| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -1,291 | 19,974 | 3.62 | 0.73 | 21,265 | 3.74 | 0.83 |
| Capitec Bank Holdings Ltd. | -69 | 1,824 | 6.34 | 1.27 | 1,893 | 6.72 | 1.49 |
| Capricorn Group Ltd. | 71,030 | 289,789 | 6.43 | 1.29 | 218,759 | 4.73 | 1.05 |
| FirstRand Ltd. | -9,211 | 157,771 | 12.25 | 2.46 | 166,982 | 12.64 | 2.81 |
| FirstRand Namibia Ltd. | 0 | 150,164 | 7.81 | 1.57 | 150,164 | 7.08 | 1.57 |
| Investec Ltd. | -3,432 | 8,260 | 1.06 | 0.21 | 11,692 | 1.55 | 0.34 |
| Letshego Holdings (Namibia) Ltd. | 0 | 219,281 | 1.44 | 0.29 | 219,281 | 1.43 | 0.32 |
| Nedbank Group Ltd. | 1,115 | 18,335 | 3.91 | 0.79 | 17,220 | 4.19 | 0.93 |
| SBN Holdings Ltd. | 0 | 138,402 | 1.59 | 0.32 | 138,402 | 1.46 | 0.32 |
| Standard Bank Group Ltd. | -3,819 | 39,852 | 9.42 | 1.89 | 43,671 | 9.94 | 2.21 |
| Banks Total | 54,323 | 1,043,652 | 53.87 | 10.84 | 989,329 | 53.47 | 11.87 |
| Anheuser-Busch InBev SA/NV | 220 | 1,239 | 1.27 | 0.26 | 1,019 | 1.24 | 0.28 |
| Namibia Breweries | 0 | 291,806 | 8.46 | 1.70 | 291,806 | 8.43 | 1.87 |
| Beverages Total | 220 | 293,045 | 9.73 | 1.96 | 292,825 | 9.67 | 2.15 |
| iShares Core Global Aggregate ETF | 53,070 | 53,070 | 5.00 | 1.01 | 0 | 0.00 | 0.00 |
| iShares US Treasury Bond ETF | 2,890 | 15,762 | 6.29 | 1.26 | 12,872 | 5.26 | 1.17 |
| iShares USD Treasury (1-3) | -99 | 0 | 0.44 | 0.09 | 99 | 0.44 | 0.10 |
| Bonds Total | 55,861 | 68,832 | 11.73 | 2.36 | 12,971 | 5.70 | 1.26 |
| Margin Account | 0 | 0 | 0.29 | 0.06 | 0 | 0.28 | 0.06 |
| Namibia Cash | 0 | 0 | 17.18 | 3.46 | 0 | 1.97 | 0.44 |
| Cash on call Total | 0 | 0 | 17.47 | 3.51 | 0 | 2.25 | 0.50 |
| AECI Ltd. | 0 | 2,025 | 0.20 | 0.04 | 2,025 | 0.21 | 0.05 |
| Omnia Holdings Ltd. | 0 | 3,059 | 0.22 | 0.04 | 3,059 | 0.24 | 0.05 |
| Sasol Ltd. | -7,748 | 23,079 | 2.48 | 0.50 | 30,827 | 2.43 | 0.54 |
| Chemicals Total | -7,748 | 28,163 | 2.90 | 0.58 | 35,911 | 2.89 | 0.64 |
| PPC Ltd. | 0 | 32,051 | 0.17 | 0.03 | 32,051 | 0.17 | 0.04 |
| Raubex Group Ltd. | -5,150 | 3,446 | 0.15 | 0.03 | 8,596 | 0.38 | 0.08 |
| Wilson Bayly Holmes - Ovcon Ltd. | 1,380 | 3,327 | 0.50 | 0.10 | 1,947 | 0.36 | 0.08 |
| Construction and Materials Total | -3,770 | 38,824 | 0.82 | 0.16 | 42,594 | 0.91 | 0.20 |
| Curro Holdings Ltd. | 0 | 32,487 | 0.39 | 0.08 | 32,487 | 0.29 | 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 | 0.00 |
| Consumer Services Total | 0 | 35,041 | 0.42 | 0.08 | 35,041 | 0.32 | 0.07 |
