| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -14,200 | 77,579 | 13.73 | 0.36 | 91,779 | 17.42 | 0.46 |
| Capitec Bank Holdings Ltd. | -1,449 | 7,974 | 24.74 | 0.64 | 9,423 | 29.53 | 0.77 |
| FirstRand Ltd. | -85,775 | 474,747 | 34.11 | 0.88 | 560,522 | 42.58 | 1.12 |
| Investec plc | -9,319 | 58,539 | 6.67 | 0.17 | 67,858 | 8.60 | 0.23 |
| Nedbank Group Ltd. | -7,838 | 42,586 | 10.96 | 0.28 | 50,424 | 14.20 | 0.37 |
| Standard Bank Group Ltd. | -24,036 | 123,895 | 29.66 | 0.77 | 147,931 | 32.81 | 0.86 |
| Banks Total | -142,617 | 785,320 | 119.86 | 3.10 | 927,937 | 145.13 | 3.80 |
| Anheuser-Busch InBev SA/NV | -574 | 8,028 | 9.08 | 0.23 | 8,602 | 8.07 | 0.21 |
| Beverages Total | -574 | 8,028 | 9.08 | 0.23 | 8,602 | 8.07 | 0.21 |
| SA Bond R186 | 30,000,000 | 83,000,000 | 88.34 | 2.29 | 53,000,000 | 55.27 | 1.45 |
| SA Bond R2030 | 42,000,000 | 130,000,000 | 126.30 | 3.27 | 88,000,000 | 87.29 | 2.29 |
| SA Bond R2032 | 20,000,000 | 86,000,000 | 79.12 | 2.05 | 66,000,000 | 62.51 | 1.64 |
| SA Bond R2035 | 10,000,000 | 76,000,000 | 68.63 | 1.78 | 66,000,000 | 62.08 | 1.63 |
| SA Bond R2037 | 50,000,000 | 91,000,000 | 76.96 | 1.99 | 41,000,000 | 36.28 | 0.95 |
| SA Bond R2040 | 10,000,000 | 64,000,000 | 53.87 | 1.39 | 54,000,000 | 48.07 | 1.26 |
| SA Bond R2044 | 11,000,000 | 83,000,000 | 66.20 | 1.71 | 72,000,000 | 61.11 | 1.60 |
| SA Bond R2048 | 20,000,000 | 85,000,000 | 66.60 | 1.72 | 65,000,000 | 54.22 | 1.42 |
| SA Bond R2053 | -5,000,000 | 0 | 0.00 | 0.00 | 5,000,000 | 5.36 | 0.14 |
| Bond Total | 188,000,000 | 698,000,000 | 626.01 | 16.19 | 510,000,000 | 472.19 | 12.38 |
| Vanguard USD Treasury Bond UCITS ETF | -386,500 | 138,499 | 67.10 | 1.74 | 524,999 | 254.03 | 6.66 |
| Bonds Total | -386,500 | 138,499 | 67.10 | 1.74 | 524,999 | 254.03 | 6.66 |
| JPM USD Standard Money Market VNAV Fund | 550 | 671 | 207.95 | 5.38 | 121 | 37.96 | 0.99 |
| Cash Total | 550 | 671 | 207.95 | 5.38 | 121 | 37.96 | 0.99 |
| Cash on call | 0 | 0 | 343.88 | 8.90 | 0 | 250.98 | 6.58 |
| Margin Account | 0 | 0 | 12.02 | 0.31 | 0 | 12.50 | 0.33 |
| Cash on call Total | 0 | 0 | 355.89 | 9.21 | 0 | 263.48 | 6.91 |
| Sasol Ltd. | -9,592 | 54,920 | 4.20 | 0.11 | 64,512 | 5.37 | 0.14 |
| Chemicals Total | -9,592 | 54,920 | 4.20 | 0.11 | 64,512 | 5.37 | 0.14 |
| iShares Core MSCI Emerging Markets IMI UCITS ETF | 52,290 | 52,290 | 33.50 | 0.87 | 0 | 0.00 | 0.00 |
| Vangaurd FTSE All World ETF | 16,000 | 71,570 | 177.70 | 4.60 | 55,570 | 144.83 | 3.80 |
| Equities Total | 68,290 | 123,860 | 211.20 | 5.46 | 55,570 | 144.83 | 3.80 |
| CITADEL SA Bond H4 - B2 | 0 | 62,513,088 | 777.92 | 20.12 | 62,513,088 | 768.83 | 20.15 |
| Citadel SA Managed Volatility Equity H4 - B2 | 2,699,341 | 18,222,187 | 268.29 | 6.94 | 15,522,846 | 215.62 | 5.65 |
