| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 2,337 | 20,000 | 3.62 | 0.14 | 17,663 | 3.11 | 0.13 |
| Capitec Bank Holdings Ltd. | -589 | 1,500 | 5.21 | 0.20 | 2,089 | 7.42 | 0.30 |
| Capricorn Group Ltd. | 0 | 72,626 | 1.61 | 0.06 | 72,626 | 1.57 | 0.06 |
| FirstRand Ltd. | 1,313 | 125,000 | 9.71 | 0.37 | 123,687 | 9.36 | 0.38 |
| FirstRand Namibia Ltd. | 31,783 | 196,783 | 10.23 | 0.39 | 165,000 | 7.77 | 0.31 |
| Investec Ltd. | 2,210 | 10,000 | 1.28 | 0.05 | 7,790 | 1.03 | 0.04 |
| Nedbank Group Ltd. | 2,389 | 25,000 | 5.34 | 0.21 | 22,611 | 5.50 | 0.22 |
| SBN Holdings Ltd. | 30,000 | 285,000 | 3.28 | 0.13 | 255,000 | 2.69 | 0.11 |
| Standard Bank Group Ltd. | 20,057 | 50,000 | 11.82 | 0.45 | 29,943 | 6.81 | 0.27 |
| Banks Total | 89,500 | 785,909 | 52.11 | 2.00 | 696,409 | 45.26 | 1.82 |
| Anheuser-Busch InBev SA/NV | -687 | 2,000 | 2.05 | 0.08 | 2,687 | 3.27 | 0.13 |
| Beverages Total | -687 | 2,000 | 2.05 | 0.08 | 2,687 | 3.27 | 0.13 |
| SA Bond ASN508 | 0 | 7,155,000 | 7.32 | 0.28 | 7,155,000 | 7.13 | 0.29 |
| SA Bond BNDS | 0 | 0 | 0.00 | 0.00 | 0 | 56.88 | 2.29 |
| SA Bond FRJ27 | 0 | 30,000,000 | 30.99 | 1.19 | 30,000,000 | 31.06 | 1.25 |
| SA Bond FRJ29 | 0 | 20,000,000 | 20.79 | 0.80 | 20,000,000 | 20.76 | 0.84 |
| SA Bond NBKB58 | 0 | 20,000,000 | 20.52 | 0.79 | 20,000,000 | 20.55 | 0.83 |
| SA Bond R209 | -20,000,000 | 0 | 0.00 | 0.00 | 20,000,000 | 15.22 | 0.61 |
| SA Bond R214 | -40,000,000 | 260,000,000 | 189.43 | 7.27 | 300,000,000 | 209.18 | 8.42 |
| SA Bond RN2030 | 10,000,000 | 210,000,000 | 211.32 | 8.12 | 200,000,000 | 199.30 | 8.03 |
| SA Bond RN2032 | 25,000,000 | 150,000,000 | 154.12 | 5.92 | 125,000,000 | 126.43 | 5.09 |
| SA Bond SBS53 | 10,000,000 | 60,000,000 | 61.89 | 2.38 | 50,000,000 | 51.74 | 2.08 |
| Bond Total | -15,000,000 | 757,155,000 | 696.40 | 26.74 | 772,155,000 | 738.25 | 29.73 |
| iShares 0-5 Year Investment Grade Corporate Bond ETF | -2,500 | 27,500 | 49.04 | 1.88 | 30,000 | 54.87 | 2.21 |
| iShares 7-10 Year Treasury Bond ETF | 0 | 27,500 | 45.76 | 1.76 | 27,500 | 46.80 | 1.89 |
| iShares Barclays 20+ Year Treasury Bond Fund | 2,500 | 15,000 | 23.13 | 0.89 | 12,500 | 19.61 | 0.79 |
| Bonds Total | 0 | 70,000 | 117.93 | 4.53 | 70,000 | 121.28 | 4.88 |
| Margin Account | 0 | 0 | 13.58 | 0.52 | 0 | 13.75 | 0.55 |
| Namibia Cash | 0 | 0 | -146.27 | -5.62 | 0 | -191.78 | -7.72 |
| Cash on call Total | 0 | 0 | -132.69 | -5.10 | 0 | -178.03 | -7.17 |
| Sasol Ltd. | 0 | 26,145 | 2.81 | 0.11 | 26,145 | 2.06 | 0.08 |
| Chemicals Total | 0 | 26,145 | 2.81 | 0.11 | 26,145 | 2.06 | 0.08 |
