# EDGAR Filing Document

**Accession Number:** 0000793601
**File Stem:** 0001580642-25-004128
**Filing Date:** 2025-7
**Character Count:** 159897
**Document Hash:** 1ce3be3a1dcdb32cf2c1b900ee50c4f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-004128.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001580642-25-004128

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04665
- **FILM NUMBER:** 251110834

**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)

(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>4/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) #### Africa Fund
(CAFRX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i5d3f850aa9ed68b54a7b462f.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Africa Fund for the period of November 1, 2024 to April 30, 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 six months?
(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 | $87 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Africa Fund reported a net asset value (NAV) decrease to $8.53 per share as of April 30, 2025, down from $8.92 per share on October 31, 2024. This represents a -0.43% return, including a distribution of $0.355 per share made in December 2024.

**Contributors:** Key positive drivers of return included investments in the materials, communications, and information technology sectors. The Fund's holdings in the following five securities positively impacted performance: Gold Fields Ltd (ADR), AngloGold Ashanti Plc, Datatec Ltd., MTN Group Ltd. (ADR) and Naspers Ltd.

**Detractors:** Exposure to the industrial, health care, and consumer staples sectors detracted from the Fund's performance. The Fund's investments in the following securities negatively affected returns: Aspen Pharmacare Holdings Ltd., Motus Holdings Ltd., Grindrod Ltd., Bidvest Group Ltd., and Sappi Limited. Additionally, the -5.2% depreciation in the South African rand against the U.S. dollar had a negative impact on the Fund's returns.

The Fund's portfolio, consisting of 39 equity positions (common stocks and ADRs), a South African Government bond, and a money market fund, maintained a diversified strategy focused on assets with attractive fundamentals.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib5d23f42e6b9356bb47ec8b7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Africa Fund** | **Dow Jones Africa Titans 50 Index** | **MSCI Emerging Markets Index** |
| **Apr-2015** | $10000 | $10000 | $10000 |
| **Apr-2016** | $7886 | $8166 | $8213 |
| **Apr-2017** | $8709 | $8172 | $9785 |
| **Apr-2018** | $10502 | $9994 | $11910 |
| **Apr-2019** | $8801 | $8977 | $11309 |
| **Apr-2020** | $5254 | $6974 | $9952 |
| **Apr-2021** | $8827 | $9263 | $14800 |
| **Apr-2022** | $9518 | $9597 | $12087 |
| **Apr-2023** | $8170 | $8639 | $11300 |
| **Apr-2024** | $8029 | $8637 | $12416 |
| **Apr-2025** | $10015 | $10035 | $13537 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Africa Fund | 24.74% | 13.77% | 0.02% |
| Dow Jones Africa Titans 50 Index | 16.18% | 7.55% | 0.03% |
| MSCI Emerging Markets Index | 9.02% | 6.35% | 3.07% |

---

***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.***

*Visit www.commonwealthfunds.com for more recent performance information.*

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4193800 |
| Number of Portfolio Holdings | 41 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 0% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i789e930eed420567ef8555da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Egypt | 1.8% |
| United States | 2.4% |
| United Kingdom | 4.9% |
| South Africa | 90.6% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i1c6950a7ed685c80d60ebca0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Health Care | 1.2% |
| Sovereign | 2.0% |
| Money Market Funds | 2.4% |
| Real Estate | 5.0% |
| Industrials | 5.3% |
| Consumer Staples | 9.5% |
| Communications | 11.2% |
| Consumer Discretionary | 12.0% |
| Materials | 16.2% |
| Financials | 34.9% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Capitec Bank Holdings Ltd. | 13.3% |
| Naspers Ltd., N Shares | 6.5% |
| Gold Fields Ltd. | 4.4% |
| DataTec Ltd. | 3.8% |
| Shoprite Holdings Ltd. | 3.3% |
| Discovery Ltd. | 3.2% |
| Momentum Metropolitan Holdings | 3.1% |
| AngloGold Ashanti PLC | 3.0% |
| Mr. Price Group Ltd. | 2.9% |
| MTN Group Ltd. | 2.8% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 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

#### Africa Fund

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-CAFRX

![Image](i5d3f850aa9ed68b54a7b462f.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i31feacd3ff028ca013432a83.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Commonwealth Australia/New Zealand Fund for the period of November 1, 2024 to April 30, 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 six months?
(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 | $144 | 2.96% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Australia/New Zealand Fund reported a net asset value (NAV) decrease to $10.55 per share as of April 30, 2025, down from $11.06 per share on October 31, 2024. This represents a -3.25% return, including a distribution of $0.151 per share made in December 2024.

**Contributors:** The Fund's investments in the consumer discretionary, information technology, and communication services sectors had a positive impact on performance. Specific holdings that contributed positively included: Millennium & Copthorne Hotels New Zealand, Marsden Maritime Holdings, South Port New Zealand, ikeGPS Group Ltd., and Telstra Group Ltd.

**Detractors:** The Fund's investments in the health care and financial sectors negatively impacted performance. The Fund's investments in the following securities also negatively affected returns: Infratil Ltd., Mainfreight Ltd., Ryman Healthcare Ltd., Brisco Group Ltd., and CSL Ltd. Additionally, the depreciation of both the New Zealand dollar (-0.5%) and Australian dollar (-2.6%) against the U.S. dollar had a negative impact on the Fund's returns.

The Fund's portfolio, consisting of 37 equity positions (common stock and ADRs) and a money market fund, maintained a diversified strategy focused on assets with attractive fundamentals.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib5b3f3f7ac1bad39f852128a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Commonwealth Australia/New Zealand Fund** | **Australian All Ordinaries Index** | **MSCI ACWI ex USA Index** | **NZX 50 Index** |
| **Apr-2015** | $10000 | $10003 | $10000 | $9999 |
| **Apr-2016** | $9967 | $9419 | $8872 | $10794 |
| **Apr-2017** | $11458 | $10956 | $9989 | $11489 |
| **Apr-2018** | $12034 | $11940 | $11578 | $13505 |
| **Apr-2019** | $11957 | $12461 | $11205 | $15167 |
| **Apr-2020** | $10179 | $10594 | $9915 | $14676 |
| **Apr-2021** | $15800 | $16911 | $14176 | $20697 |
| **Apr-2022** | $14692 | $17345 | $12714 | $17415 |
| **Apr-2023** | $12823 | $16699 | $13102 | $16864 |
| **Apr-2024** | $10953 | $18223 | $14324 | $16014 |
| **Apr-2025** | $11435 | $19753 | $16032 | $16012 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Australia/New Zealand Fund | 4.39% | 2.35% | 1.35% |
| Australian All Ordinaries Index | 8.46% | 13.27% | 7.04% |
| MSCI ACWI ex USA Index | 11.92% | 10.09% | 4.83% |
| NZX 50 Index | -0.03% | 1.75% | 4.82% |

---

***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.***

*Visit www.commonwealthfunds.com for more recent performance information.*

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11328691 |
| Number of Portfolio Holdings | 38 |
| Advisory Fee | $41746 |
| Portfolio Turnover | 1% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i8b8dee964e9d33ff627c6b18.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 1.1% |
| Australia | 39.1% |
| New Zealand | 59.4% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](iab6b8f17d7b5dfe6e2b243d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 1.1% |
| Energy | 1.2% |
| Consumer Staples | 2.6% |
| Real Estate | 3.5% |
| Communications | 5.4% |
| Financials | 6.4% |
| Consumer Discretionary | 8.4% |
| Materials | 8.8% |
| Utilities | 10.8% |
| Health Care | 13.8% |
| Industrials | 37.6% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| South Port New Zealand Ltd. | 11.5% |
| Infratil Ltd. | 8.7% |
| Mainfreight Ltd. | 5.8% |
| Brambles Ltd. | 5.4% |
| Freightways Ltd. | 5.4% |
| Millennium & Copthorne Hotels New Zealand Ltd. | 4.4% |
| Briscoe Group Ltd. | 4.0% |
| Telstra Corp. Ltd. | 4.0% |
| CSL Ltd. | 3.5% |
| Qube Holdings Ltd. | 3.4% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 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

#### Commonwealth Australia/New Zealand Fund

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-CNZLX

![Image](i31feacd3ff028ca013432a83.jpg)

#### Commonwealth Global Fund
(CNGLX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i03170f5ea07d7f8cb42ba475.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Commonwealth Global Fund for the period of November 1, 2024 to April 30, 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 six months?
(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 | $124 | 2.57% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Global Fund reported a net asset value (NAV) decreased to $19.16 per share as of April 30, 2025, down from $20.81 per share on October 31, 2024. This represents a -4.95% return, including a distribution of $0.679 per share made in December 2024.

**Contributors:** The Fund's investments in consumer discretionary, financials, and utilities had a positive impact. Geographically, investments in Japan, Norway, Germany, India and Switzerland contributed positively to the Fund's performance. The Fund's investments in the following securities also positively impacted performance: Sony Group Corp ADR., Siemens AG ADR., Gjensidige Forsikring ASA ADR, Group 1 Automotive Inc., HDFC Bank Ltd ADR.

**Detractors:** The Fund's investments in the information technology, health care, industrials, and energy sectors negatively affected returns. Geographically, investments in the U.S., South Africa, and Israel had a negative impact. The Fund's investments in the following securities negatively affected returns: Miller Industries Inc., Novo-Nordisk A/S ADR., NetApp Inc., Thermo Fisher Scientific Inc., and Skyworks Solutions Inc.

The portfolio, consisting of 42 equity positions (common stocks and ADRs) and a money market fund, maintained a diversified strategy focused on assets with attractive fundamentals.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i38a634d2bc977de5b421cdcd.jpg)

---

| | | |
|:---|:---|:---|
| | **Commonwealth Global Fund** | **MSCI ACWI Net** |
| **Apr-2015** | $10000 | $10000 |
| **Apr-2016** | $8582 | $9434 |
| **Apr-2017** | $9384 | $10861 |
| **Apr-2018** | $10014 | $12400 |
| **Apr-2019** | $10201 | $13028 |
| **Apr-2020** | $9199 | $12382 |
| **Apr-2021** | $13161 | $18046 |
| **Apr-2022** | $12029 | $17064 |
| **Apr-2023** | $12177 | $17416 |
| **Apr-2024** | $12958 | $20457 |
| **Apr-2025** | $12978 | $22879 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Global Fund | 0.15% | 7.13% | 2.64% |
| MSCI ACWI Net | 11.84% | 13.07% | 8.63% |

---

***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.***

*Visit www.commonwealthfunds.com for more recent performance information.*

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15728682 |
| Number of Portfolio Holdings | 43 |
| Advisory Fee | $62215 |
| Portfolio Turnover | 5% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](id73d90c216f1f4b47dfa640d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.3% |
| Real Estate | 0.7% |
| Money Market Funds | 2.2% |
| Utilities | 2.2% |
| Materials | 2.5% |
| Communications | 2.8% |
| Energy | 4.5% |
| Consumer Discretionary | 10.8% |
| Financials | 10.7% |
| Health Care | 11.9% |
| Consumer Staples | 12.2% |
| Industrials | 14.5% |
| Technology | 24.7% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i7a0a0d02de43737bced3d94c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Ireland | 1.0% |
| Mexico | 1.1% |
| Panama | 1.7% |
| Denmark | 1.7% |
| Taiwan Province of China | 2.1% |
| South Africa | 2.3% |
| Israel | 2.7% |
| France | 3.0% |
| Norway | 3.0% |
| India | 3.7% |
| Switzerland | 5.0% |
| Japan | 5.5% |
| Germany | 5.9% |
| United Kingdom | 9.9% |
| United States | 51.1% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Apple, Inc. | 6.1% |
| Siemens AG | 5.1% |
| Group 1 Automotive, Inc. | 4.8% |
| NetApp, Inc. | 4.0% |
| Microsoft Corp. | 3.8% |
| HDFC Bank Ltd. | 3.7% |
| Thermo Fisher Scientific, Inc. | 3.7% |
| Miller Industries, Inc. | 3.4% |
| AstraZeneca PLC | 3.4% |
| Norfolk Southern Corp. | 3.4% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 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

#### Commonwealth Global Fund

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-CNGLX

![Image](i03170f5ea07d7f8cb42ba475.jpg)

#### Commonwealth Japan Fund
(CNJFX)

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i0988582c521918208b54c3bd.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Commonwealth Japan Fund for the period of November 1, 2024 to April 30, 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 six months?
(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 | $89 | 1.75% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Japan Fund reported a net asset value (NAV) increase to $3.94 per share as of April 30, 2025, up from $3.79 per share on October 31, 2024. This represents a 4.56% return, including a distribution of $0.022 per share made in December 2024.

