# EDGAR Filing Document

**Accession Number:** 0000793601
**File Stem:** 0001580642-26-000023
**Filing Date:** 2026-1
**Character Count:** 154253
**Document Hash:** e7a483f70db1724124356ff09a1f1c7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000023.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001580642-26-000023

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMONWEALTH INTERNATIONAL SERIES TRUST
- **CENTRAL INDEX KEY:** 0000793601

**ORGANIZATION NAME:**
- **EIN:** 760342141
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04665
- **FILM NUMBER:** 26501889

**BUSINESS ADDRESS:**
- **STREET 1:** 791 TOWN & COUNTRY BLVD.
- **STREET 2:** SUITE 250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024
- **BUSINESS PHONE:** 7132609000

**MAIL ADDRESS:**
- **STREET 1:** 791 TOWN & COUNTRY BLVD.
- **STREET 2:** SUITE 250
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAPSTONE INTERNATIONAL SERIES TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INVESTORS INTERNATIONAL SERIES TRUST
- **DATE OF NAME CHANGE:** 19890301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FRAMLINGTON COMMON CAPITAL FUND
- **DATE OF NAME CHANGE:** 19861102

## Series and Classes Contracts Data

### Commonwealth Australia/New Zealand Fund (Series ID: S000004491)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000012360 | Commonwealth Australia/New Zealand Fund | CNZLX           |

### Commonwealth Japan Fund (Series ID: S000004492)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000012361 | Commonwealth Japan Fund | CNJFX           |

### Commonwealth Global Fund (Series ID: S000004493)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000012362 | Commonwealth Global Fund | CNGLX           |

### Commonwealth Real Estate Securities Fund (Series ID: S000004494)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000012363 | Commonwealth Real Estate Securities Fund | CNREX           |

### AFRICA FUND (Series ID: S000034335)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000105717 | AFRICA FUND  | CAFRX           |

?xml version='1.0' encoding='ASCII'?

**united states**

**securities and exchange commission**

**washington, d.c. 20549** 

**form n-csr**

**certified shareholder report of registered**

**management investment companies**

Investment Company Act file number 811-04665

**Commonwealth International Series Trust**

(Exact name of registrant as specified in charter)

791 Town & Country Blvd., Houston, TX 77024-3925

(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

CT Corporation System

155 Federal Street

Boston, MA 02110

(Name and address of agent for service)

Registrant's telephone number, including area code: (888) 345-1898

Date of fiscal year end: <u>10/31/2024</u> <br>Date of reporting period: <u>10/31/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Commonwealth Australia/New Zealand Fund
(CNZLX)

#### Annual Shareholder Report - October 31, 2025
![Image](i43cc9b033f09896a793230f8.jpg)

# Fund Overview
This annual shareholder report contains important information about Commonwealth Australia/New Zealand Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/commonwealth/**. You can also request this information by contacting us at (888) 345-1898.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commonwealth Australia/New Zealand Fund | $314 | 2.89% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Australia/New Zealand Fund reported a NAV of $12.78 per share as of October 31, 2025, up from $11.06 one year earlier. This reflects a total return of 17.20%, including the $0.151 per-share distribution paid in December 2024.

Contributors: Performance was supported by investments in the industrials, information technology, and materials sectors. Top positive contributors included South Port New Zealand Ltd., ikeGPS Group Ltd., Lynas Rare Earth Ltd., Freightways Group Ltd., and Brambles Ltd.

Detractors: The Fund's exposure to the health care sector weighed on performance. Additional detractors included CSL Ltd., Mainfreight Ltd., Ryman Healthcare Ltd., Infratil Ltd., and Sonic Healthcare Ltd. Depreciation of both the New Zealand dollar and Australian dollar versus the U.S. dollar further dampened returns.

The Fund's portfolio consisted of 42 equity positions (common stock and ADRs) and a money market investment. The portfolio remained diversified across holdings that the Adviser believes have attractive fundamentals.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4e54bf39a16ef0928d47c895.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Commonwealth Australia/New Zealand Fund** | **Australian All Ordinaries Index** | **MSCI ACWI ex USA Index** | **NZX 50 Index** |
| **Oct-2015** | $10000 | $10003 | $10000 | $9999 |
| **Oct-2016** | $12251 | $11516 | $10022 | $12265 |
| **Oct-2017** | $13261 | $13579 | $12391 | $13732 |
| **Oct-2018** | $13055 | $13103 | $11370 | $14054 |
| **Oct-2019** | $13897 | $15433 | $12651 | $17028 |
| **Oct-2020** | $14410 | $14846 | $12321 | $19667 |
| **Oct-2021** | $19053 | $20719 | $15975 | $23095 |
| **Oct-2022** | $13457 | $17274 | $12025 | $16249 |
| **Oct-2023** | $12005 | $17857 | $13477 | $15422 |
| **Oct-2024** | $13231 | $23452 | $16756 | $18567 |
| **Oct-2025** | $15507 | $26549 | $20933 | $19092 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Australia/New Zealand Fund | 17.20% | 1.48% | 4.48% |
| Australian All Ordinaries Index | 13.23% | 12.32% | 10.26% |
| MSCI ACWI ex USA Index | 24.93% | 11.18% | 7.67% |
| NZX 50 Index | 2.82% | -0.59% | 6.68% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13814684 |
| Number of Portfolio Holdings | 43 |
| Advisory Fee | $90570 |
| Portfolio Turnover | 8% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](if1dd12d18c83f4179b612477.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.3% |
| Money Market Funds | 0.3% |
| Technology | 0.5% |
| Energy | 1.2% |
| Real Estate | 2.2% |
| Consumer Staples | 2.7% |
| Consumer Discretionary | 4.1% |
| Communications | 5.3% |
| Financials | 6.1% |
| Materials | 10.3% |
| Utilities | 11.2% |
| Health Care | 12.6% |
| Industrials | 42.1% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i36d046e66e273e8a02f743b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 1.3% |
| Australia | 38.0% |
| New Zealand | 59.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;South Port New Zealand Ltd. | &nbsp;&nbsp;14.4% |
| &nbsp;&nbsp;Infratil Ltd. | &nbsp;&nbsp;8.0% |
| &nbsp;&nbsp;Freightways Ltd. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Brambles Ltd. | &nbsp;&nbsp;5.4% |
| &nbsp;&nbsp;Mainfreight Ltd. | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;ikeGPS Group Ltd. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Briscoe Group Ltd. | &nbsp;&nbsp;4.1% |
| &nbsp;&nbsp;Telstra Corp. Ltd. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Lynas Rare Earth Ltd. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Skellerup Holdings Ltd. | &nbsp;&nbsp;3.4% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the following website (**https://funddocs.filepoint.com/commonwealth/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i43cc9b033f09896a793230f8.jpg)

#### Commonwealth Australia/New Zealand Fund - (CNZLX)

#### Annual Shareholder Report - October 31, 2025
TSR-AR 103125-CNZLX

#### Africa Fund

#### Africa Fund - (CAFRX)

#### Annual Shareholder Report - October 31, 2025
![Image](i43cc9b033f09896a793230f8.jpg)

# Fund Overview
This annual shareholder report contains important information about Africa Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/commonwealth/**. You can also request this information by contacting us at (888) 345-1898.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Africa Fund | $197 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Africa Fund reported a net asset value (NAV) of $10.73 per share as of October 31, 2025, up from $8.92 one year earlier. This represents a total return of 25.25%, including the $0.355 per-share distribution paid in December 2024.

Contributors: Performance was supported by the Fund's investments in the materials, financials, and communication services sectors. The strongest contributors were Gold Fields Ltd ADR, AngloGold Ashanti Plc, Naspers Ltd., Capitec Bank Holdings Ltd., and MTN Group Ltd. ADR. Additionally, the 1.7% appreciation of the South African Rand relative to the U.S. dollar benefited returns.

Detractors: The Fund's exposure to the health care and industrials sectors detracted from results. Notable individual detractors included Aspen Pharmacare Holdings Ltd., Sappi Ltd., Wilson Bayly Holmes Ltd., Bidvest Group Ltd., and Oceana Group Ltd.

The Fund's portfolio consisted of 39 equity positions (common stock and ADRs), a South African government bond, and a money market investment. The portfolio remained diversified across holdings that the Adviser believes have attractive fundamentals.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4a0376ceae60a00940efb2cb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Africa Fund** | **Dow Jones Africa Titans 50 Index** | **MSCI Emerging Markets Index** |
| **Oct-2015** | $10000 | $10000 | $10000 |
| **Oct-2016** | $9833 | $10679 | $10927 |
| **Oct-2017** | $10799 | $11761 | $13817 |
| **Oct-2018** | $9578 | $10628 | $12087 |
| **Oct-2019** | $9543 | $11670 | $13521 |
| **Oct-2020** | $7511 | $10783 | $14636 |
| **Oct-2021** | $10694 | $12896 | $17119 |
| **Oct-2022** | $9241 | $9875 | $11807 |
| **Oct-2023** | $8834 | $10068 | $13083 |
| **Oct-2024** | $12070 | $12711 | $16394 |
| **Oct-2025** | $15118 | $18523 | $20971 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Africa Fund | 25.25% | 15.02% | 4.22% |
| Dow Jones Africa Titans 50 Index | 45.73% | 11.43% | 6.36% |
| MSCI Emerging Markets Index | 27.92% | 7.46% | 7.69% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $5671733 |
| Number of Portfolio Holdings | 41 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 1% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i8a64172a3740ae8d2fc434bb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 1.4% |
| Sovereign | 1.7% |
| Money Market Funds | 3.5% |
| Industrials | 5.2% |
| Real Estate | 5.8% |
| Consumer Staples | 8.9% |
| Consumer Discretionary | 10.9% |
| Communications | 11.2% |
| Materials | 20.3% |
| Financials | 31.1% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i195682d0f64254efb9b33d27.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Egypt | 1.9% |
| United States | 3.5% |
| United Kingdom | 5.7% |
| South Africa | 88.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Capitec Bank Holdings Ltd. | &nbsp;&nbsp;11.7% |
| &nbsp;&nbsp;Naspers Ltd., N Shares | &nbsp;&nbsp;6.5% |
| &nbsp;&nbsp;Gold Fields Ltd. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;DataTec Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;AngloGold Ashanti PLC | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Vukile Property Fund Ltd. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;MTN Group Ltd. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Astral Foods Ltd. | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;Grindrod Ltd. | &nbsp;&nbsp;2.7% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the following website (**https://funddocs.filepoint.com/commonwealth/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i43cc9b033f09896a793230f8.jpg)

#### Africa Fund - (CAFRX)

#### Annual Shareholder Report - October 31, 2025
TSR-AR 103125-CAFRX

#### Commonwealth Japan Fund
(CNJFX)

#### Annual Shareholder Report - October 31, 2025
![Image](i43cc9b033f09896a793230f8.jpg)

# Fund Overview
This annual shareholder report contains important information about Commonwealth Japan Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/commonwealth/**. You can also request this information by contacting us at (888) 345-1898.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commonwealth Japan Fund | $187 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Japan Fund reported a NAV of $4.28 per share as of October 31, 2025, compared with $3.79 one year prior. This represents a total return of 13.59%, including the $0.022 per-share distribution paid in December 2024.

Contributors: Positive performance contributions came from investments in the industrials, financials, materials, and information technology sectors. Top positive contributors included Kajima Corp., Meidensha Corp., Hitachi Ltd., Sompo Holdings, Inc., and T&D Holdings, Inc.

Detractors: The Fund's investments in consumer staples, utilities, and materials sectors negatively affected returns. Specific holdings that contributed to the underperformance included: Unicharm Corp., Nitori Holdings Co., Ltd., Nidec Corp., Terumo Corp., and Shin-Etsu Chemical Co., Ltd. Additionally, the 1.4% depreciation of the Japanese Yen against the U.S. dollar negatively impacted the Fund's returns.

The Fund's portfolio consisted of 48 equity positions (common stock and ADRs), one investment-grade corporate bond, and a money market position. The portfolio remained diversified across holdings that the Adviser believes have attractive fundamentals.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib9379c0946fba0a82efac9fa.jpg)

---

| | | |
|:---|:---|:---|
| | **Commonwealth Japan Fund** | **Tokyo Stock Price Index** |
| **Oct-2015** | $10000 | $10000 |
| **Oct-2016** | $10242 | $10513 |
| **Oct-2017** | $11576 | $12567 |
| **Oct-2018** | $11091 | $12009 |
| **Oct-2019** | $12485 | $13061 |
| **Oct-2020** | $12212 | $13093 |
| **Oct-2021** | $13364 | $15545 |
| **Oct-2022** | $9569 | $11812 |
| **Oct-2023** | $10801 | $13878 |
| **Oct-2024** | $11982 | $16920 |
| **Oct-2025** | $13609 | $21160 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Japan Fund | 13.59% | 2.19% | 3.13% |
| Tokyo Stock Price Index | 25.06% | 10.08% | 7.78% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7041250 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i037babbc4a60431a7384afd9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.6% |
| Money Market Funds | 0.7% |
| Communications | 0.9% |
| Energy | 1.6% |
| Utilities | 1.7% |
| Materials | 3.4% |
| Real Estate | 3.8% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 9.0% |
| Technology | 9.7% |
| Health Care | 12.1% |
| Financials | 16.3% |
| Industrials | 30.6% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](icb13f3ff354e5b7c1f22b2e8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 2.0% |
| Japan | 96.4% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;5.9% |
| &nbsp;&nbsp;Hitachi Ltd. | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;5.1% |
| &nbsp;&nbsp;Meidensha Corp. | &nbsp;&nbsp;4.3% |
| &nbsp;&nbsp;Asahi Intecc Co. Ltd. | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;3.3% |
| &nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Fast Retailing Co. Ltd. | &nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;3.0% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the following website (**https://funddocs.filepoint.com/commonwealth/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i43cc9b033f09896a793230f8.jpg)

#### Commonwealth Japan Fund - (CNJFX)

#### Annual Shareholder Report - October 31, 2025
TSR-AR 103125-CNJFX

#### Commonwealth Global Fund
(CNGLX)

#### Annual Shareholder Report - October 31, 2025
![Image](i43cc9b033f09896a793230f8.jpg)

# Fund Overview
This annual shareholder report contains important information about Commonwealth Global Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/commonwealth/**. You can also request this information by contacting us at (888) 345-1898.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commonwealth Global Fund | $266 | 2.58% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Global Fund reported a NAV of $21.46 per share as of October 31, 2025, compared with $20.81 a year earlier. This represents a total return of 6.46%, including the $0.679 per-share distribution paid in December 2024.