| Flexible Total | 2,699,341 | 80,735,275 | 1,046.20 | 27.06 | 78,035,934 | 984.45 | 25.80 |
| USA - Currency | 0 | 0 | 106.32 | 2.75 | 0 | 148.86 | 3.90 |
| For Currency Total | 0 | 0 | 106.32 | 2.75 | 0 | 148.86 | 3.90 |
| Foreign - Bonds | 0 | 0 | 73.68 | 1.91 | 0 | 73.69 | 1.93 |
| Foreign Invest Total | 0 | 0 | 73.68 | 1.91 | 0 | 73.69 | 1.93 |
| iShares Developed Markets Property Yield UCITS ETF | 43,000 | 43,000 | 18.33 | 0.47 | 0 | 0.00 | 0.00 |
| Foreign Property Total | 43,000 | 43,000 | 18.33 | 0.47 | 0 | 0.00 | 0.00 |
| Mondi plc | -1,466 | 17,797 | 4.84 | 0.13 | 19,263 | 5.35 | 0.14 |
| The Bidvest Group Ltd. | -5,862 | 31,720 | 7.47 | 0.19 | 37,582 | 9.91 | 0.26 |
| General Industrials Total | -7,328 | 49,517 | 12.31 | 0.32 | 56,845 | 15.25 | 0.40 |
| Citadel SA Income H4 - B2 | -13,164,091 | 17,243,660 | 183.47 | 4.75 | 30,407,751 | 323.92 | 8.49 |
| Income Total | -13,164,091 | 17,243,660 | 183.47 | 4.75 | 30,407,751 | 323.92 | 8.49 |
| Anglo American plc | -6,147 | 35,467 | 18.29 | 0.47 | 41,614 | 22.96 | 0.60 |
| BHP Group Ltd. | -4,215 | 15,544 | 6.82 | 0.18 | 19,759 | 9.10 | 0.24 |
| Glencore plc | -11,356 | 52,629 | 3.54 | 0.09 | 63,985 | 5.34 | 0.14 |
| Industrial Metals and Mining Total | -21,718 | 103,640 | 28.65 | 0.74 | 125,358 | 37.41 | 0.98 |
| Reinet Investments SCA | -2,262 | 12,467 | 5.55 | 0.14 | 14,729 | 6.59 | 0.17 |
| Remgro Ltd. | -8,353 | 47,227 | 7.45 | 0.19 | 55,580 | 8.62 | 0.23 |
| Investment Banking and Brokerage Services Total | -10,615 | 59,694 | 13.00 | 0.34 | 70,309 | 15.21 | 0.40 |
| Discovery Ltd. | -9,061 | 50,089 | 9.99 | 0.26 | 59,150 | 11.52 | 0.30 |
| Old Mutual Ltd. | -81,924 | 400,922 | 4.77 | 0.12 | 482,846 | 6.04 | 0.16 |
| Sanlam Ltd. | -28,017 | 156,264 | 12.93 | 0.33 | 184,281 | 16.01 | 0.42 |
| Life Insurance Total | -119,002 | 607,275 | 27.69 | 0.72 | 726,277 | 33.57 | 0.88 |
| OUTsurance Group Ltd. | -14,366 | 79,074 | 5.51 | 0.14 | 93,440 | 6.21 | 0.16 |
| Non-life Insurance Total | -14,366 | 79,074 | 5.51 | 0.14 | 93,440 | 6.21 | 0.16 |
| iShares Core MSCI EM IMI UCITS ETF | -52,290 | 0 | 0.00 | 0.00 | 52,290 | 33.68 | 0.88 |
| iShares Core MSCI World UCITS ETF | 180,559 | 180,559 | 348.54 | 9.02 | 0 | 0.00 | 0.00 |
| iShares Core MSCI World UCITS ETF | -180,559 | 0 | 0.00 | 0.00 | 180,559 | 369.03 | 9.67 |
| Peregrine US Managed Volatility Equity | -10,253 | 36,929 | 128.58 | 3.33 | 47,182 | 170.48 | 4.47 |
| Offshore Intern Total | -62,543 | 217,488 | 477.12 | 12.35 | 280,031 | 573.19 | 15.02 |
| Exxaro Resources Ltd. | -26,714 | 0 | 0.00 | 0.00 | 26,714 | 4.22 | 0.11 |
| Oil, Gas and Coal Total | -26,714 | 0 | 0.00 | 0.00 | 26,714 | 4.22 | 0.11 |
| Bid Corporation Ltd. | -5,679 | 31,176 | 13.70 | 0.35 | 36,855 | 15.87 | 0.42 |
