| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 17,663 | 3.11 | 0.13 | 17,663 | 3.13 | 0.13 |
| Capitec Bank Holdings Ltd. | 196 | 2,089 | 7.42 | 0.30 | 1,893 | 5.87 | 0.24 |
| Capricorn Group Ltd. | 47,017 | 72,626 | 1.57 | 0.06 | 25,609 | 0.54 | 0.02 |
| FirstRand Ltd. | -1,313 | 123,687 | 9.36 | 0.38 | 125,000 | 8.98 | 0.37 |
| FirstRand Namibia Ltd. | 0 | 165,000 | 7.77 | 0.31 | 165,000 | 7.74 | 0.32 |
| Investec Ltd. | 1,991 | 7,790 | 1.03 | 0.04 | 5,799 | 0.66 | 0.03 |
| Nedbank Group Ltd. | -12,389 | 22,611 | 5.50 | 0.22 | 35,000 | 9.00 | 0.37 |
| SBN Holdings Ltd. | 189,263 | 255,000 | 2.69 | 0.11 | 65,737 | 0.66 | 0.03 |
| Standard Bank Group Ltd. | 0 | 29,943 | 6.81 | 0.27 | 29,943 | 7.17 | 0.29 |
| Banks Total | 224,765 | 696,409 | 45.26 | 1.82 | 471,644 | 43.76 | 1.79 |
| Anheuser-Busch InBev SA/NV | 333 | 2,687 | 3.27 | 0.13 | 2,354 | 2.66 | 0.11 |
| Beverages Total | 333 | 2,687 | 3.27 | 0.13 | 2,354 | 2.66 | 0.11 |
| SA Bond ABFN29 | -20,000,000 | 0 | 0.00 | 0.00 | 20,000,000 | 20.23 | 0.83 |
| SA Bond ASN508 | 0 | 7,155,000 | 7.13 | 0.29 | 7,155,000 | 7.23 | 0.30 |
| SA Bond BNDS | 0 | 0 | 56.88 | 2.29 | 0 | 0.00 | 0.00 |
| SA Bond FRJ27 | 0 | 30,000,000 | 31.06 | 1.25 | 30,000,000 | 31.07 | 1.27 |
| SA Bond FRJ29 | 0 | 20,000,000 | 20.76 | 0.84 | 20,000,000 | 20.67 | 0.85 |
| SA Bond NBKB58 | 0 | 20,000,000 | 20.55 | 0.83 | 20,000,000 | 20.54 | 0.84 |
| SA Bond R209 | -50,000,000 | 20,000,000 | 15.22 | 0.61 | 70,000,000 | 49.62 | 2.03 |
| SA Bond R214 | 30,000,000 | 300,000,000 | 209.18 | 8.42 | 270,000,000 | 175.74 | 7.21 |
| SA Bond RN2030 | 65,000,000 | 200,000,000 | 199.30 | 8.03 | 135,000,000 | 134.88 | 5.53 |
| SA Bond RN2032 | 125,000,000 | 125,000,000 | 126.43 | 5.09 | 0 | 0.00 | 0.00 |
| SA Bond SBS53 | 0 | 50,000,000 | 51.74 | 2.08 | 50,000,000 | 51.81 | 2.12 |
| SA Bond SBT207 | -10,000,000 | 0 | 0.00 | 0.00 | 10,000,000 | 10.08 | 0.41 |
| Bond Total | 140,000,000 | 772,155,000 | 738.25 | 29.73 | 632,155,000 | 521.87 | 21.40 |
| iShares 0-5 Year Investment Grade Corporate Bond ETF | 13,750 | 30,000 | 54.87 | 2.21 | 16,250 | 30.92 | 1.27 |
| iShares 7-10 Year Treasury Bond ETF | 0 | 27,500 | 46.80 | 1.89 | 27,500 | 48.24 | 1.98 |
| iShares Barclays 20+ Year Treasury Bond Fund | 0 | 12,500 | 19.61 | 0.79 | 12,500 | 20.92 | 0.86 |
| Bonds Total | 13,750 | 70,000 | 121.28 | 4.88 | 56,250 | 100.08 | 4.10 |
| Margin Account | 0 | 0 | 13.75 | 0.55 | 0 | 13.85 | 0.57 |
| Namibia Cash | 0 | 0 | -191.78 | -7.72 | 0 | -159.69 | -6.55 |