| PPC Ltd. | 0 | 103,108 | 0.56 | 0.02 | 103,108 | 0.53 | 0.02 |
| Raubex Group Ltd. | 0 | 6,725 | 0.29 | 0.01 | 6,725 | 0.30 | 0.01 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 1,706 | 0.26 | 0.01 | 1,706 | 0.32 | 0.01 |
| Construction and Materials Total | 0 | 111,539 | 1.10 | 0.04 | 111,539 | 1.15 | 0.05 |
| Curro Holdings Ltd. | -22,204 | 0 | 0.00 | 0.00 | 22,204 | 0.20 | 0.01 |
| Stadio Holdings Ltd. | -637 | 0 | 0.00 | 0.00 | 637 | 0.01 | 0.00 |
| Consumer Services Total | -22,841 | 0 | 0.00 | 0.00 | 22,841 | 0.21 | 0.01 |
| Equity Derivative | 0 | 0 | 125.62 | 4.82 | 0 | 176.85 | 7.12 |
| Derivatives Total | 0 | 0 | 125.62 | 4.82 | 0 | 176.85 | 7.12 |
| Reunert Ltd. | 10,478 | 20,000 | 1.08 | 0.04 | 9,522 | 0.55 | 0.02 |
| Electronic and Electrical Equipment Total | 10,478 | 20,000 | 1.08 | 0.04 | 9,522 | 0.55 | 0.02 |
| iShares 1-3 Year Treasury Bond ETF | 1,250 | 11,250 | 16.10 | 0.62 | 10,000 | 14.73 | 0.59 |
| iShares Russell 2000 ETF | 500 | 3,000 | 12.52 | 0.48 | 2,500 | 9.59 | 0.39 |
| Equities Total | 1,750 | 14,250 | 28.63 | 1.10 | 12,500 | 24.31 | 0.98 |
| Satrix MSCI World Feeder ETF | 0 | 575,000 | 62.12 | 2.39 | 575,000 | 59.71 | 2.41 |
| Exchange Traded Funds Total | 0 | 575,000 | 62.12 | 2.39 | 575,000 | 59.71 | 2.41 |
| Astral Foods Ltd. | 0 | 1,599 | 0.33 | 0.01 | 1,599 | 0.28 | 0.01 |
| AVI Ltd. | 4,118 | 10,000 | 0.99 | 0.04 | 5,882 | 0.55 | 0.02 |
| Oceana Group Ltd. | 4,764 | 5,000 | 0.25 | 0.01 | 236 | 0.01 | 0.00 |
| Oceana Group Ltd. | 7,500 | 50,000 | 2.48 | 0.10 | 42,500 | 2.23 | 0.09 |
| Premier Group Ltd. | -1,724 | 0 | 0.00 | 0.00 | 1,724 | 0.24 | 0.01 |
| Tiger Brands Ltd. | -1,912 | 0 | 0.00 | 0.00 | 1,912 | 0.61 | 0.02 |
| Food Producers Total | 12,746 | 66,599 | 4.04 | 0.16 | 53,853 | 3.93 | 0.16 |
| European - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Foreign - Money Market | 0 | 0 | 228.59 | 8.78 | 0 | 422.35 | 17.01 |
| USA - Currency | 0 | 0 | 1.78 | 0.07 | 0 | 3.91 | 0.16 |
| For Currency Total | 0 | 0 | 230.36 | 8.85 | 0 | 426.26 | 17.17 |
| Foreign - Bonds | 0 | 0 | 928.12 | 35.64 | 0 | 836.30 | 33.68 |
| Foreign Invest Total | 0 | 0 | 928.12 | 35.64 | 0 | 836.30 | 33.68 |
| Catalyst Global Real Estate UCITS Fund A | 254 | 1,279,700 | 24.45 | 0.94 | 1,279,446 | 24.79 | 1.00 |
| Foreign Property Total | 254 | 1,279,700 | 24.45 | 0.94 | 1,279,446 | 24.79 | 1.00 |
| KAP Ltd. | 0 | 359,383 | 0.59 | 0.02 | 359,383 | 0.74 | 0.03 |
| Mondi plc | 0 | 4,007 | 0.94 | 0.04 | 4,007 | 1.17 | 0.05 |
| The Bidvest Group Ltd. | 0 | 7,371 | 1.56 | 0.06 | 7,371 | 1.72 | 0.07 |
