| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Montauk Renewables Inc. | 0 | 2,100 | 0.20 | 0.03 | 2,100 | 0.22 | 0.04 |
| Renergen Ltd. | 0 | 37,500 | 0.41 | 0.07 | 37,500 | 0.34 | 0.06 |
| Alternative Energy Total | 0 | 39,600 | 0.61 | 0.10 | 39,600 | 0.56 | 0.10 |
| Absa Group Ltd. | 0 | 42,917 | 7.53 | 1.26 | 42,917 | 6.80 | 1.26 |
| Capitec Bank Holdings Ltd. | 0 | 4,274 | 13.01 | 2.18 | 4,274 | 11.24 | 2.08 |
| FirstRand Ltd. | 0 | 252,534 | 20.98 | 3.51 | 252,534 | 19.42 | 3.60 |
| Investec plc | 0 | 33,604 | 4.40 | 0.74 | 33,604 | 4.45 | 0.82 |
| Nedbank Group Ltd. | 0 | 24,378 | 7.29 | 1.22 | 24,378 | 6.25 | 1.16 |
| Standard Bank Group Ltd. | 0 | 70,052 | 16.98 | 2.84 | 70,052 | 14.77 | 2.74 |
| Banks Total | 0 | 427,759 | 70.18 | 11.75 | 427,759 | 62.92 | 11.67 |
| Anheuser-Busch InBev SA/NV | 0 | 3,928 | 4.48 | 0.75 | 3,928 | 4.18 | 0.77 |
| Beverages Total | 0 | 3,928 | 4.48 | 0.75 | 3,928 | 4.18 | 0.77 |
| Cash on call | 0 | 0 | -0.75 | -0.13 | 0 | 1.49 | 0.28 |
| Margin Account | 0 | 0 | 17.21 | 2.88 | 0 | 16.03 | 2.97 |
| Cash on call Total | 0 | 0 | 16.46 | 2.76 | 0 | 17.52 | 3.25 |
| AECI Ltd. | 0 | 5,393 | 0.56 | 0.09 | 5,393 | 0.58 | 0.11 |
| Omnia Holdings Ltd. | 0 | 8,549 | 0.56 | 0.09 | 8,549 | 0.57 | 0.11 |
| Sasol Ltd. | 0 | 32,119 | 3.73 | 0.62 | 32,119 | 4.44 | 0.82 |
| Chemicals Total | 0 | 46,061 | 4.84 | 0.81 | 46,061 | 5.58 | 1.04 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 5,861 | 1.36 | 0.23 | 5,861 | 0.94 | 0.17 |
| Construction and Materials Total | 0 | 5,861 | 1.36 | 0.23 | 5,861 | 0.94 | 0.17 |
| ADvTECH Ltd. | 0 | 44,035 | 1.39 | 0.23 | 44,035 | 1.25 | 0.23 |
| Curro Holdings Ltd. | 0 | 10,087 | 0.13 | 0.02 | 10,087 | 0.11 | 0.02 |
| Zeda Ltd. | 0 | 41,617 | 0.58 | 0.10 | 41,617 | 0.51 | 0.10 |
| Consumer Services Total | 0 | 95,739 | 2.10 | 0.35 | 95,739 | 1.87 | 0.35 |
| Mahube Infrastructure Ltd. | 0 | 108,482 | 0.53 | 0.09 | 108,482 | 0.54 | 0.10 |
| Electricity Total | 0 | 108,482 | 0.53 | 0.09 | 108,482 | 0.54 | 0.10 |
| Reunert Ltd. | 0 | 5,500 | 0.45 | 0.07 | 5,500 | 0.39 | 0.07 |
| Electronic and Electrical Equipment Total | 0 | 5,500 | 0.45 | 0.07 | 5,500 | 0.39 | 0.07 |
| Astral Foods Ltd. | 0 | 3,972 | 0.75 | 0.13 | 3,972 | 0.65 | 0.12 |