**Contributors:** The Fund's gains were primarily driven by investments in the industrial, financial, and consumer discretionary sectors. The Fund's holdings in the following five securities positively impacted its performance: Kajima Corp, Sompo Holdings Inc., T&D Holdings Inc., Sugi Holdings Co Ltd., and Yamae Group Holdings Co Ltd. Additionally, the 6.3% appreciation in the Japanese Yen against the U.S. dollar had a positive impact on the Fund's returns.

**Detractors:** The Fund's investments in health care, materials, and utilities sectors negatively affected returns. Specific holdings that contributed to the underperformance included: Hoya Corp, Kansai Electric Power Co Inc., Unicharm Corp, Shin-Etsu Chemical Co Ltd., and Mitsubishi Gas Chemical Co.

The Fund's portfolio, consisting of 48 equity holdings (common stock and ADRs), one investment-grade corporate bond, and a money market fund, maintained a diversified strategy focused on assets with attractive fundamentals.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i88a03548f6226c9f33ba471a.jpg)

---

| | | |
|:---|:---|:---|
| | **Commonwealth Japan Fund** | **Tokyo Stock Price Index** |
| **Apr-2015** | $10000 | $10000 |
| **Apr-2016** | $9791 | $9486 |
| **Apr-2017** | $10328 | $10768 |
| **Apr-2018** | $12090 | $13005 |
| **Apr-2019** | $11373 | $11853 |
| **Apr-2020** | $10776 | $11481 |
| **Apr-2021** | $12985 | $14901 |
| **Apr-2022** | $10453 | $12739 |
| **Apr-2023** | $10920 | $13643 |
| **Apr-2024** | $11678 | $16090 |
| **Apr-2025** | $12341 | $17695 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Japan Fund | 5.68% | 2.75% | 2.13% |
| Tokyo Stock Price Index | 9.97% | 9.04% | 5.87% |

---

***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.***

*Visit www.commonwealthfunds.com for more recent performance information.*

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6470082 |
| Number of Portfolio Holdings | 50 |
| Advisory Fee (net of waivers) | $0 |
| Portfolio Turnover | 4% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i83cabf45cd0d35eb2a26934d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| United States | 4.7% |
| Japan | 94.3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](i223c09e0b235c6a52d0abe87.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 1.0% |
| Money Market Funds | 1.0% |
| Communications | 1.1% |
| Energy | 1.2% |
| Utilities | 1.4% |
| Materials | 3.3% |
| Real Estate | 3.7% |
| Consumer Discretionary | 8.7% |
| Technology | 9.7% |
| Consumer Staples | 10.7% |
| Health Care | 12.2% |
| Financials | 18.3% |
| Industrials | 27.7% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Kajima Corp. | 4.7% |
| Terumo Corp. | 4.4% |
| Hitachi Ltd. | 4.0% |
| Hoya Corp. | 4.0% |
| Asahi Intecc Co. Ltd. | 3.8% |
| Dai-ichi Life Holdings, Inc. | 3.5% |
| Sompo Holdings, Inc. | 3.5% |
| T&D Holdings, Inc. | 3.3% |
| Meidensha Corp. | 3.2% |
| Fast Retailing Co. Ltd. | 3.1% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 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

#### Commonwealth Japan Fund

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-CNJFX

![Image](i0988582c521918208b54c3bd.jpg)

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

#### Semi-Annual Shareholder Report - April 30, 2025
![Image](i2a6295422f524f873156b303.jpg)

# Fund Overview
This semi-annual shareholder report contains important information about Commonwealth Real Estate Securities Fund for the period of November 1, 2024 to April 30, 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 six months?
(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 | $124 | 2.61% |

---

# How did the Fund perform during the reporting period?
The Commonwealth Real Estate Securities Fund reported a net asset value (NAV) decrease to $22.42 per share as of April 30, 2025, down from $24.71 per share on October 31, 2024. This represents a -7.69% return, including a distribution of $0.426 per share made in December 2024.

**Contributors:** The Fund's investments in the industrial sector had a positive impact on its returns. The Fund's holdings in the following securities also positively affected its performance: Grupo Aeroportuario del Sureste ADR, Kajima Corp ADR, Tecnoglass Inc., Summit Materials Inc., and American Tower Corp.

**Detractors:** The Fund's investments in the following securities negatively impacted returns: Iron Mountain, Inc., James Hardie Industries Plc ADR, Lennar Corp, DR Horton Inc., and HA Sustainable Infrastructure.

The portfolio, consisting of 43 equity positions (common stocks, ADRs, and REITs), three fixed-income positions of investment-grade bonds, and a money market fund, maintained a diversified strategy focused on assets with attractive fundamentals.

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

# Total Return Based on $10,000 Investment
![Growth of 10K Chart](i8a2d42d3be735f171d7bfe77.jpg)

---

| | | |
|:---|:---|:---|
| | **Commonwealth Real Estate Securities Fund** | **MSCI US REIT Index** |
| **Apr-2015** | $10000 | $10001 |
| **Apr-2016** | $9756 | $10792 |
| **Apr-2017** | $10783 | $11427 |
| **Apr-2018** | $11094 | $11066 |
| **Apr-2019** | $11659 | $13135 |
| **Apr-2020** | $9953 | $11262 |
| **Apr-2021** | $14451 | $15481 |
| **Apr-2022** | $14421 | $17274 |
| **Apr-2023** | $13622 | $14734 |
| **Apr-2024** | $15395 | $14991 |
| **Apr-2025** | $16116 | $17324 |

---

# **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Commonwealth Real Estate Securities Fund | 4.69% | 10.12% | 4.89% |
| MSCI US REIT Index | 15.57% | 8.99% | 5.65% |

---

***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.***

*Visit www.commonwealthfunds.com for more recent performance information.*

# What did the Fund invest in?

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15380804 |
| Number of Portfolio Holdings | 47 |
| Advisory Fee | $59788 |
| Portfolio Turnover | 3% |

---

# **Sector Weighting (% of net assets)**![Group By Sector Chart](ia5a55c08252ab8207220f237.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Non-Listed Reit | 0.3% |
| Consumer Staples | 0.7% |
| Money Market Funds | 1.2% |
| U.S. Treasury Obligations | 4.9% |
| Financials | 6.3% |
| Industrials | 13.3% |
| Materials | 15.8% |
| Consumer Discretionary | 15.9% |
| Real Estate | 41.5% |

---

# Country Weighting (% of net assets)
![Group By Country Chart](i25ccb0871d50e60c49d78bef.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Australia | 1.2% |
| Japan | 1.8% |
| Hong Kong | 1.8% |
| Brazil | 2.0% |
| United Kingdom | 4.3% |
| Mexico | 4.9% |
| Ireland | 5.5% |
| Colombia | 9.1% |
| United States | 69.3% |

---

# Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Tecnoglass, Inc. | 9.1% |
| Lennox International, Inc. | 6.0% |
| InterContinental Hotels Group PLC | 4.3% |
| Iron Mountain, Inc. | 4.2% |
| James Hardie Industries PLC | 3.9% |
| Lowe's Cos., Inc. | 3.8% |
| Grupo Aeroportuario del Sureste S.A.B. de C.V. | 3.7% |
| American Tower Corp., Class A | 3.6% |
| Digital Realty Trust, Inc. | 3.5% |
| D.R. Horton, Inc. | 3.3% |

---

# Material Fund Changes
No material changes occurred during the period ended April 30, 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

#### Commonwealth Real Estate Securities Fund

#### Semi-Annual Shareholder Report - April 30, 2025
TSR-SAR 043025-CNREX

![Image](i2a6295422f524f873156b303.jpg)

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

**Item 2. Code of Ethics.** 

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

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

Not applicable – disclosed with annual report

**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) ![](logo.jpg)

**Commonwealth Australia/New Zealand Fund**

**Africa Fund**

**Commonwealth Japan Fund**

**Commonwealth Global Fund**

**Commonwealth Real Estate Securities Fund**

**Semi-Annual Financial Statements**

**and Additional Information**

**April 30, 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**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.45%)** |  |  |
| **Australia (38.99%)** |  |  |
| *Biotech (3.55%)* |  |  |
| CSL Ltd. | 2500 | $402220 |
| *Containers & Packaging (5.36%)* |  |  |
| Brambles Ltd. | 46216 | 607567 |
| *Diversified Banks (1.67%)* |  |  |
| Macquarie Group Ltd. | 1525 | 189001 |
| *Environmental & Facilities Services (1.83%)* |  |  |
| Cleanaway Waste Management Ltd. | 124496 | 207374 |
| *Exploration & Production (1.14%)* |  |  |
| Woodside Energy Group Ltd. - ADR | 10000 | 129500 |
| *Gas Utilities (2.07%)* |  |  |
| APA Group | 44549 | 234604 |
| *Health Care Facilities (0.72%)* |  |  |
| Ramsay Health Care Ltd. | 3816 | 81312 |
| *Health Care Services (2.71%)* |  |  |
| Sonic Healthcare Ltd. | 18382 | 307132 |
| *Internet Media & Services (1.39%)* |  |  |
| Webjet Ltd.<sup>(a)</sup> | 57000 | 157390 |
| *Iron (0.97%)* |  |  |
| BHP Group Ltd. - ADR | 2300 | 109365 |
| *Logistics Services (3.44%)* |  |  |
| Qube Holdings Ltd. | 153645 | 389797 |
| *Medical Devices (2.72%)* |  |  |
| Cochlear Ltd. | 1750 | 307856 |
| *Mineral & Precious Stone Mining (2.44%)* |  |  |
| Lynas Rare Earth Ltd. - ADR<sup>(a)</sup> | 49800 | 276141 |
| *P&C Insurance (2.56%)* |  |  |
| QBE Insurance Group Ltd. | 16915 | 233964 |
| Suncorp Group Ltd. | 4300 | 55813 |
|  |  | 289777 |
| *Retail REITs (1.16%)* |  |  |
| Scentre Group Ltd. | 56509 | 131054 |
| *Transport Operations & Services (1.28%)* |  |  |
| Transurban Group | 16088 | 145430 |
| *Wireless Telecommunications (3.98%)* |  |  |
| Telstra Corp. Ltd. | 155948 | 450590 |
| **Total Australia** |  | 4416110 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.45%) - continued** |  |  |
| **New Zealand (59.46%)** |  |  |
| *Alcoholic Beverages (0.44%)* |  |  |
| Delegat Group Ltd. | 21456 | $49758 |
| *Courier Services (5.35%)* |  |  |
| Freightways Ltd. | 103540 | 606451 |
| *Flow Control Equipment (3.32%)* |  |  |
| Skellerup Holdings Ltd. | 150000 | 376405 |
| *Food & Drug Stores (0.69%)* |  |  |
| Green Cross Health Ltd. | 181796 | 77834 |
| *Health Care Facilities (2.77%)* |  |  |
| Oceania Healthcare Ltd.<sup>(a)</sup> | 457544 | 176848 |
| Ryman Healthcare Ltd.<sup>(a)</sup> | 103800 | 136408 |
|  |  | 313256 |
| *Health Care Supply Chain (0.62%)* |  |  |
| AFT Pharmaceuticals Ltd. | 46000 | 70571 |
| *Home Products Stores (4.07%)* |  |  |
| Briscoe Group Ltd. | 183520 | 460519 |
| *Life Science & Diagnostics (0.41%)* |  |  |
| Pacific Edge Ltd.<sup>(a)</sup> | 800000 | 46619 |
| *Lodging (4.38%)* |  |  |
| Millennium & Copthorne Hotels New Zealand Ltd. | 300000 | 495927 |
| *Logistics Services (5.83%)* |  |  |
| Mainfreight Ltd. | 20000 | 660165 |
| *Measurement Instruments (3.23%)* |  |  |
| ikeGPS Group Ltd.<sup>(a)</sup> | 831366 | 365827 |
| *Medical Devices (0.36%)* |  |  |
| Aroa Biosurgery Ltd.<sup>(a)</sup> | 145000 | 40874 |
| *Multi Asset Class Owners & Developers (2.35%)* |  |  |
| Marsden Maritime Holdings Ltd. | 81425 | 266300 |
| *P&C Insurance (2.23%)* |  |  |
| Tower Ltd. | 320000 | 253077 |
| *Packaged Food (1.44%)* |  |  |
| Sanford Ltd. | 60000 | 163406 |
| *Power Generation (8.69%)* |  |  |
| Infratil Ltd. | 156975 | 984769 |
| *Transport Operations & Services (13.28%)* |  |  |
| Port of Tauranga Ltd. | 55000 | 201136 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (98.45%) - continued** |  |  |
| **New Zealand (59.46%) - continued** |  |  |
| *Transport Operations & Services (13.28%) - continued* |  |  |
| South Port New Zealand Ltd. | 376010 | $1303526 |
|  |  | 1504662 |
| **Total New Zealand** |  | 6736420 |
| **Total Common Stocks (Cost $7,294,650)** |  | 11152530 |
| **MONEY MARKET FUNDS (1.12%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 4.20%<sup>(b)</sup> | 127328 | 127328 |
| **Total Money Market Funds (Cost $127,328)** |  | 127328 |
| **Total Investments — (99.57%)<br> (Cost $7,421,978)** |  | 11279858 |
| **Other Assets in Excess of Liabilities (0.43%)** |  | 48833 |
| **NET ASSETS — 100.00%** |  | $11328691 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 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**

