Commonwealth International Series Trust NCSRS Certified semi-annual shareholder report (management investment company)

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: October 31

Date of reporting period: April 30, 2024

Item 1. Reports to Stockholders.

(a)

Commonwealth International

Series Trust

791 Town & Country Blvd., Suite 250

Houston, TX 77024-3925

888-345-1898

www.commonwealthfunds.com

INVESTMENT ADVISOR

FCA Corp

791 Town & Country Blvd., Suite 250

Houston, TX 77024-3925

DISTRIBUTOR

Ultimus Fund Distributors, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

TRANSFER AGENT & ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

CUSTODIAN BANK

Fifth Third Bank N.A.

Fifth Third Center

38 Fountain Square Plaza

Cincinnati, OH 45263

INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

Cohen & Company, Ltd.

1835 Market Street, 3rd Floor

Philadelphia, PA 19103

LEGAL COUNSEL

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, KS 66211

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.

Distributed by Ultimus Fund Distributors, LLC
Member FINRA/SIPC

Commonwealth-SAR-24

(COMMONWEALTH LOGO)

Commonwealth Australia/New Zealand Fund

Africa Fund

Commonwealth Japan Fund

Commonwealth Global Fund

Commonwealth Real Estate Securities Fund

SEMI-ANNUAL REPORT

April 30, 2024

Table of Contents

Performance Overview	1

Portfolio Composition	2

Schedules of Investments	4

Statements of Assets and Liabilities	14

Statements of Operations	15

Statements of Changes in Net Assets	16

Financial Highlights	18

Notes to Financial Statements	23

Approval of the Renewal of the Investment Advisory Agreement	33

Additional Information	38

Notice of Privacy Policy & Practices	40

SEMI-ANNUAL REPORT 2024

PERFORMANCE OVERVIEW – April 30, 2024 (Unaudited)

						Gross	Net
	Inception		Average Annual			Expense	Expense
	Date	6 Month	1 Year	5 Year	10 Year	Ratio¹	Ratio¹
Commonwealth Australia/New Zealand Fund	11/25/91	2.15%	(14.58)%	(1.74)%	0.55%	2.81%	2.81%
Africa Fund	11/07/11	9.06%	(1.73)%	(1.82)%	(2.47)%	4.41%	1.78%
Commonwealth Japan Fund	07/10/89	9.76%	6.95%	0.53%	2.90%	3.46%	1.76%
Commonwealth Global Fund	12/03/02	16.38%	6.41%	4.90%	2.71%	2.61%	2.61%
Commonwealth Real Estate Securities Fund	01/05/04	22.00%	13.02%	5.72%	5.43%	2.72%	2.72%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns which may be lower or higher. The above table does not reflect the deduction of taxes that a shareholder would pay on the Commonwealth Australia/New Zealand Fund, Africa Fund, Commonwealth Japan Fund, Commonwealth Global Fund and Commonwealth Real Estate Securities Fund (each a “Fund” and collectively the “Funds”) distributions or the redemption of Fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 888-345-1898. Performance for certain of the Funds reflects fee waivers and expense reimbursements during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower.

The above expense ratios are from the Funds’ Prospectus, dated February 28, 2024. FCA Corp has entered into a written expense limitation agreement under which it has agreed to limit the total operating expenses of the Africa Fund and Commonwealth 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% of the average daily net assets of the Africa Fund and Commonwealth Japan Fund. This expense limitation agreement may be terminated by FCA Corp or the Trust at any time after February 28, 2025. FCA Corp may recoup any waived amount from the Africa Fund and Commonwealth Japan Fund pursuant to this agreement if such recoupment does not cause the Africa Fund and Commonwealth Japan Fund to exceed the expense limitation in place at the time the fee was reduced and/or the expenses were reimbursed and such recoupment is made within three years after the date in which FCA Corp incurred the expense. Excluding the indirect costs of investing in acquired funds, total fund operating expenses prior to fee waiver/reimbursement would be 2.81%, 4.38%, 3.45%, 2.61% and 2.71% for the Commonwealth Australia/New Zealand Fund, Africa Fund, Commonwealth Japan Fund, Commonwealth Global Fund and Commonwealth Real Estate Securities Fund, respectively. Additional information pertaining to the Funds’ expense ratios as of April 30, 2024, can be found in the financial highlights.

You should carefully consider the investment objectives, risks, charges and expenses of the Funds before investing. This and other information can be found in the Funds’ Prospectus, which can be obtained from www.commonwealthfunds.com, by calling the Funds directly at 888-345-1898 or by contacting your investment representative. Please read it carefully before you invest or send money.

SEMI-ANNUAL REPORT 2024

PORTFOLIO COMPOSITION – April 30, 2024* (Unaudited)

COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND
Industry or	Percentage of Total
Security Type	Investments
Transport Operations & Services	13.4%
Power Generation	11.9%
Logistics Services	10.0%
Courier Services	4.5%
Home Products Stores	4.3%
Health Care Services	4.0%
Biotech	3.9%
Containers & Packaging	3.8%
Health Care Facilities	3.8%
Integrated Electric Utilities	3.7%
Medical Devices	3.6%
Flow Control Equipment	3.5%
Wireless Telecommunications	3.2%
Lodging	3.0%
P&C Insurance	2.9%
Internet Media & Services	2.6%
Money Market Funds	2.0%
Gas Utilities	2.0%
Environmental & Facilities Services	1.9%
Measurement Instruments	1.8%
Multi Asset Class Owners & Developers	1.7%
Diversified Banks	1.6%
Packaged Food	1.3%
Retail REITs	1.0%
Building Materials	1.0%
Food & Drug Stores	1.0%
Alcoholic Beverages	0.7%
Health Care Supply Chain	0.7%
Mineral & Precious Stone Mining	0.4%
Life Science & Diagnostics	0.4%
Other Speciality Retail - Discretionary	0.4%
	100.0%

AFRICA FUND
Country or	Percentage of Total
Security Type	Investments
South Africa	93.0%
United Kingdom	4.3%
Egypt	2.2%
Money Market Funds	0.5%
	100.0%

COMMONWEALTH JAPAN FUND
Industry or	Percentage of Total
Security Type	Investments
Medical Devices	8.1%
Transit Services	6.4%
Life Insurance	5.8%
Commercial Finance	5.0%
Personal Care Products	4.3%
Health Care Supplies	4.3%
Building Construction	4.1%
Diversified Industrials	3.8%
Multi Asset Class Owners & Developers	3.8%
IT Services	3.7%
Electronics Components	3.4%
Automobiles	3.1%
Auto Parts	2.8%
Electrical Power Equipment	2.8%
Money Market Funds	2.8%
Home Products Stores	2.7%
Specialty Apparel Stores	2.6%
Basic & Diversified Chemicals	2.4%
P&C Insurance	2.3%
Commercial & Residential Building Equipment & Systems	2.3%
Infrastructure Construction	2.2%
Specialty Chemicals	1.9%
Integrated Electric Utilities	1.9%
Food & Drug Stores	1.8%
Semiconductor Manufacturing	1.8%
Alcoholic Beverages	1.7%
Courier Services	1.6%
Exploration & Production	1.5%
Factory Automation Equipment	1.5%
Food & Beverage Wholesalers	1.4%
Building Maintenance Services	1.4%
Mass Merchants	1.4%
Logistics Services	1.3%
Consumer Electronics	1.2%
Wireless Telecommunications	0.9%
	100.0%

Portfolio composition is subject to change.

SEMI-ANNUAL REPORT 2024

PORTFOLIO COMPOSITION – April 30, 2024* (Unaudited)

COMMONWEALTH GLOBAL FUND
Country or	Percentage of Total
Security Type	Investments
United States	54.8%
United Kingdom	10.8%
Germany	4.0%
Japan	3.9%
Switzerland	3.9%
Israel	3.7%
Denmark	3.1%
France	2.9%
India	2.8%
South Africa	2.0%
Norway	1.9%
Panama	1.8%
Taiwan Province Of China	1.7%
Ireland	1.4%
Mexico	1.2%
Money Market Funds	0.1%
	100.0%

COMMONWEALTH REAL ESTATE SECURITIES FUND
Industry or	Percentage of Total
Security Type	Investments
Building Materials	13.0%
Homebuilding	9.5%
Infrastructure REITs	6.6%
Specialized REITs	5.7%
Industrial REITs	5.3%
Commercial & Residential Building Equipment & Systems	5.3%
U.S. Government & Agencies	5.2%
Cement & Aggregates	5.1%
Transport Operations & Services	4.1%
Data Center REITs	4.1%
Hotels Resorts & Cruise Lines	4.0%
Home Products Stores	4.0%
Money Market Funds	3.6%
Self-Storage REITs	3.4%
Retail REITs	3.3%
Mortgage Finance	3.2%
Industrial Machinery	2.5%
Residential REITs	2.5%
Timber REITs	2.1%
Multi Asset Class REITs	1.6%
Building Construction	1.6%
Banks	1.2%
Residential Owners & Developers	1.1%
Hotel REITs	1.0%
Agricultural Producers	0.9%
Office REITs	0.1%
	100.0%

Portfolio composition is subject to change.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Australia/New Zealand Fund