| Clicks Group Ltd. | -4,002 | 22,353 | 7.57 | 0.20 | 26,355 | 9.83 | 0.26 |
| Shoprite Holdings Ltd. | -8,134 | 44,934 | 12.25 | 0.32 | 53,068 | 15.63 | 0.41 |
| Personal Care, Drug and Grocery Stores Total | -17,815 | 98,463 | 33.53 | 0.87 | 116,278 | 41.33 | 1.08 |
| Compagnie Financière Richemont SA | -1,122 | 4,722 | 14.97 | 0.39 | 5,844 | 16.22 | 0.43 |
| Personal Goods Total | -1,122 | 4,722 | 14.97 | 0.39 | 5,844 | 16.22 | 0.43 |
| Aspen Pharmacare Holdings Ltd. | -6,507 | 36,326 | 5.95 | 0.15 | 42,833 | 7.06 | 0.19 |
| Pharmaceuticals and Biotechnology Total | -6,507 | 36,326 | 5.95 | 0.15 | 42,833 | 7.06 | 0.19 |
| Anglo American Platinum Ltd. | 8,271 | 8,271 | 6.07 | 0.16 | 0 | 0.00 | 0.00 |
| AngloGold Ashanti plc | -2,369 | 32,236 | 22.14 | 0.57 | 34,605 | 14.57 | 0.38 |
| Gold Fields Ltd. | -15,019 | 82,644 | 33.51 | 0.87 | 97,663 | 24.13 | 0.63 |
| Harmony Gold Mining Company Ltd. | -9,494 | 52,002 | 13.86 | 0.36 | 61,496 | 9.27 | 0.24 |
| Impala Platinum Holdings Ltd. | -13,500 | 75,658 | 9.53 | 0.25 | 89,158 | 7.82 | 0.21 |
| Sibanye Stillwater Ltd. | -47,034 | 263,594 | 5.49 | 0.14 | 310,628 | 4.65 | 0.12 |
| Precious Metals and Mining Total | -79,145 | 514,405 | 90.60 | 2.34 | 593,550 | 60.44 | 1.58 |
| NEPI Rockcastle NV | -10,247 | 55,599 | 7.37 | 0.19 | 65,846 | 9.09 | 0.24 |
| Real Estate Investment and Services Total | -10,247 | 55,599 | 7.37 | 0.19 | 65,846 | 9.09 | 0.24 |
| Growthpoint Properties Ltd. | -58,578 | 314,154 | 4.07 | 0.11 | 372,732 | 4.74 | 0.12 |
| Real Estate Investment Trusts Total | -58,578 | 314,154 | 4.07 | 0.11 | 372,732 | 4.74 | 0.12 |
| Mr Price Group Ltd. | -3,981 | 23,541 | 5.22 | 0.13 | 27,522 | 8.13 | 0.21 |
| Pepkor Holdings Ltd. | -45,696 | 245,903 | 6.28 | 0.16 | 291,599 | 8.44 | 0.22 |
| Woolworths Holdings Ltd. | -15,373 | 84,224 | 4.30 | 0.11 | 99,597 | 6.21 | 0.16 |
| Retailers Total | -65,050 | 353,668 | 15.79 | 0.41 | 418,718 | 22.78 | 0.60 |
| Naspers Ltd. | -2,243 | 9,308 | 42.05 | 1.09 | 11,551 | 48.20 | 1.26 |
| Prosus NV | -4,019 | 16,687 | 14.04 | 0.36 | 20,706 | 15.51 | 0.41 |
| Software and Computer Services Total | -6,262 | 25,995 | 56.10 | 1.45 | 32,257 | 63.71 | 1.67 |
| MTN Group Ltd. | -30,372 | 169,451 | 20.88 | 0.54 | 199,823 | 18.38 | 0.48 |
| Vodacom Group Ltd. | -10,170 | 55,793 | 7.00 | 0.18 | 65,963 | 6.69 | 0.18 |
| Telecommunications Service Providers Total | -40,542 | 225,244 | 27.88 | 0.72 | 265,786 | 25.07 | 0.66 |
| British American Tobacco plc | -5,251 | 20,913 | 16.08 | 0.42 | 26,164 | 18.04 | 0.47 |
| Tobacco Total | -5,251 | 20,913 | 16.08 | 0.42 | 26,164 | 18.04 | 0.47 |
| Portfolio Total | 176,555,002 | 799,899,410 | 3,865.93 | 100.00 | 623,344,408 | 3,815.55 | 100.00 |