N-CSR 1 commonwealth_ncsr.htm N-CSR

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: October 31, 2022

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

BBD, LLP

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-AR-22

(COMMONWEALTH LOGO)

Commonwealth Australia/New Zealand Fund

Africa Fund

Commonwealth Japan Fund

Commonwealth Global Fund

Commonwealth Real Estate Securities Fund

ANNUAL REPORT

October 31, 2022

Table of Contents

Shareholder Letter	1

Performance Overview

Commonwealth Australia/New Zealand Fund	5
Africa Fund	7
Commonwealth Japan Fund	10
Commonwealth Global Fund	13
Commonwealth Real Estate Securities Fund	15

Portfolio Composition	17

Schedules of Investments	19

Statements of Assets and Liabilities	29

Statements of Operations	30

Statements of Changes in Net Assets	32

Financial Highlights	34

Notes to Financial Statements	39

Report of Independent Registered Public Accounting Firm	51

Additional Information	52

Liquidity Risk Management Program	54

Trustees and Officers	56

Notice of Privacy Policy & Practices	58

(COMMONWEALTH LOGO)

Commonwealth Australia/New Zealand Fund (CNZLX)

Africa Fund (CAFRX)

Commonwealth Japan Fund (CNJFX)

Commonwealth Global Fund (CNGLX)

Commonwealth Real Estate Securities Fund (CNREX)

www.commonwealthfunds.com

Dear Fellow Shareholders:

We are pleased to present the enclosed annual report for the twelve-months ended October 31, 2022 of the Commonwealth International Series Trust on behalf of its separate series: Commonwealth Australia/New Zealand Fund, Commonwealth Japan Fund, Commonwealth Global Fund, Commonwealth Real Estate Securities Fund and Africa Fund (each a “Fund” and together the “Funds”).

The global economy continues to face steep challenges, shaped in part by the lingering effects of three powerful forces: the Russian invasion of Ukraine, persistent and broadening inflation pressures, and the slowdown in China.

Russia’s invasion of Ukraine continues to be a destabilizing factor on the global economy. Beyond the escalating and senseless destruction of lives and livelihoods, it has led to a severe energy crisis in Europe that is hampering economic activity. Gas prices in Europe have increased more than four-fold since 2021, with Russia significantly reducing gas deliveries to Europe, raising the prospect of energy shortages over the next winter and beyond. More broadly, the conflict has also pushed up food prices on world markets, causing hardship for low-income households worldwide, and especially in low-income countries.

Persistent and broadening inflation pressures have triggered a rapid and synchronized tightening of monetary conditions, alongside a powerful appreciation of the U.S. dollar against most other currencies. Tighter global monetary and financial conditions are expected to work their way through the economy, weighing demand down and helping to gradually subjugate inflation. So far, however, price pressures are proving quite stubborn and a major source of concern for policymakers. While global inflation may peak in the near-term, we expect it to remain elevated for longer than previously expected.

In China, the frequent lockdowns under its zero Covid policy have taken a toll on the economy. Furthermore, the property sector, representing about one-fifth of the economic activity in China, is rapidly weakening. Given the size of China’s economy and its importance for global supply chains, this is likely to weigh heavily on global trade and activity.

Downside risks to the outlook remain elevated, while policy trade-offs to address inflation have become acutely challenging. The risk of monetary, fiscal, or financial policy miscalibration has risen sharply at a time when the world economy remains historically fragile and financial markets are showing signs of stress. These challenges do not imply that a large downturn is inevitable. In many countries, including the United States, the United Kingdom, and in Europe, labor markets remain tight, with historically low unemployment rates and high levels of job openings.

	ANNUAL REPORT 2022

Each of the Funds has exposure to international investments, with three of the Funds (Commonwealth Australia/New Zealand Fund, Commonwealth Japan Fund and Africa Fund) having most of their respective investments in international markets, while the Commonwealth Global Fund has around one-half of its investments in international markets, and the Commonwealth Real Estate Securities Fund has around one-fifth.

While we cannot forecast with precision how economic or geopolitical events will unfold, we have confidence that a long-term investment program remains essential. FCA Corp’s in-depth fundamental research, active investing and risk management strategies can serve investors well through challenging domestic and international markets.

Our investment theme includes that our shareholders may select the Funds for their individual attributes and the targeted markets they are designed to invest in. In many cases this could be an asset allocation decision by our shareholders. We continue to offer these differential characteristics among our Funds coupled with a fundamental based approach to investment selections.

As we begin on our 32nd year as the investment advisor to the Funds, we would like to thank you as shareholders for your support and continued interest in the Commonwealth family of funds.


Robert W. Scharar	Wesley R. Yuhnke
President and Portfolio Manager	Assistant Portfolio Manager
Commonwealth International Series Trust	Commonwealth International Series Trust

The views in the above discussion, along with discussion included under the “Performance Overview” for each Fund below, were those of the Funds’ investment advisor as of the date set forth above and may not reflect its views on the date this annual report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investment in the Funds and the performance of the Funds during the period covered by this report and do not constitute investment advice.

THE PERFORMANCE INFORMATION QUOTED IN THIS ANNUAL REPORT REPRESENTS PAST PERFORMANCE AND PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR’S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. AN INVESTOR SHOULD CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, AND CHARGES AND EXPENSES CAREFULLY BEFORE INVESTING. THE FUND’S PROSPECTUS CONTAINS THIS AND OTHER IMPORTANT INFORMATION. FOR INFORMATION ON THE FUND’S EXPENSE RATIO, PLEASE SEE THE FINANCIAL HIGHLIGHTS TABLE FOUND WITHIN THIS REPORT. TO OBTAIN A PROSPECTUS AND OTHER INFORMATION ABOUT THE FUNDS, PLEASE VISIT WWW.COMMONWEALTHFUNDS.COM OR CALL 888-345-1898. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.

	ANNUAL REPORT 2022

Questions and Answers

To help shareholders better understand key attributes of the mutual funds (each a “Fund” and collectively the “Funds”) comprising the Commonwealth International Series Trust and their operations, the following Question and Answer section is provided.

Who is the Advisor?

The Funds’ investment advisor is FCA Corp (“FCA”). FCA is an investment advisor that is registered with the U.S. Securities and Exchange Commission and has its principal place of business located at 791 Town & Country Blvd., Suite 250, Houston, Texas 77024-3925. The firm was founded in 1975 and maintains a global perspective on the equity and fixed income marketplaces.

Why is investing outside the U.S. important?

The Funds invest in companies outside the United States because FCA believes there are significant investment opportunities in select foreign markets. In our view, U.S. investors benefit from the diversification that having investments outside the United States can provide. International investing offers exposure to more companies and other nations’ economies, currencies, and growth prospects. Nearly half of the value of equity markets is outside the United States. The growth experienced by many of these foreign economies appears to be attractive. FCA believes that, for a U.S. investor, allocation of a portion of the investor’s portfolio to international securities can provide the potential for less risk and can achieve a more consistent long-term performance in the investor’s overall portfolio.

How has international investing changed over the last decade?

International markets now comprise a significant portion of all equity value worldwide. As markets have blended through global commerce, capital has flowed from country to country following investment opportunities. Developed markets and emerging markets both require capital investments to provide the goods and services that their consumers need. During the last decade in particular, accounting and economic statistical information has become more uniform and thus more dependable. The trend appears to be in place for continued development of these distant countries and their markets. Their demand for investment capital outside the U.S. continues, which provides opportunities for diversification and growth. The Funds seek to be participants in these opportunities.

What are some of the factors influencing a Fund’s portfolio turnover?

Each Fund generally invests in equity securities with a long-term view. The Funds’ portfolio securities are evaluated on their long-term prospects. A particular Fund may experience higher or lower turnover ratios in certain years. Factors influencing portfolio turnover include, but are not limited to the following: rebalancing portfolio securities to take advantage of long-term opportunities and/or to reallocate between fixed income and equity securities; investing new subscriptions; or selling securities to cover redemptions. Higher levels of portfolio activity by a Fund will result in higher transaction costs and/or more realized gains or losses, the impact of which is borne by the Fund’s shareholders. The turnover of a portfolio is not predictable because managers do not know when the portfolio transactions will occur. Under most circumstances, it is desirable to limit transactions because of the costs associated with trading, currency conversions, and custody fees, although these are generally not the determining factors.

	ANNUAL REPORT 2022

How can the size of the Fund impact the Funds’ expense ratio?

Achieving each Fund’s objective with a portfolio comprised of international securities is historically more expensive than managing a portfolio comprised of domestic securities. Research of foreign markets, trading in different currencies, custody of assets, accurate evaluations of holdings, income tax, securities regulatory compliance, and generally overall communications are all known to be more expensive when managing these types of portfolios. Additionally, as with almost every mutual fund, size has an impact on the expense ratio of Funds. Typically, larger mutual funds can have lower expense ratios as there is an increased opportunity to spread out fixed and partially-fixed costs necessary to operate such mutual funds over a larger asset base. Generally, mutual fund expenses, including those of the Funds, are allocated on a daily basis among all shareholders. In addition, as portfolio assets increase, it is self-evident that fixed costs as a percentage of the assets managed generally decline. The Financial Highlights section of the accompanying financial statements provides supplemental data that includes current and historic expense information, and where applicable, the advisor’s waiver of fees or voluntary expense reimbursements to help reduce these costs.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND

The Commonwealth Australia/New Zealand Fund’s net asset value (NAV) as of October 31, 2022 was $11.34 per share compared to $17.17 per share on October 31, 2021. For the twelve-month period covered by this Annual Report, the Commonwealth Australia/New Zealand Fund returned -29.37%. This return figure includes the $1.03 per share distribution made in December 2021. In presenting comparative performance numbers on the Fund versus indexes, it is important to note that investment decisions for the Fund are based upon fundamental research and not designed to track a specific index. Further, our investments in cash and cash equivalents within the Fund could distort comparisons with indexes that do not make such investments. To present various aspects of the marketplace return, we provide two indexes for consideration. During the twelve-month period, the NZX 50 Index returned -29.64% and the Australian All Ordinaries Index returned -16.62%. These indexes are unmanaged, expressed in terms of U.S. dollars and do not reflect the deduction of fees associated with ownership of a mutual fund, such as investment management and fund accounting fees, nor do they reflect the deduction of taxes associated with ownership of a mutual fund.

