| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 6,057 | 23,009 | 4.04 | 0.59 | 16,952 | 2.99 | 0.46 |
| Capitec Bank Holdings Ltd. | 602 | 1,971 | 7.01 | 1.02 | 1,369 | 4.22 | 0.65 |
| FirstRand Ltd. | 29,970 | 104,352 | 7.95 | 1.15 | 74,382 | 5.35 | 0.83 |
| Investec Ltd. | 3,643 | 10,227 | 1.35 | 0.20 | 6,584 | 0.75 | 0.12 |
| Investec plc | 4,676 | 15,569 | 2.06 | 0.30 | 10,893 | 1.23 | 0.19 |
| Nedbank Group Ltd. | 4,023 | 14,132 | 3.45 | 0.50 | 10,109 | 2.59 | 0.40 |
| Standard Bank Group Ltd. | 6,585 | 28,023 | 6.38 | 0.93 | 21,438 | 5.15 | 0.80 |
| Banks Total | 55,556 | 197,283 | 32.24 | 4.68 | 141,727 | 22.27 | 3.45 |
| Anheuser-Busch InBev SA/NV | 791 | 3,167 | 3.86 | 0.56 | 2,376 | 2.68 | 0.42 |
| Beverages Total | 791 | 3,167 | 3.86 | 0.56 | 2,376 | 2.68 | 0.42 |
| SA Bond I2029 | -846,000 | 1,817,000 | 2.50 | 0.36 | 2,663,000 | 3.60 | 0.56 |
| SA Bond I2031 | -109,000 | 251,000 | 0.27 | 0.04 | 360,000 | 0.39 | 0.06 |
| SA Bond I2033 | -1,634,000 | 3,700,000 | 4.79 | 0.69 | 5,334,000 | 6.80 | 1.05 |
| SA Bond I2038 | -2,653,000 | 5,951,000 | 8.33 | 1.21 | 8,604,000 | 11.88 | 1.84 |
| SA Bond I2043 | -342,000 | 781,000 | 0.86 | 0.12 | 1,123,000 | 1.23 | 0.19 |
| SA Bond I2046 | -4,286,000 | 9,732,000 | 11.55 | 1.67 | 14,018,000 | 16.62 | 2.57 |
| SA Bond I2050 | -5,193,000 | 11,667,000 | 13.70 | 1.99 | 16,860,000 | 20.19 | 3.13 |
| SA Bond I2058 | -249,000 | 568,000 | 0.62 | 0.09 | 817,000 | 0.89 | 0.14 |
| SA Bond R186 | -833,000 | 2,734,999 | 2.85 | 0.41 | 3,567,999 | 3.80 | 0.59 |
| SA Bond R202 | -710,000 | 1,612,000 | 4.29 | 0.62 | 2,322,000 | 6.24 | 0.97 |
| SA Bond R2030 | -2,244,000 | 7,370,000 | 7.50 | 1.09 | 9,614,000 | 9.34 | 1.45 |
| SA Bond R2032 | -2,968,000 | 9,751,000 | 9.51 | 1.38 | 12,719,000 | 11.71 | 1.81 |
| SA Bond R2033 | -218,000 | 722,000 | 0.77 | 0.11 | 940,000 | 0.94 | 0.15 |
| SA Bond R2035 | -3,738,000 | 11,767,001 | 11.34 | 1.64 | 15,505,001 | 14.01 | 2.17 |
| SA Bond R2037 | -3,816,000 | 12,017,001 | 10.88 | 1.58 | 15,833,001 | 13.39 | 2.07 |
| SA Bond R2038 | -339,000 | 1,112,000 | 1.17 | 0.17 | 1,451,000 | 1.43 | 0.22 |
| SA Bond R2040 | -3,579,000 | 11,278,001 | 10.19 | 1.48 | 14,857,001 | 12.50 | 1.93 |
| SA Bond R2044 | -3,684,000 | 11,611,000 | 9.88 | 1.43 | 15,295,000 | 12.18 | 1.88 |
| SA Bond R2048 | -6,104,000 | 19,228,000 | 16.04 | 2.33 | 25,332,000 | 19.81 | 3.07 |
| SA Bond R2053 | -1,088,000 | 3,430,999 | 3.71 | 0.54 | 4,518,999 | 4.56 | 0.71 |
| SA Bond R209 | -1,278,000 | 4,202,000 | 3.20 | 0.46 | 5,480,000 | 3.89 | 0.60 |
| SA Bond R210 | -258,000 | 544,000 | 1.34 | 0.19 | 802,000 | 1.96 | 0.30 |
| SA Bond R213 | -1,718,000 | 5,419,000 | 5.11 | 0.74 | 7,137,000 | 6.38 | 0.99 |
| SA Bond R214 | -1,162,000 | 4,118,001 | 2.87 | 0.42 | 5,280,001 | 3.43 | 0.53 |
| Bond Total | -49,049,000 | 141,384,002 | 143.28 | 20.77 | 190,433,002 | 187.15 | 28.97 |
| SPDR Bloomberg Barclays US Treasury Bond | 9,961 | 92,197 | 34.90 | 5.06 | 82,236 | 32.88 | 5.09 |
