| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 770,000 | 175.50 | 2.31 | 770,000 | 185.72 | 2.44 |
| Capitec Bank Holdings Ltd. | 27,173 | 27,173 | 129.08 | 1.70 | 0 | 0.00 | 0.00 |
| FirstRand Ltd. | -1,250,000 | 0 | 0.00 | 0.00 | 1,250,000 | 107.68 | 1.42 |
| Standard Bank Group Ltd. | -135,700 | 314,300 | 101.54 | 1.34 | 450,000 | 137.00 | 1.80 |
| Nu Holdings Ltd | 192,900 | 192,900 | 42.24 | 0.56 | 0 | 0.00 | 0.00 |
| TBC Bank Group PLC | 0 | 230,000 | 221.75 | 2.92 | 230,000 | 211.82 | 2.79 |
| Banks Total | -1,165,627 | 1,534,373 | 670.10 | 8.82 | 2,700,000 | 642.22 | 8.45 |
| Anheuser-Busch InBev SA/NV | 6,000 | 6,000 | 8.21 | 0.11 | 0 | 0.00 | 0.00 |
| Beverages Total | 6,000 | 6,000 | 8.21 | 0.11 | 0 | 0.00 | 0.00 |
| SA Bond CLN938 | 0 | 24,000,000 | 24.08 | 0.32 | 24,000,000 | 24.10 | 0.32 |
| SA Bond R2030 | -95,200,000 | 142,800,000 | 148.72 | 1.96 | 238,000,000 | 238.62 | 3.14 |
| SA Bond R2037 | 0 | 0 | 0.00 | 0.00 | 0 | -0.01 | 0.00 |
| SA Bond R2040 | -5,300,000 | 0 | 0.00 | 0.00 | 5,300,000 | 5.08 | 0.07 |
| SA Bond R210 | 0 | 16,410,000 | 43.81 | 0.58 | 16,410,000 | 42.61 | 0.56 |
| SA Bond R213 | 0 | 155,600,000 | 153.97 | 2.03 | 155,600,000 | 146.81 | 1.93 |
| SA Bond SSN211 | 0 | 23,800,000 | 62.96 | 0.83 | 23,800,000 | 60.75 | 0.80 |
| SA Bond TNFG32 | 0 | 220,000,000 | 236.58 | 3.11 | 220,000,000 | 236.72 | 3.11 |
| SA Bond TNFG33 | 0 | 34,000,000 | 34.39 | 0.45 | 34,000,000 | 34.37 | 0.45 |
| SA Bond TNFG36 | 0 | 96,000,000 | 97.10 | 1.28 | 96,000,000 | 97.06 | 1.28 |
| SA Bond TNG29 | 0 | 92,000,000 | 101.65 | 1.34 | 92,000,000 | 98.08 | 1.29 |
| Bond Total | -100,500,000 | 804,610,000 | 903.25 | 11.89 | 905,110,000 | 984.19 | 12.95 |
| Cash on call | 0 | 0 | 147.43 | 1.94 | 0 | 123.00 | 1.62 |
| Margin Account | 0 | 0 | 78.54 | 1.03 | 0 | 57.10 | 0.75 |
| Cash on call Total | 0 | 0 | 225.96 | 2.98 | 0 | 180.10 | 2.37 |
| Omnia Holdings Ltd. | 0 | 100,000 | 11.19 | 0.15 | 100,000 | 9.55 | 0.13 |
| Chemicals Total | 0 | 100,000 | 11.19 | 0.15 | 100,000 | 9.55 | 0.13 |
| EPE Capital Partners Ltd. | -23,135 | 7,340,143 | 39.49 | 0.52 | 7,363,278 | 50.14 | 0.66 |
| Closed End Investments Total | -23,135 | 7,340,143 | 39.49 | 0.52 | 7,363,278 | 50.14 | 0.66 |
| Raubex Group Ltd. | 250,000 | 2,850,000 | 146.46 | 1.93 | 2,600,000 | 126.65 | 1.67 |
| Construction and Materials Total | 250,000 | 2,850,000 | 146.46 | 1.93 | 2,600,000 | 126.65 | 1.67 |
| Advtech Ltd. | -90,000 | 230,000 | 10.93 | 0.14 | 320,000 | 13.51 | 0.18 |
| Zeda Ltd. | 0 | 10,781,215 | 152.55 | 2.01 | 10,781,215 | 143.39 | 1.89 |
| Alibaba Group Holdings Limited | 0 | 315,000 | 61.13 | 0.80 | 315,000 | 81.84 | 1.08 |