| General Industrials Total | 0 | 370,761 | 3.10 | 0.12 | 370,761 | 3.62 | 0.15 |
| Life Healthcare Group Holdings Ltd. | 0 | 65,802 | 0.76 | 0.03 | 65,802 | 0.94 | 0.04 |
| Netcare Ltd. | 0 | 23,928 | 0.34 | 0.01 | 23,928 | 0.33 | 0.01 |
| Health Care Providers Total | 0 | 89,730 | 1.10 | 0.04 | 89,730 | 1.27 | 0.05 |
| Sappi Ltd. | 0 | 8,888 | 0.21 | 0.01 | 8,888 | 0.26 | 0.01 |
| Industrial Materials Total | 0 | 8,888 | 0.21 | 0.01 | 8,888 | 0.26 | 0.01 |
| African Rainbow Minerals Ltd. | -252 | 1,000 | 0.19 | 0.01 | 1,252 | 0.22 | 0.01 |
| Anglo American plc | 4,141 | 12,500 | 8.08 | 0.31 | 8,359 | 4.09 | 0.16 |
| BHP Group Ltd. | 0 | 1,741 | 0.83 | 0.03 | 1,741 | 0.74 | 0.03 |
| Glencore plc | 796 | 23,703 | 1.89 | 0.07 | 22,907 | 1.59 | 0.06 |
| Kumba Iron Ore Ltd. | -367 | 0 | 0.00 | 0.00 | 367 | 0.10 | 0.00 |
| Industrial Metals and Mining Total | 4,318 | 38,944 | 10.99 | 0.42 | 34,626 | 6.75 | 0.27 |
| Hudaco Industries Ltd. | -1,064 | 0 | 0.00 | 0.00 | 1,064 | 0.21 | 0.01 |
| Industrial Support Services Total | -1,064 | 0 | 0.00 | 0.00 | 1,064 | 0.21 | 0.01 |
| Grindrod Ltd. | 14,369 | 30,000 | 0.45 | 0.02 | 15,631 | 0.19 | 0.01 |
| Industrial Transportation Total | 14,369 | 30,000 | 0.45 | 0.02 | 15,631 | 0.19 | 0.01 |
| Ninety One Ltd. | 0 | 5,016 | 0.23 | 0.01 | 5,016 | 0.22 | 0.01 |
| Ninety One plc | 0 | 4,025 | 0.19 | 0.01 | 4,025 | 0.18 | 0.01 |
| PSG Financial Services Ltd. | 3,054 | 5,000 | 0.11 | 0.00 | 1,946 | 0.04 | 0.00 |
| Quilter plc | -3,258 | 0 | 0.00 | 0.00 | 3,258 | 0.12 | 0.01 |
| Reinet Investments SCA | 0 | 4,680 | 2.36 | 0.09 | 4,680 | 2.70 | 0.11 |
| Remgro Ltd. | 0 | 7,253 | 1.22 | 0.05 | 7,253 | 1.15 | 0.05 |
| Investment Banking and Brokerage Services Total | -204 | 25,974 | 4.11 | 0.16 | 26,178 | 4.41 | 0.18 |
| Discovery Ltd. | -3,330 | 10,000 | 1.97 | 0.08 | 13,330 | 2.86 | 0.12 |
| Momentum Group Ltd. | 5,000 | 15,000 | 0.49 | 0.02 | 10,000 | 0.34 | 0.01 |
| Old Mutual Ltd. | 17,963 | 75,000 | 1.00 | 0.04 | 57,037 | 0.69 | 0.03 |
| Sanlam Ltd. | 5,985 | 50,000 | 4.18 | 0.16 | 44,015 | 3.90 | 0.16 |
| Life Insurance Total | 25,618 | 150,000 | 7.64 | 0.29 | 124,382 | 7.80 | 0.31 |
| eMedia Holdings Ltd. | 3,043 | 3,043 | 0.01 | 0.00 | 0 | 0.00 | 0.00 |
| Media Total | 3,043 | 3,043 | 0.01 | 0.00 | 0 | 0.00 | 0.00 |
| 0 | 0 | 63.08 | 2.42 | 0 | 5.02 | 0.20 |
| Money Market - 1 month duration | 0 | 0 | 5.00 | 0.19 | 0 | 2.49 | 0.10 |
| Money Market - 11 months duration | 0 | 0 | 142.51 | 5.47 | 0 | 0.00 | 0.00 |
| Money Market - 13 months duration | 0 | 0 | 13.90 | 0.53 | 0 | 0.00 | 0.00 |