| Cash on call Total | 0 | 0 | -178.03 | -7.17 | 0 | -145.84 | -5.98 |
| Sasol Ltd. | 4,083 | 26,145 | 2.06 | 0.08 | 22,062 | 1.69 | 0.07 |
| Chemicals Total | 4,083 | 26,145 | 2.06 | 0.08 | 22,062 | 1.69 | 0.07 |
| PPC Ltd. | 22,825 | 103,108 | 0.53 | 0.02 | 80,283 | 0.37 | 0.02 |
| Raubex Group Ltd. | 0 | 6,725 | 0.30 | 0.01 | 6,725 | 0.30 | 0.01 |
| Wilson Bayly Holmes - Ovcon Ltd. | 0 | 1,706 | 0.32 | 0.01 | 1,706 | 0.31 | 0.01 |
| Construction and Materials Total | 22,825 | 111,539 | 1.15 | 0.05 | 88,714 | 0.97 | 0.04 |
| Curro Holdings Ltd. | 0 | 22,204 | 0.20 | 0.01 | 22,204 | 0.19 | 0.01 |
| Stadio Holdings Ltd. | 0 | 637 | 0.01 | 0.00 | 637 | 0.00 | 0.00 |
| Consumer Services Total | 0 | 22,841 | 0.21 | 0.01 | 22,841 | 0.19 | 0.01 |
| Bond Derivative | 0 | 0 | 0.00 | 0.00 | 0 | 116.98 | 4.80 |
| Equity Derivative | 0 | 0 | 176.85 | 7.12 | 0 | 110.96 | 4.55 |
| Derivatives Total | 0 | 0 | 176.85 | 7.12 | 0 | 227.94 | 9.35 |
| Reunert Ltd. | -2,465 | 9,522 | 0.55 | 0.02 | 11,987 | 0.73 | 0.03 |
| Electronic and Electrical Equipment Total | -2,465 | 9,522 | 0.55 | 0.02 | 11,987 | 0.73 | 0.03 |
| iShares 1-3 Year Treasury Bond ETF | 0 | 10,000 | 14.73 | 0.59 | 10,000 | 15.22 | 0.62 |
| iShares Russell 2000 ETF | 500 | 2,500 | 9.59 | 0.39 | 2,000 | 7.34 | 0.30 |
| Equities Total | 500 | 12,500 | 24.31 | 0.98 | 12,000 | 22.55 | 0.92 |
| Satrix MSCI World Feeder ETF | -175,000 | 575,000 | 59.71 | 2.41 | 750,000 | 72.32 | 2.97 |
| Exchange Traded Funds Total | -175,000 | 575,000 | 59.71 | 2.41 | 750,000 | 72.32 | 2.97 |
| Astral Foods Ltd. | 0 | 1,599 | 0.28 | 0.01 | 1,599 | 0.26 | 0.01 |
| AVI Ltd. | 1,087 | 5,882 | 0.55 | 0.02 | 4,795 | 0.43 | 0.02 |
| Oceana Group Ltd. | 0 | 236 | 0.01 | 0.00 | 236 | 0.01 | 0.00 |
| Oceana Group Ltd. | 0 | 42,500 | 2.23 | 0.09 | 42,500 | 2.47 | 0.10 |
| Premier Group Ltd. | 0 | 1,724 | 0.24 | 0.01 | 1,724 | 0.22 | 0.01 |
| Tiger Brands Ltd. | 1,471 | 1,912 | 0.61 | 0.02 | 441 | 0.12 | 0.01 |
| Food Producers Total | 2,558 | 53,853 | 3.93 | 0.16 | 51,295 | 3.51 | 0.14 |
| European - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| Foreign - Money Market | 0 | 0 | 422.35 | 17.01 | 0 | 451.43 | 18.51 |
| USA - Currency | 0 | 0 | 3.91 | 0.16 | 0 | 0.58 | 0.02 |
| For Currency Total | 0 | 0 | 426.26 | 17.17 | 0 | 452.00 | 18.54 |
| Foreign - Bonds | 0 | 0 | 836.30 | 33.68 | 0 | 708.41 | 29.05 |
| Foreign Invest Total | 0 | 0 | 836.30 | 33.68 | 0 | 708.41 | 29.05 |