	Shares		Fair Value
COMMON STOCKS (98.03%)
AUSTRALIA (38.13%)
BIOTECH (3.93%)
CSL Ltd.		2,500	$	444,158
CONTAINERS & PACKAGING (3.85%)
Brambles Ltd.		46,216		434,752
DIVERSIFIED BANKS (1.57%)
Macquarie Group Ltd.		1,480		177,200
ENVIRONMENTAL & FACILITIES SERVICES (1.91%)
Cleanaway Waste Management Ltd.		124,496		215,359
GAS UTILITIES (1.95%)
APA Group		41,282		220,284
HEALTH CARE FACILITIES (1.12%)
Ramsay Health Care Ltd.		3,778		126,630
HEALTH CARE SERVICES (4.00%)
Sonic Healthcare Ltd.		26,382		453,359
INTEGRATED ELECTRIC UTILITIES (3.67%)
Origin Energy Ltd.		65,776		415,109
INTERNET MEDIA & SERVICES (2.65%)
Webjet Ltd.(a)		57,000		299,175
LOGISTICS SERVICES (2.89%)
Qube Holdings Ltd.		153,645		326,820
MEDICAL DEVICES (3.23%)
Cochlear Ltd.		1,750		365,037
MINERAL & PRECIOUS STONE MINING (0.41%)
Lynas Rare Earth Ltd. - ADR(a)		11,000		45,870
P&C INSURANCE (1.66%)
QBE Insurance Group Ltd.		16,434		187,974
RETAIL REITS (1.01%)
Scentre Group Ltd.		56,509		114,425
TRANSPORT OPERATIONS & SERVICES (1.09%)
Transurban Group		15,331		123,075
WIRELESS TELECOMMUNICATIONS (3.19%)
Telstra Corp. Ltd.		152,493		360,255
TOTAL AUSTRALIA				4,309,482
NEW ZEALAND (59.90%)
ALCOHOLIC BEVERAGES (0.74%)
Delegat Group Ltd.		21,456		83,482
BUILDING MATERIALS (0.99%)
Fletcher Building Ltd.		50,000		111,909
COURIER SERVICES (4.53%)
Freightways Ltd.		103,540		511,971

	Shares		Fair Value
COMMON STOCKS (98.03%) – Continued
NEW ZEALAND (59.90%) – Continued
FLOW CONTROL EQUIPMENT (3.51%)
Skellerup Holdings Ltd.		150,000	$	396,722
FOOD & DRUG STORES (0.96%)
Green Cross Health Ltd.		181,796		108,283
HEALTH CARE FACILITIES (2.63%)
Oceania Healthcare Ltd.		457,544		161,765
Ryman Healthcare Ltd.(a)		57,000		136,053
				297,818
HEALTH CARE SUPPLY CHAIN (0.72%)
AFT Pharmaceuticals Ltd.		46,000		81,372
HOME PRODUCTS STORES (4.26%)
Briscoe Group Ltd.		183,520		481,645
LIFE SCIENCE & DIAGNOSTICS (0.39%)
Pacific Edge Ltd.(a)		800,000		43,713
LODGING (3.01%)
Millennium & Copthorne Hotels New Zealand Ltd.		300,000		340,262
LOGISTICS SERVICES (7.07%)
Mainfreight Ltd.		20,000		799,332
MEASUREMENT INSTRUMENTS (1.82%)
ikeGPS Group Ltd.(a)		831,366		205,472
MEDICAL DEVICES (0.41%)
Aroa Biosurgery Ltd.(a)		145,000		47,088
MULTI ASSET CLASS OWNERS & DEVELOPERS (1.72%)
Marsden Maritime Holdings Ltd.		81,425		194,477
OTHER SPECIALTY RETAIL - DISCRETIONARY (0.38%)
Comvita Ltd.		35,694		43,252
P&C INSURANCE (1.28%)
Tower Ltd.(a)		300,000		144,776
PACKAGED FOOD (1.25%)
Sanford Ltd.		60,000		141,234
POWER GENERATION (11.87%)
Infratil Ltd.		208,975		1,341,755

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Australia/New Zealand Fund

	Shares		Fair Value
COMMON STOCKS (98.03%) – Continued
NEW ZEALAND (59.90%) – Continued
TRANSPORT OPERATIONS & SERVICES (12.36%)
Port of Tauranga Ltd.		55,000	$	158,596
South Port New Zealand Ltd.		376,010		1,237,640
				1,396,236
TOTAL NEW ZEALAND				6,770,799
TOTAL COMMON STOCKS
(COST $7,263,759)				11,080,281

	Shares		Fair Value
MONEY MARKET FUNDS (1.96%)
Federated Hermes Government Obligations Fund, Institutional Class, 5.18%(b)		221,191	$	221,191
TOTAL MONEY MARKET FUNDS
(COST $221,191)				221,191
TOTAL INVESTMENTS — (99.99%)
(COST $7,484,950)				11,301,472
OTHER ASSETS IN EXCESS OF LIABILITIES (0.01%)				1,026
NET ASSETS — 100.00%			$	11,302,498

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

REIT— Real Estate Investment Trust

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Africa Fund

	Shares		Fair Value
COMMON STOCKS (96.24%)
EGYPT (2.21%)
BANKS (1.63%)
Commercial International Bank Egypt SAE - GDR		34,571	$	51,259
OTHER COMMERCIAL SUPPORT SERVICES (0.58%)
Integrated Diagnostics Holdings PLC(a)		59,000		18,126
TOTAL EGYPT				69,385
SOUTH AFRICA (89.83%)
AGRICULTURAL PRODUCERS (4.74%)
Astral Foods Ltd.(a)		7,000		55,075
Crookes Brothers Ltd.(a)		10,000		13,348
Oceana Group Ltd.		20,000		80,648
				149,071
AUTOMOTIVE RETAILERS (5.88%)
Barloworld Ltd.		7,900		36,304
Bidvest Group Ltd.		7,500		97,820
Motus Holdings Ltd.		11,400		50,491
				184,615
BANKS (19.55%)
Capitec Bank Holdings Ltd.		3,000		371,332
FirstRand Ltd.		23,200		80,100
Nedbank Group Ltd.		6,000		72,964
Standard Bank Group Ltd. - ADR		9,400		89,582
				613,978
BASIC & DIVERSIFIED CHEMICALS (0.89%)
Sasol Ltd. - ADR		4,000		28,120
BUILDING CONSTRUCTION (2.33%)
Wilson Bayly Holmes-Ovcon Ltd.		9,900		73,161
COAL MINING (1.92%)
Exxaro Resources Ltd.		6,300		60,368
CONSUMER ELEC & APPLC WHSLRS (1.78%)
DataTec Ltd.		29,000		56,079
FOOD & BEVERAGE WHOLESALERS (3.40%)
Bid Corp. Ltd.		4,667		106,729
FOOD & DRUG STORES (3.85%)
Shoprite Holdings Ltd. - ADR		9,000		121,005
INSTITUTIONAL BROKERAGE (1.00%)
Coronation Fund Managers Ltd.		19,500		31,570
INTERNET MEDIA & SERVICES (6.33%)
Naspers Ltd., N Shares		1,040		199,057
LIFE & HEALTH INSURANCE (2.50%)
Momentum Metropolitan Holdings		72,000		78,380

	Shares		Fair Value
COMMON STOCKS (96.24%) – Continued
SOUTH AFRICA (89.83%) – Continued
LIFE INSURANCE (3.96%)
Clientele Ltd.		90,000	$	48,165
Discovery Ltd.		12,000		76,457
				124,622
MARINE SHIPPING (3.51%)
Grindrod Ltd.		160,000		110,345
OTHER FINANCIAL SERVICES (1.50%)
Old Mutual Ltd.		80,000		47,009
PAPER & PULP MILLS (1.62%)
Sappi Ltd.		19,000		51,048
PRECIOUS METALS (8.20%)
Anglo American Platinum Ltd.		1,100		38,323
Gold Fields Ltd. - ADR		8,200		132,594
Impala Platinum Holdings Ltd.		12,500		55,651
Sibanye Stillwater Ltd.		27,000		30,820
				257,388
RENEWABLE ENERGY PROJECT DEVELOPERS (0.73%)
Renergen Ltd.(a)		35,000		22,902
SELF-STORAGE OWNERS & DEVELOPERS (2.92%)
Stor-Age Property REIT Ltd.		130,000		91,910
SPECIALTY & GENERIC PHARMACEUTICALS (3.03%)
Aspen Pharmacare Holdings Ltd.		8,000		95,315
SPECIALTY APPAREL STORES (2.30%)
Mr. Price Group Ltd.		7,800		72,272
WEALTH MANAGEMENT (3.49%)
Alexander Forbes Group Holdings Ltd.		170,000		57,506
PSG Konsult Ltd.		65,000		52,135
				109,641
WIRELESS TELECOMMUNICATIONS (4.40%)
MTN Group Ltd. - ADR		18,000		87,120
Vodacom Group Ltd.		10,700		51,209
				138,329
TOTAL SOUTH AFRICA				2,822,914
UNITED KINGDOM (4.20%)
PRECIOUS METALS (4.20%)
AngloGold Ashanti PLC		3,000		68,970
Endeavour Mining PLC		3,000		63,030
TOTAL UNITED KINGDOM				132,000
TOTAL COMMON STOCKS
(COST $3,194,277)				3,024,299

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Africa Fund

	Principal
	Amount		Fair Value
SOVEREIGN BONDS (2.57%)
SOUTH AFRICA (2.57%)
Republic of South Africa Government Bond, 6.25%, 3/08/2041	$	100,000	$	80,859
TOTAL SOVEREIGN BONDS (COST $90,698)				80,859