*April 30, 2025 - (Unaudited)*

**AFRICA FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (95.27%)** |  |  |
| **Egypt (1.77%)** |  |  |
| *Banks (1.29%)* |  |  |
| Commercial International Bank Egypt SAE - GDR | 34571 | $53972 |
| *Other Commercial Support Services (0.48%)* |  |  |
| Integrated Diagnostics Holdings PLC<sup>(a)</sup> | 59000 | 20319 |
| **Total Egypt** |  | 74291 |
| **South Africa (88.56%)** |  |  |
| *Agricultural Producers (3.36%)* |  |  |
| Astral Foods Ltd. | 7000 | 65093 |
| Oceana Group Ltd. | 24000 | 75919 |
|  |  | 141012 |
| *Automotive Retailers (5.27%)* |  |  |
| Barloworld Ltd. | 7900 | 46014 |
| Bidvest Group Ltd. | 7500 | 95076 |
| Motus Holdings Ltd. | 17000 | 79628 |
|  |  | 220718 |
| *Banks (20.23%)* |  |  |
| Capitec Bank Holdings Ltd. | 3000 | 556796 |
| FirstRand Ltd. | 23200 | 90832 |
| Nedbank Group Ltd. | 6000 | 81947 |
| Standard Bank Group Ltd. - ADR | 9400 | 118252 |
|  |  | 847827 |
| *Basic & Diversified Chemicals (0.33%)* |  |  |
| Sasol Ltd. - ADR<sup>(a)</sup> | 4000 | 13920 |
| *Building Construction (2.44%)* |  |  |
| Wilson Bayly Holmes-Ovcon Ltd. | 9900 | 102303 |
| *Coal Mining (1.95%)* |  |  |
| Exxaro Resources Ltd. | 10000 | 81866 |
| *Consumer Elec & Applc Whslrs (3.81%)* |  |  |
| DataTec Ltd. | 51328 | 159747 |
| *Food & Beverage Wholesalers (2.80%)* |  |  |
| Bid Corp. Ltd. | 4667 | 117277 |
| *Food & Drug Stores (3.28%)* |  |  |
| Shoprite Holdings Ltd. - ADR | 9000 | 137750 |
| *Institutional Brokerage (0.95%)* |  |  |
| Coronation Fund Managers Ltd. | 19500 | 40007 |
| *Internet Media & Services (6.52%)* |  |  |
| Naspers Ltd., N Shares | 1040 | 273449 |
| *Life & Health Insurance (3.14%)* |  |  |
| Momentum Metropolitan Holdings | 72000 | 131772 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**AFRICA FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (95.27%) - continued** | | |
| **South Africa (88.56%) - continued** |  |  |
| *Life Insurance (4.51%)* |  |  |
| Clientele Ltd. | 90000 | $55827 |
| Discovery Ltd. | 12000 | 133286 |
|  |  | 189113 |
| *Marine Shipping (2.38%)* |  |  |
| Grindrod Ltd. | 160000 | 99842 |
| *Other Financial Services (1.45%)* |  |  |
| Old Mutual Ltd. | 100000 | 61014 |
| *Paper & Pulp Mills (1.12%)* |  |  |
| Sappi Ltd. | 25000 | 46875 |
| *Precious Metals (7.83%)* |  |  |
| Anglo American Platinum Ltd. | 1100 | 37667 |
| Gold Fields Ltd. - ADR | 8200 | 184828 |
| Impala Platinum Holdings Ltd.<sup>(a)</sup> | 12500 | 74336 |
| Sibanye Stillwater Ltd.<sup>(a)</sup> | 27000 | 30846 |
|  |  | 327677 |
| *Real Estate Services (2.45%)* |  |  |
| Vukile Property Fund Ltd | 101000 | 102869 |
| *Self-Storage Owners & Developers (2.51%)* |  |  |
| Stor-Age Property REIT Ltd. | 130000 | 105298 |
| *Specialty & Generic Pharmaceuticals (1.25%)* |  |  |
| Aspen Pharmacare Holdings Ltd. | 8000 | 52530 |
| *Specialty Apparel Stores (2.92%)* |  |  |
| Mr. Price Group Ltd. | 9600 | 122691 |
| *Wealth Management (3.34%)* |  |  |
| Alexander Forbes Group Holdings Ltd. | 170000 | 70563 |
| PSG Konsult Ltd. | 65000 | 69639 |
|  |  | 140202 |
| *Wireless Telecommunications (4.72%)* |  |  |
| MTN Group Ltd. - ADR | 18000 | 118890 |
| Vodacom Group Ltd. | 10700 | 79169 |
|  |  | 198059 |
| **Total South Africa** |  | 3713818 |
| **United Kingdom (4.94%)** |  |  |
| *Precious Metals (4.94%)* |  |  |
| AngloGold Ashanti PLC | 3000 | 126480 |
| Endeavour Mining PLC | 3000 | 80700 |
|  |  | 207180 |
| **Total United Kingdom** |  | 207180 |
| **Total Common Stocks (Cost $3,360,453)** |  | 3995289 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**AFRICA FUND**

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Fair Value** |
| **SOVEREIGN BONDS (1.98%)** |  |  |
| **South Africa (1.98%)** |  |  |
| Republic of South Africa Government Bond, 6.25%, 3/8/2041 | $100000 | $83140 |
| **Total Sovereign Bonds (Cost $90,996)** |  | 83140 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS (2.42%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 4.20%<sup>(b)</sup> | 101535 | 101535 |
| **Total Money Market Funds (Cost $101,535)** |  | 101535 |
| **Total Investments — (99.67%)<br> (Cost $3,552,984)** |  | 4179964 |
| **Other Assets in Excess of Liabilities (0.33%)** |  | 13836 |
| **NET ASSETS — 100.00%** |  | $4193800 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 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**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH JAPAN FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.67%)** |  |  |
| **Japan (94.32%)** |  |  |
| *Alcoholic Beverages (1.63%)* |  |  |
| Kirin Holdings Co. Ltd. | 7000 | $105746 |
| *Auto Parts (0.96%)* |  |  |
| DENSO Corp. | 4800 | 62050 |
| *Automobiles (1.18%)* |  |  |
| Toyota Motor Corp. - ADR | 400 | 76488 |
| *Basic & Diversified Chemicals (1.88%)* |  |  |
| Mitsubishi Gas Chemical Co., Inc. | 8000 | 121608 |
| *Building Construction (4.73%)* |  |  |
| Kajima Corp. | 12850 | 306329 |
| *Building Maintenance Services (1.59%)* |  |  |
| Taihei Dengyo Kaisha Ltd. | 3000 | 102646 |
| *Commercial & Residential Building Equipment & Systems (1.76%)* |  |  |
| Daikin Industries Ltd. | 1000 | 114016 |
| *Commercial Finance (4.40%)* |  |  |
| Kyushu Leasing Service Co. Ltd. | 13000 | 95055 |
| ORIX Corp. | 9500 | 189510 |
|  |  | 284565 |
| *Consumer Electronics (1.61%)* |  |  |
| Sony Group Corp. - ADR | 4000 | 104000 |
| *Courier Services (1.53%)* |  |  |
| Yamato Holdings Co. Ltd. | 7000 | 99281 |
| *Diversified Industrials (3.99%)* |  |  |
| Hitachi Ltd. | 10500 | 258463 |
| *Electrical Power Equipment (3.22%)* |  |  |
| Meidensha Corp. | 7600 | 208456 |
| *Electronics Components (3.14%)* |  |  |
| Murata Manufacturing Co. Ltd. | 3000 | 46474 |
| Nidec Corp. | 6300 | 111658 |
| Taiyo Yuden Co. Ltd. | 3000 | 45278 |
|  |  | 203410 |
| *Exploration & Production (1.19%)* |  |  |
| INPEX Corp. | 6100 | 77211 |
| *Factory Automation Equipment (1.19%)* |  |  |
| FANUC Corp. | 3000 | 76701 |
| *Food & Beverage Wholesalers (1.46%)* |  |  |
| Yamae Group Holdings Co. Ltd. | 5200 | 94272 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH JAPAN FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.67%) - continued** |  |  |
| *Food & Drug Stores (2.44%)* |  |  |
| Sugi Holdings Company Ltd. | 7500 | $157695 |
| *Health Care Supplies (4.00%)* |  |  |
| Hoya Corp. | 2200 | 258302 |
| *Home Products Stores (2.22%)* |  |  |
| Nitori Holdings Co. Ltd. | 1200 | 143369 |
| *Infrastructure Construction (1.97%)* |  |  |
| Takada Corp. | 12000 | 127290 |
| *Integrated Electric Utilities (1.42%)* |  |  |
| Kansai Electric Power Co., Inc. (The) | 7500 | 92098 |
| *IT Services (3.83%)* |  |  |
| INES Corp. | 10000 | 114471 |
| Otsuka Corp. | 6000 | 133126 |
|  |  | 247597 |
| *Life Insurance (6.83%)* |  |  |
| Dai-ichi Life Holdings, Inc. | 32000 | 229390 |
| T&D Holdings, Inc. | 10000 | 212080 |
|  |  | 441470 |
| *Logistics Services (1.24%)* |  |  |
| Nippon Express Holdings Co. Ltd. | 4500 | 80212 |
| *Mass Merchants (1.24%)* |  |  |
| Aeon Kyushu Co. Ltd. | 4500 | 80165 |
| *Medical Devices (8.24%)* |  |  |
| Asahi Intecc Co. Ltd. | 16000 | 245455 |
| Terumo Corp. | 15000 | 287474 |
|  |  | 532929 |
| *Multi Asset Class Owners & Developers (3.66%)* |  |  |
| Mitsui Fudosan Co. Ltd. | 9000 | 88729 |
| Sumitomo Realty & Development Co. Ltd. | 4000 | 148337 |
|  |  | 237066 |
| *P&c Insurance (1.23%)* |  |  |
| Tokio Marine Holdings, Inc. - ADR | 2000 | 79650 |
| *P&C Insurance (3.47%)* |  |  |
| Sompo Holdings, Inc. | 6900 | 224258 |
| *Personal Care Products (3.90%)* |  |  |
| Kao Corp. | 2000 | 85462 |
| Unicharm Corp. | 18000 | 166941 |
|  |  | 252403 |
| *Semiconductor Manufacturing (1.15%)* |  |  |
| Tokyo Electron Ltd. | 500 | 74256 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH JAPAN FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (96.67%) - continued** |  |  |
| *Specialty Apparel Stores (3.04%)* |  |  |
| Fast Retailing Co. Ltd. | 600 | $197232 |
| *Specialty Chemicals (1.40%)* |  |  |
| Shin-Etsu Chemical Co. Ltd. | 3000 | 90891 |
| *Transit Services (6.49%)* |  |  |
| Daiichi Koutsu Sangyo Co. Ltd. | 12200 | 63340 |
| East Japan Railway Co. | 4500 | 97482 |
| Hankyu Hanshin Holdings, Inc. | 4400 | 125240 |
| Keikyu Corp. | 6500 | 67630 |
| Tobu Railway Co. Ltd. | 3600 | 65568 |
|  |  | 419260 |
| *Wireless Telecommunications (1.09%)* |  |  |
| KDDI Corp. | 4000 | 70628 |
| **Total Japan** |  | 6102013 |
| **United States (2.35%)** |  |  |
| *Life Insurance (2.35%)* |  |  |
| Aflac, Inc. | 1400 | 152152 |
| **Total United States** |  | 152152 |
| **Total Common Stocks (Cost $3,925,435)** |  | 6254165 |
|  | **Principal<br> Amount** |  |
| **CORPORATE BONDS (1.31%)** |  |  |
| **United States (1.31%)** |  |  |
| American Honda Finance Corp, 1.80%, 1/13/2031 | $100000 | 84990 |
| **Total Corporate Bonds (Cost $85,503)** |  | 84990 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS (1.00%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 4.20%<sup>(a)</sup> | 64757 | 64757 |
| **Total Money Market Funds (Cost $64,757)** |  | 64757 |
| **Total Investments — (98.98%) <br> (Cost $4,075,695)** |  | 6403912 |
| **Other Assets in Excess of Liabilities (1.02%)** |  | 66170 |
| **NET ASSETS — 100.00%** |  | $6470082 |

