| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 19,797 | 3.50 | 0.96 | 19,797 | 3.76 | 1.03 |
| Capitec Bank Holdings Ltd. | 174 | 1,709 | 5.30 | 1.45 | 1,535 | 4.81 | 1.31 |
| Capricorn Group Ltd. | -7,617 | 208,101 | 4.42 | 1.21 | 215,718 | 4.44 | 1.21 |
| FirstRand Ltd. | 4,808 | 127,084 | 9.13 | 2.50 | 122,276 | 9.29 | 2.54 |
| FirstRand Namibia Ltd. | 2,366 | 131,694 | 6.18 | 1.69 | 129,328 | 6.01 | 1.64 |
| Investec Ltd. | -1,408 | 8,199 | 0.93 | 0.26 | 9,607 | 1.20 | 0.33 |
| Letshego Holdings (Namibia) Ltd. | 0 | 219,281 | 1.32 | 0.36 | 219,281 | 1.10 | 0.30 |
| Nedbank Group Ltd. | 1,318 | 14,735 | 3.79 | 1.04 | 13,417 | 3.78 | 1.03 |
| SBN Holdings Ltd. | -8,141 | 138,402 | 1.39 | 0.38 | 146,543 | 1.33 | 0.36 |
| Standard Bank Group Ltd. | 2,653 | 35,696 | 8.55 | 2.34 | 33,043 | 7.33 | 2.00 |
| Banks Total | -5,847 | 904,698 | 44.51 | 12.19 | 910,545 | 43.04 | 11.76 |
| Anheuser-Busch InBev SA/NV | 401 | 1,158 | 1.31 | 0.36 | 757 | 0.71 | 0.19 |
| Namibia Breweries | 25,886 | 249,258 | 7.22 | 1.98 | 223,372 | 6.46 | 1.76 |
| Beverages Total | 26,287 | 250,416 | 8.53 | 2.33 | 224,129 | 7.17 | 1.96 |
| iShares US Treasury Bond ETF | 2,202 | 10,137 | 4.29 | 1.17 | 7,935 | 3.44 | 0.94 |
| iShares USD Treasury (1-3) | 0 | 99 | 0.45 | 0.12 | 99 | 0.45 | 0.12 |
| Bonds Total | 2,202 | 10,236 | 4.74 | 1.30 | 8,034 | 3.89 | 1.06 |
| Margin Account | 0 | 0 | 0.22 | 0.06 | 0 | 0.15 | 0.04 |
| Namibia Cash | 0 | 0 | 10.36 | 2.84 | 0 | 4.56 | 1.25 |
| Cash on call Total | 0 | 0 | 10.58 | 2.90 | 0 | 4.71 | 1.29 |
| AECI Ltd. | 0 | 2,025 | 0.20 | 0.05 | 2,025 | 0.18 | 0.05 |
| Omnia Holdings Ltd. | 0 | 3,059 | 0.21 | 0.06 | 3,059 | 0.24 | 0.07 |
| Sasol Ltd. | 4,311 | 25,523 | 1.95 | 0.53 | 21,212 | 1.77 | 0.48 |
| Chemicals Total | 4,311 | 30,607 | 2.35 | 0.64 | 26,296 | 2.18 | 0.60 |
| PPC Ltd. | 0 | 32,051 | 0.15 | 0.04 | 32,051 | 0.17 | 0.05 |
| Raubex Group Ltd. | 0 | 3,778 | 0.17 | 0.05 | 3,778 | 0.20 | 0.05 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 1,947 | 0.35 | 0.10 | 1,947 | 0.45 | 0.12 |
| Construction and Materials Total | 0 | 37,776 | 0.67 | 0.18 | 37,776 | 0.82 | 0.22 |
| Curro Holdings Ltd. | 0 | 32,487 | 0.27 | 0.07 | 32,487 | 0.42 | 0.12 |
| Stadio Holdings Ltd. | 0 | 847 | 0.01 | 0.00 | 847 | 0.01 | 0.00 |
| Zeda Ltd. | 0 | 1,707 | 0.02 | 0.01 | 1,707 | 0.02 | 0.01 |
| Consumer Services Total | 0 | 35,041 | 0.30 | 0.08 | 35,041 | 0.45 | 0.12 |
