<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000793601</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000034335</seriesId>
        <classId>C000105717</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Commonwealth International Series Trust</regName>
      <regFileNumber>811-04665</regFileNumber>
      <regCik>0000793601</regCik>
      <regLei>549300SK6CMC1ZJBF844</regLei>
      <regStreet1>791 Town &amp; Country Blvd.</regStreet1>
      <regCity>Houston</regCity>
      <regStateConditional regCountry="US" regState="US-TX"/>
      <regZipOrPostalCode>77024</regZipOrPostalCode>
      <regPhone>888-345-1898</regPhone>
      <seriesName>AFRICA FUND</seriesName>
      <seriesId>S000034335</seriesId>
      <seriesLei>549300G6KP8J7UOYGT78</seriesLei>
      <repPdEnd>2020-10-31</repPdEnd>
      <repPdDate>2020-04-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>1725260.64</totAssets>
      <totLiabs>24947.72</totLiabs>
      <netAssets>1700312.92</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>7748.96</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000105717" rtn1="-0.11462454" rtn2="-0.30357154" rtn3="0.08333326"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="0.00000000" netUnrealizedAppr="-296731.01"/>
        <othMon2 netRealizedGain="-13211.14000000" netUnrealizedAppr="-692472.32"/>
        <othMon3 netRealizedGain="-30476.73000000" netUnrealizedAppr="154585.97000000"/>
      </returnInfo>
      <mon1Flow redemption="9295.49" reinvestment="0.00000000" sales="5975"/>
      <mon2Flow redemption="17393.76000000" reinvestment="0.00000000" sales="30337.50000000"/>
      <mon3Flow redemption="58446.98000000" reinvestment="0.00000000" sales="5825.00000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Sasol</name>
        <lei>N/A</lei>
        <title>Sasol Ltd. </title>
        <cusip>803866300</cusip>
        <identifiers>
          <isin value="US8038663006"/>
        </identifiers>
        <balance>3200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15296.00000000</valUSD>
        <pctVal>0.899599116143</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Astral Foods</name>
        <lei>N/A</lei>
        <title>Astral Foods Ltd. </title>
        <cusip>S0752H102</cusip>
        <identifiers>
          <isin value="ZAE000029757"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>41715.17000000</valUSD>
        <pctVal>2.453381933956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglogold Ashanti Limited</name>
        <lei>378900EF3BA9A5F42A59</lei>
        <title>AngloGold Ashanti Ltd. </title>
        <cusip>035128206</cusip>
        <identifiers>
          <isin value="US0351282068"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73170.00000000</valUSD>
        <pctVal>4.303325531396</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Standard Bank Group Limited</name>
        <lei>2549003PEZXUT7MDBU41</lei>
        <title>Standard Bank Group Ltd. </title>
        <cusip>853118206</cusip>
        <identifiers>
          <isin value="US8531182066"/>
        </identifiers>
        <balance>10800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55512.00000000</valUSD>
        <pctVal>3.264810809059</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Murray &amp; Roberts Hldgs</name>
        <lei>529900FTW4FNO02STM28</lei>
        <title>Murray &amp; Roberts Holdings Ltd. </title>
        <cusip>S52800133</cusip>
        <identifiers>
          <isin value="ZAE000073441"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>2655.61000000</valUSD>
        <pctVal>0.156183604133</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PROSUS N V</name>
        <lei>635400Z5LQ5F9OLVT688</lei>
        <title>Prosus NV </title>
        <cusip>N7163R103</cusip>
        <identifiers>
          <isin value="NL0013654783"/>
        </identifiers>
        <balance>700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.91280000"/>
        <valUSD>53052.15000000</valUSD>
        <pctVal>3.120140379807</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barloworld Ltd</name>
        <lei>N/A</lei>
        <title>Barloworld Ltd. </title>
        <cusip>S08470189</cusip>
        <identifiers>
          <isin value="ZAE000026639"/>
        </identifiers>
        <balance>4300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>15763.64000000</valUSD>
        <pctVal>0.927102288912</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Combined Motor</name>
        <lei>N/A</lei>
        <title>Combined Motor Holdings Ltd. </title>
        <cusip>S17896119</cusip>
        <identifiers>
          <isin value="ZAE000088050"/>
        </identifiers>
        <balance>15000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>10114.31000000</valUSD>
        <pctVal>0.594849917390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Oceana Group</name>
        <lei>N/A</lei>
        <title>Oceana Group Ltd. </title>
        <cusip>S57090102</cusip>
        <identifiers>
          <isin value="ZAE000025284"/>
        </identifiers>
        <balance>5361.99000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>17643.77000000</valUSD>
        <pctVal>1.037677817563</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MTN Group Ltd</name>
