Holdings as of 03/31/20
| SECURITY DESCRIPTION | % OF TOTAL NET ASSETS |
|---|---|
| Capitec Bank Holdings Ltd. | 8.6% |
| Naspers Ltd. | 6.1% |
| Market Vectors Africa | 5.3% |
| PSG Group Ltd. | 4.6% |
| Feder-GT OBL-I 7 | 3.9% |
| Standard Bank Group - ADR | 3.7% |
| Clientele Ltd. | 3.4% |
| Shoprite Holdings - ADR | 3.4% |
| Anglogold Ashanti - ADR | 3.1% |
| Prosus N.V. | 3.0% |
| Gold Fields - ADR | 2.9% |
| Global X MSCI Nigeria ETF | 2.8% |
| Commercial International Bank Egypt | 2.7% |
| Impala Platinum | 2.7% |
| 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, PLC | 2.0% |
| MMI Holdings Ltd. | 1.9% |
| Integrated Diagnostics Holdings | 1.8% |
| MTN Group Ltd. - ADR | 1.6% |
| Coronation Fund Managers | 1.6% |
| Alexander Forbes Holdings | 1.5% |
| 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 Rand | 0.5% |
| Adcorp Holdings Ltd. | 0.4% |
| Sasol Ltd. - S&P ADR | 0.4% |
| Alviva Holdings Ltd. | 0.4% |
| Motus Holdings Ltd. | 0.2% |
| Imperial Holdings Ltd. - ADR | 0.2% |
| Murray & Roberts Holdings Ltd. | 0.2% |
| Choppies Enterprises Ltd. | 0.0% |
| Pound Sterling | 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.