From our view, the long-term goal of owning the Australia/New Zealand Fund is to benefit from the ownership of companies domiciled and operating in both countries. Therefore, both countries are continuously represented in ownership. History shows that the returns of the respective marketplaces can vary significantly from one another. Rarely would the markets for each county perform the same. Nonetheless, the overriding goal of long-term diversified ownership seeks to be maintained.

There are other considerations that impacted performance during the period covered by this year’s report:

The 18.9% decline of the New Zealand dollar versus the U.S. dollar had a predictably negative effect on the Fund’s returns.

The 15.0% decline of the Australian dollar versus the U.S. dollar had a predictably negative effect on the Fund’s returns.

The Fund’s holdings in the following securities had the largest positive impact on the Fund’s performance: APA Group, Brambles Ltd., Federated Hermes Government Obligations Money Market Fund, Senex Energy Ltd., and Coronado Global Resources.

The Fund’s holdings in the following securities had the largest negative impact on the Fund’s performance: South Port New Zealand Ltd., Pacific Edge Ltd., Mainfreight Ltd., Briscoe Group Ltd., and Freightways Ltd.

Investment Risks

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including high-grade fixed income securities. The net asset values per share of a Fund will fluctuate as the value of these securities in the portfolio changes.

The Fund’s expenses, as with any mutual fund, detract from the Fund’s performance. The Fund’s asset levels have a direct effect on the expense indirectly paid by shareholders. To the extent the Fund’s assets decline and the expenses of the Fund rise or do not decrease proportionately, performance will be negatively impacted.

International investing involves increased risk and volatility. An investment in this Fund entails the special risks of international investing, including currency exchange fluctuation, government regulations, and the potential for political and economic instability. Because the Fund invests primarily in the securities of, and depositary receipts represented by Australian and New Zealand issuers, the Fund is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer of those countries.

By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather change in the value of their investments.

Investors should refer to the Fund’s Prospectus for a more complete description of risks associated with investing in the Fund.

Portfolio holdings will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Trust, the Fund, the Fund’s investment advisor or the distributor.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND

Comparison of Change in Value of a $10,000 investment in the Commonwealth Australia/New Zealand Fund (the “Fund”), the AAOI and the NZX 50 Index.

(LINE GRAPH)

The above graph is a hypothetical $10,000 investment in the Fund from 10/31/12 to 10/31/22 and represents the reinvestment of dividends and distributions in the Fund.

				Total Fund
	Average Annual Total Returns			Operating
	as of October 31, 2022			Expense
	1 Year	5 Year	10 Year	Ratio(a)
Commonwealth Australia/New Zealand Fund	(29.37)%	0.29%	2.84%	2.41%
Australian All Ordinaries Index (“AAOI”)	(16.62)%	4.93%	5.13%	—
NZX 50 Index	(29.64)%	3.42%	7.31%	—

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 graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund 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. The Fund’s performance reflects any fee waivers during the applicable periods. If such fee waivers had not occurred, the quoted performance would have been lower. Total returns for 1 year are not annualized.

(a)

The above expense ratio is from the Fund’s Prospectus, dated February 28, 2022. Additional information pertaining to the Fund’s expense ratio as of October 31, 2022, can be found in the financial highlights.

The Fund’s performance is measured against the Australian All Ordinaries Index (’‘AAOI’’), an index made up of the largest 500 companies as measured by market capitalization that are listed on the Australian Stock Exchange; and the NZX 50 Index, a total return index consisting of the top 50 companies by free float adjusted market capitalization that are listed on the New Zealand Stock Exchange. These indices are unmanaged, are expressed in terms of U.S. dollars, and do not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. The performance of the Fund reflects the deduction of fees for these services. Investors cannot invest directly in an index.

You should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. This and other information can be found in the Fund’s 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.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

AFRICA FUND

The Africa Fund’s net asset value (NAV) as of October 31, 2022 was $7.12 per share compared to $8.40 per share on October 31, 2021. For the period covered by this Annual Report, the Africa Fund returned -13.59%. This return figure includes the $0.16 per share distribution made in December 2021. Investment decisions for the Fund are based upon fundamental research and not designed to track a specific index. Further, our investments in cash and cash equivalents within the Fund could distort comparisons with indexes that do not make such investments. The MSCI Emerging Markets Index and the Dow Jones Africa Titans 50 Index returned -31.03% and -23.43%, respectively for the same period. The indexes are unmanaged, expressed in terms of U.S. dollars and do not reflect the deduction of fees associated with ownership of a mutual fund such as investment management and fund accounting fees, nor do they reflect the deduction of taxes associated with ownership of a mutual fund. The performance of the Fund reflects the deduction of fees for these services. Investors cannot invest directly in an index.

There are other considerations that impacted performance during the period covered by this year’s report:

For the period ended October 31, 2022, the Advisor limited the Fund operating expenses, which positively affected the Fund’s performance. Had the Advisor not capped the Fund’s operating expenses, performance would have been lower. Please see the accompanying notes to the financial statements for additional information.

The 16.86% decrease of the South African Rand versus the U.S. dollar had a predictable negative effect on the Fund’s performance.

The Fund’s holdings in the following securities had the largest positive impact on the Fund’s performance: Grinrod Ltd., Shoprite Holdings Ltd. ADR, Alviva Holdings Ltd., Standard Bank Group Ltd. ADR, and Mediclinic International PLC.

The Fund’s holdings in the following securities had the largest negative impact on the Fund’s performance: Naspers Ltd., Murray & Roberts Holdings Ltd., Global X MSCI Nigeria ETF, Discovery Ltd., and Renergen Ltd.

We believe that Africa represents a unique, complicated continent with the potential to be both economically rewarding and punitive. We feel equities listed on African stock exchanges offer investors a way to participate in what is expected to be sizeable growth in the consumer consumption of goods and services and the economies in general. It takes time for governments to change and for the people of an emerging country to adjust. With the vast number of countries within the African continent, it is an exciting yet daunting task. Our portfolio selection includes using information we gather firsthand through trips to the continent as we seek to monitor each investment and to make decisions we view as being in the best interests of the Fund. The African

continent is not well understood by all U.S. investors. In response we have included information on our website at Commonwealthfunds.com that will assist in the understanding of this unique and complex world.

Investment Risks

The Fund’s expenses, as with any mutual fund, detract from the Fund’s performance. The Fund’s asset levels have a direct effect on the expenses indirectly paid by shareholders. To the extent the Fund’s assets decline and the expenses of the Fund rise or do not decrease proportionately, performance will be negatively impacted.

International investing involves increased risk and volatility. An investment in this Fund entails the special risks of international investing, including currency exchange fluctuation, government regulations, and the potential for political and economic instability. Because the Fund invests primarily in the securities of, and depositary receipts represented by African issuers, the Fund is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer of those countries.

By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather change in the value of their investments.

Investors should refer to the Fund’s Prospectus for a more complete description of risks associated with investing in the Fund.

Portfolio holdings will change due to ongoing management of the Fund. References to specific securities or sectors should not be construed as recommendations by the Trust, the Advisor or the Distributor.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

AFRICA FUND

Comparison of Change in Value of a $10,000 investment in the Africa Fund (the “Fund”), the MSCIEM and the DJAFKT.

(LINE GRAPH)

The above graph is a hypothetical $10,000 investment in the Fund from 10/31/12 to 10/31/22 and represents the reinvestment of dividends and distributions in the Fund.

				Total Fund
				Operating
				Expense
	Average Annual Total Returns			After Fee
	as of October 31, 2022			Waiver
	1 Year	5 Year	10 Year	Ratio(a)
Africa Fund	(13.59)%	(3.07)%	(2.33)%	1.81%
MSCI Emerging Markets Index (“MSCIEM”)	(31.03)%	(3.09)%	0.79%	—
Dow Jones Africa Titans 50 Index (“DJAFKT”)	(23.43)%	(3.44)%	(3.25)%	—

(a)

The above expense ratio is from the Fund’s Prospectus, dated February 28, 2022. FCA Corp has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the 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 Fund. This expense limitation agreement may be terminated by FCA Corp or the Trust at any time after February 28, 2023. FCA Corp may recoup from the Fund any reduced fees and/or expenses reimbursed pursuant to this agreement if such recoupment does not cause the Fund to exceed the expense limitation in place at the time the fee was reduced and/or 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, before fee waiver, would have been 4.32%. Additional information pertaining to the Fund’s expense ratio as of October 31, 2022, can be found in the financial highlights.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

AFRICA FUND

The Fund’s performance is measured against the MSCI Emerging Markets Index (’‘MSCIEM’’), a free float-adjusted market capitalization index that is designed to measure equity market performance within global emerging markets; and the Dow Jones Africa Titans 50 Index (’‘DJAFKT’’), a float-adjusted market capitalization index that is designed to measure the stock performance of 50 leading companies that are headquartered or generate the majority of their revenues in Africa. The MSCIEM currently consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, South Africa, Saudi Arabia, Taiwan, Thailand, Turkey and United Arab Emirates. These indices are unmanaged, are expressed in terms of U.S. dollars, and do not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. The performance of the Fund reflects the deduction of fees for these services. Investors cannot invest directly in an index.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH JAPAN FUND

The Commonwealth Japan Fund’s net asset value (NAV) as of October 31, 2022 was $3.03 per share compared to $4.41 per share on October 31, 2021. For the twelve-month period covered by this Annual Report, the Commonwealth Japan Fund returned -28.39%. This return figure includes the $0.17 per share distribution made in December 2021. Investment decisions for the Fund are based upon fundamental research and not designed to track a specific index. Further, our investments in cash and cash equivalents within the Fund could distort comparisons with indexes that do not make such investments. The Tokyo Stock Price Index returned -24.05% for the same period. The index is unmanaged, expressed in terms of U.S. dollars and does not reflect the deduction of fees associated with ownership of a mutual fund such as investment management and fund accounting fees, nor do they reflect the deduction of taxes associated with ownership of a mutual fund. The performance of the Fund reflects the deduction of fees for these services.

