| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -5,312 | 41,377 | 7.30 | 0.67 | 46,689 | 8.86 | 0.85 |
| Capitec Bank Holdings Ltd. | 3,842 | 7,370 | 22.71 | 2.07 | 3,528 | 11.06 | 1.06 |
| FirstRand Ltd. | 254,401 | 877,627 | 63.12 | 5.76 | 623,226 | 47.34 | 4.52 |
| Standard Bank Group Ltd. | -39,460 | 163,041 | 39.16 | 3.57 | 202,501 | 44.91 | 4.28 |
| Banks Total | 213,471 | 1,089,415 | 132.28 | 12.06 | 875,944 | 112.16 | 10.70 |
| EOG Resources | -410 | 0 | 0.00 | 0.00 | 410 | 0.93 | 0.09 |
| Basic Resources Total | -410 | 0 | 0.00 | 0.00 | 410 | 0.93 | 0.09 |
| Anheuser-Busch InBev SA/NV | -11,261 | 3,681 | 4.16 | 0.38 | 14,942 | 14.02 | 1.34 |
| Beverages Total | -11,261 | 3,681 | 4.16 | 0.38 | 14,942 | 14.02 | 1.34 |
| Cash on call | 0 | 0 | 27.65 | 2.52 | 0 | 38.06 | 3.63 |
| Margin Account | 0 | 0 | 12.51 | 1.14 | 0 | 0.00 | 0.00 |
| Cash on call Total | 0 | 0 | 40.16 | 3.66 | 0 | 38.06 | 3.63 |
| AECI Ltd. | 0 | 28,546 | 2.78 | 0.25 | 28,546 | 2.50 | 0.24 |
| Sasol Ltd. | 10,000 | 110,619 | 8.44 | 0.77 | 100,619 | 8.38 | 0.80 |
| Chemicals Total | 10,000 | 139,165 | 11.22 | 1.02 | 129,165 | 10.87 | 1.04 |
| Raubex Group Ltd. | -71,638 | 0 | 0.00 | 0.00 | 71,638 | 3.80 | 0.36 |
| Wilson Bayly Holmes - Ovcon Ltd. | 3,924 | 18,813 | 3.44 | 0.31 | 14,889 | 3.47 | 0.33 |
| Construction and Materials Total | -67,714 | 18,813 | 3.44 | 0.31 | 86,527 | 7.27 | 0.69 |
| ADvTECH Ltd. | 0 | 76,059 | 2.52 | 0.23 | 76,059 | 2.57 | 0.25 |
| Consumer Services Total | 0 | 76,059 | 2.52 | 0.23 | 76,059 | 2.57 | 0.25 |
| L'Oreal | 0 | 633 | 4.31 | 0.39 | 633 | 4.24 | 0.40 |
| Cyclical Goods & Services Total | 0 | 633 | 4.31 | 0.39 | 633 | 4.24 | 0.40 |
| Reunert Ltd. | 0 | 66,569 | 4.09 | 0.37 | 66,569 | 4.99 | 0.48 |
| Electronic and Electrical Equipment Total | 0 | 66,569 | 4.09 | 0.37 | 66,569 | 4.99 | 0.48 |
| Conocophillips Incorporated | 0 | 433 | 0.81 | 0.07 | 433 | 0.79 | 0.08 |
| Exxon Mobil Corporation | 0 | 484 | 1.05 | 0.10 | 484 | 0.97 | 0.09 |
| Halliburton Company | 0 | 1,482 | 0.68 | 0.06 | 1,482 | 0.75 | 0.07 |
| Valero Energy | -340 | 0 | 0.00 | 0.00 | 340 | 0.77 | 0.07 |
| Energy Total | -340 | 2,399 | 2.55 | 0.23 | 2,739 | 3.28 | 0.31 |
| LVMH Moet Hennessy | 0 | 237 | 2.70 | 0.25 | 237 | 2.96 | 0.28 |
| Mondelez International Corporation | 0 | 762 | 0.95 | 0.09 | 762 | 0.86 | 0.08 |
| Equities Total | 0 | 999 | 3.66 | 0.33 | 999 | 3.82 | 0.36 |
