Holdings as of 12/31/20
| SECURITY DESCRIPTION | % OF TOTAL NET ASSETS |
|---|---|
| Capitec Bank Holdings Ltd. | 15.9% |
| Impala Platinum | 5.5% |
| Naspers Ltd. | 5.4% |
| Feder-GT OBL-I 7 | 4.2% |
| Anglo American Platinum Ltd. | 3.7% |
| Market Vectors Africa | 3.7% |
| Discovery Ltd. | 3.6% |
| Standard Bank Group - ADR | 3.5% |
| Gold Fields - ADR | 3.5% |
| Shoprite Holdings - ADR | 2.8% |
| Anglogold Ashanti - ADR | 2.6% |
| Global X MSCI Nigeria ETF | 2.4% |
| Bid Corp Ltd. | 2.2% |
| Clientele Ltd. | 2.0% |
| MTN Group Ltd. - ADR | 1.9% |
| Vodacom Group Ltd. | 1.9% |
| FirstRand Ltd. | 1.9% |
| Grindrod Ltd. | 1.8% |
| Commercial International Bank Egypt | 1.7% |
| Bidvest Group Ltd. | 1.7% |
| PSG Group Ltd. | 1.6% |
| Coronation Fund Managers | 1.6% |
| Integrated Diagnostics Holdings | 1.5% |
| Astral Foods Ltd. | 1.4% |
| MMI Holdings Ltd. | 1.4% |
| Mediclinic International, PLC | 1.4% |
| 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 ADR | 1.1% |
| Value Group Ltd. | 1.0% |
| Alexander Forbes Holdings | 1.0% |
| 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 Rand | 0.2% |
| Imperial Holdings Ltd. - ADR | 0.2% |
| Choppies Enterprises Ltd. | 0.2% |
| Pound Sterling | 0.0% |
| 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.