| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -6,040 | 476,618 | 86.31 | 0.90 | 482,658 | 84.95 | 0.97 |
| Capitec Bank Holdings Ltd. | -588 | 51,202 | 177.88 | 1.85 | 51,790 | 183.90 | 2.10 |
| FirstRand Ltd. | -40,057 | 2,926,621 | 227.28 | 2.36 | 2,966,678 | 224.55 | 2.57 |
| Investec plc | -8,256 | 347,951 | 44.58 | 0.46 | 356,207 | 47.08 | 0.54 |
| Nedbank Group Ltd. | -4,176 | 261,398 | 55.81 | 0.58 | 265,574 | 64.55 | 0.74 |
| Standard Bank Group Ltd. | -8,295 | 755,666 | 178.63 | 1.86 | 763,961 | 173.82 | 1.99 |
| Banks Total | -67,412 | 4,819,456 | 770.49 | 8.01 | 4,886,868 | 778.85 | 8.90 |
| Anheuser-Busch InBev SA/NV | -3,452 | 50,299 | 51.64 | 0.54 | 53,751 | 65.50 | 0.75 |
| Beverages Total | -3,452 | 50,299 | 51.64 | 0.54 | 53,751 | 65.50 | 0.75 |
| SA Bond R2035 | -94,000,000 | 61,000,000 | 60.37 | 0.63 | 155,000,000 | 149.34 | 1.71 |
| Bond Total | -94,000,000 | 61,000,000 | 60.37 | 0.63 | 155,000,000 | 149.34 | 1.71 |
| Vanguard USD Treasury Bond UCITS ETF | 0 | 135,414 | 63.02 | 0.66 | 135,414 | 63.77 | 0.73 |
| Bonds Total | 0 | 135,414 | 63.02 | 0.66 | 135,414 | 63.77 | 0.73 |
| JPM USD Standard Money Market VNAV Fund | -676 | 660 | 196.15 | 2.04 | 1,336 | 404.12 | 4.62 |
| Cash Total | -676 | 660 | 196.15 | 2.04 | 1,336 | 404.12 | 4.62 |
| Cash on call | 0 | 0 | 599.16 | 6.23 | 0 | 514.45 | 5.88 |
| Margin Account | 0 | 0 | 36.23 | 0.38 | 0 | 73.47 | 0.84 |
| Cash on call Total | 0 | 0 | 635.39 | 6.61 | 0 | 587.93 | 6.72 |
| Sasol Ltd. | -4,830 | 338,246 | 36.35 | 0.38 | 343,076 | 27.02 | 0.31 |
| Chemicals Total | -4,830 | 338,246 | 36.35 | 0.38 | 343,076 | 27.02 | 0.31 |
| iShares Core MSCI Emerging Markets IMI UCITS ETF | 0 | 239,870 | 178.75 | 1.86 | 239,870 | 167.47 | 1.91 |
| Vangaurd FTSE All World ETF | 0 | 212,826 | 589.72 | 6.13 | 212,826 | 569.70 | 6.51 |
| Xtrackers MSCI World UCITS ETF | 81,000 | 141,000 | 94.67 | 0.98 | 60,000 | 39.69 | 0.45 |
| Equities Total | 81,000 | 593,696 | 863.14 | 8.98 | 512,696 | 776.87 | 8.88 |
| CITADEL SA Bond H4 - B2 | 382,388 | 94,050,428 | 1,245.05 | 12.95 | 93,668,040 | 1,172.89 | 13.40 |
| Flexible Total | 382,388 | 94,050,428 | 1,245.05 | 12.95 | 93,668,040 | 1,172.89 | 13.40 |
| USA - Currency | 0 | 0 | 142.80 | 1.49 | 0 | 264.85 | 3.03 |
| For Currency Total | 0 | 0 | 142.80 | 1.49 | 0 | 264.85 | 3.03 |
| Foreign - Bonds | 0 | 0 | 135.97 | 1.41 | 0 | 139.38 | 1.59 |
| Foreign Invest Total | 0 | 0 | 135.97 | 1.41 | 0 | 139.38 | 1.59 |
| iShares Developed Markets Property Yield UCITS ETF | 0 | 90,000 | 37.81 | 0.39 | 90,000 | 37.90 | 0.43 |