| AVI Ltd. | -5,131 | 9,479 | 0.85 | 0.08 | 14,610 | 1.60 | 0.15 |
| Tiger Brands Ltd. | -1,350 | 7,884 | 2.19 | 0.20 | 9,234 | 2.67 | 0.25 |
| Food Producers Total | -6,481 | 17,363 | 3.03 | 0.28 | 23,844 | 4.27 | 0.41 |
| European - Currency | 0 | 0 | 6.25 | 0.57 | 0 | 6.17 | 0.59 |
| Japan - Currency | 0 | 0 | 5.41 | 0.49 | 0 | 5.30 | 0.51 |
| Switzerland - Currency | 0 | 0 | 5.50 | 0.50 | 0 | 5.50 | 0.52 |
| United Kingdom - Currency | 0 | 0 | 5.54 | 0.51 | 0 | 5.50 | 0.53 |
| USA - Currency | 0 | 0 | 5.09 | 0.46 | 0 | 11.40 | 1.09 |
| For Currency Total | 0 | 0 | 27.80 | 2.53 | 0 | 33.86 | 3.23 |
| American International Group, Inc. | 679 | 679 | 1.04 | 0.10 | 0 | 0.00 | 0.00 |
| Foreign Invest Total | 679 | 679 | 1.04 | 0.10 | 0 | 0.00 | 0.00 |
| Mondi plc | -10,000 | 23,054 | 6.28 | 0.57 | 33,054 | 9.17 | 0.88 |
| The Bidvest Group Ltd. | 3,610 | 74,442 | 17.52 | 1.60 | 70,832 | 18.68 | 1.78 |
| General Industrials Total | -6,390 | 97,496 | 23.80 | 2.17 | 103,886 | 27.85 | 2.66 |
| Airbus Group NV | 0 | 597 | 1.93 | 0.18 | 597 | 1.81 | 0.17 |
| Goods & Services Total | 0 | 597 | 1.93 | 0.18 | 597 | 1.81 | 0.17 |
| Netcare Ltd. | 81,957 | 524,195 | 6.89 | 0.63 | 442,238 | 6.60 | 0.63 |
| Health Care Providers Total | 81,957 | 524,195 | 6.89 | 0.63 | 442,238 | 6.60 | 0.63 |
| Johnson & Johnson | 0 | 357 | 1.07 | 0.10 | 357 | 0.97 | 0.09 |
| Zimmer Biomet Holdings Inc | 0 | 817 | 1.69 | 0.15 | 817 | 1.63 | 0.16 |
| Healthcare Total | 0 | 1,174 | 2.76 | 0.25 | 1,174 | 2.59 | 0.25 |
| Northstar BCI Income - B2 | -6,496,063 | 121,538,365 | 150.91 | 13.76 | 128,034,428 | 158.03 | 15.08 |
| Income Total | -6,496,063 | 121,538,365 | 150.91 | 13.76 | 128,034,428 | 158.03 | 15.08 |
| Anglo American plc | 1,829 | 38,319 | 19.76 | 1.80 | 36,490 | 20.14 | 1.92 |
| BHP Group Ltd. | -6,671 | 28,869 | 12.62 | 1.15 | 35,540 | 16.36 | 1.56 |
| Glencore plc | 124,810 | 124,810 | 8.35 | 0.76 | 0 | 0.00 | 0.00 |
| South32 Ltd. | 12,807 | 82,803 | 3.11 | 0.28 | 69,996 | 2.79 | 0.27 |
| Industrial Metals and Mining Total | 132,775 | 274,801 | 43.85 | 4.00 | 142,026 | 39.29 | 3.75 |
| Hudaco Industries Ltd. | -4,861 | 0 | 0.00 | 0.00 | 4,861 | 1.05 | 0.10 |
| Industrial Support Services Total | -4,861 | 0 | 0.00 | 0.00 | 4,861 | 1.05 | 0.10 |
| Super Group Ltd. | 0 | 109,774 | 3.11 | 0.28 | 109,774 | 3.24 | 0.31 |
| Industrial Transportation Total | 0 | 109,774 | 3.11 | 0.28 | 109,774 | 3.24 | 0.31 |
