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Africa Fund (CAFRX) Investment Holdings

Holdings as of 03/31/20

SECURITY DESCRIPTION% OF TOTAL NET ASSETS
Capitec Bank Holdings Ltd.8.6%
Naspers Ltd.6.1%
Market Vectors Africa5.3%
PSG Group Ltd.4.6%
Feder-GT OBL-I 73.9%
Standard Bank Group - ADR3.7%
Clientele Ltd.3.4%
Shoprite Holdings - ADR3.4%
Anglogold Ashanti - ADR3.1%
Prosus N.V.3.0%
Gold Fields - ADR2.9%
Global X MSCI Nigeria ETF2.8%
Commercial International Bank Egypt2.7%
Impala Platinum2.7%
Astral Foods Ltd.2.6%
Discovery Ltd.2.4%
Vodacom Group Ltd.2.4%
Bid Corp Ltd.2.3%
Bidvest Group Ltd.2.1%
Anglo American Platinum Ltd.2.1%
FirstRand Ltd.2.0%
Mediclinic International, PLC2.0%
MMI Holdings Ltd.1.9%
Integrated Diagnostics Holdings1.8%
MTN Group Ltd. - ADR1.6%
Coronation Fund Managers1.6%
Alexander Forbes Holdings1.5%
Value Group Ltd.1.3%
Crookes Brothers Ltd.1.2%
Mr Price Group Ltd.1.2%
Nedbank Group Ltd.1.1%
MultiChoice Group Ltd.1.0%
Oceana Group Ltd.1.0%
Exxaro Resources Ltd.1.0%
Aspen Pharmacare Holdings Ltd.1.0%
Barloworld Ltd.1.0%
Tiger Brands Ltd.0.9%
Comair Ltd.0.9%
Wilson Bayly Holmes-Ovcon Ltd.0.8%
Sappi Ltd.0.8%
Grindrod Ltd.0.7%
Combined Motor Holdings Ltd.0.7%
South African Rand0.5%
Adcorp Holdings Ltd.0.4%
Sasol Ltd. - S&P ADR0.4%
Alviva Holdings Ltd.0.4%
Motus Holdings Ltd.0.2%
Imperial Holdings Ltd. - ADR0.2%
Murray & Roberts Holdings Ltd.0.2%
Choppies Enterprises Ltd.0.0%
Pound Sterling0.0%

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.

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The Commonwealth Funds are distributed by Ultimus Fund Distributors, LLC. The Commonwealth Funds investment advisor is FCA Corp, a U.S. Registered Investment Advisor and Financial Planning firm established in 1975.

You should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing. For a prospectus that contains this and other information about the Fund, call 888.345.1898 or visit our website at commonwealthfunds.com. Please read the prospectus carefully before investing. The Commonwealth Funds are distributed by Ultimus Fund Distributors, LLC.

Investing involves risk, including loss of principal. Investments in international markets present special risks, including currency fluctuation, the potential for diplomatic and political instability, regulatory and liquidity risks, foreign taxation, and differences in auditing and other financial standards. Risks of foreign investing are generally intensified for investments in emerging markets. There is no guarantee that this, or any, investing strategy will achieve its objectives. Diversification does not ensure a profit or guarantee against loss.