| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -12,000 | 13,000 | 2.28 | 0.70 | 25,000 | 3.98 | 1.19 |
| FirstRand Ltd. | -5,000 | 115,000 | 9.57 | 2.93 | 120,000 | 9.12 | 2.72 |
| Nedbank Group Ltd. | 0 | 30,000 | 9.01 | 2.76 | 30,000 | 7.67 | 2.29 |
| Standard Bank Group Ltd. | 0 | 37,500 | 9.11 | 2.79 | 37,500 | 7.92 | 2.36 |
| Banks Total | -17,000 | 195,500 | 29.97 | 9.18 | 212,500 | 28.69 | 8.56 |
| SA Bond I2038 | 0 | 5,000,000 | 6.96 | 2.13 | 5,000,000 | 6.72 | 2.00 |
| SA Bond R202 | 0 | 2,800,000 | 7.54 | 2.31 | 2,800,000 | 7.28 | 2.17 |
| SA Bond R2032 | -4,000,000 | 4,000,000 | 3.75 | 1.15 | 8,000,000 | 7.16 | 2.14 |
| SA Bond R2035 | 0 | 15,000,000 | 14.01 | 4.29 | 15,000,000 | 13.18 | 3.93 |
| SA Bond R2040 | 0 | 10,000,000 | 8.91 | 2.73 | 10,000,000 | 8.27 | 2.47 |
| SA Bond R214 | 0 | 3,000,000 | 2.09 | 0.64 | 3,000,000 | 1.91 | 0.57 |
| SA Bond TN25 | 0 | 5,000,000 | 5.04 | 1.55 | 5,000,000 | 5.14 | 1.53 |
| Bond Total | -4,000,000 | 44,800,000 | 48.30 | 14.80 | 48,800,000 | 49.65 | 14.81 |
| Cash on call | 0 | 0 | 0.02 | 0.01 | 0 | 0.35 | 0.10 |
| Cash on call Total | 0 | 0 | 0.02 | 0.01 | 0 | 0.35 | 0.10 |
| Alphabet Inc C | 0 | 1,200 | 3.39 | 1.04 | 1,200 | 4.05 | 1.21 |
| Cyclical Goods & Services Total | 0 | 1,200 | 3.39 | 1.04 | 1,200 | 4.05 | 1.21 |
| Exxon Mobil Corporation | 0 | 2,850 | 5.68 | 1.74 | 2,850 | 5.96 | 1.78 |
| Energy Total | 0 | 2,850 | 5.68 | 1.74 | 2,850 | 5.96 | 1.78 |
| AvalonBay Communities Inc | 0 | 550 | 2.14 | 0.66 | 550 | 2.08 | 0.62 |
| BNP Paribas | 0 | 2,500 | 2.97 | 0.91 | 2,500 | 2.89 | 0.86 |
| Financial Services Total | 0 | 3,050 | 5.11 | 1.57 | 3,050 | 4.97 | 1.48 |
| JP Morgan Chase & Company | -50 | 600 | 2.17 | 0.67 | 650 | 2.36 | 0.70 |
| Financials Total | -50 | 600 | 2.17 | 0.67 | 650 | 2.36 | 0.70 |
| Nestle SA | 0 | 1,000 | 1.74 | 0.53 | 1,000 | 1.86 | 0.55 |
| Food & Beverage Total | 0 | 1,000 | 1.74 | 0.53 | 1,000 | 1.86 | 0.55 |
| AVI Ltd. | -7,500 | 47,500 | 5.18 | 1.59 | 55,000 | 5.23 | 1.56 |
| Food Producers Total | -7,500 | 47,500 | 5.18 | 1.59 | 55,000 | 5.23 | 1.56 |
| Canada - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| European - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.27 | 0.08 |
| Japan - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Switzerland - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.14 | 0.04 |
| United Kingdom - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| USA - Currency | 0 | 0 | 1.26 | 0.39 | 0 | 2.74 | 0.82 |
| For Currency Total | 0 | 0 | 1.27 | 0.39 | 0 | 3.17 | 0.94 |