| Consumer Services Total | -90,000 | 11,326,215 | 224.62 | 2.96 | 11,416,215 | 238.74 | 3.14 |
| JDcom | 0 | 210,000 | 56.17 | 0.74 | 210,000 | 67.44 | 0.89 |
| LI Ning Company Limited | 0 | 20,000 | 49.29 | 0.65 | 20,000 | 41.90 | 0.55 |
| Sirius XM Inc | -60,000 | 0 | 0.00 | 0.00 | 60,000 | 23.70 | 0.31 |
| Cyclical Goods & Services Total | -60,000 | 230,000 | 105.47 | 1.39 | 290,000 | 133.04 | 1.75 |
| Bond Derivative | 0 | 0 | 1,210.54 | 15.94 | 0 | 1,152.64 | 15.16 |
| Equity Derivative | 0 | 0 | -174.28 | -2.29 | 0 | -273.69 | -3.60 |
| Derivatives Total | 0 | 0 | 1,036.26 | 13.64 | 0 | 878.95 | 11.56 |
| Reunert Ltd. | 60,000 | 1,205,053 | 72.77 | 0.96 | 1,145,053 | 74.61 | 0.98 |
| Electronic and Electrical Equipment Total | 60,000 | 1,205,053 | 72.77 | 0.96 | 1,145,053 | 74.61 | 0.98 |
| Shell Transport & Trading (Royal Dutch/Shell Group) | 0 | 655 | 0.42 | 0.01 | 655 | 0.53 | 0.01 |
| Energy Total | 0 | 655 | 0.42 | 0.01 | 655 | 0.53 | 0.01 |
| Abax Global Equity Fund | 0 | 450,000 | 209.22 | 2.75 | 450,000 | 195.85 | 2.58 |
| Foreign - Equity Derivatives | 0 | 0 | 673.69 | 8.87 | 0 | 771.00 | 10.14 |
| Equities Total | 0 | 450,000 | 882.91 | 11.62 | 450,000 | 966.85 | 12.72 |
| Optasia Ltd. | 2,607,109 | 11,198,000 | 163.27 | 2.15 | 8,590,891 | 168.47 | 2.22 |
| Finance and Credit Services Total | 2,607,109 | 11,198,000 | 163.27 | 2.15 | 8,590,891 | 168.47 | 2.22 |
| JSC KASPI KZ ADR | 40,000 | 40,000 | 56.80 | 0.75 | 0 | 0.00 | 0.00 |
| ST James Place | 0 | 145,000 | 38.21 | 0.50 | 145,000 | 38.51 | 0.51 |
| Financial Services Total | 40,000 | 185,000 | 95.02 | 1.25 | 145,000 | 38.51 | 0.51 |
| Oceana Group Ltd. | 0 | 85,000 | 5.78 | 0.08 | 85,000 | 4.51 | 0.06 |
| Food Producers Total | 0 | 85,000 | 5.78 | 0.08 | 85,000 | 4.51 | 0.06 |
| European - Currency | 0 | 0 | 6.09 | 0.08 | 0 | 68.43 | 0.90 |
| Hong Kong - Currency | 0 | 0 | 6.89 | 0.09 | 0 | 6.49 | 0.09 |
| Mexican Peso | 0 | 0 | 0.60 | 0.01 | 0 | 0.61 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 25.85 | 0.34 | 0 | 42.01 | 0.55 |
| USA - Currency | 0 | 0 | 17.00 | 0.22 | 0 | -13.30 | -0.18 |
| For Currency Total | 0 | 0 | 56.44 | 0.74 | 0 | 104.24 | 1.37 |
| Foreign - Bonds | 0 | 0 | 358.91 | 4.73 | 0 | 388.97 | 5.12 |
| Foreign - Equities | 0 | 0 | 173.23 | 2.28 | 0 | 257.84 | 3.39 |
| Foreign Invest Total | 0 | 0 | 532.14 | 7.01 | 0 | 646.82 | 8.51 |
| British Land Company | 0 | 400,000 | 35.99 | 0.47 | 400,000 | 32.09 | 0.42 |
| Foreign Property Total | 0 | 400,000 | 35.99 | 0.47 | 400,000 | 32.09 | 0.42 |
| KAP Ltd. | 0 | 6,414,253 | 17.32 | 0.23 | 6,414,253 | 13.09 | 0.17 |
| Mondi plc | 0 | 20,000 | 2.99 | 0.04 | 20,000 | 3.83 | 0.05 |
