Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(
98.92%
)
Shares
Fair
Value
Australia
(
36.47%
)
Biotech
(
4.09%
)
CSL
Ltd.
2,500
$
490,872
Containers
&
Packaging
(
3.62%
)
Brambles
Ltd.
45,537
434,120
Diversified
Banks
(
1.52%
)
Macquarie
Group
Ltd.
1,480
182,589
Environmental
&
Facilities
Services
(
1.74%
)
Cleanaway
Waste
Management
Ltd.
123,329
208,756
Gas
Utilities
(
1.84%
)
APA
Group
40,000
221,211
Health
Care
Facilities
(
1.05%
)
Ramsay
Health
Care
Ltd.
3,778
125,935
Health
Care
Services
(
4.58%
)
Sonic
Healthcare
Ltd.
26,382
549,989
Integrated
Electric
Utilities
(
3.06%
)
Origin
Energy
Ltd.
65,776
367,055
Internet
Media
&
Services
(
2.30%
)
Webjet
Ltd.
(a)
57,000
276,506
Logistics
Services
(
2.72%
)
Qube
Holdings
Ltd.
153,645
326,609
Medical
Devices
(
3.30%
)
Cochlear
Ltd.
2,000
396,839
P&C
Insurance
(
1.37%
)
QBE
Insurance
Group
Ltd.
16,000
164,721
Retail
REITs
(
0.91%
)
Scentre
Group
Ltd.
55,000
109,326
Transport
Operations
&
Services
(
1.10%
)
Transurban
Group
15,000
131,759
Wireless
Telecommunications
(
3.27%
)
Telstra
Corp.
Ltd.
148,972
392,831
Total
Australia
4,379,118
New
Zealand
(
62.45%
)
Alcoholic
Beverages
(
0.68%
)
Delegat
Group
Ltd.
21,456
81,787
Building
Materials
(
1.15%
)
Fletcher
Building
Ltd.
50,000
137,799
Courier
Services
(
4.45%
)
Freightways
Ltd.
103,540
534,606
Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(98.92%)
-
(continued)
Shares
Fair
Value
New
Zealand
(
62.45%)
Flow
Control
Equipment
(
3.63%
)
Skellerup
Holdings
Ltd.
150,000
$
436,219
Food
&
Drug
Stores
(
1.11%
)
Green
Cross
Health
Ltd.
181,796
133,082
Health
Care
Facilities
(
2.70%
)
Oceania
Healthcare
Ltd.
457,544
195,526
Ryman
Healthcare
Ltd.
(a)
37,000
128,511
324,037
Health
Care
Supply
Chain
(
0.86%
)
AFT
Pharmaceuticals
Ltd.
46,000
103,347
Home
Products
Stores
(
4.16%
)
Briscoe
Group
Ltd.
183,520
499,211
Life
Science
&
Diagnostics
(
0.43%
)
Pacific
Edge
Ltd.
(a)
800,000
51,191
Lodging
(
2.96%
)
Millennium
&
Copthorne
Hotels
New
Zealand
Ltd.
300,000
355,062
Logistics
Services
(
7.29%
)
Mainfreight
Ltd.
20,000
875,099
Measurement
Instruments
(
2.25%
)
ikeGPS
Group
Ltd.
(a)
831,366
269,624
Medical
Devices
(
0.45%
)
Aroa
Biosurgery
Ltd.
(a)
145,000
55,030
Multi
Asset
Class
Owners
&
Developers
(
1.76%
)
Marsden
Maritime
Holdings
Ltd.
81,425
211,346
Other
Specialty
Retail
-
Discretionary
(
0.40%
)
Comvita
Ltd.
35,694
48,111
P&C
Insurance
(
0.92%
)
Tower
Ltd.
(a)
300,000
110,968
Packaged
Food
(
1.23%
)
Sanford
Ltd.
60,000
147,605
Power
Generation
(
11.22%
)
Infratil
Ltd.