| Digital Realty Trust Com | -50 | 500 | 1.39 | 0.43 | 550 | 1.49 | 0.44 |
| Equity Residential Properties Trust | 0 | 1,050 | 1.35 | 0.41 | 1,050 | 1.30 | 0.39 |
| Prologis | 0 | 1,700 | 3.67 | 1.13 | 1,700 | 3.44 | 1.03 |
| Public Storage Incoporated | -50 | 400 | 2.46 | 0.75 | 450 | 2.35 | 0.70 |
| Foreign Property Total | -100 | 3,650 | 8.86 | 2.72 | 3,750 | 8.58 | 2.56 |
| Mondi plc | 0 | 10,000 | 3.27 | 1.00 | 10,000 | 3.52 | 1.05 |
| The Bidvest Group Ltd. | -2,500 | 11,500 | 3.36 | 1.03 | 14,000 | 4.05 | 1.21 |
| General Industrials Total | -2,500 | 21,500 | 6.63 | 2.03 | 24,000 | 7.57 | 2.26 |
| Honeywell International | 0 | 500 | 1.79 | 0.55 | 500 | 1.95 | 0.58 |
| Union Pacific | 0 | 750 | 3.15 | 0.97 | 750 | 3.05 | 0.91 |
| Goods & Services Total | 0 | 1,250 | 4.94 | 1.51 | 1,250 | 5.00 | 1.49 |
| Life Healthcare Group Holdings Ltd. | 0 | 1 | 0.00 | 0.00 | 1 | 0.00 | 0.00 |
| Netcare Ltd. | -37,500 | 200,000 | 3.08 | 0.94 | 237,500 | 3.04 | 0.91 |
| Health Care Providers Total | -37,500 | 200,001 | 3.08 | 0.94 | 237,501 | 3.04 | 0.91 |
| AbbVie Inc | 0 | 800 | 2.68 | 0.82 | 800 | 2.46 | 0.73 |
| Johnson & Johnson | -165 | 400 | 1.11 | 0.34 | 565 | 1.50 | 0.45 |
| Roche Holding AG | 0 | 325 | 1.80 | 0.55 | 325 | 1.64 | 0.49 |
| United Health Group | 0 | 350 | 3.50 | 1.07 | 350 | 3.10 | 0.92 |
| Healthcare Total | -165 | 1,875 | 9.09 | 2.79 | 2,040 | 8.70 | 2.59 |
| Anglo American plc | -500 | 9,000 | 5.06 | 1.55 | 9,500 | 5.49 | 1.64 |
| BHP Group Ltd. | 0 | 6,500 | 3.58 | 1.10 | 6,500 | 3.39 | 1.01 |
| Glencore plc | -3,000 | 60,000 | 5.94 | 1.82 | 63,000 | 6.59 | 1.97 |
| Kumba Iron Ore Ltd. | -600 | 6,000 | 2.43 | 0.74 | 6,600 | 2.93 | 0.87 |
| South32 Ltd. | -4,000 | 60,000 | 2.68 | 0.82 | 64,000 | 2.85 | 0.85 |
| Industrial Metals and Mining Total | -8,100 | 141,500 | 19.68 | 6.03 | 149,600 | 21.26 | 6.34 |
| Hudaco Industries Ltd. | -2,000 | 18,000 | 3.49 | 1.07 | 20,000 | 3.38 | 1.01 |
| Industrial Support Services Total | -2,000 | 18,000 | 3.49 | 1.07 | 20,000 | 3.38 | 1.01 |
| Discovery Ltd. | -500 | 18,000 | 3.10 | 0.95 | 18,500 | 2.50 | 0.75 |
| Life Insurance Total | -500 | 18,000 | 3.10 | 0.95 | 18,500 | 2.50 | 0.75 |
| Merchant West SCI Money Market - B | -1,503,735 | 703 | 0.00 | 0.00 | 1,504,438 | 1.52 | 0.45 |
| Money Market Total | -1,503,735 | 703 | 0.00 | 0.00 | 1,504,438 | 1.52 | 0.45 |
| OUTsurance Group Ltd. | -10,000 | 70,000 | 4.13 | 1.27 | 80,000 | 3.70 | 1.10 |
| Non-life Insurance Total | -10,000 | 70,000 | 4.13 | 1.27 | 80,000 | 3.70 | 1.10 |
| Merchant West Global Equity - B | -2,435,001 | 0 | 65.22 | 19.99 | 2,435,001 | 64.80 | 19.33 |