	Shares		Fair Value
MONEY MARKET FUNDS (0.52%)
Federated Hermes Government Obligations Fund, Institutional Class, 5.18%(b)		16,424	$	16,424
TOTAL MONEY MARKET FUNDS
(COST $16,424)				16,424
TOTAL INVESTMENTS — (99.33%)
(COST $3,301,399)				3,121,582
OTHER ASSETS IN EXCESS OF LIABILITIES (0.67%)				21,196
NET ASSETS — 100.00%			$	3,142,778

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

REIT— Real Estate Investment Trust

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Japan Fund

	Shares		Fair Value
COMMON STOCKS (97.80%)
JAPAN (97.80%)
ALCOHOLIC BEVERAGES (1.71%)
Kirin Holdings Co. Ltd.		7,000	$	102,185
AUTO PARTS (2.85%)
Bridgestone Corp. - ADR		4,000		88,160
DENSO Corp.		4,800		81,809
				169,969
AUTOMOBILES (3.08%)
Honda Motor Co. Ltd. - ADR		1,400		47,586
Toyota Motor Corp. - ADR		600		136,386
				183,972
BASIC & DIVERSIFIED CHEMICALS (2.37%)
Mitsubishi Gas Chemical Co., Inc.		8,000		141,556
BUILDING CONSTRUCTION (4.13%)
Kajima Corp.		12,850		246,173
BUILDING MAINTENANCE SERVICES (1.41%)
Taihei Dengyo Kaisha Ltd.		3,000		84,440
COMMERCIAL & RESIDENTIAL BUILDING EQUIPMENT & SYSTEMS (2.29%)
Daikin Industries Ltd.		1,000		136,494
COMMERCIAL FINANCE (5.03%)
Kyushu Leasing Service Co. Ltd.		13,000		105,661
ORIX Corp.		9,500		194,425
				300,086
CONSUMER ELECTRONICS (1.24%)
Sony Group Corp. - ADR		900		74,313
COURIER SERVICES (1.55%)
Yamato Holdings Co. Ltd.		7,000		92,449
DIVERSIFIED INDUSTRIALS (3.86%)
Hitachi Ltd.		2,500		230,656
ELECTRICAL POWER EQUIPMENT (2.82%)
Meidensha Corp.		7,600		168,411
ELECTRONICS COMPONENTS (3.43%)
Murata Manufacturing Co. Ltd.		3,000		54,818
Nidec Corp.		1,700		79,617
Taiyo Yuden Co. Ltd.		3,000		70,269
				204,704
EXPLORATION & PRODUCTION (1.53%)
INPEX Corp.		6,100		91,379
FACTORY AUTOMATION EQUIPMENT (1.49%)
FANUC Corp.		3,000		88,860

	Shares		Fair Value
COMMON STOCKS (97.80%) – Continued
JAPAN (97.80%) – Continued
FOOD & BEVERAGE WHOLESALERS (1.43%)
Yamae Group Holdings Co. Ltd.		5,200	$	85,482
FOOD & DRUG STORES (1.85%)
Sugi Holdings Company Ltd.		7,500		110,044
HEALTH CARE SUPPLIES (4.26%)
Hoya Corp.		2,200		255,073
HOME PRODUCTS STORES (2.69%)
Nitori Holdings Co. Ltd.		1,200		160,603
INFRASTRUCTURE CONSTRUCTION (2.25%)
Takada Corp.		12,000		134,585
INTEGRATED ELECTRIC UTILITIES (1.88%)
Kansai Electric Power Co., Inc. (The)		7,500		112,348
IT SERVICES (3.68%)
INES Corp.		10,000		100,514
Otsuka Corp.		6,000		119,331
				219,845
LIFE INSURANCE (5.83%)
Dai-ichi Life Holdings, Inc.		8,000		185,292
T&D Holdings, Inc.		10,000		163,176
				348,468
LOGISTICS SERVICES (1.29%)
Nippon Express Holdings Co. Ltd.		1,500		76,739
MASS MERCHANTS (1.35%)
Aeon Kyushu Co. Ltd.		4,500		80,761
MEDICAL DEVICES (8.19%)
Asahi Intecc Co. Ltd.		16,000		234,447
Terumo Corp.		15,000		254,467
				488,914
MULTI ASSET CLASS OWNERS & DEVELOPERS (3.85%)
Mitsui Fudosan Co. Ltd.		9,000		91,595
Sumitomo Realty & Development Co. Ltd.		4,000		138,419
				230,014
P&C INSURANCE (2.29%)
Sompo Holdings, Inc.		6,900		136,555
PERSONAL CARE PRODUCTS (4.37%)
Kao Corp.		2,000		82,506
Unicharm Corp.		6,000		178,282
				260,788
SEMICONDUCTOR MANUFACTURING (1.84%)
Tokyo Electron Ltd.		500		109,675

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Japan Fund

	Shares		Fair Value
COMMON STOCKS (97.80%) – Continued
JAPAN (97.80%) – Continued
SPECIALTY APPAREL STORES (2.63%)
Fast Retailing Co. Ltd.		600	$	156,884
SPECIALTY CHEMICALS (1.95%)
Shin-Etsu Chemical Co. Ltd.		3,000		116,129
TRANSIT SERVICES (6.45%)
Daiichi Koutsu Sangyo Co. Ltd.		12,200		64,315
East Japan Railway Co.		4,500		82,482
Hankyu Hanshin Holdings, Inc.		4,400		115,361
Keikyu Corp.		6,500		51,673
Tobu Railway Co. Ltd.		3,600		71,427
				385,258
WIRELESS TELECOMMUNICATIONS (0.93%)
KDDI Corp.		2,000		55,499
TOTAL JAPAN				5,839,311
TOTAL COMMON STOCKS
(COST $3,835,270)				5,839,311

	Shares		Fair Value
MONEY MARKET FUNDS (2.78%)
Federated Hermes Government Obligations Fund, Institutional Class, 5.18%(a)		165,790	$	165,790
TOTAL MONEY MARKET FUNDS
(COST $165,790)				165,790
TOTAL INVESTMENTS — (100.58%)
(COST $4,001,060)				6,005,101
LIABILITIES IN EXCESS OF OTHER ASSETS (0.58%)				(34,821	)
NET ASSETS — 100.00%			$	5,970,280

(a)

Rate disclosed is the seven day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Global Fund

	Shares		Fair Value
COMMON STOCKS (98.25%)
DENMARK (3.09%)
LARGE PHARMACEUTICALS (3.09%)
Novo Nordisk A/S - ADR		4,000	$	513,240
FRANCE (2.87%)
BASIC & DIVERSIFIED CHEMICALS (2.00%)
Arkema SA - ADR		3,130		330,841
INTEGRATED OILS (0.87%)
Total S.A. - ADR		2,000		144,940
TOTAL FRANCE				475,781
GERMANY (3.93%)
DIVERSIFIED INDUSTRIALS (3.93%)
Siemens AG - ADR		7,000		654,990
INDIA (2.77%)
BANKS (2.77%)
HDFC Bank Ltd. - ADR		8,000		460,800
IRELAND (1.35%)
BUILDING MATERIALS (1.35%)
James Hardie Industries PLC - ADR(a)		6,500		224,250
ISRAEL (3.63%)
APPLICATION SOFTWARE (3.63%)
NICE Ltd. - ADR(a)		2,700		603,477
JAPAN (3.87%)
AUTO PARTS (0.40%)
Bridgestone Corp. - ADR		3,000		66,120
CONSUMER ELECTRONICS (1.99%)
Sony Group Corp. - ADR		4,000		330,280
ELECTRONICS COMPONENTS (1.48%)
Nidec Corp. - ADR		21,000		246,120
TOTAL JAPAN				642,520
MEXICO (1.15%)
WIRELESS TELECOMMUNICATIONS (1.15%)
America Movil S.A.B. de C.V., Class L - ADR		10,000		190,600
NORWAY (1.89%)
P&C INSURANCE (1.89%)
Gjensidige Forsikring ASA - ADR		20,000		313,400
PANAMA (1.73%)
AIRLINES (1.73%)
Copa Holdings, SA, Class A		3,000		286,500
SOUTH AFRICA (1.94%)
FOOD & DRUG STORES (1.94%)
Shoprite Holdings Ltd. - ADR		24,000		322,680

	Shares		Fair Value
COMMON STOCKS (98.25%) – Continued
SWITZERLAND (3.82%)
LARGE PHARMACEUTICALS (2.15%)
Roche Holding AG - ADR		12,000	$	357,840
PACKAGED FOOD (1.67%)
Nestlé SA - ADR		2,750		276,650
TOTAL SWITZERLAND				634,490
TAIWAN PROVINCE OF CHINA (1.65%)
SEMICONDUCTOR MANUFACTURING (1.65%)
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		2,000		274,680
UNITED KINGDOM (10.61%)
ALCOHOLIC BEVERAGES (2.33%)
Diageo PLC - ADR		2,800		386,848
ELECTRIC TRANSMISSION & DIST (0.60%)
National Grid PLC - ADR		1,500		99,975
INTEGRATED OILS (0.89%)
BP PLC - ADR		3,800		147,326
LARGE PHARMACEUTICALS (3.42%)
AstraZeneca PLC - ADR		7,500		569,100
PERSONAL CARE PRODUCTS (2.19%)
Unilever PLC - ADR		7,000		362,950
PUBLISHING (1.18%)
Pearson PLC - ADR		16,000		194,880
TOTAL UNITED KINGDOM				1,761,079
UNITED STATES (53.95%)
AGRICULTURAL CHEMICALS (0.95%)
CF Industries Holdings, Inc.		2,000		157,940
APPLICATION SOFTWARE (1.39%)
Adobe, Inc.(a)		500		231,415
AUTO PARTS (4.11%)
Miller Industries, Inc.		14,000		681,940
AUTOMOTIVE RETAILERS (4.97%)
Group 1 Automotive, Inc.		2,800		823,256
COMMUNICATIONS EQUIPMENT (4.62%)
Apple, Inc.		4,500		766,485
COMPUTER HARDWARE & STORAGE (4.93%)
NetApp, Inc.		8,000		817,680
CONSTRUCTION & MINING MACHINERY (2.42%)
Caterpillar, Inc.		1,200		401,484
COURIER SERVICES (0.63%)
FedEx Corp.		400		104,712

