| | | |
| Security | Change | # Units | Value (Rm) | % Fund | # Units | Value (Rm) | % Fund |
| Absa Group Ltd. | 3,094 | 14,114 | 2.48 | 0.47 | 11,020 | 1.95 | 0.42 |
| Capitec Bank Holdings Ltd. | 333 | 1,465 | 5.20 | 0.98 | 1,132 | 3.51 | 0.76 |
| FirstRand Ltd. | 19,426 | 86,734 | 6.56 | 1.23 | 67,308 | 4.84 | 1.04 |
| Investec Ltd. | 925 | 4,209 | 0.56 | 0.10 | 3,284 | 0.37 | 0.08 |
| Investec plc | 1,239 | 6,238 | 0.82 | 0.15 | 4,999 | 0.57 | 0.12 |
| Nedbank Group Ltd. | 1,701 | 7,755 | 1.88 | 0.35 | 6,054 | 1.56 | 0.34 |
| Standard Bank Group Ltd. | 4,779 | 22,366 | 5.09 | 0.96 | 17,587 | 4.21 | 0.91 |
| Banks Total | 31,497 | 142,881 | 22.61 | 4.25 | 111,384 | 17.01 | 3.67 |
| Anheuser-Busch InBev SA/NV | 437 | 1,575 | 1.92 | 0.36 | 1,138 | 1.29 | 0.28 |
| Beverages Total | 437 | 1,575 | 1.92 | 0.36 | 1,138 | 1.29 | 0.28 |
| FNB World Government Bond ETF | 1,525,766 | 1,525,766 | 11.05 | 2.08 | 0 | 12.65 | 2.73 |
| Bond Total | 1,525,766 | 1,525,766 | 11.05 | 2.08 | 0 | 12.65 | 2.73 |
| Cash on call | 0 | 0 | -0.19 | -0.03 | 0 | 0.53 | 0.11 |
| Margin Account | 0 | 0 | 2.62 | 0.49 | 0 | 1.36 | 0.29 |
| Cash on call Total | 0 | 0 | 2.43 | 0.46 | 0 | 1.89 | 0.41 |
| Sasol Ltd. | 2,244 | 9,986 | 0.79 | 0.15 | 7,742 | 0.59 | 0.13 |
| Chemicals Total | 2,244 | 9,986 | 0.79 | 0.15 | 7,742 | 0.59 | 0.13 |
| iShares Core EURO STOXX 50 | -1,110 | 0 | 0.00 | 0.00 | 1,110 | 4.31 | 0.93 |
| iShares Developed World Index Fund | -3,680 | 0 | 0.00 | 0.00 | 3,680 | 4.83 | 1.04 |
| iShares Edge MSCI World Momentum Factor UCITS ETF | 1,264 | 1,264 | 1.64 | 0.31 | 0 | 0.00 | 0.00 |
| iShares FTSE China 25 Index | 0 | 0 | 0.00 | 0.00 | 0 | 2.07 | 0.45 |
| iShares MSCI World Quality ETF | 63,319 | 63,319 | 8.49 | 1.60 | 0 | 7.11 | 1.53 |
| Equities Total | 59,793 | 64,583 | 10.13 | 1.90 | 4,790 | 18.31 | 3.95 |
| 10X SA Property Income | 433,441 | 1,204,808 | 17.00 | 3.19 | 771,367 | 9.75 | 2.10 |
| 1nvestGold ETF | 27,809 | 27,809 | 15.72 | 2.95 | 0 | 15.55 | 3.35 |
| FNB Global 1200 Equity FoF ETF | 1,016,977 | 1,016,977 | 104.72 | 19.68 | 0 | 74.55 | 16.07 |
| FNB Gov Inflation-Linked Bond ETF | 328,523 | 328,523 | 8.05 | 1.51 | 0 | 10.74 | 2.31 |
| FNB MidCap ETF | 2,332,108 | 2,332,108 | 22.48 | 4.23 | 0 | 20.64 | 4.45 |
| FNB Top40 ETF | 1,163,836 | 1,163,836 | 104.77 | 19.69 | 0 | 89.43 | 19.28 |
| NewGold | 0 | 0 | 0.00 | 0.00 | 0 | 1.10 | 0.24 |
| Exchange Traded Funds Total | 5,302,694 | 6,074,061 | 272.73 | 51.26 | 771,367 | 221.76 | 47.80 |
| European - Currency | 0 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 |
