| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 637 | 70,526 | 12.48 | 0.91 | 69,889 | 13.26 | 1.04 |
| Capitec Bank Holdings Ltd. | -129 | 1,016 | 3.15 | 0.23 | 1,145 | 3.59 | 0.28 |
| Capricorn Group Ltd. | 0 | 998,806 | 21.84 | 1.60 | 998,806 | 20.56 | 1.61 |
| FirstRand Ltd. | -6,450 | 329,052 | 23.64 | 1.73 | 335,502 | 25.48 | 2.00 |
| FirstRand Namibia Ltd. | 0 | 307,476 | 15.02 | 1.10 | 307,476 | 14.30 | 1.12 |
| Investec Ltd. | -569 | 49,345 | 5.62 | 0.41 | 49,914 | 6.24 | 0.49 |
| Nedbank Group Ltd. | -4,691 | 6,062 | 1.56 | 0.11 | 10,753 | 3.03 | 0.24 |
| SBN Holdings Ltd. | 0 | 144,413 | 1.45 | 0.11 | 144,413 | 1.31 | 0.10 |
| Standard Bank Group Ltd. | -486 | 94,041 | 22.51 | 1.65 | 94,527 | 20.96 | 1.64 |
| Banks Total | -11,688 | 2,000,737 | 107.28 | 7.85 | 2,012,425 | 108.73 | 8.52 |
| Anheuser-Busch InBev SA/NV | -2,567 | 0 | 0.00 | 0.00 | 2,567 | 2.41 | 0.19 |
| Namibia Breweries Ltd. | 0 | 446,388 | 12.92 | 0.95 | 446,388 | 12.91 | 1.01 |
| Beverages Total | -2,567 | 446,388 | 12.92 | 0.95 | 448,955 | 15.31 | 1.20 |
| SA Bond BNDS | -1,871,018 | 0 | 0.16 | 0.01 | 1,871,018 | 4.40 | 0.34 |
| SA Bond NAM04 | 3,980,000 | 3,980,000 | 4.09 | 0.30 | 0 | 0.00 | 0.00 |
| Bond Total | 2,108,982 | 3,980,000 | 4.25 | 0.31 | 1,871,018 | 4.40 | 0.34 |
| Cash on call | 0 | 0 | -246.11 | -18.01 | 0 | 0.00 | 0.00 |
| Margin Account | 0 | 0 | 119.74 | 8.76 | 0 | -102.06 | -7.99 |
| Namibia Cash | 0 | 0 | -1.10 | -0.08 | 0 | -17.95 | -1.41 |
| Cash on call Total | 0 | 0 | -127.47 | -9.33 | 0 | -120.01 | -9.40 |
| Sasol Ltd. | -3,069 | 0 | 0.00 | 0.00 | 3,069 | 0.26 | 0.02 |
| Chemicals Total | -3,069 | 0 | 0.00 | 0.00 | 3,069 | 0.26 | 0.02 |
| Bond Derivative | 0 | 0 | 141.12 | 10.33 | 0 | 0.00 | 0.00 |
| Equity Derivative | 0 | 0 | 0.00 | 0.00 | 0 | 116.87 | 9.15 |
| Derivatives Total | 0 | 0 | 141.12 | 10.33 | 0 | 116.87 | 9.15 |
| RFG Holdings Ltd. | 0 | 281,763 | 5.24 | 0.38 | 281,763 | 5.83 | 0.46 |
| Food Producers Total | 0 | 281,763 | 5.24 | 0.38 | 281,763 | 5.83 | 0.46 |
| USA - Currency | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| For Currency Total | 0 | 0 | 0.01 | 0.00 | 0 | 0.01 | 0.00 |
| Foreign - Bonds | 0 | 0 | 182.89 | 13.39 | 0 | 178.53 | 13.98 |
| Foreign Invest Total | 0 | 0 | 182.89 | 13.39 | 0 | 178.53 | 13.98 |
| Anglo American plc | -4,652 | 16,687 | 8.59 | 0.63 | 21,339 | 11.78 | 0.92 |
| BHP Group Ltd. | -10,132 | 5,473 | 2.40 | 0.18 | 15,605 | 7.18 | 0.56 |
| Glencore plc | -9,346 | 0 | 0.00 | 0.00 | 9,346 | 0.78 | 0.06 |
| Industrial Metals and Mining Total | -24,130 | 22,160 | 10.99 | 0.80 | 46,290 | 19.74 | 1.55 |
| Hosken Consolidated Investments Ltd. | -2,929 | 32,844 | 4.43 | 0.32 | 35,773 | 5.87 | 0.46 |
| Reinet Investments SCA | 0 | 14,681 | 6.54 | 0.48 | 14,681 | 6.56 | 0.51 |
| Investment Banking and Brokerage Services Total | -2,929 | 47,525 | 10.97 | 0.80 | 50,454 | 12.43 | 0.97 |
| Sanlam Ltd. | -3,960 | 120,946 | 10.01 | 0.73 | 124,906 | 10.85 | 0.85 |
| Life Insurance Total | -3,960 | 120,946 | 10.01 | 0.73 | 124,906 | 10.85 | 0.85 |
| M&G Namibian Money Market Fund | 50,854,642 | 331,143,665 | 331.14 | 24.24 | 280,289,023 | 280.29 | 21.95 |
| Money Market Total | 50,854,642 | 331,143,665 | 331.14 | 24.24 | 280,289,023 | 280.29 | 21.95 |
| M&G Worldwide Managed Fund C Acc | 13,823,549 | 13,823,549 | 423.39 | 30.99 | 0 | 407.21 | 31.89 |
| Offshore Intern Total | 13,823,549 | 13,823,549 | 423.39 | 30.99 | 0 | 407.21 | 31.89 |
