 | 64.84 | 0.93 |
| Dis-Chem Pharmacies Ltd. | -590,151 | 1,100,000 | 38.50 | 0.51 | 1,690,151 | 55.34 | 0.80 |
| Pick n Pay Stores Ltd. | 450,000 | 2,700,000 | 67.23 | 0.90 | 2,250,000 | 57.13 | 0.82 |
| Personal Care, Drug and Grocery Stores Total | -105,151 | 3,985,000 | 183.78 | 2.45 | 4,090,151 | 177.30 | 2.55 |
| Aspen Pharmacare Holdings Ltd. | 396,800 | 396,800 | 46.34 | 0.62 | 0 | 0.00 | 0.00 |
| Pharmaceuticals and Biotechnology Total | 396,800 | 396,800 | 46.34 | 0.62 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | -20,000 | 160,000 | 225.53 | 3.01 | 180,000 | 222.37 | 3.20 |
| Precious Metals and Mining Total | -20,000 | 160,000 | 225.53 | 3.01 | 180,000 | 222.37 | 3.20 |
| Balwin Properties Ltd. | 1,100,000 | 21,100,000 | 61.19 | 0.82 | 20,000,000 | 58.40 | 0.84 |
| MAS plc | 12,730 | 256,378 | 5.79 | 0.08 | 243,648 | 5.18 | 0.07 |
| Real Estate Investment and Services Total | 1,112,730 | 21,356,378 | 66.98 | 0.89 | 20,243,648 | 63.58 | 0.91 |
| Dipula Properties Ltd. | 0 | 24,954,867 | 168.20 | 2.24 | 24,954,867 | 137.25 | 1.97 |
| Octodec Investments Ltd. | 330,000 | 4,267,234 | 63.33 | 0.85 | 3,937,234 | 44.77 | 0.64 |
| Schroder European Real Estate Investment Trust plc | 0 | 600,000 | 8.63 | 0.12 | 600,000 | 9.18 | 0.13 |
| Stor-Age Property REIT Ltd. | 100,000 | 990,000 | 17.75 | 0.24 | 890,000 | 13.80 | 0.20 |
| Real Estate Investment Trusts Total | 430,000 | 30,812,101 | 257.90 | 3.44 | 30,382,101 | 204.99 | 2.95 |
| Auto Trader Group PLC | 0 | 225,000 | 82.99 | 1.11 | 225,000 | 110.83 | 1.59 |
| Retail Total | 0 | 225,000 | 82.99 | 1.11 | 225,000 | 110.83 | 1.59 |
| Combined Motor Holdings Ltd. | 54,000 | 754,000 | 27.82 | 0.37 | 700,000 | 23.10 | 0.33 |
| Italtile Ltd. | 150,000 | 1,950,000 | 17.65 | 0.24 | 1,800,000 | 16.67 | 0.24 |
| KAL Group Ltd. | 60,637 | 944,426 | 47.22 | 0.63 | 883,789 | 36.97 | 0.53 |
| Motus Holdings Ltd. | -70,000 | 0 | 0.00 | 0.00 | 70,000 | 7.28 | 0.10 |
| Pepkor Holdings Ltd. | 1,735,600 | 5,000,000 | 132.25 | 1.77 | 3,264,400 | 79.36 | 1.14 |
| Truworths International Ltd. | 500,700 | 2,300,700 | 130.98 | 1.75 | 1,800,000 | 98.46 | 1.42 |
| We Buy Cars Holdings Ltd. | 11,784 | 215,441 | 10.30 | 0.14 | 203,657 | 11.28 | 0.16 |
| Woolworths Holdings Ltd. | 0 | 949,500 | 53.17 | 0.71 | 949,500 | 47.75 | 0.69 |
| Retailers Total | 2,442,721 | 12,114,067 | 419.40 | 5.60 | 9,671,346 | 320.86 | 4.61 |
| Bytes Technology Group plc | 0 | 170,000 | 13.85 | 0.18 | 170,000 | 15.69 | 0.23 |
| Naspers Ltd. | 33,400 | 33,400 | 36.89 | 0.49 | 0 | 0.00 | 0.00 |
| Prosus NV | 8,000 | 8,000 | 8.19 | 0.11 | 0 | 0.00 | 0.00 |
| Software and Computer Services Total | 41,400 | 211,400 | 58.93 | 0.79 | 170,000 | 15.69 | 0.23 |
| British American Tobacco plc | 0 | 9,000 | 8.47 | 0.11 | 9,000 | 8.21 | 0.12 |
| Tobacco Total | 0 | 9,000 | 8.47 | 0.11 | 9,000 | 8.21 | 0.12 |
| City Lodge Hotels Ltd. | 334,500 | 6,668,600 | 34.54 | 0.46 | 6,334,100 | 25.72 | 0.37 |
| Southern Sun Ltd. | 40,000 | 790,000 | 8.09 | 0.11 | 750,000 | 6.41 | 0.09 |
| Spur Corporation Ltd. | 110,000 | 910,000 | 34.82 | 0.46 | 800,000 | 27.29 | 0.39 |
| Sun International Ltd. | 0 | 1,800,000 | 69.57 | 0.93 | 1,800,000 | 72.63 | 1.04 |
| Travel and Leisure Total | 484,500 | 10,168,600 | 147.02 | 1.96 | 9,684,100 | 132.05 | 1.90 |
| Portfolio Total | 429,249,897 | 1,134,414,471 | 7,492.89 | 100.00 | 705,164,574 | 6,958.42 | 100.00 |