| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | -325,004 | 1,546,698 | 370.22 | 5.46 | 1,871,702 | 338.67 | 5.49 |
| Capitec Bank Holdings Ltd. | -13,417 | 0 | 0.00 | 0.00 | 13,417 | 46.56 | 0.75 |
| FirstRand Ltd. | -1,466,712 | 978,615 | 88.81 | 1.31 | 2,445,327 | 190.34 | 3.08 |
| Investec Ltd. | -27,565 | 620,014 | 75.75 | 1.12 | 647,579 | 82.99 | 1.34 |
| Investec plc | -121,225 | 205,136 | 25.06 | 0.37 | 326,361 | 41.94 | 0.68 |
| Nedbank Group Ltd. | -91,295 | 127,426 | 33.93 | 0.50 | 218,721 | 46.82 | 0.76 |
| Standard Bank Group Ltd. | 326,773 | 954,324 | 277.14 | 4.09 | 627,551 | 148.27 | 2.40 |
| Barclays Plc | 538,341 | 538,341 | 57.07 | 0.84 | 0 | 0.00 | 0.00 |
| National Bank of Greece S.A. | -48,464 | 192,263 | 48.78 | 0.72 | 240,727 | 60.29 | 0.98 |
| Nu Holdings Ltd | 118,347 | 371,701 | 103.77 | 1.53 | 253,354 | 69.84 | 1.13 |
| Banks Total | -1,110,221 | 5,534,518 | 1,080.52 | 15.95 | 6,644,739 | 1,025.71 | 16.61 |
| Barrick Gold | 0 | 103,377 | 75.64 | 1.12 | 103,377 | 59.21 | 0.96 |
| Basic Resources Total | 0 | 103,377 | 75.64 | 1.12 | 103,377 | 59.21 | 0.96 |
| SA Bond I2029 | 0 | 11,804,140 | 16.97 | 0.25 | 11,804,140 | 16.54 | 0.27 |
| SA Bond I2033 | 0 | 95,251,214 | 134.83 | 1.99 | 95,251,214 | 127.69 | 2.07 |
| SA Bond R186 | -45,700,000 | 0 | 0.00 | 0.00 | 45,700,000 | 48.63 | 0.79 |
| SA Bond R187 | 15,233,334 | 15,233,334 | 15.76 | 0.23 | 0 | 0.00 | 0.00 |
| SA Bond R188 | 15,233,333 | 15,233,333 | 16.26 | 0.24 | 0 | 0.00 | 0.00 |
| SA Bond R2032 | 0 | 104,898,562 | 109.85 | 1.62 | 104,898,562 | 103.56 | 1.68 |
| SA Bond R2035 | 0 | 0 | 0.00 | 0.00 | 0 | -0.02 | 0.00 |
| Bond Total | -15,233,333 | 242,420,583 | 293.67 | 4.33 | 257,653,916 | 296.40 | 4.80 |
| Cash on call | 0 | 0 | 562.36 | 8.30 | 0 | 267.11 | 4.33 |
| Cash on call Total | 0 | 0 | 562.36 | 8.30 | 0 | 267.11 | 4.33 |
| AECI Ltd. | -209,750 | 0 | 0.00 | 0.00 | 209,750 | 20.38 | 0.33 |
| Chemicals Total | -209,750 | 0 | 0.00 | 0.00 | 209,750 | 20.38 | 0.33 |
| Stadio Holdings Ltd. | -2,321,622 | 0 | 0.00 | 0.00 | 2,321,622 | 24.38 | 0.39 |
| Consumer Services Total | -2,321,622 | 0 | 0.00 | 0.00 | 2,321,622 | 24.38 | 0.39 |
| Alphabet Inc C | -18,585 | 13,215 | 68.75 | 1.01 | 31,800 | 134.30 | 2.18 |
| Flutter Entertainment | -2,574 | 0 | 0.00 | 0.00 | 2,574 | 12.52 | 0.20 |
| Imperial Brands plc | 0 | 56,196 | 39.04 | 0.58 | 56,196 | 40.99 | 0.66 |
| Tencent Holdings Ltd | 68,800 | 241,145 | 306.89 | 4.53 | 172,345 | 253.79 | 4.11 |
| Cyclical Goods & Services Total | 47,641 | 310,556 | 414.68 | 6.12 | 262,915 | 441.59 | 7.15 |
