| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -1,196 | 92,157 | 16.69 | 0.38 | 93,353 | 16.43 | 0.40 |
| Capitec Bank Holdings Ltd. | -115 | 9,579 | 33.28 | 0.76 | 9,694 | 34.42 | 0.83 |
| FirstRand Ltd. | -7,927 | 565,875 | 43.95 | 1.00 | 573,802 | 43.43 | 1.05 |
| Investec plc | -1,618 | 67,278 | 8.62 | 0.20 | 68,896 | 9.11 | 0.22 |
| Nedbank Group Ltd. | -823 | 50,543 | 10.79 | 0.25 | 51,366 | 12.48 | 0.30 |
| Standard Bank Group Ltd. | -1,650 | 146,112 | 34.54 | 0.79 | 147,762 | 33.62 | 0.82 |
| Banks Total | -13,329 | 931,544 | 147.86 | 3.36 | 944,873 | 149.49 | 3.62 |
| Anheuser-Busch InBev SA/NV | -670 | 9,726 | 9.99 | 0.23 | 10,396 | 12.67 | 0.31 |
| Beverages Total | -670 | 9,726 | 9.99 | 0.23 | 10,396 | 12.67 | 0.31 |
| SA Bond R186 | 1,000,000 | 68,000,000 | 72.34 | 1.65 | 67,000,000 | 69.72 | 1.69 |
| SA Bond R2030 | 5,000,000 | 119,000,000 | 121.03 | 2.75 | 114,000,000 | 115.87 | 2.81 |
| SA Bond R2032 | 6,000,000 | 68,000,000 | 67.13 | 1.53 | 62,000,000 | 60.49 | 1.47 |
| SA Bond R2035 | -86,000,000 | 120,000,000 | 118.77 | 2.70 | 206,000,000 | 198.49 | 4.81 |
| SA Bond R2037 | 3,000,000 | 88,000,000 | 82.24 | 1.87 | 85,000,000 | 76.99 | 1.87 |
| SA Bond R2040 | 3,000,000 | 61,000,000 | 56.80 | 1.29 | 58,000,000 | 52.32 | 1.27 |
| SA Bond R2044 | 3,000,000 | 62,000,000 | 54.82 | 1.25 | 59,000,000 | 50.10 | 1.21 |
| SA Bond R2048 | 3,000,000 | 88,000,000 | 76.66 | 1.74 | 85,000,000 | 70.76 | 1.72 |
| Bond Total | -62,000,000 | 674,000,000 | 649.80 | 14.78 | 736,000,000 | 694.75 | 16.84 |
| Vanguard USD Treasury Bond UCITS ETF | 0 | 78,499 | 36.53 | 0.83 | 78,499 | 36.97 | 0.90 |
| Bonds Total | 0 | 78,499 | 36.53 | 0.83 | 78,499 | 36.97 | 0.90 |
| JPM USD Standard Money Market VNAV Fund | -303 | 628 | 186.67 | 4.25 | 931 | 281.65 | 6.83 |
| Cash Total | -303 | 628 | 186.67 | 4.25 | 931 | 281.65 | 6.83 |
| Cash on call | 0 | 0 | 214.68 | 4.88 | 0 | 328.66 | 7.97 |
| Margin Account | 0 | 0 | 5.16 | 0.12 | 0 | 10.57 | 0.26 |
| Cash on call Total | 0 | 0 | 219.84 | 5.00 | 0 | 339.22 | 8.22 |
| Sasol Ltd. | -955 | 65,401 | 7.03 | 0.16 | 66,356 | 5.23 | 0.13 |
| Chemicals Total | -955 | 65,401 | 7.03 | 0.16 | 66,356 | 5.23 | 0.13 |
| iShares Core MSCI Emerging Markets IMI UCITS ETF | 0 | 52,290 | 38.97 | 0.89 | 52,290 | 36.51 | 0.89 |
| Vangaurd FTSE All World ETF | 0 | 71,570 | 198.31 | 4.51 | 71,570 | 191.58 | 4.64 |
| Xtrackers MSCI World UCITS ETF | 5,930 | 5,930 | 3.98 | 0.09 | 0 | 0.00 | 0.00 |
| Equities Total | 5,930 | 129,790 | 241.26 | 5.49 | 123,860 | 228.09 | 5.53 |
| CITADEL SA Bond H4 - B2 | 0 | 65,674,572 | 869.41 | 19.78 | 65,674,572 | 822.36 | 19.94 |