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Global Fund

	Shares		Fair Value
COMMON STOCKS (98.25%) – Continued
UNITED STATES (53.95%) – Continued
DEFENSE (0.77%)
L3Harris Technologies, Inc.		600	$	128,430
DIVERSIFIED BANKS (2.42%)
JPMorgan Chase & Co.		2,100		402,654
HOUSEHOLD PRODUCTS (3.05%)
Procter & Gamble Co. (The)		3,100		505,920
INFRASTRUCTURE SOFTWARE (3.52%)
Microsoft Corp.		1,500		583,995
INTEGRATED OIL & GAS (3.40%)
Chevron Corp.		3,500		564,445
LIFE SCIENCE & DIAGNOSTICS (4.62%)
ThermoFisherScientific,Inc		1,350		767,772
OIL & GAS EQUIPMENT & SERVICES (0.77%)
Schlumberger Ltd.		2,700		128,196
OILFIELD SERVICES & EQUIPMENT (0.93%)
Natural Gas Services Group, Inc.(a)		7,000		154,560
ONLINE MARKETPLACE (1.58%)
Amazon.com, Inc.(a)		1,500		262,500
RAIL FREIGHT (3.33%)
Norfolk Southern Corp.		2,400		552,768
REFINING & MARKETING (0.86%)
Phillips 66		1,000		143,210
SEMICONDUCTOR DEVICES (2.31%)
Skyworks Solutions, Inc.		3,600		383,724
VIDEO GAMES (1.22%)
Electronic Arts, Inc.		1,600		202,912
WASTE MANAGEMENT (1.15%)
Republic Services, Inc.		1,000		191,700
TOTAL UNITED STATES				8,957,698
TOTAL COMMON STOCKS
(COST $7,467,347)				16,316,185

	Shares		Fair Value
MONEY MARKET FUNDS (0.14%)
Federated Hermes Government Obligations Fund, Institutional Class, 5.18%(b)		22,959	$	22,959
TOTAL MONEY MARKET FUNDS
(COST $22,959)				22,959
TOTAL INVESTMENTS — (98.39%)
(COST $7,490,306)				16,339,144
OTHER ASSETS IN EXCESS OF LIABILITIES (1.61%)				266,996
NET ASSETS — 100.00%			$	16,606,140

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Real Estate Securities Fund

	Shares		Fair Value
COMMON STOCKS (91.23%)
AGRICULTURAL PRODUCERS (0.92%)
BrasilAgro - Company Brasileira de Propriedades Agricolas - ADR		27,432	$	137,434
BANKS (1.20%)
Harleysville Financial Corp.		8,675		180,006
BUILDING CONSTRUCTION (1.55%)
Kajima Corp. - ADR		11,900		231,336
BUILDING MATERIALS (13.04%)
James Hardie Industries PLC - ADR(a)		25,000		862,500
Tecnoglass, Inc.		19,634		1,090,669
				1,953,169
CEMENT & AGGREGATES (5.14%)
Cemex S.A.B. de C.V. - ADR(a)		30,000		237,300
CRH PLC		2,500		193,550
Summit Materials, Inc., Class A(a)		8,680		337,652
				768,502
COMMERCIAL & RESIDENTIAL BUILDING EQUIPMENT & SYSTEMS (5.26%)
Lennox International, Inc.		1,700		787,814
DATA CENTER REITS (4.08%)
Digital Realty Trust, Inc.		3,368		467,411
Equinix, Inc.		200		142,222
				609,633
HOME PRODUCTS STORES (3.96%)
Lowe’s Cos., Inc.		2,600		592,774
HOMEBUILDING (9.53%)
D.R. Horton, Inc.		4,000		569,960
Lennar Corp., Class A		3,200		485,184
NVR, Inc.(a)		50		371,943
				1,427,087
HOTEL REITS (0.99%)
Ryman Hospitality Properties, Inc.		1,400		147,672
HOTELS RESORTS & CRUISE LINES (4.01%)
InterContinental Hotels Group PLC - ADR		6,103		600,230
INDUSTRIAL MACHINERY (2.54%)
Techtronic Industries Company Ltd. - ADR		5,500		380,160
INDUSTRIAL REITS (5.28%)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		15,200		380,152
Prologis, Inc.		2,000		204,100
STAG Industrial, Inc.		6,000		206,340
				790,592

	Shares		Fair Value
COMMON STOCKS (91.23%) – Continued
INFRASTRUCTURE REITS (6.61%)
American Tower Corp., Class A		2,500	$	428,899
Crown Castle International Corp.		2,000		187,560
SBA Communications Corp., Class A		2,000		372,240
				988,699
MORTGAGE FINANCE (3.21%)
Ladder Capital Corp.		10,000		107,300
Redwood Trust, Inc.		40,000		221,200
Starwood Property Trust, Inc.		8,000		151,760
				480,260
MULTI ASSET CLASS REITS (1.64%)
WP Carey, Inc.		4,470		245,135
OFFICE REITS (0.05%)
NET Lease Office Properties		302		6,904
RESIDENTIAL OWNERS & DEVELOPERS (1.14%)
Cyrela Brazil Realty SA - ADR		44,000		170,280
RESIDENTIAL REITS (2.53%)
AvalonBay Communities, Inc.		2,000		379,140
RETAIL REITS (3.33%)
Kite Realty Group Trust		9,000		196,200
National Retail Properties, Inc.		4,000		162,120
Simon Property Group, Inc.		1,000		140,530
				498,850
SELF-STORAGE REITS (3.33%)
Extra Space Storage, Inc.		2,500		335,700
Global Self Storage, Inc.		39,000		163,410
				499,110
SPECIALIZED REITS (5.65%)
Charter Hall Education Trust		99,140		164,399
Gladstone Land Corp.		9,700		122,996
Iron Mountain, Inc.		7,200		558,143
				845,538
TIMBER REITS (2.11%)
PotlatchDeltic Corp.		3,000		120,030
Weyerhaeuser Co.		6,500		196,105
				316,135
TRANSPORT OPERATIONS & SERVICES (4.13%)
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		1,800		620,100
TOTAL COMMON STOCKS
(COST $6,630,501)				13,656,560

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

SCHEDULE OF INVESTMENTS – April 30, 2024 (Unaudited)

Commonwealth Real Estate Securities Fund

	Principal
	Amount		Fair Value
U.S. GOVERNMENT & AGENCIES (5.20%)
Federal Home Loan Bank, 2.88%, 9/13/2024	$	300,000	$	297,226
Federal Home Loan Banks, 0.50%, 4/14/2025		300,000		286,870
United States Treasury Note, 2.88%, 5/31/2025		200,000		195,055
TOTAL U.S. GOVERNMENT & AGENCIES
(COST $779,629)				779,151

	Shares		Fair Value
MONEY MARKET FUNDS (3.57%)
Federated Hermes Government Obligations Fund, Institutional Class, 5.18%(b)		535,038	$	535,038
TOTAL MONEY MARKET FUNDS
(COST $535,038)				535,038
TOTAL INVESTMENTS — (100.00%)
(COST $7,945,168)				14,970,749
LIABILITIES IN EXCESS OF OTHER ASSETS (0.00%)				(697	)
NET ASSETS — 100.00%			$	14,970,052

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of April 30, 2024.

