| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 20,000 | 4.82 | 0.17 | 20,000 | 4.79 | 0.18 |
| Capitec Bank Holdings Ltd. | 0 | 1,500 | 6.18 | 0.21 | 1,500 | 6.23 | 0.23 |
| Capricorn Group Ltd. | 76,815 | 150,000 | 3.94 | 0.14 | 73,185 | 1.91 | 0.07 |
| FirstRand Ltd. | 0 | 125,000 | 10.77 | 0.37 | 125,000 | 11.34 | 0.42 |
| FirstRand Namibia Ltd. | 0 | 200,000 | 10.91 | 0.38 | 200,000 | 10.90 | 0.41 |
| Investec Ltd. | 0 | 10,000 | 1.28 | 0.04 | 10,000 | 1.22 | 0.05 |
| Nedbank Group Ltd. | 0 | 25,000 | 6.67 | 0.23 | 25,000 | 6.66 | 0.25 |
| SBN Holdings Ltd. | 0 | 285,000 | 3.67 | 0.13 | 285,000 | 3.46 | 0.13 |
| Standard Bank Group Ltd. | 0 | 50,000 | 15.22 | 0.53 | 50,000 | 14.52 | 0.54 |
| Banks Total | 76,815 | 866,500 | 63.46 | 2.20 | 789,685 | 61.03 | 2.27 |
| Anheuser-Busch InBev SA/NV | 0 | 2,000 | 2.36 | 0.08 | 2,000 | 2.14 | 0.08 |
| Beverages Total | 0 | 2,000 | 2.36 | 0.08 | 2,000 | 2.14 | 0.08 |
| SA Bond ASN508 | 0 | 4,798,927 | 4.86 | 0.17 | 4,798,927 | 4.82 | 0.18 |
| SA Bond BNDS | 0 | 0 | 46.68 | 1.62 | 0 | 0.00 | 0.00 |
| SA Bond FRJ27 | 0 | 30,000,000 | 30.80 | 1.07 | 30,000,000 | 30.88 | 1.15 |
| SA Bond FRJ29 | 0 | 20,000,000 | 20.77 | 0.72 | 20,000,000 | 20.72 | 0.77 |
| SA Bond NBKB58 | 0 | 20,000,000 | 20.47 | 0.71 | 20,000,000 | 20.50 | 0.76 |
| SA Bond R187 | 61,666,666 | 115,000,000 | 120.89 | 4.20 | 53,333,334 | 55.20 | 2.06 |
| SA Bond R188 | -333,333 | 0 | 0.00 | 0.00 | 333,333 | 0.36 | 0.01 |
| SA Bond R209 | 100,000,000 | 100,000,000 | 80.41 | 2.79 | 0 | 0.00 | 0.00 |
| SA Bond R214 | -100,000,000 | 0 | 0.00 | 0.00 | 100,000,000 | 81.76 | 3.04 |
| SA Bond RN2030 | -10,000,000 | 200,000,000 | 202.83 | 7.05 | 210,000,000 | 211.75 | 7.88 |
| SA Bond RN2032 | 0 | 150,000,000 | 156.03 | 5.42 | 150,000,000 | 154.28 | 5.74 |
| SA Bond SBS53 | 1,500,000 | 61,500,000 | 63.19 | 2.19 | 60,000,000 | 61.90 | 2.30 |
| Bond Total | 52,833,333 | 701,298,927 | 746.93 | 25.94 | 648,465,594 | 642.17 | 23.91 |
| iShares 0-5 Year Investment Grade Corporate Bond ETF | 0 | 27,500 | 48.69 | 1.69 | 27,500 | 46.66 | 1.74 |
| iShares 7-10 Year Treasury Bond ETF | 0 | 27,500 | 44.93 | 1.56 | 27,500 | 43.82 | 1.63 |
| iShares Barclays 20+ Year Treasury Bond Fund | 0 | 15,000 | 22.26 | 0.77 | 15,000 | 21.68 | 0.81 |
| Bonds Total | 0 | 70,000 | 115.87 | 4.03 | 70,000 | 112.15 | 4.18 |
| Margin Account | 0 | 0 | 15.89 | 0.55 | 0 | 13.64 | 0.51 |
| Namibia Cash | 0 | 0 | 47.82 | 1.66 | 0 | -138.32 | -5.15 |
| Cash on call Total | 0 | 0 | 63.71 | 2.21 | 0 | -124.67 | -4.64 |
| Sasol Ltd. | 0 | 26,145 | 5.89 | 0.20 | 26,145 | 2.78 | 0.10 |
| Chemicals Total | 0 | 26,145 | 5.89 | 0.20 | 26,145 | 2.78 | 0.10 |
| PPC Ltd. | 0 | 103,108 | 0.61 | 0.02 | 103,108 | 0.58 | 0.02 |