208,975
1,347,841
Transport
Operations
&
Services
(
14.80%
)
Port
of
Tauranga
Ltd.
55,000
178,949
South
Port
New
Zealand
Ltd.
376,010
1,599,216
1,778,165
Total
New
Zealand
7,500,130
Total
Common
Stocks
(Cost $7,143,746)
11,879,248
Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
MONEY
MARKET
FUNDS
(
0.37%
)
Shares
Fair
Value
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
5.21%
(b)
44,039
$
44,039
Total
Money
Market
Funds
(Cost
$44,039)
44,039
Total
Investments
—
(99.29%)
(Cost
$7,187,785)
11,923,287
Other
Assets
in
Excess
of
Liabilities (0.71%)
84,750
NET
ASSETS
—
100.00%
$
12,008,037
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
REIT
-
Real
Estate
Investment
Trust
Africa
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(
94.58%
)
Shares
Fair
Value
Egypt
(
2.01%
)
Banks
(
1.34%
)
Commercial
International
Bank
Egypt
SAE
-
GDR
34,571
$
40,735
Other
Commercial
Support
Services
(
0.67%
)
Integrated
Diagnostics
Holdings
PLC
(a)
59,000
20,440
Total
Egypt
61,175
South
Africa
(
89.07%
)
Agricultural
Producers
(
5.06%
)
Astral
Foods
Ltd.
7,000
59,034
Crookes
Brothers
Ltd.
(a)
10,000
17,105
Oceana
Group
Ltd.
20,000
77,157
153,296
Automotive
Retailers
(
6.41%
)
Barloworld
Ltd.
7,900
31,526
Bidvest
Group
Ltd.
7,500
98,640
Motus
Holdings
Ltd.
11,400
63,752
193,918
Banks
(
18.25%
)
Capitec
Bank
Holdings
Ltd.
3,000
319,544
FirstRand
Ltd.
17,700
64,109
Nedbank
Group
Ltd.
6,000
69,668
Standard
Bank
Group
Ltd.
-
ADR
9,400
99,452
552,773
Basic
&
Diversified
Chemicals
(
1.13%
)
Sasol
Ltd.
-
ADR
4,000
34,200
Building
Construction
(
2.28%
)
Wilson
Bayly
Holmes-Ovcon
Ltd.
(a)
9,900
68,920
Cable
&
Satellite
(
0.88%
)
MultiChoice
Group
Ltd.
(a)
6,700
26,785
Coal
Mining
(
2.08%
)
Exxaro
Resources
Ltd.
6,300
62,769
Consumer
Electronics
&
Appliance
Wholesalers
(
2.10%
)
DataTec
Ltd.
29,000
63,476
Food
&
Beverage
Wholesalers
(
3.73%
)
Bid
Corp.
Ltd.
4,667
112,962
Food
&
Drug
Stores
(
4.38%
)
Shoprite
Holdings
Ltd.
-
ADR
9,000
132,705
Institutional
Brokerage
(
1.07%
)
Coronation
Fund
Managers
Ltd.
19,500
32,459
Internet
Media
&
Services
(
5.76%
)
Naspers
Ltd.,
N
Shares
1,040
174,445
Africa
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(94.58%)
-
(continued)
Shares
Fair
Value
South
Africa
(
89.07%)
Life
&
Health
Insurance
(
2.66%
)
Momentum
Metropolitan
Holdings
72,000
$
80,432
Life
Insurance
(
4.83%
)
Clientele
Ltd.
90,000
57,750
Discovery
Ltd.
12,000
88,720
146,470
Marine
Shipping
(
3.44%
)
Grindrod
Ltd.
160,000
104,201
Paper
&
Pulp
Mills
(
1.49%
)
Sappi
Ltd.
19,000
45,253
Precious
Metals
(
8.22%
)
Anglo
American
Platinum
Ltd.
1,100
46,573
Gold
Fields
Ltd.
-
ADR
8,200
121,360
Impala
Platinum
Holdings
Ltd.
12,500
48,524
Sibanye
Stillwater
Ltd.