ADR — American Depositary Receipt

REIT— Real Estate Investment Trust

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

STATEMENTS OF ASSETS AND LIABILITIES – April 30, 2024 (Unaudited)

	Commonwealth									Commonwealth
	Australia/New					Commonwealth		Commonwealth		Real Estate
	Zealand Fund		Africa Fund			Japan Fund		Global Fund		Securities Fund
ASSETS
Investments in securities at fair value (cost $7,484,950, $3,301,399, $4,001,060, $7,490,306 and $7,945,168)	$	11,301,472	$	3,121,582		$	6,005,101	$	16,339,144	$	14,970,749
Foreign currencies, at value (cost $124,355, $142,735, $160,754, $– and $–)		120,870		143,749			152,428		—		—
Receivable for fund shares sold		50		1,400			—		100		—
Receivable for investments sold		—		—			—		428,589		—
Receivable from Advisor		—		4,442			3,442		—		—
Dividends and interest receivable		984		3,951			39,382		42,729		22,424
Tax reclaims receivable		—		3,514			999		25,600		—
Prepaid expenses		15,942		9,695			8,964		14,108		17,119
Total Assets		11,439,318		3,288,333			6,210,316		16,850,270		15,010,292
LIABILITIES
Due to custodian		—		—			—		—		293
Payable for investments purchased		96,442		130,969			218,638		199,261		—
Payable to Advisor		7,137		—			—		10,294		9,407
Distribution (12b-1) fees accrued		5,287		931			2,489		2,620		4,192
Payable to Administrator		6,471		2,492			3,651		8,370		6,344
Payable to trustees		4,777		1,268			2,421		6,519		5,292
Other accrued expenses		16,706		9,895			12,837		17,066		14,712
Total Liabilities		136,820		145,555			240,036		244,130		40,240
Commitments and contingent liabilities (Note 4)
NET ASSETS	$	11,302,498	$	3,142,778		$	5,970,280	$	16,606,140	$	14,970,052
NET ASSETS CONSIST OF:
Paid-in capital		7,978,090		4,197,364			4,106,750		7,493,586		7,645,385
Accumulated earnings (deficit)		3,324,408		(1,054,586	)		1,863,530		9,112,554		7,324,667
NET ASSETS	$	11,302,498	$	3,142,778		$	5,970,280	$	16,606,140	$	14,970,052
Shares outstanding (unlimited number of shares authorized)		1,102,158		441,405			1,590,242		840,931		686,943
Net asset value, offering and redemption price per share ^(a)	$	10.25	$	7.12		$	3.75	$	19.75	$	21.79

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

STATEMENTS OF OPERATIONS For the six months ended April 30, 2024 (Unaudited)

	Commonwealth												Commonwealth
	Australia/New						Commonwealth			Commonwealth			Real Estate
	Zealand Fund			Africa Fund			Japan Fund			Global Fund			Securities Fund
INVESTMENT INCOME
Dividend income (net of foreign taxes withheld of $28,177, $8,933, $8,848, $14,074 and $374)	$	149,500		$	64,927		$	54,378		$	175,203		$	204,559
Interest income		—			3,256			—			—			11,971
Total investment income		149,500			68,183			54,378			175,203			216,530
EXPENSES
Investment Advisor		44,369			11,309			22,414			61,014			54,292
Administration		32,394			8,290			16,169			43,929			37,776
Distribution (12b-1)		14,790			3,770			7,471			20,338			18,098
Registration		11,086			8,162			5,878			5,717			6,949
Legal		10,436			2,671			5,191			14,116			12,053
Trustee		9,485			2,432			4,755			12,895			11,210
Audit and tax preparation		9,343			2,537			4,737			12,358			10,590
Transfer agent		7,518			7,518			7,518			7,518			7,519
Insurance		6,442			1,542			3,031			8,255			6,630
Pricing		3,829			3,516			4,402			487			566
Chief Compliance Officer		3,492			893			1,742			4,736			4,055
Custodian		3,222			1,621			2,136			1,427			1,455
Printing		3,208			1,510			2,063			3,397			3,088
Interest expense		42			—			75			—			—
Miscellaneous		11,148			11,416			11,118			11,388			11,018
Total expenses		170,804			67,187			98,700			207,575			185,299
Fees contractually waived and expenses reimbursed by Advisor		—			(40,808	)		(46,280	)		—			—
Net operating expenses		170,804			26,379			52,420			207,575			185,299
Net investment income (loss)		(21,304	)		41,804			1,958			(32,372	)		31,231
NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investment securities transactions		(270,038	)		(136,400	)		67,514			454,366			280,626
Foreign currency transactions		2,079			591			(5,542	)		—			(110	)
Total net realized gain (loss)		(267,959	)		(135,809	)		61,972			454,366			280,516
Net change in unrealized appreciation (depreciation) on:
Investment securities		540,968			355,876			479,561			1,956,470			2,314,394
Foreign currency translations		(3,599	)		936			(2,757	)		—			(1	)
Total net change in unrealized appreciation (depreciation)		537,369			356,812			476,804			1,956,470			2,314,393
Net realized and change in unrealized gain on investments		269,410			221,003			538,776			2,410,836			2,594,909
Net increase in net assets resulting from operations	$	248,106		$	262,807		$	540,734		$	2,378,464		$	2,626,140

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

STATEMENTS OF CHANGES IN NET ASSETS

	Commonwealth
	Australia/New Zealand Fund						Africa Fund
	For the						For the
	Six Months						Six Months
	Ended			For the Year			Ended			For the Year
	April 30, 2024			Ended			April 30, 2024			Ended
	(Unaudited)			October 31, 2023			(Unaudited)			October 31, 2023
INCREASE (DECREASE) IN NET ASSETS DUE TO:
OPERATIONS:
Net investment income (loss)	$	(21,304	)	$	36,437		$	41,804		$	72,912
Net realized gain (loss) from investment securities and foreign currency transactions		(267,959	)		(164,321	)		(135,809	)		(81,098	)
Net change in unrealized appreciation (depreciation) from investment securities, foreign currency translations and purchased options contracts		537,369			(1,203,795	)		356,812			(139,577	)
Change in net assets resulting from operations		248,106			(1,331,679	)		262,807			(147,763	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Earnings		(31,068	)		(76,798	)		(99,144	)		(30,003	)
CAPITAL TRANSACTIONS:
Proceeds from shares sold		591,891			392,135			180,897			461,392
Reinvestment of distributions		30,410			75,262			93,340			29,112
Amount paid for shares redeemed		(547,126	)		(1,025,021	)		(152,196	)		(312,674	)
Redemption fees		—			—			—			—
Change in net assets resulting from capital transactions		75,175			(557,624	)		122,041			177,830
Net Increase (Decrease) in Net Assets		292,213			(1,966,101	)		285,704			64
NET ASSETS:
Beginning of period		11,010,285			12,976,386			2,857,074			2,857,010
End of period	$	11,302,498		$	11,010,285		$	3,142,778		$	2,857,074
SHARE TRANSACTIONS:
Shares sold		55,509			33,441			25,929			61,164
Shares issued in reinvestment of distributions		2,735			6,194			13,091			3,902
Shares redeemed		(50,146	)		(89,460	)		(21,826	)		(42,290	)
Change in shares outstanding		8,098			(49,825	)		17,194			22,776

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

STATEMENTS OF CHANGES IN NET ASSETS

Commonwealth						Commonwealth						Commonwealth
Japan Fund						Global Fund						Real Estate Securities Fund
For the						For the						For the
Six Months						Six Months						Six Months
Ended			For the Year			Ended			For the Year			Ended			For the Year
April 30, 2024			Ended			April 30, 2024			Ended			April 30, 2024			Ended
(Unaudited)			October 31, 2023			(Unaudited)			October 31, 2023			(Unaudited)			October 31, 2023

$	1,958		$	4,873		$	(32,372	)	$	(129,143	)	$	31,231		$	20,304
	61,972			(2,639	)		454,366			(53,300	)		280,516			(24,905	)

	476,804			592,108			1,956,470			447,419			2,314,393			183,064
	540,734			594,342			2,378,464			264,976			2,626,140			178,463

	(5,994	)		—			—			(128,817	)		—			(70,458	)

	312,526			988,911			33,091			245,983			769,924			397,875
	5,981			—			—			128,651			—			70,354
	(443,894	)		(667,912	)		(389,467	)		(751,439	)		(407,864	)		(214,276	)
	—			—			—			—			22			—
	(125,387	)		320,999			(356,376	)		(376,805	)		362,082			253,953
	409,353			915,341			2,022,088			(240,646	)		2,988,222			361,958

	5,560,927			4,645,586			14,584,052			14,824,698			11,981,830			11,619,872
$	5,970,280		$	5,560,927		$	16,606,140		$	14,584,052		$	14,970,052		$	11,981,830

	82,712			286,774			1,724			13,897			34,680			21,282
	1,599			—			—			7,432			—			3,838
	(118,040	)		(196,935	)		(20,343	)		(41,160	)		(18,782	)		(11,224	)
	(33,729	)		89,839			(18,619	)		(19,831	)		15,898			13,896

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

FINANCIAL HIGHLIGHTS

Commonwealth Australia/New Zealand Fund

Selected data for a share outstanding during each of the periods indicated:

	For the			For the Year			For the Year			For the Year			For the Year			For the Year
	Six Months			Ended			Ended			Ended			Ended			Ended
	Ended			October 31,			October 31,			October 31,			October 31,			October 31,
	April 30, 2024			2023			2022			2021			2020^(a)			2019
	(Unaudited)
Net asset value, beginning of period	$	10.06		$	11.34		$	17.17		$	12.92		$	13.33		$	12.85
Change in net assets from operations:
Net investment income (loss)		(0.02	)		0.03			(0.01	)		(0.05	)		0.01			0.10
Net realized and unrealized gain (loss) from investments		0.24			(1.24	)		(4.79	)		4.32			0.41			0.68
Total from investment activities		0.22			(1.21	)		(4.80	)		4.27			0.42			0.78
Distributions:
Net investment income		(0.03	)		—			(0.02	)		(0.02	)		(0.07	)		(0.08	)
Net realized gains		—			(0.07	)		(1.01	)		—			(0.76	)		(0.22	)
Total distributions		(0.03	)		(0.07	)		(1.03	)		(0.02	)		(0.83	)		(0.30	)
Redemption fees		—			—			—			—	(b)		—			—
Net asset value, end of period	$	10.25		$	10.06		$	11.34		$	17.17		$	12.92		$	13.33
Total Return		2.15	% (c)		(10.80	)%		(29.37	)%		33.04	%		3.05	%		6.45	%
Net assets, at end of period (000 omitted)	$	11,302		$	11,010		$	12,976		$	20,118		$	15,212		$	16,266
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		2.89	% (d)		2.81	%		2.60	%		2.41	%		2.60	% (e)		2.69	%
Ratio of gross expenses before waivers and/or reimbursements		2.89	% (d)		2.81	%		2.60	%		2.41	%		2.70	%		2.69	%
Ratio of net investment income (loss) to average net assets		(0.36	)% (d)		0.27	%		(0.10	)%		(0.35	)%		0.03	%		0.75	%
Portfolio turnover rate		5	% (c)		6	%		8	%		20	%		4	%		6	%

(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 to financial statements.

