Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(
98.13%
)
Shares
Fair
Value
Australia
(
32.55%)
Biotech
(
2.81%
)
CSL
Ltd.
2,500
$
463,017
Building
Construction
(
1.17%
)
Lendlease
Group
27,267
192,919
Containers
&
Packaging
(
1.84%
)
Brambles
Ltd.
44,265
304,044
Environmental
&
Facilities
Services
(
1.51%
)
Cleanaway
Waste
Management
Ltd.
122,255
249,524
Exploration
&
Production
(
1.98%
)
Senex
Energy
Ltd.
100,000
326,404
Food
&
Drug
Stores
(
3.36%
)
Coles
Group
Ltd.
48,170
553,304
Gas
Utilities
(
2.47%
)
APA
Group
60,000
406,832
Health
Care
Facilities
(
2.03%
)
Ramsay
Health
Care
Ltd.
7,500
334,556
Health
Care
Services
(
4.65%
)
Sonic
Healthcare
Ltd.
28,382
764,189
Integrated
Electric
Utilities
(
1.56%
)
Origin
Energy
Ltd.
64,398
257,639
Internet
Media
&
Services
(
1.21%
)
Webjet
Ltd.
(a)
57,000
199,506
IT
Services
(
0.63%
)
Appen
Ltd.
15,000
103,534
Logistics
Services
(
1.92%
)
Qube
Holdings
Ltd.
153,645
317,012
Medical
Devices
(
1.66%
)
Cochlear
Ltd.
2,000
274,213
Retail
REITs
(
1.39%
)
Scentre
Group
Ltd.
110,000
228,332
Wireless
Telecommunications
(
2.36%
)
Telstra
Corp.
Ltd.
140,000
389,114
Total
Australia
5,364,139
New
Zealand
(
65.58%)
Agricultural
Producers
(
1.19%
)
New
Zealand
King
Salmon
Investments
Ltd.
(a)
245,000
195,474���
Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(98.13%)
-
continued
Shares
Fair
Value
Alcoholic
Beverages
(
1.14%
)
Delegat
Group
Ltd.
21,456
$
187,948
Courier
Services
(
5.00%
)
Freightways
Ltd.
103,540
824,715
Flow
Control
Equipment
(
3.54%
)
Skellerup
Holdings
Ltd.
150,000
583,024
Food
&
Drug
Stores
(
0.87%
)
Green
Cross
Health
Ltd.
181,796
143,084
Health
Care
Facilities
(
2.58%
)
Ryman
Healthcare
Ltd.
40,000
261,632
Summerset
Group
Holdings
Ltd.
20,244
163,221
424,853
Health
Care
Supply
Chain
(
0.78%
)
AFT
Pharmaceuticals
Ltd.
(a)
46,000
128,972
Home
Products
Stores
(
4.36%
)
Briscoe
Group
Ltd.
183,520
718,083
Life
Science
&
Diagnostics
(
3.47%
)
Pacific
Edge
Ltd.
(a)
800,000
571,726
Lodging
(
2.73%
)
Millennium
&
Copthorne
Hotels
New
Zealand
Ltd.
(a)
300,000
449,540
Logistics
Services
(
6.70%
)
Mainfreight
Ltd.
20,000
1,103,973
Measurement
Instruments
(
2.68%
)
ikeGPS
Group
Ltd.
(a)
831,366
442,398
Multi
Asset
Class
Owners
&
Developers
(
2.05%
)
Marsden
Maritime
Holdings
Ltd.
81,425
337,423
P&C
Insurance
(
0.85%
)
Turners
Automotive
Group
Ltd.
50,000
139,305
Packaged
Food
(
1.10%
)
Sanford
Ltd.
60,000
181,740
Power
Generation
(
6.33%
)
Infratil
Ltd.
208,975
1,043,229
Real
Estate
Services
(
2.06%
)
Arvida
Group
Ltd.
303,909
340,205
Residential
Owners
&
Developers
(
0.14%
)
Winton
Land
Ltd.
(a)
10,000
23,695
Transport
Operations
&
Services
(
15.93%
)
Port
of
Tauranga
Ltd.
