| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 55,270 | 13.23 | 0.91 | 55,270 | 10.00 | 0.75 |
| Capitec Bank Holdings Ltd. | 0 | 6,155 | 25.58 | 1.76 | 6,155 | 21.36 | 1.61 |
| FirstRand Ltd. | 15,220 | 363,417 | 32.98 | 2.27 | 348,197 | 27.10 | 2.04 |
| Investec Ltd. | 0 | 15,401 | 1.88 | 0.13 | 15,401 | 1.97 | 0.15 |
| Investec plc | 1,083 | 21,000 | 2.57 | 0.18 | 19,917 | 2.56 | 0.19 |
| Nedbank Group Ltd. | 559 | 31,003 | 8.25 | 0.57 | 30,444 | 6.52 | 0.49 |
| Standard Bank Group Ltd. | 1,328 | 91,969 | 26.71 | 1.84 | 90,641 | 21.41 | 1.61 |
| Nu Holdings Ltd | 1,439 | 9,729 | 2.72 | 0.19 | 8,290 | 2.29 | 0.17 |
| Banks Total | 19,629 | 593,944 | 113.91 | 7.85 | 574,315 | 93.21 | 7.02 |
| Anheuser-Busch InBev SA/NV | 207 | 6,132 | 6.56 | 0.45 | 5,925 | 6.12 | 0.46 |
| Beverages Total | 207 | 6,132 | 6.56 | 0.45 | 5,925 | 6.12 | 0.46 |
| SA Bond R186 | -27,188,000 | 0 | 0.00 | 0.00 | 27,188,000 | 28.93 | 2.18 |
| SA Bond R187 | 9,969,334 | 9,969,334 | 10.32 | 0.71 | 0 | 0.00 | 0.00 |
| SA Bond R188 | 9,969,333 | 9,969,333 | 10.64 | 0.73 | 0 | 0.00 | 0.00 |
| SA Bond R2030 | 3,515,000 | 29,532,000 | 31.20 | 2.15 | 26,017,000 | 26.46 | 1.99 |
| SA Bond R2032 | 1,660,000 | 20,637,000 | 21.61 | 1.49 | 18,977,000 | 18.73 | 1.41 |
| SA Bond R2033 | 13,404,799 | 13,404,799 | 15.32 | 1.06 | 0 | 0.00 | 0.00 |
| SA Bond R2035 | 0 | 28,198,000 | 30.26 | 2.08 | 28,198,000 | 27.93 | 2.10 |
| SA Bond R2037 | 0 | 27,486,000 | 28.31 | 1.95 | 27,486,000 | 25.73 | 1.94 |
| SA Bond R2038 | 23,521,389 | 23,521,389 | 27.98 | 1.93 | 0 | 0.00 | 0.00 |
| SA Bond R2039 | 4,450,000 | 4,450,000 | 4.91 | 0.34 | 0 | 0.00 | 0.00 |
| SA Bond R2040 | 7,460,000 | 36,177,640 | 37.69 | 2.60 | 28,717,640 | 26.76 | 2.02 |
| SA Bond R2044 | 0 | 26,015,000 | 26.00 | 1.79 | 26,015,000 | 23.06 | 1.74 |
| SA Bond R2048 | 1,360,000 | 16,676,000 | 16.59 | 1.14 | 15,316,000 | 13.37 | 1.01 |
| SA Bond R2053 | 840,000 | 4,183,000 | 5.44 | 0.37 | 3,343,000 | 3.80 | 0.29 |
| SA Bond R209 | 0 | 10,751,916 | 9.36 | 0.65 | 10,751,916 | 8.55 | 0.64 |
| SA Bond R213 | 0 | 16,754,138 | 16.78 | 1.16 | 16,754,138 | 16.01 | 1.21 |
| SA Bond R214 | 0 | 6,682,722 | 5.46 | 0.38 | 6,682,722 | 4.88 | 0.37 |
| Bond Total | 48,961,855 | 284,408,271 | 297.87 | 20.52 | 235,446,416 | 224.22 | 16.89 |
| Cash on call | 0 | 0 | 9.79 | 0.67 | 0 | 7.77 | 0.59 |