Contributors: Positive performance contributions came from investments in the financials, information technology, and consumer discretionary sectors. Geographically, the Fund's holdings in the United States, Germany, Taiwan, and Norway supported returns. Notable contributing securities included Siemens AG ADR, Taiwan Semiconductor ADR, Sony Group Corp ADR, Gjensidige Forsikring ASA ADR, and JPMorgan Chase & Co.

Detractors: Investments in the materials, health care, and consumer staples sectors detracted from performance. On a geographic basis, exposure to Denmark, Israel, France, and Ireland weighed on returns. Detracting individual holdings included Miller Industries, Inc., Novo Nordisk A/S ADR, Nidec Corporation, and Skyworks Solutions, Inc.

The Fund's portfolio consisted of 41 equity positions (common stock and ADRs) and a money market investment. The portfolio remained diversified across holdings that the Adviser believes have attractive fundamentals.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib7bf90f85942bc31a9a39524.jpg)

---

| | | |
|:---|:---|:---|
| | **Commonwealth Global Fund** | **MSCI ACWI Index Net** |
| **Oct-2015** | $10000 | $10000 |
| **Oct-2016** | $10014 | $10205 |
| **Oct-2017** | $11476 | $12572 |
| **Oct-2018** | $11042 | $12507 |
| **Oct-2019** | $11878 | $14082 |
| **Oct-2020** | $12148 | $14770 |
| **Oct-2021** | $15838 | $20277 |
| **Oct-2022** | $12643 | $16230 |
| **Oct-2023** | $12834 | $17934 |
| **Oct-2024** | $15738 | $23816 |
| **Oct-2025** | $16755 | $29208 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Global Fund | 6.46% | 6.64% | 5.30% |
| MSCI ACWI Index Net | 22.64% | 14.61% | 11.31% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $17229960 |
| Number of Portfolio Holdings | 42 |
| Advisory Fee | $125621 |
| Portfolio Turnover | 7% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ie74d7141324457d04f3d1baa.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market Funds | 1.0% |
| Materials | 1.9% |
| Utilities | 2.3% |
| Communications | 2.9% |
| Energy | 5.8% |
| Consumer Discretionary | 9.8% |
| Consumer Staples | 10.5% |
| Financials | 11.1% |
| Health Care | 12.0% |
| Industrials | 15.1% |
| Technology | 27.6% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i39b3d7ddf706f5dd045e9765.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 0.8% |
| Denmark | 1.2% |
| Mexico | 1.3% |
| Israel | 2.2% |
| Panama | 2.2% |
| South Africa | 2.4% |
| Norway | 3.1% |
| India | 3.4% |
| France | 3.5% |
| Taiwan Province of China | 3.5% |
| Switzerland | 4.3% |
| Japan | 4.9% |
| Germany | 6.4% |
| United Kingdom | 9.1% |
| United States | 51.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;7.0% |
| &nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;5.7% |
| &nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.5% |
| &nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;4.4% |
| &nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;3.8% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;3.6% |
| &nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;HDFC Bank Ltd. | &nbsp;&nbsp;3.4% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the following website (**https://funddocs.filepoint.com/commonwealth/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i43cc9b033f09896a793230f8.jpg)

#### Commonwealth Global Fund - (CNGLX)

#### Annual Shareholder Report - October 31, 2025
TSR-AR 103125-CNGLX

#### Commonwealth Real Estate Securities Fund
(CNREX)

#### Annual Shareholder Report - October 31, 2025
![Image](i43cc9b033f09896a793230f8.jpg)

# Fund Overview
This annual shareholder report contains important information about Commonwealth Real Estate Securities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at **https://funddocs.filepoint.com/commonwealth/**. You can also request this information by contacting us at (888) 345-1898.

# What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Commonwealth Real Estate Securities Fund | $255 | 2.63% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Real Estate Securities Fund reported a NAV of $22.84 per share as of October 31, 2025, down from $24.71 one year earlier. This represents a total return of –5.96%, including the $0.426 per-share distribution paid in December 2024.

Contributors: On a geographic basis, investments in Mexico, Japan, Brazil, and the United Kingdom contributed positively. The strongest performing individual holdings included Kajima Corp ADR, Cemex SAB de CV ADR, Grupo Aeroportuario del Sureste ADR, Cyrela Brazil Realty S.A. ADR, and W. P. Carey, Inc.

Detractors: Exposure to US property REITs and real estate-related companies in the consumer discretionary and financials sectors negatively impacted results. Key detractors include James Hardie Industries PLC ADR, Lennox International, Inc., Lennar Corp., Tecnoglass, Inc., and Iron Mountain, Inc.

The Fund's portfolio consisted of 41 equity securities (common stock, ADRs, and REITs), two investment-grade fixed-income positions, and a money market investment. The portfolio remained diversified across holdings that the Adviser believes have attractive fundamentals.

# How has the Fund performed over the last ten years?

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](iab4e36da974cc7ed7c369ff6.jpg)

---

| | | |
|:---|:---|:---|
| | **Commonwealth Real Estate Securities Fund** | **MSCI US REIT Index** |
| **Oct-2015** | $10000 | $10000 |
| **Oct-2016** | $10007 | $10682 |
| **Oct-2017** | $11584 | $11275 |
| **Oct-2018** | $10697 | $11466 |
| **Oct-2019** | $12747 | $14175 |
| **Oct-2020** | $11292 | $11197 |
| **Oct-2021** | $15978 | $16986 |
| **Oct-2022** | $12606 | $13796 |
| **Oct-2023** | $12808 | $12980 |
| **Oct-2024** | $17721 | $17714 |
| **Oct-2025** | $16665 | $17652 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Real Estate Securities Fund | -5.96% | 8.10% | 5.24% |
| MSCI US REIT Index | -0.35% | 9.53% | 5.85% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15457140 |
| Number of Portfolio Holdings | 44 |
| Advisory Fee | $120307 |
| Portfolio Turnover | 9% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](idce56c1222be7665dcbe4a43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Consumer Staples | 0.7% |
| Money Market Funds | 3.5% |
| U.S. Treasury Obligations | 3.6% |
| Financials | 3.7% |
| Industrials | 13.6% |
| Materials | 15.1% |
| Consumer Discretionary | 17.6% |
| Real Estate | 42.2% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](ifb58bc4ab37c5d8e3773ff53.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Canada | 1.1% |
| Australia | 1.3% |
| Hong Kong | 2.1% |
| Brazil | 2.2% |
| Japan | 2.5% |
| United Kingdom | 4.8% |
| Ireland | 5.3% |
| Mexico | 5.5% |
| Colombia | 6.7% |
| United States | 68.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Tecnoglass, Inc. | &nbsp;&nbsp;6.7% |
| &nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;3.9% |
| &nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;3.7% |
| &nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Grupo Aeroportuario del Sureste S.A.B. de C.V. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;James Hardie Industries PLC | &nbsp;&nbsp;3.4% |

---

# Material Fund Changes
No material changes occurred during the year ended October 31, 2025.

# Where can I find additional information about the Fund?
Additional information is available on the following website (**https://funddocs.filepoint.com/commonwealth/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

![Image](i43cc9b033f09896a793230f8.jpg)

#### Commonwealth Real Estate Securities Fund - (CNREX)

#### Annual Shareholder Report - October 31, 2025
TSR-AR 103125-CNREX

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, and principal accounting officer or controller, or
 persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, there were no amendments to any provision of the code of ethics.

(c) During the period covered by this report, there were no waivers or implicit waivers of a provision of the
 code of ethics.

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Registrant's board of trustees has determined that the Registrant has a least one audit committee financial expert serving on its audit committee.

(a)(2) The audit committee financial expert is John Akard, Jr. and Anthony Box, who are "independent" for purposes of this Item 3 of Form N-CSR.

(a)(3) Not applicable.

**Item 4. Principal Accountant Fees and Services.**

The aggregate fees billed for professional services by Cohen & Company, Ltd. during the fiscal year 2025 and fiscal year 2024, were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered
 by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are
 normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows:

---

| | |
|:---|:---|
| FY 2025 | $67500 |

---

---

| | |
|:---|:---|
| FY 2024 | $67500 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees. There were no fees billed in each of the last two fiscal years for assurances and related
 services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements
 and are not reported under paragraph (a) of this item.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for
 professional services rendered by the principal accountant for tax compliance are as follows:

---

| | |
|:---|:---|
| FY 2025 | $15000 |

---

---

| | |
|:---|:---|
| FY 2024 | $15000 |

---

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

---

| | |
|:---|:---|
| (d) | All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended October 31, 2025 and 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was zero percent (0%). |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended October 31, 2025 and 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (i) | Not applicable. |
| (j) | Not applicable. |

---

**Item 5. Audit Committee of Listed Registrants.** 

Not Applicable.

**Item 6. Investments.**

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](img_001.jpg)

**Commonwealth Australia/New Zealand Fund**

**Africa Fund**

**Commonwealth Japan Fund**

**Commonwealth Global Fund**

**Commonwealth Real Estate Securities Fund**

**Annual Financial Statements**

**and Additional Information**

**October 31, 2025**

**Commonwealth International Series Trust**

**791 Town & Country Blvd, Suite 250**

**Houston, Texas 77024-3925**

**Telephone: 1-888-345-1898**

**www.commonwealthfunds.com**

**Commonwealth International Series Trust**

**Schedule of Investments**

*October 31, 2025*

**COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.40%)** |  |  |
| **Australia (37.95%)** |  |  |
| *Base Metals (0.37%)* |  |  |
| Lotus Resources Ltd.<sup>(a)</sup> | 400000 | $51047 |
| *Biotech (2.11%)* |  |  |
| CSL Ltd. | 2500 | 292048 |
| *Containers & Packaging (5.44%)* |  |  |
| Brambles Ltd. | 46216 | 751918 |
| *Data Center REITs (0.62%)* |  |  |
| DigiCompany Infrastructure REIT | 50000 | 85406 |
| *Diversified Banks (1.61%)* |  |  |
| Macquarie Group Ltd. | 1552 | 221993 |
| *Environmental & Facilities Services (1.52%)* |  |  |
| Cleanaway Waste Management Ltd. | 125946 | 210185 |
| *Exploration & Production (1.17%)* |  |  |
| Woodside Energy Group Ltd. - ADR | 10000 | 162100 |
| *Gas Utilities (2.01%)* |  |  |
| APA Group | 46187 | 277485 |
| *Health Care Facilities (0.58%)* |  |  |
| Ramsay Health Care Ltd. | 3816 | 80166 |
| *Health Care Services (1.84%)* |  |  |
| Sonic Healthcare Ltd. | 18382 | 254557 |
| *Industrial REITs (0.47%)* |  |  |
| Goodman Group | 3000 | 64849 |
| *Information Technology (0.52%)* |  |  |
| NEXTDC Ltd.<sup>(a)</sup> | 7000 | 72199 |
| *Infrastructure Software (0.52%)* |  |  |
| xReality Group Ltd.<sup>(a)</sup> | 2000000 | 71990 |
| *Internet Media & Services (1.13%)* |  |  |
| Webjet Ltd.<sup>(a)</sup> | 57000 | 155929 |
| *Iron (0.95%)* |  |  |
| BHP Group Ltd. - ADR | 2300 | 131215 |
| *Logistics Services (3.20%)* |  |  |
| Qube Holdings Ltd. | 153645 | 441427 |
| *Medical Devices (2.38%)* |  |  |
| Cochlear Ltd. | 1750 | 328881 |
| *Mineral & Precious Stone Mining (3.57%)* |  |  |
| Lynas Rare Earth Ltd. - ADR<sup>(a)</sup> | 49800 | 492273 |

---

See accompanying notes which are an integral part of these financial statements.