| Bonds Total | 9,961 | 92,197 | 34.90 | 5.06 | 82,236 | 32.88 | 5.09 |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | -3,078 | 2,014 | 4.14 | 0.60 | 5,092 | 10.72 | 1.66 |
| Cash Total | -3,078 | 2,014 | 4.14 | 0.60 | 5,092 | 10.72 | 1.66 |
| Cash on call | 0 | 0 | 2.95 | 0.43 | 0 | 4.56 | 0.71 |
| Cash on call Total | 0 | 0 | 2.95 | 0.43 | 0 | 4.56 | 0.71 |
| Sasol Ltd. | 10,370 | 33,893 | 2.72 | 0.39 | 23,523 | 1.79 | 0.28 |
| Chemicals Total | 10,370 | 33,893 | 2.72 | 0.39 | 23,523 | 1.79 | 0.28 |
| iShares $ TIPS UCITS ETF | -67,756 | 40,278 | 20.94 | 3.04 | 108,034 | 57.92 | 8.97 |
| iShares Core FTSE 100 UCITS ETF | 2,750 | 2,750 | 11.63 | 1.69 | 0 | 0.00 | 0.00 |
| iShares Core S&P 500 ETF | 4,189 | 7,023 | 82.46 | 11.96 | 2,834 | 30.64 | 4.74 |
| iShares Global Energy ETF | -155 | 13,532 | 9.48 | 1.37 | 13,687 | 10.51 | 1.63 |
| iShares MSCI China ETF | -119,904 | 107,969 | 9.04 | 1.31 | 227,873 | 19.14 | 2.96 |
| iShares MSCI Global Metals & Mining Producers ETF | -193 | 10,495 | 7.06 | 1.02 | 10,688 | 7.15 | 1.11 |
| SPDR MSCI Europe UCITS ETF | -4,272 | 12,858 | 22.88 | 3.32 | 17,130 | 7.93 | 1.23 |
| Vanguard FTSE Japan UCITS ETF | 5,052 | 20,337 | 14.49 | 2.10 | 15,285 | 10.20 | 1.58 |
| Equities Total | -180,289 | 215,242 | 177.98 | 25.81 | 395,531 | 143.50 | 22.21 |
| NewGold | 16,329 | 120,552 | 65.21 | 9.46 | 104,223 | 55.50 | 8.59 |
| Exchange Traded Funds Total | 16,329 | 120,552 | 65.21 | 9.46 | 104,223 | 55.50 | 8.59 |
| European - Currency | 0 | 0 | 0.05 | 0.01 | 0 | 0.04 | 0.01 |
| United Kingdom - Currency | 0 | 0 | 0.05 | 0.01 | 0 | 0.04 | 0.01 |
| USA - Currency | 0 | 0 | 0.74 | 0.11 | 0 | 0.35 | 0.05 |
| For Currency Total | 0 | 0 | 0.83 | 0.12 | 0 | 0.43 | 0.07 |
| Foreign - Equities | 0 | 0 | 88.45 | 12.83 | 0 | 92.59 | 14.33 |
| Foreign Invest Total | 0 | 0 | 88.45 | 12.83 | 0 | 92.59 | 14.33 |
| Mondi plc | 2,292 | 9,498 | 2.76 | 0.40 | 7,206 | 1.96 | 0.30 |
| The Bidvest Group Ltd. | 4,239 | 13,164 | 3.09 | 0.45 | 8,925 | 2.10 | 0.33 |
| General Industrials Total | 6,531 | 22,662 | 5.86 | 0.85 | 16,131 | 4.06 | 0.63 |
| Anglo American plc | 1,890 | 8,704 | 4.53 | 0.66 | 6,814 | 3.51 | 0.54 |
| BHP Group Ltd. | 1,702 | 6,844 | 2.91 | 0.42 | 5,142 | 2.25 | 0.35 |
| Glencore plc | -23,601 | 0 | 0.00 | 0.00 | 23,601 | 1.58 | 0.24 |
| Industrial Metals and Mining Total | -20,009 | 15,548 | 7.45 | 1.08 | 35,557 | 7.34 | 1.14 |
| Reinet Investments SCA | 1,913 | 6,421 | 3.69 | 0.54 | 4,508 | 2.02 | 0.31 |
| Remgro Ltd. | 6,347 | 20,927 | 3.30 | 0.48 | 14,580 | 2.27 | 0.35 |
| Investment Banking and Brokerage Services Total | 8,260 | 27,348 | 6.99 | 1.01 | 19,088 | 4.29 | 0.66 |
| Discovery Ltd. | 5,047 | 18,341 | 3.95 | 0.57 | 13,294 | 2.65 | 0.41 |
| Old Mutual Ltd. | 78,961 | 234,943 | 2.82 | 0.41 | 155,982 | 1.86 | 0.29 |
| Sanlam Ltd. | 15,761 | 50,665 | 4.50 | 0.65 | 34,904 | 2.91 | 0.45 |
| Life Insurance Total | 99,769 | 303,949 | 11.27 | 1.63 | 204,180 | 7.42 | 1.15 |
