Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(
96.10%
)
Shares
Fair
Value
Australia
(
33.71%
)
Biotech
(
3.59%
)
CSL
Ltd.
2,500
$
527,888
Building
Construction
(
1.15%
)
Lendlease
Group
27,696
169,124
Containers
&
Packaging
(
2.56%
)
Brambles
Ltd.
44,265
376,419
Environmental
&
Facilities
Services
(
1.62%
)
Cleanaway
Waste
Management
Ltd.
123,329
238,974
Food
&
Drug
Stores
(
3.92%
)
Coles
Group
Ltd.
45,930
577,704
Gas
Utilities
(
2.03%
)
APA
Group
40,000
299,363
Health
Care
Facilities
(
1.20%
)
Ramsay
Health
Care
Ltd.
3,750
177,206
Health
Care
Services
(
4.01%
)
Sonic
Healthcare
Ltd.
26,382
590,906
Integrated
Electric
Utilities
(
2.37%
)
Origin
Energy
Ltd.
65,776
349,250
Internet
Media
&
Services
(
1.89%
)
Webjet
Ltd.
(a)
57,000
277,812
IT
Services
(
0.19%
)
Appen
Ltd.
15,000
27,424
Logistics
Services
(
2.27%
)
Qube
Holdings
Ltd.
153,645
334,105
Medical
Devices
(
2.05%
)
Cochlear
Ltd.
2,000
302,160
Retail
REITs
(
0.81%
)
Scentre
Group
Ltd.
55,000
119,342
Steel
Producers
(
1.18%
)
Vulcan
Steel
Ltd.
27,000
173,036
Wireless
Telecommunications
(
2.87%
)
Telstra
Corp.
Ltd.
145,957
421,852
Total
Australia
4,962,565
New
Zealand
(
62.39%
)
Alcoholic
Beverages
(
0.95%
)
Delegat
Group
Ltd.
21,456
140,210
Building
Materials
(
0.45%
)
Fletcher
Building
Ltd.
20,000
65,847
Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(96.10%)
-
(continued)
Shares
Fair
Value
New
Zealand
(
62.39%)
Courier
Services
(
4.33%
)
Freightways
Ltd.
103,540
$
637,858
Flow
Control
Equipment
(
3.52%
)
Skellerup
Holdings
Ltd.
150,000
517,973
Food
&
Drug
Stores
(
1.12%
)
Green
Cross
Health
Ltd.
181,796
164,456
Health
Care
Facilities
(
2.65%
)
Oceania
Healthcare
Ltd.
450,000
259,769
Summerset
Group
Holdings
Ltd.
20,601
130,442
390,211
Health
Care
Supply
Chain
(
0.77%
)
AFT
Pharmaceuticals
Ltd.
(a)
46,000
113,253
Home
Products
Stores
(
3.81%
)
Briscoe
Group
Ltd.
183,520
561,053
Life
Science
&
Diagnostics
(
1.76%
)
Pacific
Edge
Ltd.
(a)
800,000
258,552
Lodging
(
2.83%
)
Millennium
&
Copthorne
Hotels
New
Zealand
Ltd.
300,000
416,401
Logistics
Services
(
6.29%
)
Mainfreight
Ltd.
20,000
925,537
Measurement
Instruments
(
3.58%
)
ikeGPS
Group
Ltd.
(a)
831,366
526,738
Medical
Devices
(
0.83%
)
Aroa
Biosurgery
Ltd.
(a)
145,000
122,630
Multi
Asset
Class
Owners
&
Developers
(
2.02%
)
Marsden
Maritime
Holdings
Ltd.
81,425
298,064
Other
Specialty
Retail
-
Discretionary
(
0.24%
)
Comvita
Ltd.
15,694
35,037
P&C
Insurance
(
0.88%
)
Tower
Ltd.
300,000
129,049
Packaged
Food
(
1.09%
)
Sanford
Ltd.
60,000
161,072
Power
Generation
(
8.17%
)
Infratil
Ltd.
208,975
1,202,868
Real
Estate
Services
(
1.58%
)
Arvida
Group
Ltd.