27,000
32,541
248,998
Renewable
Energy
Project
Developers
(
0.72%
)
Renergen
Ltd.
(a)
35,000
21,866
Self-Storage
Owners
&
Developers
(
1.72%
)
Stor-Age
Property
REIT
Ltd.
70,000
52,251
Specialty
&
Generic
Pharmaceuticals
(
1.98%
)
Aspen
Pharmacare
Holdings
Ltd.
5,800
59,957
Specialty
Apparel
Stores
(
2.35%
)
Mr.
Price
Group
Ltd.
7,800
71,320
Wealth
Management
(
3.71%
)
Alexander
Forbes
Group
Holdings
Ltd.
170,000
57,798
PSG
Konsult
Ltd.
65,000
54,684
112,482
Wireless
Telecommunications
(
4.82%
)
MTN
Group
Ltd.
-
ADR
18,000
92,700
Vodacom
Group
Ltd.
10,700
53,275
145,975
Total
South
Africa
2,697,913
United
Kingdom
(
3.50%
)
Precious
Metals
(
3.50%
)
AngloGold
Ashanti
PLC
3,000
52,860
Endeavour
Mining
PLC
3,000
53,100
105,960
Total
United
Kingdom
105,960
Total
Common
Stocks
(Cost $3,113,491)
2,865,048
Africa
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
EXCHANGE-TRADED
FUNDS
(
1.52%
)
Shares
Fair
Value
Global
X
MSCI
Nigeria
ETF
11,100
$
46,163
Total
Exchange-Traded
Funds
(Cost $169,505)
46,163
MONEY
MARKET
FUNDS
(
0.72%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
5.21%
(b)
21,811
21,811
Total
Money
Market
Funds
(Cost
$21,811)
21,811
SOVEREIGN
BONDS
(
2.80%
)
Principal
Amount
South
Africa
(2.80%)
Republic
of
South
Africa
Government
Bond,
6.25%,
3/8/2041
$
100,000
84,713
Total
Sovereign
Bonds
(Cost $90,628)
84,713
Total
Investments
—
(99.62%)
(Cost
$3,395,435)
3,017,735
Other
Assets
in
Excess
of
Liabilities (0.38%)
11,655
NET
ASSETS
—
100.00%
$
3,029,390
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
ADR
-
American
Depositary
Receipt
GDR
-
Global
Depositary
Receipt
ETF
-
Exchange-Traded
Fund
REIT
-
Real
Estate
Investment
Trust
Commonwealth
Japan
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(
98.25%
)
Shares
Fair
Value
Japan
(
98.25%
)
Alcoholic
Beverages
(
1.71%
)
Kirin
Holdings
Co.
Ltd.
7,000
$
100,624
Auto
Parts
(
2.75%
)
Bridgestone
Corp.
-
ADR
4,000
86,440
DENSO
Corp.
4,800
75,403
161,843
Automobiles
(
0.80%
)
Honda
Motor
Co.
Ltd.
-
ADR
1,400
46,886
Basic
&
Diversified
Chemicals
(
2.22%
)
Mitsubishi
Gas
Chemical
Co.,
Inc.
8,000
130,655
Building
Construction
(
3.90%
)
Kajima
Corp.
12,850
229,347
Building
Maintenance
Services
(
1.54%
)
Taihei
Dengyo
Kaisha
Ltd.
3,000
90,616
Commercial
&
Residential
Building
Equipment
&
Systems
(
2.73%
)
Daikin
Industries
Ltd.
1,000
160,242
Commercial
Finance
(
4.85%
)
Kyushu
Leasing
Service
Co.
Ltd.
13,000
101,714
ORIX
Corp.
9,500
183,449
285,163
Consumer
Electronics
(
1.49%
)
Sony
Group
Corp.
-
ADR
900
87,975
Courier
Services
(
2.05%
)
Yamato
Holdings
Co.
Ltd.
7,000
121,012
Diversified
Industrials
(
3.34%
)
Hitachi
Ltd.
