| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Montauk Renewables Inc. | 0 | 2,100 | 0.06 | 0.01 | 2,100 | 0.07 | 0.01 |
| Alternative Energy Total | 0 | 2,100 | 0.06 | 0.01 | 2,100 | 0.07 | 0.01 |
| Absa Group Ltd. | 0 | 42,917 | 10.27 | 1.41 | 42,917 | 7.77 | 1.11 |
| Capitec Bank Holdings Ltd. | 150 | 4,619 | 19.20 | 2.64 | 4,469 | 15.53 | 2.21 |
| FirstRand Ltd. | 1,359 | 268,553 | 24.37 | 3.35 | 267,194 | 20.75 | 2.95 |
| Investec plc | 0 | 33,604 | 4.11 | 0.56 | 33,604 | 4.31 | 0.61 |
| Nedbank Group Ltd. | 0 | 26,600 | 7.08 | 0.97 | 26,600 | 5.68 | 0.81 |
| Standard Bank Group Ltd. | 2,000 | 74,502 | 21.64 | 2.97 | 72,502 | 17.14 | 2.44 |
| Banks Total | 3,509 | 450,795 | 86.66 | 11.90 | 447,286 | 71.17 | 10.12 |
| Anheuser-Busch InBev SA/NV | 400 | 5,628 | 6.02 | 0.83 | 5,228 | 5.37 | 0.76 |
| Beverages Total | 400 | 5,628 | 6.02 | 0.83 | 5,228 | 5.37 | 0.76 |
| Cash on call | 0 | 0 | 1.74 | 0.24 | 0 | 3.21 | 0.46 |
| Margin Account | 0 | 0 | 15.79 | 2.17 | 0 | 17.37 | 2.47 |
| Cash on call Total | 0 | 0 | 17.53 | 2.41 | 0 | 20.58 | 2.93 |
| AECI Ltd. | 0 | 9,673 | 0.86 | 0.12 | 9,673 | 0.94 | 0.13 |
| Omnia Holdings Ltd. | 0 | 8,549 | 0.67 | 0.09 | 8,549 | 0.61 | 0.09 |
| Sasol Ltd. | 0 | 32,119 | 3.41 | 0.47 | 32,119 | 3.45 | 0.49 |
| Chemicals Total | 0 | 50,341 | 4.95 | 0.68 | 50,341 | 5.00 | 0.71 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 5,861 | 0.98 | 0.13 | 5,861 | 0.88 | 0.13 |
| Construction and Materials Total | 0 | 5,861 | 0.98 | 0.13 | 5,861 | 0.88 | 0.13 |
| ADvTECH Ltd. | 0 | 44,035 | 1.64 | 0.23 | 44,035 | 1.39 | 0.20 |
| Curro Holdings Ltd. | 0 | 10,087 | 0.14 | 0.02 | 10,087 | 0.12 | 0.02 |
| Zeda Ltd. | 0 | 54,527 | 0.77 | 0.11 | 54,527 | 0.69 | 0.10 |
| Consumer Services Total | 0 | 108,649 | 2.55 | 0.35 | 108,649 | 2.19 | 0.31 |
| Mahube Infrastructure Ltd. | 0 | 108,482 | 0.62 | 0.09 | 108,482 | 0.50 | 0.07 |
| Electricity Total | 0 | 108,482 | 0.62 | 0.09 | 108,482 | 0.50 | 0.07 |
| Reunert Ltd. | 0 | 14,650 | 0.91 | 0.13 | 14,650 | 0.79 | 0.11 |
| Electronic and Electrical Equipment Total | 0 | 14,650 | 0.91 | 0.13 | 14,650 | 0.79 | 0.11 |
| Astral Foods Ltd. | 0 | 3,972 | 1.06 | 0.15 | 3,972 | 0.82 | 0.12 |
| AVI Ltd. | 0 | 32,887 | 3.47 | 0.48 | 32,887 | 3.25 | 0.46 |
| Oceana Group Ltd. | 0 | 7,500 | 0.42 | 0.06 | 7,500 | 0.37 | 0.05 |
| Premier Group Ltd. | 0 | 2,000 | 0.34 | 0.05 | 2,000 | 0.30 | 0.04 |