| Bond Derivative | 0 | 0 | 3.58 | 0.98 | 0 | 2.49 | 0.68 |
| Derivatives Total | 0 | 0 | 3.58 | 0.98 | 0 | 2.49 | 0.68 |
| Reunert Ltd. | 0 | 10,755 | 0.65 | 0.18 | 10,755 | 0.81 | 0.22 |
| Electronic and Electrical Equipment Total | 0 | 10,755 | 0.65 | 0.18 | 10,755 | 0.81 | 0.22 |
| NewGold | 0 | 258 | 0.14 | 0.04 | 258 | 0.12 | 0.03 |
| Exchange Traded Funds Total | 0 | 258 | 0.14 | 0.04 | 258 | 0.12 | 0.03 |
| Nutun Ltd. | 0 | 10,481 | 0.02 | 0.01 | 10,481 | 0.03 | 0.01 |
| Finance and Credit Services Total | 0 | 10,481 | 0.02 | 0.01 | 10,481 | 0.03 | 0.01 |
| Satrix World Equity Tracker Fund | 0 | 581,401 | 31.33 | 8.58 | 581,401 | 32.74 | 8.94 |
| Financial Services Total | 0 | 581,401 | 31.33 | 8.58 | 581,401 | 32.74 | 8.94 |
| Astral Foods Ltd. | 0 | 2,253 | 0.37 | 0.10 | 2,253 | 0.42 | 0.12 |
| AVI Ltd. | 8,075 | 11,966 | 1.06 | 0.29 | 3,891 | 0.43 | 0.12 |
| Oceana Group Ltd. | 0 | 1,665 | 0.10 | 0.03 | 1,665 | 0.11 | 0.03 |
| Tiger Brands Ltd. | -1,673 | 0 | 0.00 | 0.00 | 1,673 | 0.48 | 0.13 |
| Food Producers Total | 6,402 | 15,884 | 1.52 | 0.42 | 9,482 | 1.44 | 0.39 |
| European - Currency | 0 | 0 | 1.31 | 0.36 | 0 | 1.29 | 0.35 |
| United Kingdom - Currency | 0 | 0 | 1.00 | 0.27 | 0 | 0.99 | 0.27 |
| USA - Currency | 0 | 0 | 6.70 | 1.83 | 0 | 10.44 | 2.85 |
| For Currency Total | 0 | 0 | 9.00 | 2.47 | 0 | 12.72 | 3.47 |
| Foreign - Bonds | 0 | 0 | 83.65 | 22.90 | 0 | 80.80 | 22.07 |
| Foreign - Unit Trusts | 0 | 0 | 6.22 | 1.70 | 0 | 21.41 | 5.85 |
| Foreign Invest Total | 0 | 0 | 89.87 | 24.60 | 0 | 102.22 | 27.92 |
| Barloworld Ltd. | 0 | 1,707 | 0.18 | 0.05 | 1,707 | 0.19 | 0.05 |
| KAP Ltd. | 0 | 356,466 | 0.90 | 0.25 | 356,466 | 1.09 | 0.30 |
| Mondi plc | 0 | 5,104 | 1.39 | 0.38 | 5,104 | 1.42 | 0.39 |
| The Bidvest Group Ltd. | 0 | 7,978 | 1.88 | 0.51 | 7,978 | 2.10 | 0.57 |
| General Industrials Total | 0 | 371,255 | 4.35 | 1.19 | 371,255 | 4.80 | 1.31 |
| Life Healthcare Group Holdings Ltd. | 0 | 74,845 | 1.04 | 0.28 | 74,845 | 1.23 | 0.33 |
| Netcare Ltd. | 0 | 25,336 | 0.33 | 0.09 | 25,336 | 0.38 | 0.10 |
| Health Care Providers Total | 0 | 100,181 | 1.37 | 0.37 | 100,181 | 1.60 | 0.44 |
| Sanlam Namibia Floating Rate Fund | -9,295,960 | 5,567,298 | 5.82 | 1.59 | 14,863,258 | 15.53 | 4.24 |
| Income Total | -9,295,960 | 5,567,298 | 5.82 | 1.59 | 14,863,258 | 15.53 | 4.24 |