---

(a) Rate disclosed is the seven day effective yield as of April 30, 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**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH GLOBAL FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (97.59%)** |  |  |
| **Denmark (1.69%)** |  |  |
| *Large Pharmaceuticals (1.69%)* |  |  |
| Novo Nordisk A/S - ADR | 4000 | $265800 |
| **Total Denmark** |  | 265800 |
| **France (3.03%)** |  |  |
| *Basic & Diversified Chemicals (1.49%)* |  |  |
| Arkema S.A. - ADR | 3130 | 233762 |
| *Integrated Oils (0.72%)* |  |  |
| TotalEnergies SE - ADR | 2000 | 113700 |
| *Water Utilities (0.82%)* |  |  |
| Veolia Environnement S.A. - ADR | 7000 | 128449 |
| **Total France** |  | 475911 |
| **Germany (5.92%)** |  |  |
| *Diversified Industrials (5.13%)* |  |  |
| Siemens AG - ADR | 7000 | 806749 |
| *P&C Insurance (0.79%)* |  |  |
| Allianz SE - ADR | 3000 | 123930 |
| **Total Germany** |  | 930679 |
| **India (3.70%)** |  |  |
| *Banks (3.70%)* |  |  |
| HDFC Bank Ltd. - ADR | 8000 | 581520 |
| **Total India** |  | 581520 |
| **Ireland (0.98%)** |  |  |
| *Building Materials (0.98%)* |  |  |
| James Hardie Industries PLC - ADR<sup>(a)</sup> | 6500 | 154310 |
| **Total Ireland** |  | 154310 |
| **Israel (2.68%)** |  |  |
| *Application Software (2.68%)* |  |  |
| NICE Ltd. - ADR | 2700 | 420809 |
| **Total Israel** |  | 420809 |
| **Japan (5.49%)** |  |  |
| *Auto Parts (0.80%)* |  |  |
| Bridgestone Corp. - ADR | 6000 | 125280 |
| *Consumer Electronics (3.30%)* |  |  |
| Sony Group Corp. - ADR | 20000 | 520000 |
| *Electronics Components (1.39%)* |  |  |
| Nidec Corp. | 50000 | 218000 |
| **Total Japan** |  | 863280 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH GLOBAL FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (97.59%) - continued** |  |  |
| **Mexico (1.10%)** |  |  |
| *Wireless Telecommunications (1.10%)* |  |  |
| America Movil S.A.B. de C.V., Class L - ADR | 10000 | $172400 |
| **Total Mexico** |  | 172400 |
| **Norway (3.05%)** |  |  |
| *P&C Insurance (3.05%)* |  |  |
| Gjensidige Forsikring ASA - ADR | 20000 | 480000 |
| **Total Norway** |  | 480000 |
| **Panama (1.75%)** |  |  |
| *Airlines (1.75%)* |  |  |
| Copa Holdings, S.A., Class A | 3000 | 275280 |
| **Total Panama** |  | 275280 |
| **South Africa (2.34%)** |  |  |
| *Food & Drug Stores (2.34%)* |  |  |
| Shoprite Holdings Ltd. - ADR | 24000 | 367332 |
| **Total South Africa** |  | 367332 |
| **Switzerland (4.97%)** |  |  |
| *Large Pharmaceuticals (3.11%)* |  |  |
| Roche Holding AG - ADR | 12000 | 489240 |
| *Packaged Food (1.86%)* |  |  |
| Nestlé S.A. - ADR | 2750 | 293123 |
| **Total Switzerland** |  | 782363 |
| **Taiwan Province of China (2.12%)** |  |  |
| *Semiconductor Manufacturing (2.12%)* |  |  |
| Taiwan Semiconductor Manufacturing Co., Ltd. - ADR | 2000 | 333380 |
| **Total Taiwan Province of China** |  | 333380 |
| **United Kingdom (9.89%)** |  |  |
| *Alcoholic Beverages (1.99%)* |  |  |
| Diageo PLC - ADR | 2800 | 313656 |
| *Large Pharmaceuticals (3.42%)* |  |  |
| AstraZeneca PLC - ADR | 7500 | 538425 |
| *Personal Care Products (2.83%)* |  |  |
| Unilever PLC - ADR | 7000 | 444850 |
| *Publishing (1.65%)* |  |  |
| Pearson PLC - ADR | 16000 | 260000 |
| **Total United Kingdom** |  | 1556931 |
| **United States (48.88%)** |  |  |
| *Auto Parts (3.42%)* |  |  |
| Miller Industries, Inc. | 13200 | 538692 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH GLOBAL FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (97.59%) - continued** |  |  |
| **United States (48.88%) - continued** |  |  |
| *Automotive Retailers (4.80%)* |  |  |
| Group 1 Automotive, Inc. | 1870 | $754788 |
| *Communications Equipment (6.08%)* |  |  |
| Apple, Inc. | 4500 | 956250 |
| *Computer Hardware & Storage (3.99%)* |  |  |
| NetApp, Inc. | 7000 | 628250 |
| *Construction & Mining Machinery (1.57%)* |  |  |
| Caterpillar, Inc. | 800 | 247416 |
| *Courier Services (1.07%)* |  |  |
| FedEx Corp. | 800 | 168264 |
| *Diversified Banks (3.27%)* |  |  |
| JPMorgan Chase & Co. | 2100 | 513702 |
| *Household Products (3.20%)* |  |  |
| Procter & Gamble Co. (The) | 3100 | 503967 |
| *Infrastructure Software (5.13%)* |  |  |
| Crowdstrike Holdings, Inc., Class A<sup>(a)</sup> | 500 | 214435 |
| Microsoft Corp. | 1500 | 592890 |
|  |  | 807325 |
| *Integrated Electric Utilities (1.40%)* |  |  |
| American Electric Power Co., Inc. | 500 | 54170 |
| Southern Co. (The) | 1800 | 165402 |
|  |  | 219572 |
| *Integrated Oil & Gas (3.03%)* |  |  |
| Chevron Corp. | 3500 | 476210 |
| *Life Science & Diagnostics (3.68%)* |  |  |
| Thermo Fisher Scientific, Inc. | 1350 | 579150 |
| *Oilfield Services & Equipment (0.80%)* |  |  |
| Natural Gas Services Group, Inc.<sup>(a)</sup> | 7000 | 125790 |
| *Online Marketplace (1.76%)* |  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1500 | 276630 |
| *Rail Freight (3.42%)* |  |  |
| Norfolk Southern Corp. | 2400 | 537720 |
| *Residential REITs (0.67%)* |  |  |
| UDR, Inc. | 2500 | 104700 |
| *Waste Management (1.59%)* |  |  |
| Republic Services, Inc. | 1000 | 250750 |
| **Total United States** |  | 7689176 |
| **Total Common Stocks (Cost $6,810,747)** |  | 15349171 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH GLOBAL FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **MONEY MARKET FUNDS (2.15%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 4.20%<sup>(b)</sup> | 338861 | $338861 |
| **Total Money Market Funds (Cost $338,861)** |  | 338861 |
| **Total Investments — (99.74%)<br> (Cost $7,149,608)** |  | 15688032 |
| **Other Assets in Excess of Liabilities (0.26%)** |  | 40650 |
| **NET ASSETS — 100.00%** |  | $15728682 |

---

(a) Non-income producing security.

(b) Rate disclosed is the seven day effective yield as of April
 30, 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**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH REAL ESTATE SECURITIES FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (93.81%)** |  |  |
| *Agricultural Producers (0.68%)* |  |  |
| BrasilAgro - Company Brasileira de Propriedades Agricolas - ADR<sup>(a)</sup> | 27432 | $104516 |
| *Banks (2.38%)* |  |  |
| Harleysville Financial Corp. | 8675 | 188681 |
| Third Coast Bancshares, Inc.<sup>(a)</sup> | 6000 | 178800 |
|  |  | 367481 |
| *Building Construction (1.85%)* |  |  |
| Kajima Corp. - ADR | 11900 | 284235 |
| *Building Materials (12.96%)* |  |  |
| James Hardie Industries PLC - ADR<sup>(a)</sup> | 25000 | 593500 |
| Tecnoglass, Inc. | 19634 | 1399315 |
|  |  | 1992815 |
| *Cement & Aggregates (2.75%)* |  |  |
| Cemex S.A.B. de C.V. - ADR | 30000 | 185100 |
| CRH PLC | 2500 | 238550 |
|  |  | 423650 |
| *Commercial & Residential Building Equipment & Systems (6.04%)* |  |  |
| Lennox International, Inc. | 1700 | 929475 |
| *Data Center REITs (4.63%)* |  |  |
| Digital Realty Trust, Inc. | 3368 | 540699 |
| Equinix, Inc. | 200 | 172150 |
|  |  | 712849 |
| *Home Products Stores (3.78%)* |  |  |
| Lowe's Cos., Inc. | 2600 | 581256 |
| *Homebuilding (7.86%)* |  |  |
| D.R. Horton, Inc. | 4000 | 505359 |
| Lennar Corp., Class A | 3200 | 347552 |
| NVR, Inc.<sup>(a)</sup> | 50 | 356288 |
|  |  | 1209199 |
| *Hotel REITs (1.37%)* |  |  |
| Ryman Hospitality Properties, Inc. | 2400 | 211080 |
| *Hotels Resorts & Cruise Lines (4.28%)* |  |  |
| InterContinental Hotels Group PLC - ADR | 6103 | 658453 |
| *Industrial Machinery (1.80%)* |  |  |
| Techtronic Industries Company Ltd. - ADR | 5500 | 276540 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH REAL ESTATE SECURITIES FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (93.81%) - continued** |  |  |
| *Industrial REITs (5.09%)* |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 15200 | $379696 |
| Prologis, Inc. | 2000 | 204400 |
| STAG Industrial, Inc. | 6000 | 198180 |
|  |  | 782276 |
| *Infrastructure REITs (8.20%)* |  |  |
| American Tower Corp., Class A | 2500 | 563525 |
| Crown Castle International Corp. | 2000 | 211520 |
| SBA Communications Corp., Class A | 2000 | 486800 |
|  |  | 1261845 |
| *Mortgage Finance (3.98%)* |  |  |
| Ladder Capital Corp. | 20000 | 208800 |
| Redwood Trust, Inc. | 40000 | 248400 |
| Starwood Property Trust, Inc. | 8000 | 153520 |
|  |  | 610720 |
| *Multi Asset Class REITs (1.82%)* |  |  |
| WP Carey, Inc. | 4470 | 279107 |
| *Non-Listed Reit (0.26%)* |  |  |
| Millrose Properties, Inc.<sup>(a)</sup> | 1600 | 40064 |
| *Residential Owners & Developers (1.31%)* |  |  |
| Cyrela Brazil Realty S.A. - ADR | 44000 | 201300 |
| *Residential REITs (2.73%)* |  |  |
| AvalonBay Communities, Inc. | 2000 | 419960 |
| *Retail REITs (3.36%)* |  |  |
| Kite Realty Group Trust | 9000 | 194850 |
| National Retail Properties, Inc. | 4000 | 164440 |
| Simon Property Group, Inc. | 1000 | 157380 |
|  |  | 516670 |
| *Self-Storage Reit (0.98%)* |  |  |
| Public Storage | 500 | 150215 |
| *Self-Storage REITs (3.70%)* |  |  |
| Extra Space Storage, Inc. | 2500 | 366300 |
| Global Self Storage, Inc. | 39000 | 203580 |
|  |  | 569880 |

