| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 3,253 | 95,410 | 22.84 | 0.50 | 92,157 | 16.69 | 0.38 |
| Capitec Bank Holdings Ltd. | 321 | 9,900 | 41.14 | 0.90 | 9,579 | 33.28 | 0.76 |
| FirstRand Ltd. | 19,917 | 585,792 | 53.16 | 1.17 | 565,875 | 43.95 | 1.00 |
| Investec plc | 856 | 68,134 | 8.32 | 0.18 | 67,278 | 8.62 | 0.20 |
| Nedbank Group Ltd. | 1,899 | 52,442 | 13.96 | 0.31 | 50,543 | 10.79 | 0.25 |
| Standard Bank Group Ltd. | 5,094 | 151,206 | 43.91 | 0.96 | 146,112 | 34.54 | 0.79 |
| Banks Total | 31,340 | 962,884 | 183.34 | 4.02 | 931,544 | 147.86 | 3.36 |
| Anheuser-Busch InBev SA/NV | 1,025 | 10,751 | 11.51 | 0.25 | 9,726 | 9.99 | 0.23 |
| Beverages Total | 1,025 | 10,751 | 11.51 | 0.25 | 9,726 | 9.99 | 0.23 |
| SA Bond R186 | -68,000,000 | 0 | 0.00 | 0.00 | 68,000,000 | 72.34 | 1.65 |
| SA Bond R187 | 22,666,667 | 22,666,667 | 23.46 | 0.51 | 0 | 0.00 | 0.00 |
| SA Bond R188 | 22,666,667 | 22,666,667 | 24.19 | 0.53 | 0 | 0.00 | 0.00 |
| SA Bond R2030 | 0 | 119,000,000 | 125.72 | 2.76 | 119,000,000 | 121.03 | 2.75 |
| SA Bond R2032 | 0 | 68,000,000 | 71.21 | 1.56 | 68,000,000 | 67.13 | 1.53 |
| SA Bond R2035 | 0 | 120,000,000 | 128.78 | 2.83 | 120,000,000 | 118.77 | 2.70 |
| SA Bond R2037 | 0 | 88,000,000 | 90.65 | 1.99 | 88,000,000 | 82.24 | 1.87 |
| SA Bond R2040 | 0 | 61,000,000 | 63.55 | 1.39 | 61,000,000 | 56.80 | 1.29 |
| SA Bond R2044 | 0 | 62,000,000 | 61.96 | 1.36 | 62,000,000 | 54.82 | 1.25 |
| SA Bond R2048 | 0 | 88,000,000 | 87.52 | 1.92 | 88,000,000 | 76.66 | 1.74 |
| Bond Total | -22,666,666 | 651,333,334 | 677.05 | 14.86 | 674,000,000 | 649.80 | 14.78 |
| Vanguard USD Treasury Bond UCITS ETF | -46,000 | 32,499 | 14.69 | 0.32 | 78,499 | 36.53 | 0.83 |
| Bonds Total | -46,000 | 32,499 | 14.69 | 0.32 | 78,499 | 36.53 | 0.83 |
| JPM USD Standard Money Market VNAV Fund | 0 | 628 | 181.37 | 3.98 | 628 | 186.67 | 4.25 |
| Cash Total | 0 | 628 | 181.37 | 3.98 | 628 | 186.67 | 4.25 |
| Cash on call | 0 | 0 | 158.51 | 3.48 | 0 | 214.68 | 4.88 |
| Margin Account | 0 | 0 | 2.49 | 0.05 | 0 | 5.16 | 0.12 |
| Cash on call Total | 0 | 0 | 161.00 | 3.53 | 0 | 219.84 | 5.00 |
| Sasol Ltd. | 1,857 | 67,258 | 7.14 | 0.16 | 65,401 | 7.03 | 0.16 |
| Chemicals Total | 1,857 | 67,258 | 7.14 | 0.16 | 65,401 | 7.03 | 0.16 |
| iShares Core MSCI Emerging Markets IMI UCITS ETF | 0 | 52,290 | 39.14 | 0.86 | 52,290 | 38.97 | 0.89 |
| Vangaurd FTSE All World ETF | 0 | 71,570 | 197.68 | 4.34 | 71,570 | 198.31 | 4.51 |
| Xtrackers MSCI World ex USA UCITS ETF | 43,430 | 43,430 | 29.67 | 0.65 | 0 | 0.00 | 0.00 |
| Xtrackers MSCI World UCITS ETF | -5,930 | 0 | 0.00 | 0.00 | 5,930 | 3.98 | 0.09 |
| Equities Total | 37,500 | 167,290 | 266.50 | 5.85 | 129,790 | 241.26 | 5.49 |
