| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Montauk Renewables Inc. | 0 | 2,100 | 0.08 | 0.01 | 2,100 | 0.17 | 0.03 |
| Renergen Ltd. | 0 | 37,500 | 0.24 | 0.04 | 37,500 | 0.26 | 0.04 |
| Alternative Energy Total | 0 | 39,600 | 0.32 | 0.05 | 39,600 | 0.44 | 0.07 |
| Absa Group Ltd. | 0 | 42,917 | 7.60 | 1.23 | 42,917 | 8.14 | 1.40 |
| Capitec Bank Holdings Ltd. | 0 | 4,469 | 13.87 | 2.25 | 4,469 | 14.01 | 2.40 |
| FirstRand Ltd. | 0 | 267,194 | 19.20 | 3.11 | 267,194 | 20.30 | 3.48 |
| Investec plc | 0 | 33,604 | 3.83 | 0.62 | 33,604 | 4.26 | 0.73 |
| Nedbank Group Ltd. | 0 | 24,378 | 6.27 | 1.02 | 24,378 | 6.87 | 1.18 |
| Standard Bank Group Ltd. | 0 | 70,052 | 16.77 | 2.72 | 70,052 | 15.53 | 2.66 |
| Banks Total | 0 | 442,614 | 67.53 | 10.94 | 442,614 | 69.11 | 11.85 |
| Anheuser-Busch InBev SA/NV | 0 | 3,928 | 4.44 | 0.72 | 3,928 | 3.68 | 0.63 |
| Beverages Total | 0 | 3,928 | 4.44 | 0.72 | 3,928 | 3.68 | 0.63 |
| Cash on call | 0 | 0 | 3.63 | 0.59 | 0 | -0.47 | -0.08 |
| Margin Account | 0 | 0 | 18.00 | 2.92 | 0 | 17.85 | 3.06 |
| Cash on call Total | 0 | 0 | 21.63 | 3.50 | 0 | 17.38 | 2.98 |
| AECI Ltd. | 0 | 9,673 | 0.94 | 0.15 | 9,673 | 0.85 | 0.15 |
| Omnia Holdings Ltd. | 0 | 8,549 | 0.57 | 0.09 | 8,549 | 0.67 | 0.11 |
| Sasol Ltd. | 0 | 32,119 | 2.46 | 0.40 | 32,119 | 2.67 | 0.46 |
| Chemicals Total | 0 | 50,341 | 3.97 | 0.64 | 50,341 | 4.19 | 0.72 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 5,861 | 1.06 | 0.17 | 5,861 | 1.37 | 0.23 |
| Construction and Materials Total | 0 | 5,861 | 1.06 | 0.17 | 5,861 | 1.37 | 0.23 |
| ADvTECH Ltd. | 0 | 44,035 | 1.45 | 0.24 | 44,035 | 1.49 | 0.26 |
| Curro Holdings Ltd. | 0 | 10,087 | 0.08 | 0.01 | 10,087 | 0.13 | 0.02 |
| Zeda Ltd. | 0 | 41,617 | 0.46 | 0.08 | 41,617 | 0.55 | 0.09 |
| Consumer Services Total | 0 | 95,739 | 2.00 | 0.32 | 95,739 | 2.18 | 0.37 |
| Mahube Infrastructure Ltd. | 0 | 108,482 | 0.39 | 0.06 | 108,482 | 0.46 | 0.08 |
| Electricity Total | 0 | 108,482 | 0.39 | 0.06 | 108,482 | 0.46 | 0.08 |
| Reunert Ltd. | 0 | 5,500 | 0.33 | 0.05 | 5,500 | 0.41 | 0.07 |
| Electronic and Electrical Equipment Total | 0 | 5,500 | 0.33 | 0.05 | 5,500 | 0.41 | 0.07 |
| Astral Foods Ltd. | 0 | 3,972 | 0.65 | 0.10 | 3,972 | 0.74 | 0.13 |