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.40%) - continued** |  |  |
| **Australia (37.95%) - continued** |  |  |
| *P&C Insurance (2.02%)* |  |  |
| QBE Insurance Group Ltd. | 17160 | $222810 |
| Suncorp Group Ltd. | 4399 | 56485 |
|  |  | 279295 |
| *Retail REITs (1.11%)* |  |  |
| Scentre Group Ltd. | 57779 | 153901 |
| *Transport Operations & Services (1.13%)* |  |  |
| Transurban Group | 16482 | 156191 |
| *Wireless Telecommunications (3.68%)* |  |  |
| Telstra Corp. Ltd. | 158985 | 507753 |
| **Total Australia** |  | 5242808 |
| **New Zealand (59.47%)** |  |  |
| *Alcoholic Beverages (0.37%)* |  |  |
| Delegat Group Ltd. | 21456 | 50966 |
| *Courier Services (6.31%)* |  |  |
| Freightways Ltd. | 103540 | 872365 |
| *Flow Control Equipment (3.41%)* |  |  |
| Skellerup Holdings Ltd. | 150000 | 471353 |
| *Food & Drug Stores (0.82%)* |  |  |
| Green Cross Health Ltd. | 211796 | 113954 |
| *Health Care Facilities (3.96%)* |  |  |
| Oceania Healthcare Ltd.<sup>(a)</sup> | 457544 | 206891 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | 207600 | 341030 |
|  |  | 547921 |
| *Health Care Supply Chain (0.59%)* |  |  |
| AFT Pharmaceuticals Ltd.<sup>(a)</sup> | 46000 | 81094 |
| *Home Products Stores (4.11%)* |  |  |
| Briscoe Group Ltd. | 183520 | 567230 |
| *Life Science & Diagnostics (0.63%)* |  |  |
| Pacific Edge Ltd.<sup>(a)</sup> | 800000 | 86085 |
| *Logistics Services (4.99%)* |  |  |
| Mainfreight Ltd. | 20000 | 689714 |
| *Measurement Instruments (4.34%)* |  |  |
| ikeGPS Group Ltd.<sup>(a)</sup> | 831366 | 599577 |
| *Medical Devices (0.53%)* |  |  |
| Aroa Biosurgery Ltd.<sup>(a)</sup> | 145000 | 73544 |
| *P&C Insurance (2.45%)* |  |  |
| Tower Ltd. | 320000 | 338847 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.40%) - continued** |  |  |
| **New Zealand (59.47%) - continued** |  |  |
| *Packaged Food (1.53%)* |  |  |
| Sanford Ltd. | 60000 | $211207 |
| *Power Generation (9.20%)* |  |  |
| Contact Energy Ltd. | 30000 | 160037 |
| Infratil Ltd. | 156975 | 1110532 |
|  |  | 1270569 |
| *Transport Operations & Services (16.23%)* |  |  |
| Port of Tauranga Ltd. | 55000 | 247439 |
| South Port New Zealand Ltd. | 376010 | 1992932 |
|  |  | 2240371 |
| **Total New Zealand** |  | 8214797 |
| **United States (0.98%)** |  |  |
| *Fabricated Metal & Hardware (0.98%)* |  |  |
| Reliance Worldwide Corp. Ltd. | 50000 | 135798 |
| **Total Common Stocks (Cost $7,440,312)** |  | 13593403 |
| **MONEY MARKET FUNDS (0.27%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 3.98%<sup>(b)</sup> | 37852 | 37852 |
| **Total Money Market Funds (Cost $37,852)** |  | 37852 |
| **Total Investments — (98.67%)<br> (Cost $7,478,164)** |  | 13631255 |
| **Other Assets in Excess of Liabilities (1.33%)** |  | 183429 |
| **NET ASSETS — 100.00%** |  | $13814684 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of October 31, 2025.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments**

*October 31, 2025*

**AFRICA FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (94.81%)** |  |  |
| **Egypt (1.88%)** |  |  |
| *Banks (1.30%)* |  |  |
| Commercial International Bank Egypt SAE - GDR | 34571 | $73809 |
| *Other Commercial Support Services (0.58%)* |  |  |
| Integrated Diagnostics Holdings PLC | 59000 | 33040 |
| **Total Egypt** |  | 106849 |
| **South Africa (87.22%)** |  |  |
| *Agricultural Producers (4.17%)* |  |  |
| Astral Foods Ltd. | 12200 | 157612 |
| Oceana Group Ltd. | 28000 | 78933 |
|  |  | 236545 |
| *Automotive Retailers (4.45%)* |  |  |
| Bidvest Group Ltd. | 9000 | 116801 |
| Motus Holdings Ltd. | 22500 | 135449 |
|  |  | 252250 |
| *Banks (17.52%)* |  |  |
| Capitec Bank Holdings Ltd. | 3000 | 663238 |
| FirstRand Ltd. | 23200 | 110047 |
| Nedbank Group Ltd. | 6000 | 81737 |
| Standard Bank Group Ltd. - ADR | 9400 | 139120 |
|  |  | 994142 |
| *Basic & Diversified Chemicals (0.45%)* |  |  |
| Sasol Ltd. - ADR<sup>(a)</sup> | 4000 | 25320 |
| *Building Construction (1.86%)* |  |  |
| Wilson Bayly Holmes-Ovcon Ltd. | 12100 | 105758 |
| *Coal Mining (1.80%)* |  |  |
| Exxaro Resources Ltd. | 10000 | 102015 |
| *Consumer Elec & Applc Whslrs (3.99%)* |  |  |
| DataTec Ltd. | 54575 | 226319 |
| *Food & Beverage Wholesalers (2.04%)* |  |  |
| Bid Corp. Ltd. | 4667 | 115463 |
| *Food & Drug Stores (2.67%)* |  |  |
| Shoprite Holdings Ltd. - ADR | 9000 | 151650 |
| *Institutional Brokerage (0.98%)* |  |  |
| Coronation Fund Managers Ltd. | 19500 | 55432 |
| *Internet Media & Services (6.45%)* |  |  |
| Naspers Ltd., N Shares | 5200 | 365959 |
| *Life & Health Insurance (2.45%)* |  |  |
| Momentum Metropolitan Holdings | 72000 | 138720 |
| *Life Insurance (3.94%)* |  |  |
| Clientele Ltd. | 90000 | 72734 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**AFRICA FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (94.81%) - continued** |  |  |
| **South Africa (87.22%) - continued** |  |  |
| *Life Insurance (3.94%) - continued* |  |  |
| Discovery Ltd. | 12000 | $150757 |
|  |  | 223491 |
| *Marine Shipping (2.76%)* |  |  |
| Grindrod Ltd. | 160000 | 156440 |
| *Other Financial Services (1.38%)* |  |  |
| Old Mutual Ltd. | 100000 | 78162 |
| *Paper & Pulp Mills (0.95%)* |  |  |
| Sappi Ltd. | 41000 | 53640 |
| *Precious Metals (11.44%)* |  |  |
| Anglo American Platinum Ltd. | 1100 | 68148 |
| Gold Fields Ltd. - ADR | 8200 | 314962 |
| Harmony Gold Mining Co. Ltd. | 3500 | 58792 |
| Impala Platinum Holdings Ltd. | 12500 | 134405 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | 27000 | 72158 |
|  |  | 648465 |
| *Real Estate Services (3.52%)* |  |  |
| Vukile Property Fund Ltd. | 153000 | 199638 |
| *Self-Storage Owners & Developers (2.24%)* |  |  |
| Stor-Age Property REIT Ltd. | 130000 | 126808 |
| *Specialty & Generic Pharmaceuticals (1.40%)* |  |  |
| Aspen Pharmacare Holdings Ltd. | 14000 | 79240 |
| *Specialty Apparel Stores (2.50%)* |  |  |
| Mr. Price Group Ltd. | 11900 | 142004 |
| *Wealth Management (3.55%)* |  |  |
| Alexander Forbes Group Holdings Ltd. | 170000 | 80706 |
| PSG Konsult Ltd. | 85000 | 120864 |
|  |  | 201570 |
| *Wireless Telecommunications (4.71%)* |  |  |
| MTN Group Ltd. - ADR | 18000 | 180900 |
| Vodacom Group Ltd. | 10700 | 86436 |
|  |  | 267336 |
| **Total South Africa** |  | 4946367 |
| **United Kingdom (5.71%)** |  |  |
| *Precious Metals (5.71%)* |  |  |
| AngloGold Ashanti PLC | 3000 | 204000 |
| Endeavour Mining PLC | 3000 | 120090 |
| **Total United Kingdom** |  | 324090 |
| **Total Common Stocks (Cost $3,677,294)** |  | 5377306 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**AFRICA FUND**

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **SOVEREIGN BONDS (1.69%)** |  |  |
| **South Africa (1.69%)** |  |  |
| Republic of South Africa Government Bond, 6.25%, 3/8/2041 | $100000 | $95882 |
| **Total Sovereign Bonds (Cost $91,155)** |  | 95882 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS (3.55%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 3.98%<sup>(b)</sup> | 201305 | 201305 |
| **Total Money Market Funds (Cost $201,305)** |  | 201305 |
| **Total Investments — (100.05%)<br> (Cost $3,969,754)** |  | 5674493 |
| **Liabilities in Excess of Other Assets (-0.05%)** |  | (2760) |
| **NET ASSETS — 100.00%** |  | $5671733 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of October 31, 2025.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments**

*October 31, 2025*

**COMMONWEALTH JAPAN FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.43%)** |  |  |
| **Japan (96.43%)** |  |  |
| *Alcoholic Beverages (1.40%)* |  |  |
| Kirin Holdings Co. Ltd. | 7000 | $98319 |
| *Auto Parts (0.96%)* |  |  |
| DENSO Corp. | 4800 | 67326 |
| *Automobiles (2.03%)* |  |  |
| Toyota Motor Corp. - ADR | 700 | 142933 |
| *Basic & Diversified Chemicals (2.10%)* |  |  |
| Mitsubishi Gas Chemical Co., Inc. | 8000 | 148314 |
| *Building Construction (5.89%)* |  |  |
| Kajima Corp. | 12850 | 414922 |
| *Building Maintenance Services (1.79%)* |  |  |
| Taihei Dengyo Kaisha Ltd. | 9000 | 126323 |
| *Commercial & Residential Building Equipment & Systems (1.66%)* |  |  |
| Daikin Industries Ltd. | 1000 | 116641 |
| *Commercial Finance (4.88%)* |  |  |
| Kyushu Leasing Service Co. Ltd. | 13000 | 111943 |
| ORIX Corp. | 9500 | 231790 |
|  |  | 343733 |
| *Consumer Electronics (1.58%)* |  |  |
| Sony Group Corp. - ADR | 4000 | 111560 |
| *Courier Services (1.45%)* |  |  |
| Yamato Holdings Co. Ltd. | 7000 | 102294 |
| *Diversified Industrials (5.15%)* |  |  |
| Hitachi Ltd. | 10500 | 362344 |
| *Electrical Power Equipment (4.29%)* |  |  |
| Meidensha Corp. | 7600 | 302314 |
| *Electronics Components (3.25%)* |  |  |
| Murata Manufacturing Co. Ltd. | 3000 | 66033 |
| Nidec Corp. | 6300 | 76979 |
| Taiyo Yuden Co. Ltd. | 3000 | 85676 |
|  |  | 228688 |
| *Exploration & Production (1.60%)* |  |  |
| INPEX Corp. | 6100 | 112456 |
| *Factory Automation Equipment (1.36%)* |  |  |
| FANUC Corp. | 3000 | 95565 |
| *Food & Beverage Wholesalers (1.23%)* |  |  |
| Yamae Group Holdings Co. Ltd. | 5200 | 86450 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH JAPAN FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.43%) - continued** |  |  |
| **Japan (96.43%) - continued** |  |  |
| *Food & Drug Stores (2.30%)* |  |  |
| Sugi Holdings Company Ltd. | 7500 | $161968 |
| *Health Care Supplies (5.09%)* |  |  |
| Hoya Corp. | 2200 | 358113 |
| *Home Products Stores (1.38%)* |  |  |
| Nitori Holdings Co. Ltd. | 6000 | 97336 |
| *Infrastructure Construction (1.86%)* |  |  |
| Takada Corp. | 12000 | 130976 |
| *Integrated Electric Utilities (1.66%)* |  |  |
| Kansai Electric Power Co., Inc. (The) | 7500 | 117168 |
| *IT Services (3.26%)* |  |  |
| INES Corp. | 10000 | 110704 |
| Otsuka Corp. | 6000 | 118750 |
|  |  | 229454 |
| *Life Insurance (7.38%)* |  |  |
| Dai-ichi Life Holdings, Inc. | 32000 | 225301 |
| Sony Financial Group, Inc. - ADR | 15800 | 78526 |
| T&D Holdings, Inc. | 10000 | 215502 |
|  |  | 519329 |
| *Logistics Services (1.36%)* |  |  |
| Nippon Express Holdings Co. Ltd. | 4500 | 95691 |
| *Mass Merchants (1.24%)* |  |  |
| Aeon Kyushu Co. Ltd. | 4500 | 87573 |
| *Medical Devices (7.05%)* |  |  |
| Asahi Intecc Co. Ltd. | 16000 | 254061 |
| Terumo Corp. | 15000 | 242513 |
|  |  | 496574 |
| *Multi Asset Class Owners & Developers (3.75%)* |  |  |
| Mitsui Fudosan Co. Ltd. | 9000 | 93530 |
| Sumitomo Realty & Development Co. Ltd. | 4000 | 170819 |
|  |  | 264349 |
| *P&C Insurance (4.05%)* |  |  |
| Sompo Holdings, Inc. | 6900 | 210799 |
| Tokio Marine Holdings, Inc. - ADR | 2000 | 74420 |
|  |  | 285219 |
| *Personal Care Products (2.78%)* |  |  |
| Kao Corp. | 2000 | 84618 |
| Unicharm Corp. | 18000 | 111372 |
|  |  | 195990 |
| *Semiconductor Manufacturing (1.57%)* |  |  |
| Tokyo Electron Ltd. | 500 | 110898 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH JAPAN FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.43%) - continued** |  |  |
| **Japan (96.43%) - continued** |  |  |
| *Specialty Apparel Stores (3.14%)* |  |  |
| Fast Retailing Co. Ltd. | 600 | $220603 |
| *Specialty Chemicals (1.29%)* |  |  |
| Shin-Etsu Chemical Co. Ltd. | 3000 | 90620 |
| *Transit Services (5.74%)* |  |  |
| Daiichi Koutsu Sangyo Co. Ltd. | 12200 | 57792 |
| East Japan Railway Co. | 4500 | 109678 |
| Hankyu Hanshin Holdings, Inc. | 4400 | 118092 |
| Keikyu Corp. | 6500 | 60611 |
| Tobu Railway Co. Ltd. | 3600 | 58016 |
|  |  | 404189 |
| *Wireless Telecommunications (0.91%)* |  |  |
| KDDI Corp. | 4000 | 63892 |
| **Total Japan** |  | 6790124 |
| **Total Common Stocks (Cost $3,905,275)** |  | 6790124 |
|  | **Principal<br> Amount** |  |
| **CORPORATE BONDS (1.25%)** |  |  |
| **United States (1.25%)** |  |  |
| American Honda Finance Corp, 1.80%, 1/13/2031 | $100000 | 87917 |
| **Total Corporate Bonds (Cost $86,633)** |  | 87917 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS (0.67%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 3.98%<sup>(a)</sup> | 47160 | 47160 |
| **Total Money Market Funds (Cost $47,160)** |  | 47160 |
| **Total Investments — (98.35%) <br>(Cost $4,039,068)** |  | 6925201 |
| **Other Assets in Excess of Liabilities (1.65%)** |  | 116049 |
| **NET ASSETS — 100.00%** |  | $7041250 |