| Bond Derivative | 0 | 0 | 4.39 | 0.88 | 0 | 4.31 | 0.96 |
| Derivatives Total | 0 | 0 | 4.39 | 0.88 | 0 | 4.31 | 0.96 |
| Reunert Ltd. | 0 | 13,983 | 0.75 | 0.15 | 13,983 | 0.80 | 0.18 |
| Electronic and Electrical Equipment Total | 0 | 13,983 | 0.75 | 0.15 | 13,983 | 0.80 | 0.18 |
| NewGold | 0 | 258 | 0.16 | 0.03 | 258 | 0.14 | 0.03 |
| Exchange Traded Funds Total | 0 | 258 | 0.16 | 0.03 | 258 | 0.14 | 0.03 |
| Nutun Ltd. | 0 | 10,481 | 0.01 | 0.00 | 10,481 | 0.01 | 0.00 |
| Finance and Credit Services Total | 0 | 10,481 | 0.01 | 0.00 | 10,481 | 0.01 | 0.00 |
| Satrix World Equity Tracker Fund | 0 | 581,401 | 35.07 | 7.05 | 581,401 | 33.71 | 7.49 |
| Financial Services Total | 0 | 581,401 | 35.07 | 7.05 | 581,401 | 33.71 | 7.49 |
| Astral Foods Ltd. | 0 | 2,253 | 0.46 | 0.09 | 2,253 | 0.40 | 0.09 |
| AVI Ltd. | 2,453 | 21,268 | 2.10 | 0.42 | 18,815 | 1.77 | 0.39 |
| Oceana Group Ltd. | 0 | 1,665 | 0.08 | 0.02 | 1,665 | 0.09 | 0.02 |
| Premier Group Ltd. | 3,320 | 3,320 | 0.51 | 0.10 | 0 | 0.00 | 0.00 |
| Food Producers Total | 5,773 | 28,506 | 3.15 | 0.63 | 22,733 | 2.26 | 0.50 |
| European - Currency | 0 | 0 | 1.34 | 0.27 | 0 | 1.38 | 0.31 |
| United Kingdom - Currency | 0 | 0 | 0.98 | 0.20 | 0 | 1.02 | 0.23 |
| USA - Currency | 0 | 0 | 7.64 | 1.54 | 0 | 10.08 | 2.24 |
| For Currency Total | 0 | 0 | 9.96 | 2.00 | 0 | 12.48 | 2.77 |
| Foreign - Bonds | 0 | 0 | 108.41 | 21.80 | 0 | 95.45 | 21.20 |
| Foreign - Unit Trusts | 0 | 0 | 3.47 | 0.70 | 0 | 6.00 | 1.33 |
| Foreign Invest Total | 0 | 0 | 111.88 | 22.50 | 0 | 101.45 | 22.53 |
| Barloworld Ltd. | 0 | 1,707 | 0.20 | 0.04 | 1,707 | 0.19 | 0.04 |
| KAP Ltd. | 0 | 465,919 | 0.77 | 0.15 | 465,919 | 0.96 | 0.21 |
| Mondi plc | 0 | 5,104 | 1.20 | 0.24 | 5,104 | 1.49 | 0.33 |
| The Bidvest Group Ltd. | 984 | 10,656 | 2.26 | 0.45 | 9,672 | 2.26 | 0.50 |
| General Industrials Total | 984 | 483,386 | 4.43 | 0.89 | 482,402 | 4.89 | 1.09 |
| Life Healthcare Group Holdings Ltd. | 0 | 103,905 | 1.20 | 0.24 | 103,905 | 1.48 | 0.33 |
| Netcare Ltd. | 0 | 25,336 | 0.36 | 0.07 | 25,336 | 0.35 | 0.08 |
| Health Care Providers Total | 0 | 129,241 | 1.56 | 0.31 | 129,241 | 1.84 | 0.41 |
| Sanlam Namibia Floating Rate Fund | -5,331,348 | 19,724,097 | 20.60 | 4.14 | 25,055,445 | 26.18 | 5.81 |
| Income Total | -5,331,348 | 19,724,097 | 20.60 | 4.14 | 25,055,445 | 26.18 | 5.81 |
| Sappi Ltd. | 0 | 6,727 | 0.16 | 0.03 | 6,727 | 0.20 | 0.04 |