| Foreign Property Total | 0 | 90,000 | 37.81 | 0.39 | 90,000 | 37.90 | 0.43 |
| Mondi plc | -667 | 108,700 | 25.61 | 0.27 | 109,367 | 31.83 | 0.36 |
| The Bidvest Group Ltd. | -2,339 | 195,422 | 41.39 | 0.43 | 197,761 | 46.18 | 0.53 |
| General Industrials Total | -3,006 | 304,122 | 67.01 | 0.70 | 307,128 | 78.02 | 0.89 |
| Citadel SA Income H4 - B2 | 15,097,067 | 31,102,038 | 331.88 | 3.45 | 16,004,971 | 170.43 | 1.95 |
| Income Total | 15,097,067 | 31,102,038 | 331.88 | 3.45 | 16,004,971 | 170.43 | 1.95 |
| Anglo American plc | -4,583 | 183,842 | 118.85 | 1.24 | 188,425 | 99.05 | 1.13 |
| BHP Group Ltd. | -4,811 | 88,069 | 41.98 | 0.44 | 92,880 | 39.65 | 0.45 |
| Glencore plc | 492,648 | 492,648 | 39.26 | 0.41 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 483,254 | 764,559 | 200.09 | 2.08 | 281,305 | 138.70 | 1.58 |
| Reinet Investments SCA | -791 | 76,655 | 38.71 | 0.40 | 77,446 | 44.62 | 0.51 |
| Remgro Ltd. | -4,422 | 285,875 | 47.95 | 0.50 | 290,297 | 45.92 | 0.52 |
| Investment Banking and Brokerage Services Total | -5,213 | 362,530 | 86.66 | 0.90 | 367,743 | 90.55 | 1.03 |
| Discovery Ltd. | -4,157 | 308,115 | 60.70 | 0.63 | 312,272 | 67.08 | 0.77 |
| Old Mutual Ltd. | -42,771 | 2,355,514 | 31.45 | 0.33 | 2,398,285 | 28.95 | 0.33 |
| Sanlam Ltd. | -10,980 | 1,008,856 | 84.33 | 0.88 | 1,019,836 | 90.43 | 1.03 |
| Life Insurance Total | -57,908 | 3,672,485 | 176.48 | 1.84 | 3,730,393 | 186.45 | 2.13 |
| eMedia Holdings Ltd. | 119,965 | 119,965 | 0.22 | 0.00 | 0 | 0.00 | 0.00 |
| Media Total | 119,965 | 119,965 | 0.22 | 0.00 | 0 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | -8,528 | 489,366 | 35.09 | 0.36 | 497,894 | 39.00 | 0.45 |
| Non-life Insurance Total | -8,528 | 489,366 | 35.09 | 0.36 | 497,894 | 39.00 | 0.45 |
| iShares Core MSCI World UCITS ETF | 0 | 414,518 | 899.72 | 9.36 | 414,518 | 866.68 | 9.90 |
| iShares World Equity Index - A2 | -2,498 | 65,140 | 436.91 | 4.54 | 67,638 | 436.81 | 4.99 |
| Peregrine US Managed Volatility Equity | 118,369 | 226,493 | 800.16 | 8.32 | 108,124 | 380.66 | 4.35 |
| Offshore Intern Total | 115,871 | 706,151 | 2,136.78 | 22.22 | 590,280 | 1,684.15 | 19.24 |
| Bid Corporation Ltd. | -2,304 | 192,994 | 83.42 | 0.87 | 195,298 | 91.29 | 1.04 |
| Clicks Group Ltd. | -2,377 | 135,884 | 47.89 | 0.50 | 138,261 | 51.29 | 0.59 |
| Shoprite Holdings Ltd. | -3,196 | 271,753 | 74.46 | 0.77 | 274,949 | 76.15 | 0.87 |
| Personal Care, Drug and Grocery Stores Total | -7,877 | 600,631 | 205.78 | 2.14 | 608,508 | 218.73 | 2.50 |
| Compagnie Financière Richemont SA | -819 | 27,006 | 88.29 | 0.92 | 27,825 | 92.68 | 1.06 |