---

(a) Rate
 disclosed is the seven day effective yield as of October 31, 2025.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments**

*October 31, 2025*

**COMMONWEALTH GLOBAL FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.98%)** |  |  |
| **Denmark (1.15%)** |  |  |
| *Large Pharmaceuticals (1.15%)* |  |  |
| Novo Nordisk A/S - ADR | 4000 | $197840 |
| **France (3.48%)** |  |  |
| *Basic & Diversified Chemicals (1.08%)* |  |  |
| Arkema S.A. - ADR | 3130 | 185875 |
| *Integrated Oils (1.44%)* |  |  |
| TotalEnergies SE - ADR | 4000 | 248960 |
| *Water Utilities (0.96%)* |  |  |
| Veolia Environnement S.A. - ADR | 10000 | 164850 |
| **Total France** |  | 599685 |
| **Germany (6.47%)** |  |  |
| *Diversified Industrials (5.77%)* |  |  |
| Siemens AG - ADR | 7000 | 991830 |
| *P&C Insurance (0.70%)* |  |  |
| Allianz SE - ADR | 3000 | 120540 |
| **Total Germany** |  | 1112370 |
| **India (3.36%)** |  |  |
| *Banks (3.36%)* |  |  |
| HDFC Bank Ltd. - ADR | 16000 | 579520 |
| **Ireland (0.79%)** |  |  |
| *Building Materials (0.79%)* |  |  |
| James Hardie Industries PLC<sup>(a)</sup> | 6500 | 136045 |
| **Israel (2.14%)** |  |  |
| *Application Software (2.14%)* |  |  |
| NICE Ltd. - ADR | 2700 | 368982 |
| **Japan (4.90%)** |  |  |
| *Auto Parts (0.76%)* |  |  |
| Bridgestone Corp. - ADR | 6000 | 130680 |
| *Consumer Electronics (3.23%)* |  |  |
| Sony Group Corp. - ADR | 20000 | 557800 |
| *Electronics Components (0.79%)* |  |  |
| Nidec Corp. | 50000 | 136500 |
| *Life Insurance (0.12%)* |  |  |
| Sony Financial Group, Inc. - ADR | 4000 | 19880 |
| **Total Japan** |  | 844860 |
| **Mexico (1.32%)** |  |  |
| *Wireless Telecommunications (1.32%)* |  |  |
| America Movil S.A.B. de C.V., Class L - ADR | 10000 | 227700 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH GLOBAL FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.98%) - continued** |  |  |
| **Norway (3.11%)** |  |  |
| *P&C Insurance (3.11%)* |  |  |
| Gjensidige Forsikring ASA - ADR | 20000 | $536000 |
| **Panama (2.18%)** |  |  |
| *Airlines (2.18%)* |  |  |
| Copa Holdings, S.A., Class A | 3000 | 375630 |
| **South Africa (2.35%)** |  |  |
| *Food & Drug Stores (2.35%)* |  |  |
| Shoprite Holdings Ltd. - ADR | 24000 | 404400 |
| **Switzerland (4.33%)** |  |  |
| *Large Pharmaceuticals (2.81%)* |  |  |
| Roche Holding AG - ADR | 12000 | 484800 |
| *Packaged Food (1.52%)* |  |  |
| Nestlé S.A. - ADR | 2750 | 262680 |
| **Total Switzerland** |  | 747480 |
| **Taiwan Province of China (3.49%)** |  |  |
| *Semiconductor Manufacturing (3.49%)* |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 2000 | 600860 |
| **United Kingdom (9.14%)** |  |  |
| *Alcoholic Beverages (1.50%)* |  |  |
| Diageo PLC - ADR | 2800 | 257852 |
| *Large Pharmaceuticals (3.58%)* |  |  |
| AstraZeneca PLC - ADR | 7500 | 618000 |
| *Personal Care Products (2.45%)* |  |  |
| Unilever PLC - ADR | 7000 | 421330 |
| *Publishing (1.61%)* |  |  |
| Pearson PLC - ADR | 20000 | 278200 |
| **Total United Kingdom** |  | 1575382 |
| **United States (50.77%)** |  |  |
| *Auto Parts (3.08%)* |  |  |
| Miller Industries, Inc. | 13200 | 529848 |
| *Automotive Retailers (3.85%)* |  |  |
| Group 1 Automotive, Inc. | 1670 | 663892 |
| *Communications Equipment (7.05%)* |  |  |
| Apple, Inc. | 4500 | 1216664 |
| *Computer Hardware & Storage (4.79%)* |  |  |
| NetApp, Inc. | 7000 | 824460 |
| *Construction & Mining Machinery (2.68%)* |  |  |
| Caterpillar, Inc. | 800 | 461808 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH GLOBAL FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.98%) - continued** |  |  |
| **United States (50.77%) - continued** |  |  |
| *Diversified Banks (3.79%)* |  |  |
| JPMorgan Chase & Co. | 2100 | $653352 |
| *Household Products (2.71%)* |  |  |
| Procter & Gamble Co. (The) | 3100 | 466147 |
| *Infrastructure Software (6.08%)* |  |  |
| CrowdStrike Holdings, Inc., Class A<sup>(a)</sup> | 500 | 271505 |
| Microsoft Corp. | 1500 | 776715 |
|  |  | 1048220 |
| *Integrated Electric Utilities (1.33%)* |  |  |
| American Electric Power Co., Inc. | 500 | 60130 |
| Southern Co. (The) | 1800 | 169272 |
|  |  | 229402 |
| *Integrated Oil & Gas (3.20%)* |  |  |
| Chevron Corp. | 3500 | 552020 |
| *Life Science & Diagnostics (4.45%)* |  |  |
| Thermo Fisher Scientific, Inc. | 1350 | 765977 |
| *Oilfield Services & Equipment (1.13%)* |  |  |
| Natural Gas Services Group, Inc.<sup>(a)</sup> | 7000 | 194880 |
| *Online Marketplace (2.13%)* |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1500 | 366330 |
| *Rail Freight (3.29%)* |  |  |
| Norfolk Southern Corp. | 2000 | 566760 |
| *Waste Management (1.21%)* |  |  |
| Republic Services, Inc. | 1000 | 208240 |
| **Total United States** |  | 8748000 |
| **Total Common Stocks (Cost $6,797,993)** |  | 17054754 |
| **MONEY MARKET FUNDS (1.01%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 3.98%<sup>(b)</sup> | 173305 | 173305 |
| **Total Money Market Funds (Cost $173,305)** |  | 173305 |
| **Total Investments — (99.99%)<br> (Cost $6,971,298)** |  | 17228059 |
| **Other Assets in Excess of Liabilities (0.01%)** |  | 1901 |
| **NET ASSETS — 100.00%** |  | $17229960 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of October 31, 2025.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments**

*October 31, 2025*

**COMMONWEALTH REAL ESTATE SECURITIES FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (92.93%)** |  |  |
| *Agricultural Producers (0.66%)* |  |  |
| BrasilAgro - Company Brasileira de Propriedades Agricolas - ADR | 27432 | $102047 |
| *Banks (2.81%)* |  |  |
| Harleysville Financial Corp. | 8675 | 213232 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 6000 | 220500 |
|  |  | 433732 |
| *Base Metals (1.11%)* |  |  |
| Teck Resources Ltd., Class B | 4000 | 171680 |
| *Building Construction (2.49%)* |  |  |
| Kajima Corp. - ADR | 11900 | 384372 |
| *Building Materials (10.07%)* |  |  |
| James Hardie Industries PLC<sup>(a)</sup> | 25000 | 523250 |
| Tecnoglass, Inc. | 17334 | 1033626 |
|  |  | 1556876 |
| *Cement & Aggregates (3.90%)* |  |  |
| Cemex S.A.B. de C.V. - ADR | 30000 | 304500 |
| CRH PLC | 2500 | 297750 |
|  |  | 602250 |
| *Commercial & Residential Building Equipment & Systems (5.55%)* |  |  |
| Lennox International, Inc. | 1700 | 858500 |
| *Data Center REITs (4.81%)* |  |  |
| Digital Realty Trust, Inc. | 3368 | 573941 |
| Equinix, Inc. | 200 | 169202 |
|  |  | 743143 |
| *Home Products Stores (4.01%)* |  |  |
| Lowe's Cos., Inc. | 2600 | 619138 |
| *Homebuilding (8.74%)* |  |  |
| D.R. Horton, Inc. | 4000 | 596320 |
| Lennar Corp., Class A | 3200 | 396064 |
| NVR, Inc.<sup>(a)</sup> | 50 | 360541 |
|  |  | 1352925 |
| *Hotels Resorts & Cruise Lines (4.80%)* |  |  |
| InterContinental Hotels Group PLC - ADR | 6103 | 741270 |
| *Industrial Machinery (2.08%)* |  |  |
| Techtronic Industries Company Ltd. - ADR | 5500 | 321915 |
| *Industrial REITs (5.82%)* |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 15200 | 421192 |
| Prologis, Inc. | 2000 | 248180 |
| STAG Industrial, Inc. | 6000 | 229620 |
|  |  | 898992 |

---

*See accompanying notes which are an integral part of these financial statements.*

 

 

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH REAL ESTATE SECURITIES FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (92.93%) - continued** |  |  |
| *Infrastructure REITs (6.54%)* |  |  |
| American Tower Corp., Class A | 2500 | $447450 |
| Crown Castle International Corp. | 2000 | 180440 |
| SBA Communications Corp., Class A | 2000 | 382960 |
|  |  | 1010850 |
| *Mortgage Finance (0.94%)* |  |  |
| Starwood Property Trust, Inc. | 8000 | 145440 |
| *Multi Asset Class REITs (1.90%)* |  |  |
| WP Carey, Inc. | 4470 | 295020 |
| *Residential Owners & Developers (1.60%)* |  |  |
| Cyrela Brazil Realty S.A. - ADR | 44000 | 246840 |
| *Residential REITs (3.00%)* |  |  |
| AvalonBay Communities, Inc. | 2000 | 347840 |
| Millrose Properties, Inc.<sup>(a)</sup> | 3600 | 115956 |
|  |  | 463796 |
| *Retail REITs (3.48%)* |  |  |
| Kite Realty Group Trust | 9000 | 199260 |
| National Retail Properties, Inc. | 4000 | 161840 |
| Simon Property Group, Inc. | 1000 | 175760 |
|  |  | 536860 |
| *Self-Storage REITs (5.21%)* |  |  |
| Extra Space Storage, Inc. | 2500 | 333850 |
| Global Self Storage, Inc. | 39000 | 193050 |
| Public Storage | 1000 | 278560 |
|  |  | 805460 |
| *Specialized REITs (7.08%)* |  |  |
| Charter Hall Education Trust | 99140 | 209570 |
| Gladstone Land Corp. | 15700 | 142242 |
| Iron Mountain, Inc. | 7200 | 741240 |
|  |  | 1093052 |
| *Timber REITs (2.81%)* |  |  |
| PotlatchDeltic Corp. | 6000 | 240000 |
| Weyerhaeuser Co. | 8500 | 195500 |
|  |  | 435500 |
| *Transport Operations & Services (3.52%)* |  |  |
| Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 1800 | 544212 |
| **Total Common Stocks (Cost $6,751,925)** |  | 14363870 |
|  | **Principal<br> Amount** |  |
| **U.S. GOVERNMENT & AGENCIES (3.63%)** |  |  |
| Federal National Mortgage Association, 0.88 *%*, 8/5/2030 | $200000 | 175597 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*October 31, 2025*

