Holdings as of 12/31/18
| SECURITY DESCRIPTION | % OF TOTAL NET ASSETS |
|---|---|
| Capitec Bank Holdings Ltd | 7.7% |
| Market Vectors Africa | 6.4% |
| Psg Group Ltd | 6.2% |
| Naspers Ltd | 4.9% |
| Standard Bank Group - Adr | 3.9% |
| Clientele Ltd | 3.7% |
| Discovery Ltd | 3.5% |
| Sasol Ltd-Sp Adr | 3.3% |
| Interwaste Holdings Ltd | 3.3% |
| Global X Msci Nigeria Etf | 3.2% |
| Comair Limited | 2.9% |
| Shoprite Holdings - Adr | 2.5% |
| Firstrand Ltd | 2.3% |
| Sappi Ltd | 2.2% |
| Bidvest Group Ltd | 2.1% |
| Bid Corp Ltd | 2.0% |
| Nedbank Group Ltd | 2.0% |
| Rcl Foods Ltd | 2.0% |
| Vodacom Group Ltd | 1.9% |
| Mr Price Group Ltd | 1.8% |
| Federated Govt Money Mkt Fund | 1.6% |
| Astral Foods Ltd | 1.6% |
| Mtn Group Ltd - Adr | 1.5% |
| Coronation Fund Managers | 1.5% |
| Mmi Holdings Ltd | 1.5% |
| Value Group Ltd | 1.4% |
| Mediclinic Int'L Plc | 1.4% |
| Anglogold As-Adr | 1.3% |
| Alexander Forbes Hldg | 1.2% |
| Gold Fields-Adr | 1.2% |
| Barloworld Ltd | 1.2% |
| Howden Africa Holdings | 1.1% |
| Zambeef Prodcts Plc | 1.1% |
| Grindrod Ltd | 1.0% |
| Anglo American Platinum | 1.0% |
| Aspen Pharmacare Hldg Ltd | 1.0% |
| Wilson Bayly Holmes-Ovcon | 1.0% |
| Adcorp Holdings Ltd | 0.9% |
| Tiger Brands Ltd | 0.9% |
| Alviva Holdings Ltd | 0.9% |
| Trencor Ltd | 0.8% |
| Pioneer Foods Group Ltd | 0.8% |
| Crookes Brothers Ltd | 0.8% |
| Combined Motor Holdings | 0.8% |
| Commercial Intl Egypt | 0.7% |
| Impala Platinum | 0.7% |
| Exxaro Resources Ltd | 0.7% |
| Motus Holdings | 0.5% |
| Imperial Holdings Ltd Adr | 0.4% |
| 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.