| 36ONE Global Fund Plc | 0 | 12,648 | 49.30 | 0.73 | 12,648 | 49.86 | 0.81 |
| iShares Russell 2000 ETF | -14,219 | 0 | 0.00 | 0.00 | 14,219 | 59.38 | 0.96 |
| SPDR Gold Shares | -20,457 | 0 | 0.00 | 0.00 | 20,457 | 124.61 | 2.02 |
| SPDR Gold Trust ETF | 20,457 | 20,457 | 134.95 | 1.99 | 0 | 0.00 | 0.00 |
| SPDR S&P 500 ETF | 666 | 20,897 | 237.91 | 3.51 | 20,231 | 232.50 | 3.77 |
| Equities Total | -13,553 | 54,002 | 422.17 | 6.23 | 67,555 | 466.35 | 7.55 |
| 1nvestRhodium ETF | 27,142 | 27,142 | 38.00 | 0.56 | 0 | 0.00 | 0.00 |
| Exchange Traded Funds Total | 27,142 | 27,142 | 38.00 | 0.56 | 0 | 0.00 | 0.00 |
| Channel VAS Investments Ltd. | 3,341,923 | 3,341,923 | 68.41 | 1.01 | 0 | 0.00 | 0.00 |
| Finance and Credit Services Total | 3,341,923 | 3,341,923 | 68.41 | 1.01 | 0 | 0.00 | 0.00 |
| ABN Amro Holding (Netherlands) | 0 | 84,716 | 49.03 | 0.72 | 84,716 | 46.64 | 0.76 |
| Bawag Group AG | 3,535 | 28,590 | 71.71 | 1.06 | 25,055 | 57.18 | 0.93 |
| Cme Group Incorporation | 0 | 3,441 | 15.70 | 0.23 | 3,441 | 16.19 | 0.26 |
| Corpay Inc | 0 | 5,256 | 26.52 | 0.39 | 5,256 | 26.87 | 0.44 |
| Mercadolibre Inc | 1,226 | 1,226 | 40.97 | 0.60 | 0 | 0.00 | 0.00 |
| Societe Generale | 25,699 | 25,699 | 34.39 | 0.51 | 0 | 0.00 | 0.00 |
| Financial Services Total | 30,460 | 148,928 | 238.32 | 3.51 | 118,468 | 146.89 | 2.38 |
| Astral Foods Ltd. | 0 | 283,621 | 75.64 | 1.12 | 283,621 | 58.81 | 0.95 |
| AVI Ltd. | 1,257,749 | 1,904,454 | 200.92 | 2.97 | 646,705 | 63.71 | 1.03 |
| Food Producers Total | 1,257,749 | 2,188,075 | 276.56 | 4.08 | 930,326 | 122.52 | 1.98 |
| Canada - Currency | 0 | 0 | 0.03 | 0.00 | 0 | 0.03 | 0.00 |
| European - Currency | 0 | 0 | 47.11 | 0.70 | 0 | 28.67 | 0.46 |
| Foreign - Currency | 0 | 0 | 0.95 | 0.01 | 0 | 0.00 | 0.00 |
| Hong Kong - Currency | 0 | 0 | 0.03 | 0.00 | 0 | 0.03 | 0.00 |
| Sweden - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 3.40 | 0.05 | 0 | 138.68 | 2.25 |
| USA - Currency | 0 | 0 | 89.74 | 1.32 | 0 | 1.50 | 0.02 |
| For Currency Total | 0 | 0 | 141.26 | 2.08 | 0 | 168.91 | 2.74 |
| Foreign - Bonds | 0 | 0 | 281.80 | 4.16 | 0 | 296.55 | 4.80 |
| Foreign - Equities | 0 | 0 | 247.42 | 3.65 | 0 | 135.92 | 2.20 |
| Foreign Invest Total | 0 | 0 | 529.22 | 7.81 | 0 | 432.47 | 7.01 |
| Vonovia | 0 | 38,991 | 18.60 | 0.27 | 38,991 | 20.83 | 0.34 |
| Welltower Incorporated | 0 | 30,420 | 94.58 | 1.40 | 30,420 | 92.63 | 1.50 |
| Foreign Property Total | 0 | 69,411 | 113.18 | 1.67 | 69,411 | 113.46 | 1.84 |
| Anglo American plc | -60,690 | 0 | 0.00 | 0.00 | 60,690 | 39.15 | 0.63 |
| Glencore plc | 711,913 | 1,811,807 | 165.15 | 2.44 | 1,099,894 | 88.00 | 1.43 |
