Portfolio Holdings: Africa Fund (CAFRX)
Portfolio Holdings as of 03/31/2013
| Security Description | % of Total Net Assets |
| Federated Govt Obligations Fund I | 18.1% |
| Market Vectors Africa ETF | 12.9% |
| iShares MSCI South Africa | 12.0% |
| Discovery Ltd | 3.9% |
| Grindrod Ltd | 3.9% |
| Capitec Bank Hldgs | 3.4% |
| Orascom Telecom SA | 3.2% |
| Sasol Ltd | 2.5% |
| MTN Goup Ltd | 2.3% |
| Nedbank Group Ltd | 2.1% |
| Astral Floods | 2.0% |
| Kasigo Media | 2.0% |
| Bidvest Group | 1.9% |
| Standard Bank Group Ltd | 1.9% |
| Steinhoff Intl Hldgs | 1.8% |
| Shoprite Hldgs Ltd | 1.8% |
| PSG Group Ltd | 1.8% |
| Firstrand Ltd | 1.7% |
| Invicta Hldgs | 1.7% |
| Anglo American Platinum Ltd | 1.7% |
| African Bank Inv | 1.7% |
| Tullow Oil PLC | 1.7% |
| Rainbow Chicken Ltd | 1.6% |
| Imperial Holdings Ltd | 1.4% |
| Orascom Constr Inds | 1.4% |
| SABMiller PLC | 1.3% |
| Barloworld Ltd | 1.3% |
| Wilson Bayly Holme | 1.3% |
| South African Rand | 1.3% |
| Pinnacle Tech Hldg | 1.2% |
| Rep of South Africa 8% 12/21/18 | 1.2% |
| Coronation Fund Managers | 1.1% |
| JD Group | 1.1% |
| Howden Africa Hldg | 1.0% |
| Agriterra Ltd | 0.5% |
* Holdings are subject to change since the date of this list. Quarter-end portfolio holding are shown here approximately 30 days after the end of each quarter.
Disclaimer: 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.