| Catalyst Global Real Estate UCITS Fund A | 626 | 1,279,446 | 24.79 | 1.00 | 1,278,820 | 25.11 | 1.03 |
| Foreign Property Total | 626 | 1,279,446 | 24.79 | 1.00 | 1,278,820 | 25.11 | 1.03 |
| KAP Ltd. | 38,082 | 359,383 | 0.74 | 0.03 | 321,301 | 0.81 | 0.03 |
| Mondi plc | -91 | 4,007 | 1.17 | 0.05 | 4,098 | 1.12 | 0.05 |
| The Bidvest Group Ltd. | 0 | 7,371 | 1.72 | 0.07 | 7,371 | 1.74 | 0.07 |
| General Industrials Total | 37,991 | 370,761 | 3.62 | 0.15 | 332,770 | 3.66 | 0.15 |
| Life Healthcare Group Holdings Ltd. | 0 | 65,802 | 0.94 | 0.04 | 65,802 | 0.91 | 0.04 |
| Netcare Ltd. | 0 | 23,928 | 0.33 | 0.01 | 23,928 | 0.32 | 0.01 |
| Health Care Providers Total | 0 | 89,730 | 1.27 | 0.05 | 89,730 | 1.23 | 0.05 |
| Sappi Ltd. | 0 | 8,888 | 0.26 | 0.01 | 8,888 | 0.32 | 0.01 |
| Industrial Materials Total | 0 | 8,888 | 0.26 | 0.01 | 8,888 | 0.32 | 0.01 |
| African Rainbow Minerals Ltd. | 0 | 1,252 | 0.22 | 0.01 | 1,252 | 0.18 | 0.01 |
| Anglo American plc | -4,141 | 8,359 | 4.09 | 0.16 | 12,500 | 6.39 | 0.26 |
| BHP Group Ltd. | 54 | 1,741 | 0.74 | 0.03 | 1,687 | 0.74 | 0.03 |
| Glencore plc | 7,935 | 22,907 | 1.59 | 0.06 | 14,972 | 1.01 | 0.04 |
| Kumba Iron Ore Ltd. | -605 | 367 | 0.10 | 0.00 | 972 | 0.30 | 0.01 |
| Industrial Metals and Mining Total | 3,243 | 34,626 | 6.75 | 0.27 | 31,383 | 8.62 | 0.35 |
| Hudaco Industries Ltd. | 0 | 1,064 | 0.21 | 0.01 | 1,064 | 0.20 | 0.01 |
| Industrial Support Services Total | 0 | 1,064 | 0.21 | 0.01 | 1,064 | 0.20 | 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 |
| Ninety One Ltd. | 0 | 5,016 | 0.22 | 0.01 | 5,016 | 0.17 | 0.01 |
| Ninety One plc | 0 | 4,025 | 0.18 | 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 | 0 | 3,258 | 0.12 | 0.01 | 3,258 | 0.11 | 0.00 |
| Reinet Investments SCA | -261 | 4,680 | 2.70 | 0.11 | 4,941 | 2.20 | 0.09 |
| Remgro Ltd. | 976 | 7,253 | 1.15 | 0.05 | 6,277 | 0.99 | 0.04 |
| Investment Banking and Brokerage Services Total | 715 | 26,178 | 4.41 | 0.18 | 25,463 | 3.65 | 0.15 |
| Discovery Ltd. | 304 | 13,330 | 2.86 | 0.12 | 13,026 | 2.60 | 0.11 |
| Momentum Group Ltd. | 0 | 10,000 | 0.34 | 0.01 | 10,000 | 0.31 | 0.01 |
| Old Mutual Ltd. | 7,037 | 57,037 | 0.69 | 0.03 | 50,000 | 0.60 | 0.02 |
| Sanlam Ltd. | -985 | 44,015 | 3.90 | 0.16 | 45,000 | 3.72 | 0.15 |
| Life Insurance Total | 6,356 | 124,382 | 7.80 | 0.31 | 118,026 | 7.23 | 0.30 |
| 0 | 0 | 5.02 | 0.20 | 0 | 0.00 | 0.00 |
| Money Market - 1 month duration | 0 | 0 | 2.49 | 0.10 | 0 | 11.76 | 0.48 |