**COMMONWEALTH REAL ESTATE SECURITIES FUND**

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **U.S. GOVERNMENT & AGENCIES (3.63%) - continued** |  |  |
| United States Treasury Note, 3.38 *%*, 5/15/2033 | $400000 | $385532 |
| **Total U.S. Government & Agencies (Cost $554,168)** |  | 561129 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS (3.53%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 3.98%<sup>(b)</sup> | 545825 | 545825 |
| **Total Money Market Funds (Cost $545,825)** |  | 545825 |
| **Total Investments — (100.09%)<br> (Cost $7,851,918)** |  | 15470824 |
| **Liabilities in Excess of Other Assets (-0.09%)** |  | (13684) |
| **NET ASSETS — 100.00%** |  | $15457140 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of October 31, 2025.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Statements of Assets and Liabilities**

*October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Commonwealth<br> Australia/New<br> Zealand Fund** | **Africa Fund** | **Commonwealth**<br> **Japan Fund** |
| **ASSETS** |  |  |  |
| Investments in securities at fair value (cost $7,478,164, $3,969,754 and $4,039,068) | $13631255 | $5674493 | $6925201 |
| Foreign currencies, at value (cost $373,824, $3,402 and $80,367) | 358063 | 3381 | 75722 |
| Receivable for fund shares sold | 1200 | 16472 |  |
| Receivable from Advisor |  | 5349 | 5830 |
| Dividends and interest receivable | 44267 | 1327 | 48744 |
| Prepaid expenses | 21269 | 7879 | 9543 |
| &nbsp;&nbsp;&nbsp;Total Assets | 14056054 | 5708901 | 7065040 |
| **LIABILITIES** |  |  |  |
| Payable for fund shares redeemed |  | 19292 |  |
| Payable for investments purchased | 195926 |  |  |
| Payable to Advisor | 8664 |  |  |
| Distribution (12b-1) fees accrued | 5648 | 1823 | 3096 |
| Payable to Administrator | 6822 | 3461 | 4294 |
| Payable to trustees | 49 | 24 |  |
| Other accrued expenses | 24261 | 12568 | 16400 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 241370 | 37168 | 23790 |
| Commitments and contingent liabilities (Note 9) |  |  |  |
| **NET ASSETS** | $13814684 | $5671733 | $7041250 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $7709449 | $4969412 | $4310057 |
| Accumulated earnings | 6105235 | 702321 | 2731193 |
| **NET ASSETS** | $13814684 | $5671733 | $7041250 |
| Shares outstanding (unlimited number of shares authorized) | 1080554 | 528785 | 1644982 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $12.78 | $10.73 | $4.28 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Statements of Assets and Liabilities (continued)**

*October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Commonwealth**<br> **Global Fund** | **Commonwealth<br> Real Estate<br> Securities Fund** |
| **ASSETS** |  |  |
| Investments in securities at fair value (cost $6,971,298 and $7,851,918) | $17228059 | $15470824 |
| Receivable for fund shares sold | 150 | 1000 |
| Dividends and interest receivable | 13095 | 14750 |
| Tax reclaims receivable | 28774 |  |
| Prepaid expenses | 17819 | 22679 |
| &nbsp;&nbsp;&nbsp;Total Assets | 17287897 | 15509253 |
| **LIABILITIES** |  |  |
| Payable for fund shares redeemed |  | 1372 |
| Payable to Advisor | 11055 | 10129 |
| Distribution (12b-1) fees accrued | 8326 | 4072 |
| Payable to Administrator | 8554 | 8044 |
| Other accrued expenses | 30002 | 28496 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 57937 | 52113 |
| Commitments and contingent liabilities (Note 9) |  |  |
| **NET ASSETS** | $17229960 | $15457140 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | $6456593 | $7408185 |
| Accumulated earnings | 10773367 | 8048955 |
| **NET ASSETS** | $17229960 | $15457140 |
| Shares outstanding (unlimited number of shares authorized) | 802835 | 676640 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $21.46 | $22.84 |

---

<sup>(a)</sup> Subject to certain exceptions, a 2% redemption fee is imposed upon shares redeemed within 14 calendar days of their purchase. See Note 3 in the Notes to Financial Statements. Par value $0.01, unlimited shares authorized.

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Statements of Operations**

*For the fiscal year ended October 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Commonwealth<br> Australia/New<br> Zealand Fund** | **Africa Fund** | **Commonwealth**<br> **Japan Fund** |
| **INVESTMENT INCOME** |  |  |  |
| Dividend income (net of foreign taxes withheld of $57,228, $27,183 and $23,660) | $301488 | $149698 | $135122 |
| Interest income |  | 6560 | 5411 |
| Non-cash income | 65803 |  |  |
| &nbsp;&nbsp;&nbsp;Total investment income | 367291 | 156258 | 140533 |
| **EXPENSES** |  |  |  |
| Investment Advisor | 90570 | 33129 | 48052 |
| Administration | 67366 | 27563 | 37398 |
| Distribution (12b-1) | 30190 | 11043 | 16017 |
| Legal | 24997 | 8710 | 12977 |
| Registration | 22249 | 11494 | 13859 |
| Audit and tax preparation | 18219 | 6824 | 9922 |
| Trustee | 16584 | 7912 | 9218 |
| Transfer agent | 15966 | 15966 | 15966 |
| Transfer agent OOP | 10295 | 9478 | 9510 |
| Printing | 10203 | 4758 | 6153 |
| Insurance | 9167 | 2822 | 4582 |
| Pricing | 7735 | 7488 | 10193 |
| Chief Compliance Officer | 6465 | 2327 | 3436 |
| Custodian | 5616 | 2681 | 4370 |
| Interest expense | 138 |  | 54 |
| Miscellaneous | 13916 | 13998 | 13741 |
| &nbsp;&nbsp;&nbsp;Total expenses | 349676 | 166193 | 215448 |
| Fees contractually waived and expenses reimbursed by Advisor |  | (88793) | (103227) |
| Net operating expenses | 349676 | 77400 | 112221 |
| Net investment income | 17615 | 78858 | 28312 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities transactions | 88498 | (6620) | 29380 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (65042) | 1695 | (2298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | 23456 | (4925) | 27082 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 1962698 | 1043246 | 802487 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 27970 | (33) | (3484) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | 1990668 | 1043213 | 799003 |
| Net realized and change in unrealized gain on investments | 2014124 | 1038288 | 826085 |
| Net increase in net assets resulting from operations | $2031739 | $1117146 | $854397 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Statements of Operations (continued)**

*For the fiscal year ended October 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **Commonwealth**<br> **Global Fund** | **Commonwealth<br> Real Estate<br> Securities Fund** |
| **INVESTMENT INCOME** |  |  |
| Dividend income (net of foreign taxes withheld of $24,630 and $16,368) | $336865 | $416418 |
| Interest income |  | 35145 |
| &nbsp;&nbsp;&nbsp;Total investment income | 336865 | 451563 |
| **EXPENSES** |  |  |
| Investment Advisor | 125621 | 120307 |
| Administration | 91578 | 90089 |
| Distribution (12b-1) | 42368 | 40103 |
| Legal | 35145 | 34081 |
| Audit and tax preparation | 25480 | 24555 |
| Trustee | 23778 | 22883 |
| Transfer agent | 15966 | 15966 |
| Insurance | 12691 | 12488 |
| Printing | 12356 | 12581 |
| Registration | 10649 | 12097 |
| Transfer agent OOP | 9566 | 9556 |
| Chief Compliance Officer | 9054 | 8718 |
| Custodian | 3167 | 2316 |
| Pricing | 1060 | 1771 |
| Interest expense | 84 |  |
| Miscellaneous | 14516 | 13817 |
| &nbsp;&nbsp;&nbsp;Total expenses | 433079 | 421328 |
| Net investment income (loss) | (96214) | 30235 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| Net realized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities transactions | 587163 | 396148 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain | 587163 | 396140 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | 557366 | (1418433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | 557366 | (1418433) |
| Net realized and change in unrealized gain (loss) on investments | 1144529 | (1022293) |
| Net increase (decrease) in net assets resulting from operations | $1048315 | $(992058) |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commonwealth Australia/<br> New Zealand Fund** | **Commonwealth Australia/<br> New Zealand Fund** | **Africa Fund** | **Africa Fund** |
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income | $17615 | $57864 | $78858 | $84005 |
| Net realized gain (loss) from investment securities and foreign currency transactions | 23456 | 225972 | (4925) | (221976) |
| Net change in unrealized appreciation from investment securities and foreign currency translations | 1990668 | 871439 | 1043213 | 1197689 |
| Change in net assets resulting from operations | 2031739 | 1155275 | 1117146 | 1059718 |
| **Distributions To Shareholders From:** |  |  |  |  |
| Earnings | (158081) | (31068) | (157934) | (99144) |
| **Capital Transactions:** |  |  |  |  |
| Proceeds from shares sold | 892018 | 883335 | 913071 | 422251 |
| Reinvestment of distributions | 156359 | 30410 | 144929 | 93340 |
| Amount paid for shares redeemed | (1125415) | (1030173) | (324503) | (354641) |
| Redemption fees |  |  | 406 | 20 |
| Change in net assets resulting from capital transactions | (77038) | (116428) | 733903 | 160970 |
| Net Increase in Net Assets | 1796620 | 1007779 | 1693115 | 1121544 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 12018064 | 11010285 | 3978618 | 2857074 |
| End of year | $13814684 | $12018064 | $5671733 | $3978618 |
| **Share Transactions:** |  |  |  |  |
| Shares sold | 80124 | 83115 | 100835 | 56216 |
| Shares issued in reinvestment of distributions | 14807 | 2735 | 16833 | 13091 |
| Shares redeemed | (100747) | (93540) | (34941) | (47460) |
| Change in shares outstanding | (5816) | (7690) | 82727 | 21847 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Statements of Changes in Net Assets (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Commonwealth Japan Fund** | **Commonwealth Japan Fund** | **Commonwealth Global Fund** | **Commonwealth Global Fund** |
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $28312 | $11873 | $(96214) | $(120722) |
| Net realized gain from investment securities and foreign currency transactions | 27082 | 12365 | 587163 | 600845 |
| Net change in unrealized appreciation from investment securities and foreign currency translations | 799003 | 563786 | 557366 | 2807027 |
| Change in net assets resulting from operations | 854397 | 588024 | 1048315 | 3287150 |
| **Distributions To Shareholders From:** |  |  |  |  |
| Earnings | (34024) | (5994) | (547611) |  |
| **Capital Transactions:** |  |  |  |  |
| Proceeds from shares sold | 602029 | 576702 | 88462 | 56946 |
| Reinvestment of distributions | 33945 | 5981 | 546797 |  |
| Amount paid for shares redeemed | (328268) | (812469) | (823975) | (1010177) |
| Redemption fees |  |  | 1 |  |
| Change in net assets resulting from capital transactions | 307706 | (229786) | (188715) | (953231) |
| Net Increase in Net Assets | 1128079 | 352244 | 311989 | 2333919 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 5913171 | 5560927 | 16917971 | 14584052 |
| End of year | $7041250 | $5913171 | $17229960 | $16917971 |
| **Share Transactions:** |  |  |  |  |
| Shares sold | 160103 | 151727 | 4383 | 2859 |
| Shares issued in reinvestment of distributions | 9052 | 1599 | 26075 |  |
| Shares redeemed | (86158) | (215312) | (40403) | (49629) |
| Change in shares outstanding | 82997 | (61986) | (9945) | (46770) |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **Commonwealth Real Estate<br> Securities Fund** | **Commonwealth Real Estate<br> Securities Fund** |
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $30235 | $20677 |
| Net realized gain from investment securities and foreign currency transactions | 396140 | 295895 |
| Net change in unrealized appreciation (depreciation) from investment securities and foreign currency translations | (1418433) | 4326152 |
| Change in net assets resulting from operations | (992058) | 4642724 |
| **Distributions To Shareholders From:** |  |  |
| Earnings | (289195) |  |
| **Capital Transactions:** |  |  |
| Proceeds from shares sold | 615787 | 1206279 |
| Reinvestment of distributions | 288794 |  |
| Amount paid for shares redeemed | (998274) | (999153) |
| Redemption fees | 199 | 207 |
| Change in net assets resulting from capital transactions | (93494) | 207333 |
| Net Increase (Decrease) in Net Assets | (1374747) | 4850057 |
| **Net Assets:** |  |  |
| Beginning of year | 16831887 | 11981830 |
| End of year | $15457140 | $16831887 |
| **Share Transactions:** |  |  |
| Shares sold | 26553 | 52993 |
| Shares issued in reinvestment of distributions | 11821 |  |
| Shares redeemed | (42785) | (42987) |
| Change in shares outstanding | (4411) | 10006 |

---

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Financial Highlights**

**Commonwealth Australia/New Zealand Fund**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** |
| **Net asset value, beginning of year** | $11.06 | $10.06 | $11.34 | $17.17 | $12.92 |
| **Change in net assets from operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.02 | 0.05 | 0.03 | (0.01) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | 1.85 | 0.98 | (1.24) | (4.79) | 4.32 |
| Total from investment activities | 1.87 | 1.03 | (1.21) | (4.80) | 4.27 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.03) |  | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.03) |  | (0.07) | (1.01) |  |
| Total distributions | (0.15) | (0.03) | (0.07) | (1.03) | (0.02) |
| Redemption fees |  |  |  |  | — <sup>(a)</sup> |
| **Net asset value, end of year** | $12.78 | $11.06 | $10.06 | $11.34 | $17.17 |
| **Total Return** | 17.20% | 10.22% | (10.80)% | (29.37)% | 33.04% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000 omitted) | $13815 | $12018 | $11010 | $12976 | $20118 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.89% | 2.86% | 2.81% | 2.60% | 2.41% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 2.89% | 2.86% | 2.81% | 2.60% | 2.41% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.15% | 0.48% | 0.27% | (0.10)% | (0.35)% |
| Portfolio turnover rate | 8% | 8% | 6% | 8% | 20% |

---

(a) Rounds to less than $0.005 per share.

