Holdings as of 03/31/19
| SECURITY DESCRIPTION | % OF TOTAL NET ASSETS |
|---|---|
| Capitec Bank Holdings Ltd | 9.5% |
| Psg Group Ltd | 6.7% |
| Naspers Ltd | 5.7% |
| Market Vectors Africa | 5.2% |
| Standard Bank Group - Adr | 4.1% |
| Federated Govt Money Mkt Fund | 3.6% |
| Sasol Ltd-Sp Adr | 3.5% |
| Clientele Ltd | 3.5% |
| Global X Msci Nigeria Etf | 3.3% |
| Discovery Ltd | 3.0% |
| Comair Limited | 2.6% |
| Bid Corp Ltd | 2.3% |
| Firstrand Ltd | 2.2% |
| Shoprite Holdings - Adr | 2.1% |
| Bidvest Group Ltd | 2.0% |
| Rcl Foods Ltd | 1.9% |
| Nedbank Group Ltd | 1.9% |
| Sappi Ltd | 1.8% |
| Astral Foods Ltd | 1.7% |
| Vodacom Group Ltd | 1.6% |
| Coronation Fund Managers | 1.6% |
| Mtn Group Ltd - Adr | 1.5% |
| Anglo American Platinum | 1.5% |
| Mmi Holdings Ltd | 1.4% |
| Mr Price Group Ltd | 1.4% |
| Anglogold As-Adr | 1.4% |
| Mediclinic Int'L Plc | 1.3% |
| Barloworld Ltd | 1.3% |
| Gold Fields-Adr | 1.3% |
| Grindrod Ltd | 1.3% |
| Value Group Ltd | 1.2% |
| Alexander Forbes Hldg | 1.2% |
| Exxaro Resources Ltd | 1.2% |
| Impala Platinum | 1.2% |
| Commercial Intl Egypt | 1.1% |
| Crookes Brothers Ltd | 1.0% |
| Multichoice Group Ltd | 1.0% |
| Adcorp Holdings Ltd | 0.9% |
| Zambeef Prodcts Plc | 0.9% |
| Tiger Brands Ltd | 0.9% |
| Alviva Holdings Ltd | 0.9% |
| Wilson Bayly Holmes-Ovcon | 0.8% |
| Pioneer Foods Group Ltd | 0.8% |
| Trencor Ltd | 0.8% |
| Combined Motor Holdings | 0.8% |
| Aspen Pharmacare Hldg Ltd | 0.7% |
| Motus Holdings | 0.5% |
| Imperial Holdings Ltd Adr | 0.3% |
| Murray & Roberts Holdings | 0.3% |
| Pound Sterling | 0.1% |
| South African Rand | 0.0% |
| 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.