| Money Market - 16 months duration | 0 | 0 | 13.64 | 0.55 | 0 | 0.00 | 0.00 |
| Money Market - 2 months duration | 0 | 0 | 37.18 | 1.50 | 0 | 48.88 | 2.00 |
| Money Market - 3 months duration | 0 | 0 | 14.79 | 0.60 | 0 | 130.77 | 5.36 |
| Money Market - 4 months duration | 0 | 0 | 4.91 | 0.20 | 0 | 17.35 | 0.71 |
| Money Market - 5 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 52.34 | 2.15 |
| Money Market - 6 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 29.03 | 1.19 |
| Money Market - 7 months duration | 0 | 0 | 9.59 | 0.39 | 0 | 4.81 | 0.20 |
| Money Market Instrument | 0 | 0 | 0.11 | 0.00 | 0 | 0.37 | 0.02 |
| Money Market Total | 0 | 0 | 87.72 | 3.53 | 0 | 295.32 | 12.11 |
| OUTsurance Group Ltd. | 1,463 | 16,320 | 1.28 | 0.05 | 14,857 | 1.04 | 0.04 |
| Santam Ltd. | 0 | 2,000 | 0.86 | 0.03 | 2,000 | 0.75 | 0.03 |
| Non-life Insurance Total | 1,463 | 18,320 | 2.13 | 0.09 | 16,857 | 1.78 | 0.07 |
| Exxaro Resources Ltd. | -534 | 1,585 | 0.23 | 0.01 | 2,119 | 0.31 | 0.01 |
| Thungela Resources Ltd. | -886 | 1,234 | 0.10 | 0.00 | 2,120 | 0.21 | 0.01 |
| Oil, Gas and Coal Total | -1,420 | 2,819 | 0.34 | 0.01 | 4,239 | 0.53 | 0.02 |
| Bid Corporation Ltd. | -247 | 6,721 | 3.14 | 0.13 | 6,968 | 3.06 | 0.13 |
| Boxer Retail Ltd. | 0 | 12,003 | 0.83 | 0.03 | 12,003 | 0.84 | 0.03 |
| Dis-Chem Pharmacies Ltd. | -490 | 8,895 | 0.29 | 0.01 | 9,385 | 0.28 | 0.01 |
| Pick n Pay Stores Ltd. | -4,487 | 56,654 | 1.52 | 0.06 | 61,141 | 1.68 | 0.07 |
| Shoprite Holdings Ltd. | -208 | 32,292 | 8.94 | 0.36 | 32,500 | 8.86 | 0.36 |
| The SPAR Group Ltd. | 0 | 524 | 0.06 | 0.00 | 524 | 0.06 | 0.00 |
| Personal Care, Drug and Grocery Stores Total | -5,432 | 117,089 | 14.78 | 0.60 | 122,521 | 14.79 | 0.61 |
| Compagnie Financière Richemont SA | 55 | 968 | 3.22 | 0.13 | 913 | 2.89 | 0.12 |
| Personal Goods Total | 55 | 968 | 3.22 | 0.13 | 913 | 2.89 | 0.12 |
| Aspen Pharmacare Holdings Ltd. | -1,712 | 6,489 | 0.78 | 0.03 | 8,201 | 1.34 | 0.06 |
| Pharmaceuticals and Biotechnology Total | -1,712 | 6,489 | 0.78 | 0.03 | 8,201 | 1.34 | 0.06 |
| AngloGold Ashanti plc | 166 | 9,715 | 7.78 | 0.31 | 9,549 | 6.56 | 0.27 |
| Gold Fields Ltd. | -10,451 | 10,345 | 4.30 | 0.17 | 20,796 | 8.43 | 0.35 |
| Harmony Gold Mining Company Ltd. | -4,428 | 5,000 | 1.22 | 0.05 | 9,428 | 2.51 | 0.10 |
| Impala Platinum Holdings Ltd. | 334 | 21,826 | 3.47 | 0.14 | 21,492 | 2.71 | 0.11 |
| Northam Platinum Holdings Ltd. | -229 | 14,323 | 2.75 | 0.11 | 14,552 | 1.91 | 0.08 |