| Money Market - 16 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 13.64 | 0.55 |
| Money Market - 2 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 37.18 | 1.50 |
| Money Market - 3 months duration | 0 | 0 | 9.78 | 0.38 | 0 | 14.79 | 0.60 |
| Money Market - 30 months duration | 0 | 0 | 10.01 | 0.38 | 0 | 0.00 | 0.00 |
| Money Market - 4 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 4.91 | 0.20 |
| Money Market - 5 months duration | 0 | 0 | 41.15 | 1.58 | 0 | 0.00 | 0.00 |
| Money Market - 7 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 9.59 | 0.39 |
| Money Market - 8 months duration | 0 | 0 | 11.97 | 0.46 | 0 | 0.00 | 0.00 |
| Money Market - 9 months duration | 0 | 0 | 58.97 | 2.26 | 0 | 0.00 | 0.00 |
| Money Market Instrument | 0 | 0 | 0.00 | 0.00 | 0 | 0.11 | 0.00 |
| Money Market Total | 0 | 0 | 356.37 | 13.69 | 0 | 87.72 | 3.53 |
| OUTsurance Group Ltd. | 0 | 16,320 | 1.17 | 0.04 | 16,320 | 1.28 | 0.05 |
| Santam Ltd. | 0 | 2,000 | 0.76 | 0.03 | 2,000 | 0.86 | 0.03 |
| Non-life Insurance Total | 0 | 18,320 | 1.93 | 0.07 | 18,320 | 2.13 | 0.09 |
| Exxaro Resources Ltd. | 0 | 1,585 | 0.29 | 0.01 | 1,585 | 0.23 | 0.01 |
| Thungela Resources Ltd. | 3,766 | 5,000 | 0.44 | 0.02 | 1,234 | 0.10 | 0.00 |
| Oil, Gas and Coal Total | 3,766 | 6,585 | 0.72 | 0.03 | 2,819 | 0.34 | 0.01 |
| Bid Corporation Ltd. | -721 | 6,000 | 2.59 | 0.10 | 6,721 | 3.14 | 0.13 |
| Boxer Retail Ltd. | -12,003 | 0 | 0.00 | 0.00 | 12,003 | 0.83 | 0.03 |
| Dis-Chem Pharmacies Ltd. | 0 | 8,895 | 0.29 | 0.01 | 8,895 | 0.29 | 0.01 |
| Pick n Pay Stores Ltd. | 3,346 | 60,000 | 1.52 | 0.06 | 56,654 | 1.52 | 0.06 |
| Shoprite Holdings Ltd. | 2,708 | 35,000 | 9.59 | 0.37 | 32,292 | 8.94 | 0.36 |
| The SPAR Group Ltd. | -524 | 0 | 0.00 | 0.00 | 524 | 0.06 | 0.00 |
| Personal Care, Drug and Grocery Stores Total | -7,194 | 109,895 | 14.00 | 0.54 | 117,089 | 14.78 | 0.60 |
| Compagnie Financière Richemont SA | 0 | 968 | 3.16 | 0.12 | 968 | 3.22 | 0.13 |
| Personal Goods Total | 0 | 968 | 3.16 | 0.12 | 968 | 3.22 | 0.13 |
| Aspen Pharmacare Holdings Ltd. | 0 | 6,489 | 0.63 | 0.02 | 6,489 | 0.78 | 0.03 |
| Pharmaceuticals and Biotechnology Total | 0 | 6,489 | 0.63 | 0.02 | 6,489 | 0.78 | 0.03 |
| AngloGold Ashanti plc | -9,715 | 0 | 0.00 | 0.00 | 9,715 | 7.78 | 0.31 |
| Gold Fields Ltd. | -10,345 | 0 | 0.00 | 0.00 | 10,345 | 4.30 | 0.17 |
| Harmony Gold Mining Company Ltd. | -5,000 | 0 | 0.00 | 0.00 | 5,000 | 1.22 | 0.05 |
| Impala Platinum Holdings Ltd. | -1,826 | 20,000 | 4.41 | 0.17 | 21,826 | 3.47 | 0.14 |
| Northam Platinum Holdings Ltd. | -323 | 14,000 | 3.93 | 0.15 | 14,323 | 2.75 | 0.11 |
