| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -518 | 17,663 | 3.13 | 0.13 | 18,181 | 3.45 | 0.14 |
| Capitec Bank Holdings Ltd. | 30 | 1,893 | 5.87 | 0.24 | 1,863 | 5.84 | 0.24 |
| Capricorn Group Ltd. | 25,609 | 25,609 | 0.54 | 0.02 | 0 | 0.00 | 0.00 |
| FirstRand Ltd. | 15,184 | 125,000 | 8.98 | 0.37 | 109,816 | 8.34 | 0.34 |
| FirstRand Namibia Ltd. | 165,000 | 165,000 | 7.74 | 0.32 | 0 | 0.00 | 0.00 |
| Investec Ltd. | -3,696 | 5,799 | 0.66 | 0.03 | 9,495 | 1.19 | 0.05 |
| Nedbank Group Ltd. | 23,607 | 35,000 | 9.00 | 0.37 | 11,393 | 3.21 | 0.13 |
| SBN Holdings Ltd. | 65,737 | 65,737 | 0.66 | 0.03 | 0 | 0.00 | 0.00 |
| Standard Bank Group Ltd. | 287 | 29,943 | 7.17 | 0.29 | 29,656 | 6.58 | 0.27 |
| Banks Total | 291,240 | 471,644 | 43.76 | 1.79 | 180,404 | 28.60 | 1.16 |
| Anheuser-Busch InBev SA/NV | 1,048 | 2,354 | 2.66 | 0.11 | 1,306 | 1.23 | 0.05 |
| Beverages Total | 1,048 | 2,354 | 2.66 | 0.11 | 1,306 | 1.23 | 0.05 |
| SA Bond ABFN29 | -2,500,000 | 20,000,000 | 20.23 | 0.83 | 22,500,000 | 22.81 | 0.93 |
| SA Bond ASN508 | 0 | 7,155,000 | 7.23 | 0.30 | 7,155,000 | 7.05 | 0.29 |
| SA Bond BNDS | 0 | 0 | 0.00 | 0.00 | 0 | 0.34 | 0.01 |
| SA Bond FRJ27 | -5,000,000 | 30,000,000 | 31.07 | 1.27 | 35,000,000 | 36.32 | 1.48 |
| SA Bond FRJ29 | -2,500,000 | 20,000,000 | 20.67 | 0.85 | 22,500,000 | 23.31 | 0.95 |
| SA Bond I2029 | -35,000,000 | 0 | 0.00 | 0.00 | 35,000,000 | 46.70 | 1.90 |
| SA Bond I2031 | -2,500,000 | 0 | 0.00 | 0.00 | 2,500,000 | 2.69 | 0.11 |
| SA Bond NBKB58 | 0 | 20,000,000 | 20.54 | 0.84 | 20,000,000 | 20.59 | 0.84 |
| SA Bond NBKB60 | -12,500,000 | 0 | 0.00 | 0.00 | 12,500,000 | 12.63 | 0.51 |
| SA Bond R209 | -40,000,000 | 70,000,000 | 49.62 | 2.03 | 110,000,000 | 81.10 | 3.30 |
| SA Bond R214 | 20,000,000 | 270,000,000 | 175.74 | 7.21 | 250,000,000 | 172.43 | 7.01 |
| SA Bond RN2030 | 60,000,000 | 135,000,000 | 134.88 | 5.53 | 75,000,000 | 74.70 | 3.04 |
| SA Bond SBS53 | -8,750,000 | 50,000,000 | 51.81 | 2.12 | 58,750,000 | 61.00 | 2.48 |
| SA Bond SBT207 | 0 | 10,000,000 | 10.08 | 0.41 | 10,000,000 | 10.13 | 0.41 |
| Bond Total | -28,750,000 | 632,155,000 | 521.87 | 21.40 | 660,905,000 | 571.79 | 23.26 |
| iShares 0-5 Year Investment Grade Corporate Bond ETF | 0 | 16,250 | 30.92 | 1.27 | 16,250 | 30.85 | 1.25 |
| iShares 7-10 Year Treasury Bond ETF | -2,500 | 27,500 | 48.24 | 1.98 | 30,000 | 52.34 | 2.13 |
| iShares Barclays 20+ Year Treasury Bond Fund | 5,000 | 12,500 | 20.92 | 0.86 | 7,500 | 12.36 | 0.50 |
| Bonds Total | 2,500 | 56,250 | 100.08 | 4.10 | 53,750 | 95.55 | 3.89 |
| Margin Account | 0 | 0 | 13.85 | 0.57 | 0 | 16.03 | 0.65 |
