| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 2,063 | 27,675 | 6.62 | 0.71 | 25,612 | 4.64 | 0.56 |
| Capitec Bank Holdings Ltd. | 87 | 2,173 | 9.03 | 0.97 | 2,086 | 7.25 | 0.88 |
| FirstRand Ltd. | 2,411 | 114,897 | 10.43 | 1.12 | 112,486 | 8.74 | 1.06 |
| Investec Ltd. | 1,879 | 12,106 | 1.48 | 0.16 | 10,227 | 1.31 | 0.16 |
| Investec plc | 2,089 | 17,658 | 2.16 | 0.23 | 15,569 | 1.99 | 0.24 |
| Nedbank Group Ltd. | 1,602 | 19,453 | 5.18 | 0.56 | 17,851 | 3.81 | 0.46 |
| Standard Bank Group Ltd. | 1,121 | 32,646 | 9.48 | 1.02 | 31,525 | 7.45 | 0.91 |
| Banks Total | 11,252 | 226,608 | 44.38 | 4.77 | 215,356 | 35.19 | 4.28 |
| Anheuser-Busch InBev SA/NV | 200 | 3,858 | 4.13 | 0.44 | 3,658 | 3.76 | 0.46 |
| Beverages Total | 200 | 3,858 | 4.13 | 0.44 | 3,658 | 3.76 | 0.46 |
| SA Bond I2029 | -71,000 | 1,746,000 | 2.51 | 0.27 | 1,817,000 | 2.55 | 0.31 |
| SA Bond I2031 | 0 | 251,000 | 0.29 | 0.03 | 251,000 | 0.28 | 0.03 |
| SA Bond I2033 | 0 | 4,349,000 | 6.16 | 0.66 | 4,349,000 | 5.82 | 0.71 |
| SA Bond I2038 | -17,000 | 6,952,000 | 11.00 | 1.18 | 6,969,000 | 10.10 | 1.23 |
| SA Bond I2043 | 265,000 | 1,046,000 | 1.30 | 0.14 | 781,000 | 0.88 | 0.11 |
| SA Bond I2046 | 3,000 | 11,350,000 | 15.91 | 1.71 | 11,347,000 | 14.07 | 1.71 |
| SA Bond I2050 | 369,000 | 14,071,000 | 19.92 | 2.14 | 13,702,000 | 17.23 | 2.10 |
| SA Bond I2058 | 417,000 | 1,218,000 | 1.58 | 0.17 | 801,000 | 0.91 | 0.11 |
| SA Bond R186 | -2,734,999 | 0 | 0.00 | 0.00 | 2,734,999 | 2.91 | 0.35 |
| SA Bond R187 | 911,667 | 911,667 | 0.94 | 0.10 | 0 | 0.00 | 0.00 |
| SA Bond R188 | 911,666 | 911,666 | 0.97 | 0.10 | 0 | 0.00 | 0.00 |
| SA Bond R202 | 51,000 | 1,773,000 | 5.17 | 0.56 | 1,722,000 | 4.82 | 0.59 |
| SA Bond R2030 | -579,000 | 6,791,000 | 7.17 | 0.77 | 7,370,000 | 7.50 | 0.91 |
| SA Bond R2032 | -130,000 | 9,913,000 | 10.38 | 1.12 | 10,043,000 | 9.91 | 1.21 |
| SA Bond R2033 | 0 | 1,186,000 | 1.36 | 0.15 | 1,186,000 | 1.27 | 0.15 |
| SA Bond R2035 | -357,000 | 13,432,001 | 14.41 | 1.55 | 13,789,001 | 13.65 | 1.66 |
| SA Bond R2037 | 469,000 | 14,740,001 | 15.18 | 1.63 | 14,271,001 | 13.34 | 1.62 |
| SA Bond R2038 | 328,000 | 2,145,000 | 2.55 | 0.27 | 1,817,000 | 1.97 | 0.24 |
| SA Bond R2039 | 389,000 | 389,000 | 0.43 | 0.05 | 0 | 0.00 | 0.00 |
| SA Bond R2040 | 880,000 | 14,532,001 | 15.14 | 1.63 | 13,652,001 | 12.71 | 1.55 |
| SA Bond R2042 | 527,000 | 527,000 | 0.59 | 0.06 | 0 | 0.00 | 0.00 |
| SA Bond R2044 | 1,315,000 | 15,700,000 | 15.69 | 1.69 | 14,385,000 | 12.72 | 1.55 |
| SA Bond R2048 | 2,471,000 | 25,096,000 | 24.96 | 2.68 | 22,625,000 | 19.71 | 2.40 |
| SA Bond R2053 | 569,000 | 5,233,999 | 6.80 | 0.73 | 4,664,999 | 5.28 | 0.64 |
| SA Bond R209 | 404,000 | 4,606,000 | 4.01 | 0.43 | 4,202,000 | 3.33 | 0.41 |
| SA Bond R210 | 0 | 544,000 | 1.39 | 0.15 | 544,000 | 1.37 | 0.17 |
| SA Bond R213 | -166,000 | 5,431,000 | 5.44 | 0.58 | 5,597,000 | 5.34 | 0.65 |
| SA Bond R214 | 440,000 | 4,798,001 | 3.92 | 0.42 | 4,358,001 | 3.18 | 0.39 |