There are other considerations that impacted performance during the period covered by this year’s report:

The 23.3% decline of the Japanese Yen versus the U.S. dollar during the year had a predictable negative effect on the Fund’s returns.

The Fund’s holdings in the following securities had the largest positive impact on the Fund’s performance: Kintetsu World Express, Inc., Takada Corp., Alps Alpine Co. Ltd., Yamae Group Holdings Co. Ltd., and Toyota Motor Corp. ADR.

The Fund’s holdings in the following securities had the largest negative impact on the Fund’s performance: Asahi Intecc Co. Ltd, Hoya Corp., Terumo Corp., Shin-Etsu Chemical Co. Ltd., and Nidec Corp.

Investment Risks

International investing involves increased risk and volatility. An investment in this Fund entails the special risks of international investing, including currency exchange fluctuation, government regulations, and the potential for political and economic instability. Because the Fund invests primarily in the securities of, and depositary receipts represented by Japanese issuers, the Fund is particularly susceptible to any economic, political, or regulatory developments affecting a particular issuer of those countries.

By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather change in the value of their investments.

Investors should refer to the Fund’s Prospectus for a more complete description of risks associated with investing in the Fund.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH JAPAN FUND

Comparison of Change in Value of a $10,000 investment in the Commonwealth Japan Fund (the “Fund”) and the TOPIX.

(LINE GRAPH)

The above graph is a hypothetical $10,000 investment in the Fund from 10/31/12 to 10/31/22 and represents the reinvestment of dividends and distributions in the Fund.

				Total Fund
				Operating
				Expense
	Average Annual Total Returns			After Fee
	as of October 31, 2022			Waiver
	1 Year	5 Year	10 Year	Ratio(a)
Commonwealth Japan Fund	(28.39)%	(3.74)%	2.20%	1.75%
Tokyo Stock Price Index (“TOPIX”)	(24.05)%	(1.24)%	5.68%	—

(a)

The above expense ratio is from the Fund’s Prospectus, dated February 28, 2022. FCA Corp has entered into a written expense limitation agreement under which it has agreed to limit the total expenses of the 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 Fund. This expense limitation agreement may be terminated by FCA Corp or the Trust at any time after February 28, 2023. FCA Corp may recoup from the Fund any reduced fees and/or expenses reimbursed pursuant to this agreement if such recoupment does not cause the Fund to exceed the expense limitation in place at the time the fee was reduced and/or 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, before fee waiver, would have been 3.01%. Additional information pertaining to the Fund’s expense ratio as of October 31, 2022, can be found in the financial highlights.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH JAPAN FUND

The Fund’s performance is measured against the Tokyo Stock Price Index (“TOPIX”), an unmanaged capitalization-weighted index of all the companies stocks on the First Section of the Tokyo Stock Exchange. This index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. The performance of the Fund reflects the deduction of fees for these services. Investors cannot invest directly in an index.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH GLOBAL FUND

The Commonwealth Global Fund’s net asset value (NAV) as of October 31, 2022 was $16.86 per share compared to $21.12 per share on October 31, 2021. For the twelve-month period covered by this Annual Report, the Commonwealth Global Fund returned -20.17%. Investment decisions for the Fund are based upon fundamental research and not designed to track a specific index. Further, our investments in cash and cash equivalents within the Fund could distort comparisons with indexes that do not make such investments. The MSCI World Index returned -18.09% for the same period. The index is unmanaged, expressed in terms of U.S. dollars and do not reflect the deduction of fees or taxes associated with ownership of a mutual fund such as investment management and fund accounting fees, nor do they reflect the deduction of taxes associated with ownership of a mutual fund. The performance of the Fund reflects the deduction of fees for these services. Investors cannot invest directly in an index.

There are other considerations that impacted performance during the period covered by this year’s report:

The following security holdings had the largest positive impact on the Fund’s performance: Chevron Corp., Pearson PLC ADR, American Movil S.A.B. de C.V. ADR, Shoprite Holdings Ltd. ADR, and Schlumberger Ltd.

The following securities had the largest negative impact on the Fund’s performance: Skyworks Solutions, Inc., Nidec Corp. ADR, Sony Group Corp. ADR, Nice Ltd. ADR, and Arkema SA ADR.

Investment Risks

By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather change in the value of their investments.

Investors should refer to the Fund’s Prospectus for a more complete description of risks associated with investing in the Fund.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH GLOBAL FUND

Comparison of Change in Value of a $10,000 investment in the Commonwealth Global Fund (the “Fund”) and the MSCI World Index.

(LINE GRAPH)

The above graph is a hypothetical $10,000 investment in the Fund from 10/31/12 to 10/31/22 and represents the reinvestment of dividends and distributions in the Fund.

				Total Fund
	Average Annual Total Returns			Operating
	as of October 31, 2022			Expense
	1 Year	5 Year	10 Year	Ratio(a)
Commonwealth Global Fund	(20.17)%	1.96%	3.52%	2.33%
MSCI World Index	(18.09)%	6.92%	9.52%	—

(a)

The Fund’s performance is measured against the MSCI World Index, an unmanaged free float-adjusted market capitalization index that is designed to measure global developed market equity performance. Currently the MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The performance of the index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. The performance of the Fund reflects the deduction of fees for these services. Investors cannot invest directly in an index.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH REAL ESTATE SECURITIES FUND

The Commonwealth Real Estate Securities Fund’s net asset value (NAV) as of October 31, 2022, was $17.68 per share compared to $22.57 per share on October 31, 2021. For the twelve-month period covered by this Annual Report, the Commonwealth Real Estate Securities Fund returned -21.11%. This return figure includes the $0.16 per share distribution made in December 2021. The MSCI US REIT Index returned -18.77% for the same period. The index is unmanaged, expressed in terms of U.S. dollars and do not reflect the deduction of fees or taxes associated with ownership of a mutual fund such as investment management and fund accounting fees, nor do they reflect the deduction of taxes associated with ownership of a mutual fund. The performance returns of the Fund do reflect the deduction of fees for these services. Investment decisions for the Fund are based upon fundamental research and not designed to track a specific index. Further, our investments in cash and cash equivalents within the Fund could distort comparisons with indexes that do not make such investments.

There are other considerations that impacted performance during the period covered by this year’s report:

The Fund’s holdings in the following securities had the largest positive impact on the Fund’s performance: Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR, Iron Mountain, Inc., Cyrela Brazil Realty SA ADR, CyrusOne Holdco LLC, and BrasilAgro – Company Brasileria de Propriedades Agricolas ADR.

The Fund’s holdings in the following securities had the largest negative impact on the Fund’s performance: James Hardie Industries PLC, Hannon Armstrong Sustainable Infrastructure Capital, Inc., Digital Realty Trust, Inc., Tecnoglass, Inc., and American Tower Corp.

The Fund’s underperformance compared to the MSCI US REIT Index may be in part explained by our strategy of not investing solely in REITs but also investing in real estate and related industries as well as international companies. Real estate and related industries include companies and industries whose fortunes are impacted by the real estate market beyond just owning the underlying real estate.

Investment Risks

The Fund’s investments in real estate investment trusts (“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.

Investments in the Fund are subject to the risks related to direct investment in real estate, such as real estate risk, regulatory risks, concentration risk, and diversification risk.

By itself the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather change in the value of their investments.

Investors should refer to the Fund’s Prospectus for a more complete description of risks associated with investing in the Fund.

ANNUAL REPORT 2022

PERFORMANCE OVERVIEW – October 31, 2022 (Unaudited)

COMMONWEALTH REAL ESTATE SECURITIES FUND

Comparison of Change in Value of a $10,000 investment in the Commonwealth Real Estate Securities Fund (the “Fund”) and the MSCI US REIT Index.

(LINE GRAPH)

The above graph is a hypothetical $10,000 investment in the Fund from 10/31/12 to 10/31/22 and represents the reinvestment of dividends and distributions in the Fund.

				Total Fund
	Average Annual Total Returns			Operating
	as of October 31, 2022			Expense
	1 Year	5 Year	10 Year	Ratio(a)
Commonwealth Real Estate Securities Fund	(21.11)%	1.70%	5.04%	2.44%
MSCI US REIT Index	(18.77)%	4.12%	6.79%	—

(a)

The Fund’s performance is measured against the MSCI US REIT Index which is an unmanaged free float-adjusted market capitalization weighted index that is comprised of equity REITs that are included in the MSCI USA Investable Market Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 99% of the US REIT universe. This index is expressed in terms of U.S. dollars, and does not reflect the deduction of fees or taxes with a mutual fund, such as investment management and fund accounting fees. The performance of the Fund reflects the deduction of fees for these services. Investors cannot invest directly in an index.