2,500
196,388
Electrical
Power
Equipment
(
2.31%
)
Meidensha
Corp.
7,600
136,241
Electronics
Components
(
3.34%
)
Murata
Manufacturing
Co.
Ltd.
3,000
60,580
Nidec
Corp.
1,700
63,408
Taiyo
Yuden
Co.
Ltd.
3,000
72,472
196,460
Exploration
&
Production
(
0.81%
)
INPEX
Corp.
3,500
47,577
Factory
Automation
Equipment
(
1.41%
)
FANUC
Corp.
3,000
82,992
Food
&
Beverage
Wholesalers
(
1.96%
)
Yamae
Group
Holdings
Co.
Ltd.
5,200
115,524
Commonwealth
Japan
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(98.25%)
-
(continued)
Shares
Fair
Value
Japan
(
98.25%)
Food
&
Drug
Stores
(
2.03%
)
Sugi
Holdings
Company
Ltd.
2,500
$
119,456
Health
Care
Supplies
(
4.75%
)
Hoya
Corp.
2,200
279,481
Home
Products
Stores
(
2.67%
)
Nitori
Holdings
Co.
Ltd.
1,200
157,068
Infrastructure
Construction
(
2.45%
)
Takada
Corp.
12,000
144,360
Integrated
Electric
Utilities
(
1.74%
)
Kansai
Electric
Power
Co.,
Inc.
(The)
7,500
102,322
IT
Services
(
3.94%
)
INES
Corp.
10,000
105,836
Otsuka
Corp.
3,000
126,242
232,078
Life
Insurance
(
5.79%
)
Dai-ichi
Life
Holdings,
Inc.
8,000
175,472
T&D
Holdings,
Inc.
10,000
165,598
341,070
Logistics
Services
(
1.52%
)
Nippon
Express
Holdings
Co.
Ltd.
1,500
89,287
Mass
Merchants
(
1.61%
)
Aeon
Kyushu
Co.
Ltd.
4,500
94,580
Medical
Devices
(
9.47%
)
Asahi
Intecc
Co.
Ltd.
16,000
304,033
Terumo
Corp.
7,500
253,905
557,938
Multi
Asset
Class
Owners
&
Developers
(
3.42%
)
Mitsui
Fudosan
Co.
Ltd.
3,000
75,316
Sumitomo
Realty
&
Development
Co.
Ltd.
4,000
125,804
201,120
P&C
Insurance
(
2.03%
)
Sompo
Holdings,
Inc.
2,300
119,266
Personal
Care
Products
(
4.85%
)
Kao
Corp.
2,000
79,140
Unicharm
Corp.
6,000
206,463
285,603
Specialty
Apparel
Stores
(
2.72%
)
Fast
Retailing
Co.
Ltd.
600
160,196
Specialty
Chemicals
(
3.40%
)
JSR
Corp.
3,000
81,829
Shin-Etsu
Chemical
Co.
Ltd.
3,000
118,094
199,923
Commonwealth
Japan
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(98.25%)
-
(continued)
Shares
Fair
Value
Japan
(
98.25%)
Transit
Services
(
7.52%
)
Daiichi
Koutsu
Sangyo
Co.
Ltd.
12,200
$
70,519
East
Japan
Railway
Co.
1,500
85,794
Hankyu
Hanshin
Holdings,
Inc.
4,400
134,630
Keikyu
Corp.
6,500
56,777
Tobu
Railway
Co.
Ltd.
3,600
95,346
443,066
Wireless
Telecommunications
(
1.13%
)
KDDI
Corp.
