Commonwealth International Series Trust NPORT-P Africa Fund (Jan 2023 report)

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