ANNUAL REPORT 2022

PORTFOLIO COMPOSITION – October 31, 2022* (Unaudited)

COMMONWEALTH AUSTRALIA/NEW ZEALAND FUND
Industry or	Percentage of Total
Security Type	Investments
Transport Operations & Services	16.5%
Logistics Services	9.4%
Power Generation	8.6%
Courier Services	5.1%
Health Care Services	4.5%
Home Products Stores	4.3%
Food & Drug Stores	3.9%
Flow Control Equipment	3.8%
Health Care Facilities	3.7%
Biotech	3.6%
Measurement Instruments	3.5%
Wireless Telecommunications	3.0%
Medical Devices	2.7%
Lodging	2.7%
Containers & Packaging	2.7%
Multi Asset Class Owners & Developers	2.4%
Gas Utilities	2.2%
Integrated Electric Utilities	1.9%
Real Estate Services	1.8%
Environmental & Facilities Services	1.7%
Life Science & Diagnostics	1.6%
Internet Media & Services	1.6%
Building Construction	1.2%
Packaged Food	1.2%
Application Software	1.1%
Food & Drug Stores	1.1%
Alcoholic Beverages	1.0%
Retail REITs	0.8%
Health Care Supply Chain	0.8%
Money Market Funds	0.8%
Steel Producers	0.6%
IT Services	0.2%
	100.0%

AFRICA FUND
Country or	Percentage of Total
Security Type	Investments
South Africa	88.1%
Money Market Funds	3.8%
United Kingdom	3.2%
Exchange Traded Funds - Nigeria	2.9%
Egypt	2.0%
	100.0%

COMMONWEALTH JAPAN FUND
Industry or	Percentage of Total
Security Type	Investments
Medical Devices	11.6%
Transit Services	8.6%
Life Insurance	6.0%
Personal Care Products	5.6%
Commercial Finance	5.0%
Health Care Supplies	4.9%
Multi Asset Class Owners & Developers	4.4%
Electronics Components	3.6%
Commercial & Residential Building Equipment & Systems	3.3%
IT Services	3.2%
Home Products Stores	3.2%
Food & Beverage Wholesalers	2.7%
Building Construction	2.6%
Specialty Chemicals	2.6%
Diversified Industrials	2.5%
Specialty Apparel Stores	2.4%
Courier Services	2.3%
Alcoholic Beverages	2.2%
Basic & Diversified Chemicals	2.2%
Electrical Power Equipment	2.2%
Food & Drug Stores	2.2%
P&C Insurance	2.1%
Factory Automation Equipment	1.7%
Logistics Services	1.6%
Mass Merchants	1.5%
Automotive Wholesalers	1.5%
Building Maintenance Services	1.4%
Auto Parts	1.3%
Wireless Telecommunications	1.3%
Integrated Electric Utilities	1.2%
Infrastructure Construction	1.1%
Advertising & Marketing	1.0%
Consumer Electronics	0.7%
Money Market Funds	0.3%
	100.0%

Portfolio composition is subject to change.

ANNUAL REPORT 2022

PORTFOLIO COMPOSITION – October 31, 2022* (Unaudited)

COMMONWEALTH GLOBAL FUND
Country or	Percentage of Total
Security Type	Investments
United States	53.6%
United Kingdom	12.4%
Switzerland	7.0%
Japan	4.3%
Israel	3.5%
India	3.4%
Germany	2.6%
Norway	2.4%
South Africa	2.1%
France	1.7%
Panama	1.6%
Denmark	1.5%
Mexico	1.3%
Money Market Funds	1.2%
Taiwan Province Of China	0.9%
Ireland	0.5%
	100.0%

COMMONWEALTH REAL ESTATE SECURITIES FUND
Industry or	Percentage of Total
Security Type	Investments
Infrastructure REITs	11.0%
Money Market Funds	9.6%
Building Materials	9.0%
Homebuilding	7.6%
Specialized REITs	6.4%
Self-Storage REITs	5.2%
Industrial REITs	5.1%
Retail REITs	4.9%
Home Products Stores	4.2%
Data Center REITs	3.7%
Mortgage Finance	3.7%
Office REITs	3.4%
Commercial & Residential Building Equipment & Systems	3.3%
Residential REITs	3.2%
Multi Asset Class REITs	2.8%
Hotels Resorts & Cruise Lines	2.8%
Transport Operations & Services	2.5%
Cement & Aggregates	1.9%
Banks	1.9%
Industrial Machinery	1.8%
Agricultural Producers	1.3%
Residential Owners & Developers	1.3%
Building Construction	1.3%
Health Care REITs	1.1%
Mortgage REITs	1.0%
	100.0%

Portfolio composition is subject to change.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Australia/New Zealand Fund

	Shares		Fair Value
COMMON STOCKS (93.93%)
AUSTRALIA (31.62%)
BIOTECH (3.45%)
CSL Ltd.		2,500	$	447,469
BUILDING CONSTRUCTION (1.19%)
Lendlease Group		27,696		153,987
CONTAINERS & PACKAGING (2.55%)
Brambles Ltd.		44,265		331,349
ENVIRONMENTAL & FACILITIES SERVICES (1.64%)
Cleanaway Waste Management Ltd.		123,329		213,293
FOOD & DRUG STORES (3.70%)
Coles Group Ltd.		45,930		480,153
GAS UTILITIES (2.07%)
APA Group		40,000		269,253
HEALTH CARE FACILITIES (1.08%)
Ramsay Health Care Ltd.		3,750		140,637
HEALTH CARE SERVICES (4.27%)
Sonic Healthcare Ltd.		26,382		552,234
INTEGRATED ELECTRIC UTILITIES (1.81%)
Origin Energy Ltd.		65,776		234,953
INTERNET MEDIA & SERVICES (1.48%)
Webjet Ltd.(a)		57,000		192,458
IT SERVICES (0.19%)
Appen Ltd.		15,000		24,298
LOGISTICS SERVICES (2.06%)
Qube Holdings Ltd.		153,645		267,447
MEDICAL DEVICES (1.97%)
Cochlear Ltd.		2,000		255,447
RETAIL REITS (0.79%)
Scentre Group Ltd.		55,000		102,340
STEEL PRODUCERS (0.55%)
Vulcan Steel Ltd.		15,000		71,967
WIRELESS TELECOMMUNICATIONS (2.82%)
Telstra Group Ltd.(a)		145,955		365,914
TOTAL AUSTRALIA				4,103,199
NEW ZEALAND (62.31%)
ALCOHOLIC BEVERAGES (0.96%)
Delegat Group Ltd.		21,456		125,127
APPLICATION SOFTWARE (1.03%)
Xero Ltd.(a)		2,700		134,058

	Shares		Fair Value
COMMON STOCKS (93.93%) – Continued
NEW ZEALAND (62.31%) – Continued
COURIER SERVICES (4.79%)
Freightways Ltd.		103,540	$	621,992
FLOW CONTROL EQUIPMENT (3.56%)
Skellerup Holdings Ltd.		150,000		461,577
FOOD & DRUG STORES (1.02%)
Green Cross Health Ltd.		181,796		132,224
HEALTH CARE FACILITIES (2.40%)
Ryman Healthcare Ltd.		40,000		194,765
Summerset Group Holdings Ltd.		20,601		115,880
				310,645
HEALTH CARE SUPPLY CHAIN (0.76%)
AFT Pharmaceuticals Ltd.(a)		46,000		99,232
HOME PRODUCTS STORES (4.11%)
Briscoe Group Ltd.		183,520		532,904
LIFE SCIENCE & DIAGNOSTICS (1.54%)
Pacific Edge Ltd.(a)		800,000		199,819
LODGING (2.55%)
Millennium & Copthorne Hotels New Zealand Ltd.		300,000		331,378
LOGISTICS SERVICES (6.81%)
Mainfreight Ltd.		20,000		883,666
MEASUREMENT INSTRUMENTS (3.28%)
ikeGPS Group Ltd.(a)		831,366		426,061
MEDICAL DEVICES (0.61%)
Aroa Biosurgery Ltd.(a)		145,000		79,131
MULTI ASSET CLASS OWNERS & DEVELOPERS (2.26%)
Marsden Maritime Holdings Ltd.		81,425		293,370
PACKAGED FOOD (1.09%)
Sanford Ltd.(a)		60,000		141,929
POWER GENERATION (8.18%)
Infratil Ltd.		208,975		1,060,872
REAL ESTATE SERVICES (1.75%)
Arvida Group Ltd.		309,925		226,815

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Australia/New Zealand Fund

	Shares		Fair Value
COMMON STOCKS (93.93%) – Continued
NEW ZEALAND (62.31%) – Continued
TRANSPORT OPERATIONS & SERVICES (15.61%)
Port of Tauranga Ltd.		55,000	$	207,459
South Port New Zealand Ltd.		376,010		1,817,521
				2,024,980
TOTAL NEW ZEALAND				8,085,780
TOTAL COMMON STOCKS (COST $7,723,252)				12,188,979

	Shares		Fair Value
MONEY MARKET FUNDS (0.74%)
Federated Hermes Government Obligations Fund, Institutional Class, 2.90%(b)		95,546	$	95,546
TOTAL MONEY MARKET FUNDS
(COST $95,546)				95,546
TOTAL INVESTMENTS — (94.67%)
(COST $7,818,798)				12,284,525
OTHER ASSETS IN EXCESS OF LIABILITIES (5.33%)				691,861
NET ASSETS — 100.00%			$	12,976,386

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of October 31, 2022

REIT— Real Estate Investment Trust

See accompanying notes to financial statements

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Africa Fund

	Shares		Fair Value
COMMON STOCKS (92.55%)
EGYPT (2.03%)
BANKS (1.09%)
Commercial International Bank Egypt SAE		24,571	$	31,205
OTHER COMMERCIAL SUPPORT SERVICES (0.94%)
Integrated Diagnostics Holdings PLC		34,800		26,796
TOTAL EGYPT				58,001
SOUTH AFRICA (87.37%)
AGRICULTURAL PRODUCERS (4.16%)
Astral Foods Ltd.		5,500		52,724
Crookes Brothers Ltd.(a)		10,000		20,413
Oceana Group Ltd.		15,162		45,728
				118,865
AUTOMOTIVE RETAILERS (6.47%)
Barloworld Ltd.		7,900		44,284
Bidvest Group Ltd.		6,567		75,975
Motus Holdings Ltd.		10,200		64,480
				184,739
BANKS (17.86%)
Capitec Bank Holdings Ltd.		3,000		310,452
FirstRand Ltd.		16,100		56,410
Nedbank Group Ltd.		4,000		47,384
Standard Bank Group Ltd. - ADR		10,200		95,880
				510,126
BASIC & DIVERSIFIED CHEMICALS (1.89%)
Sasol Ltd. - ADR		3,200		53,856
BUILDING CONSTRUCTION (1.82%)
Wilson Bayly Holmes-Ovcon Ltd.(a)		9,900		51,980
CABLE & SATELLITE (1.26%)
MultiChoice Group Ltd.		5,500		35,945
COAL MINING (1.44%)
Exxaro Resources Ltd.		3,700		41,203
FOOD & BEVERAGE WHOLESALERS (2.63%)
Bid Corp. Ltd.		4,667		75,106
FOOD & DRUG STORES (4.00%)
Shoprite Holdings Ltd. - ADR		9,000		114,548
HOME & OFFICE PRODUCT WHOLESALERS (2.68%)
Alviva Holdings Ltd.		61,200		76,576
INFRASTRUCTURE CONSTRUCTION (0.74%)
Murray & Roberts Holdings Ltd.(a)		82,000		21,208
INSTITUTIONAL BROKERAGE (1.22%)
Coronation Fund Managers Ltd.		19,500		34,847