---

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

**Commonwealth International Series Trust**

**Schedule of Investments (continued)**

*April 30, 2025 - (Unaudited)*

**COMMONWEALTH REAL ESTATE SECURITIES FUND**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair Value** |
| **COMMON STOCKS (93.81%) - continued** | | |
| *Specialized REITs (6.05%)* |  |  |
| Charter Hall Education Trust | 99140 | $186098 |
| Gladstone Land Corp. | 9700 | 96321 |
| Iron Mountain, Inc. | 7200 | 645624 |
|  |  | 928043 |
| *Timber REITs (2.25%)* |  |  |
| PotlatchDeltic Corp. | 6000 | 230340 |
| Weyerhaeuser Co. | 4500 | 116595 |
|  |  | 346935 |
| *Transport Operations & Services (3.70%)* |  |  |
| Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR | 1800 | 569772 |
| **Total Common Stocks (Cost $7,022,642)** |  | 14428336 |
|  | **Principal**<br> **Amount** |  |
| **U.S. GOVERNMENT & AGENCIES (4.89%)** |  |  |
| Federal National Mortgage Association, 0.88 *%*, 8/5/2030 | $200000 | 171196 |
| United States Treasury Note, 2.88 *%*, 5/31/2025 | 200000 | 199727 |
| United States Treasury Note, 3.38 *%*, 5/15/2033 | 400000 | 381352 |
| **Total U.S. Government & Agencies (Cost $750,150)** |  | 752275 |
|  | **Shares** |  |
| **MONEY MARKET FUNDS (1.18%)** |  |  |
| Federated Hermes Government Obligations Fund, Institutional Class, 4.20%<sup>(b)</sup> | 181036 | 181036 |
| **Total Money Market Funds (Cost $181,036)** |  | 181036 |
| **Total Investments — (99.88%)<br> (Cost $7,953,828)** |  | 15361647 |
| **Other Assets in Excess of Liabilities (0.12%)** |  | 19157 |
| **NET ASSETS — 100.00%** |  | $15380804 |

---

(a) Non-income
 producing security.

(b) Rate
 disclosed is the seven day effective yield as of April 30, 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**

*April 30, 2025 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Commonwealth<br> Australia/New<br> Zealand Fund** | **Africa Fund** | **Commonwealth<br> Japan Fund** |
| **ASSETS** |  |  |  |
| Investments in securities at fair value (cost $7,421,978, $3,552,984 and $4,075,695) | $11279858 | $4179964 | $6403912 |
| Foreign currencies, at value (cost $77,193, $10,086 and $10,198) | 80125 | 10076 | 10198 |
| Receivable for fund shares sold |  | 40 |  |
| Receivable for investments sold | 20322 |  |  |
| Receivable from Advisor |  | 4647 | 4425 |
| Dividends and interest receivable | 963 | 1388 | 54548 |
| Tax reclaims receivable |  |  | 1633 |
| Prepaid expenses | 13678 | 7815 | 9135 |
| &nbsp;&nbsp;&nbsp;Total Assets | 11394946 | 4203930 | 6483851 |
| **LIABILITIES** |  |  |  |
| Payable for investments purchased | 39892 |  |  |
| Payable to Advisor | 6783 |  |  |
| Distribution (12b-1) fees accrued | 5967 | 2184 | 3604 |
| Payable to Administrator | 6443 | 2574 | 3715 |
| Payable to trustees | 636 |  | 67 |
| Other accrued expenses | 6534 | 5372 | 6383 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 66255 | 10130 | 13769 |
| Commitments and contingent liabilities (Note 4) |  |  |  |
| **NET ASSETS** | $11328691 | $4193800 | $6470082 |
| **NET ASSETS CONSIST OF:** |  |  |  |
| Paid-in capital | $7634943 | $4617668 | $4297793 |
| Accumulated earnings (deficit) | 3693748 | (423868) | 2172289 |
| **NET ASSETS** | $11328691 | $4193800 | $6470082 |
| Shares outstanding (unlimited number of shares authorized) | 1073968 | 491795 | 1642144 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $10.55 | $8.53 | $3.94 |

---

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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Commonwealth<br> Global Fund** | **Commonwealth<br> Real Estate<br> Securities Fund** |
| **ASSETS** | | |
| Investments in securities at fair value (cost $7,149,608 and $7,953,828) | $15688032 | $15361647 |
| Receivable for fund shares sold | 100 |  |
| Dividends and interest receivable | 30216 | 24031 |
| Tax reclaims receivable | 28961 |  |
| Prepaid expenses | 12852 | 23242 |
| &nbsp;&nbsp;&nbsp;Total Assets | 15760161 | 15408920 |
| **LIABILITIES** |  |  |
| Payable to Advisor | 9367 | 9137 |
| Distribution (12b-1) fees accrued | 7266 | 5632 |
| Payable to Administrator | 9102 | 7721 |
| Payable to trustees | 468 | 640 |
| Other accrued expenses | 5276 | 4986 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 31479 | 28116 |
| Commitments and contingent liabilities (Note 4) |  |  |
| **NET ASSETS** | $15728682 | $15380804 |
| **NET ASSETS CONSIST OF:** |  |  |
| Paid-in capital | $6950323 | $7637373 |
| Accumulated earnings | 8778359 | 7743431 |
| **NET ASSETS** | $15728682 | $15380804 |
| Shares outstanding (unlimited number of shares authorized) | 820736 | 686163 |
| Net asset value, offering and redemption price per share<sup>(a)</sup> | $19.16 | $22.42 |

---

<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 six months ended April 30, 2025 - (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Commonwealth<br> Australia/New<br> Zealand Fund** | **Africa Fund** | **Commonwealth<br> Japan Fund** |
| **INVESTMENT INCOME** | | | |
| Dividend income (net of foreign taxes withheld of $22,749, $11,092 and $9,817) | $160155 | $56856 | $61218 |
| Interest income |  | 3261 | 3375 |
| &nbsp;&nbsp;&nbsp;Total investment income | 160155 | 60117 | 64593 |
| **EXPENSES** |  |  |  |
| Investment Advisor | 41746 | 14316 | 22338 |
| Administration | 32333 | 12497 | 17448 |
| Distribution (12b-1) | 13915 | 4772 | 7446 |
| Registration | 10859 | 5586 | 6692 |
| Legal | 10377 | 3475 | 5285 |
| Audit and tax preparation | 8865 | 3131 | 4595 |
| Trustee | 8231 | 3320 | 4218 |
| Transfer agent | 7917 | 7917 | 7917 |
| Insurance | 4546 | 1399 | 2272 |
| Printing | 4090 | 1943 | 2728 |
| Pricing | 3930 | 3670 | 5022 |
| Chief Compliance Officer | 3114 | 1046 | 1601 |
| Custodian | 3093 | 1729 | 2173 |
| Interest expense | 69 |  | 14 |
| Miscellaneous | 11529 | 11080 | 11008 |
| &nbsp;&nbsp;&nbsp;Total expenses | 164614 | 75881 | 100757 |
| Fees contractually waived and expenses reimbursed by Advisor |  | (42442) | (48558) |
| Net operating expenses | 164614 | 33439 | 52199 |
| Net investment income (loss) | (4459) | 26678 | 12394 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities transactions | (12266) |  | 36240 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (76694) | (1186) | (2807) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain (loss) | (88960) | (1186) | 33433 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (332513) | (34513) | 244571 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 46184 | (22) | 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (286329) | (34535) | 249666 |
| Net realized and change in unrealized gain (loss) on investments | (375289) | (35721) | 283099 |
| Net increase (decrease) in net assets resulting from operations | $(379748) | $(9043) | $295493 |

---

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

**Commonwealth International Series Trust**

**Statements of Operations (continued)**

*For the six months ended April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Commonwealth<br> Global Fund** | **Commonwealth<br> Real Estate<br> Securities Fund** |
| **INVESTMENT INCOME** |  |  |
| Dividend income (net of foreign taxes withheld of $13,966 and $3,006) | $170985 | $231612 |
| Interest income |  | 23012 |
| &nbsp;&nbsp;&nbsp;Total investment income | 170985 | 254624 |
| **EXPENSES** |  |  |
| Investment Advisor | 62215 | 59788 |
| Administration | 47135 | 46293 |
| Distribution (12b-1) | 20738 | 19929 |
| Legal | 15365 | 14878 |
| Audit and tax preparation | 12942 | 12618 |
| Trustee | 12359 | 12083 |
| Transfer agent | 7917 | 7917 |
| Insurance | 6293 | 6193 |
| Printing | 4942 | 4989 |
| Registration | 4790 | 5501 |
| Chief Compliance Officer | 4648 | 4467 |
| Custodian | 1594 | 1108 |
| Pricing | 544 | 955 |
| Interest expense | 42 |  |
| Miscellaneous | 12079 | 11706 |
| &nbsp;&nbsp;&nbsp;Total expenses | 213603 | 208425 |
| Net investment income (loss) | (42618) | 46199 |
| **NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |
| Net realized gain on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities transactions | 379671 | 289602 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions |  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain | 379671 | 289625 |
| Net change in unrealized depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities | (1160971) | (1629520) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation (depreciation) | (1160971) | (1629520) |
| Net realized and change in unrealized loss on investments | (781300) | (1339895) |
| Net decrease in net assets resulting from operations | $(823918) | $(1293696) |