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Financial Highlights**

**Africa Fund**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** |
| **Net asset value, beginning of year** | $8.92 | $6.74 | $7.12 | $8.40 | $6.04 |
| **Change in net assets from operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.20 | 0.19 | 0.17 | 0.20 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | 1.97 | 2.22 | (0.48) | (1.32) | 2.41 |
| Total from investment activities | 2.17 | 2.41 | (0.31) | (1.12) | 2.54 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.23) | (0.07) | (0.16) | (0.18) |
| Total distributions | (0.36) | (0.23) | (0.07) | (0.16) | (0.18) |
| Redemption fees | — <sup>(a)</sup> | — <sup>(a)</sup> | — <sup>(a)</sup> | — <sup>(a)</sup> | — <sup>(a)</sup> |
| **Net asset value, end of year** | $10.73 | $8.92 | $6.74 | $7.12 | $8.40 |
| **Total Return** | 25.25% | 36.64% | (4.41)% | (13.59)% | 42.38% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000 omitted) | $5672 | $3979 | $2857 | $2857 | $2954 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 3.76% | 4.20% | 4.38% | 4.27% | 4.32% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.78% | 2.52% | 2.38% | 2.27% | 1.56% |
| Portfolio turnover rate | 1% | 4% | 6% | 3% | 11% |

---

(a) Rounds to less than $0.005 per share.

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Financial Highlights**

**Commonwealth Japan Fund**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** |
| **Net asset value, beginning of year** | $3.79 | $3.42 | $3.03 | $4.41 | $4.03 |
| **Change in net assets from operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.02 | — <sup>(a)</sup> | 0.01 | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | 0.49 | 0.37 | 0.38 | (1.20) | 0.40 |
| Total from investment activities | 0.51 | 0.37 | 0.39 | (1.21) | 0.38 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.02) | — <sup>(a)</sup> |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.13) |  |
| Total distributions | (0.02) |  |  | (0.17) |  |
| **Net asset value, end of year** | $4.28 | $3.79 | $3.42 | $3.03 | $4.41 |
| **Total Return** | 13.59% | 10.93% | 12.87% | (28.39)% | 9.43% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000 omitted) | $7041 | $5913 | $5561 | $4646 | $6732 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 3.36% | 3.29% | 3.45% | 3.38% | 3.01% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.44% | 0.20% | 0.09% | (0.08)% | (0.51)% |
| Portfolio turnover rate | 6% | 9% | 12% | 8% | 15% |

---

(a) Rounds to less than $0.005 per share.

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Financial Highlights**

**Commonwealth Global Fund**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** |
| **Net asset value, beginning of year** | $20.81 | $16.97 | $16.86 | $21.12 | $16.20 |
| **Change in net assets from operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.12) | (0.15) | (0.15) | (0.09) | (0.11) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | 1.45 | 3.99 | 0.41 | (4.17) | 5.03 |
| Total from investment activities | 1.33 | 3.84 | 0.26 | (4.26) | 4.92 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.68) |  | (0.15) |  |  |
| Total distributions | (0.68) |  | (0.15) |  |  |
| Redemption fees | — <sup>(a)</sup> |  |  |  |  |
| **Net asset value, end of year** | $21.46 | $20.81 | $16.97 | $16.86 | $21.12 |
| **Total Return** | 6.46% | 22.63% | 1.51% | (20.17)% | 30.37% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000 omitted) | $17230 | $16918 | $14584 | $14825 | $19642 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.58% | 2.54% | 2.61% | 2.49% | 2.33% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.57)% | (0.72)% | (0.81)% | (0.44)% | (0.54)% |
| Portfolio turnover rate | 7% | 4% | 9% | 7% | 6% |

---

(a) Rounds to less than $0.005 per share.

*See accompanying notes which are an integral part of these financial statements.*

**Commonwealth International Series Trust**

**Financial Highlights**

**Commonwealth Real Estate Securities Fund**

*(For a share outstanding during each year)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Year Ended<br> October 31,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Year Ended<br> October 31,<br> 2023** | **For the<br> Year Ended<br> October 31,<br> 2022** | **For the<br> Year Ended<br> October 31,<br> 2021** |
| **Net asset value, beginning of year** | $24.71 | $17.86 | $17.68 | $22.57 | $15.95 |
| **Change in net assets from operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.05 | 0.03 | 0.04 | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | (1.49) | 6.82 | 0.25 | (4.63) | 6.76 |
| Total from investment activities | (1.44) | 6.85 | 0.29 | (4.73) | 6.62 |
| **Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.42) |  | (0.11) | (0.16) |  |
| Total distributions | (0.43) |  | (0.11) | (0.16) |  |
| Redemption fees | — <sup>(a)</sup> | — <sup>(a)</sup> |  | — <sup>(a)</sup> |  |
| **Net asset value, end of year** | $22.84 | $24.71 | $17.86 | $17.68 | $22.57 |
| **Total Return** | (5.96)% | 38.35% | 1.61% | (21.11)% | 41.50% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of year (000 omitted) | $15457 | $16832 | $11982 | $11620 | $15053 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.63% | 2.54% | 2.71% | 2.58% | 2.44% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.19% | 0.13% | 0.16% | (0.45)% | (0.66)% |
| Portfolio turnover rate | 9% | 6% | 14% | 34% | 9% |

---

(a) Rounds to less than $0.005 per share.

*See accompanying notes which are an integral part of these financial statements.* 

**Commonwealth International Series Trust**

**Notes to the Financial Statements**

*October 31, 2025*

**Note 1 - Organization**

Commonwealth International Series Trust (the ''Trust'') was organized as a Massachusetts business trust on May 2, 1986, and is registered under the Investment Company Act of 1940, as amended (the ''1940 Act''), as an open end management investment company. The Trust currently consists of five diversified series: the Commonwealth Australia/New Zealand Fund (the ''Australia/New Zealand Fund''), the Africa Fund, the Commonwealth Japan Fund (the ''Japan Fund''), the Commonwealth Global Fund (the ''Global Fund'') and the Commonwealth Real Estate Securities Fund (the ''Real Estate Securities Fund'') (each a ''Fund'' and collectively the ''Funds'').

**Note 2 - Investment Objectives**

Each Fund's investment objective is to provide long-term capital appreciation and current income. Under normal market conditions, each Fund (other than the Global Fund) invests at least 80% of its assets in the country or asset class specified in its name (i.e., Australia/New Zealand, Africa, Japan or Real Estate).

**Note 3 - Significant Accounting Policies**

The Funds are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification ("ASC") Topic 946, "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP").

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Principal Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

**A) Valuation of Securities** - Each Fund's assets and liabilities are valued normally on the basis of market quotations or official closing prices or, if there is no recent last sales price available, reference is made to the last mean quotation in the principal market in which the securities are normally traded. Equity securities that are traded on the NASDAQ National Market System, for which quotations are readily available, are valued at the official closing price. Options are valued at the last quoted sales price. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. Debt securities are priced either by using a market quotation or an independent pricing service. The pricing service may use one or more pricing models. Investments in open-end investment companies are valued at net asset value. In the event that market quotations are not readily available or are considered unreliable due to market or other events, securities are valued in good faith by FCA Corp (the "Advisor") as "valuation designee" under the oversight of the Board of Trustees (the "Board"). Fair value prices are generally provided by an independent fair value pricing service. The Funds have instituted a policy whereby the value of certain equity securities listed or traded on foreign security exchanges may be valued by an independent fair value pricing service on any day when certain conditions are met (trigger). The Australia/New Zealand Fund, Africa Fund and Japan Fund have retained an independent fair value pricing service to assist in the fair valuing of these foreign securities. The service utilizes statistical data based on historical performance of securities, markets, and other data in developing factors used to estimate a fair value. For the Australia/New Zealand Fund and Japan Fund, the trigger is based on a comparison between the S&P 500<sup>®</sup> Futures Index at the time of Tokyo market close to the S&P 500<sup>®</sup> Futures Index at the time of the New York market close. For the Africa Fund, the trigger is based on a comparison between the S&P 500<sup>®</sup> Futures Index at the time of London market close to the S&P 500<sup>®</sup> Futures Index at the time of the New York market close.

**B) Fair Value Measurements** - The Funds' investments have been categorized by tiers dependent upon the various ''inputs'' used to determine the fair value of the Funds' investments. These inputs are summarized in the three broad levels listed below:

● Level 1 - unadjusted quoted prices in active markets for identical investments and/or registered investment companies where the value per share is determined and published and is the basis for current transactions for identical assets or liabilities at the valuation date

● Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

● Level 3 - significant unobservable inputs (including management's own assumptions in determining the fair value of investments).

**Commonwealth International Series Trust Notes to the Financial Statements (continued)**

*October 31, 2025*

A description of the valuation techniques applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis follows:

*Common stocks, preferred stocks and exchange-traded funds* - Securities traded on a national exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. Investments in other open-end registered investment companies, including money market funds, are valued at net asset value. To the extent these securities are actively traded and valuation adjustments are not applied, they are generally categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets, valued by reference to similar instruments or whose inputs are observable and timely would be categorized in Level 2 of the fair value hierarchy. To the extent certain conditions are met and the independent fair value pricing service uses a fair value factor for foreign equity securities, they will be classified as Level 2.

*Corporate, Sovereign Bonds and U.S. Government & Agency Bonds* - The fair value of bonds may be estimated using recently executed transactions, market price quotations (where observable), bond spreads, and/or credit default swap spreads adjusted for any basis difference between cash and derivative instruments. Domestically held corporate bonds and sovereign bonds are generally categorized in Level 2 of the fair value hierarchy; in instances where prices, spreads, or any of the other aforementioned key inputs are unobservable, they would be categorized in Level 3 of the fair value hierarchy.

*Written/Purchased Options* - Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are generally categorized in Level 1 of the fair value hierarchy. If there is no reported close price on the valuation date, long positions are valued at the most recent bid price and short positions are valued at the most recent ask price. In this instance, the securities would generally be categorized as Level 2.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Australia/New Zealand Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $13593403 | $— | $— | $13593403 |
| Money Market Funds | 37852 |  |  | 37852 |
| Total | $13631255 | $— | $— | $13631255 |

---

**Commonwealth International Series Trust Notes to the Financial Statements (continued)**

*October 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Africa Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $5377306 | $— | $— | $5377306 |
| Sovereign Bonds |  | 95882 |  | 95882 |
| Money Market Funds | 201305 |  |  | 201305 |
| Total | $5578611 | $95882 | $— | $5674493 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Japan Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $6790124 | $— | $— | $6790124 |
| Corporate Bonds |  | 87917 |  | 87917 |
| Money Market Funds | 47160 |  |  | 47160 |
| Total | $6837284 | $87917 | $— | $6925201 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $17054754 | $— | $— | $17054754 |
| Money Market Funds | 173305 |  |  | 173305 |
| Total | $17228059 | $— | $— | $17228059 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Real Estate Securities Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| **<u>Assets</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $13979498 | $384372 | $— | $14363870 |
| U.S. Government & Agencies |  | 561129 |  | 561129 |
| Money Market Funds | 545825 |  |  | 545825 |
| Total | $14525323 | $945501 | $— | $15470824 |

---

(a) For
 a detailed breakout by industry or country, please refer to the Schedules of Investments. All level 2 positions are classified as such
 from fair value factor adjustments as of October 31, 2025 as described in the Note above.

**C) Currency Translation** - For purposes of determining each Fund's net asset value, all assets and liabilities initially expressed in foreign currency values are converted into U.S. dollar values at the prevailing market rate on each U.S. business day. The cost of securities is determined by using an exchange rate provided by an independent third party. Income is translated at approximate rates prevailing when accrued. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in the market prices of the investments. Such fluctuations are included with the net realized and unrealized gains and losses from investments.