| CITADEL SA Bond H4 - B2 | 454,140 | 66,128,712 | 890.93 | 19.55 | 65,674,572 | 869.41 | 19.78 |
| Citadel SA Managed Volatility Equity H4 - B2 | 576,718 | 20,607,253 | 334.84 | 7.35 | 20,030,535 | 322.79 | 7.34 |
| Flexible Total | 1,030,858 | 86,735,965 | 1,225.77 | 26.90 | 85,705,107 | 1,192.19 | 27.12 |
| USA - Currency | 0 | 0 | 78.46 | 1.72 | 0 | 108.32 | 2.46 |
| For Currency Total | 0 | 0 | 78.46 | 1.72 | 0 | 108.32 | 2.46 |
| Foreign - Bonds | 0 | 0 | 68.62 | 1.51 | 0 | 70.59 | 1.61 |
| Foreign Invest Total | 0 | 0 | 68.62 | 1.51 | 0 | 70.59 | 1.61 |
| iShares Developed Markets Property Yield UCITS ETF | -43,000 | 0 | 0.00 | 0.00 | 43,000 | 18.07 | 0.41 |
| Foreign Property Total | -43,000 | 0 | 0.00 | 0.00 | 43,000 | 18.07 | 0.41 |
| Mondi plc | 241 | 21,258 | 4.33 | 0.10 | 21,017 | 4.95 | 0.11 |
| The Bidvest Group Ltd. | 1,410 | 39,196 | 9.31 | 0.20 | 37,786 | 8.00 | 0.18 |
| General Industrials Total | 1,651 | 60,454 | 13.64 | 0.30 | 58,803 | 12.96 | 0.29 |
| Citadel SA Income H4 - B2 | 5,727,211 | 39,739,356 | 423.89 | 9.30 | 34,012,145 | 362.94 | 8.26 |
| Income Total | 5,727,211 | 39,739,356 | 423.89 | 9.30 | 34,012,145 | 362.94 | 8.26 |
| Anglo American plc | -1,471 | 34,076 | 23.35 | 0.51 | 35,547 | 22.98 | 0.52 |
| BHP Group Ltd. | -378 | 16,651 | 8.44 | 0.19 | 17,029 | 8.12 | 0.18 |
| Glencore plc | 18,762 | 114,017 | 10.39 | 0.23 | 95,255 | 7.59 | 0.17 |
| Industrial Metals and Mining Total | 16,913 | 164,744 | 42.18 | 0.93 | 147,831 | 38.69 | 0.88 |
| Reinet Investments SCA | 563 | 15,385 | 8.92 | 0.20 | 14,822 | 7.49 | 0.17 |
| Remgro Ltd. | 2,263 | 57,539 | 10.45 | 0.23 | 55,276 | 9.27 | 0.21 |
| Investment Banking and Brokerage Services Total | 2,826 | 72,924 | 19.37 | 0.43 | 70,098 | 16.76 | 0.38 |
| Discovery Ltd. | 2,326 | 61,902 | 14.09 | 0.31 | 59,576 | 11.74 | 0.27 |
| Old Mutual Ltd. | 15,870 | 471,319 | 7.02 | 0.15 | 455,449 | 6.08 | 0.14 |
| Sanlam Ltd. | 6,724 | 201,791 | 19.87 | 0.44 | 195,067 | 16.31 | 0.37 |
| Life Insurance Total | 24,920 | 735,012 | 40.98 | 0.90 | 710,092 | 34.12 | 0.78 |
| eMedia Holdings Ltd. | -23,196 | 0 | 0.00 | 0.00 | 23,196 | 0.04 | 0.00 |
| Media Total | -23,196 | 0 | 0.00 | 0.00 | 23,196 | 0.04 | 0.00 |
| OUTsurance Group Ltd. | 3,730 | 98,351 | 7.05 | 0.15 | 94,621 | 6.78 | 0.15 |
| Non-life Insurance Total | 3,730 | 98,351 | 7.05 | 0.15 | 94,621 | 6.78 | 0.15 |
| iShares Core MSCI World UCITS ETF | 0 | 132,259 | 287.68 | 6.31 | 132,259 | 287.07 | 6.53 |
| Peregrine US Managed Volatility Equity | 2,836 | 86,534 | 300.13 | 6.59 | 83,698 | 295.69 | 6.73 |
| Peregrine USD Short Duration Fund | 21,406 | 21,406 | 41.75 | 0.92 | 0 | 0.00 | 0.00 |