2,000
66,274
Total
Common
Stocks
(Cost $3,603,106)
5,782,633
MONEY
MARKET
FUNDS
(
0.52%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
5.21%
(a)
30,594
30,594
Total
Money
Market
Funds
(Cost
$30,594)
30,594
Total
Investments
—
(98.77%)
(Cost
$3,633,700)
5,813,227
Other
Assets
in
Excess
of
Liabilities (1.23%)
72,249
NET
ASSETS
—
100.00%
$
5,885,476
(a)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
ADR
-
American
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust
Commonwealth
Global
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(
98.68%
)
Shares
Fair
Value
Denmark
(
2.83%
)
Large
Pharmaceuticals
(
2.83%
)
Novo
Nordisk
A/S
-
ADR
4,000
$
458,960
France
(
2.91%
)
Basic
&
Diversified
Chemicals
(
2.11%
)
Arkema
SA
-
ADR
3,130
340,794
Integrated
Oils
(
0.80%
)
Total
S.A.
-
ADR
2,000
130,360
Total
France
471,154
Germany
(
3.87%
)
Diversified
Industrials
(
3.87%
)
Siemens
AG
-
ADR
7,000
626,500
India
(
2.74%
)
Banks
(
2.74%
)
HDFC
Bank
Ltd.
-
ADR
8,000
443,920
Ireland
(
1.51%
)
Building
Materials
(
1.51%
)
James
Hardie
Industries
PLC
-
ADR
(a)
6,500
244,140
Israel
(
3.47%
)
Application
Software
(
3.47%
)
NICE
Ltd.
-
ADR
(a)
2,700
561,870
Japan
(
4.02%
)
Auto
Parts
(
0.40%
)
Bridgestone
Corp.
-
ADR
3,000
64,830
Consumer
Electronics
(
2.41%
)
Sony
Group
Corp.
-
ADR
4,000
391,000
Electronics
Components
(
1.21%
)
Nidec
Corp.
-
ADR
21,000
195,930
Total
Japan
651,760
Mexico
(
1.11%
)
Wireless
Telecommunications
(
1.11%
)
America
Movil
S.A.B.
de
C.V.,
Class
L
-
ADR
10,000
180,500
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(98.68%)
-
(continued)
Shares
Fair
Value
Norway
(
2.04%
)
P&C
Insurance
(
2.04%
)
Gjensidige
Forsikring
ASA
-
ADR
20,000
$
329,800
Panama
(
1.78%
)
Airlines
(
1.78%
)
Copa
Holdings,
SA,
Class
A
3,000
288,180
South
Africa
(
2.18%
)
Food
&
Drug
Stores
(
2.18%
)
Shoprite
Holdings
Ltd.
-
ADR
24,000
353,880
Switzerland
(
5.94%
)
Large
Pharmaceuticals
(
2.60%
)
Roche
Holding
AG
-
ADR
12,000
421,680
Packaged
Food
(
3.34%
)
Nestlé
SA
-
ADR
4,750
541,025
Total
Switzerland
962,705
Taiwan
Province
of
China
(
1.39%
)
Semiconductor
Manufacturing
(
1.39%
)
Taiwan
Semiconductor
Manufacturing
Co.,
Ltd.
-
ADR
2,000
225,920
United
Kingdom
(
10.77%
)
Alcoholic
Beverages
(
2.49%
)
Diageo
PLC
-
ADR
2,800
404,124
Electric
Transmission
&
Dist
ribution
(
0.63%
)
National
Grid
PLC
-
ADR
1,500
101,295
Integrated
Oils
(
0.82%
)
BP
PLC
-
ADR
3,800
133,380
Large
Pharmaceuticals
(
3.10%
)
AstraZeneca
PLC
-
ADR
7,500
499,800
Personal
Care
Products
(
2.53%
)
Haleon
PLC
-
ADR
8,500
69,700
Unilever
PLC
-
ADR
7,000
340,830
410,530
Publishing
(
1.20%
)
Pearson
PLC
-
ADR
16,000
195,520
Total
United
Kingdom
1,744,649
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(98.68%)
-
(continued)
Shares
Fair
Value
United
States
(
52.12%
)
Agricultural
Chemicals
(
0.47%
)
CF
Industries
Holdings,
Inc.
1,000
$
75,510
Application
Software
(
0.95%
)
Adobe,
Inc.
