| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 21,081 | 98,163 | 23.68 | 1.46 | 77,082 | 18.45 | 1.14 |
| Capitec Bank Holdings Ltd. | 158 | 1,716 | 7.07 | 0.44 | 1,558 | 6.47 | 0.40 |
| Capricorn Group Ltd. | 0 | 998,806 | 26.83 | 1.65 | 998,806 | 26.02 | 1.60 |
| FirstRand Ltd. | -16,660 | 256,582 | 22.67 | 1.40 | 273,242 | 24.80 | 1.53 |
| FirstRand Namibia Ltd. | 0 | 307,476 | 17.45 | 1.08 | 307,476 | 16.76 | 1.03 |
| Investec Ltd. | -11,520 | 41,825 | 5.34 | 0.33 | 53,345 | 6.52 | 0.40 |
| Nedbank Group Ltd. | 17,436 | 17,436 | 4.65 | 0.29 | 0 | 0.00 | 0.00 |
| SBN Holdings Ltd. | 0 | 144,413 | 1.86 | 0.11 | 144,413 | 1.75 | 0.11 |
| Standard Bank Group Ltd. | 9,157 | 112,710 | 34.31 | 2.11 | 103,553 | 30.07 | 1.85 |
| Banks Total | 19,652 | 1,979,127 | 143.86 | 8.87 | 1,959,475 | 130.84 | 8.06 |
| Namibia Breweries Ltd. | 0 | 446,388 | 13.53 | 0.83 | 446,388 | 13.40 | 0.83 |
| Beverages Total | 0 | 446,388 | 13.53 | 0.83 | 446,388 | 13.40 | 0.83 |
| SA Bond BNDS | 0 | 0 | 0.11 | 0.01 | 0 | 0.14 | 0.01 |
| SA Bond NAM04 | 0 | 3,980,000 | 4.06 | 0.25 | 3,980,000 | 4.20 | 0.26 |
| Bond Total | 0 | 3,980,000 | 4.17 | 0.26 | 3,980,000 | 4.34 | 0.27 |
| Cash on call | 0 | 0 | 1.05 | 0.06 | 0 | -275.77 | -16.99 |
| Margin Account | 0 | 0 | -145.67 | -8.98 | 0 | 291.36 | 17.96 |
| Namibia Cash | 0 | 0 | -0.29 | -0.02 | 0 | -32.89 | -2.03 |
| Cash on call Total | 0 | 0 | -144.91 | -8.93 | 0 | -17.30 | -1.06 |
| Equity Derivative | 0 | 0 | 161.06 | 9.93 | 0 | 0.00 | 0.00 |
| Derivatives Total | 0 | 0 | 161.06 | 9.93 | 0 | 0.00 | 0.00 |
| AVI Ltd. | 83,138 | 128,242 | 13.32 | 0.82 | 45,104 | 4.76 | 0.29 |
| Food Producers Total | 83,138 | 128,242 | 13.32 | 0.82 | 45,104 | 4.76 | 0.29 |
| USA - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| For Currency Total | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| Foreign - Bonds | 0 | 0 | 240.43 | 14.82 | 0 | 226.75 | 13.97 |
| Foreign Invest Total | 0 | 0 | 240.43 | 14.82 | 0 | 226.75 | 13.97 |
| Anglo American plc | 5,127 | 18,988 | 13.70 | 0.84 | 13,861 | 9.50 | 0.59 |
| BHP Group Ltd. | -3,433 | 0 | 0.00 | 0.00 | 3,433 | 1.74 | 0.11 |
| Glencore plc | 18,888 | 91,757 | 11.74 | 0.72 | 72,869 | 6.64 | 0.41 |
| Industrial Metals and Mining Total | 20,582 | 110,745 | 25.45 | 1.57 | 90,163 | 17.88 | 1.10 |
| Hosken Consolidated Investments Ltd. | 0 | 32,844 | 5.42 | 0.33 | 32,844 | 5.12 | 0.32 |
| PSG Financial Services Ltd. | 0 | 148,005 | 3.95 | 0.24 | 148,005 | 4.03 | 0.25 |
| Investment Banking and Brokerage Services Total | 0 | 180,849 | 9.37 | 0.58 | 180,849 | 9.16 | 0.56 |
| Momentum Group Ltd. | 10,569 | 299,369 | 10.76 | 0.66 | 288,800 | 11.04 | 0.68 |
| Sanlam Ltd. | 24,129 | 179,080 | 15.93 | 0.98 | 154,951 | 15.26 | 0.94 |
| Life Insurance Total | 34,698 | 478,449 | 26.70 | 1.65 | 443,751 | 26.30 | 1.62 |
| M&G Namibian Money Market Fund | -21,398,702 | 339,233,297 | 341.53 | 21.05 | 360,631,999 | 362.68 | 22.35 |
| Money Market Total | -21,398,702 | 339,233,297 | 341.53 | 21.05 | 360,631,999 | 362.68 | 22.35 |
| M&G Worldwide Managed Fund C Acc | -1,028,928 | 14,167,938 | 456.68 | 28.14 | 15,196,866 | 507.86 | 31.30 |
| Offshore Intern Total | -1,028,928 | 14,167,938 | 456.68 | 28.14 | 15,196,866 | 507.86 | 31.30 |
| Exxaro Resources Ltd. | -22,159 | 58,623 | 13.17 | 0.81 | 80,782 | 14.46 | 0.89 |
| Oil, Gas and Coal Total | -22,159 | 58,623 | 13.17 | 0.81 | 80,782 | 14.46 | 0.89 |
| Bid Corporation Ltd. | -4,274 | 27,507 | 11.21 | 0.69 | 31,781 | 13.41 | 0.83 |
| Boxer Retail Ltd. | -37,624 | 0 | 0.00 | 0.00 | 37,624 | 2.68 | 0.17 |
| Pick n Pay Stores Ltd. | 0 | 165,955 | 3.17 | 0.20 | 165,955 | 4.13 | 0.25 |
| The SPAR Group Ltd. | 3,722 | 82,417 | 5.17 | 0.32 | 78,695 | 7.52 | 0.46 |
| Personal Care, Drug and Grocery Stores Total | -38,176 | 275,879 | 19.55 | 1.20 | 314,055 | 27.74 | 1.71 |
| Compagnie Financière Richemont SA | -61 | 3,114 | 9.21 | 0.57 | 3,175 | 11.52 | 0.71 |
| Personal Goods Total | -61 | 3,114 | 9.21 | 0.57 | 3,175 | 11.52 | 0.71 |
| AngloGold Ashanti plc | 1,328 | 25,259 | 41.49 | 2.56 | 23,931 | 34.30 | 2.11 |
| Gold Fields Ltd. | 3,327 | 50,255 | 38.22 | 2.36 | 46,928 | 34.06 | 2.10 |
| Impala Platinum Holdings Ltd. | -7,491 | 46,072 | 11.01 | 0.68 | 53,563 | 14.03 | 0.86 |
| Northam Platinum Holdings Ltd. | 1,713 | 23,153 | 7.87 | 0.49 | 21,440 | 7.23 | 0.45 |
| Valterra Platinum Ltd. | 3,621 | 11,131 | 15.59 | 0.96 | 7,510 | 10.59 | 0.65 |
| Precious Metals and Mining Total | 2,498 | 155,870 | 114.18 | 7.04 | 153,372 | 100.20 | 6.18 |
| Oryx Property Ltd Namibia | 1,324,214 | 1,324,214 | 18.96 | 1.17 | 0 | 0.00 | 0.00 |
| Real Estate Total | 1,324,214 | 1,324,214 | 18.96 | 1.17 | 0 | 0.00 | 0.00 |
| NEPI Rockcastle NV | -23,539 | 0 | 0.00 | 0.00 | 23,539 | 3.43 | 0.21 |
| Oryx Properties Ltd. | -1,450,326 | 0 | 0.00 | 0.00 | 1,450,326 | 19.36 | 1.19 |
| Real Estate Investment and Services Total | -1,473,865 | 0 | 0.00 | 0.00 | 1,473,865 | 22.80 | 1.40 |
| Sirius Real Estate Ltd. | 0 | 239,011 | 5.04 | 0.31 | 239,011 | 5.32 | 0.33 |
| Vukile Property Fund Ltd. | -258,785 | 197,172 | 4.36 | 0.27 | 455,957 | 11.40 | 0.70 |
| Real Estate Investment Trusts Total | -258,785 | 436,183 | 9.40 | 0.58 | 694,968 | 16.72 | 1.03 |
| Motus Holdings Ltd. | -47,868 | 43,345 | 5.03 | 0.31 | 91,213 | 11.12 | 0.69 |
| Mr Price Group Ltd. | 73,062 | 73,062 | 11.21 | 0.69 | 0 | 0.00 | 0.00 |
| Pepkor Holdings Ltd. | 22,227 | 476,690 | 10.77 | 0.66 | 454,463 | 12.02 | 0.74 |
| The Foschini Group Ltd. | 52,056 | 173,434 | 12.24 | 0.75 | 121,378 | 10.32 | 0.64 |
| Retailers Total | 99,477 | 766,531 | 39.25 | 2.42 | 667,054 | 33.47 | 2.06 |
| Altron Ltd. | 0 | 212,400 | 4.22 | 0.26 | 212,400 | 4.22 | 0.26 |
| Bytes Technology Group plc | 0 | 39,837 | 2.49 | 0.15 | 39,837 | 3.25 | 0.20 |
| Naspers Ltd. | 10,335 | 46,573 | 40.14 | 2.47 | 36,238 | 40.03 | 2.47 |
| Prosus NV | 5,660 | 25,367 | 19.50 | 1.20 | 19,707 | 20.17 | 1.24 |
| Software and Computer Services Total | 15,995 | 324,177 | 66.35 | 4.09 | 308,182 | 67.67 | 4.17 |
| Mobile Telecommunications Ltd. | 0 | 355,917 | 3.30 | 0.20 | 355,917 | 3.26 | 0.20 |
| MTN Group Ltd. | -10,969 | 110,439 | 21.59 | 1.33 | 121,408 | 20.58 | 1.27 |
| Paratus Namibia Holdings Ltd. | 0 | 953,219 | 11.68 | 0.72 | 953,219 | 11.82 | 0.73 |
| Telkom SA SOC Ltd. | -13,990 | 83,458 | 4.91 | 0.30 | 97,448 | 5.75 | 0.35 |
| Telecommunications Service Providers Total | -24,959 | 1,503,033 | 41.47 | 2.56 | 1,527,992 | 41.41 | 2.55 |
| Portfolio Total | -22,645,381 | 365,552,659 | 1,622.73 | 100.00 | 388,198,040 | 1,622.64 | 100.00 |