55,000
233,777
South
Port
New
Zealand
Ltd.
449,389
2,393,002
2,626,779
Commonwealth
Australia/New
Zealand
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(98.13%)
-
continued
Shares
Fair
Value
Wireline
Telecommunications
(
2.08%
)
Spark
New
Zealand
Ltd.
120,000
$
343,079
Total
New
Zealand
10,809,245
Total
Common
Stocks
(Cost $9,041,764)
16,173,384
MONEY
MARKET
FUNDS
(
0.55%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
0.03%
(b)
91,270
91,270
Total
Money
Market
Funds
(Cost
$91,270)
91,270
Total
Investments
—
98.68%
(Cost
$9,133,034)
16,264,654
Other
Assets
in
Excess
of
Liabilities (1.32%)
216,756
NET
ASSETS
—
100.00%
$
16,481,410
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2022.
REIT
-
Real
Estate
Investment
Trust
Africa
Fund
Schedule
of
Investments
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(
93.03%
)
Shares
Fair
Value
Egypt
(
3.08%)
Banks
(
1.65%
)
Commercial
International
Bank
Egypt
SAE
(a)
16,333
$
52,836
Other
Commercial
Support
Services
(
1.43%
)
Integrated
Diagnostics
Holdings
PLC
34,800
45,639
Total
Egypt
98,475
Germany
(
0.20%)
Advertising
&
Marketing
(
0.20%
)
Jumia
Technologies
AG
-
ADR
(a)
730
6,388
South
Africa
(
87.06%)
Agricultural
Producers
(
3.19%
)
Astral
Foods
Ltd.
4,000
44,586
Crookes
Brothers
Ltd.
10,000
24,384
Oceana
Group
Ltd.
8,862
33,035
102,005
Airlines
(
0.00%
)
Comair
Ltd.
(a)(b)
227,570
—
Automotive
Retailers
(
4.67%
)
Barloworld
Ltd.
4,300
37,239
Bidvest
Group
Ltd.
4,167
51,096
Motus
Holdings
Ltd.
8,000
60,846
149,181
Banks
(
18.90%
)
Capitec
Bank
Holdings
Ltd.
3,000
394,981
FirstRand
Ltd.
14,300
57,651
Nedbank
Group
Ltd.
4,000
49,783
Standard
Bank
Group
Ltd.
-
ADR
10,200
101,388
603,803
Basic
&
Diversified
Chemicals
(
2.24%
)
Sasol
Ltd.
-
ADR
(a)
3,200
71,424
Building
Construction
(
1.02%
)
Wilson
Bayly
Holmes-
Ovcon
Ltd.
4,500
32,596
Cable
&
Satellite
(
1.16%
)
MultiChoice
Group
Ltd.
4,500
36,911
Coal
Mining
(
1.02%
)
Exxaro
Resources
Ltd.
3,000
32,458
Food
&
Beverage
Wholesalers
(
2.14%
)
Bid
Corp.
Ltd.
3,167
68,455
Food
&
Drug
Stores
(
3.84%
)
Shoprite
Holdings
Ltd.
-
ADR
9,000
122,670
Africa
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(93.03%)
-
continued
Shares
Fair
Value
Home
&
Office
Product
Wholesalers
(
1.76%
)
Alviva
Holdings
Ltd.
50,700
$
56,290
Infrastructure
Construction
(
1.26%
)
Murray
&
Roberts
Holdings
Ltd.
(a)
45,000
40,080
Institutional
Brokerage
(
1.51%
)
Coronation
Fund
Managers
Ltd.
14,500
48,309
Internet
Media
&
Services
(
3.54%
)
Naspers
Ltd.,
N
Shares
(a)
700
113,166
Investment
Companies
(
1.78%
)
PSG
Group
Ltd.
(a)
10,400
56,692
Life
&
Health
Insurance
(
1.43%
)
Momentum
Metropolitan
Holdings
35,000
45,812
Life
Insurance
(
4.79%
)
Clientele
Ltd.
90,000
61,704
Discovery
Ltd.
(a)
9,000
90,960
152,664
Marine
Shipping
(
1.34%
)
Grindrod
Ltd.
(a)
140,000
42,643
Paper
&
Pulp
Mills
(
1.41%
)
Sappi
Ltd.
(a)
16,000
44,869
Precious
Metals
(
16.09%
)
Anglo
American
Platinum
Ltd.
1,000
121,178
AngloGold
Ashanti
Ltd.
-
ADR
3,000
55,740
Gold
Fields
Ltd.
-
ADR
8,700
92,220
Impala
Platinum
Holdings
Ltd.
12,500
192,731
Sibanye
Stillwater
Ltd.
14,000
52,189
514,058
Renewable
Energy
Project
Developers
(
1.82%
)
Renergen
Ltd.
(a)
25,000
58,181
Self-Storage
Owners
&
Developers
(
1.79%
)
Stor
-Age
Property
REIT
Ltd.
60,000
57,063
Specialty
&
Generic
Pharmaceuticals
(
1.27%
)
Aspen
Pharmacare
Holdings
Ltd.
3,000
40,421
Specialty
Apparel
Stores
(
1.25%
)
Mr.
Price
Group
Ltd.
3,000
39,888
Wealth
Management
(
1.12%
)
Alexander
Forbes
Group
Holdings
Ltd.
130,000
35,877
Wireless
Telecommunications
(
6.72%
)
MTN
Group
Ltd.
-
ADR
(a)
12,500
156,875
Africa
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(93.03%)
-
continued
Shares
Fair
Value
Wireless
Telecommunications
(6.72%)
-
continued
Vodacom
Group
Ltd.
6,000
$
57,599
214,474
Total
South
Africa
2,779,990
United
Kingdom
(
2.69%)
Health
Care
Facilities
(
1.29%
)
Mediclinic
International
Ltd.
(a)
9,562
41,251
Precious
Metals
(
1.40%
)
Endeavour
Mining
PLC
2,000
44,520
Total
United
Kingdom
85,771
Total
Common
Stocks
(Cost $2,611,459)
2,970,624
EXCHANGE-TRADED
FUNDS
(
3.39%
)
Global
X
MSCI
Nigeria
ETF
11,100
108,225
Total
Exchange-Traded
Funds
(Cost $169,505)
108,225
MONEY
MARKET
FUNDS
(
2.40%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
0.03%
(c)
76,640
76,640
Total
Money
Market
Funds
(Cost
$76,640)
76,640
Total
Investments
—
98.82%
(Cost
$2,857,604)
3,155,489
Other
Assets
in
Excess
of
Liabilities (1.18%)
37,522
NET
ASSETS
—
100.00%
$
3,193,011
(a)
Non-income
producing
security.
(b)
Security
is
being
fair
valued
in
accordance
with
the
Trust's
fair
valuation
policies
and
represents
0.00%
of
the
Fund's
net
assets.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2022.
ADR
-
American
Depositary
Receipt
ETF
-
Exchange-Traded
Fund
Commonwealth
Japan
Fund
Schedule
of
Investments
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(
95.19%
)
Shares
Fair
Value
Japan
(
95.19%
)
Advertising
&
Marketing
(
0.83%
)
Direct
Marketing
MiX
,
Inc.
4,200
$
51,746
Alcoholic
Beverages
(
1.79%
)
Kirin
Holdings
Co.
Ltd.
7,000
112,194
Auto
Parts
(
1.43%
)
DENSO
Corp.
1,200
89,558
Automotive
Wholesalers
(
1.30%
)
Toyota
Tsusho
Corp.
2,000
81,105
Basic
&
Diversified
Chemicals
(
1.53%
)
Mitsubishi
Gas
Chemical
Co.,
Inc.
5,000
95,774
Building
Construction
(
2.48%
)
Kajima
Corp.
12,850
155,193
Building
Maintenance
Services
(
1.13%
)
Taihei
Dengyo
Kaisha
Ltd.
3,000
71,005
Commercial
&
Residential
Building
Equipment
&
Systems
(
3.36%
)
Daikin
Industries
Ltd.
1,000
209,939
Commercial
Finance
(
5.03%
)
Kyushu
Leasing
Service
Co.
Ltd.
13,000
67,119
ORIX
Corp.
12,000
247,519
314,638
Consumer
Electronics
(
1.96%
)
Sony
Group
Corp.
-
ADR
1,100
122,826
Courier
Services
(
2.37%
)
Yamato
Holdings
Co.
Ltd.
7,000
149,056
Diversified
Industrials
(
2.08%
)
Hitachi
Ltd.
2,500
129,937
Electrical
Power
Equipment
(
2.57%
)
Meidensha
Corp.
7,600
161,069
Electronics
Components
(
5.51%
)
Murata
Manufacturing
Co.
Ltd.
1,000
75,181
Nidec
Corp.
1,400
124,079
Taiyo
Yuden
Co.
Ltd.
3,000
145,710
344,970
Factory
Automation
Equipment
(
1.90%
)
FANUC
Corp.
600
118,646
Food
&
Beverage
Wholesalers
(
2.20%
)
ITOCHU
Corp.
-
ADR
1,400
89,831
Yamae
Group
Holdings
Co.
Ltd.
(a)
5,200
47,339
137,170
Commonwealth
Japan
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(95.19%)
-
(continued)
Shares
Fair
Value
Japan
(
95.19%)
Food
&
Drug
Stores
(
2.34%
)
Sugi
Holdings
Company
Ltd.
2,500
$
146,658
Health
Care
Supplies
(
4.96%
)
Hoya
Corp.
2,400
311,195
Home
Products
Stores
(
1.83%
)
Nitori
Holdings
Co.
Ltd.
800
114,607
Infrastructure
Construction
(
0.58%
)
Takada
Corp.
6,000
36,149
IT
Services
(
2.99%
)
INES
Corp.
5,000
65,202
Otsuka
Corp.
3,000
121,727
186,929
Life
Insurance
(
6.32%
)
Dai-ichi
Life
Insurance
Co.
Ltd.
11,000
247,598
T&D
Holdings,
Inc.
10,000
147,779
395,377
Logistics
Services
(
3.01%
)
Kintetsu
World
Express,
Inc.
4,000
99,512
Nippon
Express
Holdings
Co.
Ltd.
1,500
88,893
188,405
Mass
Merchants
(
1.37%
)
Aeon
Kyushu
Co.
Ltd.
4,500
85,752
Medical
Devices
(
9.28%
)
Asahi
Intecc
Co.
Ltd.
18,000
307,090
Terumo
Corp.
7,500
273,772
580,862
Multi
Asset
Class
Owners
&
Developers
(
3.88%
)
Mitsui
Fudosan
Company
Ltd.
3,000
64,310
Sumitomo
Realty
&
Development
Co.
Ltd.
4,000
123,758
Tokyu
Fudosan
Holdings
Corp.
10,000
54,780
242,848
Other
Machinery
&
Equipment
(
1.55%
)
Makita
Corp.
2,600
97,298
Personal
Care
Products
(
4.50%
)
Kao
Corp.
1,000
49,970
Unicharm
Corp.
6,000
231,855
281,825
Specialty
Apparel
Stores
(
3.76%
)
Fast
Retailing
Co.
Ltd.
400
235,380
Specialty
Chemicals
(
4.80%
)
JSR
Corp.
3,000
99,442
Commonwealth
Japan
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(95.19%)
-
(continued)
Shares
Fair
Value
Japan
(
95.19%)
Specialty
Chemicals
(4.80%)
-
continued
Shin-Etsu
Chemical
Co.
Ltd.
1,200
$
200,766
300,208
Transit
Services
(
6.55%
)
Daiichi
Koutsu
Sangyo
Co.
Ltd.
7,200
45,456
East
Japan
Railway
Co.
1,500
85,652
Hankyu
Hanshin
Holdings,
Inc.
4,400
128,131
Keikyu
Corp.
6,500
66,525
Tobu
Railway
Co.
Ltd.
3,600
84,321
410,085
Total
Common
Stocks
(Cost $3,790,881)
5,958,404
MONEY
MARKET
FUNDS
(
3.99%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
0.03%
(b)
249,459
249,459
Total
Money
Market
Funds
(Cost
$249,459)
249,459
Total
Investments
—
99.18%
(Cost
$4,040,340)
6,207,863
Other
Assets
in
Excess
of
Liabilities (0.82%)
51,334
NET
ASSETS
—
100.00%
$
6,259,197
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2022.
ADR
-
American
Depositary
Receipt
Commonwealth
Global
Fund
Schedule
of
Investments
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(
99.96%
)
Shares
Fair
Value
Brazil
(
0.49%
)
Data
&
Transaction
Processors
(
0.49%
)
Pagseguro
Digital
Ltd.,
Class
A
(a)
4,000
$
90,480
Chile
(
1.29%
)
Alcoholic
Beverages
(
1.29%
)
Cia
Cervecerias
Unidas
SA
-
ADR
14,401
240,065
Denmark
(
1.86%
)
Banks
(
0.79%
)
Danske
Bank
A/S
-
ADR
15,000
146,250
Large
Pharmaceuticals
(
1.07%
)
Novo
Nordisk
A/S
-
ADR
2,000
199,740
Total
Denmark
345,990
France
(
3.27%
)
Basic
&
Diversified
Chemicals
(
3.27%
)
Arkema
SA
-
ADR
4,130
609,753
Germany
(
4.21%
)
Automobiles
(
1.24%
)
Porsche
Automobil
Holding
SE
-
ADR
25,000
231,750
Diversified
Industrials
(
2.97%
)
Siemens
AG
-
ADR
7,000
552,580
Total
Germany
784,330
India
(
2.95%
)
Banks
(
2.95%
)
HDFC
Bank
Ltd.
-
ADR
8,000
549,040
Israel
(
3.71%
)
Application
Software
(
3.71%
)
NICE-Systems
Ltd.
-
ADR
(a)
2,700
691,362
Japan
(
6.18%
)
Consumer
Electronics
(
3.00%
)
Sony
Group
Corp.
-
ADR
5,000
558,300
Electronics
Components
(
2.49%
)
Nidec
Corp.
-
ADR
21,000
463,260
Food
&
Beverage
Wholesalers
(
0.69%
)
ITOCHU
Corp.
-
ADR
2,000
128,330
Total
Japan
1,149,890
Mexico
(
1.01%
)
Wireless
Telecommunications
(
1.01%
)
Américan
Móvil
S.A.B.
de
C.V.,
Class
L
-
ADR
10,000
188,600
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(99.96%)
-
(continued)
Shares
Fair
Value
Norway
(
2.69%
)
P&C
Insurance
(
2.69%
)
Gjensidige
Forsikring
ASA
-
ADR
20,000
$
501,400
Panama
(
1.35%
)
Airlines
(
1.35%
)
Copa
Holdings,
SA,
Class
A
(a)
3,000
250,740
South
Africa
(
1.76%
)
Food
&
Drug
Stores
(
1.76%
)
Shoprite
Holdings
Ltd.
-
ADR
24,000
327,120
Switzerland
(
6.42%
)
Large
Pharmaceuticals
(
3.13%
)
Roche
Holding
AG
-
ADR
12,000
583,080
Packaged
Food
(
3.29%
)
Nestlé
SA
-
ADR
4,750
613,415
Total
Switzerland
1,196,495
Taiwan
Province
of
China
(
1.16%
)
Semiconductor
Manufacturing
(
1.16%
)
United
Microelectronics
Corp.
-
ADR
22,000
216,260
United
Kingdom
(
11.02%
)
Alcoholic
Beverages
(
3.07%
)
Diageo
PLC
-
ADR
2,800
571,060
Large
Pharmaceuticals
(
4.56%
)
AstraZeneca
PLC
-
ADR
8,000
465,680
GlaxoSmithKline
PLC
-
ADR
8,500
380,970
846,650
Personal
Care
Products
(
2.48%
)
Unilever
PLC
-
ADR
9,000
462,510
Publishing
(
0.91%
)
Pearson
PLC
-
ADR
20,000
170,000
Total
United
Kingdom
2,050,220
United
States
(
50.59%
)
Auto
Parts
(
3.04%
)
Miller
Industries,
Inc.
18,000
566,460
Automotive
Retailers
(
3.56%
)
Group
1
Automotive,
Inc.
3,900
662,259
Communications
Equipment
(
5.43%
)
Apple,
Inc.
5,800
1,013,724
Computer
Hardware
&
Storage
(
3.72%
)
NetApp,
Inc.
8,000
692,080
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(99.96%)
-
(continued)
Shares
Fair
Value
United
States
(
50.59%)
Construction
&
Mining
Machinery
(
1.30%
)
Caterpillar,
Inc.
1,200
$
241,872
Consumer
Finance
(
0.46%
)
Synchrony
Financial
2,000
85,180
Containers
&
Packaging
(
1.68%
)
Amcor
PLC
26,000
312,260
Courier
Services
(
1.98%
)
FedEx
Corp.
1,500
368,790
Diversified
Banks
(
1.68%
)
JPMorgan
Chase
&
Co.
2,100
312,060
Film
&
TV
(
2.31%
)
Walt
Disney
Co.
(The)
(a)
3,000
428,910
Infrastructure
Software
(
2.51%
)
Microsoft
Corp.
1,500
466,470
Integrated
Oils
(
2.47%
)
Chevron
Corp.
3,500
459,655
Life
Science
&
Diagnostics
(
4.99%
)
Thermo
Fisher
Scientific,
Inc.
1,600
930,080
Medical
Equipment
(
1.43%
)
Dentsply
Sirona,
Inc.
5,000
267,100
Personal
Care
Products
(
3.02%
)
Procter
&
Gamble
Co.
(The)
3,500
561,575
Rail
Freight
(
4.08%
)
Norfolk
Southern
Corp.
2,800
761,572
Semiconductor
Devices
(
4.06%
)
Intel
Corp.
3,500
170,870
Skyworks
Solutions,
Inc.
4,000
586,080
756,950
Video
Games
(
1.42%
)
Electronic
Arts,
Inc.
2,000
265,320
Wireless
Telecommunications
(
1.45%
)
KVH
Industries,
Inc.
(a)
30,000
270,000
Total
United
States
9,422,317
Total
Common
Stocks
(Cost $9,057,933)
18,614,062
MONEY
MARKET
FUNDS
(
0.04%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
0.03%
(b)
6,573
6,573
Total
Money
Market
Funds
(Cost
$6,573)
6,573
Commonwealth
Global
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
Total
Investments
—
100.00%
(Cost
$9,064,506)
$
18,620,635
Other
Assets
in
Excess
of
Liabilities (0.00%)
390
NET
ASSETS
—
100.00%
$
18,621,025
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2022.
ADR
-
American
Depositary
Receipt
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(
99.07%
)
Shares
Fair
Value
Agricultural
Producers
(
0.64%
)
BrasilAgro
-
Company
Brasileira
de
Propriedades
Agricolas
-
ADR
17,432
$
91,518
Banks
(
3.69%
)
FS
Bancorp,
Inc.
8,632
286,755
Harleysville
Financial
Corp.
8,675
240,731
527,486
Building
Construction
(
1.41%
)
Kajima
Corp.
-
ADR
10,000
119,250
Lendlease
Group
-
ADR
11,900
82,943
202,193
Building
Materials
(
9.51%
)
James
Hardie
Industries
PLC
-
ADR
25,000
832,999
Tecnoglass
,
Inc.
25,634
528,060
1,361,059
Cement
&
Aggregates
(
4.46%
)
Cemex
S.A.B.
de
C.V.
-
ADR
(a)
30,000
183,600
CRH
PLC
-
ADR
3,000
151,230
Summit
Materials,
Inc.,
Class
A
(a)
8,535
303,505
638,335
Commercial
&
Residential
Building
Equipment
&
Systems
(
3.37%
)
Lennox
International,
Inc.
1,700
482,154
Data
Center
REITs
(
7.78%
)
CyrusOne
,
Inc.
5,200
467,220
Digital
Realty
Trust,
Inc.
3,368
502,607
Equinix
,
Inc.
200
144,980
1,114,807
Health
Care
REITs
(
2.23%
)
Ventas,
Inc.
2,750
145,805
Welltower
,
Inc.
2,000
173,260
319,065
Home
Products
Stores
(
4.93%
)
Kingfisher
PLC
-
ADR
10,000
89,100
Lowe's
Cos.,
Inc.
2,600
617,110
706,210
Homebuilding
(
7.66%
)
D.R.
Horton,
Inc.
5,000
446,100
Lennar
Corp.,
Class
A
4,000
384,440
NVR,
Inc.
(a)
50
266,361
1,096,901
Hotels
Resorts
&
Cruise
Lines
(
2.84%
)
InterContinental
Hotels
Group
PLC
-
ADR
(a)
6,103
406,704
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(99.07%)
-
continued
Shares
Fair
Value
Industrial
Machinery
(
1.72%
)
Techtronic
Industries
Company
Ltd.
-
ADR
3,000
$
246,750
Industrial
REITs
(
6.18%
)
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
7,600
315,248
Prologis,
Inc.
2,000
313,640
STAG
Industrial,
Inc.
6,000
256,380
885,268
Infrastructure
REITs
(
11.48%
)
American
Tower
Corp.,
Class
A
2,500
628,750
Crown
Castle
International
Corp.
2,000
365,020
SBA
Communications
Corp.,
Class
A
2,000
650,880
1,644,650
Mortgage
Finance
(
2.34%
)
Finance
of
America
Cos.,
Inc.,
Class
A
(a)
30,000
111,900
Ladder
Capital
Corp.
18,804
223,580
335,480
Mortgage
REITs
(
1.03%
)
Ares
Commercial
Real
Estate
Corp.
10,000
146,900
Multi
Asset
Class
REITs
(
3.45%
)
Washington
Real
Estate
Investment
Trust
6,000
147,720
WP
Carey,
Inc.
4,470
346,872
494,592
Office
REITs
(
5.80%
)
Alexandria
Real
Estate
Equities,
Inc.
2,850
555,294
Boston
Properties,
Inc.
2,450
274,596
829,890
Residential
Owners
&
Developers
(
1.01%
)
Cyrela
Brazil
Realty
SA
-
ADR
44,000
144,980
Retail
Owners
&
Developers
(
0.23%
)
IRSA
Propiedades
Comerciales
SA
-
ADR
(a)
13,486
32,232
Retail
REITs
(
4.23%
)
Kite
Realty
Group
Trust
9,000
187,920
National
Retail
Properties,
Inc.
4,000
177,520
STORE
Capital
Corp.
7,600
240,996
606,436
Self-Storage
REITs
(
5.14%
)
Extra
Space
Storage,
Inc.
2,500
495,475
Global
Self
Storage,
Inc.
39,000
239,850
735,325
Commonwealth
Real
Estate
Securities
Fund
Schedule
of
Investments
(continued)
January
31,
2022
-
(Unaudited)
COMMON
STOCKS
(99.07%)
-
continued
Shares
Fair
Value
Specialized
REITs
(
6.09%
)
Charter
Hall
Education
Trust
90,263
$
245,023
Gladstone
Land
Corp.
9,700
295,656
Iron
Mountain,
Inc.
7,200
330,624
871,303
Transport
Operations
&
Services
(
1.85%
)
Grupo
Aeroportuario
del
Sureste
S.A.B.
de
C.V.
-
ADR
1,300
264,108
Total
Common
Stocks
(Cost $7,442,357)
14,184,346
MONEY
MARKET
FUNDS
(
0.96%
)
Federated
Hermes
Government
Obligations
Fund,
Institutional
Class,
0.03%
(b)
136,889
136,889
Total
Money
Market
Funds
(Cost
$136,889)
136,889
Total
Investments
—
100.03%
(Cost
$7,579,246)
14,321,235
Liabilities
in
Excess
of
Other
Assets (-0.03%)
(4,521)
NET
ASSETS
—
100.00%
$
14,316,714
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
January
31,
2022.
ADR
-
American
Depositary
Receipt
REIT
-
Real
Estate
Investment
Trust