| Namibia Cash | 0 | 0 | -159.69 | -6.55 | 0 | -142.97 | -5.82 |
| Cash on call Total | 0 | 0 | -145.84 | -5.98 | 0 | -126.94 | -5.16 |
| Sasol Ltd. | 6,686 | 22,062 | 1.69 | 0.07 | 15,376 | 1.28 | 0.05 |
| Chemicals Total | 6,686 | 22,062 | 1.69 | 0.07 | 15,376 | 1.28 | 0.05 |
| PPC Ltd. | 0 | 80,283 | 0.37 | 0.02 | 80,283 | 0.41 | 0.02 |
| Raubex Group Ltd. | -665 | 6,725 | 0.30 | 0.01 | 7,390 | 0.39 | 0.02 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 1,706 | 0.31 | 0.01 | 1,706 | 0.40 | 0.02 |
| Construction and Materials Total | -665 | 88,714 | 0.97 | 0.04 | 89,379 | 1.20 | 0.05 |
| Curro Holdings Ltd. | 0 | 22,204 | 0.19 | 0.01 | 22,204 | 0.29 | 0.01 |
| Stadio Holdings Ltd. | 0 | 637 | 0.00 | 0.00 | 637 | 0.00 | 0.00 |
| Consumer Services Total | 0 | 22,841 | 0.19 | 0.01 | 22,841 | 0.29 | 0.01 |
| Bond Derivative | 0 | 0 | 116.98 | 4.80 | 0 | 39.69 | 1.61 |
| Equity Derivative | 0 | 0 | 110.96 | 4.55 | 0 | 118.31 | 4.81 |
| Derivatives Total | 0 | 0 | 227.94 | 9.35 | 0 | 157.99 | 6.43 |
| Reunert Ltd. | -699 | 11,987 | 0.73 | 0.03 | 12,686 | 0.95 | 0.04 |
| Electronic and Electrical Equipment Total | -699 | 11,987 | 0.73 | 0.03 | 12,686 | 0.95 | 0.04 |
| iShares 1-3 Year Treasury Bond ETF | -2,500 | 10,000 | 15.22 | 0.62 | 12,500 | 19.34 | 0.79 |
| iShares Russell 2000 ETF | 500 | 2,000 | 7.34 | 0.30 | 1,500 | 6.25 | 0.25 |
| Equities Total | -2,000 | 12,000 | 22.55 | 0.92 | 14,000 | 25.59 | 1.04 |
| Satrix MSCI World Feeder ETF | 0 | 750,000 | 72.32 | 2.97 | 750,000 | 75.57 | 3.07 |
| Exchange Traded Funds Total | 0 | 750,000 | 72.32 | 2.97 | 750,000 | 75.57 | 3.07 |
| Astral Foods Ltd. | 734 | 1,599 | 0.26 | 0.01 | 865 | 0.16 | 0.01 |
| AVI Ltd. | 309 | 4,795 | 0.43 | 0.02 | 4,486 | 0.49 | 0.02 |
| Oceana Group Ltd. | 0 | 236 | 0.01 | 0.00 | 236 | 0.02 | 0.00 |
| Oceana Group Ltd. | 42,500 | 42,500 | 2.47 | 0.10 | 0 | 0.00 | 0.00 |
| Premier Group Ltd. | 0 | 1,724 | 0.22 | 0.01 | 1,724 | 0.23 | 0.01 |
| Tiger Brands Ltd. | 0 | 441 | 0.12 | 0.01 | 441 | 0.13 | 0.01 |
| Food Producers Total | 43,543 | 51,295 | 3.51 | 0.14 | 7,752 | 1.03 | 0.04 |
| European - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.03 | 0.00 |
| Foreign - Money Market | 0 | 0 | 451.43 | 18.51 | 0 | 540.12 | 21.97 |
| USA - Currency | 0 | 0 | 0.58 | 0.02 | 0 | 1.96 | 0.08 |
| For Currency Total | 0 | 0 | 452.00 | 18.54 | 0 | 542.10 | 22.05 |
| Foreign - Bonds | 0 | 0 | 708.41 | 29.05 | 0 | 519.79 | 21.14 |
| Foreign Invest Total | 0 | 0 | 708.41 | 29.05 | 0 | 519.79 | 21.14 |
| Catalyst Global Real Estate UCITS Fund A | 265 | 1,278,820 | 25.11 | 1.03 | 1,278,555 | 25.26 | 1.03 |