| AVI Ltd. | 0 | 28,887 | 3.18 | 0.53 | 28,887 | 2.73 | 0.51 |
| Premier Group Ltd. | 0 | 2,000 | 0.21 | 0.03 | 2,000 | 0.14 | 0.03 |
| Tiger Brands Ltd. | 0 | 14,422 | 3.36 | 0.56 | 14,422 | 2.87 | 0.53 |
| Food Producers Total | 0 | 49,281 | 7.50 | 1.25 | 49,281 | 6.39 | 1.19 |
| Barloworld Ltd. | 0 | 14,587 | 1.26 | 0.21 | 14,587 | 1.22 | 0.23 |
| KAP Ltd. | 0 | 124,257 | 0.42 | 0.07 | 124,257 | 0.35 | 0.07 |
| Mondi plc | 0 | 13,234 | 4.33 | 0.72 | 13,234 | 4.66 | 0.86 |
| The Bidvest Group Ltd. | 0 | 17,824 | 5.22 | 0.87 | 17,824 | 5.07 | 0.94 |
| General Industrials Total | 0 | 169,902 | 11.23 | 1.88 | 169,902 | 11.30 | 2.10 |
| AfroCentric Investment Corporation Ltd. | 0 | 14,056 | 0.04 | 0.01 | 14,056 | 0.04 | 0.01 |
| Life Healthcare Group Holdings Ltd. | 0 | 112,901 | 1.81 | 0.30 | 112,901 | 1.45 | 0.27 |
| Netcare Ltd. | 0 | 121,804 | 1.88 | 0.31 | 121,804 | 1.55 | 0.29 |
| Health Care Providers Total | 0 | 248,761 | 3.72 | 0.62 | 248,761 | 3.04 | 0.56 |
| Sappi Ltd. | 0 | 35,067 | 1.70 | 0.28 | 35,067 | 1.70 | 0.32 |
| Industrial Materials Total | 0 | 35,067 | 1.70 | 0.28 | 35,067 | 1.70 | 0.32 |
| African Rainbow Minerals Ltd. | 2,700 | 9,327 | 1.77 | 0.30 | 6,627 | 1.50 | 0.28 |
| Afrimat Ltd. | 0 | 5,952 | 0.41 | 0.07 | 5,952 | 0.42 | 0.08 |
| Anglo American plc | 0 | 21,675 | 12.29 | 2.06 | 21,675 | 12.50 | 2.32 |
| BHP Group Ltd. | 0 | 11,061 | 6.06 | 1.01 | 11,061 | 5.77 | 1.07 |
| Glencore plc | 0 | 36,217 | 3.58 | 0.60 | 36,217 | 3.78 | 0.70 |
| Kumba Iron Ore Ltd. | 0 | 4,117 | 1.65 | 0.28 | 4,117 | 1.81 | 0.34 |
| South32 Ltd. | 0 | 23,750 | 1.05 | 0.18 | 23,750 | 1.06 | 0.20 |
| Industrial Metals and Mining Total | 2,700 | 112,099 | 26.80 | 4.49 | 109,399 | 26.83 | 4.98 |
| Grindrod Ltd. | 0 | 51,954 | 0.78 | 0.13 | 51,954 | 0.78 | 0.14 |
| Super Group Ltd. | 0 | 28,572 | 0.69 | 0.12 | 28,572 | 0.81 | 0.15 |
| Industrial Transportation Total | 0 | 80,526 | 1.47 | 0.25 | 80,526 | 1.59 | 0.29 |
| Brait plc | 244,825 | 500,000 | 0.74 | 0.12 | 255,175 | 0.22 | 0.04 |
| Coronation Fund Managers Ltd. | 0 | 11,680 | 0.46 | 0.08 | 11,680 | 0.42 | 0.08 |
| Hosken Consolidated Investments Ltd. | 0 | 3,840 | 0.70 | 0.12 | 3,840 | 0.67 | 0.12 |