| AVI Ltd. | 0 | 28,887 | 2.56 | 0.41 | 28,887 | 3.17 | 0.54 |
| Premier Group Ltd. | 0 | 2,000 | 0.26 | 0.04 | 2,000 | 0.27 | 0.05 |
| Tiger Brands Ltd. | 0 | 14,422 | 4.01 | 0.65 | 14,422 | 4.17 | 0.71 |
| Food Producers Total | 0 | 49,281 | 7.47 | 1.21 | 49,281 | 8.35 | 1.43 |
| Barloworld Ltd. | 0 | 14,587 | 1.54 | 0.25 | 14,587 | 1.63 | 0.28 |
| KAP Ltd. | 0 | 124,257 | 0.31 | 0.05 | 124,257 | 0.38 | 0.07 |
| Mondi plc | 0 | 14,234 | 3.87 | 0.63 | 14,234 | 3.95 | 0.68 |
| The Bidvest Group Ltd. | 0 | 17,824 | 4.20 | 0.68 | 17,824 | 4.70 | 0.81 |
| General Industrials Total | 0 | 170,902 | 9.93 | 1.61 | 170,902 | 10.66 | 1.83 |
| AfroCentric Investment Corporation Ltd. | 0 | 14,056 | 0.02 | 0.00 | 14,056 | 0.03 | 0.00 |
| Life Healthcare Group Holdings Ltd. | 0 | 112,901 | 1.56 | 0.25 | 112,901 | 1.85 | 0.32 |
| Netcare Ltd. | 0 | 121,804 | 1.60 | 0.26 | 121,804 | 1.82 | 0.31 |
| Health Care Providers Total | 0 | 248,761 | 3.19 | 0.52 | 248,761 | 3.69 | 0.63 |
| Sappi Ltd. | 0 | 35,067 | 1.27 | 0.21 | 35,067 | 1.73 | 0.30 |
| Industrial Materials Total | 0 | 35,067 | 1.27 | 0.21 | 35,067 | 1.73 | 0.30 |
| African Rainbow Minerals Ltd. | 0 | 9,327 | 1.36 | 0.22 | 9,327 | 1.40 | 0.24 |
| Afrimat Ltd. | 0 | 5,952 | 0.35 | 0.06 | 5,952 | 0.42 | 0.07 |
| Anglo American plc | 0 | 21,966 | 11.31 | 1.83 | 21,966 | 12.12 | 2.08 |
| BHP Group Ltd. | 0 | 11,061 | 4.85 | 0.79 | 11,061 | 5.09 | 0.87 |
| Glencore plc | 0 | 36,217 | 2.44 | 0.39 | 36,217 | 3.02 | 0.52 |
| Kumba Iron Ore Ltd. | 0 | 4,117 | 1.28 | 0.21 | 4,117 | 1.34 | 0.23 |
| South32 Ltd. | 0 | 23,750 | 0.89 | 0.14 | 23,750 | 0.95 | 0.16 |
| Industrial Metals and Mining Total | 0 | 112,390 | 22.49 | 3.64 | 112,390 | 24.35 | 4.18 |
| Grindrod Ltd. | 0 | 51,954 | 0.63 | 0.10 | 51,954 | 0.62 | 0.11 |
| Super Group Ltd. | 0 | 28,572 | 0.80 | 0.13 | 28,572 | 0.84 | 0.14 |
| Industrial Transportation Total | 0 | 80,526 | 1.43 | 0.23 | 80,526 | 1.46 | 0.25 |
| Brait plc | 0 | 250,000 | 0.50 | 0.08 | 250,000 | 0.52 | 0.09 |
| Coronation Fund Managers Ltd. | 0 | 11,680 | 0.45 | 0.07 | 11,680 | 0.46 | 0.08 |
| Hosken Consolidated Investments Ltd. | 0 | 3,840 | 0.52 | 0.08 | 3,840 | 0.63 | 0.11 |
| JSE Ltd. | 0 | 3,111 | 0.39 | 0.06 | 3,111 | 0.38 | 0.06 |
| Ninety One plc | 0 | 36,647 | 1.27 | 0.21 | 36,647 | 1.26 | 0.22 |
| PSG Financial Services Ltd. | 0 | 49,458 | 0.89 | 0.14 | 49,458 | 0.97 | 0.17 |
| Quilter plc | 0 | 75,156 | 2.63 | 0.43 | 75,156 | 2.67 | 0.46 |
| Reinet Investments SCA | 0 | 7,297 | 3.25 | 0.53 | 7,297 | 3.26 | 0.56 |
| Remgro Ltd. | 0 | 29,708 | 4.69 | 0.76 | 29,708 | 4.61 | 0.79 |
| Investment Banking and Brokerage Services Total | 0 | 466,897 | 14.58 | 2.36 | 466,897 | 14.75 | 2.53 |
| Discovery Ltd. | 0 | 28,094 | 5.60 | 0.91 | 28,094 | 5.47 | 0.94 |
| Momentum Group Ltd. | 0 | 107,908 | 3.37 | 0.55 | 107,908 | 3.27 | 0.56 |
| Old Mutual Ltd. | 0 | 286,511 | 3.41 | 0.55 | 286,511 | 3.58 | 0.61 |
| Sanlam Ltd. | 0 | 88,663 | 7.34 | 1.19 | 88,663 | 7.70 | 1.32 |
| Life Insurance Total | 0 | 511,176 | 19.72 | 3.19 | 511,176 | 20.02 | 3.43 |
| Money Market Instrument | 0 | 0 | 54.31 | 8.80 | 0 | 0.00 | 0.00 |
| Gryphon Money Market - C | -91,700,000 | 105,800,000 | 106.52 | 17.25 | 197,500,000 | 198.96 | 34.13 |
| Ninety One Corporate Money Market - E | 54,000,000 | 54,000,000 | 54.31 | 8.80 | 0 | 0.00 | 0.00 |
| Money Market Total | -37,700,000 | 159,800,000 | 215.14 | 34.85 | 197,500,000 | 198.96 | 34.13 |
| OUTsurance Group Ltd. | 0 | 64,228 | 4.48 | 0.73 | 64,228 | 4.27 | 0.73 |
| Santam Ltd. | 0 | 3,590 | 1.34 | 0.22 | 3,590 | 1.41 | 0.24 |
| Non-life Insurance Total | 0 | 67,818 | 5.82 | 0.94 | 67,818 | 5.68 | 0.97 |
| Exxaro Resources Ltd. | 0 | 13,466 | 2.00 | 0.32 | 13,466 | 2.13 | 0.36 |
| Thungela Resources Ltd. | 0 | 9,482 | 0.96 | 0.16 | 9,482 | 1.27 | 0.22 |
| Oil, Gas and Coal Total | 0 | 22,948 | 2.95 | 0.48 | 22,948 | 3.39 | 0.58 |
| Bid Corporation Ltd. | 0 | 16,625 | 7.31 | 1.18 | 16,625 | 7.16 | 1.23 |
| Clicks Group Ltd. | 0 | 12,827 | 4.34 | 0.70 | 12,827 | 4.79 | 0.82 |
| Dis-Chem Pharmacies Ltd. | 0 | 36,617 | 1.11 | 0.18 | 36,617 | 1.32 | 0.23 |
| Pick n Pay Stores Ltd. | 0 | 48,166 | 1.32 | 0.21 | 48,166 | 1.48 | 0.25 |
| Shoprite Holdings Ltd. | 0 | 24,012 | 6.55 | 1.06 | 24,012 | 7.07 | 1.21 |
| The SPAR Group Ltd. | 0 | 14,539 | 1.72 | 0.28 | 14,539 | 2.12 | 0.36 |
| Personal Care, Drug and Grocery Stores Total | 0 | 152,786 | 22.35 | 3.62 | 152,786 | 23.94 | 4.11 |
| Compagnie Financière Richemont SA | -300 | 2,801 | 8.88 | 1.44 | 3,101 | 8.61 | 1.48 |
