| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 0 | 77,082 | 18.45 | 1.14 | 77,082 | 13.96 | 0.90 |
| Capitec Bank Holdings Ltd. | 361 | 1,558 | 6.47 | 0.40 | 1,197 | 4.16 | 0.27 |
| Capricorn Group Ltd. | 0 | 998,806 | 26.02 | 1.60 | 998,806 | 22.17 | 1.43 |
| FirstRand Ltd. | -69,036 | 273,242 | 24.80 | 1.53 | 342,278 | 26.58 | 1.72 |
| FirstRand Namibia Ltd. | 0 | 307,476 | 16.76 | 1.03 | 307,476 | 16.87 | 1.09 |
| Investec Ltd. | 4,000 | 53,345 | 6.52 | 0.40 | 49,345 | 6.32 | 0.41 |
| Nedbank Group Ltd. | -1,131 | 0 | 0.00 | 0.00 | 1,131 | 0.24 | 0.02 |
| SBN Holdings Ltd. | 0 | 144,413 | 1.75 | 0.11 | 144,413 | 1.66 | 0.11 |
| Standard Bank Group Ltd. | 2,860 | 103,553 | 30.07 | 1.85 | 100,693 | 23.80 | 1.54 |
| Banks Total | -62,946 | 1,959,475 | 130.84 | 8.06 | 2,022,421 | 115.77 | 7.49 |
| Namibia Breweries Ltd. | 0 | 446,388 | 13.40 | 0.83 | 446,388 | 12.95 | 0.84 |
| Beverages Total | 0 | 446,388 | 13.40 | 0.83 | 446,388 | 12.95 | 0.84 |
| SA Bond BNDS | 0 | 0 | 0.14 | 0.01 | 0 | 0.00 | 0.00 |
| SA Bond NAM04 | 3,980,000 | 3,980,000 | 4.20 | 0.26 | 0 | 0.00 | 0.00 |
| Bond Total | 3,980,000 | 3,980,000 | 4.34 | 0.27 | 0 | 0.00 | 0.00 |
| Cash on call | 0 | 0 | -275.77 | -16.99 | 0 | -273.63 | -17.70 |
| Margin Account | 0 | 0 | 291.36 | 17.96 | 0 | 137.50 | 8.90 |
| Namibia Cash | 0 | 0 | -32.89 | -2.03 | 0 | -1.05 | -0.07 |
| Cash on call Total | 0 | 0 | -17.30 | -1.06 | 0 | -137.17 | -8.88 |
| Equity Derivative | 0 | 0 | 0.00 | 0.00 | 0 | 152.02 | 9.84 |
| Derivatives Total | 0 | 0 | 0.00 | 0.00 | 0 | 152.02 | 9.84 |
| AVI Ltd. | 45,104 | 45,104 | 4.76 | 0.29 | 0 | 0.00 | 0.00 |
| RFG Holdings Ltd. | -266,041 | 0 | 0.00 | 0.00 | 266,041 | 4.51 | 0.29 |
| Food Producers Total | -220,937 | 45,104 | 4.76 | 0.29 | 266,041 | 4.51 | 0.29 |
| 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 | 226.75 | 13.97 | 0 | 219.58 | 14.21 |
| Foreign Invest Total | 0 | 0 | 226.75 | 13.97 | 0 | 219.58 | 14.21 |
| Anglo American plc | 0 | 13,861 | 9.50 | 0.59 | 13,861 | 8.96 | 0.58 |
| BHP Group Ltd. | -2,040 | 3,433 | 1.74 | 0.11 | 5,473 | 2.61 | 0.17 |
| Glencore plc | 72,869 | 72,869 | 6.64 | 0.41 | 0 | 0.00 | 0.00 |
| Industrial Metals and Mining Total | 70,829 | 90,163 | 17.88 | 1.10 | 19,334 | 11.57 | 0.75 |
| Hosken Consolidated Investments Ltd. | 0 | 32,844 | 5.12 | 0.32 | 32,844 | 4.05 | 0.26 |
| PSG Financial Services Ltd. | 0 | 148,005 | 4.03 | 0.25 | 148,005 | 3.37 | 0.22 |
| Investment Banking and Brokerage Services Total | 0 | 180,849 | 9.16 | 0.56 | 180,849 | 7.43 | 0.48 |
| Momentum Group Ltd. | 76,306 | 288,800 | 11.04 | 0.68 | 212,494 | 6.97 | 0.45 |
| Sanlam Ltd. | 34,005 | 154,951 | 15.26 | 0.94 | 120,946 | 10.11 | 0.65 |
| Life Insurance Total | 110,311 | 443,751 | 26.30 | 1.62 | 333,440 | 17.08 | 1.10 |
| M&G Namibian Money Market Fund | 11,661,060 | 360,631,999 | 362.68 | 22.35 | 348,970,939 | 351.06 | 22.71 |
| Money Market Total | 11,661,060 | 360,631,999 | 362.68 | 22.35 | 348,970,939 | 351.06 | 22.71 |
| M&G Worldwide Managed Fund C Acc | 1,085,837 | 15,196,866 | 507.86 | 31.30 | 14,111,029 | 473.70 | 30.65 |
| Offshore Intern Total | 1,085,837 | 15,196,866 | 507.86 | 31.30 | 14,111,029 | 473.70 | 30.65 |