| Industrial Metals and Mining Total | 651,223 | 1,811,807 | 165.15 | 2.44 | 1,160,584 | 127.15 | 2.06 |
| Grindrod Ltd. | -569,829 | 6,676,945 | 113.51 | 1.68 | 7,246,774 | 109.43 | 1.77 |
| Industrial Transportation Total | -569,829 | 6,676,945 | 113.51 | 1.68 | 7,246,774 | 109.43 | 1.77 |
| Ing Groep | 0 | 206,166 | 96.28 | 1.42 | 206,166 | 92.33 | 1.50 |
| Insurance Total | 0 | 206,166 | 96.28 | 1.42 | 206,166 | 92.33 | 1.50 |
| 36ONE BCI Global Equity FF - C | 0 | 69,213,681 | 135.90 | 2.01 | 69,213,681 | 135.80 | 2.20 |
| International Total | 0 | 69,213,681 | 135.90 | 2.01 | 69,213,681 | 135.80 | 2.20 |
| Hosken Consolidated Investments Ltd. | 0 | 67,638 | 10.55 | 0.16 | 67,638 | 8.40 | 0.14 |
| Reinet Investments SCA | 0 | 168,657 | 97.82 | 1.44 | 168,657 | 85.25 | 1.38 |
| Remgro Ltd. | 0 | 838,438 | 152.27 | 2.25 | 838,438 | 141.59 | 2.29 |
| Investment Banking and Brokerage Services Total | 0 | 1,074,733 | 260.64 | 3.85 | 1,074,733 | 235.24 | 3.81 |
| Discovery Ltd. | -263,530 | 296,373 | 67.45 | 1.00 | 559,903 | 110.79 | 1.79 |
| Life Insurance Total | -263,530 | 296,373 | 67.45 | 1.00 | 559,903 | 110.79 | 1.79 |
| eMedia Holdings Ltd. | -351,808 | 0 | 0.00 | 0.00 | 351,808 | 0.61 | 0.01 |
| Media Total | -351,808 | 0 | 0.00 | 0.00 | 351,808 | 0.61 | 0.01 |
| Money Market - 3 months duration | 0 | 0 | 0.00 | 0.00 | 0 | 13.93 | 0.23 |
| Money Market Instrument | 1,077,765 | 1,077,765 | 1.08 | 0.02 | 0 | 1.06 | 0.02 |
| Money Market Total | 1,077,765 | 1,077,765 | 1.08 | 0.02 | 0 | 14.99 | 0.24 |
| OUTsurance Group Ltd. | 526,073 | 526,073 | 37.70 | 0.56 | 0 | 0.00 | 0.00 |
| Non-life Insurance Total | 526,073 | 526,073 | 37.70 | 0.56 | 0 | 0.00 | 0.00 |
| Bid Corporation Ltd. | 0 | 332,970 | 140.47 | 2.07 | 332,970 | 143.84 | 2.33 |
| Clicks Group Ltd. | 183,228 | 337,441 | 113.57 | 1.68 | 154,213 | 54.59 | 0.88 |
| The SPAR Group Ltd. | -607,922 | 0 | 0.00 | 0.00 | 607,922 | 58.78 | 0.95 |
| Personal Care, Drug and Grocery Stores Total | -424,694 | 670,411 | 254.04 | 3.75 | 1,095,105 | 257.21 | 4.17 |
| Adcock Ingram Holdings Ltd. | -192,841 | 0 | 0.00 | 0.00 | 192,841 | 13.88 | 0.22 |
| Pharmaceuticals and Biotechnology Total | -192,841 | 0 | 0.00 | 0.00 | 192,841 | 13.88 | 0.22 |
| AngloGold Ashanti plc | -45,489 | 62,749 | 89.93 | 1.33 | 108,238 | 128.74 | 2.09 |
| Gold Fields Ltd. | -36,603 | 156,961 | 113.91 | 1.68 | 193,564 | 138.81 | 2.25 |
| Harmony Gold Mining Company Ltd. | -73,852 | 273,668 | 92.25 | 1.36 | 347,520 | 106.71 | 1.73 |
| Impala Platinum Holdings Ltd. | 50,546 | 610,773 | 160.02 | 2.36 | 560,227 | 121.95 | 1.98 |
