| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 55,768 | 10.58 | 2.32 | 55,768 | 9.76 | 2.14 |
| FirstRand Ltd. | 0 | 379,700 | 28.84 | 6.33 | 379,700 | 31.60 | 6.94 |
| Investec plc | 0 | 63,976 | 8.11 | 1.78 | 63,976 | 8.38 | 1.84 |
| Nedbank Group Ltd. | -7,183 | 31,495 | 8.87 | 1.95 | 38,678 | 11.62 | 2.55 |
| Standard Bank Group Ltd. | 0 | 71,065 | 15.76 | 3.46 | 71,065 | 17.26 | 3.79 |
| Banca P di Novara | -2,967 | 0 | 0.00 | 0.00 | 2,967 | 6.79 | 1.49 |
| National Bank of Canada | -774 | 2,576 | 4.47 | 0.98 | 3,350 | 5.43 | 1.19 |
| Northern Trust Corporation | 0 | 1,553 | 3.02 | 0.66 | 1,553 | 2.42 | 0.53 |
| Royal Bank of Canada | -447 | 2,030 | 4.62 | 1.01 | 2,477 | 5.30 | 1.16 |
| Banks Total | -11,371 | 608,163 | 84.27 | 18.51 | 619,534 | 98.56 | 21.64 |
| SA Bond R2037 | -14,000,000 | 0 | 0.00 | 0.00 | 14,000,000 | 12.37 | 2.72 |
| SA Bond R2040 | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Bond Total | -14,000,000 | 0 | 0.00 | 0.00 | 14,000,000 | 12.37 | 2.72 |
| Cash on call | 0 | 0 | 1.27 | 0.28 | 0 | -3.68 | -0.81 |
| Cash on call Total | 0 | 0 | 1.27 | 0.28 | 0 | -3.68 | -0.81 |
| Lowes Companies | 0 | 921 | 4.29 | 0.94 | 921 | 4.23 | 0.93 |
| Masco Corporation | 0 | 3,049 | 4.17 | 0.92 | 3,049 | 4.39 | 0.96 |
| Construction Total | 0 | 3,970 | 8.46 | 1.86 | 3,970 | 8.62 | 1.89 |
| ADvTECH Ltd. | 0 | 343,885 | 11.64 | 2.56 | 343,885 | 10.85 | 2.38 |
| Consumer Services Total | 0 | 343,885 | 11.64 | 2.56 | 343,885 | 10.85 | 2.38 |
| Big Yellow Group PLC | 0 | 8,137 | 1.85 | 0.41 | 8,137 | 2.37 | 0.52 |
| Reckitt Benckiser | 0 | 2,004 | 2.29 | 0.50 | 2,004 | 2.15 | 0.47 |
| Cyclical Goods & Services Total | 0 | 10,141 | 4.14 | 0.91 | 10,141 | 4.52 | 0.99 |
| Exxon Mobil Corporation | 845 | 4,263 | 8.50 | 1.87 | 3,418 | 6.81 | 1.50 |
| Energy Total | 845 | 4,263 | 8.50 | 1.87 | 3,418 | 6.81 | 1.50 |
| Cboe Global Markets Inc | -519 | 1,234 | 4.56 | 1.00 | 1,753 | 6.11 | 1.34 |
| Deutsche Boerse AG | -521 | 1,109 | 4.83 | 1.06 | 1,630 | 6.62 | 1.45 |
| ST James Place | 0 | 8,637 | 1.77 | 0.39 | 8,637 | 1.46 | 0.32 |
| Financial Services Total | -1,040 | 10,980 | 11.17 | 2.45 | 12,020 | 14.19 | 3.12 |
| Coca Cola | 582 | 4,009 | 4.69 | 1.03 | 3,427 | 4.25 | 0.93 |
| Nestle SA | 0 | 3,974 | 6.17 | 1.35 | 3,974 | 6.90 | 1.52 |
| Pepsico Incorporated | -965 | 0 | 0.00 | 0.00 | 965 | 2.82 | 0.62 |
| Unilever plc | -1,938 | 5,208 | 5.58 | 1.22 | 7,146 | 8.05 | 1.77 |