| United Kingdom - Currency | 0 | 0 | 5.35 | 1.01 | 0 | 0.29 | 0.06 |
| USA - Currency | 0 | 0 | 4.24 | 0.80 | 0 | 10.24 | 2.21 |
| For Currency Total | 0 | 0 | 9.60 | 1.80 | 0 | 10.54 | 2.27 |
| Foreign - Bonds | 0 | 0 | 9.66 | 1.81 | 0 | 6.42 | 1.38 |
| Foreign Invest Total | 0 | 0 | 9.66 | 1.81 | 0 | 6.42 | 1.38 |
| Mondi plc | 685 | 3,202 | 0.93 | 0.18 | 2,517 | 0.69 | 0.15 |
| The Bidvest Group Ltd. | 1,273 | 5,785 | 1.35 | 0.25 | 4,512 | 1.06 | 0.23 |
| General Industrials Total | 1,958 | 8,987 | 2.28 | 0.43 | 7,029 | 1.75 | 0.38 |
| Ashburton Core Plus Income Fund - Z | -27,155,359 | 0 | 0.00 | 0.00 | 27,155,359 | 27.35 | 5.89 |
| Ashburton GOVI Tracker - Z | 15,548,714 | 68,984,675 | 69.78 | 13.11 | 53,435,961 | 50.87 | 10.96 |
| Income Total | -11,606,645 | 68,984,675 | 69.78 | 13.11 | 80,591,320 | 78.21 | 16.86 |
| Anglo American plc | 477 | 5,511 | 2.90 | 0.54 | 5,034 | 2.59 | 0.56 |
| BHP Group Ltd. | 496 | 2,708 | 1.16 | 0.22 | 2,212 | 0.97 | 0.21 |
| Glencore plc | -7,467 | 0 | 0.00 | 0.00 | 7,467 | 0.50 | 0.11 |
| Industrial Metals and Mining Total | -6,494 | 8,219 | 4.05 | 0.76 | 14,713 | 4.07 | 0.88 |
| Reinet Investments SCA | 499 | 2,267 | 1.31 | 0.25 | 1,768 | 0.79 | 0.17 |
| Remgro Ltd. | 1,816 | 8,489 | 1.34 | 0.25 | 6,673 | 1.05 | 0.23 |
| Investment Banking and Brokerage Services Total | 2,315 | 10,756 | 2.65 | 0.50 | 8,441 | 1.84 | 0.40 |
| Discovery Ltd. | 2,052 | 9,148 | 1.96 | 0.37 | 7,096 | 1.42 | 0.31 |
| Old Mutual Ltd. | 12,946 | 70,067 | 0.85 | 0.16 | 57,121 | 0.68 | 0.15 |
| Sanlam Ltd. | 7,737 | 29,868 | 2.65 | 0.50 | 22,131 | 1.83 | 0.39 |
| Life Insurance Total | 22,735 | 109,083 | 5.46 | 1.03 | 86,348 | 3.93 | 0.85 |
| Ashburton Money Market - Z | -5,180,171 | 620,000 | 0.66 | 0.12 | 5,800,171 | 5.83 | 1.26 |
| Money Market Total | -5,180,171 | 620,000 | 0.66 | 0.12 | 5,800,171 | 5.83 | 1.26 |
| OUTsurance Group Ltd. | 3,335 | 14,554 | 1.14 | 0.21 | 11,219 | 0.78 | 0.17 |
| Non-life Insurance Total | 3,335 | 14,554 | 1.14 | 0.21 | 11,219 | 0.78 | 0.17 |
| iShares Core EURO STOXX 50 UCITS ETF | 3,249 | 3,249 | 13.64 | 2.56 | 0 | 0.00 | 0.00 |
| iShares Core MSCI World UCITS ETF | -1,762 | 14,529 | 30.36 | 5.71 | 16,291 | 31.35 | 6.76 |
| iShares Developed Markets Property Yield UCITS ETF | 1,541 | 10,831 | 4.57 | 0.86 | 9,290 | 3.97 | 0.86 |
| iShares Global Infrastructure UCITS ETF | -3,331 | 1,765 | 1.08 | 0.20 | 5,096 | 3.16 | 0.68 |
| Offshore Intern Total | -303 | 30,374 | 49.65 | 9.33 | 30,677 | 38.47 | 8.29 |
| Bid Corporation Ltd. | 1,292 | 5,717 | 2.67 | 0.50 | 4,425 | 1.94 | 0.42 |
| Clicks Group Ltd. | 872 | 4,036 | 1.50 | 0.28 | 3,164 | 1.07 | 0.23 |