**Commonwealth International Series Trust Notes to the Financial Statements (continued)**

*October 31, 2025*

**D) Allocations of Expenses** - Expenses directly attributable to a Fund are charged directly to that Fund, while expenses which are attributable to more than one Fund, or the Trust, are allocated among the respective Funds based upon relative net assets or some other reasonable method.

**E) Accounting for Investments** - Security transactions are accounted for on the trade date for financial reporting purposes. Realized gains and losses on security transactions are based on the identified cost basis for both financial statement and Federal income tax purposes. Dividend income and distributions to shareholders are recorded on the ex-dividend date or as soon as known if after the ex-dividend date. Dividend income from real estate investment trusts (REITs) and distributions from limited partnerships are recognized on the ex-date and included in dividend income. The calendar year-end classification of distributions received from REITs, which may include return of capital, during the fiscal year are reported subsequent to year end; accordingly, the Funds estimate the character of REIT distributions based on the most recent information available. Income or loss from limited partnerships is reclassified among the components of net assets upon receipt of K-1's. Discounts and premiums on bonds purchased are amortized over the life of the bonds using the effective interest method (which may include maturity or call date). Interest income and estimated expenses are accrued daily. Non-cash income, if any, is recorded at the fair market value of the securities received.

**F) Federal Income Taxes** - It is each Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all investment company taxable income and net capital gain to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required.

Dividends or interest on foreign securities may be subject to the withholding of the country of domicile's income tax by tax treaty provisions or otherwise. Generally, there are no foreign taxes applicable to the Funds' capital gains realized on foreign securities in their country of domicile.

The Trust has evaluated tax positions taken or expected to be taken in the course of preparing each Fund's tax returns to determine whether it is more-likely-than not (i.e., greater than 50-percent chance) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Tax positions

**Commonwealth International Series Trust Notes to the Financial Statements (continued)**

*October 31, 2025*

taken in tax years remain subject to examination by tax authorities (generally three years plus the interim tax period since then for federal income tax purposes). The determination has been made that there are not any uncertain tax positions that would require the Funds to record a tax liability and, therefore, there is no impact to the Funds' financial statements.

**G) Distributions to Shareholders** - The Funds distribute net investment income, if any, and net realized gains (net of any capital loss carryforwards) annually. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for foreign currency transactions and deferrals of certain losses.

**H) Redemption Fees** - Redemption fees are applicable to certain redemptions of shares within fourteen calendar days of purchase. The redemption fee is imposed to discourage abusive trading activity, which can have disruptive effects on the Funds' portfolio management and can increase the Funds' expenses. The redemption fees are intended to offset, at least partially, portfolio transaction and administrative costs associated with short-term trading. The shareholder will be charged a fee equal to 2.00% of the amount redeemed and will be charged when shares are sold, exchanged or involuntarily redeemed. In determining the applicability of the redemption fee, shares held for the longest period of time will be treated as being sold first and shares held for the shortest period of time as being sold last. For the fiscal year ended October 31, 2025, the Africa Fund, Global Fund and Real Estate Fund had contributions to capital due to redemption fees in the amount of $406, $1 and $198, respectively.

**I) Option Accounting Principles** - A Fund may purchase or write put or call options on futures contracts, individual securities, currencies or stock indices to hedge against fluctuations in securities prices and currency exchange rates and to adjust its risk exposure relative to the benchmark. The Fund may use these derivatives for any purpose consistent with its investment objective, such as hedging, obtaining market exposure, and generating premium income.

When a Fund writes an option, the premium received is recorded as a liability. Each day the option contract liability is valued in accordance with the procedures for security valuation discussed previously. When an offsetting option is purchased (a closing transaction) or the option contract expires, the Fund realizes a gain or loss and the liability related to such option contract is eliminated. When a call option is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds of the sale are increased by the premiums originally received. During and as of the fiscal year ended October 31, 2025, the Funds had no written options.

**Commonwealth International Series Trust Notes to the Financial Statements (continued)**

*October 31, 2025*

When a Fund purchases an option, the premium paid is recorded as an asset. Each day, the option contract is valued in accordance with the procedures for security valuation discussed previously. When an offsetting option is written (a closing transaction) or the option contract expires, the Fund realizes a gain or loss and the asset representing such option contract is eliminated. When a call option is exercised, the Fund purchases the underlying security and the cost basis of such purchase is increased by the premium originally paid. During and as of the fiscal year ended October 31, 2025, the Funds had no purchased options.

**J) Forward Currency Contracts** - Forward currency contracts may be undertaken to hedge against possible variations in the foreign exchange rates between the U.S. dollar and foreign currencies. A forward currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked-to-market daily and the change in the market value is recorded by the Fund as an unrealized gain or loss. When a contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably. Other risks of forward currency contracts include failing to achieve expected benefit, markets moving in a direction that the Funds did not expect, a Fund's ability to close out its position in the hedging instrument, and political and social unrest and the possibility of negative governmental actions. During and as of the fiscal year ended October 31, 2025, the Funds held no forward currency contracts.

**K) Use of Estimates** - The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and these differences could be material.

**Note 4 - Related Party Transactions and Other Arrangements**

**A) Investment Advisor** - The Trust, on behalf of each Fund, has retained FCA Corp as the Funds' investment advisor. Under each Fund's Investment Advisory Agreement, the Advisor is paid a fee (the "Management Fee"), calculated daily and payable monthly, equal to an annual rate of 0.75% of the average net assets of each Fund.

The Advisor entered into an expense limitation agreement through February 28, 2026, under which it has agreed to limit the total expenses of the Africa Fund and the Japan Fund (exclusive of interest, distribution fees pursuant to Rule 12b-1 Plans, taxes, acquired

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

fund fees and expenses, brokerage commissions, extraordinary expenses and dividend expense on short sales) to an annual rate of 1.50% and 1.50% of the average daily net assets of the Africa Fund and the Japan Fund, respectively. The Advisor may not terminate this arrangement prior to February 28, 2026, unless the investment advisory agreement is terminated. The Africa Fund and the Japan Fund each have agreed to repay the Advisor for amounts waived by the Advisor pursuant to the fee waiver agreement to the extent that such repayment occurs within three fiscal years of the date of any such waiver and such repayment does not cause the Africa Fund or the Japan Fund to exceed the expense limitation in place at the time the fee was waived. As of October 31, 2025, the Advisor may seek repayment of investment advisory fee waivers and expense reimbursements in the amounts as follows:

---

| | | |
|:---|:---|:---|
| **Recoverable Through** | **Africa Fund** | **Japan Fund** |
| October 31, 2026 | $80585 | $94303 |
| October 31, 2027 | $81485 | $93739 |
| October 31, 2028 | $88793 | $103227 |

---

Certain officers of the Trust are also officers of the Advisor.

**B) Administration, Fund Accounting and Transfer Agent** – Ultimus Fund Solutions, LLC (the "Administrator") serves as the administrator, transfer agent and fund accountant to the Funds. For these services, the Administrator receives fees computed at an annual rate of the daily net assets of the Funds, subject to a minimum annual contractual fee. Certain officers of the Trust are also employees of the Administrator, but are paid no fees directly by the Funds for serving as an officer of the Trust.

**C) Distribution** – Ultimus Fund Distributors, LLC (the "Distributor"), an affiliate of the Administrator, serves as the principal underwriter for the shares of each Fund of the Trust and receives an annual contractual fee.

Each Fund has adopted a Service and Distribution Plan (each a "Plan") pursuant to Rule 12b-1 under the Act, whereby up to 0.35% of the Funds' assets may be used to reimburse the Distributor for costs and expenses incurred in connection with the distribution and marketing of shares of the Funds and the servicing of the Funds' shareholders. Distribution and marketing expenses include, among other things, printing of prospectuses, marketing literature, and costs of personnel involved with the promotion and distribution of the Funds' shares. These amounts are disclosed on the Statements of Operations under Distribution

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

(12b-1) fees. While the plans permit each Fund to pay up to 0.35% of its average daily net assets to reimburse for certain expenses in connection with the distribution of its shares, the Board has currently authorized each Fund to pay out only 0.25% under its Plan. If the Board's intention changes on this matter, the Funds will amend or supplement their prospectus. Out of the foregoing amount, each Fund is permitted to pay up to an aggregate of 0.25% of its average daily net assets to reimburse for certain shareholder services.

**D) Legal Counsel** - Practus, LLP serves as legal counsel to the Trust. John H. Lively, Secretary of the Trust, is the managing partner of Practus, LLP, but he receives no special compensation from the Trust or the Funds for serving as an officer of the Trust.

**Note 5 - Purchases and Sales of Securities**

Purchases and sales of investment securities (excluding short-term securities) by the Funds for the fiscal year ended October 31, 2025, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Commonwealth<br> Australia/New<br> Zealand Fund** | **Africa Fund** | **Commonwealth<br> Japan Fund** | **Commonwealth<br> Global Fund** | **Commonwealth<br> Real Estate<br> Securities Fund** |
| **Purchases** | $1361766 | $553209 | $569684 | $1104426 | $1331361 |
| **Sales** | 915648 | 54945 | 389374 | 2003998 | 1475464 |

---

There were no long-term purchases or sales for U.S. Government Obligations for any of the Funds during the fiscal year ended October 31, 2025.

**Note 6 - Financial Instruments with Off-Balance Sheet Risk**

In the ordinary course of trading activities, certain of the Funds may trade and hold certain derivative contracts. Such contracts include forward currency contracts, where the Funds would be obligated to buy currency at specified prices, and written put and call options, where the Funds would be obligated to purchase or sell securities at specified prices (i.e., the options are exercised by the counterparties). The maximum payout for the put option contracts is limited to the number of contracts written and the related strike prices, respectively. The maximum payout for uncovered written call option contracts is limited only by how high the underlying rises above the strike price. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event.

These financial instruments contain varying degrees of off-balance sheet risk whereby changes in the market value of securities underlying the financial instruments may be in excess of the amounts recognized in the Statements of Assets and Liabilities. A Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. The risk associated with purchasing an option is that

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

the Fund pays a premium whether or not the option is exercised. Additionally, each Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. A call option gives the holder the right to buy the underlying stock from the writer at a specified price within a fixed period of time. Therefore, the securities held by the Fund against which options are written may not be traded and are held in escrow by the custodian. In the ordinary course of trading activities, certain of the Funds trade and hold certain fair valued derivative contracts. Such contracts include forward currency contracts, where the Funds would be obligated to buy currency at specified prices, and written put and call options, where the Funds would be obligated to purchase or sell securities at specified prices (i.e., the options are exercised by the counterparties). The maximum payout for the put option contracts is limited to the number of contracts written and the related strike prices, respectively. The maximum payout for uncovered written call option contracts is limited only by how high the underlying security price rises above the strike price. Maximum payout amounts could be offset by the subsequent sale, if any, of assets obtained via the execution of a payout event.

**Note 7 – Tax Matters**

At October 31, 2025, the gross unrealized appreciation (depreciation) on investments, foreign currency translations and cost of securities on a tax basis for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Australia/New**<br> **Zealand Fund** | **Africa Fund** | **Japan Fund** | **Global Fund** | **Real Estate<br> Securities Fund** |
| Gross unrealized appreciation | $6708451 | $1738552 | $2884273 | $10297735 | $7716877 |
| Gross unrealized depreciation | (565856) | (320331) | (209164) | (46885) | (99880) |
| Net unrealized appreciation (depreciation) on investments | $6142595 | $1418221 | $2675109 | $10250850 | $7616997 |
| Tax cost of investments | $7488660 | $4256272 | $4250092 | $6977209 | $7853827 |

---

The difference between cost amounts for financial statement and federal income tax purposes is due primarily to wash sale loss deferrals, straddle deferrals and passive foreign investment companies ("PFICs").

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

As of October 31, 2025, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Australia/New**<br> **Zealand Fund** | **Africa Fund** | **Japan Fund** | **Global Fund** | **Real Estate<br> Securities Fund** |
| Undistributed ordinary income | $68582 | $246249 | $86115 | $— | $35875 |
| Undistributed long-term capital gains |  |  |  | 584366 | 396083 |
| Tax accumulated earnings | 68582 | 246249 | 86115 | 584366 | 431958 |
| Accumulated capital and other losses | (90626) | (962127) | (23721) | (61849) |  |
| Unrealized appreciation on investments | 6127279 | 1418199 | 2668799 | 10250850 | 7616997 |
| Total accumulated earnings | $6105235 | $702321 | $2731193 | $10773367 | $8048955 |

---

The tax character of distributions paid during the tax year ended October 31, 2025 and 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Australia/New<br> Zealand Fund** | **Australia/New<br> Zealand Fund** | **Africa Fund** | **Africa Fund** | **Japan Fund** | **Japan Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $123174 | $31068 | $157934 | $99144 | $34024 | $5994 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 34907 |  |  |  |  |  |
| Total distributions paid | $158081 | $31068 | $157934 | $99144 | $34024 | $5994 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global Fund** | **Global Fund** | **Real Estate<br> Securities Fund** | **Real Estate<br> Securities Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income<sup>(a)</sup> | $— | $— | $5636 | $— |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 547611 |  | 283559 |  |
| Total distributions paid | $547611 | $— | $289195 | $— |

---

As of October 31, 2025, the following Funds had net capital loss carryforwards which are available to offset future net capital gains, if any:

---

| | | |
|:---|:---|:---|
|  | **Non-Expiring** | **Non-Expiring** |
|  | **Short-Term** | **Long-Term** |
| **Australia/New Zealand Fund** | $25773 | $64853 |
| **Africa Fund** | 16130 | 945997 |
| **Japan Fund** | 23721 |  |
| **Global Fund** |  |  |
| **Real Estate Securities Fund** |  |  |

---

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

Capital loss carryforwards are available to offset future realized capital gains and thereby reduce further taxable gain distributions.