| Industrial Materials Total | 0 | 6,727 | 0.16 | 0.03 | 6,727 | 0.20 | 0.04 |
| African Rainbow Minerals Ltd. | 0 | 1,233 | 0.23 | 0.05 | 1,233 | 0.21 | 0.05 |
| Anglo American plc | -838 | 10,362 | 6.70 | 1.35 | 11,200 | 5.48 | 1.22 |
| BHP Group Ltd. | -957 | 3,319 | 1.58 | 0.32 | 4,276 | 1.83 | 0.41 |
| Glencore plc | 3,089 | 25,019 | 1.99 | 0.40 | 21,930 | 1.53 | 0.34 |
| Kumba Iron Ore Ltd. | 0 | 591 | 0.19 | 0.04 | 591 | 0.17 | 0.04 |
| Industrial Metals and Mining Total | 1,294 | 40,524 | 10.70 | 2.15 | 39,230 | 9.21 | 2.05 |
| Hudaco Industries Ltd. | 0 | 1,248 | 0.22 | 0.04 | 1,248 | 0.25 | 0.05 |
| Industrial Support Services Total | 0 | 1,248 | 0.22 | 0.04 | 1,248 | 0.25 | 0.05 |
| Bell Equipment Ltd. | 0 | 2,371 | 0.10 | 0.02 | 2,371 | 0.10 | 0.02 |
| Grindrod Ltd. | 0 | 14,150 | 0.21 | 0.04 | 14,150 | 0.18 | 0.04 |
| Super Group Ltd. | 0 | 4,965 | 0.06 | 0.01 | 4,965 | 0.08 | 0.02 |
| Industrial Transportation Total | 0 | 21,486 | 0.38 | 0.08 | 21,486 | 0.35 | 0.08 |
| Alexander Forbes Group Holdings Ltd. | 0 | 54,426 | 0.42 | 0.08 | 54,426 | 0.49 | 0.11 |
| Coronation Fund Managers Ltd. | -5,660 | 3,783 | 0.17 | 0.03 | 9,443 | 0.37 | 0.08 |
| JSE Ltd. | 0 | 2,227 | 0.28 | 0.06 | 2,227 | 0.30 | 0.07 |
| Ninety One Ltd. | 0 | 1,101 | 0.05 | 0.01 | 1,101 | 0.05 | 0.01 |
| Ninety One plc | -4,938 | 3,241 | 0.15 | 0.03 | 8,179 | 0.37 | 0.08 |
| PSG Financial Services Ltd. | 0 | 3,207 | 0.07 | 0.01 | 3,207 | 0.07 | 0.02 |
| Quilter plc | 0 | 3,518 | 0.13 | 0.03 | 3,518 | 0.13 | 0.03 |
| Reinet Investments SCA | 0 | 7,197 | 3.63 | 0.73 | 7,197 | 4.15 | 0.92 |
| Remgro Ltd. | -1,380 | 28 | 0.00 | 0.00 | 1,408 | 0.22 | 0.05 |
| Investment Banking and Brokerage Services Total | -11,978 | 78,728 | 4.92 | 0.99 | 90,706 | 6.15 | 1.37 |
| Discovery Ltd. | 3,315 | 8,677 | 1.71 | 0.34 | 5,362 | 1.15 | 0.26 |
| Momentum Group Ltd. | 0 | 22,200 | 0.73 | 0.15 | 22,200 | 0.76 | 0.17 |
| Old Mutual Ltd. | -34,297 | 66,726 | 0.89 | 0.18 | 101,023 | 1.22 | 0.27 |
| Sanlam Ltd. | -2,760 | 45,740 | 3.82 | 0.77 | 48,500 | 4.30 | 0.95 |
| Life Insurance Total | -33,742 | 143,343 | 7.15 | 1.44 | 177,085 | 7.43 | 1.65 |
| eMedia Holdings Ltd. | 11 | 11 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Media Total | 11 | 11 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| OUTsurance Group Ltd. | 2,922 | 2,922 | 0.21 | 0.04 | 0 | 0.00 | 0.00 |
| Santam Ltd. | 0 | 326 | 0.12 | 0.02 | 326 | 0.14 | 0.03 |
