Holdings as of 06/30/20
| SECURITY DESCRIPTION | % OF TOTAL NET ASSETS |
|---|---|
| Capitec Bank Holdings Ltd. | 7.3% |
| Naspers Ltd. | 6.7% |
| PSG Group Ltd. | 4.9% |
| Gold Fields - ADR | 4.9% |
| Anglogold Ashanti - ADR | 4.6% |
| Market Vectors Africa | 4.1% |
| Impala Platinum | 3.7% |
| Prosus N.V. | 3.4% |
| Standard Bank Group - ADR | 3.4% |
| Anglo American Platinum Ltd. | 3.0% |
| Feder-GT OBL-I 7 | 2.8% |
| Discovery Ltd. | 2.8% |
| Bid Corp Ltd. | 2.7% |
| Global X MSCI Nigeria ETF | 2.7% |
| Shoprite Holdings - ADR | 2.5% |
| Commercial International Bank Egypt | 2.5% |
| Clientele Ltd. | 2.4% |
| Vodacom Group Ltd. | 2.2% |
| MTN Group Ltd. - ADR | 2.0% |
| MMI Holdings Ltd. | 1.8% |
| Bidvest Group Ltd. | 1.8% |
| Astral Foods Ltd. | 1.7% |
| Coronation Fund Managers | 1.7% |
| Integrated Diagnostics Holdings | 1.7% |
| FirstRand Ltd. | 1.6% |
| Mediclinic International, PLC | 1.6% |
| Alexander Forbes Holdings | 1.4% |
| Aspen Pharmacare Holdings Ltd. | 1.3% |
| Mr Price Group Ltd. | 1.3% |
| Sasol Ltd. - S&P ADR | 1.3% |
| Nedbank Group Ltd. | 1.2% |
| Value Group Ltd. | 1.2% |
| Exxaro Resources Ltd. | 1.2% |
| Oceana Group Ltd. | 1.1% |
| Crookes Brothers Ltd. | 1.1% |
| MultiChoice Group Ltd. | 1.1% |
| Wilson Bayly Holmes-Ovcon Ltd. | 0.9% |
| Sappi Ltd. | 0.9% |
| Barloworld Ltd. | 0.9% |
| Tiger Brands Ltd. | 0.7% |
| Grindrod Ltd. | 0.6% |
| Comair Ltd. | 0.6% |
| Combined Motor Holdings Ltd. | 0.6% |
| South African Rand | 0.4% |
| Alviva Holdings Ltd. | 0.4% |
| Imperial Holdings Ltd. - ADR | 0.3% |
| Adcorp Holdings Ltd. | 0.2% |
| Motus Holdings Ltd. | 0.2% |
| Murray & Roberts Holdings Ltd. | 0.1% |
| 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.