| Foreign Property Total | 265 | 1,278,820 | 25.11 | 1.03 | 1,278,555 | 25.26 | 1.03 |
| KAP Ltd. | 26,329 | 321,301 | 0.81 | 0.03 | 294,972 | 0.91 | 0.04 |
| Mondi plc | 545 | 4,098 | 1.12 | 0.05 | 3,553 | 0.99 | 0.04 |
| The Bidvest Group Ltd. | 163 | 7,371 | 1.74 | 0.07 | 7,208 | 1.90 | 0.08 |
| General Industrials Total | 27,037 | 332,770 | 3.66 | 0.15 | 305,733 | 3.79 | 0.15 |
| Life Healthcare Group Holdings Ltd. | -23,354 | 65,802 | 0.91 | 0.04 | 89,156 | 1.46 | 0.06 |
| Netcare Ltd. | 0 | 23,928 | 0.32 | 0.01 | 23,928 | 0.36 | 0.01 |
| Health Care Providers Total | -23,354 | 89,730 | 1.23 | 0.05 | 113,084 | 1.82 | 0.07 |
| Sappi Ltd. | -1,045 | 8,888 | 0.32 | 0.01 | 9,933 | 0.49 | 0.02 |
| Industrial Materials Total | -1,045 | 8,888 | 0.32 | 0.01 | 9,933 | 0.49 | 0.02 |
| African Rainbow Minerals Ltd. | -1,003 | 1,252 | 0.18 | 0.01 | 2,255 | 0.34 | 0.01 |
| Anglo American plc | 3,023 | 12,500 | 6.39 | 0.26 | 9,477 | 5.23 | 0.21 |
| BHP Group Ltd. | 0 | 1,687 | 0.74 | 0.03 | 1,687 | 0.78 | 0.03 |
| Glencore plc | 4,720 | 14,972 | 1.01 | 0.04 | 10,252 | 0.86 | 0.03 |
| Kumba Iron Ore Ltd. | 597 | 972 | 0.30 | 0.01 | 375 | 0.12 | 0.01 |
| Industrial Metals and Mining Total | 7,337 | 31,383 | 8.62 | 0.35 | 24,046 | 7.32 | 0.30 |
| Hudaco Industries Ltd. | 0 | 1,064 | 0.20 | 0.01 | 1,064 | 0.23 | 0.01 |
| Industrial Support Services Total | 0 | 1,064 | 0.20 | 0.01 | 1,064 | 0.23 | 0.01 |
| Grindrod Ltd. | 0 | 15,631 | 0.19 | 0.01 | 15,631 | 0.19 | 0.01 |
| Industrial Transportation Total | 0 | 15,631 | 0.19 | 0.01 | 15,631 | 0.19 | 0.01 |
| Alexander Forbes Group Holdings Ltd. | -88,145 | 0 | 0.00 | 0.00 | 88,145 | 0.72 | 0.03 |
| Ninety One Ltd. | 0 | 5,016 | 0.17 | 0.01 | 5,016 | 0.17 | 0.01 |
| Ninety One plc | 0 | 4,025 | 0.14 | 0.01 | 4,025 | 0.14 | 0.01 |
| PSG Financial Services Ltd. | 0 | 1,946 | 0.04 | 0.00 | 1,946 | 0.04 | 0.00 |
| Quilter plc | -2,575 | 3,258 | 0.11 | 0.00 | 5,833 | 0.21 | 0.01 |
| Reinet Investments SCA | 1,146 | 4,941 | 2.20 | 0.09 | 3,795 | 1.70 | 0.07 |
| Remgro Ltd. | 664 | 6,277 | 0.99 | 0.04 | 5,613 | 0.87 | 0.04 |
| Investment Banking and Brokerage Services Total | -88,910 | 25,463 | 3.65 | 0.15 | 114,373 | 3.84 | 0.16 |
| Discovery Ltd. | 0 | 13,026 | 2.60 | 0.11 | 13,026 | 2.54 | 0.10 |
| Momentum Group Ltd. | 3,231 | 10,000 | 0.31 | 0.01 | 6,769 | 0.20 | 0.01 |
| Old Mutual Ltd. | 15,899 | 50,000 | 0.60 | 0.02 | 34,101 | 0.43 | 0.02 |
| Sanlam Ltd. | 3,019 | 45,000 | 3.72 | 0.15 | 41,981 | 3.65 | 0.15 |
| Life Insurance Total | 22,149 | 118,026 | 7.23 | 0.30 | 95,877 | 6.82 | 0.28 |