309,925
232,763
Transport
Operations
&
Services
(
15.52%
)
Port
of
Tauranga
Ltd.
55,000
223,465
Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(96.10%)
-
(continued)
Shares
Fair
Value
New
Zealand
(
62.39%)
Transport
Operations
&
Services
(15.52%)
-
continued
South
Port
New
Zealand
Ltd.
376,010
$
2,059,357
2,282,822
Total
New
Zealand
9,182,394
Total
Common
Stocks
(Cost $7,977,115)
14,144,959
MONEY
MARKET
FUNDS
(
0.36%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
4.15%
(b)
53,526
53,526
Total
Money
Market
Funds
(Cost
$53,526)
53,526
Total
Investments
—
(96.46%)
(Cost
$8,030,641)
14,198,485
Other
Assets
in
Excess
of
Liabilities (3.54%)
521,200
NET
ASSETS
—
100.00%
$
14,719,685
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2023.
REIT
-
Real
Estate
Investment
Trust
Africa
Fund
Schedule
of
Investments
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(
92.77%
)
Shares
Fair
Value
Egypt
(
1.75%
)
Banks
(
1.19%
)
Commercial
International
Bank
Egypt
SAE
-
GDR
24,571
$
39,848
Other
Commercial
Support
Services
(
0.56%
)
Integrated
Diagnostics
Holdings
PLC
34,800
18,887
Total
Egypt
58,735
South
Africa
(
87.87%
)
Agricultural
Producers
(
4.51%
)
Astral
Foods
Ltd.
7,000
64,887
Crookes
Brothers
Ltd.
(a)
10,000
20,636
Oceana
Group
Ltd.
16,562
65,649
151,172
Automotive
Retailers
(
6.53%
)
Barloworld
Ltd.
7,900
40,854
Bidvest
Group
Ltd.
7,067
91,290
Motus
Holdings
Ltd.
11,400
80,792
Zeda
Ltd.
(a)
7,900
6,040
218,976
Banks
(
16.25%
)
Capitec
Bank
Holdings
Ltd.
3,000
309,948
FirstRand
Ltd.
17,700
65,785
Nedbank
Group
Ltd.
5,100
66,119
Standard
Bank
Group
Ltd.
-
ADR
10,200
102,714
544,566
Basic
&
Diversified
Chemicals
(
1.75%
)
Sasol
Ltd.
-
ADR
3,200
58,624
Building
Construction
(
1.68%
)
Wilson
Bayly
Holmes-Ovcon
Ltd.
(a)
9,900
56,186
Cable
&
Satellite
(
1.38%
)
MultiChoice
Group
Ltd.
6,700
46,272
Coal
Mining
(
1.39%
)
Exxaro
Resources
Ltd.
3,700
46,448
Food
&
Beverage
Wholesalers
(
2.88%
)
Bid
Corp.
Ltd.
4,667
96,377
Food
&
Drug
Stores
(
3.69%
)
Shoprite
Holdings
Ltd.
-
ADR
9,000
123,750
Home
&
Office
Product
Wholesalers
(
2.91%
)
Alviva
Holdings
Ltd.
61,200
97,464
Infrastructure
Construction
(
0.38%
)
Murray
&
Roberts
Holdings
Ltd.
(a)
82,000
12,780
Institutional
Brokerage
(
1.17%
)
Coronation
Fund
Managers
Ltd.
19,500
39,276
Africa
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(92.77%)
-
(continued)
Shares
Fair
Value
South
Africa
(
87.87%)
Internet
Media
&
Services
(
6.00%
)
Naspers
Ltd.,
N
Shares
1,040
$
201,130
Life
&
Health
Insurance
(
2.02%
)
Momentum
Metropolitan
Holdings
62,000
67,650
Life
Insurance
(
4.29%
)
Clientele
Ltd.
90,000
53,788
Discovery
Ltd.
(a)
11,300
89,908
143,696
Marine
Shipping
(
2.86%
)
Grindrod
Ltd.
160,000
96,009
Paper
&
Pulp
Mills
(
1.68%
)
Sappi
Ltd.