        <lei>2549009JD6Q6XHZS5E05</lei>
        <title>MTN Group Ltd. </title>
        <cusip>62474M108</cusip>
        <identifiers>
          <isin value="US62474M1080"/>
        </identifiers>
        <balance>12500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32250.00000000</valUSD>
        <pctVal>1.896709695060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Capitec Bank Hldgs</name>
        <lei>N/A</lei>
        <title>Capitec Bank Holdings Ltd. </title>
        <cusip>S15445109</cusip>
        <identifiers>
          <isin value="ZAE000035861"/>
        </identifiers>
        <balance>2850.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>138671.17000000</valUSD>
        <pctVal>8.155626436103</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Discovery Limited</name>
        <lei>378900245A26169C8132</lei>
        <title>Discovery Ltd. </title>
        <cusip>S2192Y109</cusip>
        <identifiers>
          <isin value="ZAE000022331"/>
        </identifiers>
        <balance>9000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>47092.20000000</valUSD>
        <pctVal>2.769619606254</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Choppies Enterprises Limited</name>
        <lei>N/A</lei>
        <title>Choppies Enterprises Ltd. </title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BW0000001072"/>
        </identifiers>
        <balance>121810.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>459.96000000</valUSD>
        <pctVal>0.027051491204</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Integrated Diagnostics Holdings Plc</name>
        <lei>2138007JN9NUWKKTS790</lei>
        <title>Integrated Diagnostics Holdings PLC </title>
        <cusip>G4836Q107</cusip>
        <identifiers>
          <isin value="JE00BV9H9G76"/>
        </identifiers>
        <balance>8700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28014.00000000</valUSD>
        <pctVal>1.647579082090</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mediclinic International Plc</name>
        <lei>2138002S5BSBIZTD5I60</lei>
        <title>Mediclinic International Ltd. </title>
        <cusip>G5960R100</cusip>
        <identifiers>
          <isin value="GB00B8HX8Z88"/>
        </identifiers>
        <balance>9562.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.79408000"/>
        <valUSD>31235.93000000</valUSD>
        <pctVal>1.837069496595</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Crookes Bros</name>
        <lei>N/A</lei>
        <title>Crookes Brothers Ltd. </title>
        <cusip>S1988T100</cusip>
        <identifiers>
          <isin value="ZAE000001434"/>
        </identifiers>
        <balance>8000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>18556.38000000</valUSD>
        <pctVal>1.091350879107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Anglo American Platinum Ltd</name>
        <lei>529900RORCZ0E5S5FX81</lei>
        <title>Anglo American Platinum Ltd. </title>
        <cusip>S9122P108</cusip>
        <identifiers>
          <isin value="ZAE000013181"/>
        </identifiers>
        <balance>800.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>42141.54000000</valUSD>
        <pctVal>2.478457906442</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vodacom Group Limi</name>
        <lei>37890012A8DC24B8D663</lei>
        <title>Vodacom Group Ltd. </title>
        <cusip>S9453B108</cusip>
        <identifiers>
          <isin value="ZAE000132577"/>
        </identifiers>
        <balance>6000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>39881.11000000</valUSD>
        <pctVal>2.345515906566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Adcorp Holdings Limited</name>
        <lei>N/A</lei>
        <title>Adcorp Holdings Ltd. </title>
        <cusip>S0038H108</cusip>
        <identifiers>
          <isin value="ZAE000000139"/>
        </identifiers>
        <balance>20000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>4531.21000000</valUSD>
        <pctVal>0.266492711235</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Commercial Intl Bk</name>
        <lei>213800FIIXJAMEVRIH48</lei>
        <title>Commercial International Bank Egypt SAE </title>
        <cusip>201712205</cusip>
        <identifiers>
          <isin value="US2017122050"/>
        </identifiers>
        <balance>12250.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>47040.00000000</valUSD>
        <pctVal>2.766549583120</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GOLD FIELDS LTD</name>
        <lei>5299003KXIBJQYCBBD72</lei>
        <title>Gold Fields Ltd. </title>
        <cusip>38059T106</cusip>
        <identifiers>
          <isin value="US38059T1060"/>
        </identifiers>
        <balance>10000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>73400.00000000</valUSD>
        <pctVal>4.316852453253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Impala Platinum Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Impala Platinum Holdings Ltd. </title>
        <cusip>S37840113</cusip>
        <identifiers>
          <isin value="ZAE000083648"/>
        </identifiers>
