| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 15,774 | 93,353 | 16.43 | 0.40 | 77,579 | 13.73 | 0.36 |
| Capitec Bank Holdings Ltd. | 1,720 | 9,694 | 34.42 | 0.83 | 7,974 | 24.74 | 0.64 |
| FirstRand Ltd. | 99,055 | 573,802 | 43.43 | 1.05 | 474,747 | 34.11 | 0.88 |
| Investec plc | 10,357 | 68,896 | 9.11 | 0.22 | 58,539 | 6.67 | 0.17 |
| Nedbank Group Ltd. | 8,780 | 51,366 | 12.48 | 0.30 | 42,586 | 10.96 | 0.28 |
| Standard Bank Group Ltd. | 23,867 | 147,762 | 33.62 | 0.82 | 123,895 | 29.66 | 0.77 |
| Banks Total | 159,553 | 944,873 | 149.49 | 3.62 | 785,320 | 119.86 | 3.10 |
| Anheuser-Busch InBev SA/NV | 2,368 | 10,396 | 12.67 | 0.31 | 8,028 | 9.08 | 0.23 |
| Beverages Total | 2,368 | 10,396 | 12.67 | 0.31 | 8,028 | 9.08 | 0.23 |
| SA Bond R186 | -16,000,000 | 67,000,000 | 69.72 | 1.69 | 83,000,000 | 88.34 | 2.29 |
| SA Bond R2030 | -16,000,000 | 114,000,000 | 115.87 | 2.81 | 130,000,000 | 126.30 | 3.27 |
| SA Bond R2032 | -24,000,000 | 62,000,000 | 60.49 | 1.47 | 86,000,000 | 79.12 | 2.05 |
| SA Bond R2035 | 130,000,000 | 206,000,000 | 198.49 | 4.81 | 76,000,000 | 68.63 | 1.78 |
| SA Bond R2037 | -6,000,000 | 85,000,000 | 76.99 | 1.87 | 91,000,000 | 76.96 | 1.99 |
| SA Bond R2040 | -6,000,000 | 58,000,000 | 52.32 | 1.27 | 64,000,000 | 53.87 | 1.39 |
| SA Bond R2044 | -24,000,000 | 59,000,000 | 50.10 | 1.21 | 83,000,000 | 66.20 | 1.71 |
| SA Bond R2048 | 0 | 85,000,000 | 70.76 | 1.72 | 85,000,000 | 66.60 | 1.72 |
| Bond Total | 38,000,000 | 736,000,000 | 694.75 | 16.84 | 698,000,000 | 626.01 | 16.19 |
| Vanguard USD Treasury Bond UCITS ETF | -60,000 | 78,499 | 36.97 | 0.90 | 138,499 | 67.10 | 1.74 |
| Bonds Total | -60,000 | 78,499 | 36.97 | 0.90 | 138,499 | 67.10 | 1.74 |
| JPM USD Standard Money Market VNAV Fund | 260 | 931 | 281.65 | 6.83 | 671 | 207.95 | 5.38 |
| Cash Total | 260 | 931 | 281.65 | 6.83 | 671 | 207.95 | 5.38 |
| Cash on call | 0 | 0 | 328.66 | 7.97 | 0 | 343.88 | 8.90 |
| Margin Account | 0 | 0 | 10.57 | 0.26 | 0 | 12.02 | 0.31 |
| Cash on call Total | 0 | 0 | 339.22 | 8.22 | 0 | 355.89 | 9.21 |
| Sasol Ltd. | 11,436 | 66,356 | 5.23 | 0.13 | 54,920 | 4.20 | 0.11 |
| Chemicals Total | 11,436 | 66,356 | 5.23 | 0.13 | 54,920 | 4.20 | 0.11 |
| iShares Core MSCI Emerging Markets IMI UCITS ETF | 0 | 52,290 | 36.51 | 0.89 | 52,290 | 33.50 | 0.87 |
| Vangaurd FTSE All World ETF | 0 | 71,570 | 191.58 | 4.64 | 71,570 | 177.70 | 4.60 |
| Equities Total | 0 | 123,860 | 228.09 | 5.53 | 123,860 | 211.20 | 5.46 |
| CITADEL SA Bond H4 - B2 | 3,161,484 | 65,674,572 | 822.36 | 19.94 | 62,513,088 | 777.92 | 20.12 |