	Shares		Fair Value
COMMON STOCKS (92.55%) – Continued
SOUTH AFRICA (87.37%) – Continued
INTERNET MEDIA & SERVICES (3.77%)
Naspers Ltd., N Shares		1,040	$	107,597
LIFE & HEALTH INSURANCE (1.51%)
Momentum Metropolitan Holdings		46,000		43,030
LIFE INSURANCE (4.49%)
Clientele Ltd.		90,000		54,395
Discovery Ltd.(a)		11,300		73,968
				128,363
MARINE SHIPPING (3.16%)
Grindrod Ltd.		160,000		90,255
PAPER & PULP MILLS (2.05%)
Sappi Ltd.(a)		19,000		58,617
PRECIOUS METALS (13.06%)
Anglo American Platinum Ltd.		1,100		87,512
AngloGold Ashanti Ltd. - ADR		3,000		39,150
Gold Fields Ltd. - ADR		8,700		68,556
Impala Platinum Holdings Ltd.		12,500		128,023
Sibanye Stillwater Ltd.		21,200		49,786
				373,027
RENEWABLE ENERGY PROJECT DEVELOPERS (1.43%)
Renergen Ltd.(a)		28,000		40,782
SELF-STORAGE OWNERS & DEVELOPERS (1.74%)
Stor-Age Property REIT Ltd.		70,000		49,854
SPECIALTY & GENERIC PHARMACEUTICALS (1.21%)
Aspen Pharmacare Holdings Ltd.		4,200		34,591
SPECIALTY APPAREL STORES (1.38%)
Mr. Price Group Ltd.		4,100		39,478
WEALTH MANAGEMENT (2.54%)
Alexander Forbes Group Holdings Ltd.		170,000		45,819
PSG Konsult Ltd.		44,882		26,808
				72,627
WIRELESS TELECOMMUNICATIONS (4.86%)
MTN Group Ltd. - ADR		12,500		89,625
Vodacom Group Ltd.		7,200		49,126
				138,751
TOTAL SOUTH AFRICA				2,495,971
UNITED KINGDOM (3.15%)
HEALTH CARE FACILITIES (1.90%)
Mediclinic International Ltd.		9,562		54,387

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Africa Fund

	Shares		Fair Value
COMMON STOCKS (92.55%) – Continued
UNITED KINGDOM (3.15%) – Continued
PRECIOUS METALS (1.25%)
Endeavour Mining PLC		2,000	$	35,720
TOTAL UNITED KINGDOM				90,107
TOTAL COMMON STOCKS
(COST $2,952,163)				2,644,079

	Shares		Fair Value
EXCHANGE-TRADED FUNDS (2.86%)
Global X MSCI Nigeria ETF		11,100	$	81,695
TOTAL EXCHANGE-TRADED FUNDS
(COST $169,505)				81,695
MONEY MARKET FUNDS (3.77%)
Federated Hermes Government Obligations Fund, Institutional Class, 2.90%(b)		107,681		107,681
TOTAL MONEY MARKET FUNDS
(COST $107,681)				107,681
TOTAL INVESTMENTS — (99.18%)
(COST $3,229,349)				2,833,455
OTHER ASSETS IN EXCESS OF LIABILITIES (0.82%)				23,555
NET ASSETS — 100.00%			$	2,857,010

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of October 31, 2022

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

REIT— Real Estate Investment Trust

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Japan Fund

	Shares		Fair Value
COMMON STOCKS (98.53%)
JAPAN (98.53%)
ADVERTISING & MARKETING (1.02%)
Direct Marketing MiX, Inc.		4,200	$	47,460
ALCOHOLIC BEVERAGES (2.22%)
Kirin Holdings Co. Ltd.		7,000		102,903
AUTO PARTS (1.28%)
DENSO Corp.		1,200		59,541
AUTOMOTIVE WHOLESALERS (1.45%)
Toyota Tsusho Corp.		2,000		67,134
BASIC & DIVERSIFIED CHEMICALS (2.19%)
Mitsubishi Gas Chemical Co., Inc.		8,000		101,661
BUILDING CONSTRUCTION (2.60%)
Kajima Corp.		12,850		120,964
BUILDING MAINTENANCE SERVICES (1.43%)
Taihei Dengyo Kaisha Ltd.		3,000		66,221
COMMERCIAL & RESIDENTIAL BUILDING EQUIPMENT & SYSTEMS (3.22%)
Daikin Industries Ltd.		1,000		149,792
COMMERCIAL FINANCE (4.96%)
Kyushu Leasing Service Co. Ltd.		13,000		54,261
ORIX Corp.		12,000		176,258
				230,519
CONSUMER ELECTRONICS (0.65%)
Sony Group Corp. - ADR		450		30,362
COURIER SERVICES (2.23%)
Yamato Holdings Co. Ltd.		7,000		103,668
DIVERSIFIED INDUSTRIALS (2.44%)
Hitachi Ltd.		2,500		113,438
ELECTRICAL POWER EQUIPMENT (2.18%)
Meidensha Corp.		7,600		101,116
ELECTRONICS COMPONENTS (3.60%)
Murata Manufacturing Co. Ltd.		1,000		47,341
Nidec Corp.		700		38,490
Taiyo Yuden Co. Ltd.		3,000		81,637
				167,468
FACTORY AUTOMATION EQUIPMENT (1.69%)
FANUC Corp.		600		78,514
FOOD & BEVERAGE WHOLESALERS (2.70%)
ITOCHU Corp. - ADR		1,400		72,310
Yamae Group Holdings Co. Ltd.		5,200		52,884
				125,194

	Shares		Fair Value
COMMON STOCKS (98.53%) – Continued
JAPAN (98.53%) – Continued
FOOD & DRUG STORES (2.16%)
Sugi Holdings Company Ltd.		2,500	$	100,267
Health Care Supplies (4.80%)
Hoya Corp.		2,400		223,115
HOME PRODUCTS STORES (3.12%)
Nitori Holdings Co. Ltd.		1,600		144,992
INFRASTRUCTURE CONSTRUCTION (1.07%)
Takada Corp.		6,000		49,647
INTEGRATED ELECTRIC UTILITIES (1.22%)
Kansai Electric Power Co., Inc. (The)		7,500		56,816
IT SERVICES (3.13%)
INES Corp.		5,000		50,868
Otsuka Corp.		3,000		94,479
				145,347
LIFE INSURANCE (5.89%)
Dai-ichi Life Insurance Co. Ltd.		11,000		174,716
T&D Holdings, Inc.		10,000		98,905
				273,621
LOGISTICS SERVICES (1.62%)
Nippon Express Holdings Co. Ltd.		1,500		75,374
MASS MERCHANTS (1.48%)
Aeon Kyushu Co. Ltd.		4,500		68,641
MEDICAL DEVICES (11.51%)
Asahi Intecc Co. Ltd.		18,000		306,644
Terumo Corp.		7,500		227,625
				534,269
MULTI ASSET CLASS OWNERS & DEVELOPERS (4.30%)
Mitsui Fudosan Company Ltd.		3,000		57,447
Sumitomo Realty & Development Co. Ltd.		4,000		91,739
Tokyu Fudosan Holdings Corp.		10,000		50,737
				199,923
P&C INSURANCE (2.06%)
Sompo Holdings Inc. (a)		2,300		95,896
PERSONAL CARE PRODUCTS (5.53%)
Kao Corp.		2,000		74,706
Unicharm Corp.		6,000		182,355
				257,061

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Japan Fund

	Shares		Fair Value
COMMON STOCKS (98.53%) – Continued
JAPAN (98.53%) – Continued
SPECIALTY APPAREL STORES (2.40%)
Fast Retailing Co. Ltd.		200	$	111,432
SPECIALTY CHEMICALS (2.57%)
JSR Corp.		3,000		57,005
Shin-Etsu Chemical Co. Ltd.		600		62,360
				119,365
TRANSIT SERVICES (8.54%)
Daiichi Koutsu Sangyo Co. Ltd.		7,200		35,988
East Japan Railway Co.		1,500		79,931
Hankyu Hanshin Holdings, Inc.		4,400		130,688
Keikyu Corp.		6,500		66,726
Tobu Railway Co. Ltd.		3,600		83,280
				396,613
WIRELESS TELECOMMUNICATIONS (1.27%)
KDDI Corp.		2,000		59,116
TOTAL JAPAN				4,577,450
TOTAL COMMON STOCKS
(COST $3,651,184)				4,577,450

	Shares		Fair Value
MONEY MARKET FUNDS (0.29%)
Federated Hermes Government Obligations Fund, Institutional Class, 2.90%(a)		13,523	$	13,523
TOTAL MONEY MARKET FUNDS
(COST $13,523)				13,523
TOTAL INVESTMENTS — (98.82%)
(COST $3,664,707)				4,590,973
OTHER ASSETS IN EXCESS OF LIABILITIES (1.18%)				54,613
NET ASSETS — 100.00%			$	4,645,586

(a)

Rate disclosed is the seven day effective yield as of October 31, 2022.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Global Fund