| Northam Platinum Holdings Ltd. | 52,403 | 52,403 | 17.67 | 0.26 | 0 | 0.00 | 0.00 |
| Valterra Platinum Ltd. | 25,895 | 142,068 | 200.25 | 2.96 | 116,173 | 140.34 | 2.27 |
| Precious Metals and Mining Total | -27,100 | 1,298,622 | 674.03 | 9.95 | 1,325,722 | 636.55 | 10.31 |
| Netcare Ltd. | 0 | 267,096 | 25.69 | 0.38 | 267,096 | 25.37 | 0.41 |
| Preference Shares Total | 0 | 267,096 | 25.69 | 0.38 | 267,096 | 25.37 | 0.41 |
| NEPI Rockcastle NV | -261,229 | 484,364 | 70.64 | 1.04 | 745,593 | 102.84 | 1.67 |
| Real Estate Investment and Services Total | -261,229 | 484,364 | 70.64 | 1.04 | 745,593 | 102.84 | 1.67 |
| Fairvest Ltd. | -2,262,399 | 8,371,239 | 60.11 | 0.89 | 10,633,638 | 58.80 | 0.95 |
| Spear REIT Ltd. | -689,037 | 4,492,811 | 53.06 | 0.78 | 5,181,848 | 53.11 | 0.86 |
| Vukile Property Fund Ltd. | -628,897 | 0 | 0.00 | 0.00 | 628,897 | 13.12 | 0.21 |
| Real Estate Investment Trusts Total | -3,580,333 | 12,864,050 | 113.17 | 1.67 | 16,444,383 | 125.04 | 2.03 |
| Visa Inc | 0 | 7,503 | 43.88 | 0.65 | 7,503 | 44.11 | 0.71 |
| Retail Total | 0 | 7,503 | 43.88 | 0.65 | 7,503 | 44.11 | 0.71 |
| Pepkor Holdings Ltd. | -2,698,217 | 0 | 0.00 | 0.00 | 2,698,217 | 66.05 | 1.07 |
| Retailers Total | -2,698,217 | 0 | 0.00 | 0.00 | 2,698,217 | 66.05 | 1.07 |
| Naspers Ltd. | 87,374 | 95,100 | 105.04 | 1.55 | 7,726 | 48.69 | 0.79 |
| Prosus NV | -4,016 | 108,135 | 110.68 | 1.63 | 112,151 | 137.36 | 2.23 |
| Software and Computer Services Total | 83,358 | 203,235 | 215.72 | 3.18 | 119,877 | 186.04 | 3.01 |
| Amazon.Com | 2,559 | 17,205 | 66.16 | 0.98 | 14,646 | 56.24 | 0.91 |
| Meta Platforms Inc | -1,174 | 0 | 0.00 | 0.00 | 1,174 | 15.08 | 0.24 |
| Microsoft Corporation | 0 | 6,987 | 56.33 | 0.83 | 6,987 | 62.14 | 1.01 |
| Oracle Corporation | -4,753 | 0 | 0.00 | 0.00 | 4,753 | 23.23 | 0.38 |
| Western Digital Corporation | -17,398 | 0 | 0.00 | 0.00 | 17,398 | 35.10 | 0.57 |
| Technology Total | -20,766 | 24,192 | 122.49 | 1.81 | 44,958 | 191.79 | 3.11 |
| MTN Group Ltd. | 0 | 342,486 | 58.05 | 0.86 | 342,486 | 48.04 | 0.78 |
| Telecommunications Service Providers Total | 0 | 342,486 | 58.05 | 0.86 | 342,486 | 48.04 | 0.78 |
| British American Tobacco plc | 0 | 30,554 | 29.17 | 0.43 | 30,554 | 27.83 | 0.45 |
| Tobacco Total | 0 | 30,554 | 29.17 | 0.43 | 30,554 | 27.83 | 0.45 |
| Famous Brands Ltd. | 0 | 692,299 | 37.02 | 0.55 | 692,299 | 37.10 | 0.60 |
| Travel and Leisure Total | 0 | 692,299 | 37.02 | 0.55 | 692,299 | 37.10 | 0.60 |
| Portfolio Total | -20,235,492 | 351,966,870 | 6,775.60 | 100.00 | 372,202,362 | 6,173.55 | 100.00 |