| OUTsurance Group Ltd. | 13,930 | 44,256 | 3.47 | 0.50 | 30,326 | 2.12 | 0.33 |
| Non-life Insurance Total | 13,930 | 44,256 | 3.47 | 0.50 | 30,326 | 2.12 | 0.33 |
| Bid Corporation Ltd. | 2,776 | 9,745 | 4.60 | 0.67 | 6,969 | 3.07 | 0.47 |
| Clicks Group Ltd. | 2,880 | 9,271 | 3.45 | 0.50 | 6,391 | 2.16 | 0.33 |
| Shoprite Holdings Ltd. | 4,180 | 14,241 | 3.99 | 0.58 | 10,061 | 2.73 | 0.42 |
| Personal Care, Drug and Grocery Stores Total | 9,836 | 33,257 | 12.04 | 1.75 | 23,421 | 7.95 | 1.23 |
| Compagnie Financière Richemont SA | 231 | 1,325 | 4.41 | 0.64 | 1,094 | 3.49 | 0.54 |
| Personal Goods Total | 231 | 1,325 | 4.41 | 0.64 | 1,094 | 3.49 | 0.54 |
| Aspen Pharmacare Holdings Ltd. | 11,481 | 24,054 | 2.88 | 0.42 | 12,573 | 2.04 | 0.32 |
| Pharmaceuticals and Biotechnology Total | 11,481 | 24,054 | 2.88 | 0.42 | 12,573 | 2.04 | 0.32 |
| AngloGold Ashanti plc | 818 | 7,873 | 6.28 | 0.91 | 7,055 | 4.92 | 0.76 |
| Gold Fields Ltd. | 3,728 | 18,812 | 7.82 | 1.13 | 15,084 | 6.29 | 0.97 |
| Harmony Gold Mining Company Ltd. | 2,673 | 17,164 | 4.14 | 0.60 | 14,491 | 3.86 | 0.60 |
| Impala Platinum Holdings Ltd. | 5,945 | 29,195 | 4.65 | 0.67 | 23,250 | 2.96 | 0.46 |
| Northam Platinum Holdings Ltd. | 18,099 | 18,099 | 3.50 | 0.51 | 0 | 0.00 | 0.00 |
| Sibanye Stillwater Ltd. | 2,018 | 113,856 | 3.68 | 0.53 | 111,838 | 2.32 | 0.36 |
| Valterra Platinum Ltd. | 277 | 4,788 | 3.79 | 0.55 | 4,511 | 3.39 | 0.52 |
| Precious Metals and Mining Total | 33,558 | 209,787 | 33.87 | 4.91 | 176,229 | 23.72 | 3.67 |
| NEPI Rockcastle NV | 7,422 | 24,181 | 3.28 | 0.48 | 16,759 | 2.22 | 0.34 |
| Real Estate Investment and Services Total | 7,422 | 24,181 | 3.28 | 0.48 | 16,759 | 2.22 | 0.34 |
| Growthpoint Properties Ltd. | 43,940 | 197,148 | 2.62 | 0.38 | 153,208 | 1.98 | 0.31 |
| Real Estate Investment Trusts Total | 43,940 | 197,148 | 2.62 | 0.38 | 153,208 | 1.98 | 0.31 |
| Mr Price Group Ltd. | 4,676 | 12,341 | 2.74 | 0.40 | 7,665 | 1.70 | 0.26 |
| Pepkor Holdings Ltd. | 40,534 | 119,301 | 3.25 | 0.47 | 78,767 | 2.02 | 0.31 |
| Woolworths Holdings Ltd. | 17,451 | 49,726 | 2.58 | 0.37 | 32,275 | 1.67 | 0.26 |
| Retailers Total | 62,661 | 181,368 | 8.58 | 1.24 | 118,707 | 5.39 | 0.83 |
| Naspers Ltd. | 508 | 1,902 | 10.54 | 1.53 | 1,394 | 6.33 | 0.98 |
| Prosus NV | 1,157 | 4,935 | 4.89 | 0.71 | 3,778 | 3.18 | 0.49 |
| Software and Computer Services Total | 1,665 | 6,837 | 15.43 | 2.24 | 5,172 | 9.51 | 1.47 |
| MTN Group Ltd. | 8,634 | 45,053 | 6.36 | 0.92 | 36,419 | 4.51 | 0.70 |
| Vodacom Group Ltd. | 6,899 | 25,771 | 3.52 | 0.51 | 18,872 | 2.33 | 0.36 |
| Telecommunications Service Providers Total | 15,533 | 70,824 | 9.88 | 1.43 | 55,291 | 6.84 | 1.06 |
| British American Tobacco plc | 1,311 | 5,966 | 5.10 | 0.74 | 4,655 | 3.56 | 0.55 |
| Tobacco Total | 1,311 | 5,966 | 5.10 | 0.74 | 4,655 | 3.56 | 0.55 |
| Portfolio Total | -48,843,241 | 143,216,860 | 689.69 | 100.00 | 192,060,101 | 646.01 | 100.00 |