| Cash on call Total | 0 | 0 | 9.79 | 0.67 | 0 | 7.77 | 0.59 |
| Sasol Ltd. | 0 | 38,587 | 4.10 | 0.28 | 38,587 | 4.14 | 0.31 |
| Chemicals Total | 0 | 38,587 | 4.10 | 0.28 | 38,587 | 4.14 | 0.31 |
| TKO Group Holdings | -620 | 0 | 0.00 | 0.00 | 620 | 2.20 | 0.17 |
| Consumer Services Total | -620 | 0 | 0.00 | 0.00 | 620 | 2.20 | 0.17 |
| ELF Beauty Inc | 6 | 1,425 | 1.81 | 0.12 | 1,419 | 3.22 | 0.24 |
| On Holding AG | 8,509 | 41,340 | 32.44 | 2.23 | 32,831 | 24.73 | 1.86 |
| Cyclical Goods & Services Total | 8,515 | 42,765 | 34.25 | 2.36 | 34,250 | 27.95 | 2.11 |
| Bond Derivative | 0 | 0 | 0.00 | 0.00 | 0 | 39.87 | 3.00 |
| Derivatives Total | 0 | 0 | 0.00 | 0.00 | 0 | 39.87 | 3.00 |
| Foreign - Equity Derivatives | 0 | 0 | 0.02 | 0.00 | 0 | 0.00 | 0.00 |
| iShares Core EURO STOXX 50 | 978 | 8,045 | 98.26 | 6.77 | 7,067 | 86.89 | 6.55 |
| iShares Core MSCI Emerging Markets IMI UCITS ETF | 3,823 | 36,758 | 27.43 | 1.89 | 32,935 | 24.61 | 1.85 |
| SPDR S&P 400 US Mid Cap UCITS ETF | 3,388 | 18,466 | 31.59 | 2.18 | 15,078 | 26.17 | 1.97 |
| VanEck Semiconductor ETF | 32,422 | 51,611 | 53.17 | 3.66 | 19,189 | 45.35 | 3.42 |
| VanEck Uranium & Nuclear Energy ETF | -37,084 | 17,204 | 35.24 | 2.43 | 54,288 | 51.03 | 3.84 |
| XTrackers Nasdaq 100 UCITS ETF | 4,416 | 118,023 | 114.91 | 7.92 | 113,607 | 111.62 | 8.41 |
| Equities Total | 7,943 | 250,107 | 360.61 | 24.84 | 242,164 | 345.68 | 26.04 |
| Opendoor Technologies Inc | -41,520 | 0 | 0.00 | 0.00 | 41,520 | 5.88 | 0.44 |
| Financial Services Total | -41,520 | 0 | 0.00 | 0.00 | 41,520 | 5.88 | 0.44 |
| Celsius Holdings Inc | 99 | 2,784 | 2.12 | 0.15 | 2,685 | 2.64 | 0.20 |
| Food & Beverage Total | 99 | 2,784 | 2.12 | 0.15 | 2,685 | 2.64 | 0.20 |
| AVI Ltd. | 1,690 | 22,845 | 2.41 | 0.17 | 21,155 | 2.08 | 0.16 |
| Tiger Brands Ltd. | 536 | 11,052 | 4.05 | 0.28 | 10,516 | 3.23 | 0.24 |
| Food Producers Total | 2,226 | 33,897 | 6.46 | 0.44 | 31,671 | 5.32 | 0.40 |
| European - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| USA - Currency | 0 | 0 | 1.30 | 0.09 | 0 | 4.88 | 0.37 |
| For Currency Total | 0 | 0 | 1.31 | 0.09 | 0 | 4.88 | 0.37 |
| Foreign - Bonds | 0 | 0 | 115.49 | 7.96 | 0 | 99.32 | 7.48 |
| Foreign - Equities | 0 | 0 | 25.77 | 1.78 | 0 | 13.78 | 1.04 |
| Foreign Invest Total | 0 | 0 | 141.27 | 9.73 | 0 | 113.11 | 8.52 |
| Mondi plc | 0 | 10,915 | 2.22 | 0.15 | 10,915 | 2.58 | 0.19 |
| The Bidvest Group Ltd. | 621 | 22,950 | 5.45 | 0.38 | 22,329 | 4.71 | 0.35 |
| General Industrials Total | 621 | 33,865 | 7.67 | 0.53 | 33,244 | 7.29 | 0.55 |
| Robinsons Retail Holdings Inc | -1,920 | 0 | 0.00 | 0.00 | 1,920 | 4.54 | 0.34 |
| Goods & Services Total | -1,920 | 0 | 0.00 | 0.00 | 1,920 | 4.54 | 0.34 |
| Life Healthcare Group Holdings Ltd. | 0 | 87,196 | 0.99 | 0.07 | 87,196 | 1.01 | 0.08 |
| Health Care Providers Total | 0 | 87,196 | 0.99 | 0.07 | 87,196 | 1.01 | 0.08 |
| Sappi Ltd. | 92,706 | 180,599 | 4.43 | 0.31 | 87,893 | 2.03 | 0.15 |
| Industrial Materials Total | 92,706 | 180,599 | 4.43 | 0.31 | 87,893 | 2.03 | 0.15 |
| Anglo American plc | 0 | 13,289 | 9.10 | 0.63 | 13,289 | 8.57 | 0.65 |
| BHP Group Ltd. | 303 | 10,124 | 5.13 | 0.35 | 9,821 | 4.70 | 0.35 |
| Glencore plc | 3,853 | 53,512 | 4.88 | 0.34 | 49,659 | 3.97 | 0.30 |
| Kumba Iron Ore Ltd. | 0 | 3,677 | 1.29 | 0.09 | 3,677 | 1.20 | 0.09 |
| Industrial Metals and Mining Total | 4,156 | 80,602 | 20.41 | 1.41 | 76,446 | 18.44 | 1.39 |
| Remgro Ltd. | 0 | 32,787 | 5.95 | 0.41 | 32,787 | 5.54 | 0.42 |
| Investment Banking and Brokerage Services Total | 0 | 32,787 | 5.95 | 0.41 | 32,787 | 5.54 | 0.42 |
| Discovery Ltd. | 1,501 | 40,697 | 9.26 | 0.64 | 39,196 | 7.76 | 0.58 |
| Momentum Group Ltd. | 0 | 83,351 | 3.19 | 0.22 | 83,351 | 2.74 | 0.21 |
| Old Mutual Ltd. | 10,428 | 318,107 | 4.74 | 0.33 | 307,679 | 4.10 | 0.31 |
| Sanlam Ltd. | 0 | 112,667 | 11.10 | 0.76 | 112,667 | 9.35 | 0.70 |
| Life Insurance Total | 11,929 | 554,822 | 28.29 | 1.95 | 542,893 | 23.95 | 1.80 |
| eMedia Holdings Ltd. | -13,757 | 0 | 0.00 | 0.00 | 13,757 | 0.02 | 0.00 |
| Media Total | -13,757 | 0 | 0.00 | 0.00 | 13,757 | 0.02 | 0.00 |
| OUTsurance Group Ltd. | 1,979 | 55,973 | 4.01 | 0.28 | 53,994 | 3.86 | 0.29 |
| Non-life Insurance Total | 1,979 | 55,973 | 4.01 | 0.28 | 53,994 | 3.86 | 0.29 |
| Exxaro Resources Ltd. | 686 | 16,179 | 2.90 | 0.20 | 15,493 | 2.77 | 0.21 |
| Oil, Gas and Coal Total | 686 | 16,179 | 2.90 | 0.20 | 15,493 | 2.77 | 0.21 |
| Bid Corporation Ltd. | 533 | 23,041 | 9.72 | 0.67 | 22,508 | 9.72 | 0.73 |
| Clicks Group Ltd. | 606 | 16,025 | 5.39 | 0.37 | 15,419 | 5.46 | 0.41 |
| Shoprite Holdings Ltd. | 1,039 | 33,040 | 8.93 | 0.62 | 32,001 | 8.77 | 0.66 |
| The SPAR Group Ltd. | 0 | 11,741 | 1.12 | 0.08 | 11,741 | 1.14 | 0.09 |