| Sappi Ltd. | -4,322 | 6,727 | 0.24 | 0.07 | 11,049 | 0.54 | 0.15 |
| Industrial Materials Total | -4,322 | 6,727 | 0.24 | 0.07 | 11,049 | 0.54 | 0.15 |
| African Rainbow Minerals Ltd. | 0 | 3,623 | 0.53 | 0.14 | 3,623 | 0.54 | 0.15 |
| Anglo American plc | -331 | 10,180 | 5.20 | 1.42 | 10,511 | 5.80 | 1.58 |
| BHP Group Ltd. | 0 | 4,276 | 1.88 | 0.51 | 4,276 | 1.97 | 0.54 |
| Glencore plc | 0 | 15,892 | 1.07 | 0.29 | 15,892 | 1.33 | 0.36 |
| Kumba Iron Ore Ltd. | 0 | 591 | 0.18 | 0.05 | 591 | 0.19 | 0.05 |
| Industrial Metals and Mining Total | -331 | 34,562 | 8.86 | 2.43 | 34,893 | 9.83 | 2.69 |
| Hudaco Industries Ltd. | 0 | 1,248 | 0.23 | 0.06 | 1,248 | 0.27 | 0.07 |
| Industrial Support Services Total | 0 | 1,248 | 0.23 | 0.06 | 1,248 | 0.27 | 0.07 |
| Bell Equipment Ltd. | 0 | 2,371 | 0.09 | 0.02 | 2,371 | 0.10 | 0.03 |
| Grindrod Ltd. | 14,150 | 14,150 | 0.17 | 0.05 | 0 | 0.00 | 0.00 |
| Super Group Ltd. | 0 | 4,965 | 0.14 | 0.04 | 4,965 | 0.15 | 0.04 |
| Industrial Transportation Total | 14,150 | 21,486 | 0.40 | 0.11 | 7,336 | 0.24 | 0.07 |
| Alexander Forbes Group Holdings Ltd. | 0 | 54,426 | 0.42 | 0.11 | 54,426 | 0.44 | 0.12 |
| Coronation Fund Managers Ltd. | 0 | 9,443 | 0.37 | 0.10 | 9,443 | 0.37 | 0.10 |
| JSE Ltd. | 0 | 2,227 | 0.28 | 0.08 | 2,227 | 0.27 | 0.07 |
| Ninety One Ltd. | 0 | 1,101 | 0.04 | 0.01 | 1,101 | 0.04 | 0.01 |
| Ninety One plc | 0 | 8,179 | 0.28 | 0.08 | 8,179 | 0.28 | 0.08 |
| PSG Financial Services Ltd. | 0 | 3,207 | 0.06 | 0.02 | 3,207 | 0.06 | 0.02 |
| Quilter plc | 0 | 3,518 | 0.12 | 0.03 | 3,518 | 0.13 | 0.03 |
| Reinet Investments SCA | 1,174 | 5,140 | 2.29 | 0.63 | 3,966 | 1.77 | 0.48 |
| Remgro Ltd. | -1,243 | 1,408 | 0.22 | 0.06 | 2,651 | 0.41 | 0.11 |
| Investment Banking and Brokerage Services Total | -69 | 88,649 | 4.07 | 1.12 | 88,718 | 3.77 | 1.03 |
| Discovery Ltd. | 1,041 | 5,362 | 1.07 | 0.29 | 4,321 | 0.84 | 0.23 |
| Momentum Group Ltd. | -6,239 | 15,959 | 0.50 | 0.14 | 22,198 | 0.67 | 0.18 |
| Old Mutual Ltd. | -15,734 | 82,637 | 0.98 | 0.27 | 98,371 | 1.23 | 0.34 |
| Sanlam Ltd. | 0 | 41,286 | 3.42 | 0.94 | 41,286 | 3.59 | 0.98 |
| Life Insurance Total | -20,932 | 145,244 | 5.97 | 1.63 | 166,176 | 6.33 | 1.73 |
| Santam Ltd. | 0 | 326 | 0.12 | 0.03 | 326 | 0.13 | 0.04 |
| Non-life Insurance Total | 0 | 326 | 0.12 | 0.03 | 326 | 0.13 | 0.04 |
| iShares Core MSCI EM IMI UCITS ETF | 0 | 4,914 | 3.14 | 0.86 | 4,914 | 3.17 | 0.87 |
| iShares Core MSCI World UCITS ETF | 3,206 | 13,657 | 26.55 | 7.27 | 10,451 | 21.22 | 5.80 |
| Sanlam Global High Quality Fund A GBP Acc | 361,289 | 361,289 | 14.15 | 3.87 | 0 | 0.00 | 0.00 |
| Sanlam Real Assets Fund D Distribution Sterling | -17,826 | 0 | 0.00 | 0.00 | 17,826 | 3.89 | 1.06 |
| Offshore Intern Total | 346,669 | 379,860 | 43.84 | 12.00 | 33,191 | 28.28 | 7.73 |
| Exxaro Resources Ltd. | 3,470 | 6,763 | 1.00 | 0.27 | 3,293 | 0.52 | 0.14 |
| Thungela Resources Ltd. | 0 | 1,883 | 0.19 | 0.05 | 1,883 | 0.25 | 0.07 |
| Oil, Gas and Coal Total | 3,470 | 8,646 | 1.19 | 0.33 | 5,176 | 0.77 | 0.21 |
| Bid Corporation Ltd. | 1,252 | 8,002 | 3.52 | 0.96 | 6,750 | 2.91 | 0.79 |
| Dis-Chem Pharmacies Ltd. | -5,419 | 0 | 0.00 | 0.00 | 5,419 | 0.20 | 0.05 |
| Pick n Pay Stores Ltd. | -6,911 | 47,984 | 1.32 | 0.36 | 54,895 | 1.69 | 0.46 |
| Shoprite Holdings Ltd. | 1,996 | 13,532 | 3.69 | 1.01 | 11,536 | 3.40 | 0.93 |
| The SPAR Group Ltd. | 0 | 2,378 | 0.28 | 0.08 | 2,378 | 0.35 | 0.09 |
| Personal Care, Drug and Grocery Stores Total | -9,082 | 71,896 | 8.80 | 2.41 | 80,978 | 8.53 | 2.33 |
| Compagnie Financière Richemont SA | -564 | 830 | 2.63 | 0.72 | 1,394 | 3.87 | 1.06 |
| Personal Goods Total | -564 | 830 | 2.63 | 0.72 | 1,394 | 3.87 | 1.06 |
| Aspen Pharmacare Holdings Ltd. | 0 | 8,931 | 1.46 | 0.40 | 8,931 | 1.47 | 0.40 |
| Pharmaceuticals and Biotechnology Total | 0 | 8,931 | 1.46 | 0.40 | 8,931 | 1.47 | 0.40 |
| AngloGold Ashanti plc | -311 | 7,252 | 4.98 | 1.36 | 7,563 | 3.18 | 0.87 |
| Gold Fields Ltd. | -1,401 | 18,864 | 7.65 | 2.09 | 20,265 | 5.01 | 1.37 |
| Harmony Gold Mining Company Ltd. | 0 | 7,945 | 2.12 | 0.58 | 7,945 | 1.20 | 0.33 |
| Impala Platinum Holdings Ltd. | -1,484 | 21,826 | 2.75 | 0.75 | 23,310 | 2.05 | 0.56 |
| Northam Platinum Holdings Ltd. | 0 | 12,333 | 1.61 | 0.44 | 12,333 | 1.20 | 0.33 |
| Sibanye Stillwater Ltd. | 0 | 55,926 | 1.16 | 0.32 | 55,926 | 0.84 | 0.23 |
| Valterra Platinum Ltd. | -264 | 1,611 | 1.18 | 0.32 | 1,875 | 1.07 | 0.29 |
| Precious Metals and Mining Total | -3,460 | 125,757 | 21.46 | 5.87 | 129,217 | 14.54 | 3.97 |
| Oryx Property Ltd Namibia | 208,859 | 208,859 | 2.79 | 0.76 | 0 | 0.00 | 0.00 |
| Real Estate Total | 208,859 | 208,859 | 2.79 | 0.76 | 0 | 0.00 | 0.00 |
| NEPI Rockcastle NV | 0 | 1,265 | 0.17 | 0.05 | 1,265 | 0.17 | 0.05 |