| Offshore Intern Total | -2,435,001 | 0 | 65.22 | 19.99 | 2,435,001 | 64.80 | 19.33 |
| Thungela Resources Ltd. | 0 | 22,000 | 2.42 | 0.74 | 22,000 | 2.46 | 0.73 |
| Oil, Gas and Coal Total | 0 | 22,000 | 2.42 | 0.74 | 22,000 | 2.46 | 0.73 |
| AngloGold Ashanti plc | -1,300 | 10,000 | 4.66 | 1.43 | 11,300 | 5.22 | 1.56 |
| Impala Platinum Holdings Ltd. | -1,000 | 26,000 | 2.54 | 0.78 | 27,000 | 2.46 | 0.73 |
| Northam Platinum Holdings Ltd. | -500 | 16,000 | 1.74 | 0.53 | 16,500 | 2.10 | 0.63 |
| Precious Metals and Mining Total | -2,800 | 52,000 | 8.94 | 2.74 | 54,800 | 9.78 | 2.92 |
| Absa Bank Ltd. | -1,000 | 10,000 | 8.37 | 2.57 | 11,000 | 8.21 | 2.45 |
| Preference Shares Total | -1,000 | 10,000 | 8.37 | 2.57 | 11,000 | 8.21 | 2.45 |
| Equites Property Fund Ltd. | -15,000 | 260,000 | 3.76 | 1.15 | 275,000 | 3.52 | 1.05 |
| Fairvest Ltd. | 0 | 688,000 | 3.14 | 0.96 | 688,000 | 2.65 | 0.79 |
| Growthpoint Properties Ltd. | -15,000 | 250,000 | 3.50 | 1.07 | 265,000 | 3.23 | 0.96 |
| Spear REIT Ltd. | 0 | 362,000 | 3.48 | 1.07 | 362,000 | 3.15 | 0.94 |
| Stor-Age Property REIT Ltd. | 0 | 200,000 | 3.03 | 0.93 | 200,000 | 2.77 | 0.83 |
| Real Estate Investment Trusts Total | -30,000 | 1,760,000 | 16.90 | 5.18 | 1,790,000 | 15.32 | 4.57 |
| Carrefour SA | 0 | 8,000 | 2.39 | 0.73 | 8,000 | 2.06 | 0.62 |
| Retail Total | 0 | 8,000 | 2.39 | 0.73 | 8,000 | 2.06 | 0.62 |
| Mr Price Group Ltd. | -1,000 | 12,000 | 3.24 | 0.99 | 13,000 | 2.66 | 0.79 |
| The Foschini Group Ltd. | -15,000 | 35,000 | 5.51 | 1.69 | 50,000 | 6.37 | 1.90 |
| Retailers Total | -16,000 | 47,000 | 8.75 | 2.68 | 63,000 | 9.03 | 2.69 |
| Naspers Ltd. | -1,000 | 4,500 | 19.03 | 5.83 | 5,500 | 19.64 | 5.86 |
| Software and Computer Services Total | -1,000 | 4,500 | 19.03 | 5.83 | 5,500 | 19.64 | 5.86 |
| American Tower | 0 | 850 | 3.37 | 1.03 | 850 | 3.04 | 0.91 |
| Microsoft Corporation | 0 | 750 | 5.52 | 1.69 | 750 | 6.18 | 1.84 |
| Nvidia Corporation | 0 | 1,550 | 3.24 | 0.99 | 1,550 | 3.50 | 1.04 |
| Qualcomm AG | 0 | 1,100 | 3.22 | 0.99 | 1,100 | 3.91 | 1.16 |
| Technology Total | 0 | 4,250 | 15.35 | 4.71 | 4,250 | 16.62 | 4.96 |
| Vodacom Group Ltd. | -4,000 | 40,000 | 4.41 | 1.35 | 44,000 | 4.26 | 1.27 |
| Telecommunications Service Providers Total | -4,000 | 40,000 | 4.41 | 1.35 | 44,000 | 4.26 | 1.27 |
| British American Tobacco plc | -6,500 | 13,500 | 8.69 | 2.66 | 20,000 | 11.52 | 3.44 |
| Tobacco Total | -6,500 | 13,500 | 8.69 | 2.66 | 20,000 | 11.52 | 3.44 |
| Portfolio Total | -8,085,451 | 47,489,429 | 326.31 | 100.00 | 55,574,880 | 335.21 | 100.00 |