| JSE Ltd. | 0 | 3,111 | 0.40 | 0.07 | 3,111 | 0.34 | 0.06 |
| Ninety One plc | 0 | 36,647 | 1.49 | 0.25 | 36,647 | 1.41 | 0.26 |
| PSG Financial Services Ltd. | 0 | 49,458 | 0.90 | 0.15 | 49,458 | 0.86 | 0.16 |
| Quilter plc | 0 | 75,156 | 2.31 | 0.39 | 75,156 | 2.08 | 0.38 |
| Reinet Investments SCA | 0 | 7,297 | 3.49 | 0.58 | 7,297 | 3.35 | 0.62 |
| Remgro Ltd. | 0 | 29,708 | 4.67 | 0.78 | 29,708 | 4.04 | 0.75 |
| Zeder Investments Ltd. | -485,225 | 0 | 0.00 | 0.00 | 485,225 | 0.90 | 0.17 |
| Investment Banking and Brokerage Services Total | -240,400 | 716,897 | 15.15 | 2.54 | 957,297 | 14.29 | 2.65 |
| Discovery Ltd. | 0 | 28,094 | 4.83 | 0.81 | 28,094 | 3.78 | 0.70 |
| Momentum Group Ltd. | 0 | 107,908 | 3.18 | 0.53 | 107,908 | 2.47 | 0.46 |
| Old Mutual Ltd. | 0 | 286,511 | 3.93 | 0.66 | 286,511 | 3.55 | 0.66 |
| Sanlam Ltd. | 0 | 88,663 | 7.80 | 1.31 | 88,663 | 7.17 | 1.33 |
| Life Insurance Total | 0 | 511,176 | 19.73 | 3.30 | 511,176 | 16.98 | 3.15 |
| Gryphon Money Market - C | 27,900,000 | 209,000,000 | 210.37 | 35.21 | 181,100,000 | 182.22 | 33.80 |
| Money Market Total | 27,900,000 | 209,000,000 | 210.37 | 35.21 | 181,100,000 | 182.22 | 33.80 |
| OUTsurance Group Ltd. | 0 | 64,228 | 3.73 | 0.62 | 64,228 | 2.98 | 0.55 |
| Santam Ltd. | 0 | 3,590 | 1.32 | 0.22 | 3,590 | 1.17 | 0.22 |
| Non-life Insurance Total | 0 | 67,818 | 5.05 | 0.85 | 67,818 | 4.15 | 0.77 |
| Exxaro Resources Ltd. | 0 | 11,966 | 2.06 | 0.34 | 11,966 | 2.13 | 0.40 |
| Thungela Resources Ltd. | 0 | 9,482 | 1.04 | 0.17 | 9,482 | 1.06 | 0.20 |
| Oil, Gas and Coal Total | 0 | 21,448 | 3.10 | 0.52 | 21,448 | 3.19 | 0.59 |
| Bid Corporation Ltd. | 0 | 16,625 | 7.36 | 1.23 | 16,625 | 7.06 | 1.31 |
| Clicks Group Ltd. | 0 | 12,827 | 5.09 | 0.85 | 12,827 | 4.44 | 0.82 |
| Dis-Chem Pharmacies Ltd. | 0 | 36,617 | 1.39 | 0.23 | 36,617 | 1.23 | 0.23 |
| Pick n Pay Stores Ltd. | 16,291 | 48,166 | 1.24 | 0.21 | 31,875 | 0.82 | 0.15 |
| Shoprite Holdings Ltd. | 0 | 24,012 | 7.10 | 1.19 | 24,012 | 6.82 | 1.27 |
| The SPAR Group Ltd. | 0 | 14,539 | 1.97 | 0.33 | 14,539 | 1.72 | 0.32 |
| Personal Care, Drug and Grocery Stores Total | 16,291 | 152,786 | 24.16 | 4.04 | 136,495 | 22.10 | 4.10 |
| Compagnie Financière Richemont SA | 0 | 3,101 | 8.48 | 1.42 | 3,101 | 8.84 | 1.64 |