SEMI-ANNUAL REPORT 2024

FINANCIAL HIGHLIGHTS

Africa Fund

Selected data for a share outstanding during each of the periods indicated:

	For the			For the Year			For the Year			For the Year			For the Year			For the Year
	Six Months			Ended			Ended			Ended			Ended			Ended
	Ended			October 31,			October 31,			October 31,			October 31,			October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of period	$	6.74		$	7.12		$	8.40		$	6.04		$	7.88		$	7.95
Change in net assets from operations:
Net investment income		0.09			0.17			0.20			0.13			0.04			0.26
Net realized and unrealized gain (loss) from investments		0.52			(0.48	)		(1.32	)		2.41			(1.66	)		(0.29	)
Total from investment activities		0.61			(0.31	)		(1.12	)		2.54			(1.62	)		(0.03	)
Distributions:
Net investment income		(0.23	)		(0.07	)		(0.16	)		(0.18	)		(0.22	)		(0.04	)
Total distributions		(0.23	)		(0.07	)		(0.16	)		(0.18	)		(0.22	)		(0.04	)
Redemption fees		—			—			—	(a)		—	(a)		—	(a)		—
Net asset value, end of period	$	7.12		$	6.74		$	7.12		$	8.40		$	6.04		$	7.88
Total Return		9.06	% (b)		(4.41	)%		(13.59	)%		42.38	%		(21.30	)%		(0.36	)%
Net assets, at end of period (000 omitted)	$	3,143		$	2,857		$	2,857		$	2,954		$	2,028		$	2,632
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		1.75	% (c)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of gross expenses before waivers and/or reimbursements		4.46	% (c)		4.38	%		4.27	%		4.32	%		5.04	%		4.35	%
Ratio of net investment income to average net assets		2.77	% (c)		2.38	%		2.27	%		1.56	%		0.69	%		3.14	%
Portfolio turnover rate		3	% (b)		6	%		3	%		11	%		9	%		5	%

(a)

Rounds to less than $0.005 per share.

(b)

Not annualized.

(c)

Annualized.

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

FINANCIAL HIGHLIGHTS

Commonwealth Japan Fund

Selected data for a share outstanding during each of the periods indicated:

	For the			For the Year			For the Year			For the Year			For the Year			For the Year
	Six Months			Ended			Ended			Ended			Ended			Ended
	Ended			October 31,			October 31,			October 31,			October 31,			October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of period	$	3.42		$	3.03		$	4.41		$	4.03		$	4.12		$	3.66
Change in net assets from operations:
Net investment income (loss)		—	(a)		0.01			(0.01	)		(0.02	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) from investments		0.33			0.38			(1.20	)		0.40			(0.08	)		0.47
Total from investment activities		0.33			0.39			(1.21	)		0.38			(0.09	)		0.46
Distributions:
Net investment income		—	(a)		—			(0.04	)		—			—			—
Net realized gains		—			—			(0.13	)		—			—			—
Total distributions		—			—			(0.17	)		—			—			—
Redemption fees		—			—			—			—			—			—	(a)
Net asset value, end of period	$	3.75		$	3.42		$	3.03		$	4.41		$	4.03		$	4.12
Total Return		9.76	% (b)		12.87	%		(28.39	)%		9.43	%		(2.18	)%		12.57	%
Net assets, at end of period (000 omitted)	$	5,970		$	5,561		$	4,646		$	6,732		$	6,333		$	6,492
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		1.75	% (c)		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of gross expenses before waivers and/or reimbursements		3.30	% (c)		3.45	%		3.38	%		3.01	%		3.29	%		3.24	%
Ratio of net investment income (loss) to average net assets		0.07	% (c)		0.09	%		(0.08	)%		(0.51	)%		(0.34	)%		(0.25	)%
Portfolio turnover rate		5	% (b)		12	%		8	%		15	%		15	%		10	%

(a)

Rounds to less than $0.005 per share.

(b)

Not annualized.

(c)

Annualized.

See accompanying notes to financial statements.

SEMI-ANNUAL REPORT 2024

FINANCIAL HIGHLIGHTS

Commonwealth Global Fund

Selected data for a share outstanding during each of the periods indicated:

	For the			For the Year			For the Year			For the Year			For the Year			For the Year
	Six Months			Ended			Ended			Ended			Ended			Ended
	Ended			October 31,			October 31,			October 31,			October 31,			October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of period	$	16.97		$	16.86		$	21.12		$	16.20		$	15.84		$	14.75
Change in net assets from operations:
Net investment loss		(0.04	)		(0.15	)		(0.09	)		(0.11	)		(0.08	)		(0.02	)
Net realized and unrealized gain (loss) from investments		2.82			0.41			(4.17	)		5.03			0.44			1.13
Total from investment activities		2.78			0.26			(4.26	)		4.92			0.36			1.11
Distributions:
Net realized gains		—			(0.15	)		—			—			—			(0.02	)
Total distributions		—			(0.15	)		—			—			—			(0.02	)
Redemption fees		—			—			—			—			—	(a)		—
Net asset value, end of period	$	19.75		$	16.97		$	16.86		$	21.12		$	16.20		$	15.84
Total Return		16.38	% (b)		1.51	%		(20.17	)%		30.37	%		2.27	%		7.57	%
Net assets, at end of period (000 omitted)	$	16,606		$	14,584		$	14,825		$	19,642		$	15,597		$	15,993
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		2.55	% (c)		2.61	%		2.49	%		2.33	%		2.47	% (d)		2.52	%
Ratio of gross expenses before waivers and/or reimbursements		2.55	% (c)		2.61	%		2.49	%		2.33	%		2.56	%		2.52	%
Ratio of net investment loss to average net assets		(0.40	)% (c)		(0.81	)%		(0.44	)%		(0.54	)%		(0.49	)%		(0.15	)%
Portfolio turnover rate		3	% (b)		9	%		7	%		6	%		8	%		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 to financial statements.

SEMI-ANNUAL REPORT 2024

FINANCIAL HIGHLIGHTS

Commonwealth Real Estate Securities Fund

Selected data for a share outstanding during each of the periods indicated:

	For the			For the Year			For the Year			For the Year			For the Year			For the Year
	Six Months			Ended			Ended			Ended			Ended			Ended
	Ended			October 31,			October 31,			October 31,			October 31,			October 31,
	April 30, 2024			2023			2022			2021			2020			2019
	(Unaudited)
Net asset value, beginning of period	$	17.86		$	17.68		$	22.57		$	15.95		$	18.16		$	15.35
Change in net assets from operations:
Net investment income (loss)		0.05			0.04			(0.10	)		(0.14	)		(0.04	)		0.05
Net realized and unrealized gain (loss) from investments		3.88			0.25			(4.63	)		6.76			(2.01	)		2.87
Total from investment activities		3.93			0.29			(4.73	)		6.62			(2.05	)		2.92
Distributions:
Net investment income		—			—			—			—			(0.07	)		(0.04	)
Net realized gains		—			(0.11	)		(0.16	)		—			(0.09	)		(0.07	)
Total distributions		—			(0.11	)		(0.16	)		—			(0.16	)		(0.11	)
Redemption fees		—	(a)		—			—	(a)		—			—	(a)		—
Net asset value, end of period	$	21.79		$	17.86		$	17.68		$	22.57		$	15.95		$	18.16
Total Return		22.00	% (b)		1.61	%		(21.11	)%		41.50	%		(11.42	)%		19.17	%
Net assets, at end of period (000 omitted)	$	14,970		$	11,982		$	11,620		$	15,053		$	10,790		$	12,514
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		2.56	% (c)		2.71	%		2.58	%		2.44	%		2.63	% (d)		2.61	%
Ratio of gross expenses before waivers and/or reimbursements		2.56	% (c)		2.71	%		2.58	%		2.44	%		2.72	%		2.61	%
Ratio of net investment income (loss) to average net assets		0.43	% (c)		0.16	%		(0.45	)%		(0.66	)%		(0.22	)%		0.28	%
Portfolio turnover rate		5	% (b)		14	%		34	%		9	%		11	%		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 to financial statements.

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (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”).

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

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

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 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 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.

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2024:

	Australia/New Zealand Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	45,870	$	11,034,411	$	—	$	11,080,281
Money Market Funds		221,191		—		—		221,191
Total	$	267,061	$	11,034,411	$	—	$	11,301,472

	Africa Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	590,421	$	2,433,878	$	—	$	3,024,299
Sovereign Bonds		—		80,859		—		80,859
Money Market Funds		16,424		—		—		16,424
Total	$	606,845	$	2,514,737	$	—	$	3,121,582

	Japan Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	346,445	$	5,492,866	$	—	$	5,839,311
Money Market Funds		165,790		—		—		165,790
Total	$	512,235	$	5,492,866	$	—	$	6,005,101

	Global Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	16,316,185	$	—	$	—	$	16,316,185
Money Market Funds		22,959		—		—		22,959
Total	$	16,339,144	$	—	$	—	$	16,339,144

	Real Estate Securities Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	13,656,560	$	—	$	—	$	13,656,560
U.S. Government & Agencies		—		779,151		—		779,151
Money Market Funds		535,038		—		—		535,038
Total	$	14,191,598	$	779,151	$	—	$	14,970,749

(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, 2024 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

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

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 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 (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.