19,000
56,337
Precious
Metals
(
13.30%
)
Anglo
American
Platinum
Ltd.
1,100
81,832
AngloGold
Ashanti
Ltd.
-
ADR
3,000
63,060
Gold
Fields
Ltd.
-
ADR
8,700
99,528
Impala
Platinum
Holdings
Ltd.
12,500
144,989
Sibanye
Stillwater
Ltd.
21,200
56,053
445,462
Renewable
Energy
Project
Developers
(
1.27%
)
Renergen
Ltd.
(a)
28,000
42,716
Self-Storage
Owners
&
Developers
(
1.62%
)
Stor-Age
Property
REIT
Ltd.
70,000
54,362
Specialty
&
Generic
Pharmaceuticals
(
1.09%
)
Aspen
Pharmacare
Holdings
Ltd.
4,200
36,654
Specialty
Apparel
Stores
(
1.50%
)
Mr.
Price
Group
Ltd.
5,300
50,170
Wealth
Management
(
2.62%
)
Alexander
Forbes
Group
Holdings
Ltd.
170,000
48,100
PSG
Konsult
Ltd.
53,882
39,622
87,722
Wireless
Telecommunications
(
5.10%
)
MTN
Group
Ltd.
-
ADR
12,500
106,250
Vodacom
Group
Ltd.
9,200
64,675
170,925
Total
South
Africa
2,944,724
United
Kingdom
(
3.15%
)
Health
Care
Facilities
(
1.74%
)
Mediclinic
International
Ltd.
9,562
58,502
Precious
Metals
(
1.41%
)
Endeavour
Mining
PLC
2,000
47,110
Total
United
Kingdom
105,612
Africa
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(92.77%)
-
(continued)
Shares
Fair
Value
Total
Common
Stocks
(Cost $3,074,746)
$
3,109,071
EXCHANGE-TRADED
FUNDS
(
2.97%
)
Shares
Fair
Value
Global
X
MSCI
Nigeria
ETF
11,100
99,623
Total
Exchange-Traded
Funds
(Cost $169,505)
99,623
SOVEREIGN
BONDS
(
2.64%
)
Principal
Amount
South
Africa
(2.64%)
Republic
of
South
Africa
Government
Bond,
6.25%,
3/8/2041
$
100,000
88,638
Total
Sovereign
Bonds
(Cost $90,355)
88,638
MONEY
MARKET
FUNDS
(
0.95%
)
Shares
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
4.15%
(b)
32,002
32,002
Total
Money
Market
Funds
(Cost
$32,002)
32,002
Total
Investments
—
(99.33%)
(Cost
$3,366,608)
3,329,334
Other
Assets
in
Excess
of
Liabilities (0.67%)
22,295
NET
ASSETS
—
100.00%
$
3,351,629
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2023.
ADR
-
American
Depositary
Receipt
ETF
-
Exchange-Traded
Fund
GDR
-
Global
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust
Commonwealth
Japan
Fund
Schedule
of
Investments
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(
97.53%
)
Shares
Fair
Value
Japan
(
96.46%
)
Advertising
&
Marketing
(
0.97%
)
Direct
Marketing
MiX,
Inc.
4,200
$
53,426
Alcoholic
Beverages
(
1.96%
)
Kirin
Holdings
Co.
Ltd.
7,000
107,890
Auto
Parts
(
2.53%
)
Bridgestone
Corp.
-
ADR
4,000
74,480
DENSO
Corp.
1,200
64,820
139,300
Automobiles
(
1.60%
)
Toyota
Motor
Corp.
-
ADR
600
88,266
Automotive
Wholesalers
(
1.54%
)
Toyota
Tsusho
Corp.
2,000
84,702
Basic
&
Diversified
Chemicals
(
2.11%
)
Mitsubishi
Gas
Chemical
Co.,
Inc.
8,000
116,925
Building
Construction
(
2.87%
)
Kajima
Corp.
12,850
157,847
Building
Maintenance
Services
(
1.46%
)
Taihei
Dengyo
Kaisha
Ltd.
3,000
80,397
Commercial
&
Residential
Building
Equipment
&
Systems
(
3.15%
)
Daikin
Industries
Ltd.