| Money Market - 1 month duration | 0 | 0 | 11.76 | 0.48 | 0 | 0.00 | 0.00 |
| Money Market - 2 months duration | 0 | 0 | 48.88 | 2.00 | 0 | 68.33 | 2.78 |
| Money Market - 3 months duration | 0 | 0 | 130.77 | 5.36 | 0 | 29.51 | 1.20 |
| Money Market - 4 months duration | 0 | 0 | 17.35 | 0.71 | 0 | 23.87 | 0.97 |
| Money Market - 5 months duration | 0 | 0 | 52.34 | 2.15 | 0 | 47.94 | 1.95 |
| Money Market - 6 months duration | 0 | 0 | 29.03 | 1.19 | 0 | 119.16 | 4.85 |
| Money Market - 7 months duration | 0 | 0 | 4.81 | 0.20 | 0 | 21.81 | 0.89 |
| Money Market - 8 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 51.31 | 2.09 |
| Money Market - 9 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 28.46 | 1.16 |
| Money Market Instrument | 0 | 0 | 0.37 | 0.02 | 0 | 57.75 | 2.35 |
| Money Market Total | 0 | 0 | 295.32 | 12.11 | 0 | 448.13 | 18.23 |
| OUTsurance Group Ltd. | 3,525 | 14,857 | 1.04 | 0.04 | 11,332 | 0.75 | 0.03 |
| Santam Ltd. | 1,199 | 2,000 | 0.75 | 0.03 | 801 | 0.31 | 0.01 |
| Non-life Insurance Total | 4,724 | 16,857 | 1.78 | 0.07 | 12,133 | 1.07 | 0.04 |
| Exxaro Resources Ltd. | 1,128 | 2,119 | 0.31 | 0.01 | 991 | 0.16 | 0.01 |
| Thungela Resources Ltd. | 0 | 2,120 | 0.21 | 0.01 | 2,120 | 0.28 | 0.01 |
| Oil, Gas and Coal Total | 1,128 | 4,239 | 0.53 | 0.02 | 3,111 | 0.44 | 0.02 |
| Bid Corporation Ltd. | 246 | 6,968 | 3.06 | 0.13 | 6,722 | 2.89 | 0.12 |
| Boxer Retail Ltd. | 0 | 12,003 | 0.84 | 0.03 | 12,003 | 0.77 | 0.03 |
| Dis-Chem Pharmacies Ltd. | -4,397 | 9,385 | 0.28 | 0.01 | 13,782 | 0.50 | 0.02 |
| Pick n Pay Stores Ltd. | 0 | 61,141 | 1.68 | 0.07 | 61,141 | 1.88 | 0.08 |
| Shoprite Holdings Ltd. | 20,404 | 32,500 | 8.86 | 0.36 | 12,096 | 3.56 | 0.14 |
| The SPAR Group Ltd. | -1,302 | 524 | 0.06 | 0.00 | 1,826 | 0.27 | 0.01 |
| Personal Care, Drug and Grocery Stores Total | 14,951 | 122,521 | 14.79 | 0.61 | 107,570 | 9.87 | 0.40 |
| Compagnie Financière Richemont SA | -36 | 913 | 2.89 | 0.12 | 949 | 2.63 | 0.11 |
| Personal Goods Total | -36 | 913 | 2.89 | 0.12 | 949 | 2.63 | 0.11 |
| Aspen Pharmacare Holdings Ltd. | 238 | 8,201 | 1.34 | 0.06 | 7,963 | 1.31 | 0.05 |
| Pharmaceuticals and Biotechnology Total | 238 | 8,201 | 1.34 | 0.06 | 7,963 | 1.31 | 0.05 |
| AngloGold Ashanti plc | 766 | 9,549 | 6.56 | 0.27 | 8,783 | 3.70 | 0.15 |
| Gold Fields Ltd. | -174 | 20,796 | 8.43 | 0.35 | 20,970 | 5.18 | 0.21 |
| Harmony Gold Mining Company Ltd. | 586 | 9,428 | 2.51 | 0.10 | 8,842 | 1.33 | 0.05 |
| Impala Platinum Holdings Ltd. | 0 | 21,492 | 2.71 | 0.11 | 21,492 | 1.89 | 0.08 |
| Northam Platinum Holdings Ltd. | 1,441 | 14,552 | 1.91 | 0.08 | 13,111 | 1.28 | 0.05 |