---

*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> Six Months Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Six Months Ended<br> April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $(4459) | $57864 | $26678 | $84005 |
| Net realized gain (loss) from investment securities and foreign currency transactions | (88960) | 225972 | (1186) | (221976) |
| Net change in unrealized appreciation (depreciation) from investment securities, foreign currency translations and purchased options contracts | (286329) | 871439 | (34535) | 1197689 |
| Change in net assets resulting from operations | (379748) | 1155275 | (9043) | 1059718 |
| **Distributions To Shareholders From:** |  |  |  |  |
| Earnings | (158081) | (31068) | (157934) | (99144) |
| **Capital Transactions:** |  |  |  |  |
| Proceeds from shares sold | 460988 | 883335 | 336686 | 422251 |
| Reinvestment of distributions | 156359 | 30410 | 144929 | 93340 |
| Amount paid for shares redeemed | (768891) | (1030173) | (99862) | (354641) |
| Redemption fees |  |  | 406 | 20 |
| Change in net assets resulting from capital transactions | (151544) | (116428) | 382159 | 160970 |
| Net Increase (Decrease) in Net Assets | (689373) | 1007779 | 215182 | 1121544 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 12018064 | 11010285 | 3978618 | 2857074 |
| End of period | $11328691 | $12018064 | $4193800 | $3978618 |
| **Share Transactions:** |  |  |  |  |
| Shares sold | 44041 | 83115 | 41029 | 56216 |
| Shares issued in reinvestment of distributions | 14807 | 2735 | 16833 | 13091 |
| Shares redeemed | (71250) | (93540) | (12125) | (47460) |
| Change in shares outstanding | (12402) | (7690) | 45737 | 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> Six Months Ended**<br> **April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** | **For the<br> Six Months Ended**<br> **April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |  |  |
| **Operations:** |  |  |  |  |
| Net investment income (loss) | $12394 | $11873 | $(42618) | $(120722) |
| Net realized gain from investment securities and foreign currency transactions | 33433 | 12365 | 379671 | 600845 |
| Net change in unrealized appreciation (depreciation) from investment securities, foreign currency translations and purchased options contracts | 249666 | 563786 | (1160971) | 2807027 |
| Change in net assets resulting from operations | 295493 | 588024 | (823918) | 3287150 |
| **Distributions To Shareholders From:** |  |  |  |  |
| Earnings | (34024) | (5994) | (547611) |  |
| **Capital Transactions:** |  |  |  |  |
| Proceeds from shares sold | 550387 | 576702 | 67544 | 56946 |
| Reinvestment of distributions | 33945 | 5981 | 546797 |  |
| Amount paid for shares redeemed | (288890) | (812469) | (432101) | (1010177) |
| Change in net assets resulting from capital transactions | 295442 | (229786) | 182240 | (953231) |
| Net Increase (Decrease) in Net Assets | 556911 | 352244 | (1189289) | 2333919 |
| **Net Assets:** |  |  |  |  |
| Beginning of period | 5913171 | 5560927 | 16917971 | 14584052 |
| End of period | $6470082 | $5913171 | $15728682 | $16917971 |
| **Share Transactions:** |  |  |  |  |
| Shares sold | 147984 | 151727 | 3366 | 2859 |
| Shares issued in reinvestment of distributions | 9052 | 1599 | 26075 |  |
| Shares redeemed | (76877) | (215312) | (21485) | (49629) |
| Change in shares outstanding | 80159 | (61986) | 7956 | (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> Six Months Ended**<br> **April 30,<br> 2025** | **For the<br> Year Ended<br> October 31,<br> 2024** |
|  | (Unaudited) | |
| **Increase (Decrease) in Net Assets due to:** |  |  |
| **Operations:** |  |  |
| Net investment income | $46199 | $20677 |
| Net realized gain from investment securities and foreign currency transactions | 289625 | 295895 |
| Net change in unrealized appreciation (depreciation) from investment securities, foreign currency translations and purchased options contracts | (1629520) | 4326152 |
| Change in net assets resulting from operations | (1293696) | 4642724 |
| **Distributions To Shareholders From:** |  |  |
| Earnings | (289195) |  |
| **Capital Transactions:** |  |  |
| Proceeds from shares sold | 377845 | 1206279 |
| Reinvestment of distributions | 288794 |  |
| Amount paid for shares redeemed | (535029) | (999153) |
| Redemption fees | 198 | 207 |
| Change in net assets resulting from capital transactions | 131808 | 207333 |
| Net Increase (Decrease) in Net Assets | (1451083) | 4850057 |
| **Net Assets:** |  |  |
| Beginning of period | 16831887 | 11981830 |
| End of period | $15380804 | $16831887 |
| **Share Transactions:** |  |  |
| Shares sold | 16395 | 52993 |
| Shares issued in reinvestment of distributions | 11821 |  |
| Shares redeemed | (23104) | (42987) |
| Change in shares outstanding | 5112 | 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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025** **<br> (Unaudited)** | **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** | **For the** **<br> Year Ended<br> October 31,<br> 2020<sup>(a)</sup>** |
| **Net asset value, beginning of period** | $11.06 | $10.06 | $11.34 | $17.17 | $12.92 | $13.33 |
| **Change in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | — <sup>(b)</sup> | 0.05 | 0.03 | (0.01) | (0.05) | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | (0.36) | 0.98 | (1.24) | (4.79) | 4.32 | 0.41 |
| Total from investment activities | (0.36) | 1.03 | (1.21) | (4.80) | 4.27 | 0.42 |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.12) | (0.03) |  | (0.02) | (0.02) | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.03) |  | (0.07) | (1.01) |  | (0.76) |
| Total distributions | (0.15) | (0.03) | (0.07) | (1.03) | (0.02) | (0.83) |
| Redemption fees |  |  |  |  | — <sup>(b)</sup> |  |
| **Net asset value, end of period** | $10.55 | $11.06 | $10.06 | $11.34 | $17.17 | $12.92 |
| **Total Return** | (3.25)%<sup>(c)</sup> | 10.22% | (10.80)% | (29.37)% | 33.04% | 3.05% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period (000 omitted) | $11329 | $12018 | $11010 | $12976 | $20118 | $15212 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.96 %<sup>(d)</sup> | 2.86% | 2.81% | 2.60% | 2.41% | 2.60 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 2.96 %<sup>(d)</sup> | 2.86% | 2.81% | 2.60% | 2.41% | 2.70% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | (0.08)%<sup>(d)</sup> | 0.48% | 0.27% | (0.10)% | (0.35)% | 0.03% |
| Portfolio turnover rate | 1 %<sup>(c)</sup> | 8% | 6% | 8% | 20% | 4% |

---

(a) Includes
 adjustments in accordance with accounting principles generally accepted in the United States and, consequently, the net asset values for
 financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder
 transactions.

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

(c) Not
 annualized.

(d) Annualized.

(e) The
 ratio of net expenses include $13,438 in voluntary advisory waivers representing (0.10)%. For the period from May 12, 2020 to October 31,
 2020, the Advisor voluntarily agreed to waive 0.20% of the Management Fee for the Fund. This voluntary waiver is not subject to recoupment.

*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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br> **(Unaudited)** | **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** | **For the<br> Year Ended<br> October 31,<br> 2020** |
| **Net asset value, beginning of period** | $8.92 | $6.74 | $7.12 | $8.40 | $6.04 | $7.88 |
| **Change in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 0.09 | 0.19 | 0.17 | 0.20 | 0.13 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | (0.12) | 2.22 | (0.48) | (1.32) | 2.41 | (1.66) |
| Total from investment activities | (0.03) | 2.41 | (0.31) | (1.12) | 2.54 | (1.62) |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.23) | (0.07) | (0.16) | (0.18) | (0.22) |
| Total distributions | (0.36) | (0.23) | (0.07) | (0.16) | (0.18) | (0.22) |
| Redemption fees | — <sup>(a)</sup> | — <sup>(a)</sup> |  | — <sup>(a)</sup> | — <sup>(a)</sup> | — <sup>(a)</sup> |
| **Net asset value, end of period** | $8.53 | $8.92 | $6.74 | $7.12 | $8.40 | $6.04 |
| **Total Return** | (0.43)%<sup>(b)</sup> | 36.64% | (4.41)% | (13.59)% | 42.38% | (21.30)% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period (000 omitted) | $4194 | $3979 | $2857 | $2857 | $2954 | $2028 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.75 %<sup>(c)</sup> | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 3.97 %<sup>(c)</sup> | 4.20% | 4.38% | 4.27% | 4.32% | 5.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.40 %<sup>(c)</sup> | 2.52% | 2.38% | 2.27% | 1.56% | 0.69% |
| Portfolio turnover rate | — %<sup>(b)</sup> | 4% | 6% | 3% | 11% | 9% |

---

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

(b) Not
 annualized.

(c) Annualized.

*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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025**<br> **(Unaudited)** | **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** | **For the**<br> **Year Ended**<br> **October 31,**<br> **2020** |
| **Net asset value, beginning of period** | $3.79 | $3.42 | $3.03 | $4.41 | $4.03 | $4.12 |
| **Change in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.01 | — <sup>(a)</sup> | 0.01 | (0.01) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | 0.16 | 0.37 | 0.38 | (1.20) | 0.40 | (0.08) |
| Total from investment activities | 0.17 | 0.37 | 0.39 | (1.21) | 0.38 | (0.09) |
| **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 period** | $3.94 | $3.79 | $3.42 | $3.03 | $4.41 | $4.03 |
| **Total Return** | 4.56 %<sup>(b)</sup> | 10.93% | 12.87% | (28.39)% | 9.43% | (2.18)% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period (000 omitted) | $6470 | $5913 | $5561 | $4646 | $6732 | $6333 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 1.75 %<sup>(c)</sup> | 1.75% | 1.75% | 1.75% | 1.75% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 3.38 %<sup>(c)</sup> | 3.29% | 3.45% | 3.38% | 3.01% | 3.29% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.42 %<sup>(c)</sup> | 0.20% | 0.09% | (0.08)% | (0.51)% | (0.34)% |
| Portfolio turnover rate | 4 %<sup>(b)</sup> | 9% | 12% | 8% | 15% | 15% |

---

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

(b) Not
 annualized.

(c) Annualized.

*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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **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** | **For the**<br> **Year Ended**<br> **October 31,**<br> **2020** |
| **Net asset value, beginning of period** | $20.81 | $16.97 | $16.86 | $21.12 | $16.20 | $15.84 |
| **Change in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | (0.05) | (0.15) | (0.15) | (0.09) | (0.11) | (0.08) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | (0.92) | 3.99 | 0.41 | (4.17) | 5.03 | 0.44 |
| Total from investment activities | (0.97) | 3.84 | 0.26 | (4.26) | 4.92 | 0.36 |
| **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 period** | $19.16 | $20.81 | $16.97 | $16.86 | $21.12 | $16.20 |
| **Total Return** | (4.95)%<sup>(b)</sup> | 22.63% | 1.51% | (20.17)% | 30.37% | 2.27% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period (000 omitted) | $15729 | $16918 | $14584 | $14825 | $19642 | $15597 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.57 %<sup>(c)</sup> | 2.54% | 2.61% | 2.49% | 2.33% | 2.47 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 2.57 %<sup>(c)</sup> | 2.54% | 2.61% | 2.49% | 2.33% | 2.56% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets | (0.51)%<sup>(c)</sup> | (0.72)% | (0.81)% | (0.44)% | (0.54)% | (0.49)% |
| Portfolio turnover rate | 5 %<sup>(b)</sup> | 4% | 9% | 7% | 6% | 8% |

---

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

(b) Not
 annualized.

(c) Annualized.

(d) The
 ratio of net expenses include $14,458 in voluntary advisory waivers representing (0.09)%. For the period from May 12, 2020 to October 31,
 2020, the Advisor voluntarily agreed to waive 0.20% of the Management Fee for the Fund. This voluntarily waiver is not subject to recoupment.

*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 period)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Six Months Ended<br> April 30,<br> 2025<br> (Unaudited)** | **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** | **For the**<br> **Year Ended**<br> **October 31,**<br> **2020** |
| **Net asset value, beginning of period** | $24.71 | $17.86 | $17.68 | $22.57 | $15.95 | $18.16 |
| **Change in net assets from operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.07 | 0.03 | 0.04 | (0.10) | (0.14) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) from investments | (1.93) | 6.82 | 0.25 | (4.63) | 6.76 | (2.01) |
| Total from investment activities | (1.86) | 6.85 | 0.29 | (4.73) | 6.62 | (2.05) |
| **Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.01) |  |  |  |  | (0.07) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.42) |  | (0.11) | (0.16) |  | (0.09) |
| Total distributions | (0.43) |  | (0.11) | (0.16) |  | (0.16) |
| Redemption fees | — <sup>(a)</sup> | — <sup>(a)</sup> |  | — <sup>(a)</sup> |  | — <sup>(a)</sup> |
| **Net asset value, end of period** | $22.42 | $24.71 | $17.86 | $17.68 | $22.57 | $15.95 |
| **Total Return** | (7.69)%<sup>(b)</sup> | 38.35% | 1.61% | (21.11)% | 41.50% | (11.42)% |
| &nbsp;&nbsp;&nbsp;Net assets, at end of period (000 omitted) | $15381 | $16832 | $11982 | $11620 | $15053 | $10790 |
| **Ratios and Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets | 2.61 %<sup>(c)</sup> | 2.54% | 2.71% | 2.58% | 2.44% | 2.63 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses before waivers and/or reimbursements | 2.61 %<sup>(c)</sup> | 2.54% | 2.71% | 2.58% | 2.44% | 2.72% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) to average net assets | 0.58 %<sup>(c)</sup> | 0.13% | 0.16% | (0.45)% | (0.66)% | (0.22)% |
| Portfolio turnover rate | 3 %<sup>(b)</sup> | 6% | 14% | 34% | 9% | 11% |

---

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

(b) Not
 annualized.

(c) Annualized.