| Citadel SA Managed Volatility Equity H4 - B2 | 389,337 | 18,611,524 | 284.44 | 6.90 | 18,222,187 | 268.29 | 6.94 |
| Flexible Total | 3,550,821 | 84,286,096 | 1,106.80 | 26.83 | 80,735,275 | 1,046.20 | 27.06 |
| USA - Currency | 0 | 0 | 112.82 | 2.74 | 0 | 106.32 | 2.75 |
| For Currency Total | 0 | 0 | 112.82 | 2.74 | 0 | 106.32 | 2.75 |
| Foreign - Bonds | 0 | 0 | 72.36 | 1.75 | 0 | 73.68 | 1.91 |
| Foreign Invest Total | 0 | 0 | 72.36 | 1.75 | 0 | 73.68 | 1.91 |
| iShares Developed Markets Property Yield UCITS ETF | 0 | 43,000 | 18.11 | 0.44 | 43,000 | 18.33 | 0.47 |
| Foreign Property Total | 0 | 43,000 | 18.11 | 0.44 | 43,000 | 18.33 | 0.47 |
| Mondi plc | 3,356 | 21,153 | 6.16 | 0.15 | 17,797 | 4.84 | 0.13 |
| The Bidvest Group Ltd. | 6,530 | 38,250 | 8.93 | 0.22 | 31,720 | 7.47 | 0.19 |
| General Industrials Total | 9,886 | 59,403 | 15.09 | 0.37 | 49,517 | 12.31 | 0.32 |
| Citadel SA Income H4 - B2 | -3,095,920 | 14,147,740 | 150.65 | 3.65 | 17,243,660 | 183.47 | 4.75 |
| Income Total | -3,095,920 | 14,147,740 | 150.65 | 3.65 | 17,243,660 | 183.47 | 4.75 |
| Anglo American plc | 977 | 36,444 | 19.16 | 0.46 | 35,467 | 18.29 | 0.47 |
| BHP Group Ltd. | 2,420 | 17,964 | 7.67 | 0.19 | 15,544 | 6.82 | 0.18 |
| Glencore plc | -52,629 | 0 | 0.00 | 0.00 | 52,629 | 3.54 | 0.09 |
| Industrial Metals and Mining Total | -49,232 | 54,408 | 26.83 | 0.65 | 103,640 | 28.65 | 0.74 |
| Reinet Investments SCA | 2,512 | 14,979 | 8.63 | 0.21 | 12,467 | 5.55 | 0.14 |
| Remgro Ltd. | 8,921 | 56,148 | 8.88 | 0.22 | 47,227 | 7.45 | 0.19 |
| Investment Banking and Brokerage Services Total | 11,433 | 71,127 | 17.51 | 0.42 | 59,694 | 13.00 | 0.34 |
| Discovery Ltd. | 10,309 | 60,398 | 12.97 | 0.31 | 50,089 | 9.99 | 0.26 |
| Old Mutual Ltd. | 62,943 | 463,865 | 5.60 | 0.14 | 400,922 | 4.77 | 0.12 |
| Sanlam Ltd. | 40,988 | 197,252 | 17.49 | 0.42 | 156,264 | 12.93 | 0.33 |
| Life Insurance Total | 114,240 | 721,515 | 36.06 | 0.87 | 607,275 | 27.69 | 0.72 |
| OUTsurance Group Ltd. | 17,226 | 96,300 | 7.54 | 0.18 | 79,074 | 5.51 | 0.14 |
| Non-life Insurance Total | 17,226 | 96,300 | 7.54 | 0.18 | 79,074 | 5.51 | 0.14 |
| iShares Core MSCI World UCITS ETF | -29,500 | 151,059 | 315.84 | 7.66 | 180,559 | 348.54 | 9.02 |
| Peregrine US Managed Volatility Equity | 0 | 36,929 | 130.01 | 3.15 | 36,929 | 128.58 | 3.33 |
| Offshore Intern Total | -29,500 | 187,988 | 445.85 | 10.81 | 217,488 | 477.12 | 12.35 |
| Bid Corporation Ltd. | 6,597 | 37,773 | 17.66 | 0.43 | 31,176 | 13.70 | 0.35 |
| Clicks Group Ltd. | 4,388 | 26,741 | 9.92 | 0.24 | 22,353 | 7.57 | 0.20 |
| Shoprite Holdings Ltd. | 8,245 | 53,179 | 14.73 | 0.36 | 44,934 | 12.25 | 0.32 |