| Sibanye Stillwater Ltd. | 15,709 | 62,233 | 1.30 | 0.05 | 46,524 | 0.70 | 0.03 |
| Valterra Platinum Ltd. | 0 | 1,731 | 1.27 | 0.05 | 1,731 | 0.98 | 0.04 |
| Precious Metals and Mining Total | 18,328 | 139,781 | 24.68 | 1.01 | 121,453 | 15.06 | 0.61 |
| CA Sales Holdings Ltd. | 0 | 646 | 0.01 | 0.00 | 646 | 0.01 | 0.00 |
| KAL Group Ltd. | 0 | 77 | 0.00 | 0.00 | 77 | 0.00 | 0.00 |
| Motus Holdings Ltd. | 690 | 4,466 | 0.39 | 0.02 | 3,776 | 0.46 | 0.02 |
| Mr Price Group Ltd. | 375 | 1,517 | 0.34 | 0.01 | 1,142 | 0.34 | 0.01 |
| Pepkor Holdings Ltd. | 1,038 | 91,709 | 2.34 | 0.10 | 90,671 | 2.62 | 0.11 |
| The Foschini Group Ltd. | -1,132 | 9,115 | 1.13 | 0.05 | 10,247 | 1.72 | 0.07 |
| Truworths International Ltd. | -3,743 | 13,574 | 0.98 | 0.04 | 17,317 | 1.79 | 0.07 |
| We Buy Cars Holdings Ltd. | 0 | 1,640 | 0.07 | 0.00 | 1,640 | 0.07 | 0.00 |
| Woolworths Holdings Ltd. | 4,216 | 12,734 | 0.65 | 0.03 | 8,518 | 0.53 | 0.02 |
| Retailers Total | 1,444 | 135,478 | 5.91 | 0.24 | 134,034 | 7.55 | 0.31 |
| Altron Ltd. | -2,600 | 10,715 | 0.22 | 0.01 | 13,315 | 0.28 | 0.01 |
| Bytes Technology Group plc | 0 | 371 | 0.04 | 0.00 | 371 | 0.04 | 0.00 |
| Datatec Ltd. | -1,013 | 14,919 | 0.83 | 0.03 | 15,932 | 0.79 | 0.03 |
| Naspers Ltd. | -273 | 2,733 | 12.35 | 0.51 | 3,006 | 12.54 | 0.51 |
| Prosus NV | -645 | 6,159 | 5.18 | 0.21 | 6,804 | 5.10 | 0.21 |
| Software and Computer Services Total | -4,531 | 34,897 | 18.62 | 0.76 | 39,428 | 18.76 | 0.76 |
| Blue Label Telecoms Ltd. | 0 | 15,546 | 0.12 | 0.00 | 15,546 | 0.09 | 0.00 |
| MTN Group Ltd. | 3,628 | 21,099 | 2.60 | 0.11 | 17,471 | 1.61 | 0.07 |
| MultiChoice Group Ltd. | 0 | 2,454 | 0.27 | 0.01 | 2,454 | 0.27 | 0.01 |
| Telkom SA SOC Ltd. | 3,335 | 3,335 | 0.12 | 0.01 | 0 | 0.00 | 0.00 |
| Vodacom Group Ltd. | 4,199 | 8,870 | 1.11 | 0.05 | 4,671 | 0.47 | 0.02 |
| Telecommunications Service Providers Total | 11,162 | 51,304 | 4.22 | 0.17 | 40,142 | 2.44 | 0.10 |
| British American Tobacco plc | -566 | 6,365 | 4.80 | 0.20 | 6,931 | 4.69 | 0.19 |
| Tobacco Total | -566 | 6,365 | 4.80 | 0.20 | 6,931 | 4.69 | 0.19 |
| City Lodge Hotels Ltd. | 0 | 10,338 | 0.04 | 0.00 | 10,338 | 0.05 | 0.00 |
| Famous Brands Ltd. | 0 | 4,051 | 0.23 | 0.01 | 4,051 | 0.28 | 0.01 |
| Sun International Ltd. | 0 | 5,391 | 0.22 | 0.01 | 5,391 | 0.23 | 0.01 |
| Tsogo Sun Ltd. | -4,890 | 4,692 | 0.04 | 0.00 | 9,582 | 0.10 | 0.00 |
| Travel and Leisure Total | -4,890 | 24,472 | 0.54 | 0.02 | 29,362 | 0.66 | 0.03 |
| Portfolio Total | -28,422,916 | 636,090,950 | 2,438.49 | 100.00 | 664,513,866 | 2,458.41 | 100.00 |