1,000
173,731
Commercial
Finance
(
4.45%
)
Kyushu
Leasing
Service
Co.
Ltd.
13,000
78,070
ORIX
Corp.
9,500
167,073
245,143
Consumer
Electronics
(
1.95%
)
Sony
Group
Corp.
-
ADR
1,200
107,352
Courier
Services
(
2.23%
)
Yamato
Holdings
Co.
Ltd.
7,000
122,504
Diversified
Industrials
(
2.38%
)
Hitachi
Ltd.
2,500
131,133
Electrical
Power
Equipment
(
2.05%
)
Meidensha
Corp.
7,600
112,925
Electronics
Components
(
4.60%
)
Murata
Manufacturing
Co.
Ltd.
1,000
57,152
Nidec
Corp.
1,700
94,232
Taiyo
Yuden
Co.
Ltd.
3,000
101,918
253,302
Factory
Automation
Equipment
(
1.92%
)
FANUC
Corp.
600
106,036
Commonwealth
Japan
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(97.53%)
-
(continued)
Shares
Fair
Value
Japan
(
96.46%)
Food
&
Beverage
Wholesalers
(
1.06%
)
Yamae
Group
Holdings
Co.
Ltd.
5,200
$
58,163
Food
&
Drug
Stores
(
1.99%
)
Sugi
Holdings
Company
Ltd.
2,500
109,293
Health
Care
Supplies
(
4.39%
)
Hoya
Corp.
2,200
241,988
Home
Products
Stores
(
2.88%
)
Nitori
Holdings
Co.
Ltd.
1,200
158,860
Infrastructure
Construction
(
1.11%
)
Takada
Corp.
6,000
61,317
Integrated
Electric
Utilities
(
1.31%
)
Kansai
Electric
Power
Co,
Inc.
(The)
7,500
72,143
IT
Services
(
2.76%
)
INES
Corp.
5,000
53,318
Otsuka
Corp.
3,000
98,719
152,037
Life
Insurance
(
6.31%
)
Dai-ichi
Life
Insurance
Co.
Ltd.
8,000
187,741
T&D
Holdings,
Inc.
10,000
160,096
347,837
Logistics
Services
(
1.59%
)
Nippon
Express
Holdings
Co.
Ltd.
1,500
87,067
Mass
Merchants
(
1.49%
)
Aeon
Kyushu
Co.
Ltd.
4,500
82,134
Medical
Devices
(
9.07%
)
Asahi
Intecc
Co.
Ltd.
16,000
280,766
Terumo
Corp.
7,500
218,373
499,139
Multi
Asset
Class
Owners
&
Developers
(
3.71%
)
Mitsui
Fudosan
Co.
Ltd.
3,000
56,243
Sumitomo
Realty
&
Development
Co.
Ltd.
4,000
97,528
Tokyu
Fudosan
Holdings
Corp.
10,000
50,753
204,524
P&C
Insurance
(
1.80%
)
Sompo
Holdings,
Inc.
2,300
99,033
Personal
Care
Products
(
5.62%
)
Kao
Corp.
2,000
80,860
Unicharm
Corp.
6,000
228,922
309,782
Specialty
Apparel
Stores
(
2.21%
)
Fast
Retailing
Co.
Ltd.
200
121,497
Specialty
Chemicals
(
2.84%
)
JSR
Corp.
3,000
67,514
Commonwealth
Japan
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(97.53%)
-
(continued)
Shares
Fair
Value
Japan
(
96.46%)
Specialty
Chemicals
(2.84%)
-
continued
Shin-Etsu
Chemical
Co.
Ltd.
600
$
88,472
155,986
Transit
Services
(
7.42%
)
Daiichi
Koutsu
Sangyo
Co.
Ltd.
7,200
42,649
East
Japan
Railway
Co.
1,500
83,655
Hankyu
Hanshin
Holdings,
Inc.
4,400
130,806
Keikyu
Corp.
6,500
67,371
Tobu
Railway
Co.
Ltd.
3,600
84,485
408,966
Wireless
Telecommunications
(
1.13%
)
KDDI
Corp.