| Citadel SA Managed Volatility Equity H4 - B2 | 1,419,011 | 20,030,535 | 322.79 | 7.34 | 18,611,524 | 284.44 | 6.90 |
| Flexible Total | 1,419,011 | 85,705,107 | 1,192.19 | 27.12 | 84,286,096 | 1,106.80 | 26.83 |
| USA - Currency | 0 | 0 | 108.32 | 2.46 | 0 | 112.82 | 2.74 |
| For Currency Total | 0 | 0 | 108.32 | 2.46 | 0 | 112.82 | 2.74 |
| Foreign - Bonds | 0 | 0 | 70.59 | 1.61 | 0 | 72.36 | 1.75 |
| Foreign Invest Total | 0 | 0 | 70.59 | 1.61 | 0 | 72.36 | 1.75 |
| iShares Developed Markets Property Yield UCITS ETF | 0 | 43,000 | 18.07 | 0.41 | 43,000 | 18.11 | 0.44 |
| Foreign Property Total | 0 | 43,000 | 18.07 | 0.41 | 43,000 | 18.11 | 0.44 |
| Mondi plc | -136 | 21,017 | 4.95 | 0.11 | 21,153 | 6.16 | 0.15 |
| The Bidvest Group Ltd. | -464 | 37,786 | 8.00 | 0.18 | 38,250 | 8.93 | 0.22 |
| General Industrials Total | -600 | 58,803 | 12.96 | 0.29 | 59,403 | 15.09 | 0.37 |
| Citadel SA Income H4 - B2 | 19,864,405 | 34,012,145 | 362.94 | 8.26 | 14,147,740 | 150.65 | 3.65 |
| Income Total | 19,864,405 | 34,012,145 | 362.94 | 8.26 | 14,147,740 | 150.65 | 3.65 |
| Anglo American plc | -897 | 35,547 | 22.98 | 0.52 | 36,444 | 19.16 | 0.46 |
| BHP Group Ltd. | -935 | 17,029 | 8.12 | 0.18 | 17,964 | 7.67 | 0.19 |
| Glencore plc | 95,255 | 95,255 | 7.59 | 0.17 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 93,423 | 147,831 | 38.69 | 0.88 | 54,408 | 26.83 | 0.65 |
| Reinet Investments SCA | -157 | 14,822 | 7.49 | 0.17 | 14,979 | 8.63 | 0.21 |
| Remgro Ltd. | -872 | 55,276 | 9.27 | 0.21 | 56,148 | 8.88 | 0.22 |
| Investment Banking and Brokerage Services Total | -1,029 | 70,098 | 16.76 | 0.38 | 71,127 | 17.51 | 0.42 |
| Discovery Ltd. | -822 | 59,576 | 11.74 | 0.27 | 60,398 | 12.97 | 0.31 |
| Old Mutual Ltd. | -8,416 | 455,449 | 6.08 | 0.14 | 463,865 | 5.60 | 0.14 |
| Sanlam Ltd. | -2,185 | 195,067 | 16.31 | 0.37 | 197,252 | 17.49 | 0.42 |
| Life Insurance Total | -11,423 | 710,092 | 34.12 | 0.78 | 721,515 | 36.06 | 0.87 |
| eMedia Holdings Ltd. | 23,196 | 23,196 | 0.04 | 0.00 | 0 | 0.00 | 0.00 |
| Media Total | 23,196 | 23,196 | 0.04 | 0.00 | 0 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | -1,679 | 94,621 | 6.78 | 0.15 | 96,300 | 7.54 | 0.18 |
| Non-life Insurance Total | -1,679 | 94,621 | 6.78 | 0.15 | 96,300 | 7.54 | 0.18 |
| iShares Core MSCI World UCITS ETF | -18,800 | 132,259 | 287.07 | 6.53 | 151,059 | 315.84 | 7.66 |
| Peregrine US Managed Volatility Equity | 46,769 | 83,698 | 295.69 | 6.73 | 36,929 | 130.01 | 3.15 |
| Offshore Intern Total | 27,969 | 215,957 | 582.76 | 13.26 | 187,988 | 445.85 | 10.81 |
| Bid Corporation Ltd. | -456 | 37,317 | 16.13 | 0.37 | 37,773 | 17.66 | 0.43 |
| Clicks Group Ltd. | -467 | 26,274 | 9.26 | 0.21 | 26,741 | 9.92 | 0.24 |
| Shoprite Holdings Ltd. | -634 | 52,545 | 14.40 | 0.33 | 53,179 | 14.73 | 0.36 |
| Personal Care, Drug and Grocery Stores Total | -1,557 | 116,136 | 39.79 | 0.91 | 117,693 | 42.31 | 1.03 |
| Compagnie Financière Richemont SA | -159 | 5,222 | 17.07 | 0.39 | 5,381 | 17.92 | 0.43 |
| Personal Goods Total | -159 | 5,222 | 17.07 | 0.39 | 5,381 | 17.92 | 0.43 |
| Aspen Pharmacare Holdings Ltd. | -43,871 | 0 | 0.00 | 0.00 | 43,871 | 5.24 | 0.13 |
| Pharmaceuticals and Biotechnology Total | -43,871 | 0 | 0.00 | 0.00 | 43,871 | 5.24 | 0.13 |
| AngloGold Ashanti plc | -393 | 39,434 | 47.85 | 1.09 | 39,827 | 31.90 | 0.77 |
| Gold Fields Ltd. | -1,079 | 98,283 | 71.66 | 1.63 | 99,362 | 41.31 | 1.00 |
| Harmony Gold Mining Company Ltd. | -481 | 60,894 | 19.17 | 0.44 | 61,375 | 15.03 | 0.36 |
| Impala Platinum Holdings Ltd. | -1,446 | 86,894 | 19.16 | 0.44 | 88,340 | 14.04 | 0.34 |
| Northam Platinum Holdings Ltd. | -558 | 39,435 | 11.08 | 0.25 | 39,993 | 7.67 | 0.19 |
| Sibanye Stillwater Ltd. | -5,796 | 311,991 | 15.38 | 0.35 | 317,787 | 10.25 | 0.25 |
| Valterra Platinum Ltd. | 9,993 | 24,281 | 30.00 | 0.68 | 14,288 | 11.29 | 0.27 |
| Precious Metals and Mining Total | 240 | 661,212 | 214.30 | 4.87 | 660,972 | 131.49 | 3.19 |
| NEPI Rockcastle NV | -1,350 | 65,521 | 9.06 | 0.21 | 66,871 | 9.02 | 0.22 |
| Real Estate Investment and Services Total | -1,350 | 65,521 | 9.06 | 0.21 | 66,871 | 9.02 | 0.22 |
| Growthpoint Properties Ltd. | -2,844 | 374,667 | 5.52 | 0.13 | 377,511 | 5.05 | 0.12 |
| Real Estate Investment Trusts Total | -2,844 | 374,667 | 5.52 | 0.13 | 377,511 | 5.05 | 0.12 |
| Mr Price Group Ltd. | -356 | 27,992 | 5.70 | 0.13 | 28,348 | 6.28 | 0.15 |
| Pepkor Holdings Ltd. | 113,306 | 411,095 | 9.99 | 0.23 | 297,789 | 8.11 | 0.20 |
| Woolworths Holdings Ltd. | -1,431 | 99,402 | 5.00 | 0.11 | 100,833 | 5.22 | 0.13 |
| Retailers Total | 111,519 | 538,489 | 20.69 | 0.47 | 426,970 | 19.61 | 0.48 |
| Naspers Ltd. | 18 | 10,801 | 67.56 | 1.54 | 10,783 | 59.47 | 1.44 |
| Prosus NV | -754 | 18,424 | 22.31 | 0.51 | 19,178 | 19.02 | 0.46 |
| Software and Computer Services Total | -736 | 29,225 | 89.86 | 2.04 | 29,961 | 78.49 | 1.90 |
| MTN Group Ltd. | -7,895 | 195,699 | 28.38 | 0.65 | 203,594 | 28.67 | 0.70 |
| Vodacom Group Ltd. | -523 | 66,406 | 8.85 | 0.20 | 66,929 | 9.15 | 0.22 |
| Telecommunications Service Providers Total | -8,418 | 262,105 | 37.23 | 0.85 | 270,523 | 37.82 | 0.92 |
| British American Tobacco plc | -1,875 | 21,420 | 19.54 | 0.44 | 23,295 | 19.93 | 0.48 |
| Tobacco Total | -1,875 | 21,420 | 19.54 | 0.44 | 23,295 | 19.93 | 0.48 |
| Portfolio Total | -40,545,105 | 798,370,435 | 4,396.28 | 100.00 | 838,915,540 | 4,124.57 | 100.00 |