| Shoprite Holdings Ltd. | 1,669 | 8,041 | 2.23 | 0.42 | 6,372 | 1.74 | 0.37 |
| Personal Care, Drug and Grocery Stores Total | 3,833 | 17,794 | 6.40 | 1.20 | 13,961 | 4.75 | 1.02 |
| Compagnie Financière Richemont SA | 146 | 815 | 2.71 | 0.51 | 669 | 2.12 | 0.46 |
| Personal Goods Total | 146 | 815 | 2.71 | 0.51 | 669 | 2.12 | 0.46 |
| Aspen Pharmacare Holdings Ltd. | 1,448 | 6,593 | 0.79 | 0.15 | 5,145 | 0.84 | 0.18 |
| Pharmaceuticals and Biotechnology Total | 1,448 | 6,593 | 0.79 | 0.15 | 5,145 | 0.84 | 0.18 |
| AngloGold Ashanti plc | 1,459 | 6,032 | 4.83 | 0.91 | 4,573 | 3.14 | 0.68 |
| Gold Fields Ltd. | 3,304 | 15,029 | 6.25 | 1.17 | 11,725 | 4.75 | 1.02 |
| Harmony Gold Mining Company Ltd. | 1,924 | 9,308 | 2.28 | 0.43 | 7,384 | 1.97 | 0.42 |
| Impala Platinum Holdings Ltd. | 2,622 | 13,323 | 2.12 | 0.40 | 10,701 | 1.35 | 0.29 |
| Northam Platinum Holdings Ltd. | 6,017 | 6,017 | 1.15 | 0.22 | 0 | 0.00 | 0.00 |
| Sibanye Stillwater Ltd. | 10,527 | 47,823 | 1.54 | 0.29 | 37,296 | 0.78 | 0.17 |
| Valterra Platinum Ltd. | 989 | 2,157 | 1.70 | 0.32 | 1,168 | 0.86 | 0.18 |
| Precious Metals and Mining Total | 26,842 | 99,689 | 19.88 | 3.74 | 72,847 | 12.84 | 2.77 |
| NEPI Rockcastle NV | 2,173 | 10,081 | 1.36 | 0.26 | 7,908 | 1.05 | 0.23 |
| Real Estate Investment and Services Total | 2,173 | 10,081 | 1.36 | 0.26 | 7,908 | 1.05 | 0.23 |
| Growthpoint Properties Ltd. | 12,674 | 57,426 | 0.77 | 0.14 | 44,752 | 0.58 | 0.12 |
| Real Estate Investment Trusts Total | 12,674 | 57,426 | 0.77 | 0.14 | 44,752 | 0.58 | 0.12 |
| Mr Price Group Ltd. | 957 | 4,300 | 0.95 | 0.18 | 3,343 | 0.74 | 0.16 |
| Pepkor Holdings Ltd. | 10,079 | 45,090 | 1.23 | 0.23 | 35,011 | 0.89 | 0.19 |
| Woolworths Holdings Ltd. | 3,365 | 15,323 | 0.79 | 0.15 | 11,958 | 0.61 | 0.13 |
| Retailers Total | 14,401 | 64,713 | 2.97 | 0.56 | 50,312 | 2.24 | 0.48 |
| Naspers Ltd. | 315 | 1,636 | 9.02 | 1.70 | 1,321 | 5.97 | 1.29 |
| Prosus NV | 544 | 2,909 | 2.88 | 0.54 | 2,365 | 1.99 | 0.43 |
| Software and Computer Services Total | 859 | 4,545 | 11.91 | 2.24 | 3,686 | 7.96 | 1.72 |
| MTN Group Ltd. | 6,764 | 30,780 | 4.34 | 0.81 | 24,016 | 2.96 | 0.64 |
| Vodacom Group Ltd. | 2,231 | 10,151 | 1.39 | 0.26 | 7,920 | 0.99 | 0.21 |
| Telecommunications Service Providers Total | 8,995 | 40,931 | 5.72 | 1.08 | 31,936 | 3.95 | 0.85 |
| British American Tobacco plc | 547 | 3,516 | 3.01 | 0.57 | 2,969 | 2.28 | 0.49 |
| Tobacco Total | 547 | 3,516 | 3.01 | 0.57 | 2,969 | 2.28 | 0.49 |
| Portfolio Total | -9,768,921 | 77,911,603 | 532.10 | 100.00 | 87,680,524 | 463.95 | 100.00 |