	Shares		Fair Value
COMMON STOCKS (96.87%)
DENMARK (1.47%)
LARGE PHARMACEUTICALS (1.47%)
Novo Nordisk A/S - ADR		2,000	$	217,680
FRANCE (1.66%)
BASIC & DIVERSIFIED CHEMICALS (1.66%)
Arkema SA - ADR		3,130		246,456
GERMANY (2.58%)
DIVERSIFIED INDUSTRIALS (2.58%)
Siemens AG - ADR		7,000		383,110
INDIA (3.36%)
BANKS (3.36%)
HDFC Bank Ltd. - ADR		8,000		498,480
IRELAND (0.46%)
AIRLINES (0.46%)
Ryanair Holdings PLC - ADR(a)		1,000		68,890
ISRAEL (3.46%)
APPLICATION SOFTWARE (3.46%)
NICE Ltd. - ADR(a)		2,700		512,703
JAPAN (4.22%)
CONSUMER ELECTRONICS (2.28%)
Sony Group Corp. - ADR		5,000		337,350
ELECTRONICS COMPONENTS (1.94%)
Nidec Corp. - ADR		21,000		288,120
TOTAL JAPAN				625,470
MEXICO (1.29%)
INFRASTRUCTURE CONSTRUCTION (0.02%)
Sitios Latinoamerica S.A.B. de C.V.(a)		10,000		2,962
WIRELESS TELECOMMUNICATIONS (1.27%)
Américan Móvil S.A.B. de C.V., Class L - ADR		10,000		188,100
TOTAL MEXICO				191,062
NORWAY (2.39%)
P&C INSURANCE (2.39%)
Gjensidige Forsikring ASA - ADR		20,000		354,200
PANAMA (1.52%)
AIRLINES (1.52%)
Copa Holdings, SA, Class A(a)		3,000		225,690
SOUTH AFRICA (2.06%)
FOOD & DRUG STORES (2.06%)
Shoprite Holdings Ltd. - ADR		24,000		305,460

	Shares		Fair Value
COMMON STOCKS (96.87%) – Continued
SWITZERLAND (6.84%)
LARGE PHARMACEUTICALS (3.35%)
Roche Holding AG - ADR		12,000	$	496,080
PACKAGED FOOD (3.49%)
Nestlé SA - ADR		4,750		516,373
TOTAL SWITZERLAND				1,012,453
TAIWAN PROVINCE OF CHINA (0.83%)
SEMICONDUCTOR MANUFACTURING (0.83%)
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		2,000		123,100
UNITED KINGDOM (12.17%)
ALCOHOLIC BEVERAGES (3.15%)
Diageo PLC - ADR		2,800		467,516
INTEGRATED OILS (0.85%)
BP PLC - ADR		3,800		126,464
Large Pharmaceuticals (3.18%)
AstraZeneca PLC - ADR		8,000		470,480
PERSONAL CARE PRODUCTS (3.11%)
Haleon PLC - ADR(a)		8,500		52,020
Unilever PLC - ADR		9,000		409,590
				461,610
PUBLISHING (1.88%)
Pearson PLC - ADR		25,000		278,000
TOTAL UNITED KINGDOM				1,804,070
UNITED STATES (52.56%)
AGRICULTURAL CHEMICALS (0.72%)
CF Industries Holdings, Inc.		1,000		106,260
AUTO PARTS (3.09%)
Miller Industries, Inc.		18,000		457,740
AUTOMOTIVE RETAILERS (4.55%)
Group 1 Automotive, Inc.		3,900		674,700
COMMUNICATIONS EQUIPMENT (5.06%)
Apple, Inc.		4,900		751,366
COMPUTER HARDWARE & STORAGE (3.74%)
NetApp, Inc.		8,000		554,160
CONSTRUCTION & MINING MACHINERY (1.75%)
Caterpillar, Inc.		1,200		259,752
CONTAINERS & PACKAGING (2.03%)
Amcor PLC		26,000		301,080

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Global Fund

	Shares		Fair Value
COMMON STOCKS (96.87%) – Continued
UNITED STATES (52.56%) – Continued
COURIER SERVICES (0.81%)
FedEx Corp.		750	$	120,210
DIVERSIFIED BANKS (1.78%)
JPMorgan Chase & Co.		2,100		264,348
FILM & TV (2.16%)
Walt Disney Co. (The)(a)		3,000		319,620
INFRASTRUCTURE SOFTWARE (2.35%)
Microsoft Corp.		1,500		348,195
INTEGRATED OILS (4.27%)
Chevron Corp.		3,500		633,150
LIFE SCIENCE & DIAGNOSTICS (4.68%)
Thermo Fisher Scientific, Inc.		1,350		693,860
MEDICAL EQUIPMENT (1.04%)
Dentsply Sirona, Inc.		5,000		154,100
OILFIELD SERVICES & EQUIPMENT (1.02%)
Natural Gas Services Group, Inc.(a)		5,000		57,500
Schlumberger Ltd.		1,800		93,654
				151,154
ONLINE MARKETPLACE (1.04%)
Amazon.com, Inc.(a)		1,500		153,660
PERSONAL CARE PRODUCTS (2.82%)
Procter & Gamble Co. (The)		3,100		417,477
RAIL FREIGHT (3.69%)
Norfolk Southern Corp.		2,400		547,368

	Shares		Fair Value
COMMON STOCKS (96.87%) – Continued
UNITED STATES (52.56%) – Continued
SEMICONDUCTOR DEVICES (2.09%)
Skyworks Solutions, Inc.		3,600	$	309,636
VIDEO GAMES (1.70%)
Electronic Arts, Inc.		2,000		251,920
WIRELESS TELECOMMUNICATIONS (2.17%)
KVH Industries, Inc.(a)		30,000		321,900
TOTAL UNITED STATES				7,791,656
TOTAL COMMON STOCKS (COST $7,915,531)				14,360,480
MONEY MARKET FUNDS (1.21%)
Federated Hermes Government Obligations Fund, Institutional Class, 2.90%(b)		179,026		179,026
TOTAL MONEY MARKET FUNDS (COST $179,026)				179,026
TOTAL INVESTMENTS — (98.08%)
(COST $8,094,557)				14,539,506
OTHER ASSETS IN EXCESS OF LIABILITIES (1.92%)				285,192
NET ASSETS — 100.00%			$	14,824,698

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of October 31, 2022.

ADR — American Depositary Receipt

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Real Estate Securities Fund

	Shares		Fair Value
COMMON STOCKS (93.67%)
AGRICULTURAL PRODUCERS (1.37%)
BrasilAgro - Company Brasileira de Propriedades Agricolas - ADR		27,432	$	159,654
BANKS (1.92%)
Harleysville Financial Corp.		8,675		222,861
BUILDING CONSTRUCTION (1.35%)
Kajima Corp. - ADR		10,000		90,900
Lendlease Group - ADR		11,900		65,450
				156,350
BUILDING MATERIALS (9.26%)
James Hardie Industries PLC - ADR		25,000		551,000
Tecnoglass, Inc.		25,634		526,266
				1,077,266
CEMENT & AGGREGATES (1.94%)
Summit Materials, Inc., Class A(a)		8,535		224,897
COMMERCIAL & RESIDENTIAL BUILDING EQUIPMENT & SYSTEMS (3.42%)
Lennox International, Inc.		1,700		397,069
DATA CENTER REITS (3.88%)
Digital Realty Trust, Inc.		3,368		337,642
Equinix, Inc.		200		113,288
				450,930
HEALTH CARE REITS (1.17%)
Physicians Realty Trust		9,000		135,540
HOME PRODUCTS STORES (4.36%)
Lowe’s Companies, Inc.		2,600		506,870
HOMEBUILDING (7.91%)
D.R. Horton, Inc.		5,000		384,400
Lennar Corp., Class A		4,000		322,800
NVR, Inc.(a)		50		211,888
				919,088
HOTELS RESORTS & CRUISE LINES (2.88%)
InterContinental Hotels Group PLC - ADR(a)		6,103		334,689
INDUSTRIAL MACHINERY (1.84%)
Techtronic Industries Company Ltd. - ADR		4,500		213,795
INDUSTRIAL REITS (5.32%)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,600		206,568
Prologis, Inc.		2,000		221,500
STAG Industrial, Inc.		6,000		189,540
				617,608

	Shares		Fair Value
COMMON STOCKS (93.67%) – Continued
INFRASTRUCTURE REITS (11.38%)
American Tower Corp., Class A		2,500	$	517,975
Crown Castle International Corp.		2,000		266,520
SBA Communications Corp., Class A		2,000		539,800
				1,324,295
MORTGAGE FINANCE (3.78%)
Ladder Capital Corp.		27,804		296,668
Redwood Trust, Inc.		20,000		142,600
				439,268
MORTGAGE REITS (1.06%)
Ares Commercial Real Estate Corp.		10,000		123,400
MULTI ASSET CLASS REITS (2.94%)
WP Carey, Inc.		4,470		341,061
OFFICE REITS (3.56%)
Alexandria Real Estate Equities, Inc.		2,850		414,105
RESIDENTIAL OWNERS & DEVELOPERS (1.36%)
Cyrela Brazil Realty SA - ADR		44,000		158,400
RESIDENTIAL REITS (3.27%)
AvalonBay Communities, Inc.		1,000		175,120
Mid-America Apartment Communities, Inc.		1,300		204,685
				379,805
RETAIL REITS (5.05%)
Kite Realty Group Trust		9,000		176,760
National Retail Properties, Inc.		4,000		168,120
STORE Capital Corp.		7,600		241,680
				586,560
SELF-STORAGE REITS (5.44%)
Extra Space Storage, Inc.		2,500		443,600
Global Self Storage, Inc.		39,000		187,980
				631,580
SPECIALIZED REITS (6.59%)
Charter Hall Education Trust		93,688		207,916
Gladstone Land Corp.		9,700		197,395
Iron Mountain, Inc.		7,200		360,504
				765,815
TRANSPORT OPERATIONS & SERVICES (2.62%)
Grupo Aeroportuario del Sureste S.A.B. de C.V. - ADR		1,300		303,446
TOTAL COMMON STOCKS
(COST $6,356,229)				10,884,352

See accompanying notes to financial statements.

ANNUAL REPORT 2022

SCHEDULE OF INVESTMENTS – October 31, 2022

Commonwealth Real Estate Securities Fund

	Shares		Fair Value
MONEY MARKET FUNDS (9.94%)
Federated Hermes Government Obligations Fund, Institutional Class, 2.90%(b)		1,155,156	$	1,155,156
TOTAL MONEY MARKET FUNDS
(COST $1,155,156)				1,155,156
TOTAL INVESTMENTS — (103.61%)
(COST $7,511,385)				12,039,508
LIABILITIES IN EXCESS OF OTHER ASSETS (-3.61%)				(419,636	)
NET ASSETS — 100.00%			$	11,619,872

(a)

Non-income producing security.