| Non-life Insurance Total | 2,922 | 3,248 | 0.33 | 0.07 | 326 | 0.14 | 0.03 |
| iShares Core MSCI EM IMI UCITS ETF | 0 | 4,914 | 3.66 | 0.74 | 4,914 | 3.43 | 0.76 |
| iShares Core MSCI World UCITS ETF | 329 | 21,174 | 46.18 | 9.29 | 20,845 | 43.59 | 9.68 |
| Sanlam Global High Quality Fund A GBP Acc | 82,307 | 443,596 | 17.66 | 3.55 | 361,289 | 14.11 | 3.13 |
| Offshore Intern Total | 82,636 | 469,684 | 67.50 | 13.58 | 387,048 | 61.13 | 13.57 |
| Exxaro Resources Ltd. | -3,927 | 2,836 | 0.51 | 0.10 | 6,763 | 0.99 | 0.22 |
| Thungela Resources Ltd. | 0 | 1,883 | 0.16 | 0.03 | 1,883 | 0.16 | 0.04 |
| Oil, Gas and Coal Total | -3,927 | 4,719 | 0.68 | 0.14 | 8,646 | 1.15 | 0.26 |
| Bid Corporation Ltd. | -541 | 8,329 | 3.60 | 0.72 | 8,870 | 4.15 | 0.92 |
| Boxer Retail Ltd. | 6,945 | 6,945 | 0.48 | 0.10 | 0 | 0.00 | 0.00 |
| Dis-Chem Pharmacies Ltd. | -7,061 | 5,492 | 0.18 | 0.04 | 12,553 | 0.41 | 0.09 |
| Pick n Pay Stores Ltd. | 0 | 47,984 | 1.22 | 0.25 | 47,984 | 1.29 | 0.29 |
| Shoprite Holdings Ltd. | 39 | 18,648 | 5.11 | 1.03 | 18,609 | 5.15 | 1.14 |
| The SPAR Group Ltd. | 0 | 2,378 | 0.23 | 0.05 | 2,378 | 0.26 | 0.06 |
| Personal Care, Drug and Grocery Stores Total | -618 | 89,776 | 10.82 | 2.18 | 90,394 | 11.25 | 2.50 |
| Compagnie Financière Richemont SA | -75 | 1,044 | 3.41 | 0.69 | 1,119 | 3.73 | 0.83 |
| Personal Goods Total | -75 | 1,044 | 3.41 | 0.69 | 1,119 | 3.73 | 0.83 |
| Aspen Pharmacare Holdings Ltd. | 0 | 8,931 | 0.87 | 0.17 | 8,931 | 1.07 | 0.24 |
| Pharmaceuticals and Biotechnology Total | 0 | 8,931 | 0.87 | 0.17 | 8,931 | 1.07 | 0.24 |
| AngloGold Ashanti plc | -230 | 7,615 | 9.24 | 1.86 | 7,845 | 6.28 | 1.40 |
| Gold Fields Ltd. | -885 | 18,947 | 13.81 | 2.78 | 19,832 | 8.25 | 1.83 |
| Harmony Gold Mining Company Ltd. | 2,754 | 11,559 | 3.64 | 0.73 | 8,805 | 2.16 | 0.48 |
| Impala Platinum Holdings Ltd. | -4,040 | 17,847 | 3.94 | 0.79 | 21,887 | 3.48 | 0.77 |
| Northam Platinum Holdings Ltd. | -2,170 | 10,163 | 2.86 | 0.57 | 12,333 | 2.36 | 0.53 |
| Sibanye Stillwater Ltd. | 0 | 55,926 | 2.76 | 0.55 | 55,926 | 1.80 | 0.40 |
| Valterra Platinum Ltd. | 1,797 | 4,660 | 5.76 | 1.16 | 2,863 | 2.26 | 0.50 |
| Precious Metals and Mining Total | -2,774 | 126,717 | 42.00 | 8.45 | 129,491 | 26.59 | 5.91 |
| NEPI Rockcastle NV | 0 | 4,077 | 0.56 | 0.11 | 4,077 | 0.55 | 0.12 |
| Oryx Properties Ltd. | 0 | 208,859 | 2.78 | 0.56 | 208,859 | 2.81 | 0.62 |