| Personal Goods Total | 0 | 3,101 | 8.48 | 1.42 | 3,101 | 8.84 | 1.64 |
| Aspen Pharmacare Holdings Ltd. | 0 | 19,577 | 3.82 | 0.64 | 19,577 | 4.57 | 0.85 |
| Pharmaceuticals and Biotechnology Total | 0 | 19,577 | 3.82 | 0.64 | 19,577 | 4.57 | 0.85 |
| Anglo American Platinum Ltd. | 0 | 2,718 | 1.69 | 0.28 | 2,718 | 1.64 | 0.30 |
| AngloGold Ashanti plc | 0 | 15,986 | 7.34 | 1.23 | 15,986 | 7.35 | 1.36 |
| DRDGOLD Ltd. | 0 | 12,722 | 0.21 | 0.03 | 12,722 | 0.20 | 0.04 |
| Gold Fields Ltd. | 0 | 44,483 | 11.96 | 2.00 | 44,483 | 12.16 | 2.26 |
| Harmony Gold Mining Company Ltd. | 0 | 26,702 | 4.76 | 0.80 | 26,702 | 4.49 | 0.83 |
| Impala Platinum Holdings Ltd. | 0 | 41,003 | 3.97 | 0.66 | 41,003 | 3.72 | 0.69 |
| Northam Platinum Holdings Ltd. | 0 | 22,459 | 2.45 | 0.41 | 22,459 | 2.86 | 0.53 |
| Pan African Resources plc | 0 | 152,853 | 1.11 | 0.19 | 152,853 | 0.92 | 0.17 |
| Sibanye Stillwater Ltd. | 0 | 149,850 | 2.67 | 0.45 | 149,850 | 2.96 | 0.55 |
| Precious Metals and Mining Total | 0 | 468,776 | 36.15 | 6.05 | 468,776 | 36.30 | 6.73 |
| Fortress Real Estate Investments Ltd. | 0 | 85,087 | 1.75 | 0.29 | 85,087 | 1.41 | 0.26 |
| Lighthouse Properties plc | 485 | 16,126 | 0.13 | 0.02 | 15,641 | 0.12 | 0.02 |
| MAS plc | 0 | 21,736 | 0.40 | 0.07 | 21,736 | 0.35 | 0.07 |
| NEPI Rockcastle NV | 1,026 | 28,004 | 4.09 | 0.68 | 26,978 | 3.54 | 0.66 |
| Real Estate Investment and Services Total | 1,511 | 150,953 | 6.36 | 1.06 | 149,442 | 5.43 | 1.01 |
| Burstone Group Ltd. | 0 | 64,443 | 0.62 | 0.10 | 64,443 | 0.46 | 0.09 |
| Equites Property Fund Ltd. | 0 | 30,123 | 0.43 | 0.07 | 30,123 | 0.39 | 0.07 |
| Growthpoint Properties Ltd. | 0 | 193,196 | 2.71 | 0.45 | 193,196 | 2.35 | 0.44 |
| Hyprop Investments Ltd. | 0 | 35,285 | 1.62 | 0.27 | 35,285 | 1.11 | 0.21 |
| Redefine Properties Ltd. | 0 | 516,184 | 2.58 | 0.43 | 516,184 | 2.08 | 0.38 |
| Resilient REIT Ltd. | 0 | 25,816 | 1.52 | 0.25 | 25,816 | 1.21 | 0.22 |
| SA Corporate Real Estate Ltd. | 0 | 96,154 | 0.30 | 0.05 | 96,154 | 0.25 | 0.05 |
| Shaftesbury Capital plc | 0 | 9,241 | 0.32 | 0.05 | 9,241 | 0.30 | 0.06 |
| Sirius Real Estate Ltd. | 0 | 15,013 | 0.33 | 0.06 | 15,013 | 0.33 | 0.06 |