| Sibanye Stillwater Ltd. | 21,785 | 84,018 | 2.71 | 0.11 | 62,233 | 1.30 | 0.05 |
| Valterra Platinum Ltd. | 710 | 2,441 | 1.93 | 0.08 | 1,731 | 1.27 | 0.05 |
| Precious Metals and Mining Total | 7,887 | 147,668 | 24.16 | 0.97 | 139,781 | 24.68 | 1.01 |
| 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. | -739 | 3,727 | 0.35 | 0.01 | 4,466 | 0.39 | 0.02 |
| Mr Price Group Ltd. | 1,107 | 2,624 | 0.58 | 0.02 | 1,517 | 0.34 | 0.01 |
| Pepkor Holdings Ltd. | 0 | 91,709 | 2.50 | 0.10 | 91,709 | 2.34 | 0.10 |
| The Foschini Group Ltd. | -58 | 9,057 | 1.17 | 0.05 | 9,115 | 1.13 | 0.05 |
| Truworths International Ltd. | -4,033 | 9,541 | 0.68 | 0.03 | 13,574 | 0.98 | 0.04 |
| We Buy Cars Holdings Ltd. | 0 | 1,640 | 0.10 | 0.00 | 1,640 | 0.07 | 0.00 |
| Woolworths Holdings Ltd. | 3,404 | 16,138 | 0.84 | 0.03 | 12,734 | 0.65 | 0.03 |
| Retailers Total | -319 | 135,159 | 6.23 | 0.25 | 135,478 | 5.91 | 0.24 |
| Altron Ltd. | 0 | 10,715 | 0.24 | 0.01 | 10,715 | 0.22 | 0.01 |
| Bytes Technology Group plc | 0 | 371 | 0.05 | 0.00 | 371 | 0.04 | 0.00 |
| Datatec Ltd. | 1,618 | 16,537 | 1.08 | 0.04 | 14,919 | 0.83 | 0.03 |
| Naspers Ltd. | -58 | 2,675 | 14.75 | 0.59 | 2,733 | 12.35 | 0.51 |
| Prosus NV | -349 | 5,810 | 5.76 | 0.23 | 6,159 | 5.18 | 0.21 |
| Software and Computer Services Total | 1,211 | 36,108 | 21.88 | 0.88 | 34,897 | 18.62 | 0.76 |
| Blu Label Unlimited Group Ltd. | 0 | 15,546 | 0.22 | 0.01 | 15,546 | 0.12 | 0.00 |
| MTN Group Ltd. | 1,232 | 22,331 | 3.15 | 0.13 | 21,099 | 2.60 | 0.11 |
| MultiChoice Group Ltd. | 0 | 2,454 | 0.29 | 0.01 | 2,454 | 0.27 | 0.01 |
| Telkom SA SOC Ltd. | 0 | 3,335 | 0.18 | 0.01 | 3,335 | 0.12 | 0.01 |
| Vodacom Group Ltd. | 1,718 | 10,588 | 1.45 | 0.06 | 8,870 | 1.11 | 0.05 |
| Telecommunications Service Providers Total | 2,950 | 54,254 | 5.28 | 0.21 | 51,304 | 4.22 | 0.17 |
| British American Tobacco plc | -147 | 6,218 | 5.23 | 0.21 | 6,365 | 4.80 | 0.20 |
| Tobacco Total | -147 | 6,218 | 5.23 | 0.21 | 6,365 | 4.80 | 0.20 |
| City Lodge Hotels Ltd. | -2,695 | 7,643 | 0.03 | 0.00 | 10,338 | 0.04 | 0.00 |
| Famous Brands Ltd. | 0 | 4,051 | 0.25 | 0.01 | 4,051 | 0.23 | 0.01 |
| Sun International Ltd. | 0 | 5,391 | 0.24 | 0.01 | 5,391 | 0.22 | 0.01 |
| Tsogo Sun Ltd. | 0 | 4,692 | 0.04 | 0.00 | 4,692 | 0.04 | 0.00 |
| Travel and Leisure Total | -2,695 | 21,777 | 0.56 | 0.02 | 24,472 | 0.54 | 0.02 |
| Portfolio Total | 140,142,121 | 776,233,071 | 2,482.97 | 100.00 | 636,090,950 | 2,438.49 | 100.00 |