| Food & Beverage Total | -2,321 | 13,191 | 16.43 | 3.61 | 15,512 | 22.03 | 4.84 |
| AVI Ltd. | 0 | 97,401 | 10.69 | 2.35 | 97,401 | 10.62 | 2.33 |
| Food Producers Total | 0 | 97,401 | 10.69 | 2.35 | 97,401 | 10.62 | 2.33 |
| European - Currency | 0 | 0 | 0.26 | 0.06 | 0 | 0.18 | 0.04 |
| Sweden - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 16.50 | 3.62 |
| Switzerland - Currency | 0 | 0 | 0.37 | 0.08 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.74 | 0.16 | 0 | 0.47 | 0.10 |
| USA - Currency | 0 | 0 | 2.88 | 0.63 | 0 | 0.14 | 0.03 |
| For Currency Total | 0 | 0 | 4.25 | 0.94 | 0 | 17.29 | 3.79 |
| The Bidvest Group Ltd. | 9,378 | 63,558 | 16.76 | 3.68 | 54,180 | 15.81 | 3.47 |
| General Industrials Total | 9,378 | 63,558 | 16.76 | 3.68 | 54,180 | 15.81 | 3.47 |
| Boliden AB | 17,093 | 17,093 | 9.08 | 1.99 | 0 | 0.00 | 0.00 |
| Deere & Company | 0 | 985 | 7.91 | 1.74 | 985 | 7.10 | 1.56 |
| Genuine Parts Company | 0 | 1,502 | 3.30 | 0.73 | 1,502 | 3.67 | 0.81 |
| Investor AB | 0 | 10,416 | 5.20 | 1.14 | 10,416 | 4.96 | 1.09 |
| Paychex Incorporated | 2,967 | 2,967 | 7.83 | 1.72 | 0 | 0.00 | 0.00 |
| Philip Morris International | -1,949 | 0 | 0.00 | 0.00 | 1,949 | 4.08 | 0.90 |
| Union Pacific | 475 | 2,198 | 9.44 | 2.07 | 1,723 | 7.24 | 1.59 |
| Goods & Services Total | 18,586 | 35,161 | 42.76 | 9.39 | 16,575 | 27.05 | 5.94 |
| Netcare Ltd. | 0 | 306,709 | 4.58 | 1.01 | 306,709 | 4.72 | 1.04 |
| Health Care Providers Total | 0 | 306,709 | 4.58 | 1.01 | 306,709 | 4.72 | 1.04 |
| AbbVie Inc | 0 | 1,155 | 3.84 | 0.84 | 1,155 | 3.87 | 0.85 |
| GlaxoSmithKline plc - London | 0 | 16,040 | 5.16 | 1.13 | 16,040 | 5.66 | 1.24 |
| Johnson & Johnson | 0 | 2,330 | 6.30 | 1.38 | 2,330 | 6.47 | 1.42 |
| Novo-Nordisk A/S | 0 | 4,954 | 8.01 | 1.76 | 4,954 | 10.30 | 2.26 |
| Roche Holding AG | 0 | 3,805 | 2.52 | 0.55 | 3,805 | 2.63 | 0.58 |
| Healthcare Total | 0 | 28,284 | 25.83 | 5.67 | 28,284 | 28.93 | 6.35 |
| Afrimat Ltd. | 0 | 147,277 | 10.45 | 2.30 | 147,277 | 10.00 | 2.20 |
| Anglo American plc | 3,207 | 18,019 | 9.94 | 2.18 | 14,812 | 8.32 | 1.83 |
| Industrial Metals and Mining Total | 3,207 | 165,296 | 20.39 | 4.48 | 162,089 | 18.32 | 4.02 |
| Hudaco Industries Ltd. | 0 | 65,403 | 14.13 | 3.10 | 65,403 | 12.69 | 2.79 |
| Industrial Support Services Total | 0 | 65,403 | 14.13 | 3.10 | 65,403 | 12.69 | 2.79 |
| Admiral Group PLC | 0 | 6,404 | 4.00 | 0.88 | 6,404 | 4.23 | 0.93 |
| Insurance Total | 0 | 6,404 | 4.00 | 0.88 | 6,404 | 4.23 | 0.93 |