| Personal Goods Total | -819 | 27,006 | 88.29 | 0.92 | 27,825 | 92.68 | 1.06 |
| Aspen Pharmacare Holdings Ltd. | -226,825 | 0 | 0.00 | 0.00 | 226,825 | 27.10 | 0.31 |
| Pharmaceuticals and Biotechnology Total | -226,825 | 0 | 0.00 | 0.00 | 226,825 | 27.10 | 0.31 |
| AngloGold Ashanti plc | -1,971 | 203,947 | 247.50 | 2.57 | 205,918 | 164.92 | 1.88 |
| Gold Fields Ltd. | -5,423 | 508,302 | 370.60 | 3.85 | 513,725 | 213.60 | 2.44 |
| Harmony Gold Mining Company Ltd. | -2,391 | 314,933 | 99.16 | 1.03 | 317,324 | 77.68 | 0.89 |
| Impala Platinum Holdings Ltd. | -7,337 | 449,400 | 99.12 | 1.03 | 456,737 | 72.59 | 0.83 |
| Northam Platinum Holdings Ltd. | -2,826 | 203,948 | 57.31 | 0.60 | 206,774 | 39.64 | 0.45 |
| Sibanye Stillwater Ltd. | -29,455 | 1,613,572 | 79.53 | 0.83 | 1,643,027 | 53.00 | 0.61 |
| Valterra Platinum Ltd. | 51,708 | 125,581 | 155.14 | 1.61 | 73,873 | 58.38 | 0.67 |
| Precious Metals and Mining Total | 2,305 | 3,419,683 | 1,108.35 | 11.53 | 3,417,378 | 679.82 | 7.77 |
| NEPI Rockcastle NV | -6,881 | 338,861 | 46.86 | 0.49 | 345,742 | 46.66 | 0.53 |
| Real Estate Investment and Services Total | -6,881 | 338,861 | 46.86 | 0.49 | 345,742 | 46.66 | 0.53 |
| Growthpoint Properties Ltd. | -14,093 | 1,937,723 | 28.54 | 0.30 | 1,951,816 | 26.13 | 0.30 |
| Real Estate Investment Trusts Total | -14,093 | 1,937,723 | 28.54 | 0.30 | 1,951,816 | 26.13 | 0.30 |
| Mr Price Group Ltd. | -1,799 | 144,769 | 29.49 | 0.31 | 146,568 | 32.45 | 0.37 |
| Pepkor Holdings Ltd. | 586,485 | 2,126,118 | 51.69 | 0.54 | 1,539,633 | 41.92 | 0.48 |
| Woolworths Holdings Ltd. | -7,242 | 514,090 | 25.85 | 0.27 | 521,332 | 26.98 | 0.31 |
| Retailers Total | 577,444 | 2,784,977 | 107.03 | 1.11 | 2,207,533 | 101.36 | 1.16 |
| Naspers Ltd. | 109 | 55,861 | 349.39 | 3.63 | 55,752 | 307.49 | 3.51 |
| Prosus NV | -3,870 | 95,286 | 115.36 | 1.20 | 99,156 | 98.32 | 1.12 |
| Software and Computer Services Total | -3,761 | 151,147 | 464.76 | 4.83 | 154,908 | 405.82 | 4.64 |
| MTN Group Ltd. | -40,498 | 1,012,126 | 146.76 | 1.53 | 1,052,624 | 148.25 | 1.69 |
| Vodacom Group Ltd. | -2,597 | 343,442 | 45.78 | 0.48 | 346,039 | 47.30 | 0.54 |
| Telecommunications Service Providers Total | -43,095 | 1,355,568 | 192.54 | 2.00 | 1,398,663 | 195.56 | 2.23 |
| British American Tobacco plc | -9,666 | 110,777 | 101.05 | 1.05 | 120,443 | 103.03 | 1.18 |
| Tobacco Total | -9,666 | 110,777 | 101.05 | 1.05 | 120,443 | 103.03 | 1.18 |
| Portfolio Total | -77,604,748 | 209,325,788 | 9,615.58 | 100.00 | 286,930,536 | 8,752.61 | 100.00 |