| Offshore Intern Total | 24,242 | 240,199 | 629.56 | 13.82 | 215,957 | 582.76 | 13.26 |
| Bid Corporation Ltd. | 1,279 | 38,596 | 16.28 | 0.36 | 37,317 | 16.13 | 0.37 |
| Clicks Group Ltd. | 716 | 26,990 | 9.08 | 0.20 | 26,274 | 9.26 | 0.21 |
| Shoprite Holdings Ltd. | 1,691 | 54,236 | 14.66 | 0.32 | 52,545 | 14.40 | 0.33 |
| Personal Care, Drug and Grocery Stores Total | 3,686 | 119,822 | 40.02 | 0.88 | 116,136 | 39.79 | 0.91 |
| Compagnie Financière Richemont SA | 196 | 5,418 | 19.65 | 0.43 | 5,222 | 17.07 | 0.39 |
| Personal Goods Total | 196 | 5,418 | 19.65 | 0.43 | 5,222 | 17.07 | 0.39 |
| AngloGold Ashanti plc | 680 | 40,114 | 57.49 | 1.26 | 39,434 | 47.85 | 1.09 |
| Gold Fields Ltd. | 3,567 | 101,850 | 73.91 | 1.62 | 98,283 | 71.66 | 1.63 |
| Harmony Gold Mining Company Ltd. | 2,098 | 62,992 | 21.23 | 0.47 | 60,894 | 19.17 | 0.44 |
| Impala Platinum Holdings Ltd. | 3,209 | 90,103 | 23.61 | 0.52 | 86,894 | 19.16 | 0.44 |
| Northam Platinum Holdings Ltd. | 1,190 | 40,625 | 13.70 | 0.30 | 39,435 | 11.08 | 0.25 |
| Sibanye Stillwater Ltd. | 10,400 | 322,391 | 19.50 | 0.43 | 311,991 | 15.38 | 0.35 |
| Valterra Platinum Ltd. | 2,667 | 26,948 | 37.98 | 0.83 | 24,281 | 30.00 | 0.68 |
| Precious Metals and Mining Total | 23,811 | 685,023 | 247.43 | 5.43 | 661,212 | 214.30 | 4.87 |
| NEPI Rockcastle NV | 2,752 | 68,273 | 9.96 | 0.22 | 65,521 | 9.06 | 0.21 |
| Real Estate Investment and Services Total | 2,752 | 68,273 | 9.96 | 0.22 | 65,521 | 9.06 | 0.21 |
| Growthpoint Properties Ltd. | 15,653 | 390,320 | 6.70 | 0.15 | 374,667 | 5.52 | 0.13 |
| Real Estate Investment Trusts Total | 15,653 | 390,320 | 6.70 | 0.15 | 374,667 | 5.52 | 0.13 |
| Mr Price Group Ltd. | 892 | 28,884 | 5.05 | 0.11 | 27,992 | 5.70 | 0.13 |
| Pepkor Holdings Ltd. | 12,323 | 423,418 | 11.20 | 0.25 | 411,095 | 9.99 | 0.23 |
| Woolworths Holdings Ltd. | 4,914 | 104,316 | 5.84 | 0.13 | 99,402 | 5.00 | 0.11 |
| Retailers Total | 18,129 | 556,618 | 22.10 | 0.48 | 538,489 | 20.69 | 0.47 |
| Naspers Ltd. | 57,081 | 67,882 | 74.98 | 1.65 | 10,801 | 67.56 | 1.54 |
| Prosus NV | 2,583 | 21,007 | 21.50 | 0.47 | 18,424 | 22.31 | 0.51 |
| Software and Computer Services Total | 59,664 | 88,889 | 96.48 | 2.12 | 29,225 | 89.86 | 2.04 |
| MTN Group Ltd. | 6,975 | 202,674 | 34.35 | 0.75 | 195,699 | 28.38 | 0.65 |
| Vodacom Group Ltd. | 2,030 | 68,436 | 9.67 | 0.21 | 66,406 | 8.85 | 0.20 |
| Telecommunications Service Providers Total | 9,005 | 271,110 | 44.02 | 0.97 | 262,105 | 37.23 | 0.85 |
| British American Tobacco plc | -2,831 | 18,589 | 17.75 | 0.39 | 21,420 | 19.54 | 0.44 |
| Tobacco Total | -2,831 | 18,589 | 17.75 | 0.39 | 21,420 | 19.54 | 0.44 |
| Portfolio Total | -15,744,724 | 782,625,711 | 4,556.22 | 100.00 | 798,370,435 | 4,396.28 | 100.00 |