(a)
250
154,445
Auto
Parts
(
3.48%
)
Miller
Industries,
Inc.
14,000
563,500
Automotive
Retailers
(
4.50%
)
Group
1
Automotive,
Inc.
2,800
728,168
Communications
Equipment
(
5.12%
)
Apple,
Inc.
4,500
829,801
Computer
Hardware
&
Storage
(
4.31%
)
NetApp,
Inc.
8,000
697,600
Construction
&
Mining
Machinery
(
2.22%
)
Caterpillar,
Inc.
1,200
360,372
Courier
Services
(
0.60%
)
FedEx
Corp.
400
96,516
Defense
(
0.77%
)
L3Harris
Technologies,
Inc.
600
125,052
Diversified
Banks
(
2.26%
)
JPMorgan
Chase
&
Co.
2,100
366,156
Household
Products
(
3.01%
)
Procter
&
Gamble
Co.
(The)
3,100
487,134
Infrastructure
Software
(
3.69%
)
Microsoft
Corp.
1,500
596,370
Integrated
Oil
&
Gas
(
3.19%
)
Chevron
Corp.
3,500
516,005
Life
Science
&
Diagnostics
(
4.49%
)
Thermo
Fisher
Scientific,
Inc.
1,350
727,623
Medical
Equipment
(
1.07%
)
Dentsply
Sirona,
Inc.
5,000
173,750
Oil
&
Gas
Equipment
&
Services
(
0.81%
)
Schlumberger
Ltd.
2,700
131,490
Oilfield
Services
&
Equipment
(
0.63%
)
Natural
Gas
Services
Group,
Inc.
(a)
7,000
102,340
Online
Marketplace
(
1.44%
)
Amazon.com,
Inc.
(a)
1,500
232,800
Rail
Freight
(
3.48%
)
Norfolk
Southern
Corp.
2,400
564,576
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(98.68%)
-
(continued)
Shares
Fair
Value
United
States
(
52.12%)
Refining
&
Marketing
(
0.89%
)
Phillips
66
1,000
$
144,310
Semiconductor
Devices
(
2.32%
)
Skyworks
Solutions,
Inc.
3,600
376,056
Video
Games
(
1.36%
)
Electronic
Arts,
Inc.
1,600
220,128
Waste
Management
(
1.06%
)
Republic
Services,
Inc.
1,000
171,120
Total
United
States
8,440,822
Total
Common
Stocks
(Cost $7,521,323)
15,984,760
MONEY
MARKET
FUNDS
(
0.74%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
5.21%
(b)
119,491
119,491
Total
Money
Market
Funds
(Cost
$119,491)
119,491
Total
Investments
—
(99.42%)
(Cost
$7,640,814)
16,104,251
Other
Assets
in
Excess
of
Liabilities (0.58%)
94,141
NET
ASSETS
—
100.00%
$
16,198,392
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
ADR
-
American
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(
92.11%
)
Shares
Fair
Value
Agricultural
Producers
(
0.95%
)
BrasilAgro
-
Company
Brasileira
de
Propriedades
Agricolas
-
ADR
27,432
$
137,709
Banks
(
3.01%
)
Harleysville
Financial
Corp.
8,675
191,067
Texas
Capital
Bancshares,
Inc.
(a)
4,000
244,000
435,067
Building
Construction
(
1.75%
)
Kajima
Corp.
-
ADR
11,900
213,129
Lendlease
Group
-
ADR
8,000
39,187
252,316
Building
Materials
(
12.76%
)
James
Hardie
Industries
PLC
-
ADR
(a)
25,000
939,000
Tecnoglass,
Inc.
19,634
903,361
1,842,361
Cement
&
Aggregates
(
5.13%
)
Cemex
S.A.B.
de
C.V.
-
ADR
(a)
30,000
248,400
CRH
PLC
2,500
179,400
Summit
Materials,
Inc.,
Class
A
(a)
8,680
314,042
741,842
Commercial
&
Residential
Building
Equipment
&
Systems
(
5.04%
)
Lennox
International,
Inc.
