Holdings as of 06/30/19
| SECURITY DESCRIPTION | % OF TOTAL NET ASSETS |
|---|---|
| Capitec Bank Holdings Ltd | 9.3% |
| Psg Group Ltd | 6.2% |
| Naspers Ltd | 6.0% |
| Market Vectors Africa | 5.3% |
| Standard Bank Group - Adr | 4.3% |
| Clientele Ltd | 3.4% |
| Discovery Ltd | 3.4% |
| Shoprite Holdings - Adr | 3.1% |
| Global X Msci Nigeria Etf | 3.0% |
| Sasol Ltd-Sp Adr | 2.8% |
| Firstrand Ltd | 2.5% |
| Bid Corp Ltd | 2.4% |
| Comair Limited | 2.2% |
| Bidvest Group Ltd | 2.0% |
| Gold Fields-Adr | 1.9% |
| Nedbank Group Ltd | 1.9% |
| Anglogold As-Adr | 1.9% |
| Mtn Group Ltd - Adr | 1.9% |
| Vodacom Group Ltd | 1.8% |
| Anglo American Platinum | 1.7% |
| Mmi Holdings Ltd | 1.7% |
| Coronation Fund Managers | 1.6% |
| Astral Foods Ltd | 1.6% |
| Integrated Diagnostics Ho | 1.5% |
| Sappi Ltd | 1.5% |
| Mr Price Group Ltd | 1.5% |
| Alexander Forbes Hldg | 1.4% |
| Impala Platinum | 1.4% |
| Barloworld Ltd | 1.4% |
| Mediclinic Int'L Plc | 1.3% |
| Exxaro Resources Ltd | 1.3% |
| Value Group Ltd | 1.3% |
| Commercial Intl Egypt | 1.2% |
| Adcorp Holdings Ltd | 1.2% |
| Multichoice Group Ltd | 1.2% |
| Grindrod Ltd | 1.1% |
| Oceana Group Ltd | 0.9% |
| South African Rand | 0.9% |
| Crookes Brothers Ltd | 0.9% |
| Alviva Holdings Ltd | 0.8% |
| Wilson Bayly Holmes-Ovcon | 0.8% |
| Combined Motor Holdings | 0.8% |
| Tiger Brands Ltd | 0.8% |
| Aspen Pharmacare Hldg Ltd | 0.8% |
| Pioneer Foods Group Ltd | 0.7% |
| Zambeef Prodcts Plc | 0.7% |
| Trencor Ltd | 0.7% |
| Feder-Gt Obl-I 7 | 0.6% |
| Motus Holdings | 0.4% |
| Murray & Roberts Holdings | 0.3% |
| Imperial Holdings Ltd Adr | 0.3% |
| Pound Sterling | 0.1% |
| Choppies Enterprises Ltd | 0.0% |
Portfolio holdings will change due to ongoing management of the Fund. Reference to specific securities or sectors should not be construed as recommendations by the Fund, the Advisor, or the Distributor.