| Exxaro Resources Ltd. | 4,122 | 80,782 | 14.46 | 0.89 | 76,660 | 13.81 | 0.89 |
| Oil, Gas and Coal Total | 4,122 | 80,782 | 14.46 | 0.89 | 76,660 | 13.81 | 0.89 |
| Bid Corporation Ltd. | 1,151 | 31,781 | 13.41 | 0.83 | 30,630 | 13.24 | 0.86 |
| Boxer Retail Ltd. | -21,224 | 37,624 | 2.68 | 0.17 | 58,848 | 4.07 | 0.26 |
| Pick n Pay Stores Ltd. | 0 | 165,955 | 4.13 | 0.25 | 165,955 | 4.21 | 0.27 |
| The SPAR Group Ltd. | -6,990 | 78,695 | 7.52 | 0.46 | 85,685 | 8.45 | 0.55 |
| Personal Care, Drug and Grocery Stores Total | -27,063 | 314,055 | 27.74 | 1.71 | 341,118 | 29.97 | 1.94 |
| Compagnie Financière Richemont SA | 847 | 3,175 | 11.52 | 0.71 | 2,328 | 7.61 | 0.49 |
| Personal Goods Total | 847 | 3,175 | 11.52 | 0.71 | 2,328 | 7.61 | 0.49 |
| AngloGold Ashanti plc | -3,392 | 23,931 | 34.30 | 2.11 | 27,323 | 33.16 | 2.15 |
| Gold Fields Ltd. | -3,891 | 46,928 | 34.06 | 2.10 | 50,819 | 37.05 | 2.40 |
| Impala Platinum Holdings Ltd. | 0 | 53,563 | 14.03 | 0.86 | 53,563 | 11.81 | 0.76 |
| Northam Platinum Holdings Ltd. | 0 | 21,440 | 7.23 | 0.45 | 21,440 | 6.02 | 0.39 |
| Valterra Platinum Ltd. | 900 | 7,510 | 10.59 | 0.65 | 6,610 | 8.17 | 0.53 |
| Precious Metals and Mining Total | -6,383 | 153,372 | 100.20 | 6.18 | 159,755 | 96.21 | 6.23 |
| Oryx Property Ltd Namibia | -1,450,326 | 0 | 0.00 | 0.00 | 1,450,326 | 20.09 | 1.30 |
| Real Estate Total | -1,450,326 | 0 | 0.00 | 0.00 | 1,450,326 | 20.09 | 1.30 |
| NEPI Rockcastle NV | 0 | 23,539 | 3.43 | 0.21 | 23,539 | 3.26 | 0.21 |
| Oryx Properties Ltd. | 1,450,326 | 1,450,326 | 19.36 | 1.19 | 0 | 0.00 | 0.00 |
| Real Estate Investment and Services Total | 1,450,326 | 1,473,865 | 22.80 | 1.40 | 23,539 | 3.26 | 0.21 |
| Sirius Real Estate Ltd. | 94,100 | 239,011 | 5.32 | 0.33 | 144,911 | 3.26 | 0.21 |
| Vukile Property Fund Ltd. | 0 | 455,957 | 11.40 | 0.70 | 455,957 | 9.46 | 0.61 |
| Real Estate Investment Trusts Total | 94,100 | 694,968 | 16.72 | 1.03 | 600,868 | 12.72 | 0.82 |
| Motus Holdings Ltd. | 11,291 | 91,213 | 11.12 | 0.69 | 79,922 | 8.31 | 0.54 |
| Pepkor Holdings Ltd. | 0 | 454,463 | 12.02 | 0.74 | 454,463 | 11.05 | 0.71 |
| The Foschini Group Ltd. | 38,853 | 121,378 | 10.32 | 0.64 | 82,525 | 9.00 | 0.58 |
| Retailers Total | 50,144 | 667,054 | 33.47 | 2.06 | 616,910 | 28.36 | 1.84 |
| Altron Ltd. | 0 | 212,400 | 4.22 | 0.26 | 212,400 | 3.88 | 0.25 |
| Bytes Technology Group plc | 0 | 39,837 | 3.25 | 0.20 | 39,837 | 3.68 | 0.24 |
| Naspers Ltd. | 30,053 | 36,238 | 40.03 | 2.47 | 6,185 | 38.69 | 2.50 |
| Prosus NV | 1,943 | 19,707 | 20.17 | 1.24 | 17,764 | 21.51 | 1.39 |
| Software and Computer Services Total | 31,996 | 308,182 | 67.67 | 4.17 | 276,186 | 67.75 | 4.38 |
| Mobile Telecommunications Ltd. | 0 | 355,917 | 3.26 | 0.20 | 355,917 | 3.05 | 0.20 |
| MTN Group Ltd. | 0 | 121,408 | 20.58 | 1.27 | 121,408 | 17.60 | 1.14 |
| Paratus Namibia Holdings Ltd. | 0 | 953,219 | 11.82 | 0.73 | 953,219 | 11.92 | 0.77 |
| Telkom SA SOC Ltd. | 5,357 | 97,448 | 5.75 | 0.35 | 92,091 | 4.71 | 0.30 |
| Telecommunications Service Providers Total | 5,357 | 1,527,992 | 41.41 | 2.55 | 1,522,635 | 37.28 | 2.41 |
| Portfolio Total | 16,777,274 | 388,198,040 | 1,622.64 | 100.00 | 371,420,766 | 1,545.57 | 100.00 |