| Allstate | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| American International Group, Inc. | -679 | 0 | 0.00 | 0.00 | 679 | 0.93 | 0.09 |
| Insurance Total | -679 | 0 | 0.00 | 0.00 | 679 | 0.93 | 0.09 |
| Reinet Investments SCA | 23,630 | 23,630 | 10.59 | 0.97 | 0 | 0.00 | 0.00 |
| Remgro Ltd. | 9,760 | 41,171 | 6.41 | 0.58 | 31,411 | 4.87 | 0.46 |
| Investment Banking and Brokerage Services Total | 33,390 | 64,801 | 17.00 | 1.55 | 31,411 | 4.87 | 0.46 |
| Discovery Ltd. | -3,643 | 32,411 | 6.45 | 0.59 | 36,054 | 7.02 | 0.67 |
| Old Mutual Ltd. | -544,659 | 0 | 0.00 | 0.00 | 544,659 | 6.81 | 0.65 |
| Sanlam Ltd. | 191,263 | 356,792 | 29.78 | 2.72 | 165,529 | 14.38 | 1.37 |
| Life Insurance Total | -357,039 | 389,203 | 36.24 | 3.30 | 746,242 | 28.22 | 2.69 |
| Nedgroup Inv Money Market - C1 | 1,043 | 51,994 | 0.05 | 0.00 | 50,951 | 0.05 | 0.00 |
| Money Market Total | 1,043 | 51,994 | 0.05 | 0.00 | 50,951 | 0.05 | 0.00 |
| Santam Ltd. | -11,444 | 6,365 | 2.38 | 0.22 | 17,809 | 6.99 | 0.67 |
| Non-life Insurance Total | -11,444 | 6,365 | 2.38 | 0.22 | 17,809 | 6.99 | 0.67 |
| Northstar Global Flexible Fund (USD) - A | 1 | 6,264,349 | 215.50 | 19.65 | 6,264,348 | 212.38 | 20.26 |
| Northstar Global Income Fund (USD) - A | -2,917,956 | 0 | 0.00 | 0.00 | 2,917,956 | 59.06 | 5.63 |
| Northstar Global Income Fund (USD) - C | 2,917,956 | 2,917,956 | 59.13 | 5.39 | 0 | 0.00 | 0.00 |
| Offshore Intern Total | 1 | 9,182,305 | 274.63 | 25.04 | 9,182,304 | 271.44 | 25.89 |
| Marathon Petroleum | -292 | 0 | 0.00 | 0.00 | 292 | 0.75 | 0.07 |
| Oil and Gas Total | -292 | 0 | 0.00 | 0.00 | 292 | 0.75 | 0.07 |
| Bid Corporation Ltd. | 47,497 | 64,005 | 28.15 | 2.57 | 16,508 | 7.11 | 0.68 |
| Clicks Group Ltd. | 19,069 | 19,069 | 6.43 | 0.59 | 0 | 0.00 | 0.00 |
| Dis-Chem Pharmacies Ltd. | 12,273 | 245,000 | 7.49 | 0.68 | 232,727 | 8.40 | 0.80 |
| Pick n Pay Stores Ltd. | 85,000 | 164,199 | 4.52 | 0.41 | 79,199 | 2.43 | 0.23 |
| Shoprite Holdings Ltd. | 65,680 | 93,649 | 25.38 | 2.31 | 27,969 | 8.24 | 0.79 |
| Personal Care, Drug and Grocery Stores Total | 229,519 | 585,922 | 71.98 | 6.56 | 356,403 | 26.18 | 2.50 |
| Compagnie Financière Richemont SA | 4,706 | 7,493 | 23.93 | 2.18 | 2,787 | 7.74 | 0.74 |
| Personal Goods Total | 4,706 | 7,493 | 23.93 | 2.18 | 2,787 | 7.74 | 0.74 |
| AngloGold Ashanti plc | -11,801 | 25,932 | 18.09 | 1.65 | 37,733 | 15.89 | 1.52 |