| Real Estate Investment and Services Total | 0 | 212,936 | 3.34 | 0.67 | 212,936 | 3.36 | 0.75 |
| Growthpoint Properties Ltd. | 0 | 27,546 | 0.41 | 0.08 | 27,546 | 0.37 | 0.08 |
| Real Estate Investment Trusts Total | 0 | 27,546 | 0.41 | 0.08 | 27,546 | 0.37 | 0.08 |
| CA Sales Holdings Ltd. | 0 | 859 | 0.02 | 0.00 | 859 | 0.01 | 0.00 |
| KAL Group Ltd. | 0 | 102 | 0.00 | 0.00 | 102 | 0.00 | 0.00 |
| Motus Holdings Ltd. | -2,266 | 3,488 | 0.36 | 0.07 | 5,754 | 0.54 | 0.12 |
| Mr Price Group Ltd. | 1,130 | 1,933 | 0.39 | 0.08 | 803 | 0.18 | 0.04 |
| Pepkor Holdings Ltd. | -8,815 | 82,578 | 2.01 | 0.40 | 91,393 | 2.49 | 0.55 |
| The Foschini Group Ltd. | 0 | 6,276 | 0.68 | 0.14 | 6,276 | 0.81 | 0.18 |
| Truworths International Ltd. | 0 | 29,604 | 1.62 | 0.33 | 29,604 | 2.11 | 0.47 |
| We Buy Cars Holdings Ltd. | 0 | 11,937 | 0.66 | 0.13 | 11,937 | 0.72 | 0.16 |
| Woolworths Holdings Ltd. | 9,140 | 34,646 | 1.74 | 0.35 | 25,506 | 1.32 | 0.29 |
| Retailers Total | -811 | 171,423 | 7.49 | 1.51 | 172,234 | 8.19 | 1.82 |
| Datatec Ltd. | -3,306 | 14,158 | 0.85 | 0.17 | 17,464 | 1.14 | 0.25 |
| Naspers Ltd. | -275 | 3,367 | 21.06 | 4.24 | 3,642 | 20.09 | 4.46 |
| Prosus NV | -1,738 | 6,069 | 7.35 | 1.48 | 7,807 | 7.74 | 1.72 |
| Software and Computer Services Total | -5,319 | 23,594 | 29.26 | 5.88 | 28,913 | 28.97 | 6.43 |
| Mobile Telecommunications Ltd. | 19,276 | 755,666 | 6.47 | 1.30 | 736,390 | 6.26 | 1.39 |
| MTN Group Ltd. | 7,130 | 18,691 | 2.71 | 0.55 | 11,561 | 1.63 | 0.36 |
| MultiChoice Group Ltd. | -688 | 0 | 0.00 | 0.00 | 688 | 0.08 | 0.02 |
| Paratus Namibia Holdings Ltd. | 0 | 155,943 | 1.95 | 0.39 | 155,943 | 1.96 | 0.44 |
| Vodacom Group Ltd. | 0 | 1,312 | 0.17 | 0.04 | 1,312 | 0.18 | 0.04 |
| Telecommunications Service Providers Total | 25,718 | 931,612 | 11.30 | 2.27 | 905,894 | 10.11 | 2.25 |
| British American Tobacco plc | -942 | 7,241 | 6.61 | 1.33 | 8,183 | 6.88 | 1.53 |
| Tobacco Total | -942 | 7,241 | 6.61 | 1.33 | 8,183 | 6.88 | 1.53 |
| Famous Brands Ltd. | 0 | 3,380 | 0.18 | 0.04 | 3,380 | 0.21 | 0.05 |
| Southern Sun Ltd. | 52,954 | 52,954 | 0.45 | 0.09 | 0 | 0.00 | 0.00 |
| Sun International Ltd. | -3,843 | 0 | 0.00 | 0.00 | 3,843 | 0.17 | 0.04 |
| Tsogo Sun Ltd. | 0 | 20,397 | 0.13 | 0.03 | 20,397 | 0.16 | 0.03 |
| Travel and Leisure Total | 49,111 | 76,731 | 0.77 | 0.15 | 27,620 | 0.54 | 0.12 |
| Portfolio Total | -5,124,199 | 24,926,179 | 497.20 | 100.00 | 30,050,378 | 450.34 | 100.00 |