2,000
62,500
United
States
(
1.07%
)
Life
Insurance
(
1.07%
)
Aflac,
Inc.
800
58,800
Total
Common
Stocks
(Cost $3,750,596)
5,371,945
MONEY
MARKET
FUNDS
(
8.03%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
4.15%
(a)
442,597
442,597
Total
Money
Market
Funds
(Cost
$442,597)
442,597
Total
Investments
—
(105.56%)
(Cost
$4,193,193)
5,814,542
Liabilities
in
Excess
of
Other
Assets (-5.56%)
(306,130)
NET
ASSETS
—
100.00%
$
5,508,412
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2023.
ADR
-
American
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust
Commonwealth
Global
Fund
Schedule
of
Investments
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(
99.85%
)
Shares
Fair
Value
Denmark
(
1.71%
)
Large
Pharmaceuticals
(
1.71%
)
Novo
Nordisk
A/S
-
ADR
2,000
$
277,560
France
(
1.95%
)
Basic
&
Diversified
Chemicals
(
1.95%
)
Arkema
SA
-
ADR
3,130
316,193
Germany
(
3.38%
)
Diversified
Industrials
(
3.38%
)
Siemens
AG
-
ADR
7,000
546,560
India
(
3.33%
)
Banks
(
3.33%
)
HDFC
Bank
Ltd.
-
ADR
8,000
538,880
Ireland
(
1.11%
)
Airlines
(
0.55%
)
Ryanair
Holdings
PLC
-
ADR
(a)
1,000
90,530
Building
Materials
(
0.56%
)
James
Hardie
Industries
PLC
-
ADR
4,000
89,880
Total
Ireland
180,410
Israel
(
3.46%
)
Application
Software
(
3.46%
)
NICE
Ltd.
-
ADR
(a)
2,700
560,061
Japan
(
4.55%
)
Consumer
Electronics
(
2.76%
)
Sony
Group
Corp.
-
ADR
5,000
447,300
Electronics
Components
(
1.79%
)
Nidec
Corp.
-
ADR
21,000
288,960
Total
Japan
736,260
Mexico
(
1.32%
)
Infrastructure
Construction
(
0.03%
)
Sitios
Latinoamerica
S.A.B.
de
C.V.
(a)
10,000
4,604
Wireless
Telecommunications
(
1.29%
)
Américan
Móvil
S.A.B.
de
C.V.,
Class
L
-
ADR
10,000
209,300
Total
Mexico
213,904
Norway
(
2.17%
)
P&C
Insurance
(
2.17%
)
Gjensidige
Forsikring
ASA
-
ADR
20,000
351,800
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(99.85%)
-
(continued)
Shares
Fair
Value
Panama
(
1.71%
)
Airlines
(
1.71%
)
Copa
Holdings,
SA,
Class
A
(a)
3,000
$
276,240
South
Africa
(
2.04%
)
Food
&
Drug
Stores
(
2.04%
)
Shoprite
Holdings
Ltd.
-
ADR
24,000
330,000
Switzerland
(
6.50%
)
Large
Pharmaceuticals
(
2.90%
)
Roche
Holding
AG
-
ADR
12,000
469,800
Packaged
Food
(
3.60%
)
Nestlé
SA
-
ADR
4,750
580,521
Total
Switzerland
1,050,321
Taiwan
Province
of
China
(
1.15%
)
Semiconductor
Manufacturing
(
1.15%
)
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
2,000
185,460
United
Kingdom
(
11.53%
)
Alcoholic
Beverages
(
3.06%
)
Diageo
PLC
-
ADR
2,800
495,180
Integrated
Oils
(
0.85%
)
BP
PLC
-
ADR
3,800
137,674
Large
Pharmaceuticals
(
3.23%
)
AstraZeneca
PLC
-
ADR
8,000
522,960
Personal
Care
Products
(
2.64%
)
Haleon
PLC
-
ADR
(a)
8,500
68,850
Unilever
PLC
-
ADR
7,000
357,700
426,550
Publishing
(
1.75%
)
Pearson
PLC
-
ADR
25,000
282,500
Total
United
Kingdom
1,864,864
United
States
(
53.94%
)
Aerospace
&
Defense
(
0.74%
)
Raytheon
Technologies
Corp.