| JSE Ltd. | 0 | 93,312 | 11.26 | 2.47 | 93,312 | 12.00 | 2.64 |
| PSG Financial Services Ltd. | 0 | 229,722 | 4.51 | 0.99 | 229,722 | 4.22 | 0.93 |
| Investment Banking and Brokerage Services Total | 0 | 323,034 | 15.77 | 3.46 | 323,034 | 16.22 | 3.56 |
| RELX PLC | 0 | 7,955 | 6.82 | 1.50 | 7,955 | 6.50 | 1.43 |
| Universal Music Group | 15,125 | 15,125 | 7.30 | 1.60 | 0 | 0.00 | 0.00 |
| Media Total | 15,125 | 23,080 | 14.12 | 3.10 | 7,955 | 6.50 | 1.43 |
| Merchant West SCI Money Market - B | 3,000,000 | 3,000,000 | 3.03 | 0.67 | 0 | 0.08 | 0.02 |
| Money Market Total | 3,000,000 | 3,000,000 | 3.03 | 0.67 | 0 | 0.08 | 0.02 |
| OUTsurance Group Ltd. | 0 | 116,653 | 7.76 | 1.70 | 116,653 | 6.89 | 1.51 |
| Non-life Insurance Total | 0 | 116,653 | 7.76 | 1.70 | 116,653 | 6.89 | 1.51 |
| Thungela Resources Ltd. | 0 | 21,470 | 2.87 | 0.63 | 21,470 | 2.36 | 0.52 |
| Oil, Gas and Coal Total | 0 | 21,470 | 2.87 | 0.63 | 21,470 | 2.36 | 0.52 |
| Bid Corporation Ltd. | 7,211 | 46,447 | 20.00 | 4.39 | 39,236 | 17.51 | 3.85 |
| Boxer Retail Ltd. | 25,000 | 25,000 | 1.61 | 0.35 | 0 | 0.00 | 0.00 |
| Personal Care, Drug and Grocery Stores Total | 32,211 | 71,447 | 21.61 | 4.75 | 39,236 | 17.51 | 3.85 |
| Delta Property Fund Ltd. | 0 | 1,525,000 | 0.29 | 0.06 | 1,525,000 | 0.40 | 0.09 |
| Octodec Investments Ltd. | 0 | 400,394 | 4.60 | 1.01 | 400,394 | 4.72 | 1.04 |
| Stor-Age Property REIT Ltd. | 0 | 776,863 | 12.10 | 2.66 | 776,863 | 11.77 | 2.58 |
| Real Estate Investment Trusts Total | 0 | 2,702,257 | 17.00 | 3.73 | 2,702,257 | 16.89 | 3.71 |
| Diageo | 0 | 7,939 | 4.76 | 1.05 | 7,939 | 4.87 | 1.07 |
| TJX Companies Incorporated | 0 | 5,531 | 12.63 | 2.77 | 5,531 | 11.19 | 2.46 |
| Retail Total | 0 | 13,470 | 17.39 | 3.82 | 13,470 | 16.06 | 3.53 |
| Combined Motor Holdings Ltd. | 0 | 140,815 | 4.65 | 1.02 | 140,815 | 4.91 | 1.08 |
| Mr Price Group Ltd. | 0 | 52,641 | 15.54 | 3.41 | 52,641 | 14.21 | 3.12 |
| We Buy Cars Holdings Ltd. | 0 | 250,000 | 10.76 | 2.36 | 250,000 | 7.46 | 1.64 |
| Retailers Total | 0 | 443,456 | 30.95 | 6.80 | 443,456 | 26.59 | 5.84 |
| SAP SE (spons. ADRs) | 0 | 2,122 | 9.83 | 2.16 | 2,122 | 8.38 | 1.84 |
| Technology Total | 0 | 2,122 | 9.83 | 2.16 | 2,122 | 8.38 | 1.84 |
| British American Tobacco plc | 0 | 37,267 | 25.72 | 5.65 | 37,267 | 23.98 | 5.27 |
| Tobacco Total | 0 | 37,267 | 25.72 | 5.65 | 37,267 | 23.98 | 5.27 |
| Portfolio Total | -10,935,380 | 8,517,065 | 455.30 | 100.00 | 19,452,445 | 455.39 | 100.00 |