| Raubex Group Ltd. | 0 | 6,725 | 0.33 | 0.01 | 6,725 | 0.30 | 0.01 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 1,706 | 0.26 | 0.01 | 1,706 | 0.29 | 0.01 |
| Construction and Materials Total | 0 | 111,539 | 1.20 | 0.04 | 111,539 | 1.16 | 0.04 |
| Equity Derivative | 0 | 0 | 85.58 | 2.97 | 0 | 223.74 | 8.33 |
| Derivatives Total | 0 | 0 | 85.58 | 2.97 | 0 | 223.74 | 8.33 |
| Reunert Ltd. | 0 | 20,000 | 1.30 | 0.05 | 20,000 | 1.25 | 0.05 |
| Electronic and Electrical Equipment Total | 0 | 20,000 | 1.30 | 0.05 | 20,000 | 1.25 | 0.05 |
| Foreign - Equity Derivatives | 0 | 0 | 154.95 | 5.38 | 0 | 0.00 | 0.00 |
| iShares 1-3 Year Treasury Bond ETF | 0 | 11,250 | 15.90 | 0.55 | 11,250 | 15.44 | 0.57 |
| iShares Russell 2000 ETF | 0 | 3,000 | 12.74 | 0.44 | 3,000 | 12.24 | 0.46 |
| Equities Total | 0 | 14,250 | 183.59 | 6.38 | 14,250 | 27.68 | 1.03 |
| Satrix MSCI World Feeder ETF | -575,000 | 0 | 0.00 | 0.00 | 575,000 | 61.50 | 2.29 |
| Exchange Traded Funds Total | -575,000 | 0 | 0.00 | 0.00 | 575,000 | 61.50 | 2.29 |
| Astral Foods Ltd. | 0 | 1,599 | 0.41 | 0.01 | 1,599 | 0.43 | 0.02 |
| AVI Ltd. | 0 | 10,000 | 1.04 | 0.04 | 10,000 | 1.06 | 0.04 |
| Oceana Group Ltd. | 0 | 5,000 | 0.27 | 0.01 | 5,000 | 0.28 | 0.01 |
| Oceana Group Ltd. | 0 | 50,000 | 2.65 | 0.09 | 50,000 | 2.79 | 0.10 |
| Food Producers Total | 0 | 66,599 | 4.36 | 0.15 | 66,599 | 4.55 | 0.17 |
| European - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Foreign - Money Market | 0 | 0 | 121.49 | 4.22 | 0 | 237.06 | 8.83 |
| USA - Currency | 0 | 0 | 3.40 | 0.12 | 0 | 2.91 | 0.11 |
| For Currency Total | 0 | 0 | 124.89 | 4.34 | 0 | 239.97 | 8.94 |
| Foreign - Bonds | 0 | 0 | 1,166.75 | 40.53 | 0 | 1,080.38 | 40.23 |
| Foreign Invest Total | 0 | 0 | 1,166.75 | 40.53 | 0 | 1,080.38 | 40.23 |
| Catalyst Global Real Estate UCITS Fund A | 376 | 1,280,459 | 24.03 | 0.83 | 1,280,083 | 23.39 | 0.87 |
| Foreign Property Total | 376 | 1,280,459 | 24.03 | 0.83 | 1,280,083 | 23.39 | 0.87 |
| KAP Ltd. | 0 | 359,383 | 0.73 | 0.03 | 359,383 | 0.69 | 0.03 |
| Mondi plc | 0 | 4,087 | 0.78 | 0.03 | 4,087 | 0.83 | 0.03 |
| The Bidvest Group Ltd. | 0 | 7,371 | 1.68 | 0.06 | 7,371 | 1.75 | 0.07 |
| General Industrials Total | 0 | 370,841 | 3.19 | 0.11 | 370,841 | 3.27 | 0.12 |
| Life Healthcare Group Holdings Ltd. | 0 | 65,802 | 0.76 | 0.03 | 65,802 | 0.75 | 0.03 |
| Netcare Ltd. | 0 | 23,928 | 0.40 | 0.01 | 23,928 | 0.38 | 0.01 |
| Health Care Providers Total | 0 | 89,730 | 1.16 | 0.04 | 89,730 | 1.13 | 0.04 |
| Sappi Ltd. | 0 | 8,888 | 0.15 | 0.01 | 8,888 | 0.22 | 0.01 |
| Industrial Materials Total | 0 | 8,888 | 0.15 | 0.01 | 8,888 | 0.22 | 0.01 |
| African Rainbow Minerals Ltd. | 0 | 1,000 | 0.23 | 0.01 | 1,000 | 0.20 | 0.01 |