| Bond Total | 6,665,334 | 169,643,336 | 195.19 | 20.97 | 162,978,002 | 170.85 | 20.78 |
| SPDR Bloomberg Barclays US Treasury Bond | 17,671 | 129,184 | 46.21 | 4.96 | 111,513 | 41.33 | 5.03 |
| Bonds Total | 17,671 | 129,184 | 46.21 | 4.96 | 111,513 | 41.33 | 5.03 |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | 593 | 2,607 | 5.11 | 0.55 | 2,014 | 4.06 | 0.49 |
| Cash Total | 593 | 2,607 | 5.11 | 0.55 | 2,014 | 4.06 | 0.49 |
| Cash on call | 0 | 0 | 8.53 | 0.92 | 0 | 9.72 | 1.18 |
| Cash on call Total | 0 | 0 | 8.53 | 0.92 | 0 | 9.72 | 1.18 |
| Sasol Ltd. | 8,241 | 36,306 | 3.86 | 0.41 | 28,065 | 3.02 | 0.37 |
| Chemicals Total | 8,241 | 36,306 | 3.86 | 0.41 | 28,065 | 3.02 | 0.37 |
| iShares Core FTSE 100 UCITS ETF | 527 | 3,511 | 15.61 | 1.68 | 2,984 | 12.91 | 1.57 |
| iShares Core S&P 500 ETF | 967 | 8,880 | 108.80 | 11.69 | 7,913 | 97.05 | 11.81 |
| iShares Global Energy ETF | 4,200 | 19,332 | 13.49 | 1.45 | 15,132 | 10.87 | 1.32 |
| iShares MSCI China ETF | 17,235 | 125,204 | 11.98 | 1.29 | 107,969 | 10.53 | 1.28 |
| iShares MSCI Global Metals & Mining Producers ETF | 1,150 | 11,645 | 9.93 | 1.07 | 10,495 | 8.01 | 0.97 |
| SPDR MSCI Europe UCITS ETF | 10,275 | 25,514 | 11.46 | 1.23 | 15,239 | 27.37 | 3.33 |
| Vanguard FTSE Japan UCITS ETF | 3,125 | 25,958 | 19.05 | 2.05 | 22,833 | 16.79 | 2.04 |
| Equities Total | 37,479 | 220,044 | 190.32 | 20.45 | 182,565 | 183.55 | 22.32 |
| NewGold | 344 | 133,864 | 88.99 | 9.56 | 133,520 | 82.15 | 9.99 |
| Exchange Traded Funds Total | 344 | 133,864 | 88.99 | 9.56 | 133,520 | 82.15 | 9.99 |
| European - Currency | 0 | 0 | 0.04 | 0.00 | 0 | 0.04 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 0.05 | 0.01 | 0 | 0.04 | 0.00 |
| USA - Currency | 0 | 0 | 0.46 | 0.05 | 0 | 0.04 | 0.00 |
| For Currency Total | 0 | 0 | 0.54 | 0.06 | 0 | 0.12 | 0.01 |
| Foreign - Equities | 0 | 0 | 164.12 | 17.63 | 0 | 128.07 | 15.58 |
| Foreign Invest Total | 0 | 0 | 164.12 | 17.63 | 0 | 128.07 | 15.58 |
| Mondi plc | 4,260 | 17,276 | 3.52 | 0.38 | 13,016 | 3.07 | 0.37 |
| The Bidvest Group Ltd. | 0 | 17,192 | 4.08 | 0.44 | 17,192 | 3.64 | 0.44 |
| General Industrials Total | 4,260 | 34,468 | 7.60 | 0.82 | 30,208 | 6.71 | 0.82 |
| Anglo American plc | 375 | 9,136 | 6.26 | 0.67 | 8,761 | 5.66 | 0.69 |
| BHP Group Ltd. | 631 | 8,172 | 4.14 | 0.45 | 7,541 | 3.59 | 0.44 |
| Glencore plc | 4,275 | 50,393 | 4.59 | 0.49 | 46,118 | 3.68 | 0.45 |
| Industrial Metals and Mining Total | 5,281 | 67,701 | 15.00 | 1.61 | 62,420 | 12.93 | 1.57 |
| Reinet Investments SCA | 766 | 7,187 | 4.17 | 0.45 | 6,421 | 3.24 | 0.39 |
| Remgro Ltd. | 3,364 | 24,291 | 4.41 | 0.47 | 20,927 | 3.51 | 0.43 |
| Investment Banking and Brokerage Services Total | 4,130 | 31,478 | 8.58 | 0.92 | 27,348 | 6.75 | 0.82 |
| Discovery Ltd. | 582 | 21,249 | 4.84 | 0.52 | 20,667 | 4.07 | 0.50 |
| Old Mutual Ltd. | 10,000 | 244,943 | 3.65 | 0.39 | 234,943 | 3.14 | 0.38 |
| Sanlam Ltd. | 0 | 57,347 | 5.65 | 0.61 | 57,347 | 4.79 | 0.58 |
| Life Insurance Total | 10,582 | 323,539 | 14.13 | 1.52 | 312,957 | 12.00 | 1.46 |
| eMedia Holdings Ltd. | -8,780 | 0 | 0.00 | 0.00 | 8,780 | 0.02 | 0.00 |
| Media Total | -8,780 | 0 | 0.00 | 0.00 | 8,780 | 0.02 | 0.00 |
| OUTsurance Group Ltd. | 1,043 | 49,657 | 3.56 | 0.38 | 48,614 | 3.49 | 0.42 |
| Non-life Insurance Total | 1,043 | 49,657 | 3.56 | 0.38 | 48,614 | 3.49 | 0.42 |
| Bid Corporation Ltd. | 1,432 | 12,411 | 5.24 | 0.56 | 10,979 | 4.75 | 0.58 |
| Clicks Group Ltd. | 2,111 | 12,244 | 4.12 | 0.44 | 10,133 | 3.57 | 0.43 |
| Shoprite Holdings Ltd. | 1,298 | 16,751 | 4.53 | 0.49 | 15,453 | 4.23 | 0.52 |
| Personal Care, Drug and Grocery Stores Total | 4,841 | 41,406 | 13.88 | 1.49 | 36,565 | 12.55 | 1.53 |
| Compagnie Financière Richemont SA | 124 | 1,566 | 5.68 | 0.61 | 1,442 | 4.71 | 0.57 |
| Personal Goods Total | 124 | 1,566 | 5.68 | 0.61 | 1,442 | 4.71 | 0.57 |
| AngloGold Ashanti plc | -301 | 7,560 | 10.83 | 1.16 | 7,861 | 9.54 | 1.16 |
| Gold Fields Ltd. | 7 | 17,945 | 13.02 | 1.40 | 17,938 | 13.08 | 1.59 |
| Harmony Gold Mining Company Ltd. | -1,562 | 16,744 | 5.64 | 0.61 | 18,306 | 5.76 | 0.70 |
| Impala Platinum Holdings Ltd. | -53 | 24,702 | 6.47 | 0.70 | 24,755 | 5.46 | 0.66 |
| Northam Platinum Holdings Ltd. | -1,382 | 14,495 | 4.89 | 0.53 | 15,877 | 4.46 | 0.54 |
| Sibanye Stillwater Ltd. | -11,218 | 93,478 | 5.66 | 0.61 | 104,696 | 5.16 | 0.63 |
| Valterra Platinum Ltd. | -208 | 5,893 | 8.31 | 0.89 | 6,101 | 7.54 | 0.92 |
| Precious Metals and Mining Total | -14,717 | 180,817 | 54.82 | 5.89 | 195,534 | 51.00 | 6.20 |
| NEPI Rockcastle NV | 0 | 27,729 | 4.04 | 0.43 | 27,729 | 3.83 | 0.47 |
| Real Estate Investment and Services Total | 0 | 27,729 | 4.04 | 0.43 | 27,729 | 3.83 | 0.47 |
| Growthpoint Properties Ltd. | 0 | 221,312 | 3.80 | 0.41 | 221,312 | 3.26 | 0.40 |
| Real Estate Investment Trusts Total | 0 | 221,312 | 3.80 | 0.41 | 221,312 | 3.26 | 0.40 |
| Mr Price Group Ltd. | 3,845 | 19,880 | 3.48 | 0.37 | 16,035 | 3.27 | 0.40 |
| Pepkor Holdings Ltd. | 9,000 | 159,053 | 4.21 | 0.45 | 150,053 | 3.65 | 0.44 |
| Woolworths Holdings Ltd. | 6,906 | 63,861 | 3.58 | 0.38 | 56,955 | 2.86 | 0.35 |
| Retailers Total | 19,751 | 242,794 | 11.26 | 1.21 | 223,043 | 9.78 | 1.19 |
| Naspers Ltd. | 10,090 | 12,072 | 13.33 | 1.43 | 1,982 | 12.40 | 1.51 |
| Prosus NV | 964 | 5,606 | 5.74 | 0.62 | 4,642 | 5.62 | 0.68 |
| Software and Computer Services Total | 11,054 | 17,678 | 19.07 | 2.05 | 6,624 | 18.02 | 2.19 |
| MTN Group Ltd. | 4,690 | 49,743 | 8.43 | 0.91 | 45,053 | 6.53 | 0.79 |
| Vodacom Group Ltd. | 0 | 28,459 | 4.02 | 0.43 | 28,459 | 3.79 | 0.46 |
| Telecommunications Service Providers Total | 4,690 | 78,202 | 12.45 | 1.34 | 73,512 | 10.33 | 1.26 |
| British American Tobacco plc | 475 | 5,807 | 5.54 | 0.60 | 5,332 | 4.86 | 0.59 |
| Tobacco Total | 475 | 5,807 | 5.54 | 0.60 | 5,332 | 4.86 | 0.59 |
| Portfolio Total | 6,783,848 | 171,719,961 | 930.81 | 100.00 | 164,936,113 | 822.04 | 99.99 |