| The Bidvest Group Ltd. | 0 | 225,000 | 53.88 | 0.71 | 225,000 | 51.20 | 0.67 |
| General Industrials Total | 0 | 6,659,253 | 74.19 | 0.98 | 6,659,253 | 68.12 | 0.90 |
| Walmart Inc | 0 | 243,000 | 11.71 | 0.15 | 243,000 | 13.42 | 0.18 |
| Goods & Services Total | 0 | 243,000 | 11.71 | 0.15 | 243,000 | 13.42 | 0.18 |
| Life Healthcare Group Holdings Ltd. | 0 | 2,100,000 | 21.90 | 0.29 | 2,100,000 | 24.26 | 0.32 |
| Health Care Providers Total | 0 | 2,100,000 | 21.90 | 0.29 | 2,100,000 | 24.26 | 0.32 |
| Anglo American plc | -12,000 | 0 | 0.00 | 0.00 | 12,000 | 8.64 | 0.11 |
| Glencore plc | 0 | 1,300,000 | 146.64 | 1.93 | 1,300,000 | 166.39 | 2.19 |
| Master Drilling Group Ltd. | 0 | 3,350,000 | 55.91 | 0.74 | 3,350,000 | 59.50 | 0.78 |
| Merafe Resources Ltd. | 0 | 42,100,000 | 55.57 | 0.73 | 42,100,000 | 46.73 | 0.61 |
| Industrial Metals and Mining Total | -12,000 | 46,750,000 | 258.12 | 3.40 | 46,762,000 | 281.25 | 3.70 |
| Hudaco Industries Ltd. | 0 | 100,000 | 19.30 | 0.25 | 100,000 | 18.97 | 0.25 |
| Industrial Support Services Total | 0 | 100,000 | 19.30 | 0.25 | 100,000 | 18.97 | 0.25 |
| Brait plc | 0 | 57,700,000 | 120.02 | 1.58 | 57,700,000 | 124.63 | 1.64 |
| Brait plc | 0 | 60,824 | 45.91 | 0.60 | 60,824 | 46.45 | 0.61 |
| PSG Financial Services Ltd. | 0 | 200,022 | 6.44 | 0.08 | 200,022 | 5.34 | 0.07 |
| Quilter plc | 0 | 750,000 | 31.53 | 0.42 | 750,000 | 29.60 | 0.39 |
| Zeder Investments Ltd. | 0 | 2,590,033 | 2.85 | 0.04 | 2,590,033 | 3.26 | 0.04 |
| Investment Banking and Brokerage Services Total | 0 | 61,300,879 | 206.74 | 2.72 | 61,300,879 | 209.28 | 2.75 |
| Momentum Group Ltd. | -800,000 | 0 | 0.00 | 0.00 | 800,000 | 28.76 | 0.38 |
| Old Mutual Ltd. | 200,000 | 4,500,000 | 60.39 | 0.80 | 4,300,000 | 59.34 | 0.78 |
| Sanlam Ltd. | -100,000 | 625,000 | 55.14 | 0.73 | 725,000 | 64.51 | 0.85 |
| Life Insurance Total | -700,000 | 5,125,000 | 115.53 | 1.52 | 5,825,000 | 152.61 | 2.01 |
| Santam Ltd. | 0 | 45,900 | 17.67 | 0.23 | 45,900 | 17.99 | 0.24 |
| Non-life Insurance Total | 0 | 45,900 | 17.67 | 0.23 | 45,900 | 17.99 | 0.24 |
| Bid Corporation Ltd. | 0 | 200,000 | 89.32 | 1.18 | 200,000 | 81.52 | 1.07 |
| Personal Care, Drug and Grocery Stores Total | 0 | 200,000 | 89.32 | 1.18 | 200,000 | 81.52 | 1.07 |
| Compagnie Financière Richemont SA | -2,900 | 0 | 0.00 | 0.00 | 2,900 | 8.58 | 0.11 |
| Personal Goods Total | -2,900 | 0 | 0.00 | 0.00 | 2,900 | 8.58 | 0.11 |
| AngloGold Ashanti plc | 0 | 10,000 | 13.28 | 0.17 | 10,000 | 16.42 | 0.22 |
| Harmony Gold Mining Company Ltd. | 30,000 | 30,000 | 7.50 | 0.10 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | 60,000 | 90,000 | 99.58 | 1.31 | 30,000 | 42.03 | 0.55 |