| Gold Fields Ltd. | -73,340 | 51,841 | 21.60 | 1.97 | 125,181 | 30.93 | 2.95 |
| Impala Platinum Holdings Ltd. | -58,555 | 0 | 0.00 | 0.00 | 58,555 | 5.14 | 0.49 |
| Northam Platinum Holdings Ltd. | -31,080 | 31,507 | 4.21 | 0.38 | 62,587 | 6.10 | 0.58 |
| Valterra Platinum Ltd. | -6,535 | 7,649 | 5.74 | 0.52 | 14,184 | 8.07 | 0.77 |
| Precious Metals and Mining Total | -181,311 | 116,929 | 49.65 | 4.53 | 298,240 | 66.12 | 6.31 |
| NEPI Rockcastle NV | 45,000 | 121,239 | 16.05 | 1.46 | 76,239 | 10.52 | 1.00 |
| Real Estate Investment and Services Total | 45,000 | 121,239 | 16.05 | 1.46 | 76,239 | 10.52 | 1.00 |
| Emira Property Fund Ltd. | 96,101 | 96,101 | 1.03 | 0.09 | 0 | 0.00 | 0.00 |
| Equites Property Fund Ltd. | -95,041 | 0 | 0.00 | 0.00 | 95,041 | 1.40 | 0.13 |
| Growthpoint Properties Ltd. | 0 | 436,842 | 5.66 | 0.52 | 436,842 | 5.56 | 0.53 |
| Redefine Properties Ltd. | 126,645 | 1,124,266 | 4.74 | 0.43 | 997,621 | 4.54 | 0.43 |
| Resilient REIT Ltd. | 505 | 61,601 | 3.53 | 0.32 | 61,096 | 3.59 | 0.34 |
| Real Estate Investment Trusts Total | 128,210 | 1,718,810 | 14.97 | 1.37 | 1,590,600 | 15.09 | 1.44 |
| Mr Price Group Ltd. | 52,309 | 67,680 | 14.99 | 1.37 | 15,371 | 4.54 | 0.43 |
| Pepkor Holdings Ltd. | 350,000 | 590,078 | 15.12 | 1.38 | 240,078 | 6.95 | 0.66 |
| Retailers Total | 402,309 | 657,758 | 30.11 | 2.75 | 255,449 | 11.49 | 1.10 |
| Naspers Ltd. | -3,216 | 10,825 | 49.17 | 4.48 | 14,041 | 58.60 | 5.59 |
| Prosus NV | -1,854 | 23,152 | 19.49 | 1.78 | 25,006 | 18.73 | 1.79 |
| Software and Computer Services Total | -5,070 | 33,977 | 68.66 | 6.26 | 39,047 | 77.33 | 7.38 |
| Adobe Systems | 0 | 166 | 1.18 | 0.11 | 166 | 1.40 | 0.13 |
| Cognizant Technology Solutions Corp | -804 | 0 | 0.00 | 0.00 | 804 | 1.16 | 0.11 |
| Palo Alto Networks Inc | 0 | 510 | 1.62 | 0.15 | 510 | 1.77 | 0.17 |
| Technology Total | -804 | 676 | 2.80 | 0.26 | 1,480 | 4.33 | 0.41 |
| MTN Group Ltd. | -212,697 | 43,106 | 5.34 | 0.49 | 255,803 | 23.53 | 2.25 |
| Vodacom Group Ltd. | -76,597 | 0 | 0.00 | 0.00 | 76,597 | 7.76 | 0.74 |
| Telecommunications Service Providers Total | -289,294 | 43,106 | 5.34 | 0.49 | 332,400 | 31.30 | 2.99 |
| British American Tobacco plc | 6,425 | 12,084 | 9.23 | 0.84 | 5,659 | 3.91 | 0.37 |
| Tobacco Total | 6,425 | 12,084 | 9.23 | 0.84 | 5,659 | 3.91 | 0.37 |
| Portfolio Total | -6,149,968 | 136,954,839 | 1,096.52 | 100.00 | 143,104,807 | 1,048.07 | 100.00 |