| Personal Care, Drug and Grocery Stores Total | 2,178 | 83,847 | 25.16 | 1.73 | 81,669 | 25.09 | 1.89 |
| Compagnie Financière Richemont SA | 0 | 3,150 | 11.43 | 0.79 | 3,150 | 10.30 | 0.78 |
| Personal Goods Total | 0 | 3,150 | 11.43 | 0.79 | 3,150 | 10.30 | 0.78 |
| Aspen Pharmacare Holdings Ltd. | 0 | 24,563 | 2.87 | 0.20 | 24,563 | 2.36 | 0.18 |
| Pharmaceuticals and Biotechnology Total | 0 | 24,563 | 2.87 | 0.20 | 24,563 | 2.36 | 0.18 |
| AngloGold Ashanti plc | 236 | 15,309 | 21.94 | 1.51 | 15,073 | 17.93 | 1.35 |
| Gold Fields Ltd. | 1,286 | 62,357 | 45.25 | 3.12 | 61,071 | 43.80 | 3.30 |
| Harmony Gold Mining Company Ltd. | 947 | 38,490 | 12.97 | 0.89 | 37,543 | 11.53 | 0.87 |
| Impala Platinum Holdings Ltd. | 0 | 62,310 | 16.33 | 1.12 | 62,310 | 13.56 | 1.02 |
| Northam Platinum Holdings Ltd. | 0 | 23,254 | 7.84 | 0.54 | 23,254 | 6.49 | 0.49 |
| Sibanye Stillwater Ltd. | 3,617 | 196,089 | 11.86 | 0.82 | 192,472 | 9.47 | 0.71 |
| Valterra Platinum Ltd. | 1,960 | 18,056 | 25.45 | 1.75 | 16,096 | 19.44 | 1.46 |
| Precious Metals and Mining Total | 8,046 | 415,865 | 141.65 | 9.76 | 407,819 | 122.22 | 9.21 |
| Fortress Real Estate Investments Ltd. | 0 | 126,946 | 3.03 | 0.21 | 126,946 | 2.89 | 0.22 |
| Lighthouse Properties plc | 0 | 299,028 | 2.53 | 0.17 | 299,028 | 2.35 | 0.18 |
| NEPI Rockcastle NV | 860 | 60,380 | 8.81 | 0.61 | 59,520 | 8.21 | 0.62 |
| Real Estate Investment and Services Total | 860 | 486,354 | 14.37 | 0.99 | 485,494 | 13.46 | 1.01 |
| Attacq Ltd. | 0 | 126,137 | 2.06 | 0.14 | 126,137 | 1.73 | 0.13 |
| Burstone Group Ltd. | 0 | 332,785 | 3.04 | 0.21 | 332,785 | 2.70 | 0.20 |
| Emira Property Fund Ltd. | 0 | 254,764 | 3.46 | 0.24 | 254,764 | 3.09 | 0.23 |
| Equites Property Fund Ltd. | 0 | 206,444 | 3.79 | 0.26 | 206,444 | 3.29 | 0.25 |
| Fairvest Ltd. | 0 | 1,254,288 | 9.01 | 0.62 | 1,254,288 | 6.94 | 0.52 |
| Growthpoint Properties Ltd. | 0 | 516,756 | 8.87 | 0.61 | 516,756 | 7.63 | 0.57 |
| Hammerson plc | 0 | 35,477 | 2.59 | 0.18 | 35,477 | 2.43 | 0.18 |
| Hyprop Investments Ltd. | 0 | 125,527 | 7.16 | 0.49 | 125,527 | 5.83 | 0.44 |
| Primary Health Properties plc | 0 | 66,264 | 1.44 | 0.10 | 66,264 | 1.41 | 0.11 |
| Redefine Properties Ltd. | 0 | 943,365 | 5.66 | 0.39 | 943,365 | 4.68 | 0.35 |
| Resilient REIT Ltd. | 0 | 46,316 | 3.71 | 0.26 | 46,316 | 2.95 | 0.22 |
| SA Corporate Real Estate Ltd. | 0 | 884,230 | 3.18 | 0.22 | 884,230 | 2.74 | 0.21 |