| Precious Metals and Mining Total | 90,000 | 130,000 | 120.35 | 1.58 | 40,000 | 58.45 | 0.77 |
| Balwin Properties Ltd. | 0 | 21,100,000 | 88.62 | 1.17 | 21,100,000 | 72.80 | 0.96 |
| Real Estate Investment and Services Total | 0 | 21,100,000 | 88.62 | 1.17 | 21,100,000 | 72.80 | 0.96 |
| Dipula Properties Ltd. | 0 | 24,900,000 | 177.54 | 2.34 | 24,900,000 | 164.34 | 2.16 |
| Octodec Investments Ltd. | -4,267,234 | 0 | 0.00 | 0.00 | 4,267,234 | 66.78 | 0.88 |
| Schroder European Real Estate Investment Trust plc | 0 | 600,000 | 8.92 | 0.12 | 600,000 | 8.39 | 0.11 |
| Stor-Age Property REIT Ltd. | 0 | 990,000 | 16.99 | 0.22 | 990,000 | 16.53 | 0.22 |
| Real Estate Investment Trusts Total | -4,267,234 | 26,490,000 | 203.44 | 2.68 | 30,757,234 | 256.04 | 3.37 |
| Auto Trader Group PLC | 0 | 225,000 | 70.18 | 0.92 | 225,000 | 66.90 | 0.88 |
| Retail Total | 0 | 225,000 | 70.18 | 0.92 | 225,000 | 66.90 | 0.88 |
| Combined Motor Holdings Ltd. | 0 | 754,000 | 29.76 | 0.39 | 754,000 | 26.53 | 0.35 |
| Italtile Ltd. | 0 | 1,950,000 | 20.16 | 0.27 | 1,950,000 | 16.67 | 0.22 |
| KAL Group Ltd. | 55,574 | 1,000,000 | 49.98 | 0.66 | 944,426 | 43.07 | 0.57 |
| Pepkor Holdings Ltd. | -459,051 | 6,540,949 | 144.55 | 1.90 | 7,000,000 | 158.20 | 2.08 |
| Truworths International Ltd. | -2,000,000 | 1,000,000 | 56.60 | 0.75 | 3,000,000 | 155.01 | 2.04 |
| Retailers Total | -2,403,477 | 11,244,949 | 301.06 | 3.96 | 13,648,426 | 399.47 | 5.26 |
| Bytes Technology Group plc | -170,000 | 0 | 0.00 | 0.00 | 170,000 | 10.62 | 0.14 |
| Naspers Ltd. | 40,000 | 440,000 | 361.07 | 4.75 | 400,000 | 344.78 | 4.54 |
| Prosus NV | 66,200 | 158,200 | 111.86 | 1.47 | 92,000 | 70.72 | 0.93 |
| Software and Computer Services Total | -63,800 | 598,200 | 472.93 | 6.23 | 662,000 | 426.12 | 5.61 |
| Adobe Systems | 22,000 | 22,000 | 73.93 | 0.97 | 0 | 0.00 | 0.00 |
| Wix.com Ltd | 80,000 | 80,000 | 59.49 | 0.78 | 0 | 0.00 | 0.00 |
| Technology Total | 102,000 | 102,000 | 133.42 | 1.76 | 0 | 0.00 | 0.00 |
| MTN Group Ltd. | 40,000 | 40,000 | 9.11 | 0.12 | 0 | 0.00 | 0.00 |
| Telecommunications Service Providers Total | 40,000 | 40,000 | 9.11 | 0.12 | 0 | 0.00 | 0.00 |
| City Lodge Hotels Ltd. | 0 | 6,500,000 | 29.32 | 0.39 | 6,500,000 | 28.41 | 0.37 |
| Spur Corporation Ltd. | 0 | 1,320,000 | 56.89 | 0.75 | 1,320,000 | 51.48 | 0.68 |
| Sun International Ltd. | -328,341 | 1,474,164 | 79.71 | 1.05 | 1,802,505 | 85.38 | 1.12 |
| Travel and Leisure Total | -328,341 | 9,294,164 | 165.92 | 2.18 | 9,622,505 | 165.27 | 2.17 |
| Portfolio Total | -106,421,405 | 1,033,268,784 | 7,595.27 | 100.00 | 1,139,690,189 | 7,601.23 | 100.00 |