As of October 31, 2025, the Global Fund had $61,849 of qualified late-year ordinary losses, which were deferred until fiscal year 2025 for tax purposes. Net late-year losses incurred after October 31 and within the taxable year are deemed to arise on the first day of the Funds' next taxable year.

The Funds have recorded reclassifications in their capital accounts. These reclassifications have no impact on the net asset value of the Funds and are designed generally to present accumulated earnings (deficit) on a tax basis which is considered to be more informative to the shareholder. The permanent differences primarily relate to net operating losses and prior year tax return true-up. As of October 31, 2025, the Funds recorded the following reclassifications to increase (decrease) the capital accounts listed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In<br> Capital** | **Accumulated<br> Earnings<br> (Deficit)** |
| Commonwealth Australia/New Zealand Fund | $— | $— |
| Africa Fund |  |  |
| Commonwealth Japan Fund |  |  |
| Commonwealth Global Fund | (122775) | 122775 |
| Commonwealth Real Estate Securities Fund | (3886) | 3886 |

---

**Note 8 - Revolving Credit Agreement**

The Trust has in place an Amended and Restated Revolving Credit Agreement (the "Agreement") with its custodian, Fifth Third Bank N.A. (the "Bank"). This Agreement shall expire on July 31, 2026. Pursuant to the terms of the Agreement, the Bank makes available to the Trust, a line of credit facility under which the Bank may make loans to the Trust, on behalf of the Funds, from time to time. The Agreement provides a line of credit in an amount of up to $1,000,000 (the "Committed Amount") for the Trust with respect to all of the Funds. The Agreement further limits the amount that any Fund may borrow subject to the requirements specified by the 1940 Act, which generally permits a fund to borrow and pledge its shares to secure such borrowing, provided, that immediately thereafter there is asset coverage of at least 300% for all borrowings by a fund from a bank. If borrowings exceed this 300% asset coverage requirement by reason of a decline in net assets of a fund, the fund will reduce its borrowings within three days to the extent necessary to comply with the 300% asset coverage requirement. The 1940 Act also permits a fund to borrow for temporary purposes only in an amount not exceeding 5% of the value of its total assets at the time when the loan is made. The terms of the agreement include a non-refundable commitment fee upon contract renewal in an amount equal to $1,000. Any

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

principal balance outstanding bears interest at the prime rate in effect at the time plus 0% and any amounts not drawn will be assessed unused fees at the rate of 0.300%.

The average amount of borrowings for the days which the Funds borrowed and the average interest rate on those borrowings by the Funds during the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average<br> Principal** | **Average<br> Interest Rate** |
| Australia/New Zealand Fund | $108578 | 7.65% |
| Japan Fund | $65404 | 7.50% |
| Global Fund | $101413 | 7.50% |

---

During the fiscal year ended October 31, 2025, the Australia/New Zealand Fund, Japan Fund and Global Fund paid $138, $54 and $84, respectively, in interest on borrowings and overdrafts. There were no borrowings outstanding under the Agreement as of October 31, 2025. The Funds only utilize the line of credit for draws greater than $50,000.

**Note 9 - Contractual Obligations**

Under the Trust's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds enter into contracts that contain various representations and warranties and provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on future claims against the Funds and is presently unknown. Currently however, the Funds expect the risk of loss to be remote.

**Note 10 - Concentration of Market Risk**

The Australia/New Zealand Fund invests primarily in securities issued by Australian and New Zealand issuers, the Africa Fund invests primarily in securities issued by African issuers and the Japan Fund invests primarily in securities of Japanese issuers. Investing in companies from specific geographic regions, such as Australia, New Zealand, Africa or Japan, may pose additional risks inherent to a region's economic and political situation. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, many of the investments in Australia, New Zealand, Africa or Japan are denominated in foreign currencies. As a result, changes in the values of these currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Funds' investments. These events may happen separately from, and in response to, events that do not otherwise affect the values of the securities in the issuers' home countries.

**Commonwealth International Series Trust**

**Notes to the Financial Statements (continued)**

*October 31, 2025*

As of October 31, 2025, the Australia/New Zealand Fund held approximately 14% of its net assets in South Port New Zealand Ltd. Due to the large position, an increase or decrease in the value of this security may have a greater impact on the Australia/New Zealand Fund's net asset value and total return than if the Australia/New Zealand Fund did not focus as much in this particular security.

The Africa Fund may be exposed to additional risks by focusing its investments on issuers in African countries to which other funds invested in securities of issuers in a broader region may not be exposed. The Africa Fund is highly dependent on the state of economics of countries throughout Africa and, Sub-Saharan countries. Changes in economics, tax policies, inflation rates, governmental instability, war or other political or economic factors may affect (positively or negatively) the Fund's investments.

A large portion of investments held by the Real Estate Securities Fund are considered investments in the real estate sector of the market, which may include REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, are not diversified, are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs are also subject to the possibilities of failing to qualify for tax-free pass through of income and maintaining their exemption from registration under the 1940 Act. Investing in a single market sector may be riskier than investing in a variety of market sectors.

**Note 11 - Subsequent Events**

Management of the Funds has evaluated the need for disclosures resulting from subsequent events through the date these financial statements were issued. Based upon this evaluation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of Commonwealth International Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of the Commonwealth Australia/New Zealand Fund, Africa Fund, Commonwealth Japan Fund, Commonwealth Global Fund, and Commonwealth Real Estate Securities Fund (the "Funds"), each a series of Commonwealth International Series Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended October 31, 2022, and prior, were audited by other auditors whose report dated December 22, 2022, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](img_002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

December 22, 2025

**Additional Information (Unaudited)**

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

None.

**Item 16. Controls and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Principal
 Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required
 by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this
 report on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have
 materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) [Code of Ethics attached hereto](commonwealth_ex99codeeth.htm).

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.](commonwealth_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto](commonwealth_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Commonwealth International Series Trust

---

| | |
|:---|:---|
| By | /s/ Robert Scharar |
|  | Robert Scharar |
|  | President and Principal Executive Officer |

---

Date: <u>1/2/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Robert Scharar |
|  | Robert Scharar |
|  | President and Principal Executive Officer |

---

Date: <u>1/2/2026</u>

---

| | |
|:---|:---|
| By | /s/ Zachary P. Richmond |
|  | Zachary P. Richmond |
|  | Treasurer and Principal Financial Officer |

---

Date: <u>1/2/2026</u>

## Ex-99.Cert

**Exhibit 99.CERT**

SECTION 302 CERTIFICATIONS

CERTIFICATION OF PRESIDENT

<u>CERTIFICATIONS</u>

I, Robert Scharar, certify that:

1. I have reviewed this report on Form N-CSR of Commonwealth International Series Trust;

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) D isclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 1/2/2026 | /s/ Robert Scharar |
|  |  | Robert Scharar<br> President and Principal Executive Officer |

---

SECTION 302 CERTIFICATIONS

CERTIFICATION OF CHIEF FINANCIAL OFFICER

<u>CERTIFICATIONS</u>

I, Zachary P. Richmond, certify that:

1. I
have reviewed this report on Form N-CSR of Commonwealth International Series Trust;

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) D isclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the period covered by this report
that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date | 1/2/2026 | /s/ Zachary P. Richmond |
|  |  | Zachary P. Richmond<br> Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**certification of president and Treasurer pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the sarbanes oxley act of 2002**

Robert Scharar, President, and Zachary P. Richmond, Treasurer of Commonwealth International Series Trust (the "Registrant"), each certify to the best of his or her knowledge that:

1. The
 Registrant's periodic report on Form N-CSR for the period ended October 31, 2025 (the
 "Form N-CSR") fully complies with the requirements of Sections 13(a) or Sections
 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

President and Principal Executive Officer<br> Commonwealth International Series Trust Treasurer and Principal Financial Officer<br> Commonwealth International Series Trust

---

| | |
|:---|:---|
| /s/ Robert Scharar | /s/ Zachary P. Richmond |
| Robert Scharar | Zachary P. Richmond |

---

Date: <u>1/2/2026</u> Date: <u>1/2/2026</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Commonwealth International Series Trust and will be retained by Commonwealth International Series Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

**EX-99.CODE ETH**

**<u>COMMONWEALTH INTERNATIONAL SERIES TRUST</u>**

**<u>SARBANES-OXLEY CODE OF ETHICS</u>**

**for**

**Principal Executive and Principal Financial Officers**

**I.** **Covered Officers/Purpose of Code** 

The Boards of Trustees of the Commonwealth International Series Trust on behalf of its Funds has established this Code of Ethics (the "Code") in accordance with the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder. Commonwealth International Series Trust, a Massachusetts business trust (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). This Code of Ethics ("Code") for the Trust and its series funds (collectively, the "Funds" and each a "Fund") applies to the Fund's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files- with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by or on behalf of the Funds;

● Compliance with applicable laws and governmental rules and regulations;

● Accountability for adherence to the Code, and

● The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code.

Each Covered Officer must adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when the Covered Officers' private interests interfere with the interests of, or their service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of h s position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and are already subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons". Compliance programs and procedures of the Trust and the Trust's investment adviser, transfer agent, fund accounting service provider, administrative service provider, and principal underwriter (each a "Service Provider") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and a Service Provider. As a result, this Code recognizes that Covered Officers will, in the normal course of their duties (whether formally for the Trust or for a Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on a Service Provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and a Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not all inclusive. The primary concern is that the personal interest of the Covered Officer should not be placed improperly before the interests of the Trust.

Each Covered Officer must:

● Not use his personal influence or personal relationships to improperly influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

● Not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds;

● Disclose any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers or any affiliated person thereof; and

● Not use material non-public knowledge of portfolio transactions made or contemplated for a Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Certain material conflict of interest situations require written pre-approval from the Trust's Audit Committee or its designated representative. Examples of material conflict of interest situations requiring pre-approval include:

● Service as a director on the board of any public company;

● The receipt of any non-nominal gifts;

● The receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; and

● A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

The Trust's Independent Trustees will be provided a list of any such written preapprovals requested in connection with the next regularly scheduled Board meeting.

**III.** **Disclosure and Compliance** 

● Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Trust, including to the Trust's Board of Trustees ("Board") and auditors, and to governmental regulators and self-regulatory organizations;

● Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers of the Trust and officers and employees of the Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by or on behalf of the Funds; and

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

● Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read and understands the Code;

● Annually thereafter affirm to the Board that he has complied with the requirements of the Code;

● Not retaliate against any other Covered Officer, other officer of the Trust, any employee of a Service Provider or any of their affiliated persons for reports of potential violations that are made in good faith; and

● Notify the Trust's Audit Committee or its designated representative promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Trust's Audit Committee, directly or through its designated representative, is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, the Independent Trustees will consider any waivers of any provision of this Code.

The Trust will follow the following procedures in investigating and enforcing this Code:

● The Trust's Audit Committee will take all appropriate action to investigate any reported potential violations;

● If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action;

● Any matter that the Audit Committee believes is a violation will be reported to the Independent Trustees;

● If the Independent Trustees concur that a violation has occurred, they will inform the Covered Officer and consider appropriate action, whch may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of a Service Provider or its board; or a recommendation to dismiss the Covered Officer;

● The Independent Trustees will be responsible for granting waivers, as appropriate; and

● Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, a Service Provider, or other service providers govern or purport to govern the behavior or activities of Covered Officers, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics under Rule 17j-1 under the Investment Company Act is a separate requirement applying to the Covered Officers and others, and is not part of this Code.

**VI.** **Amendments** 

Except as to Exhibit A, this Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**VII.** **Confidentiality** 

A Fund's Covered Officers must maintain the confidentiality of information entrusted to them by the Fund, except when disclosure is authorized by the applicable Fund's counsel or required by laws or regulations. Whenever possible, Covered Officers should consult with Fund counsel if they believe they have a legal obligation to disclose confidential information. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Fund or its shareholders, if disclosed. The obligation to preserve confidential information continues even after employment as a Covered Officer ends. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, officers of the Trust, Trust counsel and counsel for a Service Provider.

**VIII.** **Internal Use** 

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

As adopted: January 7, 2004

As amended: December 14, 2015

**<u>COMMONWEALTH INTERNATIONAL SERIES TRUST</u>**

**<u>SARBANES-OXLEY CODE OF ETHICS</u>**

**for**

**Principal Executive and Principal Financial Officers**

EXHIBIT A

Persons Covered by this Code of Ethics

Principal Executive Officer and President – Robert W. Scharar

Principal Financial Officer and Treasurer – Zachary P. Richmond

Date: December 14, 2015