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Africa Fund (CAFRX) Investment Holdings

Holdings as of 12/31/20

Capitec Bank Holdings Ltd.15.9%
Impala Platinum5.5%
Naspers Ltd.5.4%
Feder-GT OBL-I 74.2%
Anglo American Platinum Ltd.3.7%
Market Vectors Africa3.7%
Discovery Ltd.3.6%
Standard Bank Group - ADR3.5%
Gold Fields - ADR3.5%
Shoprite Holdings - ADR2.8%
Anglogold Ashanti - ADR2.6%
Global X MSCI Nigeria ETF2.4%
Bid Corp Ltd.2.2%
Clientele Ltd.2.0%
MTN Group Ltd. - ADR1.9%
Vodacom Group Ltd.1.9%
FirstRand Ltd.1.9%
Grindrod Ltd.1.8%
Commercial International Bank Egypt1.7%
Bidvest Group Ltd.1.7%
PSG Group Ltd.1.6%
Coronation Fund Managers1.6%
Integrated Diagnostics Holdings1.5%
Astral Foods Ltd.1.4%
MMI Holdings Ltd.1.4%
Mediclinic International, PLC1.4%
Nedbank Group Ltd.1.3%
Mr Price Group Ltd.1.3%
Oceana Group Ltd.1.2%
Alviva Holdings Ltd.1.2%
MultiChoice Group Ltd.1.2%
Motus Holdings Ltd.1.2%
Exxaro Resources Ltd.1.1%
Sasol Ltd. - S&P ADR1.1%
Value Group Ltd.1.0%
Alexander Forbes Holdings1.0%
Barloworld Ltd.1.0%
Aspen Pharmacare Holdings Ltd.1.0%
Murray & Roberts Holdings Ltd.0.9%
Sappi Ltd.0.9%
Crookes Brothers Ltd.0.9%
Tiger Brands Ltd.0.8%
Wilson Bayly Holmes-Ovcon Ltd.0.7%
South African Rand0.2%
Imperial Holdings Ltd. - ADR0.2%
Choppies Enterprises Ltd.0.2%
Pound Sterling0.0%
Comair 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.

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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.