| Sibanye Stillwater Ltd. | 0 | 84,018 | 4.14 | 0.16 | 84,018 | 2.71 | 0.11 |
| Valterra Platinum Ltd. | 0 | 2,441 | 3.02 | 0.12 | 2,441 | 1.93 | 0.08 |
| Precious Metals and Mining Total | -27,209 | 120,459 | 15.50 | 0.60 | 147,668 | 24.16 | 0.97 |
| CA Sales Holdings Ltd. | -646 | 0 | 0.00 | 0.00 | 646 | 0.01 | 0.00 |
| KAL Group Ltd. | -77 | 0 | 0.00 | 0.00 | 77 | 0.00 | 0.00 |
| Motus Holdings Ltd. | -1,433 | 2,294 | 0.24 | 0.01 | 3,727 | 0.35 | 0.01 |
| Mr Price Group Ltd. | 1,376 | 4,000 | 0.81 | 0.03 | 2,624 | 0.58 | 0.02 |
| Pepkor Holdings Ltd. | 0 | 91,709 | 2.23 | 0.09 | 91,709 | 2.50 | 0.10 |
| The Foschini Group Ltd. | 943 | 10,000 | 1.09 | 0.04 | 9,057 | 1.17 | 0.05 |
| Truworths International Ltd. | 15,459 | 25,000 | 1.37 | 0.05 | 9,541 | 0.68 | 0.03 |
| We Buy Cars Holdings Ltd. | 0 | 1,640 | 0.09 | 0.00 | 1,640 | 0.10 | 0.00 |
| Woolworths Holdings Ltd. | 3,862 | 20,000 | 1.01 | 0.04 | 16,138 | 0.84 | 0.03 |
| Retailers Total | 19,484 | 154,643 | 6.84 | 0.26 | 135,159 | 6.23 | 0.25 |
| Altron Ltd. | -10,715 | 0 | 0.00 | 0.00 | 10,715 | 0.24 | 0.01 |
| Bytes Technology Group plc | -371 | 0 | 0.00 | 0.00 | 371 | 0.05 | 0.00 |
| Datatec Ltd. | -16,537 | 0 | 0.00 | 0.00 | 16,537 | 1.08 | 0.04 |
| Naspers Ltd. | -125 | 2,550 | 15.95 | 0.61 | 2,675 | 14.75 | 0.59 |
| Prosus NV | -310 | 5,500 | 6.66 | 0.26 | 5,810 | 5.76 | 0.23 |
| Software and Computer Services Total | -28,058 | 8,050 | 22.61 | 0.87 | 36,108 | 21.88 | 0.88 |
| Blu Label Unlimited Group Ltd. | -15,546 | 0 | 0.00 | 0.00 | 15,546 | 0.22 | 0.01 |
| MTN Group Ltd. | 0 | 22,331 | 3.24 | 0.12 | 22,331 | 3.15 | 0.13 |
| MultiChoice Group Ltd. | -2,454 | 0 | 0.00 | 0.00 | 2,454 | 0.29 | 0.01 |
| Telkom SA SOC Ltd. | -3,335 | 0 | 0.00 | 0.00 | 3,335 | 0.18 | 0.01 |
| Vodacom Group Ltd. | -808 | 9,780 | 1.30 | 0.05 | 10,588 | 1.45 | 0.06 |
| Telecommunications Service Providers Total | -22,143 | 32,111 | 4.54 | 0.17 | 54,254 | 5.28 | 0.21 |
| British American Tobacco plc | -218 | 6,000 | 5.47 | 0.21 | 6,218 | 5.23 | 0.21 |
| Tobacco Total | -218 | 6,000 | 5.47 | 0.21 | 6,218 | 5.23 | 0.21 |
| City Lodge Hotels Ltd. | 42,357 | 50,000 | 0.20 | 0.01 | 7,643 | 0.03 | 0.00 |
| Famous Brands Ltd. | -4,051 | 0 | 0.00 | 0.00 | 4,051 | 0.25 | 0.01 |
| Sun International Ltd. | 0 | 5,391 | 0.22 | 0.01 | 5,391 | 0.24 | 0.01 |
| Tsogo Sun Ltd. | 0 | 4,692 | 0.03 | 0.00 | 4,692 | 0.04 | 0.00 |
| Travel and Leisure Total | 38,306 | 60,083 | 0.45 | 0.02 | 21,777 | 0.56 | 0.02 |
| Portfolio Total | -14,885,986 | 761,347,085 | 2,603.94 | 100.00 | 776,233,071 | 2,482.97 | 100.00 |