| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 1,468 | 21,265 | 3.74 | 0.83 | 19,797 | 3.50 | 0.96 |
| Capitec Bank Holdings Ltd. | 184 | 1,893 | 6.72 | 1.49 | 1,709 | 5.30 | 1.45 |
| Capricorn Group Ltd. | 10,658 | 218,759 | 4.73 | 1.05 | 208,101 | 4.42 | 1.21 |
| FirstRand Ltd. | 39,898 | 166,982 | 12.64 | 2.81 | 127,084 | 9.13 | 2.50 |
| FirstRand Namibia Ltd. | 18,470 | 150,164 | 7.08 | 1.57 | 131,694 | 6.18 | 1.69 |
| Investec Ltd. | 3,493 | 11,692 | 1.55 | 0.34 | 8,199 | 0.93 | 0.26 |
| Letshego Holdings (Namibia) Ltd. | 0 | 219,281 | 1.43 | 0.32 | 219,281 | 1.32 | 0.36 |
| Nedbank Group Ltd. | 2,485 | 17,220 | 4.19 | 0.93 | 14,735 | 3.79 | 1.04 |
| SBN Holdings Ltd. | 0 | 138,402 | 1.46 | 0.32 | 138,402 | 1.39 | 0.38 |
| Standard Bank Group Ltd. | 7,975 | 43,671 | 9.94 | 2.21 | 35,696 | 8.55 | 2.34 |
| Banks Total | 84,631 | 989,329 | 53.47 | 11.87 | 904,698 | 44.51 | 12.19 |
| Anheuser-Busch InBev SA/NV | -139 | 1,019 | 1.24 | 0.28 | 1,158 | 1.31 | 0.36 |
| Namibia Breweries | 42,548 | 291,806 | 8.43 | 1.87 | 249,258 | 7.22 | 1.98 |
| Beverages Total | 42,409 | 292,825 | 9.67 | 2.15 | 250,416 | 8.53 | 2.33 |
| iShares US Treasury Bond ETF | 2,735 | 12,872 | 5.26 | 1.17 | 10,137 | 4.29 | 1.17 |
| iShares USD Treasury (1-3) | 0 | 99 | 0.44 | 0.10 | 99 | 0.45 | 0.12 |
| Bonds Total | 2,735 | 12,971 | 5.70 | 1.26 | 10,236 | 4.74 | 1.30 |
| Margin Account | 0 | 0 | 0.28 | 0.06 | 0 | 0.22 | 0.06 |
| Namibia Cash | 0 | 0 | 1.97 | 0.44 | 0 | 10.36 | 2.84 |
| Cash on call Total | 0 | 0 | 2.25 | 0.50 | 0 | 10.58 | 2.90 |
| AECI Ltd. | 0 | 2,025 | 0.21 | 0.05 | 2,025 | 0.20 | 0.05 |
| Omnia Holdings Ltd. | 0 | 3,059 | 0.24 | 0.05 | 3,059 | 0.21 | 0.06 |
| Sasol Ltd. | 5,304 | 30,827 | 2.43 | 0.54 | 25,523 | 1.95 | 0.53 |
| Chemicals Total | 5,304 | 35,911 | 2.89 | 0.64 | 30,607 | 2.35 | 0.64 |
| PPC Ltd. | 0 | 32,051 | 0.17 | 0.04 | 32,051 | 0.15 | 0.04 |
| Raubex Group Ltd. | 4,818 | 8,596 | 0.38 | 0.08 | 3,778 | 0.17 | 0.05 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 1,947 | 0.36 | 0.08 | 1,947 | 0.35 | 0.10 |
| Construction and Materials Total | 4,818 | 42,594 | 0.91 | 0.20 | 37,776 | 0.67 | 0.18 |
| Curro Holdings Ltd. | 0 | 32,487 | 0.29 | 0.07 | 32,487 | 0.27 | 0.07 |
| Stadio Holdings Ltd. | 0 | 847 | 0.01 | 0.00 | 847 | 0.01 | 0.00 |
| Zeda Ltd. | 0 | 1,707 | 0.02 | 0.00 | 1,707 | 0.02 | 0.01 |