1,700
727,872
Data
Center
REITs
(
4.42%
)
Digital
Realty
Trust,
Inc.
3,368
473,069
Equinix,
Inc.
200
165,954
639,023
Home
Products
Stores
(
3.83%
)
Lowe's
Cos.,
Inc.
2,600
553,384
Homebuilding
(
9.73%
)
D.R.
Horton,
Inc.
4,000
571,640
Lennar
Corp.,
Class
A
3,200
479,520
NVR,
Inc.
(a)
50
353,765
1,404,925
Hotels
Resorts
&
Cruise
Lines
(
4.02%
)
InterContinental
Hotels
Group
PLC
-
ADR
6,103
581,372
Industrial
Machinery
(
2.04%
)
Techtronic
Industries
Company
Ltd.
-
ADR
5,500
294,250
Industrial
REITs
(
5.78%
)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
15,200
361,608
Prologis,
Inc.
2,000
253,380
STAG
Industrial,
Inc.
6,000
221,640
836,628
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
COMMON
STOCKS
(92.11%)
-
continued
Shares
Fair
Value
Infrastructure
REITs
(
7.99%
)
American
Tower
Corp.,
Class
A
2,500
$
489,124
Crown
Castle
International
Corp.
2,000
216,500
SBA
Communications
Corp.,
Class
A
2,000
447,720
1,153,344
Mortgage
Finance
(
2.06%
)
Redwood
Trust,
Inc.
20,000
134,200
Starwood
Property
Trust,
Inc.
8,000
162,640
296,840
Multi
Asset
Class
REITs
(
1.92%
)
WP
Carey,
Inc.
4,470
276,961
Office
R
EITs
(
0.05%
)
NET
Lease
Office
Properties
302
7,484
Residential
Owners
&
Developers
(
1.42%
)
Cyrela
Brazil
Realty
SA
-
ADR
44,000
204,820
Residential
REITs
(
2.48%
)
AvalonBay
Communities,
Inc.
2,000
358,020
Retail
REITs
(
2.45%
)
Kite
Realty
Group
Trust
9,000
192,600
National
Retail
Properties,
Inc.
4,000
161,360
353,960
Self-Storage
REITs
(
3.69%
)
Extra
Space
Storage,
Inc.
2,500
361,100
Global
Self
Storage,
Inc.
39,000
171,600
532,700
Specialized
REITs
(
5.55%
)
Charter
Hall
Education
Trust
97,627
178,028
Gladstone
Land
Corp.
9,700
137,352
Iron
Mountain,
Inc.
7,200
486,144
801,524
Timber
REITs
(
2.40%
)
PotlatchDeltic
Corp.
3,000
134,190
Weyerhaeuser
Co.
6,500
213,005
347,195
Transport
Operations
&
Services
(
3.64%
)
Grupo
Aeroportuario
del
Sureste
S.A.B.
de
C.V.
-
ADR
1,800
526,212
Total
Common
Stocks
(Cost $6,593,927)
13,305,809
U.S.
GOVERNMENT
&
AGENCIES
(
4.12%
)
Principal
Amount
Fannie
Mae,
2.50
%
,
2/5/2024
$
300,000
299,904
Federal
Home
Loan
Bank,
2.88
%
,
9/13/2024
300,000
295,965
Total
U.S.
Government
&
Agencies
(Cost $595,279)
595,869
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
January
31,
2024
-
(Unaudited)
MONEY
MARKET
FUNDS
(
2.40%
)
Shares
Fair
Value
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
5.21%
(b)
347,400
$
347,400
Total
Money
Market
Funds
(Cost
$347,400)
347,400
Total
Investments
—
(98.63%)
(Cost
$7,536,606)
14,249,078
Other
Assets
in
Excess
of
Liabilities (1.37%)
197,340
NET
ASSETS
—
100.00%
$
14,446,418
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2024.
ADR
-
American
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust