| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 3,037 | 82,202 | 14.42 | 0.39 | 79,165 | 12.54 | 0.36 |
| Capitec Bank Holdings Ltd. | 326 | 8,461 | 25.76 | 0.69 | 8,135 | 21.39 | 0.61 |
| FirstRand Ltd. | 18,955 | 502,310 | 41.72 | 1.12 | 483,355 | 37.17 | 1.06 |
| Investec plc | -969 | 61,238 | 8.02 | 0.22 | 62,207 | 8.23 | 0.24 |
| Nedbank Group Ltd. | 1,702 | 45,195 | 13.51 | 0.36 | 43,493 | 11.15 | 0.32 |
| Standard Bank Group Ltd. | 4,850 | 132,472 | 32.10 | 0.86 | 127,622 | 26.90 | 0.77 |
| Banks Total | 27,901 | 831,878 | 135.54 | 3.65 | 803,977 | 117.39 | 3.36 |
| Anheuser-Busch InBev SA/NV | 56 | 7,291 | 8.32 | 0.22 | 7,235 | 7.69 | 0.22 |
| Beverages Total | 56 | 7,291 | 8.32 | 0.22 | 7,235 | 7.69 | 0.22 |
| SA Bond R186 | -8,000,000 | 49,000,000 | 52.93 | 1.43 | 57,000,000 | 59.34 | 1.70 |
| SA Bond R2030 | -11,000,000 | 76,000,000 | 74.39 | 2.00 | 87,000,000 | 82.68 | 2.37 |
| SA Bond R2032 | -7,500,000 | 55,000,000 | 51.57 | 1.39 | 62,500,000 | 55.83 | 1.60 |
| SA Bond R2035 | -9,500,000 | 55,000,000 | 51.35 | 1.38 | 64,500,000 | 56.51 | 1.62 |
| SA Bond R2037 | 0 | 41,000,000 | 36.21 | 0.98 | 41,000,000 | 33.73 | 0.97 |
| SA Bond R2040 | 0 | 34,000,000 | 30.28 | 0.82 | 34,000,000 | 28.08 | 0.80 |
| SA Bond R2044 | 0 | 47,000,000 | 40.06 | 1.08 | 47,000,000 | 36.94 | 1.06 |
| SA Bond R2048 | -8,500,000 | 65,000,000 | 54.85 | 1.48 | 73,500,000 | 56.97 | 1.63 |
| SA Bond R2053 | -5,000,000 | 5,000,000 | 5.42 | 0.15 | 10,000,000 | 9.98 | 0.29 |
| Bond Total | -49,500,000 | 427,000,000 | 397.05 | 10.70 | 476,500,000 | 420.07 | 12.02 |
| Vanguard USD Treasury Bond UCITS ETF | -110,000 | 440,499 | 200.71 | 5.41 | 550,499 | 254.29 | 7.28 |
| Bonds Total | -110,000 | 440,499 | 200.71 | 5.41 | 550,499 | 254.29 | 7.28 |
| JPM USD Standard Money Market VNAV Fund | 116 | 368 | 104.49 | 2.82 | 252 | 74.66 | 2.14 |
| Cash Total | 116 | 368 | 104.49 | 2.82 | 252 | 74.66 | 2.14 |
| Cash on call | 0 | 0 | 147.01 | 3.96 | 0 | 426.32 | 12.20 |
| Margin Account | 0 | 0 | 5.70 | 0.15 | 0 | 10.91 | 0.31 |
| Cash on call Total | 0 | 0 | 152.71 | 4.11 | 0 | 437.23 | 12.51 |
| Sasol Ltd. | 2,208 | 57,827 | 6.71 | 0.18 | 55,619 | 7.68 | 0.22 |
| Chemicals Total | 2,208 | 57,827 | 6.71 | 0.18 | 55,619 | 7.68 | 0.22 |
| Vangaurd FTSE All World ETF | 7,390 | 55,570 | 132.88 | 3.58 | 48,180 | 115.93 | 3.32 |
| Equities Total | 7,390 | 55,570 | 132.88 | 3.58 | 48,180 | 115.93 | 3.32 |
| CITADEL SA Bond H4 - B2 | 0 | 59,094,888 | 759.23 | 20.45 | 59,094,888 | 697.82 | 19.97 |
| Citadel SA Managed Volatility Equity H4 - B2 | 2,503,224 | 10,227,992 | 146.99 | 3.96 | 7,724,768 | 103.23 | 2.95 |
| Flexible Total | 2,503,224 | 69,322,880 | 906.22 | 24.41 | 66,819,656 | 801.06 | 22.93 |
| USA - Currency | 0 | 0 | 156.33 | 4.21 | 0 | 101.64 | 2.91 |
| For Currency Total | 0 | 0 | 156.33 | 4.21 | 0 | 101.64 | 2.91 |
| Foreign - Bonds | 0 | 0 | 70.18 | 1.89 | 0 | 70.94 | 2.03 |
| Foreign Invest Total | 0 | 0 | 70.18 | 1.89 | 0 | 70.94 | 2.03 |
| iShares Developed Markets Property Yield UCITS ETF | -206 | 0 | 0.00 | 0.00 | 206 | 0.08 | 0.00 |
| Foreign Property Total | -206 | 0 | 0.00 | 0.00 | 206 | 0.08 | 0.00 |
| Mondi plc | -79 | 17,858 | 5.84 | 0.16 | 17,937 | 6.31 | 0.18 |
| The Bidvest Group Ltd. | 1,313 | 33,713 | 9.87 | 0.27 | 32,400 | 9.22 | 0.26 |
| General Industrials Total | 1,234 | 51,571 | 15.71 | 0.42 | 50,337 | 15.53 | 0.44 |
| Citadel SA Income H4 - B2 | 29,386,523 | 54,763,959 | 579.61 | 15.61 | 25,377,436 | 265.52 | 7.60 |
| Income Total | 29,386,523 | 54,763,959 | 579.61 | 15.61 | 25,377,436 | 265.52 | 7.60 |
| Anglo American plc | -1,413 | 37,990 | 21.24 | 0.57 | 39,403 | 22.72 | 0.65 |
| BHP Group Ltd. | 620 | 18,667 | 10.22 | 0.28 | 18,047 | 9.41 | 0.27 |
| Glencore plc | 1,236 | 59,402 | 5.87 | 0.16 | 58,166 | 6.07 | 0.17 |
| Industrial Metals and Mining Total | 443 | 116,059 | 37.34 | 1.01 | 115,616 | 38.19 | 1.09 |
| Reinet Investments SCA | 506 | 13,211 | 6.33 | 0.17 | 12,705 | 5.84 | 0.17 |
| Remgro Ltd. | 1,913 | 49,854 | 7.84 | 0.21 | 47,941 | 6.52 | 0.19 |
| Investment Banking and Brokerage Services Total | 2,419 | 63,065 | 14.17 | 0.38 | 60,646 | 12.36 | 0.35 |
| Discovery Ltd. | 2,077 | 53,058 | 9.12 | 0.25 | 50,981 | 6.87 | 0.20 |
| Old Mutual Ltd. | 15,678 | 433,856 | 5.94 | 0.16 | 418,178 | 5.18 | 0.15 |
| Sanlam Ltd. | -281 | 165,150 | 14.53 | 0.39 | 165,431 | 13.39 | 0.38 |
| Life Insurance Total | 17,474 | 652,064 | 29.59 | 0.80 | 634,590 | 25.43 | 0.73 |
| iShares Core MSCI EM IMI UCITS ETF | 0 | 52,290 | 33.23 | 0.90 | 52,290 | 32.76 | 0.94 |
| iShares Core MSCI World UCITS ETF | 0 | 180,559 | 334.12 | 9.00 | 180,559 | 336.39 | 9.63 |
| Peregrine US Managed Volatility Equity | 8,468 | 23,444 | 75.76 | 2.04 | 14,976 | 49.11 | 1.41 |
| Offshore Intern Total | 8,468 | 256,293 | 443.11 | 11.94 | 247,825 | 418.26 | 11.97 |
| Exxaro Resources Ltd. | 928 | 23,968 | 4.12 | 0.11 | 23,040 | 4.10 | 0.12 |
| Oil, Gas and Coal Total | 928 | 23,968 | 4.12 | 0.11 | 23,040 | 4.10 | 0.12 |
| Bid Corporation Ltd. | 1,270 | 33,060 | 14.64 | 0.39 | 31,790 | 13.51 | 0.39 |
| Clicks Group Ltd. | 937 | 23,667 | 9.40 | 0.25 | 22,730 | 7.83 | 0.22 |
| Shoprite Holdings Ltd. | 1,831 | 47,619 | 14.08 | 0.38 | 45,788 | 13.01 | 0.37 |
| Personal Care, Drug and Grocery Stores Total | 4,038 | 104,346 | 38.12 | 1.03 | 100,308 | 34.34 | 0.98 |
| Compagnie Financière Richemont SA | -57 | 5,595 | 15.30 | 0.41 | 5,652 | 16.11 | 0.46 |
| Personal Goods Total | -57 | 5,595 | 15.30 | 0.41 | 5,652 | 16.11 | 0.46 |
| Aspen Pharmacare Holdings Ltd. | 1,453 | 38,427 | 7.49 | 0.20 | 36,974 | 8.63 | 0.25 |
| Pharmaceuticals and Biotechnology Total | 1,453 | 38,427 | 7.49 | 0.20 | 36,974 | 8.63 | 0.25 |
| Anglo American Platinum Ltd. | -5,379 | 0 | 0.00 | 0.00 | 5,379 | 3.24 | 0.09 |
| AngloGold Ashanti plc | 1,789 | 31,031 | 14.24 | 0.38 | 29,242 | 13.44 | 0.38 |
| Gold Fields Ltd. | 3,366 | 87,599 | 23.55 | 0.63 | 84,233 | 23.03 | 0.66 |
| Harmony Gold Mining Company Ltd. | 2,135 | 55,139 | 9.82 | 0.26 | 53,004 | 8.91 | 0.25 |
| Impala Platinum Holdings Ltd. | 3,178 | 80,057 | 7.75 | 0.21 | 76,879 | 6.98 | 0.20 |
| Northam Platinum Holdings Ltd. | 1,433 | 35,102 | 3.83 | 0.10 | 33,669 | 4.29 | 0.12 |
| Sibanye Stillwater Ltd. | 10,728 | 278,663 | 4.97 | 0.13 | 267,935 | 5.28 | 0.15 |
| Precious Metals and Mining Total | 17,250 | 567,591 | 64.16 | 1.73 | 550,341 | 65.17 | 1.87 |
| Citadel SA Property H4 - B2 | -4,946,289 | 4,477,536 | 32.47 | 0.87 | 9,423,825 | 59.11 | 1.69 |
| Property Unit Trusts Total | -4,946,289 | 4,477,536 | 32.47 | 0.87 | 9,423,825 | 59.11 | 1.69 |
| NEPI Rockcastle NV | 2,063 | 54,785 | 7.99 | 0.22 | 52,722 | 6.93 | 0.20 |
| Real Estate Investment and Services Total | 2,063 | 54,785 | 7.99 | 0.22 | 52,722 | 6.93 | 0.20 |
| Growthpoint Properties Ltd. | 12,154 | 333,657 | 4.68 | 0.13 | 321,503 | 3.92 | 0.11 |
| Real Estate Investment Trusts Total | 12,154 | 333,657 | 4.68 | 0.13 | 321,503 | 3.92 | 0.11 |
| Mr Price Group Ltd. | 953 | 24,690 | 6.67 | 0.18 | 23,737 | 4.89 | 0.14 |
| Pepkor Holdings Ltd. | 261,592 | 261,592 | 6.30 | 0.17 | 0 | 0.00 | 0.00 |
| Woolworths Holdings Ltd. | 3,269 | 89,177 | 6.07 | 0.16 | 85,908 | 5.31 | 0.15 |
| Retailers Total | 265,814 | 375,459 | 19.05 | 0.51 | 109,645 | 10.20 | 0.29 |
| Naspers Ltd. | 1,875 | 12,549 | 52.64 | 1.42 | 10,674 | 38.08 | 1.09 |
| Prosus NV | 4,243 | 23,730 | 17.95 | 0.48 | 19,487 | 12.68 | 0.36 |
| Software and Computer Services Total | 6,118 | 36,279 | 70.59 | 1.90 | 30,161 | 50.75 | 1.45 |
| Peregrine Global Real Estate Fund | 0 | 7,269 | 18.15 | 0.49 | 7,269 | 16.62 | 0.48 |
| Specialist Securities Total | 0 | 7,269 | 18.15 | 0.49 | 7,269 | 16.62 | 0.48 |
| MTN Group Ltd. | 6,571 | 179,099 | 16.45 | 0.44 | 172,528 | 14.65 | 0.42 |
| Vodacom Group Ltd. | 2,337 | 59,234 | 6.48 | 0.17 | 56,897 | 5.55 | 0.16 |
| Telecommunications Service Providers Total | 8,908 | 238,333 | 22.93 | 0.62 | 229,425 | 20.20 | 0.58 |
| British American Tobacco plc | 763 | 25,294 | 16.28 | 0.44 | 24,531 | 13.78 | 0.39 |
| Tobacco Total | 763 | 25,294 | 16.28 | 0.44 | 24,531 | 13.78 | 0.39 |
| Portfolio Total | -22,279,607 | 559,907,863 | 3,712.01 | 100.00 | 582,187,470 | 3,493.80 | 100.00 |