| Personal Goods Total | -300 | 2,801 | 8.88 | 1.44 | 3,101 | 8.61 | 1.48 |
| Aspen Pharmacare Holdings Ltd. | 0 | 21,077 | 3.45 | 0.56 | 21,077 | 3.47 | 0.60 |
| Pharmaceuticals and Biotechnology Total | 0 | 21,077 | 3.45 | 0.56 | 21,077 | 3.47 | 0.60 |
| Anglo American Platinum Ltd. | 0 | 4,717 | 3.46 | 0.56 | 4,717 | 2.68 | 0.46 |
| AngloGold Ashanti plc | 0 | 15,216 | 10.45 | 1.69 | 15,216 | 6.41 | 1.10 |
| DRDGOLD Ltd. | 0 | 12,722 | 0.36 | 0.06 | 12,722 | 0.21 | 0.04 |
| Gold Fields Ltd. | 0 | 48,625 | 19.71 | 3.19 | 48,625 | 12.02 | 2.06 |
| Harmony Gold Mining Company Ltd. | 0 | 26,702 | 7.12 | 1.15 | 26,702 | 4.02 | 0.69 |
| Impala Platinum Holdings Ltd. | 0 | 41,003 | 5.16 | 0.84 | 41,003 | 3.60 | 0.62 |
| Northam Platinum Holdings Ltd. | 0 | 22,459 | 2.94 | 0.48 | 22,459 | 2.19 | 0.38 |
| Pan African Resources plc | 0 | 152,853 | 1.57 | 0.25 | 152,853 | 1.25 | 0.21 |
| Sibanye Stillwater Ltd. | 0 | 149,850 | 3.12 | 0.51 | 149,850 | 2.24 | 0.39 |
| Precious Metals and Mining Total | 0 | 474,147 | 53.90 | 8.73 | 474,147 | 34.62 | 5.94 |
| Fortress Real Estate Investments Ltd. | 0 | 85,087 | 1.60 | 0.26 | 85,087 | 1.72 | 0.30 |
| Lighthouse Properties plc | 0 | 16,126 | 0.13 | 0.02 | 16,126 | 0.13 | 0.02 |
| MAS plc | 0 | 21,736 | 0.39 | 0.06 | 21,736 | 0.51 | 0.09 |
| NEPI Rockcastle NV | 4,450 | 32,454 | 4.30 | 0.70 | 28,004 | 3.86 | 0.66 |
| Real Estate Investment and Services Total | 4,450 | 155,403 | 6.43 | 1.04 | 150,953 | 6.22 | 1.07 |
| Burstone Group Ltd. | 0 | 64,443 | 0.53 | 0.09 | 64,443 | 0.61 | 0.10 |
| Equites Property Fund Ltd. | 0 | 31,553 | 0.44 | 0.07 | 31,553 | 0.46 | 0.08 |
| Growthpoint Properties Ltd. | 0 | 193,196 | 2.50 | 0.41 | 193,196 | 2.46 | 0.42 |
| Hyprop Investments Ltd. | 0 | 35,285 | 1.47 | 0.24 | 35,285 | 1.64 | 0.28 |
| Redefine Properties Ltd. | 0 | 541,994 | 2.27 | 0.37 | 541,994 | 2.47 | 0.42 |
| Resilient REIT Ltd. | 0 | 25,816 | 1.47 | 0.24 | 25,816 | 1.52 | 0.26 |
| SA Corporate Real Estate Ltd. | 0 | 96,154 | 0.26 | 0.04 | 96,154 | 0.28 | 0.05 |
| Shaftesbury Capital plc | 0 | 9,241 | 0.27 | 0.04 | 9,241 | 0.29 | 0.05 |
| Sirius Real Estate Ltd. | 0 | 40,250 | 0.81 | 0.13 | 40,250 | 0.76 | 0.13 |
| Stor-Age Property REIT Ltd. | 0 | 19,585 | 0.29 | 0.05 | 19,585 | 0.31 | 0.05 |
| Vukile Property Fund Ltd. | 0 | 70,852 | 1.24 | 0.20 | 70,852 | 1.27 | 0.22 |
| Real Estate Investment Trusts Total | 0 | 1,128,369 | 11.55 | 1.87 | 1,128,369 | 12.06 | 2.07 |
| CA Sales Holdings Ltd. | 0 | 5,757 | 0.10 | 0.02 | 5,757 | 0.09 | 0.02 |
| Cashbuild Ltd. | 0 | 1,199 | 0.18 | 0.03 | 1,199 | 0.25 | 0.04 |
| Italtile Ltd. | 0 | 35,000 | 0.36 | 0.06 | 35,000 | 0.49 | 0.08 |
| KAL Group Ltd. | 0 | 13,767 | 0.56 | 0.09 | 13,767 | 0.70 | 0.12 |
| Motus Holdings Ltd. | 0 | 12,074 | 1.05 | 0.17 | 12,074 | 1.47 | 0.25 |
| Mr Price Group Ltd. | 0 | 13,986 | 3.10 | 0.50 | 13,986 | 4.13 | 0.71 |
| Pepkor Holdings Ltd. | 0 | 195,969 | 5.00 | 0.81 | 195,969 | 5.67 | 0.97 |
| The Foschini Group Ltd. | 0 | 27,209 | 3.38 | 0.55 | 27,209 | 4.61 | 0.79 |
| Truworths International Ltd. | 0 | 31,681 | 2.28 | 0.37 | 31,681 | 3.28 | 0.56 |
| Woolworths Holdings Ltd. | 0 | 48,833 | 2.49 | 0.40 | 48,833 | 3.04 | 0.52 |
| Retailers Total | 0 | 385,475 | 18.50 | 3.00 | 385,475 | 23.76 | 4.07 |
| Datatec Ltd. | 0 | 11,943 | 0.66 | 0.11 | 11,943 | 0.60 | 0.10 |
| Naspers Ltd. | 0 | 9,259 | 41.83 | 6.78 | 9,259 | 38.64 | 6.63 |
| Prosus NV | -375 | 16,170 | 13.61 | 2.20 | 16,545 | 12.39 | 2.13 |
| Software and Computer Services Total | -375 | 37,372 | 56.10 | 9.09 | 37,747 | 51.63 | 8.86 |
| MTN Group Ltd. | 0 | 100,437 | 12.38 | 2.00 | 100,437 | 9.24 | 1.58 |
| MultiChoice Group Ltd. | 0 | 20,551 | 2.26 | 0.37 | 20,551 | 2.22 | 0.38 |
| Telkom SA SOC Ltd. | 0 | 16,561 | 0.61 | 0.10 | 16,561 | 0.58 | 0.10 |
| Vodacom Group Ltd. | 0 | 28,699 | 3.60 | 0.58 | 28,699 | 2.91 | 0.50 |
| Telecommunications Service Providers Total | 0 | 166,248 | 18.85 | 3.05 | 166,248 | 14.95 | 2.56 |
| British American Tobacco plc | -1,000 | 13,185 | 10.15 | 1.64 | 14,185 | 9.79 | 1.68 |
| Tobacco Total | -1,000 | 13,185 | 10.15 | 1.64 | 14,185 | 9.79 | 1.68 |
| Famous Brands Ltd. | 0 | 3,697 | 0.21 | 0.03 | 3,697 | 0.26 | 0.04 |
| Sun International Ltd. | 0 | 22,531 | 0.93 | 0.15 | 22,531 | 0.98 | 0.17 |
| Tsogo Sun Ltd. | 0 | 46,075 | 0.38 | 0.06 | 46,075 | 0.47 | 0.08 |
| Travel and Leisure Total | 0 | 72,303 | 1.53 | 0.25 | 72,303 | 1.71 | 0.29 |
| Portfolio Total | -37,697,225 | 164,926,997 | 617.35 | 100.00 | 202,624,222 | 583.03 | 100.00 |