(d) The
 ratio of net expenses include $10,164 in voluntary waivers representing (0.09)%. For the period from May 12, 2020 to October 31,
 2020, the Advisor voluntarily agreed to waive 0.20% of the Management Fee for the Fund. This voluntarily waiver is not subject to recoupment.

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

**Commonwealth International Series Trust**

**Notes to the Financial Statements**

*April 30, 2025 - (Unaudited)*

**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").

Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the Advisor, who is responsible for the oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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).

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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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> | $11152530 | $— | $— | $11152530 |
| Money Market Funds | 127328 |  |  | 127328 |
| Total | $11279858 | $— | $— | $11279858 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Africa Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <u>**Assets**</u> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $780820 | $3214469 | $— | $3995289 |
| Money Market Funds | 101535 |  |  | 101535 |
| Sovereign Bonds |  | 83140 |  | 83140 |
| Total | $882355 | $3297609 | $— | $4179964 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Japan Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <u>**Assets**</u> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $6254165 | $— | $— | $6254165 |
| Corporate Bonds |  | 84990 |  | 84990 |
| Money Market Funds | 64757 |  |  | 64757 |
| Total | $6318922 | $84990 | $— | $6403912 |

---

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Fund** | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <u>**Assets**</u> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks<sup>(a)</sup> | $15349171 | $— | $— | $15349171 |
| Money Market Funds | 338861 |  |  | 338861 |
| Total | $15688032 | $— | $— | $15688032 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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> | $14144101 | $284235 | $— | $14428336 |
| U.S. Government & Agencies |  | 752275 |  | 752275 |
| Money Market Funds | 181036 |  |  | 181036 |
| Total | $14325137 | $1036510 | $— | $15361647 |

---

(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 April 30, 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.

**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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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 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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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 six months ended April 30, 2025, the Africa Fund and Real Estate Fund had contributions to capital due to redemption fees in the amount of $406 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 six months ended April 30, 2025, the Funds had no written options.

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 six months ended April 30, 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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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 six months ended April 30, 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 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 April 30, 2025, the Advisor may seek repayment of investment advisory fee waivers and expense reimbursements in the amounts as follows:

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Recoverable Through** | **Africa Fund** | **Japan Fund** |
| October 31, 2025 | $42423 | $47350 |
| October 31, 2026 | $80585 | $94303 |
| October 31, 2027 | $81485 | $93739 |
| April 30, 2028 | $42442 | $48558 |

---

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 (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 six months ended April 30, 2025, were as follows:

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | $547172 | $174802 | $438039 | $848094 | $797576 |
| **Sales** | 145954 |  | 69104 | 1527548 | 455700 |

---

The Japan Fund had long-term sales for U.S. Government Obligations in the amount of $175,326 during the six months ended April 30, 2025. There were no long-term purchases for U.S. Government Obligations for any of the Funds during the six months ended April 30, 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 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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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 April 30, 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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Australia/New<br> Zealand Fund** | **Africa Fund** | **Japan Fund** | **Global Fund** | **Real Estate<br> Securities<br> Fund** |
| Gross unrealized appreciation | $4735104 | $1140397 | $2572572 | $8558034 | $7576155 |
| Gross unrealized depreciation | (877224) | (513417) | (244355) | (19610) | (168336) |
| Net unrealized appreciation (depreciation) on investments | $3857880 | $626980 | $2328217 | $8538424 | $7407819 |
| Tax cost of investments | $7421978 | $3552984 | $4075695 | $7149608 | $7953828 |

---

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'').

As of October 31, 2024, the Funds' most recent fiscal year, the components of accumulated earnings (deficit) on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Australia/New**<br> **Zealand Fund** | **Africa Fund** | **Japan Fund** | **Global Fund** | **Real Estate**<br> **Securities**<br> **Fund** |
| Undistributed ordinary income | $123034 | $157911 | $33911 | $— | $5569 |
| Undistributed long-term capital gains | 34907 |  |  | 547543 | 283494 |
| Tax accumulated earnings | 157941 | 157911 | 33911 | 547543 | 289063 |
| Accumulated capital and other losses |  | (955507) | (53101) | (88410) |  |
| Unrealized appreciation on investments | 4073636 | 540705 | 1930010 | 9690755 | 9037259 |
| Total accumulated earnings (deficit) | $4231577 | $(256891) | $1910820 | $10149888 | $9326322 |

---

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Australia/**<br> **New Zealand Fund** | **Africa Fund** | **Japan Fund** | **Global Fund** | **Real Estate<br> Securities Fund** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $31068 | $99144 | $5994 | $— | $— |
| Total distributions paid | $31068 | $99144 | $5994 | $— | $— |

---

As of October 31, 2024, 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** | $— | $— |
| **Africa Fund** | 16130 | 939377 |
| **Japan Fund** | 35797 | 17304 |
| **Global Fund** |  |  |
| **Real Estate Securities Fund** |  |  |

---

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

As of October 31, 2024, the Global Fund had $88,410 of qualified late-year ordinary losses, which were deferred until fiscal year 2024 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.

**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"). 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

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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 annually in an amount equal to $2,000. Any 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 0.275%.

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 six months ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Average<br> Principal** | **Average<br> Interest Rate** |
| Australia/New Zealand Fund | $108548 | 7.65% |
| Japan Fund | $65404 | 7.50% |
| Global Fund | $100502 | 7.50% |

---

During the six months ended April 30, 2025, the Australia/New Zealand Fund, Japan Fund and Global Fund paid $69, $14 and $42, respectively, in interest on borrowings and overdrafts. There were no borrowings outstanding under the Agreement as of April 30, 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 orJapan 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'

**Commonwealth International Series Trust**

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

*April 30, 2025 - (Unaudited)*

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.

As of April 30, 2025, the Australia/New Zealand Fund held approximately 12% 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.

**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**

**Shareholder Meeting Results (Unaudited)**

On December 4, 2024, a special meeting of shareholders of the Commonwealth Australia/ New Zealand Fund, Africa Fund, Commonwealth Japan Fund, Commonwealth Global Fund, and Commonwealth Real Estate Securities Fund (collectively, the "Funds"), each a series of the Commonwealth International Series Trust (the "Trust"), was held for the purpose of voting on the following proposals:

1. **PROPOSAL 1:** To elect three Independent Trustees to the Board of Trustees of the Trust, as follows: John Akard, Jr., Caroline Montalbano and Anthony Box, Jr.

2. **PROPOSAL 2:** To elect two Interested Trustees to the Board of Trustees of the Trust, as follows: Robert W. Scharar and Christina Doherty.

The shareholders of the Funds voted in favor of each proposal above. The following are the voting results from the special meeting for the proposals listed above:

---

| | | | |
|:---|:---|:---|:---|
| **PROPOSAL 1:** | **Number of Shares** | **Number of Shares** | **Number of Shares** |
|  | **For** | **Withhold** | **% Voted in Favor** |
|  | 3007215 | 24119 | 99.20% |

---

---

| | | | |
|:---|:---|:---|:---|
| **PROPOSAL 2:** | **Number of Shares** | **Number of Shares** | **Number of Shares** |
|  | **For** | **Withhold** | **% Voted in Favor** |
|  | 3007172 | 24162 | 99.20% |

---

Effective December 4, 2024, each of the proposals detailed above were approved and adopted.

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

Refer to the financial statements included herein.

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

FCA Corp ("FCA" or "Advisor") supervises the investments of the following series portfolios (each may be referred to herein as a "Fund" or collectively as the "Funds") of the Commonwealth International Series Trust (the "Trust"): the Commonwealth Australia/New Zealand Fund (the "Australia/New Zealand Fund"), the Africa 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 Fund") pursuant to the Investment Advisory Agreements (each an "Agreement" and collectively, the "Agreements") between the

**Additional Information (Unaudited) (continued)**

Advisor and the Trust with respect to each Fund. At the quarterly meeting of the Board of Trustees (the "Board") of the Trust that was held on March 21, 2025, held in person, the Trustees, including a majority of the trustees who are not parties to the Agreements or interested persons of any party to any of the Agreements (the "Independent Trustees"), unanimously approved the renewal of the Agreements for another one-year term.

Legal Counsel reviewed with the Board a memorandum and summarized for the Trustees, among other things, the fiduciary duties and responsibilities of the Board in reviewing and approving the renewal of each Agreement. Counsel discussed with the Trustees the types of information and factors that should be considered by the Board in order to make an informed decision regarding the approval of the continuation of each Agreement, including the *Gartenberg* and *Harris* cases. Discussion included a review of the following material factors with respect to each of the Funds: (i) the nature, extent, and quality of the services provided by FCA; (ii) the investment performance of the Funds; (iii) the costs of the services to be provided and profits to be realized by FCA from the relationship with the Funds; (iv) the extent to which economies of scale would be realized if the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds' investors; and (v) FCA's practices regarding possible conflicts of interest. Counsel noted that the continuation of the Agreements was discussed during meetings of the Governance, Nomination and Compensation Committee ("GNC Committee") held as follows: at a meeting of the GNC Committee held on March 4, 2025; during a meeting of the GNC Committee held on March 21, 2025; and at various other times that the Independent Trustees met informally.

In assessing these factors and reaching its decisions, the Board took into consideration information furnished for the Board's review and consideration throughout the year at regular Board meetings, as well as information specifically prepared and/or presented in connection with the annual renewal process. The Board, acting directly or through its committees, requested and was provided with information and reports relevant to the annual renewal of each Agreement, including: (i) reports regarding the services and support provided to the Funds and their shareholders by FCA; (ii) quarterly assessments of the investment performance of the Funds by personnel of FCA; (iii) commentary on the reasons for each Fund's performance; (iv) presentations by the Funds' portfolio managers addressing FCA's investment philosophy, investment strategy, personnel and operations; (v) compliance and audit reports concerning the Funds and FCA; and (vi) disclosure information contained in the registration statement of the Trust and the Form ADV of FCA. The Board also requested and received various informational materials including, without limitation: (i) documents containing information about FCA, a description of personnel and the services provided to each Fund, information on investment advice, performance, summaries of fund expenses, compliance program, current legal matters, insurance coverages and other general information; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Funds; (iii) the effect of size on the Funds' expenses; (iv) FCA's efforts to promote and market the Funds; and (v) benefits to be realized by FCA from its relationship with the Funds (collectively, the "15(c) Materials"). The Board also discussed the financial position of FCA and its parent company, First Commonwealth Holdings, and the commitment of FCA and its principals to the Funds and to FCA. In their deliberations, the Board did not identify any particular factor that was most important in its consideration to approve the continuation of the Agreements and each Trustee may have afforded different weight to the various factors that are specifically required to be considered for purposes of disclosure in the Funds' next set of financial statements.

**Additional Information (Unaudited) (continued)**

*Nature, Extent and Quality of the Services Provided by FCA*

In considering the nature, extent, and quality of the services provided by FCA, the Trustees reviewed the responsibilities of FCA under each Agreement. The Trustees reviewed the services being provided by FCA to each Fund including, without limitation: (i) the quality of its investment advisory services (including research and recommendations with respect to portfolio securities); (ii) its process for formulating investment recommendations and assuring compliance with each Fund's investment objectives and limitations, as well as for ensuring compliance with regulatory requirements; and (iii) its efforts to promote and market the Funds and grow each Fund's assets. The Trustees noted FCA's continuity of, and commitment to, retain qualified personnel and FCA's commitment to maintain and enhance its resources and systems; and FCA's continued cooperation with the Independent Trustees, the Chief Compliance Officer and Counsel for the Funds. The Trustees evaluated FCA's key professional personnel, including each person's qualifications, education and experience. The Trustees noted that several of the officers of the Trust, including the Principal Executive Officer and President for the Trust were employees of FCA, and they served the Trust without additional compensation. The Trustees noted the continued efforts of FCA in marketing the Funds. The Trustees considered the growth of the Funds during short- and long-term periods, both in terms of new sales and organically from positive performance. In this regard, the Trustees noted and considered future plans discussed by FCA to promote sales and growth in the Funds. After reviewing the foregoing information and further information in the 15(c) Materials (including FCA's Form ADV), the Board concluded that, in light of all the facts and circumstances, the nature, extent, and quality of the services provided by FCA were satisfactory and adequate for the Funds.