| Personal Care, Drug and Grocery Stores Total | 19,230 | 117,693 | 42.31 | 1.03 | 98,463 | 33.53 | 0.87 |
| Compagnie Financière Richemont SA | 659 | 5,381 | 17.92 | 0.43 | 4,722 | 14.97 | 0.39 |
| Personal Goods Total | 659 | 5,381 | 17.92 | 0.43 | 4,722 | 14.97 | 0.39 |
| Aspen Pharmacare Holdings Ltd. | 7,545 | 43,871 | 5.24 | 0.13 | 36,326 | 5.95 | 0.15 |
| Pharmaceuticals and Biotechnology Total | 7,545 | 43,871 | 5.24 | 0.13 | 36,326 | 5.95 | 0.15 |
| AngloGold Ashanti plc | 7,591 | 39,827 | 31.90 | 0.77 | 32,236 | 22.14 | 0.57 |
| Gold Fields Ltd. | 16,718 | 99,362 | 41.31 | 1.00 | 82,644 | 33.51 | 0.87 |
| Harmony Gold Mining Company Ltd. | 9,373 | 61,375 | 15.03 | 0.36 | 52,002 | 13.86 | 0.36 |
| Impala Platinum Holdings Ltd. | 12,682 | 88,340 | 14.04 | 0.34 | 75,658 | 9.53 | 0.25 |
| Northam Platinum Holdings Ltd. | 39,993 | 39,993 | 7.67 | 0.19 | 0 | 0.00 | 0.00 |
| Sibanye Stillwater Ltd. | 54,193 | 317,787 | 10.25 | 0.25 | 263,594 | 5.49 | 0.14 |
| Valterra Platinum Ltd. | 6,017 | 14,288 | 11.29 | 0.27 | 8,271 | 6.07 | 0.16 |
| Precious Metals and Mining Total | 146,567 | 660,972 | 131.49 | 3.19 | 514,405 | 90.60 | 2.34 |
| NEPI Rockcastle NV | 11,272 | 66,871 | 9.02 | 0.22 | 55,599 | 7.37 | 0.19 |
| Real Estate Investment and Services Total | 11,272 | 66,871 | 9.02 | 0.22 | 55,599 | 7.37 | 0.19 |
| Growthpoint Properties Ltd. | 63,357 | 377,511 | 5.05 | 0.12 | 314,154 | 4.07 | 0.11 |
| Real Estate Investment Trusts Total | 63,357 | 377,511 | 5.05 | 0.12 | 314,154 | 4.07 | 0.11 |
| Mr Price Group Ltd. | 4,807 | 28,348 | 6.28 | 0.15 | 23,541 | 5.22 | 0.13 |
| Pepkor Holdings Ltd. | 51,886 | 297,789 | 8.11 | 0.20 | 245,903 | 6.28 | 0.16 |
| Woolworths Holdings Ltd. | 16,609 | 100,833 | 5.22 | 0.13 | 84,224 | 4.30 | 0.11 |
| Retailers Total | 73,302 | 426,970 | 19.61 | 0.48 | 353,668 | 15.79 | 0.41 |
| Naspers Ltd. | 1,475 | 10,783 | 59.47 | 1.44 | 9,308 | 42.05 | 1.09 |
| Prosus NV | 2,491 | 19,178 | 19.02 | 0.46 | 16,687 | 14.04 | 0.36 |
| Software and Computer Services Total | 3,966 | 29,961 | 78.49 | 1.90 | 25,995 | 56.10 | 1.45 |
| MTN Group Ltd. | 34,143 | 203,594 | 28.67 | 0.70 | 169,451 | 20.88 | 0.54 |
| Vodacom Group Ltd. | 11,136 | 66,929 | 9.15 | 0.22 | 55,793 | 7.00 | 0.18 |
| Telecommunications Service Providers Total | 45,279 | 270,523 | 37.82 | 0.92 | 225,244 | 27.88 | 0.72 |
| British American Tobacco plc | 2,382 | 23,295 | 19.93 | 0.48 | 20,913 | 16.08 | 0.42 |
| Tobacco Total | 2,382 | 23,295 | 19.93 | 0.48 | 20,913 | 16.08 | 0.42 |
| Portfolio Total | 39,016,130 | 838,915,540 | 4,124.57 | 100.00 | 799,899,410 | 3,865.93 | 100.00 |