| Consumer Services Total | 0 | 35,041 | 0.32 | 0.07 | 35,041 | 0.30 | 0.08 |
| Bond Derivative | 0 | 0 | 4.31 | 0.96 | 0 | 3.58 | 0.98 |
| Derivatives Total | 0 | 0 | 4.31 | 0.96 | 0 | 3.58 | 0.98 |
| Reunert Ltd. | 3,228 | 13,983 | 0.80 | 0.18 | 10,755 | 0.65 | 0.18 |
| Electronic and Electrical Equipment Total | 3,228 | 13,983 | 0.80 | 0.18 | 10,755 | 0.65 | 0.18 |
| NewGold | 0 | 258 | 0.14 | 0.03 | 258 | 0.14 | 0.04 |
| Exchange Traded Funds Total | 0 | 258 | 0.14 | 0.03 | 258 | 0.14 | 0.04 |
| Nutun Ltd. | 0 | 10,481 | 0.01 | 0.00 | 10,481 | 0.02 | 0.01 |
| Finance and Credit Services Total | 0 | 10,481 | 0.01 | 0.00 | 10,481 | 0.02 | 0.01 |
| Satrix World Equity Tracker Fund | 0 | 581,401 | 33.71 | 7.49 | 581,401 | 31.33 | 8.58 |
| Financial Services Total | 0 | 581,401 | 33.71 | 7.49 | 581,401 | 31.33 | 8.58 |
| Astral Foods Ltd. | 0 | 2,253 | 0.40 | 0.09 | 2,253 | 0.37 | 0.10 |
| AVI Ltd. | 6,849 | 18,815 | 1.77 | 0.39 | 11,966 | 1.06 | 0.29 |
| Oceana Group Ltd. | 0 | 1,665 | 0.09 | 0.02 | 1,665 | 0.10 | 0.03 |
| Food Producers Total | 6,849 | 22,733 | 2.26 | 0.50 | 15,884 | 1.52 | 0.42 |
| European - Currency | 0 | 0 | 1.38 | 0.31 | 0 | 1.31 | 0.36 |
| United Kingdom - Currency | 0 | 0 | 1.02 | 0.23 | 0 | 1.00 | 0.27 |
| USA - Currency | 0 | 0 | 10.08 | 2.24 | 0 | 6.70 | 1.83 |
| For Currency Total | 0 | 0 | 12.48 | 2.77 | 0 | 9.00 | 2.47 |
| Foreign - Bonds | 0 | 0 | 95.45 | 21.20 | 0 | 83.65 | 22.90 |
| Foreign - Unit Trusts | 0 | 0 | 6.00 | 1.33 | 0 | 6.22 | 1.70 |
| Foreign Invest Total | 0 | 0 | 101.45 | 22.53 | 0 | 89.87 | 24.60 |
| Barloworld Ltd. | 0 | 1,707 | 0.19 | 0.04 | 1,707 | 0.18 | 0.05 |
| KAP Ltd. | 109,453 | 465,919 | 0.96 | 0.21 | 356,466 | 0.90 | 0.25 |
| Mondi plc | 0 | 5,104 | 1.49 | 0.33 | 5,104 | 1.39 | 0.38 |
| The Bidvest Group Ltd. | 1,694 | 9,672 | 2.26 | 0.50 | 7,978 | 1.88 | 0.51 |
| General Industrials Total | 111,147 | 482,402 | 4.89 | 1.09 | 371,255 | 4.35 | 1.19 |
| Life Healthcare Group Holdings Ltd. | 29,060 | 103,905 | 1.48 | 0.33 | 74,845 | 1.04 | 0.28 |
| Netcare Ltd. | 0 | 25,336 | 0.35 | 0.08 | 25,336 | 0.33 | 0.09 |
| Health Care Providers Total | 29,060 | 129,241 | 1.84 | 0.41 | 100,181 | 1.37 | 0.37 |
| Sanlam Namibia Floating Rate Fund | 19,488,147 | 25,055,445 | 26.18 | 5.81 | 5,567,298 | 5.82 | 1.59 |
| Income Total | 19,488,147 | 25,055,445 | 26.18 | 5.81 | 5,567,298 | 5.82 | 1.59 |