        <balance>10500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>63550.20000000</valUSD>
        <pctVal>3.737559084124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MR Price Group</name>
        <lei>N/A</lei>
        <title>Mr. Price Group Ltd. </title>
        <cusip>S5256M135</cusip>
        <identifiers>
          <isin value="ZAE000200457"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>21361.41000000</valUSD>
        <pctVal>1.256322277431</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Imperial Logistics Ltd</name>
        <lei>213800YLKM9YB4HQIQ80</lei>
        <title>Imperial Holdings Ltd. </title>
        <cusip>452833205</cusip>
        <identifiers>
          <isin value="US4528332053"/>
        </identifiers>
        <balance>2400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3996.00000000</valUSD>
        <pctVal>0.235015564076</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Exxaro Resources</name>
        <lei>378900BC3D9BFF4E4A37</lei>
        <title>Exxaro Resources Ltd. </title>
        <cusip>S26949107</cusip>
        <identifiers>
          <isin value="ZAE000084992"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>17446.77000000</valUSD>
        <pctVal>1.026091714929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Comair</name>
        <lei>N/A</lei>
        <title>Comair Ltd. </title>
        <cusip>S1787H117</cusip>
        <identifiers>
          <isin value="ZAE000029823"/>
        </identifiers>
        <balance>227570.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>12153.04000000</valUSD>
        <pctVal>0.714753140851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vaneck Vectors Etf Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VanEck Vectors Africa Index ETF </title>
        <cusip>92189F866</cusip>
        <identifiers>
          <isin value="US92189F8665"/>
        </identifiers>
        <balance>4795.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>70726.25000000</valUSD>
        <pctVal>4.159601986674</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PSG Group Ltd</name>
        <lei>N/A</lei>
        <title>PSG Group Ltd. </title>
        <cusip>S5959A107</cusip>
        <identifiers>
          <isin value="ZAE000013017"/>
        </identifiers>
        <balance>10400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>89200.08000000</valUSD>
        <pctVal>5.246097877089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multichoice Group Ltd</name>
        <lei>254900BVQQ7DFBMSVJ81</lei>
        <title>MultiChoice Group Ltd. </title>
        <cusip>S8039U101</cusip>
        <identifiers>
          <isin value="ZAE000265971"/>
        </identifiers>
        <balance>3500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>16469.06000000</valUSD>
        <pctVal>0.968589946372</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Naspers Ltd.</name>
        <lei>21380044BQ8812EEKT59</lei>
        <title>Naspers Ltd., N Shares </title>
        <cusip>S53435103</cusip>
        <identifiers>
          <isin value="ZAE000015889"/>
        </identifiers>
        <balance>700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>109461.16000000</valUSD>
        <pctVal>6.437706772233</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Clientele</name>
        <lei>N/A</lei>
        <title>Clientele Ltd. </title>
        <cusip>S1785E108</cusip>
        <identifiers>
          <isin value="ZAE000117438"/>
        </identifiers>
        <balance>90000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>43693.80000000</valUSD>
        <pctVal>2.569750513923</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global X Fds</name>
        <lei>5493003RA4QUTSYF1N15</lei>
        <title>Global X MSCI Nigeria ETF </title>
        <cusip>37954Y665</cusip>
        <identifiers>
          <isin value="US37954Y6656"/>
        </identifiers>
        <balance>5550.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48396.00000000</valUSD>
        <pctVal>2.846299609368</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Wilson Bayly Holmes-Ovcon Ltd</name>
        <lei>N/A</lei>
        <title>Wilson Bayly Holmes-Ovcon Ltd. </title>
        <cusip>S5923H105</cusip>
        <identifiers>
          <isin value="ZAE000009932"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>15325.20000000</valUSD>
        <pctVal>0.901316447092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alexander Forbes</name>
        <lei>N/A</lei>
        <title>Alexander Forbes Group Holdings Ltd. </title>
        <cusip>S0R00C104</cusip>
        <identifiers>
          <isin value="ZAE000191516"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>21685.07000000</valUSD>
        <pctVal>1.275357597118</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Value Group</name>
        <lei>N/A</lei>
        <title>Value Group Ltd. </title>
        <cusip>S91792101</cusip>
        <identifiers>
          <isin value="ZAE000016507"/>
        </identifiers>
        <balance>87364.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>19793.23000000</valUSD>
        <pctVal>1.164093371707</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bidvest Group</name>
        <lei>5299002ARE4TRMIRGM72</lei>