| Anglo American plc | 0 | 12,500 | 9.00 | 0.31 | 12,500 | 8.56 | 0.32 |
| BHP Group Ltd. | 0 | 1,741 | 1.06 | 0.04 | 1,741 | 0.88 | 0.03 |
| Glencore plc | 0 | 23,703 | 3.03 | 0.11 | 23,703 | 2.16 | 0.08 |
| Industrial Metals and Mining Total | 0 | 38,944 | 13.32 | 0.46 | 38,944 | 11.81 | 0.44 |
| Grindrod Ltd. | 0 | 30,000 | 0.56 | 0.02 | 30,000 | 0.51 | 0.02 |
| Industrial Transportation Total | 0 | 30,000 | 0.56 | 0.02 | 30,000 | 0.51 | 0.02 |
| Ninety One Ltd. | 0 | 5,016 | 0.26 | 0.01 | 5,016 | 0.24 | 0.01 |
| Ninety One plc | 0 | 4,025 | 0.21 | 0.01 | 4,025 | 0.19 | 0.01 |
| PSG Financial Services Ltd. | 0 | 5,000 | 0.13 | 0.00 | 5,000 | 0.14 | 0.01 |
| Reinet Investments SCA | 0 | 4,680 | 2.59 | 0.09 | 4,680 | 2.71 | 0.10 |
| Remgro Ltd. | 0 | 7,253 | 1.37 | 0.05 | 7,253 | 1.32 | 0.05 |
| Investment Banking and Brokerage Services Total | 0 | 25,974 | 4.55 | 0.16 | 25,974 | 4.60 | 0.17 |
| Discovery Ltd. | 0 | 10,000 | 2.48 | 0.09 | 10,000 | 2.28 | 0.08 |
| Momentum Group Ltd. | 0 | 15,000 | 0.54 | 0.02 | 15,000 | 0.57 | 0.02 |
| Old Mutual Ltd. | 0 | 75,000 | 1.04 | 0.04 | 75,000 | 1.12 | 0.04 |
| Sanlam Ltd. | 0 | 50,000 | 4.45 | 0.15 | 50,000 | 4.92 | 0.18 |
| Life Insurance Total | 0 | 150,000 | 8.51 | 0.30 | 150,000 | 8.89 | 0.33 |
| eMedia Holdings Ltd. | 0 | 3,043 | 0.01 | 0.00 | 3,043 | 0.01 | 0.00 |
| Media Total | 0 | 3,043 | 0.01 | 0.00 | 3,043 | 0.01 | 0.00 |
| 0 | 0 | 90.03 | 3.13 | 0 | 15.02 | 0.56 |
| Money Market - 1 month duration | 0 | 0 | 0.00 | 0.00 | 0 | 9.95 | 0.37 |
| Money Market - 10 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 39.63 | 1.48 |
| Money Market - 2 months duration | 0 | 0 | 11.91 | 0.41 | 0 | 0.00 | 0.00 |
| Money Market - 3 months duration | 0 | 0 | 3.94 | 0.14 | 0 | 0.00 | 0.00 |
| Money Market - 5 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 12.20 | 0.45 |
| Money Market - 6 months duration | 0 | 0 | 22.86 | 0.79 | 0 | 60.15 | 2.24 |
| Money Market - 7 months duration | 0 | 0 | 40.26 | 1.40 | 0 | 0.00 | 0.00 |
| Money Market - 8 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 15.44 | 0.57 |
| Money Market - 9 months duration | 0 | 0 | 17.28 | 0.60 | 0 | 66.48 | 2.48 |
| Money Market Total | 0 | 0 | 186.28 | 6.47 | 0 | 218.87 | 8.15 |
| OUTsurance Group Ltd. | 0 | 16,320 | 1.14 | 0.04 | 16,320 | 1.17 | 0.04 |
| Santam Ltd. | 0 | 2,000 | 0.78 | 0.03 | 2,000 | 0.85 | 0.03 |
| Non-life Insurance Total | 0 | 18,320 | 1.92 | 0.07 | 18,320 | 2.02 | 0.08 |
| Exxaro Resources Ltd. | 0 | 1,585 | 0.36 | 0.01 | 1,585 | 0.28 | 0.01 |
| Thungela Resources Ltd. | 0 | 5,000 | 0.84 | 0.03 | 5,000 | 0.48 | 0.02 |
| Oil, Gas and Coal Total | 0 | 6,585 | 1.19 | 0.04 | 6,585 | 0.76 | 0.03 |