| Oryx Properties Ltd. | -194,808 | 0 | 0.00 | 0.00 | 194,808 | 2.50 | 0.68 |
| Real Estate Investment and Services Total | -194,808 | 1,265 | 0.17 | 0.05 | 196,073 | 2.67 | 0.73 |
| Growthpoint Properties Ltd. | 0 | 27,546 | 0.36 | 0.10 | 27,546 | 0.35 | 0.10 |
| Real Estate Investment Trusts Total | 0 | 27,546 | 0.36 | 0.10 | 27,546 | 0.35 | 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 | 0.01 | 0.00 |
| Motus Holdings Ltd. | 0 | 5,754 | 0.50 | 0.14 | 5,754 | 0.70 | 0.19 |
| Mr Price Group Ltd. | -1,346 | 803 | 0.18 | 0.05 | 2,149 | 0.63 | 0.17 |
| Pepkor Holdings Ltd. | 0 | 91,393 | 2.33 | 0.64 | 91,393 | 2.65 | 0.72 |
| The Foschini Group Ltd. | 2,560 | 6,276 | 0.78 | 0.21 | 3,716 | 0.62 | 0.17 |
| Truworths International Ltd. | 6,770 | 23,566 | 1.70 | 0.46 | 16,796 | 1.74 | 0.48 |
| We Buy Cars Holdings Ltd. | 0 | 3,424 | 0.14 | 0.04 | 3,424 | 0.15 | 0.04 |
| Woolworths Holdings Ltd. | 0 | 18,647 | 0.95 | 0.26 | 18,647 | 1.16 | 0.32 |
| Retailers Total | 7,984 | 150,824 | 6.60 | 1.81 | 142,840 | 7.67 | 2.10 |
| Datatec Ltd. | -7,298 | 17,464 | 0.97 | 0.27 | 24,762 | 1.23 | 0.34 |
| Naspers Ltd. | -435 | 3,281 | 14.82 | 4.06 | 3,716 | 15.51 | 4.24 |
| Prosus NV | -2,011 | 6,892 | 5.80 | 1.59 | 8,903 | 6.67 | 1.82 |
| Software and Computer Services Total | -9,744 | 27,637 | 21.59 | 5.91 | 37,381 | 23.41 | 6.39 |
| Mobile Telecommunications Ltd. | 46,795 | 656,746 | 5.42 | 1.48 | 609,951 | 4.62 | 1.26 |
| MTN Group Ltd. | -22,490 | 9,801 | 1.21 | 0.33 | 32,291 | 2.97 | 0.81 |
| MultiChoice Group Ltd. | 0 | 688 | 0.08 | 0.02 | 688 | 0.07 | 0.02 |
| Paratus Namibia Holdings Ltd. | 0 | 117,208 | 1.48 | 0.41 | 117,208 | 1.48 | 0.40 |
| Vodacom Group Ltd. | -4,670 | 1,312 | 0.16 | 0.05 | 5,982 | 0.61 | 0.17 |
| Telecommunications Service Providers Total | 19,635 | 785,755 | 8.35 | 2.29 | 766,120 | 9.76 | 2.66 |
| British American Tobacco plc | -998 | 8,325 | 6.28 | 1.72 | 9,323 | 6.31 | 1.72 |
| Tobacco Total | -998 | 8,325 | 6.28 | 1.72 | 9,323 | 6.31 | 1.72 |
| Famous Brands Ltd. | 0 | 3,380 | 0.20 | 0.05 | 3,380 | 0.23 | 0.06 |
| Sun International Ltd. | 0 | 3,843 | 0.16 | 0.04 | 3,843 | 0.17 | 0.05 |
| Tsogo Sun Ltd. | 0 | 20,397 | 0.17 | 0.05 | 20,397 | 0.21 | 0.06 |
| Travel and Leisure Total | 0 | 27,620 | 0.52 | 0.14 | 27,620 | 0.61 | 0.17 |
| Portfolio Total | -8,906,148 | 10,058,280 | 365.27 | 100.00 | 18,964,428 | 366.14 | 100.00 |