1,200
119,820
Agricultural
Chemicals
(
0.52%
)
CF
Industries
Holdings,
Inc.
1,000
84,700
Auto
Parts
(
3.23%
)
Miller
Industries,
Inc.
18,000
522,180
Automotive
Retailers
(
5.15%
)
Group
1
Automotive,
Inc.
3,900
834,015
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(99.85%)
-
(continued)
Shares
Fair
Value
United
States
(
53.94%)
Communications
Equipment
(
4.36%
)
Apple,
Inc.
4,900
$
707,021
Computer
Hardware
&
Storage
(
3.27%
)
NetApp,
Inc.
8,000
529,840
Construction
&
Mining
Machinery
(
1.87%
)
Caterpillar,
Inc.
1,200
302,748
Containers
&
Packaging
(
1.94%
)
Amcor
PLC
26,000
313,560
Courier
Services
(
0.90%
)
FedEx
Corp.
750
145,395
Diversified
Banks
(
1.82%
)
JPMorgan
Chase
&
Co.
2,100
293,916
Film
&
TV
(
2.01%
)
Walt
Disney
Co.
(The)
(a)
3,000
325,470
Health
Care
Supplies
(
0.71%
)
ResMed,
Inc.
500
114,185
Household
Products
(
2.73%
)
Procter
&
Gamble
Co.
(The)
3,100
441,378
Infrastructure
Software
(
2.30%
)
Microsoft
Corp.
1,500
371,715
Integrated
Oil
&
Gas
(
3.76%
)
Chevron
Corp.
3,500
609,070
Life
Science
&
Diagnostics
(
4.75%
)
Thermo
Fisher
Scientific,
Inc.
1,350
769,946
Medical
Equipment
(
1.13%
)
Dentsply
Sirona,
Inc.
5,000
184,150
Oil
&
Gas
Equipment
&
Services
(
0.95%
)
Schlumberger
Ltd.
2,700
153,846
Oilfield
Services
&
Equipment
(
0.50%
)
Natural
Gas
Services
Group,
Inc.
(a)
7,000
80,150
Online
Marketplace
(
0.96%
)
Amazon.com,
Inc.
(a)
1,500
154,695
Rail
Freight
(
3.64%
)
Norfolk
Southern
Corp.
2,400
589,944
Semiconductor
Devices
(
2.44%
)
Skyworks
Solutions,
Inc.
3,600
394,812
Video
Games
(
1.59%
)
Electronic
Arts,
Inc.
2,000
257,360
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(99.85%)
-
(continued)
Shares
Fair
Value
United
States
(
53.94%)
Waste
Management
(
0.77%
)
Republic
Services,
Inc.
1,000
$
124,820
Wireless
Telecommunications
(
1.90%
)
KVH
Industries,
Inc.
(a)
30,000
307,500
Total
United
States
8,732,236
Total
Common
Stocks
(Cost $8,392,640)
16,160,749
MONEY
MARKET
FUNDS
(
2.66%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
4.15%
(b)
430,822
430,822
Total
Money
Market
Funds
(Cost
$430,822)
430,822
Total
Investments
—
(102.51%)
(Cost
$8,823,462)
16,591,571
Liabilities
in
Excess
of
Other
Assets (-2.51%)
(406,073)
NET
ASSETS
—
100.00%
$
16,185,498
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2023.
ADR
-
American
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(
96.71%
)
Shares
Fair
Value
Agricultural
Producers
(
1.22%
)
BrasilAgro
-
Company
Brasileira
de
Propriedades
Agricolas
-
ADR
27,432
$
162,397
Banks
(
1.62%
)
Harleysville
Financial
Corp.
8,675
215,140
Building
Construction
(
1.66%
)
Kajima
Corp.
-
ADR
11,900
146,489
Lendlease
Group
-
ADR
11,900
73,899
220,388
Building
Materials
(
10.82%
)
James
Hardie
Industries
PLC
-
ADR
25,000
561,750
Tecnoglass,
Inc.