| Stor-Age Property REIT Ltd. | 0 | 19,585 | 0.30 | 0.05 | 19,585 | 0.27 | 0.05 |
| Vukile Property Fund Ltd. | 0 | 70,852 | 1.29 | 0.22 | 70,852 | 1.14 | 0.21 |
| Real Estate Investment Trusts Total | 0 | 1,075,892 | 12.01 | 2.01 | 1,075,892 | 9.88 | 1.83 |
| CA Sales Holdings Ltd. | 0 | 5,757 | 0.09 | 0.01 | 5,757 | 0.07 | 0.01 |
| Cashbuild Ltd. | 0 | 1,199 | 0.19 | 0.03 | 1,199 | 0.18 | 0.03 |
| Italtile Ltd. | 0 | 35,000 | 0.44 | 0.07 | 35,000 | 0.39 | 0.07 |
| KAL Group Ltd. | 0 | 18,066 | 0.91 | 0.15 | 18,066 | 0.86 | 0.16 |
| Motus Holdings Ltd. | 0 | 12,074 | 1.47 | 0.25 | 12,074 | 1.12 | 0.21 |
| Mr Price Group Ltd. | 0 | 13,986 | 3.78 | 0.63 | 13,986 | 2.88 | 0.53 |
| Pepkor Holdings Ltd. | 0 | 175,969 | 4.24 | 0.71 | 175,969 | 3.30 | 0.61 |
| The Foschini Group Ltd. | 0 | 27,209 | 4.25 | 0.71 | 27,209 | 3.47 | 0.64 |
| Truworths International Ltd. | 0 | 31,681 | 3.45 | 0.58 | 31,681 | 2.96 | 0.55 |
| Woolworths Holdings Ltd. | 0 | 48,833 | 3.33 | 0.56 | 48,833 | 3.02 | 0.56 |
| Retailers Total | 0 | 369,774 | 22.14 | 3.71 | 369,774 | 18.23 | 3.38 |
| Datatec Ltd. | 403 | 11,719 | 0.44 | 0.07 | 11,316 | 0.42 | 0.08 |
| Naspers Ltd. | 0 | 9,259 | 38.84 | 6.50 | 9,259 | 33.03 | 6.13 |
| Prosus NV | 0 | 16,545 | 12.51 | 2.09 | 16,545 | 10.76 | 2.00 |
| Software and Computer Services Total | 403 | 37,523 | 51.80 | 8.67 | 37,120 | 44.22 | 8.20 |
| MTN Group Ltd. | 0 | 97,437 | 8.95 | 1.50 | 97,437 | 8.28 | 1.54 |
| MultiChoice Group Ltd. | 0 | 25,501 | 2.78 | 0.47 | 25,501 | 2.72 | 0.50 |
| Telkom SA SOC Ltd. | 0 | 16,561 | 0.44 | 0.07 | 16,561 | 0.41 | 0.08 |
| Vodacom Group Ltd. | 0 | 28,699 | 3.14 | 0.53 | 28,699 | 2.80 | 0.52 |
| Telecommunications Service Providers Total | 0 | 168,198 | 15.31 | 2.56 | 168,198 | 14.20 | 2.63 |
| British American Tobacco plc | 0 | 14,185 | 9.13 | 1.53 | 14,185 | 8.16 | 1.51 |
| Tobacco Total | 0 | 14,185 | 9.13 | 1.53 | 14,185 | 8.16 | 1.51 |
| Famous Brands Ltd. | 0 | 3,697 | 0.23 | 0.04 | 3,697 | 0.19 | 0.04 |
| Sun International Ltd. | 0 | 22,531 | 1.03 | 0.17 | 22,531 | 0.83 | 0.15 |
| Travel and Leisure Total | 0 | 26,228 | 1.26 | 0.21 | 26,228 | 1.03 | 0.19 |
| Portfolio Total | 27,680,505 | 214,232,898 | 597.47 | 100.00 | 186,552,393 | 539.14 | 100.00 |