| Sappi Ltd. | 0 | 6,727 | 0.20 | 0.04 | 6,727 | 0.24 | 0.07 |
| Industrial Materials Total | 0 | 6,727 | 0.20 | 0.04 | 6,727 | 0.24 | 0.07 |
| African Rainbow Minerals Ltd. | -2,390 | 1,233 | 0.21 | 0.05 | 3,623 | 0.53 | 0.14 |
| Anglo American plc | 1,020 | 11,200 | 5.48 | 1.22 | 10,180 | 5.20 | 1.42 |
| BHP Group Ltd. | 0 | 4,276 | 1.83 | 0.41 | 4,276 | 1.88 | 0.51 |
| Glencore plc | 6,038 | 21,930 | 1.53 | 0.34 | 15,892 | 1.07 | 0.29 |
| Kumba Iron Ore Ltd. | 0 | 591 | 0.17 | 0.04 | 591 | 0.18 | 0.05 |
| Industrial Metals and Mining Total | 4,668 | 39,230 | 9.21 | 2.05 | 34,562 | 8.86 | 2.43 |
| Hudaco Industries Ltd. | 0 | 1,248 | 0.25 | 0.05 | 1,248 | 0.23 | 0.06 |
| Industrial Support Services Total | 0 | 1,248 | 0.25 | 0.05 | 1,248 | 0.23 | 0.06 |
| Bell Equipment Ltd. | 0 | 2,371 | 0.10 | 0.02 | 2,371 | 0.09 | 0.02 |
| Grindrod Ltd. | 0 | 14,150 | 0.18 | 0.04 | 14,150 | 0.17 | 0.05 |
| Super Group Ltd. | 0 | 4,965 | 0.08 | 0.02 | 4,965 | 0.14 | 0.04 |
| Industrial Transportation Total | 0 | 21,486 | 0.35 | 0.08 | 21,486 | 0.40 | 0.11 |
| Alexander Forbes Group Holdings Ltd. | 0 | 54,426 | 0.49 | 0.11 | 54,426 | 0.42 | 0.11 |
| Coronation Fund Managers Ltd. | 0 | 9,443 | 0.37 | 0.08 | 9,443 | 0.37 | 0.10 |
| JSE Ltd. | 0 | 2,227 | 0.30 | 0.07 | 2,227 | 0.28 | 0.08 |
| Ninety One Ltd. | 0 | 1,101 | 0.05 | 0.01 | 1,101 | 0.04 | 0.01 |
| Ninety One plc | 0 | 8,179 | 0.37 | 0.08 | 8,179 | 0.28 | 0.08 |
| PSG Financial Services Ltd. | 0 | 3,207 | 0.07 | 0.02 | 3,207 | 0.06 | 0.02 |
| Quilter plc | 0 | 3,518 | 0.13 | 0.03 | 3,518 | 0.12 | 0.03 |
| Reinet Investments SCA | 2,057 | 7,197 | 4.15 | 0.92 | 5,140 | 2.29 | 0.63 |
| Remgro Ltd. | 0 | 1,408 | 0.22 | 0.05 | 1,408 | 0.22 | 0.06 |
| Investment Banking and Brokerage Services Total | 2,057 | 90,706 | 6.15 | 1.37 | 88,649 | 4.07 | 1.12 |
| Discovery Ltd. | 0 | 5,362 | 1.15 | 0.26 | 5,362 | 1.07 | 0.29 |
| Momentum Group Ltd. | 6,241 | 22,200 | 0.76 | 0.17 | 15,959 | 0.50 | 0.14 |
| Old Mutual Ltd. | 18,386 | 101,023 | 1.22 | 0.27 | 82,637 | 0.98 | 0.27 |
| Sanlam Ltd. | 7,214 | 48,500 | 4.30 | 0.95 | 41,286 | 3.42 | 0.94 |
| Life Insurance Total | 31,841 | 177,085 | 7.43 | 1.65 | 145,244 | 5.97 | 1.63 |
| Santam Ltd. | 0 | 326 | 0.14 | 0.03 | 326 | 0.12 | 0.03 |
| Non-life Insurance Total | 0 | 326 | 0.14 | 0.03 | 326 | 0.12 | 0.03 |