25,634
877,708
1,439,458
Cement
&
Aggregates
(
3.84%
)
Cemex
S.A.B.
de
C.V.
-
ADR
(a)
20,000
106,800
CRH
PLC
-
ADR
2,500
117,700
Summit
Materials,
Inc.,
Class
A
(a)
8,680
285,225
509,725
Commercial
&
Residential
Building
Equipment
&
Systems
(
3.33%
)
Lennox
International,
Inc.
1,700
443,054
Data
Center
REITs
(
4.01%
)
Digital
Realty
Trust,
Inc.
3,368
386,040
Equinix,
Inc.
200
147,626
533,666
Health
Care
REITs
(
1.55%
)
Physicians
Realty
Trust
13,000
206,180
Home
Products
Stores
(
4.07%
)
Lowe's
Cos.,
Inc.
2,600
541,450
Homebuilding
(
8.78%
)
D.R.
Horton,
Inc.
5,000
493,450
Lennar
Corp.,
Class
A
4,000
409,600
NVR,
Inc.
(a)
50
263,500
1,166,550
Hotels
Resorts
&
Cruise
Lines
(
3.25%
)
InterContinental
Hotels
Group
PLC
-
ADR
6,103
431,787
Industrial
Machinery
(
2.17%
)
Techtronic
Industries
Company
Ltd.
-
ADR
4,500
289,125
Industrial
REITs
(
5.66%
)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
7,600
280,516
Prologis,
Inc.
2,000
258,560
STAG
Industrial,
Inc.
6,000
213,600
752,676
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
(96.71%)
-
continued
Shares
Fair
Value
Infrastructure
REITs
(
10.89%
)
American
Tower
Corp.,
Class
A
2,500
$
558,475
Crown
Castle
International
Corp.
2,000
296,220
SBA
Communications
Corp.,
Class
A
2,000
595,060
1,449,755
Mortgage
Finance
(
3.60%
)
Ladder
Capital
Corp.
27,804
311,405
Redwood
Trust,
Inc.
20,000
167,200
478,605
Mortgage
REITs
(
0.92%
)
Ares
Commercial
Real
Estate
Corp.
10,000
122,800
Multi
Asset
Class
REITs
(
2.88%
)
WP
Carey,
Inc.
4,470
382,319
Office
REITs
(
3.45%
)
Alexandria
Real
Estate
Equities,
Inc.
2,850
458,109
Residential
Owners
&
Developers
(
1.01%
)
Cyrela
Brazil
Realty
SA
-
ADR
44,000
133,980
Residential
REITs
(
2.96%
)
AvalonBay
Communities,
Inc.
1,000
177,440
Mid-America
Apartment
Communities,
Inc.
1,300
216,736
394,176
Retail
REITs
(
4.73%
)
Kite
Realty
Group
Trust
9,000
195,300
National
Retail
Properties,
Inc.
4,000
189,400
STORE
Capital
Corp.
7,600
244,796
629,496
Self-Storage
REITs
(
4.47%
)
Extra
Space
Storage,
Inc.
2,500
394,575
Global
Self
Storage,
Inc.
39,000
199,290
593,865
Specialized
REITs
(
6.14%
)
Charter
Hall
Education
Trust
94,908
232,463
Gladstone
Land
Corp.
9,700
189,538
Iron
Mountain,
Inc.
7,200
392,976
814,977
Transport
Operations
&
Services
(
3.68%
)
Grupo
Aeroportuario
del
Sureste
S.A.B.
de
C.V.
-
ADR
1,800
489,601
Total
Common
Stocks
(Cost $6,977,755)
12,859,279
MONEY
MARKET
FUNDS
(
6.63%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
4.15%
(b)
881,126
881,126
Total
Money
Market
Funds
(Cost
$881,126)
881,126
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
Total
Investments
—
(103.34%)
(Cost
$7,858,881)
$
13,740,405
Liabilities
in
Excess
of
Other
Assets (-3.34%)
(443,574)
NET
ASSETS
—
100.00%
$
13,296,831
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2023.
ADR
-
American
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust