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Commonwealth International Series Trust NPORT-PCommonwealth Australia/new Zealand Fund (Jul 2024 report)

Filed: 30 Sep 24, 10:08am

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Commonwealth

Australia/New

Zealand

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(

99.64%

)

Shares

Fair

Value

Australia

(

39.36%

)

Biotech

(

4.17%

)

CSL

Ltd.

2,500‌

$

507,364‌

Containers

&

Packaging

(

3.88%

)

Brambles

Ltd.

46,216‌

471,117‌

Diversified

Banks

(

1.71%

)

Macquarie

Group

Ltd.

1,509‌

207,659‌

Environmental

&

Facilities

Services

(

1.89%

)

Cleanaway

Waste

Management

Ltd.

124,496‌

230,118‌

Gas

Utilities

(

1.76%

)

APA

Group

41,282‌

213,953‌

Health

Care

Facilities

(

0.95%

)

Ramsay

Health

Care

Ltd.

3,778‌

115,044‌

Health

Care

Services

(

3.93%

)

Sonic

Healthcare

Ltd.

26,382‌

478,085‌

Integrated

Electric

Utilities

(

3.71%

)

Origin

Energy

Ltd.

65,776‌

451,282‌

Internet

Media

&

Services

(

2.74%

)

Webjet

Ltd.

(a)

57,000‌

333,419‌

Logistics

Services

(

3.16%

)

Qube

Holdings

Ltd.

153,645‌

384,726‌

Medical

Devices

(

3.25%

)

Cochlear

Ltd.

1,750‌

395,389‌

Mineral

&

Precious

Stone

Mining

(

1.23%

)

Lynas

Rare

Earth

Ltd.

-

ADR

(a)

37,000‌

149,480‌

P&C

Insurance

(

1.60%

)

QBE

Insurance

Group

Ltd.

16,434‌

193,938‌

Retail

REITs

(

1.06%

)

Scentre

Group

Ltd.

56,509‌

128,854‌

Transport

Operations

&

Services

(

1.08%

)

Transurban

Group

15,331‌

130,820‌

Wireless

Telecommunications

(

3.24%

)

Telstra

Corp.

Ltd.

152,493‌

394,049‌

Total

Australia

4,785,297‌

New

Zealand

(

60.28%

)

Alcoholic

Beverages

(

0.53%

)

Delegat

Group

Ltd.

21,456‌

64,764‌

Building

Materials

(

0.77%

)

Fletcher

Building

Ltd.

50,000‌

93,238‌

Commonwealth

Australia/New

Zealand

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(99.64%)

-

(continued)

Shares

Fair

Value

New

Zealand

(

60.28%)

Courier

Services

(

4.62%

)

Freightways

Ltd.

103,540‌

$

561,255‌

Flow

Control

Equipment

(

3.27%

)

Skellerup

Holdings

Ltd.

150,000‌

398,044‌

Food

&

Drug

Stores

(

0.78%

)

Green

Cross

Health

Ltd.

181,796‌

95,273‌

Health

Care

Facilities

(

4.06%

)

Oceania

Healthcare

Ltd.

(a)

457,544‌

212,528‌

Ryman

Healthcare

Ltd.

(a)

103,800‌

280,722‌

493,250‌

Health

Care

Supply

Chain

(

0.69%

)

AFT

Pharmaceuticals

Ltd.

46,000‌

84,055‌

Home

Products

Stores

(

3.95%

)

Briscoe

Group

Ltd.

183,520‌

480,496‌

Life

Science

&

Diagnostics

(

0.35%

)

Pacific

Edge

Ltd.

(a)

800,000‌

42,878‌

Lodging

(

2.57%

)

Millennium

&

Copthorne

Hotels

New

Zealand

Ltd.

300,000‌

313,029‌

Logistics

Services

(

7.31%

)

Mainfreight

Ltd.

20,000‌

888,341‌

Measurement

Instruments

(

2.86%

)

ikeGPS

Group

Ltd.

(a)

831,366‌

347,641‌

Medical

Devices

(

0.49%

)

Aroa

Biosurgery

Ltd.

(a)

145,000‌

59,743‌

Multi

Asset

Class

Owners

&

Developers

(

1.36%

)

Marsden

Maritime

Holdings

Ltd.

81,425‌

165,639‌

Other

Specialty

Retail

-

Discretionary

(

0.19%

)

Comvita

Ltd.

35,694‌

23,373‌

P&C

Insurance

(

1.65%

)

Tower

Ltd.

300,000‌

200,278‌

Packaged

Food

(

1.22%

)

Sanford

Ltd.

60,000‌

148,267‌

Power

Generation

(

11.06%

)

Infratil

Ltd.

208,975‌

1,343,191‌

Transport

Operations

&

Services

(

12.55%

)

Port

of

Tauranga

Ltd.

55,000‌

180,919‌

South

Port

New

Zealand

Ltd.

376,010‌

1,345,070‌

1,525,989‌

Total

New

Zealand

7,328,744‌

Commonwealth

Australia/New

Zealand

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(99.64%)

-

(continued)

Shares

Fair

Value

Total

Common

Stocks

(Cost $7,488,971)

$

12,114,041‌

MONEY

MARKET

FUNDS

(

1.04%

)

Federated

Hermes

Government

Obligations

Fund,

Institutional

Class,

5.19%

(b)

126,441‌

126,441‌

Total

Money

Market

Funds

(Cost

$126,441)

126,441‌

Total

Investments

—

(100.68%)

(Cost

$7,615,412)

12,240,482‌

Liabilities

in

Excess

of

Other

Assets (-0.68%)

(82,816‌)

NET

ASSETS

—

100.00%

$

12,157,666‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ADR

-

American

Depositary

Receipt

REIT

-

Real

Estate

Investment

Trust

Africa

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(

95.23%

)

Shares

Fair

Value

Egypt

(

2.05%

)

Banks

(

1.55%

)

Commercial

International

Bank

Egypt

SAE

-

GDR

34,571‌

$

56,973‌

Other

Commercial

Support

Services

(

0.50%

)

Integrated

Diagnostics

Holdings

PLC

(a)

59,000‌

18,290‌

Total

Egypt

75,263‌

South

Africa

(

89.11%

)

Agricultural

Producers

(

3.88%

)

Astral

Foods

Ltd.

(a)

7,000‌

66,274‌

Oceana

Group

Ltd.

20,000‌

76,725‌

142,999‌

Automotive

Retailers

(

5.90%

)

Barloworld

Ltd.

7,900‌

40,323‌

Bidvest

Group

Ltd.

7,500‌

112,580‌

Motus

Holdings

Ltd.

11,400‌

64,630‌

217,533‌

Banks

(

21.13%

)

Capitec

Bank

Holdings

Ltd.

3,000‌

467,205‌

FirstRand

Ltd.

23,200‌

104,086‌

Nedbank

Group

Ltd.

6,000‌

91,616‌

Standard

Bank

Group

Ltd.

-

ADR

9,400‌

116,560‌

779,467‌

Basic

&

Diversified

Chemicals

(

0.87%

)

Sasol

Ltd.

-

ADR

4,000‌

32,240‌

Building

Construction

(

2.65%

)

Wilson

Bayly

Holmes-Ovcon

Ltd.

9,900‌

97,856‌

Coal

Mining

(

1.82%

)

Exxaro

Resources

Ltd.

6,300‌

67,417‌

Consumer

Elec

&

Applc

Whslrs

(

1.86%

)

DataTec

Ltd.

35,034‌

68,739‌

Food

&

Beverage

Wholesalers

(

3.15%

)

Bid

Corp.

Ltd.

4,667‌

116,175‌

Food

&

Drug

Stores

(

4.10%

)

Shoprite

Holdings

Ltd.

-

ADR

9,000‌

150,840‌

Institutional

Brokerage

(

1.09%

)

Coronation

Fund

Managers

Ltd.

19,500‌

40,038‌

Internet

Media

&

Services

(

5.46%

)

Naspers

Ltd.,

N

Shares

1,040‌

201,154‌

Life

&

Health

Insurance

(

2.88%

)

Momentum

Metropolitan

Holdings

72,000‌

106,041‌

Life

Insurance

(

4.07%

)

Clientele

Ltd.

90,000‌

56,094‌

Africa

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(95.23%)

-

(continued)

Shares

Fair

Value

South

Africa

(

89.11%)

Life

Insurance

(4.07%)

-

continued

Discovery

Ltd.

12,000‌

$

94,100‌

150,194‌

Marine

Shipping

(

3.71%

)

Grindrod

Ltd.

160,000‌

136,713‌

Other

Financial

Services

(

1.84%

)

Old

Mutual

Ltd.

100,000‌

67,654‌

Paper

&

Pulp

Mills

(

1.51%

)

Sappi

Ltd.

19,000‌

55,507‌

Precious

Metals

(

7.56%

)

Anglo

American

Platinum

Ltd.

1,100‌

42,676‌

Gold

Fields

Ltd.

-

ADR

8,200‌

140,712‌

Impala

Platinum

Holdings

Ltd.

12,500‌

63,975‌

Sibanye

Stillwater

Ltd.

27,000‌

30,928‌

278,291‌

Renewable

Energy

Project

Developers

(

0.46%

)

Renergen

Ltd.

(a)

35,000‌

16,817‌

Self-Storage

Owners

&

Developers

(

2.58%

)

Stor-Age

Property

REIT

Ltd.

130,000‌

95,160‌

Specialty

&

Generic

Pharmaceuticals

(

3.00%

)

Aspen

Pharmacare

Holdings

Ltd.

8,000‌

110,644‌

Specialty

Apparel

Stores

(

2.52%

)

Mr.

Price

Group

Ltd.

7,800‌

92,647‌

Wealth

Management

(

3.32%

)

Alexander

Forbes

Group

Holdings

Ltd.

170,000‌

62,080‌

PSG

Konsult

Ltd.

65,000‌

60,323‌

122,403‌

Wireless

Telecommunications

(

3.75%

)

MTN

Group

Ltd.

-

ADR

18,000‌

78,300‌

Vodacom

Group

Ltd.

10,700‌

60,062‌

138,362‌

Total

South

Africa

3,284,891‌

United

Kingdom

(

4.07%

)

Precious

Metals

(

4.07%

)

AngloGold

Ashanti

PLC

3,000‌

84,240‌

Endeavour

Mining

PLC

3,000‌

66,000‌

Total

United

Kingdom

150,240‌

Total

Common

Stocks

(Cost $3,149,854)

3,510,394‌

Africa

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

MONEY

MARKET

FUNDS

(

2.32%

)

Shares

Fair

Value

Federated

Hermes

Government

Obligations

Fund,

Institutional

Class,

5.19%

(b)

85,534‌

$

85,534‌

Total

Money

Market

Funds

(Cost

$85,534)

85,534‌

SOVEREIGN

BONDS

(

2.39%

)

Principal

Amount

South

Africa

(2.39%)

Republic

of

South

Africa

Government

Bond,

6.25%,

3/8/2041

$

100,000‌

87,966‌

Total

Sovereign

Bonds

(Cost $90,771)

87,966‌

Total

Investments

—

(99.94%)

(Cost

$3,326,159)

3,683,894‌

Other

Assets

in

Excess

of

Liabilities (0.06%)

2,060‌

NET

ASSETS

—

100.00%

$

3,685,954‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ADR

-

American

Depositary

Receipt

GDR

-

Global

Depositary

Receipt

REIT

-

Real

Estate

Investment

Trust

Commonwealth

Japan

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(

94.34%

)

Shares

Fair

Value

Japan

(

94.34%

)

Alcoholic

Beverages

(

1.51%

)

Kirin

Holdings

Co.

Ltd.

7,000‌

$

98,971‌

Auto

Parts

(

2.44%

)

Bridgestone

Corp.

-

ADR

4,000‌

81,640‌

DENSO

Corp.

4,800‌

78,722‌

160,362‌

Automobiles

(

2.46%

)

Honda

Motor

Co.

Ltd.

-

ADR

1,400‌

45,220‌

Toyota

Motor

Corp.

-

ADR

600‌

116,130‌

161,350‌

Basic

&

Diversified

Chemicals

(

2.31%

)

Mitsubishi

Gas

Chemical

Co.,

Inc.

8,000‌

151,252‌

Building

Construction

(

3.78%

)

Kajima

Corp.

12,850‌

248,327‌

Building

Maintenance

Services

(

1.61%

)

Taihei

Dengyo

Kaisha

Ltd.

3,000‌

105,879‌

Commercial

&

Residential

Building

Equipment

&

Systems

(

2.21%

)

Daikin

Industries

Ltd.

1,000‌

145,018‌

Commercial

Finance

(

4.92%

)

Kyushu

Leasing

Service

Co.

Ltd.

13,000‌

92,763‌

ORIX

Corp.

9,500‌

229,820‌

322,583‌

Consumer

Electronics

(

1.22%

)

Sony

Group

Corp.

-

ADR

900‌

79,731‌

Courier

Services

(

1.30%

)

Yamato

Holdings

Co.

Ltd.

7,000‌

85,022‌

Diversified

Industrials

(

4.12%

)

Hitachi

Ltd.

12,500‌

270,105‌

Electrical

Power

Equipment

(

2.65%

)

Meidensha

Corp.

7,600‌

173,560‌

Electronics

Components

(

3.53%

)

Murata

Manufacturing

Co.

Ltd.

3,000‌

66,749‌

Nidec

Corp.

1,700‌

74,790‌

Taiyo

Yuden

Co.

Ltd.

3,000‌

90,158‌

231,697‌

Exploration

&

Production

(

1.44%

)

INPEX

Corp.

6,100‌

94,201‌

Factory

Automation

Equipment

(

1.36%

)

FANUC

Corp.

3,000‌

88,947‌

Food

&

Beverage

Wholesalers

(

1.24%

)

Yamae

Group

Holdings

Co.

Ltd.

5,200‌

81,358‌

Commonwealth

Japan

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(94.34%)

-

(continued)

Shares

Fair

Value

Japan

(

94.34%)

Food

&

Drug

Stores

(

1.98%

)

Sugi

Holdings

Company

Ltd.

7,500‌

$

129,602‌

Health

Care

Supplies

(

4.19%

)

Hoya

Corp.

2,200‌

275,685‌

Home

Products

Stores

(

2.24%

)

Nitori

Holdings

Co.

Ltd.

1,200‌

146,766‌

Infrastructure

Construction

(

1.72%

)

Takada

Corp.

12,000‌

112,542‌

Integrated

Electric

Utilities

(

1.96%

)

Kansai

Electric

Power

Co.,

Inc.

(The)

7,500‌

128,379‌

IT

Services

(

3.84%

)

INES

Corp.

10,000‌

118,761‌

Otsuka

Corp.

6,000‌

133,018‌

251,779‌

Life

Insurance

(

6.56%

)

Dai-ichi

Life

Holdings,

Inc.

8,000‌

243,942‌

T&D

Holdings,

Inc.

10,000‌

187,472‌

431,414‌

Logistics

Services

(

1.13%

)

Nippon

Express

Holdings

Co.

Ltd.

1,500‌

74,227‌

Mass

Merchants

(

1.37%

)

Aeon

Kyushu

Co.

Ltd.

4,500‌

90,092‌

Medical

Devices

(

7.97%

)

Asahi

Intecc

Co.

Ltd.

16,000‌

253,664‌

Terumo

Corp.

15,000‌

268,947‌

522,611‌

Multi

Asset

Class

Owners

&

Developers

(

3.44%

)

Mitsui

Fudosan

Co.

Ltd.

9,000‌

93,246‌

Sumitomo

Realty

&

Development

Co.

Ltd.

4,000‌

132,222‌

225,468‌

P&C

Insurance

(

2.40%

)

Sompo

Holdings,

Inc.

6,900‌

157,346‌

Personal

Care

Products

(

4.40%

)

Kao

Corp.

2,000‌

87,586‌

Unicharm

Corp.

6,000‌

201,020‌

288,606‌

Semiconductor

Manufacturing

(

1.59%

)

Tokyo

Electron

Ltd.

500‌

104,632‌

Specialty

Apparel

Stores

(

2.52%

)

Fast

Retailing

Co.

Ltd.

600‌

165,403‌

Specialty

Chemicals

(

2.03%

)

Shin-Etsu

Chemical

Co.

Ltd.

3,000‌

133,303‌

Commonwealth

Japan

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(94.34%)

-

(continued)

Shares

Fair

Value

Japan

(

94.34%)

Transit

Services

(

5.98%

)

Daiichi

Koutsu

Sangyo

Co.

Ltd.

12,200‌

$

67,082‌

East

Japan

Railway

Co.

4,500‌

85,747‌

Hankyu

Hanshin

Holdings,

Inc.

4,400‌

125,559‌

Keikyu

Corp.

6,500‌

51,398‌

Tobu

Railway

Co.

Ltd.

3,600‌

63,243‌

393,029‌

Wireless

Telecommunications

(

0.92%

)

KDDI

Corp.

2,000‌

60,185‌

Total

Common

Stocks

(Cost $3,835,270)

6,189,432‌

MONEY

MARKET

FUNDS

(

4.89%

)

Federated

Hermes

Government

Obligations

Fund,

Institutional

Class,

5.19%

(a)

320,613‌

320,613‌

Total

Money

Market

Funds

(Cost

$320,613)

320,613‌

CORPORATE

BONDS

(

3.97%

)

Principal

Amount

United

States

(3.97%)

American

Honda

Finance

Corp,

1.80%,

1/13/2031

$

100,000‌

83,894‌

Toyota

Motor

Credit

Corp,

2.15%,

2/13/2030

200,000‌

176,809‌

Total

Corporate

Bonds

(Cost $260,261)

260,703‌

Total

Investments

—

(103.20%)

(Cost

$4,416,144)

6,770,748‌

Liabilities

in

Excess

of

Other

Assets (-3.20%)

(210,169‌)

NET

ASSETS

—

100.00%

$

6,560,579‌

(a)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ADR

-

American

Depositary

Receipt

Commonwealth

Global

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(

99.54%

)

Shares

Fair

Value

Denmark

(

2.96%

)

Large

Pharmaceuticals

(

2.96%

)

Novo

Nordisk

A/S

-

ADR

4,000‌

$

530,520‌

France

(

2.34%

)

Basic

&

Diversified

Chemicals

(

1.58%

)

Arkema

SA

-

ADR

3,130‌

283,171‌

Integrated

Oils

(

0.76%

)

Total

S.A.

-

ADR

2,000‌

135,560‌

Total

France

418,731‌

Germany

(

3.57%

)

Diversified

Industrials

(

3.57%

)

Siemens

AG

-

ADR

7,000‌

639,800‌

India

(

2.68%

)

Banks

(

2.68%

)

HDFC

Bank

Ltd.

-

ADR

8,000‌

480,080‌

Ireland

(

1.31%

)

Building

Materials

(

1.31%

)

James

Hardie

Industries

PLC

-

ADR

(a)

6,500‌

235,040‌

Israel

(

2.73%

)

Application

Software

(

2.73%

)

NICE

Ltd.

-

ADR

(a)

2,700‌

488,700‌

Japan

(

3.61%

)

Auto

Parts

(

0.34%

)

Bridgestone

Corp.

-

ADR

3,000‌

61,230‌

Consumer

Electronics

(

1.98%

)

Sony

Group

Corp.

-

ADR

4,000‌

354,360‌

Electronics

Components

(

1.29%

)

Nidec

Corp.

-

ADR

21,000‌

231,000‌

Total

Japan

646,590‌

Mexico

(

0.93%

)

Wireless

Telecommunications

(

0.93%

)

America

Movil

S.A.B.

de

C.V.,

Class

L

-

ADR

10,000‌

167,200‌

Commonwealth

Global

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(99.54%)

-

(continued)

Shares

Fair

Value

Norway

(

1.85%

)

P&C

Insurance

(

1.85%

)

Gjensidige

Forsikring

ASA

-

ADR

20,000‌

$

331,800‌

Panama

(

1.49%

)

Airlines

(

1.49%

)

Copa

Holdings,

SA,

Class

A

3,000‌

266,250‌

South

Africa

(

2.25%

)

Food

&

Drug

Stores

(

2.25%

)

Shoprite

Holdings

Ltd.

-

ADR

24,000‌

402,240‌

Switzerland

(

4.26%

)

Large

Pharmaceuticals

(

2.71%

)

Roche

Holding

AG

-

ADR

12,000‌

486,120‌

Packaged

Food

(

1.55%

)

Nestlé

SA

-

ADR

2,750‌

277,723‌

Total

Switzerland

763,843‌

Taiwan

Province

of

China

(

1.85%

)

Semiconductor

Manufacturing

(

1.85%

)

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

-

ADR

2,000‌

331,600‌

United

Kingdom

(

9.42%

)

Alcoholic

Beverages

(

1.95%

)

Diageo

PLC

-

ADR

2,800‌

349,300‌

Electric

Transmission

&

Dist

(

0.54%

)

National

Grid

PLC

-

ADR

1,500‌

96,675‌

Large

Pharmaceuticals

(

3.32%

)

AstraZeneca

PLC

-

ADR

7,500‌

593,625‌

Personal

Care

Products

(

2.40%

)

Unilever

PLC

-

ADR

7,000‌

429,800‌

Publishing

(

1.21%

)

Pearson

PLC

-

ADR

16,000‌

216,160‌

Total

United

Kingdom

1,685,560‌

United

States

(

58.29%

)

Agricultural

Chemicals

(

0.85%

)

CF

Industries

Holdings,

Inc.

2,000‌

152,780‌

Commonwealth

Global

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(99.54%)

-

(continued)

Shares

Fair

Value

United

States

(

58.29%)

Application

Software

(

1.54%

)

Adobe,

Inc.

(a)

500‌

$

275,825‌

Auto

Parts

(

5.31%

)

Miller

Industries,

Inc.

14,000‌

951,160‌

Automotive

Retailers

(

5.72%

)

Group

1

Automotive,

Inc.

2,800‌

1,024,016‌

Communications

Equipment

(

5.58%

)

Apple,

Inc.

4,500‌

999,360‌

Computer

Hardware

&

Storage

(

5.68%

)

NetApp,

Inc.

8,000‌

1,015,840‌

Construction

&

Mining

Machinery

(

2.32%

)

Caterpillar,

Inc.

1,200‌

415,440‌

Courier

Services

(

0.68%

)

FedEx

Corp.

400‌

120,900‌

Defense

(

0.76%

)

L3Harris

Technologies,

Inc.

600‌

136,134‌

Diversified

Banks

(

2.50%

)

JPMorgan

Chase

&

Co.

2,100‌

446,880‌

Household

Products

(

2.78%

)

Procter

&

Gamble

Co.

(The)

3,100‌

498,356‌

Infrastructure

Software

(

4.15%

)

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

500‌

115,980‌

Microsoft

Corp.

1,500‌

627,525‌

743,505‌

Integrated

Electric

Utilities

(

0.69%

)

American

Electric

Power

Co.,

Inc.

500‌

49,060‌

Southern

Co.

(The)

900‌

75,168‌

124,228‌

Integrated

Oil

&

Gas

(

3.14%

)

Chevron

Corp.

3,500‌

561,645‌

Life

Science

&

Diagnostics

(

4.62%

)

Thermo

Fisher

Scientific,

Inc.

1,350‌

828,009‌

Oil

&

Gas

Equipment

&

Services

(

0.73%

)

Schlumberger

Ltd.

2,700‌

130,383‌

Oilfield

Services

&

Equipment

(

0.80%

)

Natural

Gas

Services

Group,

Inc.

(a)

7,000‌

142,520‌

Online

Marketplace

(

1.57%

)

Amazon.com,

Inc.

(a)

1,500‌

280,470‌

Rail

Freight

(

3.34%

)

Norfolk

Southern

Corp.

2,400‌

598,944‌

Commonwealth

Global

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(99.54%)

-

(continued)

Shares

Fair

Value

United

States

(

58.29%)

Refining

&

Marketing

(

0.81%

)

Phillips

66

1,000‌

$

145,480‌

Semiconductor

Devices

(

2.28%

)

Skyworks

Solutions,

Inc.

3,600‌

409,032‌

Video

Games

(

1.35%

)

Electronic

Arts,

Inc.

1,600‌

241,504‌

Waste

Management

(

1.09%

)

Republic

Services,

Inc.

1,000‌

194,320‌

Total

United

States

10,436,731‌

Total

Common

Stocks

(Cost $7,591,144)

17,824,685‌

MONEY

MARKET

FUNDS

(

1.12%

)

Federated

Hermes

Government

Obligations

Fund,

Institutional

Class,

5.19%

(b)

200,499‌

200,499‌

Total

Money

Market

Funds

(Cost

$200,499)

200,499‌

Total

Investments

—

(100.66%)

(Cost

$7,791,643)

18,025,184‌

Liabilities

in

Excess

of

Other

Assets (-0.66%)

(117,651‌)

NET

ASSETS

—

100.00%

$

17,907,533‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ADR

-

American

Depositary

Receipt

Commonwealth

Real

Estate

Securities

Fund

Schedule

of

Investments

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(

90.89%

)

Shares

Fair

Value

Agricultural

Producers

(

0.77%

)

BrasilAgro

-

Company

Brasileira

de

Propriedades

Agricolas

-

ADR

27,432‌

$

128,382‌

Banks

(

1.10%

)

Harleysville

Financial

Corp.

8,675‌

182,088‌

Building

Construction

(

1.39%

)

Kajima

Corp.

-

ADR

11,900‌

230,946‌

Building

Materials

(

11.83%

)

James

Hardie

Industries

PLC

-

ADR

(a)

25,000‌

904,000‌

Tecnoglass,

Inc.

19,634‌

1,056,506‌

1,960,506‌

Cement

&

Aggregates

(

4.64%

)

Cemex

S.A.B.

de

C.V.

-

ADR

30,000‌

192,600‌

CRH

PLC

2,500‌

214,250‌

Summit

Materials,

Inc.,

Class

A

(a)

8,680‌

362,650‌

769,500‌

Commercial

&

Residential

Building

Equipment

&

Systems

(

5.98%

)

Lennox

International,

Inc.

1,700‌

991,950‌

Data

Center

REITs

(

3.99%

)

Digital

Realty

Trust,

Inc.

3,368‌

503,482‌

Equinix,

Inc.

200‌

158,048‌

661,530‌

Home

Products

Stores

(

3.85%

)

Lowe's

Cos.,

Inc.

2,600‌

638,326‌

Homebuilding

(

10.36%

)

D.R.

Horton,

Inc.

4,000‌

719,720‌

Lennar

Corp.,

Class

A

3,200‌

566,176‌

NVR,

Inc.

(a)

50‌

430,374‌

1,716,270‌

Hotel

REITs

(

0.85%

)

Ryman

Hospitality

Properties,

Inc.

1,400‌

140,714‌

Hotels

Resorts

&

Cruise

Lines

(

3.73%

)

InterContinental

Hotels

Group

PLC

-

ADR

6,103‌

618,417‌

Industrial

Machinery

(

2.13%

)

Techtronic

Industries

Company

Ltd.

-

ADR

5,500‌

352,605‌

Industrial

REITs

(

6.01%

)

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

15,200‌

498,104‌

Prologis,

Inc.

2,000‌

252,100‌

STAG

Industrial,

Inc.

6,000‌

244,860‌

995,064‌

Infrastructure

REITs

(

7.30%

)

American

Tower

Corp.,

Class

A

2,500‌

551,000‌

Commonwealth

Real

Estate

Securities

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

COMMON

STOCKS

(90.89%)

-

continued

Shares

Fair

Value

Infrastructure

REITs

(7.30%)

-

continued

Crown

Castle

International

Corp.

2,000‌

$

220,160‌

SBA

Communications

Corp.,

Class

A

2,000‌

439,080‌

1,210,240‌

Mortgage

Finance

(

3.44%

)

Ladder

Capital

Corp.

10,000‌

120,000‌

Redwood

Trust,

Inc.

40,000‌

290,800‌

Starwood

Property

Trust,

Inc.

8,000‌

159,600‌

570,400‌

Multi

Asset

Class

REITs

(

1.56%

)

WP

Carey,

Inc.

4,470‌

258,411‌

Residential

Owners

&

Developers

(

0.92%

)

Cyrela

Brazil

Realty

SA

-

ADR

44,000‌

151,800‌

Residential

REITs

(

2.47%

)

AvalonBay

Communities,

Inc.

2,000‌

409,840‌

Retail

REITs

(

3.35%

)

Kite

Realty

Group

Trust

9,000‌

221,940‌

National

Retail

Properties,

Inc.

4,000‌

179,560‌

Simon

Property

Group,

Inc.

1,000‌

153,440‌

554,940‌

Self-Storage

REITs

(

3.59%

)

Extra

Space

Storage,

Inc.

2,500‌

399,050‌

Global

Self

Storage,

Inc.

39,000‌

196,170‌

595,220‌

Specialized

REITs

(

6.32%

)

Charter

Hall

Education

Trust

99,140‌

165,957‌

Gladstone

Land

Corp.

9,700‌

144,045‌

Iron

Mountain,

Inc.

7,200‌

738,433‌

1,048,435‌

Timber

REITs

(

2.05%

)

PotlatchDeltic

Corp.

3,000‌

133,080‌

Weyerhaeuser

Co.

6,500‌

206,440‌

339,520‌

Transport

Operations

&

Services

(

3.26%

)

Grupo

Aeroportuario

del

Sureste

S.A.B.

de

C.V.

-

ADR

1,800‌

540,882‌

Total

Common

Stocks

(Cost $6,797,306)

15,065,986‌

U.S.

GOVERNMENT

&

AGENCIES

(

8.05%

)

Principal

Amount

Fair

Value

Federal

Home

Loan

Bank,

2.88

%

,

9/13/2024

$

300,000‌

299,117‌

Federal

Home

Loan

Banks,

0.50

%

,

4/14/2025

300,000‌

290,906‌

Federal

National

Mortgage

Association,

0.88

%

,

8/5/2030

200,000‌

166,315‌

United

States

Treasury

Note,

2.88

%

,

5/31/2025

200,000‌

196,744‌

Commonwealth

Real

Estate

Securities

Fund

Schedule

of

Investments

(continued)

July

31,

2024

-

(Unaudited)

U.S.

GOVERNMENT

&

AGENCIES

(8.05%

)

-

continued

Principal

Amount

Fair

Value

United

States

Treasury

Note,

3.38

%

,

5/15/2033

$

400,000‌

$

380,562‌

Total

U.S.

Government

&

Agencies

(Cost $1,331,167)

1,333,644‌

MONEY

MARKET

FUNDS

(

4.32%

)

Shares

Federated

Hermes

Government

Obligations

Fund,

Institutional

Class,

5.19%

(b)

715,675‌

715,675‌

Total

Money

Market

Funds

(Cost

$715,675)

715,675‌

Total

Investments

—

(103.26%)

(Cost

$8,844,148)

17,115,305‌

Liabilities

in

Excess

of

Other

Assets (-3.26%)

(540,224‌)

NET

ASSETS

—

100.00%

$

16,575,081‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

July

31,

2024.

ADR

-

American

Depositary

Receipt

REIT

-

Real

Estate

Investment

Trust

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