| Tiger Brands Ltd. | 0 | 14,422 | 5.28 | 0.73 | 14,422 | 4.45 | 0.63 |
| Food Producers Total | 0 | 60,781 | 10.56 | 1.45 | 60,781 | 9.20 | 1.31 |
| Barloworld Ltd. | -14,587 | 0 | 0.00 | 0.00 | 14,587 | 1.72 | 0.24 |
| KAP Ltd. | 100,000 | 224,257 | 0.43 | 0.06 | 124,257 | 0.21 | 0.03 |
| Mondi plc | 247 | 12,584 | 2.56 | 0.35 | 12,337 | 2.97 | 0.42 |
| The Bidvest Group Ltd. | 0 | 20,224 | 4.80 | 0.66 | 20,224 | 4.28 | 0.61 |
| General Industrials Total | 85,660 | 257,065 | 7.80 | 1.07 | 171,405 | 9.18 | 1.30 |
| AfroCentric Investment Corporation Ltd. | 0 | 14,056 | 0.02 | 0.00 | 14,056 | 0.02 | 0.00 |
| Life Healthcare Group Holdings Ltd. | 0 | 112,901 | 1.29 | 0.18 | 112,901 | 1.31 | 0.19 |
| Netcare Ltd. | 0 | 121,804 | 1.93 | 0.26 | 121,804 | 1.73 | 0.25 |
| Health Care Providers Total | 0 | 248,761 | 3.23 | 0.44 | 248,761 | 3.06 | 0.44 |
| Sappi Ltd. | 0 | 54,037 | 1.33 | 0.18 | 54,037 | 1.25 | 0.18 |
| Industrial Materials Total | 0 | 54,037 | 1.33 | 0.18 | 54,037 | 1.25 | 0.18 |
| African Rainbow Minerals Ltd. | 0 | 9,327 | 1.86 | 0.25 | 9,327 | 1.73 | 0.25 |
| Afrimat Ltd. | 10,000 | 23,996 | 0.99 | 0.14 | 13,996 | 0.53 | 0.08 |
| Anglo American plc | 0 | 19,346 | 13.25 | 1.82 | 19,346 | 12.51 | 1.78 |
| BHP Group Ltd. | 0 | 11,061 | 5.61 | 0.77 | 11,061 | 5.27 | 0.75 |
| Glencore plc | 6,000 | 42,217 | 3.85 | 0.53 | 36,217 | 2.89 | 0.41 |
| Kumba Iron Ore Ltd. | 0 | 4,117 | 1.45 | 0.20 | 4,117 | 1.34 | 0.19 |
| South32 Ltd. | 0 | 23,750 | 0.93 | 0.13 | 23,750 | 0.75 | 0.11 |
| Industrial Metals and Mining Total | 16,000 | 133,814 | 27.93 | 3.84 | 117,814 | 25.02 | 3.56 |
| Grindrod Ltd. | 0 | 51,954 | 0.88 | 0.12 | 51,954 | 0.78 | 0.11 |
| Super Group Ltd. | 0 | 28,572 | 0.54 | 0.07 | 28,572 | 0.36 | 0.05 |
| Industrial Transportation Total | 0 | 80,526 | 1.42 | 0.20 | 80,526 | 1.14 | 0.16 |
| Brait plc | 0 | 250,000 | 0.56 | 0.08 | 250,000 | 0.53 | 0.08 |
| Coronation Fund Managers Ltd. | 0 | 11,680 | 0.55 | 0.08 | 11,680 | 0.52 | 0.07 |
| Hosken Consolidated Investments Ltd. | 0 | 3,840 | 0.60 | 0.08 | 3,840 | 0.47 | 0.07 |
| JSE Ltd. | 0 | 3,111 | 0.45 | 0.06 | 3,111 | 0.40 | 0.06 |
| Ninety One Ltd. | 14,289 | 36,687 | 1.75 | 0.24 | 22,398 | 1.02 | 0.14 |
| Ninety One plc | -14,289 | 0 | 0.00 | 0.00 | 14,289 | 0.67 | 0.10 |
| PSG Financial Services Ltd. | 20,000 | 69,458 | 1.89 | 0.26 | 49,458 | 1.13 | 0.16 |