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

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

H) Redemption Fees − Redemption fees are applicable to certain redemptions of shares within fourteen calendar days of purchase. The redemption fee is imposed to discourage abusive trading activity, which can have disruptive effects on the Funds’ portfolio management and can increase the Funds’ expenses. The redemption fees are intended to offset, at least partially, portfolio transaction and administrative costs associated with short-term trading. The shareholder will be charged a fee equal to 2.00% of the amount redeemed and will be charged when shares are sold, exchanged or involuntarily redeemed. In determining the applicability of the redemption fee, shares held for the longest period of time will be treated as being sold first and shares held for the shortest period of time as being sold last. For the six months ended April 30, 2024, the Real Estate Fund had contributions to capital due to redemption fees in the amount of $22.

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, 2024, 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, 2024, the Funds had no purchased options.

J) Forward Currency Contracts − Forward currency transactions may be undertaken to hedge against possible variations in the foreign exchange rates between the U.S. dollar and foreign currencies. A forward currency contract is an agreement between two parties to buy or sell a currency at a set price on a future date. Forward contracts are marked-to-market daily and the change in the market value is recorded by the Fund as an unrealized gain or loss. When a contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Funds could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably. Other risks of forward currency transactions include failing to achieve expected benefit,

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

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, 2024, the Funds held no foreign 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.

L) Regulatory Update − Tailored Shareholder Reports for Mutual Funds and Exchange - Traded Funds (“ETFs”) – Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.

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, 2025, 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, 2025, 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, 2024, the Advisor may seek repayment of investment advisory fee waivers and expense reimbursements in the amounts as follows:

Recoverable Through	Africa Fund		Japan Fund
October 31, 2024	$	39,444	$	44,344
October 31, 2025		80,809		91,747
October 31, 2026		80,585		94,303
April 30, 2027		40,808		46,280

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

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

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, 2024, were as follows:

	Purchases		Sales
Australia/New Zealand Fund	$	588,144	$	741,889
Africa Fund		146,275		83,309
Japan Fund		290,636		468,435
Global Fund		496,912		811,812
Real Estate Securities Fund		953,618		696,203

There were no purchases or sales of long-term U.S. government obligations during the six months ended April 30, 2024.

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

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

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 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, 2024, the gross unrealized appreciation (depreciation) on investments, foreign currency translations and cost of securities on a tax basis for federal income tax purposes were as follows:

	Australia/New												Real Estate
	Zealand Fund			Africa Fund			Japan Fund			Global Fund			Securities Fund
Gross unrealized appreciation	$	4,795,674		$	561,196		$	2,012,307		$	8,865,856		$	7,154,111
Gross unrealized depreciation		(982,246	)		(780,325	)		(125,800	)		(25,658	)		(128,530	)
Net unrealized appreciation (depreciation) on investments	$	3,813,428		$	(219,129	)	$	1,886,507		$	8,840,198		$	7,025,581
Tax cost of investments	$	7,488,044		$	3,340,711		$	4,118,594		$	7,498,946		$	7,945,168

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’’).

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

As of October 31, 2023, the Funds’ most recent fiscal year end, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Australia/New												Real Estate
	Zealand Fund			Africa Fund			Japan Fund			Global Fund			Securities Fund
Undistributed ordinary income	$	31,038		$	99,103		$	5,854		$	—		$	—
Undistributed long-term capital gains		—			—			—			—			—
Tax accumulated earnings		31,038			99,103			5,854			—			—
Accumulated capital and other losses		(196,242	)		(741,855	)		(76,564	)		(149,638	)		(12,660	)
Unrealized appreciation (depreciation) on investments		3,272,460			(575,005	)		1,406,946			6,883,728			4,711,187
Unrealized appreciation (depreciation) on foreign currency translations		114			(492	)		(7,446	)		—			—
Total accumulated earnings (deficit)	$	3,107,370		$	(1,218,249	)	$	1,328,790		$	6,734,090		$	4,698,527

The tax character of distributions paid during the tax years ended October 31, 2023 were as follows:

	Australia/New
	Zealand Fund		Africa Fund		Japan Fund		Global Fund		Real Estate Fund
	Year Ended		Year Ended		Year Ended		Year Ended		Year Ended
	October 31, 2023		October 31, 2023		October 31, 2023		October 31, 2023		October 31, 2023
Distributions paid from:
Ordinary income	$	37	$	30,003	$	—	$	—	$	—
Net long-term capital gains		76,761		—		—		128,817		70,458
Total distributions paid	$	76,798	$	30,003	$	—	$	128,817	$	70,458

As of October 31, 2023, the following Funds had net capital loss carryforwards which are available to offset future net capital gains, if any:

	Australia/New
	Zealand Fund				Africa Fund				Japan Fund				Global Fund				Real Estate Fund
	Short-Term		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term		Short-Term		Long-Term
For losses expiring October 31, Non-Expiring	$	34,059	$	162,183	$	16,130	$	725,725	$	37,512	$	39,052	$	53,302	$	—	$	12,660	$	—

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

As of October 31, 2023, the Global Fund had $96,336 of qualified late-year ordinary losses, which were deferred until fiscal year 2023 for tax purposes. Net late-year losses incurred after December 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

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

Agreement further limits the amount that any Fund may borrow subject to the requirements specified by the 1940 Act, which generally permits a fund to borrow and pledge its shares to secure such borrowing, provided, that immediately thereafter there is asset coverage of at least 300% for all borrowings by a fund from a bank. If borrowings exceed this 300% asset coverage requirement by reason of a decline in net assets of a fund, the fund will reduce its borrowings within three days to the extent necessary to comply with the 300% asset coverage requirement. The 1940 Act also permits a fund to borrow for temporary purposes only in an amount not exceeding 5% of the value of its total assets at the time when the loan is made. The terms of the agreement include a non-refundable commitment fee 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, 2024, were as follows:

	Average Principal		Average Interest Rate
Australia/New Zealand Fund	$	59,661		8.50	%
Japan Fund		158,092		8.50	%

During the six months ended April 30, 2024, the Australia/New Zealand Fund and Japan Fund paid $42, and $75, respectively, in interest on borrowings and overdrafts. There were no borrowings outstanding under the Agreement as of April 30, 2024. 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 has a majority of its investments in securities issued by Australian and New Zealand issuers, the Africa Fund invests primarily in securities issued by African issuers and the Japan Fund invests primarily in securities of Japanese issuers. Investing in companies from specific geographic regions, such as Australia, New Zealand, Africa or Japan, may pose additional risks inherent to a region’s economic and political situation. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, many of the investments in Australia, New Zealand, Africa or Japan are denominated in foreign currencies. As a result, changes in the values of these currencies compared to the U.S. dollar may affect (positively or negatively) the value of the Funds’ investments. These events may happen separately from, and in response to, events that do not otherwise affect the values of the securities in the issuers’ home countries.

As of April 30, 2024, the Australia/New Zealand Fund held approximately 11% 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.

SEMI-ANNUAL REPORT 2024

NOTES TO FINANCIAL STATEMENTS – April 30, 2024 (Unaudited) – (Continued)

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 valuation, management has determined there were no items requiring adjustment of the financial statements or additional disclosure.

SEMI-ANNUAL REPORT 2024

APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT – April 30, 2024 (Unaudited)

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 Commonwealth 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 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 12, 2024, 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. It was noted that pursuant to relief granted by the U.S. Securities and Exchange Commission (the “SEC”) as a result of the COVID-19 pandemic, the Board was permitted to meet by videoconference to approve the renewal of the Agreements which normally require approval at a meeting of the Board held in-person, provided that such approvals were ratified at the Board’s next meeting held in-person.

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 were discussed during meetings of the Governance, Nomination and Compensation Committee (“GNC Committee”) held as follows: at a meeting of the GNC Committee held on February 20, 2024; during a meeting of the GNC Committee held on March 12, 2024; 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

SEMI-ANNUAL REPORT 2024

APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT – April 30, 2024 (Unaudited) – (Continued)

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.

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 personnel, including each person’s 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 reported by Morningstar’s aggregated peer group 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. The Trustees noted that there were no other registered investment companies in the Morningstar peer group that had the same investment objective and strategies as the Australia/New Zealand Fund and the Africa Fund. Additionally, with regard to the Morningstar peer group comparative data presented, the Trustees discussed the peer group category assignments and the appropriateness of those comparisons. 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 considered that the Morningstar MR Category covers a wide range of funds that do not fit into one of Morningstar’s primary categories. The Trustees further noted that an alternate Morningstar peer group category of Diversified Emerging Markets (“Morningstar EM Category”) was presented for comparison of the Africa Fund, and the Trustees considered the appropriateness of this comparison. 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

SEMI-ANNUAL REPORT 2024

APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT – April 30, 2024 (Unaudited) – (Continued)

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. They noted that the Australia/New Zealand Fund underperformed the average and the median of the Morningstar MR Category for the one-, three-, and five- year periods ended December 31, 2023. For the ten-year period ended December 31, 2023, the Trustees observed that Australia/New Zealand Fund outperformed the average of the Morningstar MR Category while the Fund underperformed the median of the Morningstar MR Category. The Trustees observed that the Australia/New Zealand Fund underperformed the NZX 50 Index for the one-, three-, five- and ten-year periods ended January 31, 2024.