*Investment Performance of the Funds and FCA*

In considering the investment performance of the Funds and FCA, the Trustees compared the short-and long-term performance of each Fund with the performance of funds with similar objectives managed by other investment advisors, as compiled by Broadridge using Morningstar's data. The Trustees also considered the consistency of FCA's management of the Funds with the investment objectives and policies. The Trustees considered that FCA did not have other accounts that were managed in a manner similar to any of the Funds. With respect to both the Australia/New Zealand Fund and the Africa Fund, the Trustees indicated their belief that the investment strategy of each Fund made it difficult to compare the investment performance of the Fund to other mutual funds. It was noted that Morningstar had categorized both the Australia/New Zealand Fund and the Africa Fund in the Miscellaneous Region peer group category ("Morningstar MR Category"). The Trustees noted that there were no other registered investment companies in the Miscellaneous Region Morningstar peer group that had the same investment objective and strategies as the Australia/New Zealand Fund and the Africa Fund. The Trustees also noted that the custom peer groups compiled by Broadridge were derived from each Fund's Morningstar category, with inclusion of funds that invest a percentage of their portfolio in the relevant geographic region to that of the Fund. With respect to the Global Fund, the Trustees noted that Morningstar categorized the Fund in the Global Large-Stock Blend category ("Morningstar Global LSB Category"). With respect to the Japan Fund, the Trustees noted that Morningstar categorized the Fund in the Japanese Stock category ("Morningstar JS Category"), and that the custom peer group compiled by Broadridge was derived from this category, as well as peers from other Morningstar categories and funds that invest a percentage of their portfolio in Japanese stock. With respect to the Real Estate Securities Fund, the Trustees noted

**Additional Information (Unaudited) (continued)**

that Morningstar categorized the Fund in the Real Estate category ("Morningstar RE Category"). Additionally, with regard to the Morningstar peer group comparative data presented, the Trustees discussed the Morningstar peer group category assignments, Broadridge's custom peer groups, and the appropriateness of those comparisons. In their discussions of each Fund's performance, the Trustees considered the Advisor's implementation of each Fund's investment strategy. The Trustees also discussed the comparison of each Fund's performance to its respective benchmark index as a supplemental tool to measure the overall performance of the Funds. At the conclusion of the discussion, the Trustees agreed that the unique and specific foreign investment strategies of the Funds do not fit well into predefined Morningstar peer group categories with respect to the Australia/ New Zealand Fund and the Africa Fund.

With respect to the Australia/New Zealand Fund, the Trustees considered the overall relative performance of the Fund on a short- and long-term basis in comparison to the Morningstar MR Category and Broadridge custom peer group. They noted that the Australia/New Zealand Fund underperformed the medians of the Morningstar MR Category and the Broadridge custom peer group for the one-, three-, five- and ten-year periods ended December 31, 2024. The Trustees observed that the Australia/New Zealand Fund underperformed compared to both the S&P/NZX 50 Index and the MSCI ACWI Ex-USA Index for the one-, three-, five- and ten-year periods ended December 31, 2024.

With respect to the Africa Fund, the Trustees reviewed the Africa Fund's performance compared to the Morningstar MR Category and the Broadridge custom peer group on a short-and long-term basis. The Trustees noted that the Africa Fund outperformed the medians of the Morningstar MR Category and the Broadridge custom peer group for the one- and three-year periods ended December 31, 2024, but underperformed the medians of the Morningstar MR Category and the Broadridge custom peer group for the five- and ten-year periods ended December 31, 2024. The Trustees observed that the Africa Fund outperformed the MSCI Emerging Markets Index for the one- and three-year periods ended December 31, 2024, but that the Fund underperformed for the five- and ten-year periods ended December 31, 2024. The Trustees further observed that the Africa Fund outperformed the Dow Jones Titans Africa 50 Index for the one-three-, five- and ten-year periods ended December 31, 2024.

With respect to the Japan Fund, the Trustees reviewed the Japan Fund's performance compared to the Morningstar JS Category and the Broadridge custom peer group. The Trustees observed that the Japan Fund underperformed the median of the Morningstar JS Category for the one-, three-, five- and ten-year periods ended December 31, 2024. The Trustees also noted that the Japan Fund outperformed the Broadridge custom peer group for the three-year period ended December 31, 2024, but underperformed the median for the one-, five- and ten-year periods ended December 31, 2024. Further, the Trustees observed that the Japan Fund underperformed its comparative index, Tokyo Stock Price Index, for the one-, three-, five- and ten-year periods ended December 31, 2024.

With respect to the Global Fund, the Trustees reviewed the Global Fund's performance compared to the Morningstar Global LSB Category and the Broadridge custom peer group on a short- and long-term basis. The Trustees observed that the Global Fund underperformed the medians of the Morningstar Global LSB Category and the Broadridge custom peer group for the one-, three-, five-and ten-year periods ended December 31, 2024. Further, the Trustees observed that the Global Fund

**Additional Information (Unaudited) (continued)**

underperformed the MSCI World Index and the MSCI ACWI Index for the one-, three-, five- and ten-year periods ended December 31, 2024.

With respect to the Real Estate Fund, the Trustees reviewed the Fund's performance compared to the Morningstar RE Category and the Broadridge custom peer group on a short- and long-term basis. The Trustees observed that the Real Estate Fund outperformed the medians of the Morningstar RE Category and Broadridge custom peer group for the one-, three-, five- and ten-year periods ended December 31, 2024. The Trustees noted that the Real Estate Fund outperformed the MSCI US REIT index for the three- and five-year periods ended December 31, 2024, but underperformed the index for the one- and ten-year periods ended December 31, 2024.

After reviewing and discussing the short- and long-term investment performance of the Funds further, FCA's experience managing the Funds, FCA's historical investment performance, the Advisor's implementation of each Fund's investment strategy, and other relevant factors, the Board concluded, in light of all the facts and circumstances, that each Fund's investment performance was acceptable.

*Costs of the Services to be Provided and Profits to be Realized by FCA*

In considering the costs of the services to be provided and profits to be realized by FCA from the relationship with the Funds, the Trustees considered: (1) a discussion with FCA regarding its financial condition and the level of commitment to the Funds and FCA by the principals of FCA; (2) the asset level of each of the Funds; (3) the overall expenses of the Funds; and (4) the nature and frequency of advisory fee payments. The Trustees also considered potential benefits for FCA in managing the Funds. The Trustees also noted that FCA continues to be unprofitable with regard to its relationship with the Funds.

The Trustees then compared the advisory fees, total gross operating expenses and total net operating expenses of the Funds to other comparable mutual funds. The Trustees observed that the advisory fee of the Australia/New Zealand Fund was below the average and median advisory fee of the Morningstar MR Category and the Broadridge custom peer group. The Trustees observed that the advisory fee of the Africa Fund was below the average and median of the Morningstar MR Category and the Broadridge custom peer group. The Trustees noted that the advisory fee of the Global Fund was above the average and median advisory fee of the Morningstar Global LCB Category and equal to the average and median of the Broadridge custom peer group. The Trustees noted that the advisory fee of the Japan Fund was below the average and median advisory fee of the Morningstar JS Category and the Broadridge custom peer group. The Trustees noted that the advisory fee of the Real Estate Fund was below the average and equal to the median advisory fee of the Morningstar RE Category and was below the average and median of the Broadridge custom peer group.

The Trustees noted that the Australia/New Zealand Fund's total gross operating expenses and total net operating expenses were above the median and average of the Morningstar MR Category and the Broadridge custom peer group. The Trustees noted that the Africa Fund's total net operating expenses were below the median and average of the Morningstar MR Category, and that the Fund's total gross operating expenses were above the median and average of the category. The Trustees also noted that the total gross operating expenses and total net operating expenses of the Africa Fund were above the average and median expense levels of the Broadridge custom peer group. The Trustees noted that the Global Fund's total gross operating expenses and total net operating expenses

**Additional Information (Unaudited) (continued)**

were above the median and average of the Morningstar Global LSB Category and the Broadridge custom peer group. The Trustees noted that the Japan Fund's total gross operating expenses and total net operating expenses were above the median and average of the Morningstar JS Category. The Trustees also noted that Japan Fund's total gross operating expenses were lower than the average and higher than the median compared to the Broadridge custom peer group, and that the Fund's total net operating expenses were higher than the median and average of the Broadridge custom peer group. The Trustees noted that the total gross operating expenses and total net operating expenses of the Real Estate Fund were above the average and median expense levels of Morningstar RE Category and the Broadridge custom peer group.

The Trustees discussed how relatively smaller asset levels of the Funds may limit meaningful comparisons with other funds. The Trustees further considered that the Advisor had contractually agreed to waive fees or reimburse expenses of the Africa Fund and Japan Fund pursuant to an Expense Limitation Agreement, which would reduce expenses for shareholders. The Trustees noted the Funds have a small asset size relative to their Morningstar category peers and incur higher fixed costs. The Board concluded that although the gross and net total operating expenses of each Fund were higher in certain instances compared to the averages and medians of the respective Morningstar categories and the Broadridge custom peer groups, such expenses were unavoidable given the complex regulatory requirements, the unique composition of the Funds, and most importantly, the relatively small levels of assets in each of the Funds.

Based on the foregoing, the Board concluded that the fees to be paid to FCA by the Funds and the profits to be realized by FCA, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by FCA.

*Economies of Scale*

The Board next considered the impact of economies of scale on the Funds' size and whether advisory fee levels reflect those economies of scale for the benefit of the Funds' investors. The Trustees noted that the advisory fee for the Funds would remain the same at all asset levels. The Trustees recognized that FCA put in place a contractual fee waiver for the Africa Fund and the Japan Fund. In light of its ongoing consideration of the Funds' asset levels, expectations for growth in the Funds, and fee levels, the Board determined that the Funds' fee arrangements, in light of all the facts and circumstances, were fair and reasonable in relation to the nature and quality of the services provided by FCA.

*Advisor's Practices Regarding Possible Conflicts of Interest and Benefits to the Advisor*

In considering FCA's practices regarding conflicts of interest, the Trustees evaluated the potential for conflicts of interest and considered such matters as follows: (i) the experience and ability of the advisory personnel assigned to the Funds; (ii) the basis for soft dollar payments with broker-dealers; (iii) the basis of decisions to buy or sell securities for the Funds and/or FCA's other accounts, noting that FCA's separately managed accounts have different investment objectives and are not actively invested in the same investments as the Funds, as such FCA does not aggregate the Fund's account trades with those of the separately managed accounts; and (iv) the substance and administration of FCA's code of ethics. The Trustees also considered disclosure in the registration statement of the Trust related to FCA's potential conflicts of interest. The Trustees also noted that FCA may enjoy

**Additional Information (Unaudited) (continued)**

some enhanced status as an investment adviser to a family of registered mutual funds. Based on the foregoing, the Board determined that FCA's standards and practices relating to the identification and mitigation of possible conflicts of interest were satisfactory.

Based upon all of the foregoing considerations, and after further review, discussion and determination that the best interests of the Funds' shareholders were served by the renewal of the Agreements, the Board, including a majority of the Independent Trustees, approved the renewal of the Agreements for the Funds for an additional one-year period.

**Disclosure of Portfolio Holdings**

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (the ''Commission'') for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT reports are available on the Commission' website at http://www.sec.gov and on the Funds' website at www.commonwealthfunds.com.

**Proxy Voting**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 888-345-1898, and on the Commissions website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 888-345-1898, and on the Commission's website at http://www.sec.gov.

This report is intended for the shareholders of the family of funds of the Commonwealth International Series Trust. It may not be distributed to prospective investors unless it is preceded or accompanied by the Funds' current Prospectus. A Prospectus may be obtained at www.commonwealthfunds.com or from the principal underwriter of the Funds or your broker.

**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.**

Included under Item 7.

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

Included under Item 7.

**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**

(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.

(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.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable – disclosed with annual report.

(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.

(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>7/7/2025</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>7/7/2025</u>

---

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

---

Date: <u>7/7/2025</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: | 7/7/2025 | /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 | 7/7/2025 | /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 April 30, 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

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

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Date: <u>7/7/2025</u> Date: <u>7/7/2025</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.