| Quilter plc | 0 | 75,156 | 3.05 | 0.42 | 75,156 | 2.88 | 0.41 |
| Reinet Investments SCA | 0 | 7,297 | 4.23 | 0.58 | 7,297 | 3.68 | 0.52 |
| Remgro Ltd. | 0 | 29,708 | 5.40 | 0.74 | 29,708 | 4.98 | 0.71 |
| Investment Banking and Brokerage Services Total | 20,000 | 486,937 | 18.47 | 2.54 | 466,937 | 16.29 | 2.32 |
| Discovery Ltd. | 0 | 30,494 | 6.94 | 0.95 | 30,494 | 6.01 | 0.85 |
| Momentum Group Ltd. | 0 | 107,908 | 4.13 | 0.57 | 107,908 | 3.54 | 0.50 |
| Old Mutual Ltd. | 0 | 286,511 | 4.27 | 0.59 | 286,511 | 3.82 | 0.54 |
| Sanlam Ltd. | 813 | 89,476 | 8.81 | 1.21 | 88,663 | 7.41 | 1.05 |
| Life Insurance Total | 813 | 514,389 | 24.15 | 3.32 | 513,576 | 20.78 | 2.96 |
| eMedia Holdings Ltd. | 1 | 12,466 | 0.03 | 0.00 | 12,465 | 0.02 | 0.00 |
| Media Total | 1 | 12,466 | 0.03 | 0.00 | 12,465 | 0.02 | 0.00 |
| Money Market Instrument | 0 | 0 | 0.00 | 0.00 | 0 | 75.56 | 10.74 |
| Gryphon Money Market - C | -10,500,000 | 125,200,000 | 125.94 | 17.30 | 135,700,000 | 136.54 | 19.42 |
| Nedgroup Investments Corporate Money Market - C15 | 35,000,000 | 35,000,000 | 35.21 | 4.84 | 0 | 0.00 | 0.00 |
| Ninety One Corporate Money Market - E | 35,000,000 | 35,000,000 | 35.20 | 4.83 | 0 | 0.00 | 0.00 |
| Money Market Total | 59,500,000 | 195,200,000 | 196.34 | 26.97 | 135,700,000 | 212.10 | 30.16 |
| OUTsurance Group Ltd. | 0 | 75,228 | 5.39 | 0.74 | 75,228 | 5.39 | 0.77 |
| Santam Ltd. | 0 | 3,590 | 1.53 | 0.21 | 3,590 | 1.36 | 0.19 |
| Non-life Insurance Total | 0 | 78,818 | 6.93 | 0.95 | 78,818 | 6.75 | 0.96 |
| Exxaro Resources Ltd. | 0 | 13,466 | 2.41 | 0.33 | 13,466 | 2.43 | 0.35 |
| Thungela Resources Ltd. | 0 | 12,482 | 1.20 | 0.16 | 12,482 | 1.09 | 0.16 |
| Oil, Gas and Coal Total | 0 | 25,948 | 3.61 | 0.50 | 25,948 | 3.52 | 0.50 |
| Bid Corporation Ltd. | 0 | 18,847 | 7.95 | 1.09 | 18,847 | 8.15 | 1.16 |
| Boxer Retail Ltd. | 0 | 14,272 | 1.02 | 0.14 | 14,272 | 0.99 | 0.14 |
| Clicks Group Ltd. | 0 | 12,827 | 4.32 | 0.59 | 12,827 | 4.52 | 0.64 |
| Dis-Chem Pharmacies Ltd. | 0 | 36,617 | 1.28 | 0.18 | 36,617 | 1.20 | 0.17 |
| Pick n Pay Stores Ltd. | 0 | 48,166 | 1.20 | 0.16 | 48,166 | 1.22 | 0.17 |
| Shoprite Holdings Ltd. | 2,000 | 26,012 | 7.03 | 0.97 | 24,012 | 6.58 | 0.94 |
| The SPAR Group Ltd. | 0 | 17,939 | 1.71 | 0.24 | 17,939 | 1.77 | 0.25 |
| Personal Care, Drug and Grocery Stores Total | 2,000 | 174,680 | 24.51 | 3.37 | 172,680 | 24.42 | 3.47 |
| Compagnie Financière Richemont SA | 200 | 3,001 | 10.88 | 1.50 | 2,801 | 9.16 | 1.30 |
| Personal Goods Total | 200 | 3,001 | 10.88 | 1.50 | 2,801 | 9.16 | 1.30 |
| Aspen Pharmacare Holdings Ltd. | 2,750 | 23,827 | 2.78 | 0.38 | 21,077 | 2.04 | 0.29 |
| Pharmaceuticals and Biotechnology Total | 2,750 | 23,827 | 2.78 | 0.38 | 21,077 | 2.04 | 0.29 |
| AngloGold Ashanti plc | 1,750 | 16,966 | 24.31 | 3.34 | 15,216 | 18.47 | 2.63 |
| DRDGOLD Ltd. | 0 | 12,722 | 0.67 | 0.09 | 12,722 | 0.61 | 0.09 |
| Gold Fields Ltd. | 0 | 48,625 | 35.29 | 4.85 | 48,625 | 35.45 | 5.04 |
| Harmony Gold Mining Company Ltd. | 0 | 26,702 | 9.00 | 1.24 | 26,702 | 8.41 | 1.20 |
| Impala Platinum Holdings Ltd. | 5,150 | 46,153 | 12.09 | 1.66 | 41,003 | 9.04 | 1.29 |
| Northam Platinum Holdings Ltd. | 1,000 | 23,459 | 7.91 | 1.09 | 22,459 | 6.31 | 0.90 |
| Pan African Resources plc | 0 | 152,853 | 4.12 | 0.57 | 152,853 | 3.10 | 0.44 |
| Sibanye Stillwater Ltd. | 0 | 149,850 | 9.07 | 1.25 | 149,850 | 7.39 | 1.05 |
| Valterra Platinum Ltd. | 300 | 12,611 | 17.78 | 2.44 | 12,311 | 15.21 | 2.16 |
| Precious Metals and Mining Total | 8,200 | 489,941 | 120.23 | 16.51 | 481,741 | 103.99 | 14.79 |
| Fortress Real Estate Investments Ltd. | 20,000 | 105,087 | 2.51 | 0.35 | 85,087 | 1.96 | 0.28 |
| Lighthouse Properties plc | 0 | 16,700 | 0.14 | 0.02 | 16,700 | 0.13 | 0.02 |
| MAS plc | 0 | 21,736 | 0.49 | 0.07 | 21,736 | 0.46 | 0.07 |
| NEPI Rockcastle NV | 0 | 34,676 | 5.06 | 0.69 | 34,676 | 4.80 | 0.68 |
| Real Estate Investment and Services Total | 20,000 | 178,199 | 8.20 | 1.13 | 158,199 | 7.35 | 1.05 |
| Burstone Group Ltd. | 0 | 64,443 | 0.59 | 0.08 | 64,443 | 0.53 | 0.07 |
| Equites Property Fund Ltd. | 0 | 31,553 | 0.58 | 0.08 | 31,553 | 0.51 | 0.07 |
| Growthpoint Properties Ltd. | 30,000 | 223,196 | 3.83 | 0.53 | 193,196 | 2.85 | 0.40 |
| Hyprop Investments Ltd. | 0 | 35,285 | 2.01 | 0.28 | 35,285 | 1.65 | 0.23 |
| Redefine Properties Ltd. | 90,000 | 631,994 | 3.79 | 0.52 | 541,994 | 2.69 | 0.38 |
| Resilient REIT Ltd. | 0 | 25,816 | 2.07 | 0.28 | 25,816 | 1.65 | 0.24 |
| SA Corporate Real Estate Ltd. | 0 | 96,154 | 0.35 | 0.05 | 96,154 | 0.30 | 0.04 |
| Shaftesbury Capital plc | 0 | 9,241 | 0.30 | 0.04 | 9,241 | 0.31 | 0.04 |
| Sirius Real Estate Ltd. | 0 | 40,250 | 0.90 | 0.12 | 40,250 | 0.91 | 0.13 |
| Stor-Age Property REIT Ltd. | 0 | 19,585 | 0.35 | 0.05 | 19,585 | 0.30 | 0.04 |
| Vukile Property Fund Ltd. | 25,000 | 95,852 | 2.40 | 0.33 | 70,852 | 1.47 | 0.21 |
| Real Estate Investment Trusts Total | 145,000 | 1,273,369 | 17.16 | 2.36 | 1,128,369 | 13.16 | 1.87 |
| CA Sales Holdings Ltd. | 0 | 5,757 | 0.09 | 0.01 | 5,757 | 0.10 | 0.01 |
| Cashbuild Ltd. | 0 | 1,199 | 0.16 | 0.02 | 1,199 | 0.17 | 0.02 |
| Italtile Ltd. | 0 | 35,000 | 0.32 | 0.04 | 35,000 | 0.32 | 0.05 |
| KAL Group Ltd. | 0 | 13,767 | 0.69 | 0.09 | 13,767 | 0.58 | 0.08 |
| Motus Holdings Ltd. | 0 | 12,074 | 1.47 | 0.20 | 12,074 | 1.26 | 0.18 |
| Mr Price Group Ltd. | 0 | 13,986 | 2.45 | 0.34 | 13,986 | 2.85 | 0.41 |
| Pepkor Holdings Ltd. | 0 | 352,154 | 9.31 | 1.28 | 352,154 | 8.56 | 1.22 |
| The Foschini Group Ltd. | 0 | 30,542 | 2.60 | 0.36 | 30,542 | 3.33 | 0.47 |
| Truworths International Ltd. | 0 | 31,681 | 1.80 | 0.25 | 31,681 | 1.73 | 0.25 |
| We Buy Cars Holdings Ltd. | 0 | 4,222 | 0.20 | 0.03 | 4,222 | 0.23 | 0.03 |
| Woolworths Holdings Ltd. | 0 | 48,833 | 2.73 | 0.38 | 48,833 | 2.46 | 0.35 |
| Retailers Total | 0 | 549,215 | 21.83 | 3.00 | 549,215 | 21.59 | 3.07 |
| Bytes Technology Group plc | 5,250 | 5,250 | 0.43 | 0.06 | 0 | 0.00 | 0.00 |
| Datatec Ltd. | 292 | 12,235 | 0.97 | 0.13 | 11,943 | 0.72 | 0.10 |
| Naspers Ltd. | 35,036 | 43,795 | 48.37 | 6.64 | 8,759 | 54.78 | 7.79 |
| Prosus NV | 0 | 14,970 | 15.32 | 2.10 | 14,970 | 18.12 | 2.58 |
| Software and Computer Services Total | 40,578 | 76,250 | 65.09 | 8.94 | 35,672 | 73.63 | 10.47 |
| MTN Group Ltd. | 3,250 | 103,687 | 17.57 | 2.41 | 100,437 | 14.56 | 2.07 |
| MultiChoice Group Ltd. | -20,551 | 0 | 0.00 | 0.00 | 20,551 | 2.57 | 0.37 |
| Telkom SA SOC Ltd. | 0 | 16,561 | 0.98 | 0.13 | 16,561 | 0.85 | 0.12 |
| Vodacom Group Ltd. | 5,000 | 33,699 | 4.76 | 0.65 | 28,699 | 3.83 | 0.54 |
| Telecommunications Service Providers Total | -12,301 | 153,947 | 23.31 | 3.20 | 166,248 | 21.81 | 3.10 |
| British American Tobacco plc | 300 | 11,085 | 10.58 | 1.45 | 10,785 | 9.84 | 1.40 |
| Tobacco Total | 300 | 11,085 | 10.58 | 1.45 | 10,785 | 9.84 | 1.40 |
| Famous Brands Ltd. | 0 | 3,697 | 0.20 | 0.03 | 3,697 | 0.20 | 0.03 |
| Sun International Ltd. | 0 | 22,531 | 0.87 | 0.12 | 22,531 | 0.91 | 0.13 |
| Tsogo Sun Ltd. | 0 | 46,075 | 0.32 | 0.04 | 46,075 | 0.30 | 0.04 |
| Travel and Leisure Total | 0 | 72,303 | 1.39 | 0.19 | 72,303 | 1.41 | 0.20 |
| Portfolio Total | 59,833,110 | 200,905,865 | 728.05 | 100.00 | 141,072,755 | 703.26 | 100.00 |