Holdings as of 09/30/18
| SECURITY DESCRIPTION | % OF TOTAL NET ASSETS |
|---|---|
| Federated Govt Money Mkt Fund | 8.1% |
| Capitec Bank Holdings Ltd | 7.0% |
| Market Vectors Africa | 6.7% |
| Psg Group Ltd | 5.7% |
| Naspers Ltd | 5.1% |
| Sasol Ltd-Sp Adr | 4.2% |
| Clientele Ltd | 4.1% |
| Discovery Ltd | 3.7% |
| Global X Msci Nigeria Etf | 3.4% |
| Shoprite Holdings - Adr | 2.5% |
| Astral Foods Ltd | 2.4% |
| Firstrand Ltd | 2.3% |
| Interwaste Holdings Ltd | 2.3% |
| Rcl Foods Ltd | 2.3% |
| Bid Corp Ltd | 2.2% |
| Standard Bank Group - Adr | 2.0% |
| Nedbank Group Ltd | 1.9% |
| Bidvest Group Ltd | 1.8% |
| Mediclinic Int'L Plc | 1.8% |
| Vodacom Group Ltd | 1.8% |
| Comair Limited | 1.8% |
| Mmi Holdings Ltd | 1.5% |
| Mtn Group Ltd - Adr | 1.5% |
| Barloworld Ltd | 1.3% |
| Alexander Forbes Hldg | 1.2% |
| Zambeef Prodcts Plc | 1.1% |
| Wilson Bayly Holmes-Ovcon | 1.1% |
| Sappi Ltd | 1.1% |
| Value Group Ltd | 1.0% |
| Imperial Holdings Ltd Adr | 1.0% |
| Howden Africa Holdings | 0.9% |
| Combined Motor Holdings | 0.9% |
| Alviva Holdings Ltd | 0.9% |
| Tiger Brands Ltd | 0.9% |
| Anglo American Platinum | 0.9% |
| Pioneer Foods Group Ltd | 0.9% |
| Anglogold As-Adr | 0.9% |
| Coronation Fund Managers | 0.8% |
| Gold Fields-Adr | 0.8% |
| Trencor Ltd | 0.8% |
| Adcorp Holdings Ltd | 0.8% |
| Commercial Intl Egypt | 0.8% |
| Crookes Brothers Ltd | 0.8% |
| Exxaro Resources Ltd | 0.7% |
| Grindrod Ltd | 0.7% |
| Mr Price Group Ltd | 0.5% |
| Impala Platinum | 0.5% |
| Sagb 8% 12/21/18 | 0.5% |
| Aspen Pharmacare Hldg Ltd | 0.4% |
| Woolworths Hldg Ltd | 0.4% |
| Murray & Roberts Holdings | 0.4% |
| Invicta Holdings Ltd | 0.3% |
| South African Rand | 0.2% |
| Grindrod Shipping | 0.2% |
| Choppies Enterprises Ltd | 0.2% |
| Pound Sterling | 0.1% |
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.