| Exxaro Resources Ltd. | 10,362 | 76,434 | 11.34 | 0.83 | 66,072 | 10.44 | 0.82 |
| Oil, Gas and Coal Total | 10,362 | 76,434 | 11.34 | 0.83 | 66,072 | 10.44 | 0.82 |
| Bid Corporation Ltd. | -909 | 29,033 | 12.76 | 0.93 | 29,942 | 12.89 | 1.01 |
| Boxer Retail Ltd. | 7,000 | 108,051 | 7.58 | 0.56 | 101,051 | 6.51 | 0.51 |
| Pick n Pay Stores Ltd. | 0 | 178,913 | 4.91 | 0.36 | 178,913 | 5.49 | 0.43 |
| The SPAR Group Ltd. | 4,018 | 58,703 | 6.94 | 0.51 | 54,685 | 7.99 | 0.63 |
| Personal Care, Drug and Grocery Stores Total | 10,109 | 374,700 | 32.19 | 2.36 | 364,591 | 32.88 | 2.58 |
| Compagnie Financière Richemont SA | -321 | 2,401 | 7.61 | 0.56 | 2,722 | 7.56 | 0.59 |
| Personal Goods Total | -321 | 2,401 | 7.61 | 0.56 | 2,722 | 7.56 | 0.59 |
| AngloGold Ashanti plc | 9,586 | 28,437 | 19.53 | 1.43 | 18,851 | 7.94 | 0.62 |
| Gold Fields Ltd. | 3,957 | 49,603 | 20.11 | 1.47 | 45,646 | 11.28 | 0.88 |
| Impala Platinum Holdings Ltd. | -9,562 | 58,095 | 7.32 | 0.54 | 67,657 | 5.94 | 0.47 |
| Northam Platinum Holdings Ltd. | -3,645 | 15,871 | 2.08 | 0.15 | 19,516 | 1.90 | 0.15 |
| Precious Metals and Mining Total | 336 | 152,006 | 49.03 | 3.59 | 151,670 | 27.05 | 2.12 |
| Oryx Property Ltd Namibia | 1,450,326 | 1,450,326 | 20.12 | 1.47 | 0 | 0.00 | 0.00 |
| Real Estate Total | 1,450,326 | 1,450,326 | 20.12 | 1.47 | 0 | 0.00 | 0.00 |
| NEPI Rockcastle NV | -7,186 | 23,539 | 3.12 | 0.23 | 30,725 | 4.24 | 0.33 |
| Oryx Properties Ltd. | -1,450,326 | 0 | 0.00 | 0.00 | 1,450,326 | 18.58 | 1.46 |
| Real Estate Investment and Services Total | -1,457,512 | 23,539 | 3.12 | 0.23 | 1,481,051 | 22.82 | 1.79 |
| Hyprop Investments Ltd. | -80,245 | 0 | 0.00 | 0.00 | 80,245 | 3.73 | 0.29 |
| Vukile Property Fund Ltd. | 0 | 406,500 | 7.09 | 0.52 | 406,500 | 7.30 | 0.57 |
| Real Estate Investment Trusts Total | -80,245 | 406,500 | 7.09 | 0.52 | 486,745 | 11.03 | 0.86 |
| Motus Holdings Ltd. | 19,180 | 71,830 | 6.26 | 0.46 | 52,650 | 6.40 | 0.50 |
| Pepkor Holdings Ltd. | 15,675 | 386,583 | 9.87 | 0.72 | 370,908 | 10.74 | 0.84 |
| The Foschini Group Ltd. | -985 | 39,781 | 4.95 | 0.36 | 40,766 | 6.85 | 0.54 |
| Truworths International Ltd. | -25,593 | 0 | 0.00 | 0.00 | 25,593 | 2.65 | 0.21 |
| Retailers Total | 8,277 | 498,194 | 21.07 | 1.54 | 489,917 | 26.64 | 2.09 |
| Altron Ltd. | 0 | 176,250 | 3.66 | 0.27 | 176,250 | 3.75 | 0.29 |
| Naspers Ltd. | -741 | 6,670 | 30.14 | 2.21 | 7,411 | 30.93 | 2.42 |
| Prosus NV | -616 | 21,511 | 18.10 | 1.33 | 22,127 | 16.57 | 1.30 |
| Software and Computer Services Total | -1,357 | 204,431 | 51.89 | 3.80 | 205,788 | 51.25 | 4.01 |
| Mobile Telecommunications Ltd. | 0 | 355,917 | 2.94 | 0.21 | 355,917 | 2.70 | 0.21 |
| MTN Group Ltd. | -21,053 | 105,638 | 13.02 | 0.95 | 126,691 | 11.65 | 0.91 |
| MultiChoice Group Ltd. | 0 | 28,758 | 3.16 | 0.23 | 28,758 | 3.11 | 0.24 |
| Paratus Namibia Holdings Ltd. | 0 | 953,219 | 12.06 | 0.88 | 953,219 | 12.05 | 0.94 |
| Telkom SA SOC Ltd. | 0 | 92,091 | 3.42 | 0.25 | 92,091 | 3.22 | 0.25 |
| Telecommunications Service Providers Total | -21,053 | 1,535,623 | 34.59 | 2.53 | 1,556,676 | 32.73 | 2.56 |
| British American Tobacco plc | -826 | 19,937 | 15.33 | 1.12 | 20,763 | 14.05 | 1.10 |
| Tobacco Total | -826 | 19,937 | 15.33 | 1.12 | 20,763 | 14.05 | 1.10 |
| Portfolio Total | 66,656,926 | 356,610,824 | 1,366.13 | 100.00 | 289,953,898 | 1,276.89 | 100.00 |