With respect to the Africa Fund, the Trustees reviewed the Africa Fund’s performance compared to the Morningstar MR Category on a short-and long-term basis. The Trustees noted that the fact that the Africa Fund underperformed the average and median of the Morningstar MR Category for the one-, five- and ten year period ended December 31, 2023. For the three-year period ended December 31, 2023, the Africa Fund outperformed the average and underperformed the median of the Morningstar MR Category.

With respect to the Africa Fund, the Trustees reviewed the Africa Fund’s performance compared to the Morningstar EM Category on a short- and long-term basis. The Trustees noted that the Africa Fund is not included in the Morningstar Diversified Emerging Markets Category, and that this category is considered for alternative peer comparison purposes. The Trustees noted the fact that the Africa Fund outperformed the median and the average of the Morningstar EM Category for the three-year period ended December 31, 2023 while the Africa Fund underperformed the average and median of the Morningstar EM Category for the one-, five- and ten-year periods ended December 31, 2023. The Trustees observed that the Africa Fund outperformed the MSCI Emerging Markets Index for the three-year period ended January 31, 2024, but that it underperformed for the one-, five-year and since inception periods. The Trustees further observed that the Africa Fund outperformed the Dow Jones Africa Titans 50 Index for the three-year period ended January 31, 2024, but underperformed for the one- and five-year and since inception periods.

With respect to the Japan Fund, the Trustees noted the overall relative performance of the Fund on a short- and long-term basis in comparison to the Morningstar Japan Stock Category (“Morningstar JS Category”). The Trustees took note that the Japan Fund underperformed the average and median of the Morningstar JS Category for the one-, three-, five- and ten-year periods ended December 31, 2023. The Trustees noted that the Japan Fund had underperformed its comparative index, Tokyo Stock Price Index, for the one-, three-, five- and ten-year periods ended January 31, 2024.

With respect to the Global Fund, the Trustees reviewed the Global Fund’s performance compared to its index and the Morningstar Global Large Stock Blend Category (“Morningstar GLS Category”) on a short- and long-term basis. Further, the Trustees found that the Global Fund underperformed the average and median of the Morningstar GLS Category for the one-, three-, five- and ten-year periods ended December 31, 2023. The Trustees observed that the Global Fund underperformed the MSCI World Index for the one-, three-, five- and ten-year periods ended January 31, 2024.

SEMI-ANNUAL REPORT 2024

APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT – April 30, 2024 (Unaudited) – (Continued)

With respect to the Real Estate Fund, the Trustees reviewed the Real Estate Fund’s performance compared to one index and the Morningstar Real Estate Funds Category (“Morningstar RE Category”) on a short- and long-term basis. The Trustees noted that the Real Estate Fund outperformed the average and median of the Morningstar RE Category for the one-, three-, five- and ten-year periods ended December 31, 2023. The Trustees noted that the Real Estate Fund outperformed the MSCI US REIT index for the one-, three- and five-year periods ended January 31, 2024, but underperformed the index for the ten-year period ended January 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 fees of each of the Africa Fund and Australia/New Zealand Fund were below the average and median advisory fee of its respective Morningstar peer category. The Trustees noted that the advisory fee of the Global Fund was above the average and median advisory fee of its Morningstar peer category. The Trustees noted that the advisory fee of the Japan Fund was above the average and median advisory fee of its Morningstar peer category. The Trustees noted that the advisory fee of the Real Estate Fund was below its average and median advisory fee of its Morningstar peer category. The Trustees also noted that the total gross operating expenses and total net operating expenses of each of the Australia/New Zealand Fund, Africa Fund, Global Fund, Japan, and Real Estate Fund were above the average and median expense levels of its respective Morningstar peer category. 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 than Morningstar peer averages in all instances, such expenses were justified and 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.

SEMI-ANNUAL REPORT 2024

APPROVAL OF THE RENEWAL OF THE INVESTMENT ADVISORY AGREEMENT – April 30, 2024 (Unaudited) – (Continued)

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 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.

SEMI-ANNUAL REPORT 2024

ADDITIONAL INFORMATION – April 30, 2024 (Unaudited)

Table of Shareholder Expenses

As a shareholder of the Funds, you incur ongoing costs, including management fees, distribution and service fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2023, through April 30, 2024.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading ’‘Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

	Beginning	Ending	Expenses Paid	Expense Ratio
	Account Value	Account Value	During Period*	During Period*
	11/1/23	4/30/24	11/1/23-4/30/24	11/1/23-4/30/24
Australia/New Zealand Fund	$ 1,000.00	$ 1,021,50	$14.53	2.89%
Africa Fund	1,000.00	1,090.60	9.10	1.75%
Japan Fund	1,000.00	1,097.60	9.13	1.75%
Global Fund	1,000.00	1,163.80	13.72	2.55%
Real Estate Securities Fund	1,000.00	1,220.00	14.13	2.56%

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), short-term redemption or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses Paid	Expense Ratio
	Account Value	Account Value	During Period*	During Period*
	11/1/23	4/30/24	11/1/23-4/30/24	11/1/23-4/30/24
Australia/New Zealand Fund	$ 1,000.00	$ 1,010.49	$14.45	2.89%
Africa Fund	1,000.00	1,016.16	8.77	1.75%
Japan Fund	1,000.00	1,016.16	8.77	1.75%
Global Fund	1,000.00	1,012.18	12.76	2.55%
Real Estate Securities Fund	1,000.00	1,012.13	12.81	2.56%

Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by 182 (the number of days in the most recent fiscal half-year) divided by 366 (the number of days in the fiscal year) to reflect the one-half year period.

SEMI-ANNUAL REPORT 2024

ADDITIONAL INFORMATION – April 30, 2024 (Unaudited) – (Continued)

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.

SEMI-ANNUAL REPORT 2024

NOTICE OF PRIVACY POLICY & PRACTICES (Unaudited)

Commonwealth International Series Trust (the ’‘Trust’’) recognizes and respects the privacy expectations of our customers¹. We provide this notice to you so that you will know what kinds of information we collect about our customers and the circumstances in which that information may be disclosed to third parties who are not affiliated with the Trust.

Collection of Customer Information

We collect nonpublic personal information about our customers from the following sources:

●

Account Applications and other forms, which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance;

●

Account History, including information about the transactions and balances in a customer’s accounts; and

●

Correspondence, including written, telephonic or electronic, between a customer and the Trust or service providers to the Trust.

Disclosure of Customer Information

We may disclose all of the consumer information outlined above to third parties who are not affiliated with the Trust:

●

as permitted by law — for example with service providers who maintain or service shareholder accounts for the Trust or to a shareholder’s broker or agent;

●

to perform marketing services on our behalf or pursuant to a joint marketing agreement with another financial institution.

Security of Customer Information

We require service providers to the Trust:

●

to maintain policies and procedures designed to assure only appropriate access to, and use of information about customers of the Trust; and

●

to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of the Trust.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former customer of the Trust.

For purposes of this notice, the terms ’‘customer’’ or ’‘customers’’ includes both individual shareholders of the Trust and individuals who provide nonpublic personal information to the Trust, but do not invest in Trust shares.

Commonwealth International

Series Trust

791 Town & Country Blvd., Suite 250

Houston, TX 77024-3925

888-345-1898

www.commonwealthfunds.com

INVESTMENT ADVISOR

FCA Corp

791 Town & Country Blvd., Suite 250

Houston, TX 77024-3925

DISTRIBUTOR

Ultimus Fund Distributors, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

TRANSFER AGENT & ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

CUSTODIAN BANK

Fifth Third Bank N.A.

Fifth Third Center

38 Fountain Square Plaza

Cincinnati, OH 45263

INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

Cohen & Company, Ltd.

1835 Market Street, 3rd Floor

Philadelphia, PA 19103

LEGAL COUNSEL

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, KS 66211

Distributed by Ultimus Fund Distributors, LLC

Member FINRA/SIPC

Commonwealth-SAR-24

(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. Schedule of Investments.

				(a)		Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.
				(b)		Not applicable

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

None.

Item 11. Controls and Procedures.

(a)		The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended, (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act. Based on their review, such officers have concluded that the disclosure controls and procedures were effective in ensuring that information required to be disclosed in this report was appropriately recorded, processed, summarized and reported within the time periods specified by the Securities and Exchange Commission’s rules and forms.

(b)		There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s period covered by this report that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable

Item 13. Exhibits.

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

(a) (2)	Certifications required pursuant to Section 30a-2(a) of the Act are attached hereto. (1) Not applicable (2) Change in the registrant’s independent public accountants: Not applicable

(a) (3)	Not applicable to open-end management investment companies.

(b)	Certifications pursuant to Section 30a-2(b) of the Act are furnished herewith.

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.

(Registrant) Commonwealth International Series Trust

By (Signature and Title)	/s/ Robert Scharar
	Robert Scharar, President and Principal Executive Officer

Date

6/28/2024

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 (Signature and Title)	/s/ Robert Scharar
	Robert Scharar, President and Principal Executive Officer

Date

6/28/2024

By (Signature and Title)	/s/ Zachary P. Richmond
	Zachary P. Richmond, Treasurer and Principal Financial Officer

Date

6/28/2024

Commonwealth International Series Trust N-CSRSCertified semi-annual shareholder report (management investment company)