| Shaftesbury Capital plc | 0 | 84,857 | 2.74 | 0.19 | 84,857 | 2.82 | 0.21 |
| Sirius Real Estate Ltd. | 0 | 110,418 | 2.46 | 0.17 | 110,418 | 2.49 | 0.19 |
| Stor-Age Property REIT Ltd. | 0 | 205,229 | 3.68 | 0.25 | 205,229 | 3.16 | 0.24 |
| Vukile Property Fund Ltd. | 0 | 129,189 | 3.23 | 0.22 | 129,189 | 2.69 | 0.20 |
| Real Estate Investment Trusts Total | 0 | 5,322,046 | 66.07 | 4.55 | 5,322,046 | 56.59 | 4.26 |
| Shopify | 0 | 920 | 2.49 | 0.17 | 920 | 2.37 | 0.18 |
| Retail Total | 0 | 920 | 2.49 | 0.17 | 920 | 2.37 | 0.18 |
| Mr Price Group Ltd. | 743 | 17,105 | 2.99 | 0.21 | 16,362 | 3.34 | 0.25 |
| Pepkor Holdings Ltd. | 7,677 | 246,114 | 6.51 | 0.45 | 238,437 | 5.84 | 0.44 |
| The Foschini Group Ltd. | 1,109 | 21,513 | 1.83 | 0.13 | 20,404 | 2.21 | 0.17 |
| Woolworths Holdings Ltd. | 5,244 | 64,078 | 3.59 | 0.25 | 58,834 | 2.95 | 0.22 |
| Retailers Total | 14,773 | 348,810 | 14.93 | 1.03 | 334,037 | 14.34 | 1.08 |
| Naspers Ltd. | 23,948 | 29,935 | 33.06 | 2.28 | 5,987 | 37.73 | 2.84 |
| Prosus NV | 0 | 8,226 | 8.42 | 0.58 | 8,226 | 10.07 | 0.76 |
| Software and Computer Services Total | 23,948 | 38,161 | 41.48 | 2.86 | 14,213 | 47.80 | 3.60 |
| Cadence Design Systems Incorporated | 89 | 436 | 2.28 | 0.16 | 347 | 2.09 | 0.16 |
| Cloudflare Inc | -80 | 662 | 2.19 | 0.15 | 742 | 2.80 | 0.21 |
| Elastic NV | -1,007 | 0 | 0.00 | 0.00 | 1,007 | 1.51 | 0.11 |
| Interdigital Inc Pa | 0 | 443 | 2.38 | 0.16 | 443 | 2.67 | 0.20 |
| Nvidia Corporation | -1,140 | 8,817 | 27.35 | 1.88 | 9,957 | 31.29 | 2.36 |
| ServiceNow Inc | 717 | 825 | 2.10 | 0.15 | 108 | 1.76 | 0.13 |
| The Trade Desk Inc | 1,952 | 3,437 | 2.17 | 0.15 | 1,485 | 1.27 | 0.10 |
| Technology Total | 531 | 14,620 | 38.46 | 2.65 | 14,089 | 43.40 | 3.27 |
| MTN Group Ltd. | 0 | 127,832 | 21.67 | 1.49 | 127,832 | 17.93 | 1.35 |
| MultiChoice Group Ltd. | -15,751 | 0 | 0.00 | 0.00 | 15,751 | 1.97 | 0.15 |
| Vodacom Group Ltd. | 1,336 | 40,725 | 5.75 | 0.40 | 39,389 | 5.23 | 0.39 |
| Telecommunications Service Providers Total | -14,415 | 168,557 | 27.42 | 1.89 | 182,972 | 25.13 | 1.89 |
| British American Tobacco plc | 0 | 13,057 | 12.47 | 0.86 | 13,057 | 11.89 | 0.90 |
| Tobacco Total | 0 | 13,057 | 12.47 | 0.86 | 13,057 | 11.89 | 0.90 |
| Portfolio Total | 49,090,655 | 293,338,460 | 1,451.70 | 100.00 | 244,247,805 | 1,327.38 | 100.00 |