| iShares Core MSCI EM IMI UCITS ETF | 0 | 4,914 | 3.43 | 0.76 | 4,914 | 3.14 | 0.86 |
| iShares Core MSCI World UCITS ETF | 7,188 | 20,845 | 43.59 | 9.68 | 13,657 | 26.55 | 7.27 |
| Sanlam Global High Quality Fund A GBP Acc | 0 | 361,289 | 14.11 | 3.13 | 361,289 | 14.15 | 3.87 |
| Offshore Intern Total | 7,188 | 387,048 | 61.13 | 13.57 | 379,860 | 43.84 | 12.00 |
| Exxaro Resources Ltd. | 0 | 6,763 | 0.99 | 0.22 | 6,763 | 1.00 | 0.27 |
| Thungela Resources Ltd. | 0 | 1,883 | 0.16 | 0.04 | 1,883 | 0.19 | 0.05 |
| Oil, Gas and Coal Total | 0 | 8,646 | 1.15 | 0.26 | 8,646 | 1.19 | 0.33 |
| Bid Corporation Ltd. | 868 | 8,870 | 4.15 | 0.92 | 8,002 | 3.52 | 0.96 |
| Dis-Chem Pharmacies Ltd. | 12,553 | 12,553 | 0.41 | 0.09 | 0 | 0.00 | 0.00 |
| Pick n Pay Stores Ltd. | 0 | 47,984 | 1.29 | 0.29 | 47,984 | 1.32 | 0.36 |
| Shoprite Holdings Ltd. | 5,077 | 18,609 | 5.15 | 1.14 | 13,532 | 3.69 | 1.01 |
| The SPAR Group Ltd. | 0 | 2,378 | 0.26 | 0.06 | 2,378 | 0.28 | 0.08 |
| Personal Care, Drug and Grocery Stores Total | 18,498 | 90,394 | 11.25 | 2.50 | 71,896 | 8.80 | 2.41 |
| Compagnie Financière Richemont SA | 289 | 1,119 | 3.73 | 0.83 | 830 | 2.63 | 0.72 |
| Personal Goods Total | 289 | 1,119 | 3.73 | 0.83 | 830 | 2.63 | 0.72 |
| Aspen Pharmacare Holdings Ltd. | 0 | 8,931 | 1.07 | 0.24 | 8,931 | 1.46 | 0.40 |
| Pharmaceuticals and Biotechnology Total | 0 | 8,931 | 1.07 | 0.24 | 8,931 | 1.46 | 0.40 |
| AngloGold Ashanti plc | 593 | 7,845 | 6.28 | 1.40 | 7,252 | 4.98 | 1.36 |
| Gold Fields Ltd. | 968 | 19,832 | 8.25 | 1.83 | 18,864 | 7.65 | 2.09 |
| Harmony Gold Mining Company Ltd. | 860 | 8,805 | 2.16 | 0.48 | 7,945 | 2.12 | 0.58 |
| Impala Platinum Holdings Ltd. | 61 | 21,887 | 3.48 | 0.77 | 21,826 | 2.75 | 0.75 |
| Northam Platinum Holdings Ltd. | 0 | 12,333 | 2.36 | 0.53 | 12,333 | 1.61 | 0.44 |
| Sibanye Stillwater Ltd. | 0 | 55,926 | 1.80 | 0.40 | 55,926 | 1.16 | 0.32 |
| Valterra Platinum Ltd. | 1,252 | 2,863 | 2.26 | 0.50 | 1,611 | 1.18 | 0.32 |
| Precious Metals and Mining Total | 3,734 | 129,491 | 26.59 | 5.91 | 125,757 | 21.46 | 5.87 |
| Oryx Property Ltd Namibia | -208,859 | 0 | 0.00 | 0.00 | 208,859 | 2.79 | 0.76 |
| Real Estate Total | -208,859 | 0 | 0.00 | 0.00 | 208,859 | 2.79 | 0.76 |
| NEPI Rockcastle NV | 2,812 | 4,077 | 0.55 | 0.12 | 1,265 | 0.17 | 0.05 |
| Oryx Properties Ltd. | 208,859 | 208,859 | 2.81 | 0.62 | 0 | 0.00 | 0.00 |