(b)

Rate disclosed is the seven day effective yield as of October 31, 2022.

ADR — American Depositary Receipt

REIT— Real Estate Investment Trust

See accompanying notes to financial statements.

ANNUAL REPORT 2022

STATEMENTS OF ASSETS AND LIABILITIES – October 31, 2022

	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 $7,818,798, $3,229,349, $3,664,707, $8,094,557 and $7,511,385)	$	12,284,525	$	2,833,455		$	4,590,973	$	14,539,506	$	12,039,508
Foreign currencies, at value (cost $617,030, $21,294, $25,844, $– and $–)		631,045		21,081			25,712		—		—
Receivable for fund shares sold		5,088		31			—		100		—
Receivable for investments sold		138,724		—			—		795,616		108,987
Receivable from Advisor		—		5,931			6,032		—		—
Dividends receivable		42,671		821			29,573		6,711		22,081
Tax reclaims receivable		—		3,051			900		21,067		—
Prepaid expenses		26,877		8,137			14,672		25,452		22,126
Total Assets		13,128,930		2,872,507			4,667,862		15,388,452		12,192,702
LIABILITIES
Payable for fund shares redeemed		5,406		694			525		8,523		9,275
Payable for investments purchased		93,384		—			—		503,857		520,140
Payable to Advisor		8,054		—			—		9,038		7,124
Distribution (12b-1) fees accrued		3,917		869			2,084		906		3,078
Payable to Administrator		7,095		2,509			3,346		7,912		6,472
Payable to trustees		5,653		1,279			2,078		6,431		5,058
Other accrued expenses		29,035		10,146			14,243		27,087		21,683
Total Liabilities		152,544		15,497			22,276		563,754		572,830
NET ASSETS	$	12,976,386	$	2,857,010		$	4,645,586	$	14,824,698	$	11,619,872
NET ASSETS CONSIST OF:
Paid-in capital		8,460,539		3,897,733			3,911,138		8,310,015		7,181,638
Accumulated earnings (deficit)		4,515,847		(1,040,723	)		734,448		6,514,683		4,438,234
NET ASSETS	$	12,976,386	$	2,857,010		$	4,645,586	$	14,824,698	$	11,619,872
Shares outstanding (unlimited number of shares authorized)		1,143,885		401,435			1,534,132		879,381		657,149
Net asset value, offering and redemption price per share(a)	$	11.34	$	7.12		$	3.03	$	16.86	$	17.68

(a)

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

See accompanying notes to financial statements.

ANNUAL REPORT 2022

STATEMENTS OF OPERATIONS – For the year ended October 31, 2022

	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 $74,004, $25,962, $15,299, $19,747 and $8,202)	$	405,569		$	128,996		$	93,810		$	348,404		$	290,810
Total investment income		405,569			128,996			93,810			348,404			290,810
EXPENSES
Investment Advisor		121,466			24,098			42,180			127,542			102,425
Administration		74,811			15,053			26,006			78,790			63,339
Distribution (12b-1)		40,489			8,033			14,060			42,514			34,142
Legal		29,477			5,734			10,162			30,691			24,920
Registration		23,851			23,563			23,502			22,397			23,320
Trustee		23,576			5,042			8,145			25,170			20,068
Audit and tax preparation		21,505			4,551			7,637			22,454			18,206
Insurance		17,886			2,744			5,965			17,475			13,431
Transfer agent		14,000			14,000			14,000			14,000			14,000
Chief Compliance Officer		10,511			2,141			3,638			11,041			8,919
Custodian		9,874			3,353			4,265			5,769			4,856
Pricing		6,515			6,429			7,739			919			1,151
Printing		6,472			2,641			3,356			5,345			4,810
Interest expense		173			—			—			70			196
Miscellaneous		20,443			19,653			19,415			19,708			18,730
Total expenses		421,049			137,035			190,070			423,885			352,513
Fees contractually waived and expenses reimbursed by Advisor		—			(80,809	)		(91,747	)		—			—
Net operating expenses		421,049			56,226			98,323			423,885			352,513
Net investment income (loss)		(15,480	)		72,770			(4,513	)		(75,481	)		(61,703	)
NET REALIZED AND CHANGE IN UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investment securities transactions		73,802			(105,309	)		(74,072	)		222,857			70,470
Foreign currency transactions		(63,049	)		(10,527	)		(11,657	)		(20	)		(186	)
Total net realized gain (loss)		10,753			(115,836	)		(85,729	)		222,837			70,284
Net change in unrealized appreciation (depreciation) on:
Investment securities		(5,678,443	)		(462,258	)		(1,803,034	)		(3,863,427	)		(3,438,719	)
Foreign currency translations		2,672			(319	)		(749	)		—			—
Purchased option contracts		—			—			—			(111,459	)		—
Total net change in unrealized appreciation (depreciation)		(5,675,771	)		(462,577	)		(1,803,783	)		(3,974,886	)		(3,438,719	)
Net realized and change in unrealized loss on investments		(5,665,018	)		(578,413	)		(1,889,512	)		(3,752,049	)		(3,368,435	)
Net decrease in net assets resulting from operations	$	(5,680,498	)	$	(505,643	)	$	(1,894,025	)	$	(3,827,530	)	$	(3,430,138	)

See accompanying notes to financial statements.

[THIS PAGE INTENTIONALLY LEFT BLANK]

ANNUAL REPORT 2022

STATEMENTS OF CHANGES IN NET ASSETS

	Commonwealth
	Australia/New Zealand Fund						Africa Fund
	For the Year			For the Year			For the Year			For the Year
	Ended			Ended			Ended			Ended
	October 31, 2022			October 31, 2021			October 31, 2022			October 31, 2021
INCREASE (DECREASE) IN NET ASSETS DUE TO:
OPERATIONS:
Net investment income (loss)	$	(15,480	)	$	(65,736	)	$	72,770		$	44,374
Net realized gain (loss) from investment securities and foreign currency transactions		10,753			1,463,312			(115,836	)		29,538
Net change in unrealized appreciation (depreciation) from investment securities, foreign currency translations and purchased options contracts		(5,675,771	)		3,638,985			(462,577	)		789,577
Change in net assets resulting from operations		(5,680,498	)		5,036,561			(505,643	)		863,489
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Earnings		(1,185,183	)		(19,585	)		(56,372	)		(62,447	)
CAPITAL TRANSACTIONS:
Proceeds from shares sold		954,305			1,820,367			765,272			425,911
Reinvestment of distributions		1,163,054			19,347			56,232			62,323
Amount paid for shares redeemed		(2,392,940	)		(1,951,539	)		(356,896	)		(362,430	)
Redemption fees		—			14			3			11
Change in net assets resulting from capital transactions		(275,581	)		(111,811	)		464,611			125,815
Net Increase (Decrease) in Net Assets		(7,141,262	)		4,905,165			(97,404	)		926,857
NET ASSETS:
Beginning of year		20,117,648			15,212,483			2,954,414			2,027,557
End of year	$	12,976,386		$	20,117,648		$	2,857,010		$	2,954,414
SHARE TRANSACTIONS:
Shares sold		67,401			117,541			85,278			52,896
Shares issued in reinvestment of distributions		78,691			1,281			6,833			8,233
Shares redeemed		(173,605	)		(124,677	)		(42,594	)		(44,647	)
Change in shares outstanding		(27,513	)		(5,855	)		49,517			16,482

See accompanying notes to financial statements.

ANNUAL REPORT 2022

STATEMENTS OF CHANGES IN NET ASSETS

Commonwealth						Commonwealth						Commonwealth
Japan Fund						Global Fund						Real Estate Securities Fund
For the Year			For the Year			For the Year			For the Year			For the Year			For the Year
Ended			Ended			Ended			Ended			Ended			Ended
October 31, 2022			October 31, 2021			October 31, 2022			October 31, 2021			October 31, 2022			October 31, 2021


$	(4,513	)	$	(35,585	)	$	(75,481	)	$	(102,045	)	$	(61,703	)	$	(89,565	)
	(85,729	)		356,706			222,837			863,511			70,284			396,451

	(1,803,783	)		267,608			(3,974,886	)		3,925,242			(3,438,719	)		4,154,766
	(1,894,025	)		588,729			(3,827,530	)		4,686,708			(3,430,138	)		4,461,652

	(274,869	)		—			—			—			(107,704	)		—

	991,421			808,312			222,457			124,157			5,093,542			211,966
	274,316			—			—			—			107,565			—
	(1,183,425	)		(997,817	)		(1,212,634	)		(765,546	)		(5,096,755	)		(411,255	)
	—			—			—			—			598			—
	82,312			(189,505	)		(990,177	)		(641,389	)		104,950			(199,289	)
	(2,086,582	)		399,224			(4,817,707	)		4,045,319			(3,432,892	)		4,262,363

	6,732,168			6,332,944			19,642,405			15,597,086			15,052,764			10,790,401
$	4,645,586		$	6,732,168		$	14,824,698		$	19,642,405		$	11,619,872		$	15,052,764

	258,745			177,233			11,502			6,172			216,665			10,510
	66,260			—			—			—			4,709			—
	(318,457	)		(221,155	)		(62,179	)		(38,887	)		(231,056	)		(20,318	)
	6,548			(43,922	)		(50,677	)		(32,715	)		(9,682	)		(9,808	)

See accompanying notes to financial statements.