| Bid Corporation Ltd. | 0 | 6,000 | 2.45 | 0.08 | 6,000 | 2.53 | 0.09 |
| Dis-Chem Pharmacies Ltd. | 0 | 8,895 | 0.33 | 0.01 | 8,895 | 0.31 | 0.01 |
| Pick n Pay Stores Ltd. | 0 | 60,000 | 1.15 | 0.04 | 60,000 | 1.49 | 0.06 |
| Shoprite Holdings Ltd. | 0 | 35,000 | 9.65 | 0.34 | 35,000 | 9.46 | 0.35 |
| Personal Care, Drug and Grocery Stores Total | 0 | 109,895 | 13.58 | 0.47 | 109,895 | 13.79 | 0.51 |
| Compagnie Financière Richemont SA | 0 | 968 | 2.86 | 0.10 | 968 | 3.51 | 0.13 |
| Personal Goods Total | 0 | 968 | 2.86 | 0.10 | 968 | 3.51 | 0.13 |
| Aspen Pharmacare Holdings Ltd. | 0 | 6,489 | 0.85 | 0.03 | 6,489 | 0.76 | 0.03 |
| Pharmaceuticals and Biotechnology Total | 0 | 6,489 | 0.85 | 0.03 | 6,489 | 0.76 | 0.03 |
| Impala Platinum Holdings Ltd. | 0 | 20,000 | 4.78 | 0.17 | 20,000 | 5.24 | 0.20 |
| Northam Platinum Holdings Ltd. | 0 | 14,000 | 4.76 | 0.17 | 14,000 | 4.72 | 0.18 |
| Sibanye Stillwater Ltd. | 0 | 84,018 | 4.29 | 0.15 | 84,018 | 5.08 | 0.19 |
| Valterra Platinum Ltd. | 0 | 2,441 | 3.42 | 0.12 | 2,441 | 3.44 | 0.13 |
| Precious Metals and Mining Total | 0 | 120,459 | 17.25 | 0.60 | 120,459 | 18.48 | 0.69 |
| Motus Holdings Ltd. | 0 | 2,294 | 0.27 | 0.01 | 2,294 | 0.28 | 0.01 |
| Mr Price Group Ltd. | 0 | 4,000 | 0.61 | 0.02 | 4,000 | 0.70 | 0.03 |
| Pepkor Holdings Ltd. | 0 | 91,709 | 2.07 | 0.07 | 91,709 | 2.43 | 0.09 |
| The Foschini Group Ltd. | 0 | 10,000 | 0.71 | 0.02 | 10,000 | 0.84 | 0.03 |
| Truworths International Ltd. | 0 | 25,000 | 1.29 | 0.04 | 25,000 | 1.42 | 0.05 |
| We Buy Cars Holdings Ltd. | 0 | 1,640 | 0.07 | 0.00 | 1,640 | 0.08 | 0.00 |
| Woolworths Holdings Ltd. | 0 | 20,000 | 1.01 | 0.04 | 20,000 | 1.12 | 0.04 |
| Retailers Total | 0 | 154,643 | 6.03 | 0.21 | 154,643 | 6.87 | 0.26 |
| Naspers Ltd. | 0 | 12,750 | 10.99 | 0.38 | 12,750 | 14.08 | 0.52 |
| Prosus NV | 0 | 5,500 | 4.23 | 0.15 | 5,500 | 5.63 | 0.21 |
| Software and Computer Services Total | 0 | 18,250 | 15.22 | 0.53 | 18,250 | 19.71 | 0.73 |
| MTN Group Ltd. | 0 | 22,331 | 4.36 | 0.15 | 22,331 | 3.79 | 0.14 |
| Vodacom Group Ltd. | 0 | 9,780 | 1.41 | 0.05 | 9,780 | 1.38 | 0.05 |
| Telecommunications Service Providers Total | 0 | 32,111 | 5.78 | 0.20 | 32,111 | 5.17 | 0.19 |
| British American Tobacco plc | 0 | 6,000 | 5.95 | 0.21 | 6,000 | 5.65 | 0.21 |
| Tobacco Total | 0 | 6,000 | 5.95 | 0.21 | 6,000 | 5.65 | 0.21 |
| City Lodge Hotels Ltd. | 0 | 50,000 | 0.22 | 0.01 | 50,000 | 0.26 | 0.01 |
| Sun International Ltd. | 0 | 5,391 | 0.26 | 0.01 | 5,391 | 0.21 | 0.01 |
| Tsogo Sun Ltd. | 0 | 4,692 | 0.03 | 0.00 | 4,692 | 0.03 | 0.00 |
| Travel and Leisure Total | 0 | 60,083 | 0.51 | 0.02 | 60,083 | 0.50 | 0.02 |
| Portfolio Total | 52,335,524 | 705,007,642 | 2,878.79 | 100.00 | 652,672,118 | 2,685.74 | 100.00 |