| Real Estate Investment and Services Total | 211,671 | 212,936 | 3.36 | 0.75 | 1,265 | 0.17 | 0.05 |
| Growthpoint Properties Ltd. | 0 | 27,546 | 0.37 | 0.08 | 27,546 | 0.36 | 0.10 |
| Real Estate Investment Trusts Total | 0 | 27,546 | 0.37 | 0.08 | 27,546 | 0.36 | 0.10 |
| CA Sales Holdings Ltd. | 0 | 859 | 0.01 | 0.00 | 859 | 0.01 | 0.00 |
| KAL Group Ltd. | 0 | 102 | 0.00 | 0.00 | 102 | 0.00 | 0.00 |
| Motus Holdings Ltd. | 0 | 5,754 | 0.54 | 0.12 | 5,754 | 0.50 | 0.14 |
| Mr Price Group Ltd. | 0 | 803 | 0.18 | 0.04 | 803 | 0.18 | 0.05 |
| Pepkor Holdings Ltd. | 0 | 91,393 | 2.49 | 0.55 | 91,393 | 2.33 | 0.64 |
| The Foschini Group Ltd. | 0 | 6,276 | 0.81 | 0.18 | 6,276 | 0.78 | 0.21 |
| Truworths International Ltd. | 6,038 | 29,604 | 2.11 | 0.47 | 23,566 | 1.70 | 0.46 |
| We Buy Cars Holdings Ltd. | 8,513 | 11,937 | 0.72 | 0.16 | 3,424 | 0.14 | 0.04 |
| Woolworths Holdings Ltd. | 6,859 | 25,506 | 1.32 | 0.29 | 18,647 | 0.95 | 0.26 |
| Retailers Total | 21,410 | 172,234 | 8.19 | 1.82 | 150,824 | 6.60 | 1.81 |
| Datatec Ltd. | 0 | 17,464 | 1.14 | 0.25 | 17,464 | 0.97 | 0.27 |
| Naspers Ltd. | 361 | 3,642 | 20.09 | 4.46 | 3,281 | 14.82 | 4.06 |
| Prosus NV | 915 | 7,807 | 7.74 | 1.72 | 6,892 | 5.80 | 1.59 |
| Software and Computer Services Total | 1,276 | 28,913 | 28.97 | 6.43 | 27,637 | 21.59 | 5.91 |
| Mobile Telecommunications Ltd. | 79,644 | 736,390 | 6.26 | 1.39 | 656,746 | 5.42 | 1.48 |
| MTN Group Ltd. | 1,760 | 11,561 | 1.63 | 0.36 | 9,801 | 1.21 | 0.33 |
| MultiChoice Group Ltd. | 0 | 688 | 0.08 | 0.02 | 688 | 0.08 | 0.02 |
| Paratus Namibia Holdings Ltd. | 38,735 | 155,943 | 1.96 | 0.44 | 117,208 | 1.48 | 0.41 |
| Vodacom Group Ltd. | 0 | 1,312 | 0.18 | 0.04 | 1,312 | 0.16 | 0.05 |
| Telecommunications Service Providers Total | 120,139 | 905,894 | 10.11 | 2.25 | 785,755 | 8.35 | 2.29 |
| British American Tobacco plc | -142 | 8,183 | 6.88 | 1.53 | 8,325 | 6.28 | 1.72 |
| Tobacco Total | -142 | 8,183 | 6.88 | 1.53 | 8,325 | 6.28 | 1.72 |
| Famous Brands Ltd. | 0 | 3,380 | 0.21 | 0.05 | 3,380 | 0.20 | 0.05 |
| Sun International Ltd. | 0 | 3,843 | 0.17 | 0.04 | 3,843 | 0.16 | 0.04 |
| Tsogo Sun Ltd. | 0 | 20,397 | 0.16 | 0.03 | 20,397 | 0.17 | 0.05 |
| Travel and Leisure Total | 0 | 27,620 | 0.54 | 0.12 | 27,620 | 0.52 | 0.14 |
| Portfolio Total | 19,992,098 | 30,050,378 | 450.34 | 100.00 | 10,058,280 | 365.27 | 100.00 |