ANNUAL REPORT 2022

FINANCIAL HIGHLIGHTS

Commonwealth Australia/New Zealand Fund

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

	For the Year			For the Year			For the Year			For the Year			For the Year
	Ended			Ended			Ended			Ended			Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020^(a)			2019			2018

Net asset value, beginning of year	$	17.17		$	12.92		$	13.33		$	12.85		$	13.13
Change in net assets from operations:
Net investment income (loss)		(0.01	)		(0.05	)		0.01			0.10			0.12
Net realized and unrealized gain (loss) from investments		(4.79	)		4.32			0.41			0.68			(0.32	)
Total from investment activities		(4.80	)		4.27			0.42			0.78			(0.20	)
Distributions:
Net investment income		(0.02	)		(0.02	)		(0.07	)		(0.08	)		(0.08	)
Net realized gains		(1.01	)		—			(0.76	)		(0.22	)		—
Total distributions		(1.03	)		(0.02	)		(0.83	)		(0.30	)		(0.08	)
Redemption fees		—			—	(b)		—			—			—	(b)
Net asset value, end of year	$	11.34		$	17.17		$	12.92		$	13.33		$	12.85
Total Return		(29.37	)%		33.04	%		3.05	%		6.45	%		(1.55	)%
Net assets, at end of year (000 omitted)	$	12,976		$	20,118		$	15,212		$	16,266		$	18,167
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		2.60	%		2.41	%		2.60	% (c)		2.69	%		2.41	%
Ratio of gross expenses before waivers and/or reimbursements		2.60	%		2.41	%		2.70	%		2.69	%		2.41	%
Ratio of net investment income (loss) to average net assets		(0.10	)%		(0.35	)%		0.03	%		0.75	%		0.82	%
Portfolio turnover rate		8	%		20	%		4	%		6	%		14	%

(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)

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.

ANNUAL REPORT 2022

FINANCIAL HIGHLIGHTS

Africa Fund

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

	For the Year			For the Year			For the Year			For the Year			For the Year
	Ended			Ended			Ended			Ended			Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	8.40		$	6.04		$	7.88		$	7.95		$	9.00
Change in net assets from operations:
Net investment income		0.20			0.13			0.04			0.26			0.04
Net realized and unrealized gain (loss) from investments		(1.32	)		2.41			(1.66	)		(0.29	)		(1.05	)
Total from investment activities		(1.12	)		2.54			(1.62	)		(0.03	)		(1.01	)
Distributions:
Net investment income		(0.16	)		(0.18	)		(0.22	)		(0.04	)		(0.04	)
Total distributions		(0.16	)		(0.18	)		(0.22	)		(0.04	)		(0.04	)
Redemption fees		—	(a)		—	(a)		—	(a)		—			—	(a)
Net asset value, end of year	$	7.12		$	8.40		$	6.04		$	7.88		$	7.95
Total Return		(13.59	)%		42.38	%		(21.30	)%		(0.36	)%		(11.30	)%
Net assets, at end of year (000 omitted)	$	2,857		$	2,954		$	2,028		$	2,632		$	2,771
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of gross expenses before waivers and/or reimbursements		4.27	%		4.32	%		5.04	%		4.35	%		2.99	%
Ratio of net investment income to average net assets		2.27	%		1.56	%		0.69	%		3.14	%		0.47	%
Portfolio turnover rate		3	%		11	%		9	%		5	%		4	%

(a)

Rounds to less than $0.005 per share.

See accompanying notes to financial statements.

ANNUAL REPORT 2022

FINANCIAL HIGHLIGHTS

Commonwealth Japan Fund

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

	For the Year			For the Year			For the Year			For the Year			For the Year
	Ended			Ended			Ended			Ended			Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	4.41		$	4.03		$	4.12		$	3.66		$	3.82
Change in net assets from operations:
Net investment loss		(0.01	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) from investments		(1.20	)		0.40			(0.08	)		0.47			(0.15	)
Total from investment activities		(1.21	)		0.38			(0.09	)		0.46			(0.16	)
Distributions:
Net investment income		(0.04	)		—			—			—			—
Net realized gains		(0.13	)		—			—			—			—
Total distributions		(0.17	)		—			—			—			—
Redemption fees		—			—			—			—	(a)		—	(a)
Net asset value, end of year	$	3.03		$	4.41		$	4.03		$	4.12		$	3.66
Total Return		(28.39	)%		9.43	%		(2.18	)%		12.57	%		(4.19	)%
Net assets, at end of year (000 omitted)	$	4,646		$	6,732		$	6,333		$	6,492		$	5,780
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		1.75	%		1.75	%		1.75	%		1.75	%		1.75	%
Ratio of gross expenses before waivers and/or reimbursements		3.38	%		3.01	%		3.29	%		3.24	%		2.66	%
Ratio of net investment loss to average net assets		(0.08	)%		(0.51	)%		(0.34	)%		(0.25	)%		(0.40	)%
Portfolio turnover rate		8	%		15	%		15	%		10	%		1	%

(a)

Rounds to less than $0.005 per share.

See accompanying notes to financial statements.

ANNUAL REPORT 2022

FINANCIAL HIGHLIGHTS

Commonwealth Global Fund

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

	For the Year			For the Year			For the Year			For the Year			For the Year
	Ended			Ended			Ended			Ended			Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	21.12		$	16.20		$	15.84		$	14.75		$	15.33
Change in net assets from operations:
Net investment loss		(0.09	)		(0.11	)		(0.08	)		(0.02	)		(0.07	)
Net realized and unrealized gain (loss) from investments		(4.17	)		5.03			0.44			1.13			(0.51	)
Total from investment activities		(4.26	)		4.92			0.36			1.11			(0.58	)
Distributions:
Net realized gains		—			—			—			(0.02	)		—
Total distributions		—			—			—			(0.02	)		—
Redemption fees		—			—			—	(a)		—			—
Net asset value, end of year	$	16.86		$	21.12		$	16.20		$	15.84		$	14.75
Total Return		(20.17	)%		30.37	%		2.27	%		7.57	%		(3.78	)%
Net assets, at end of year (000 omitted)	$	14,825		$	19,642		$	15,597		$	15,993		$	15,160
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		2.49	%		2.33	%		2.47	% (b)		2.52	%		2.39	%
Ratio of gross expenses before waivers and/or reimbursements		2.49	%		2.33	%		2.56	%		2.52	%		2.39	%
Ratio of net investment loss to average net assets		(0.44	)%		(0.54	)%		(0.49	)%		(0.15	)%		(0.45	)%
Portfolio turnover rate		7	%		6	%		8	%		8	%		6	%

(a)

Rounds to less than $0.005 per share.

(b)

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.

ANNUAL REPORT 2022

FINANCIAL HIGHLIGHTS

Commonwealth Real Estate Securities Fund

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

	For the Year			For the Year			For the Year			For the Year			For the Year
	Ended			Ended			Ended			Ended			Ended
	October 31,			October 31,			October 31,			October 31,			October 31,
	2022			2021			2020			2019			2018

Net asset value, beginning of year	$	22.57		$	15.95		$	18.16		$	15.35		$	16.68
Change in net assets from operations:
Net investment income (loss)		(0.10	)		(0.14	)		(0.04	)		0.05			0.02
Net realized and unrealized gain (loss) from investments		(4.63	)		6.76			(2.01	)		2.87			(1.29	)
Total from investment activities		(4.73	)		6.62			(2.05	)		2.92			(1.27	)
Distributions:
Net investment income		—			—			(0.07	)		(0.04	)		—
Net realized gains		(0.16	)		—			(0.09	)		(0.07	)		(0.06	)
Total distributions		(0.16	)		—			(0.16	)		(0.11	)		(0.06	)
Redemption fees		—	(a)		—			—	(a)		—			—
Net asset value, end of year	$	17.68		$	22.57		$	15.95		$	18.16		$	15.35
Total Return		(21.11	)%		41.50	%		(11.42	)%		19.17	%		(7.66	)%
Net assets, at end of year (000 omitted)	$	11,620		$	15,053		$	10,790		$	12,514		$	10,696
Ratios and Supplemental Data:
Ratio of net expenses to average net assets		2.58	%		2.44	%		2.63	% (b)		2.61	%		2.48	%
Ratio of gross expenses before waivers and/or reimbursements		2.58	%		2.44	%		2.72	%		2.61	%		2.48	%
Ratio of net investment income (loss) to average net assets		(0.45	)%		(0.66	)%		(0.22	)%		0.28	%		0.12	%
Portfolio turnover rate		34	%		9	%		11	%		11	%		20	%

(a)

Rounds to less than $0.005 per share.

(b)

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.

	ANNUAL REPORT 2022

NOTES TO FINANCIAL STATEMENTS – October 31, 2022

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.

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:

	ANNUAL REPORT 2022

NOTES TO FINANCIAL STATEMENTS – October 31, 2022 – (Continued)

●

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.

Corporate and Sovereign Bonds - The fair value of corporate 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.

The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2022:

	Australia/New Zealand Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	—	$	12,188,979	$	—	$	12,188,979
Money Market Funds		95,546		—		—		95,546
Total	$	95,546	$	12,188,979	$	—	$	12,284,525

	ANNUAL REPORT 2022

NOTES TO FINANCIAL STATEMENTS – October 31, 2022 – (Continued)

	Africa Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	2,529,531	$	114,548	$	—	$	2,644,079
Exchange-Traded Funds		81,695		—		—		81,695
Money Market Funds		107,681		—		—		107,681
Total	$	2,718,907	$	114,548	$	—	$	2,833,455

	Japan Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	102,672	$	4,474,778	$	—	$	4,577,450
Money Market Funds		13,523		—		—		13,523
Total	$	116,195	$	4,474,778	$	—	$	4,590,973

	Global Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	14,055,020	$	305,460	$	—	$	14,360,480
Money Market Funds		179,026		—		—		179,026
Total	$	14,234,046	$	305,460	$	—	$	14,539,506

	Real Estate Securities Fund
	Level 1		Level 2		Level 3		Total
Security Type
Common Stocks^(a)	$	10,661,491	$	222,861	$	—	$	10,884,352
Money Market Funds		1,155,156		—		—		1,155,156
Total	$	11,816,647	$	222,861	$	—	$	12,039,508

(a)

For a detailed breakout by industry or country, please refer to the Schedules of Investments.

The Funds did not hold any investments at the end of the reporting period for which significant unobservable inputs (Level 3) were used in determining fair value; therefore, no reconciliation of Level 3 securities is included for this reporting period.

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

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

	ANNUAL REPORT 2022

NOTES TO FINANCIAL STATEMENTS – October 31, 2022 – (Continued)

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.

G) D