        <title>Bidvest Group Ltd. </title>
        <cusip>S1201R162</cusip>
        <identifiers>
          <isin value="ZAE000117321"/>
        </identifiers>
        <balance>4167.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>33840.68000000</valUSD>
        <pctVal>1.990261886617</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Firstrand Ltd</name>
        <lei>529900XYOP8CUZU7R671</lei>
        <title>FirstRand Ltd. </title>
        <cusip>S5202Z131</cusip>
        <identifiers>
          <isin value="ZAE000066304"/>
        </identifiers>
        <balance>14300.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>31217.92000000</valUSD>
        <pctVal>1.836010279801</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tiger Brands</name>
        <lei>529900C57HAFZAHHBC90</lei>
        <title>Tiger Brands Ltd. </title>
        <cusip>S84594142</cusip>
        <identifiers>
          <isin value="ZAE000071080"/>
        </identifiers>
        <balance>1400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>13638.94000000</valUSD>
        <pctVal>0.802142937312</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Grindrod Limited</name>
        <lei>N/A</lei>
        <title>Grindrod Ltd. </title>
        <cusip>S3302L128</cusip>
        <identifiers>
          <isin value="ZAE000072328"/>
        </identifiers>
        <balance>70000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>13064.99000000</valUSD>
        <pctVal>0.768387386011</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aspen Pharmacare</name>
        <lei>635400ZYSN1IRD5QWQ94</lei>
        <title>Aspen Pharmacare Holdings Ltd. </title>
        <cusip>S0754A105</cusip>
        <identifiers>
          <isin value="ZAE000066692"/>
        </identifiers>
        <balance>3000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>18713.89000000</valUSD>
        <pctVal>1.100614468070</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Motus Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Motus Holdings Ltd. </title>
        <cusip>620156109</cusip>
        <identifiers>
          <isin value="US6201561098"/>
        </identifiers>
        <balance>2400.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3852.00000000</valUSD>
        <pctVal>0.226546534740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Alviva Holdings Ltd</name>
        <lei>N/A</lei>
        <title>Alviva Holdings Ltd. </title>
        <cusip>S0R973108</cusip>
        <identifiers>
          <isin value="ZAE000227484"/>
        </identifiers>
        <balance>20700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>5583.10000000</valUSD>
        <pctVal>0.328357206154</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Momentum Metropolitan Holdings Ltd</name>
        <lei>N/A</lei>
        <title>MMI Holdings Ltd. </title>
        <cusip>S5S757103</cusip>
        <identifiers>
          <isin value="ZAE000269890"/>
        </identifiers>
        <balance>35000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>33040.06000000</valUSD>
        <pctVal>1.943175259763</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Nedbank Group Ltd</name>
        <lei>N/A</lei>
        <title>Nedbank Group Ltd. </title>
        <cusip>S5518R104</cusip>
        <identifiers>
          <isin value="ZAE000004875"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>23132.90000000</valUSD>
        <pctVal>1.360508393949</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Coronation Fund Ma</name>
        <lei>N/A</lei>
        <title>Coronation Fund Managers Ltd. </title>
        <cusip>S19537109</cusip>
        <identifiers>
          <isin value="ZAE000047353"/>
        </identifiers>
        <balance>14500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>28275.55000000</valUSD>
        <pctVal>1.662961544749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sappi Limited</name>
        <lei>549300SSI7XQH8ESJG95</lei>
        <title>Sappi Ltd. </title>
        <cusip>S73544108</cusip>
        <identifiers>
          <isin value="ZAE000006284"/>
        </identifiers>
        <balance>11000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>13350.88000000</valUSD>
        <pctVal>0.785201349878</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Federated Funds</name>
        <lei>25490005VWJDWX717014</lei>
        <title>Federated Government Obligations Fund </title>
        <cusip>60934N104</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
        </identifiers>
        <balance>46780.17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>46780.17000000</valUSD>
        <pctVal>2.751268278311</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Shoprite Hldgs Ltd</name>
        <lei>529900Q4O1EYP6NH5150</lei>
        <title>Shoprite Holdings Ltd. </title>
        <cusip>82510E209</cusip>
        <identifiers>
          <isin value="US82510E2090"/>
        </identifiers>
        <balance>7900.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>44951.00000000</valUSD>
        <pctVal>2.643689845043</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bid Corporation Limited</name>
        <lei>N/A</lei>
        <title>Bid Corp. Ltd. </title>
        <cusip>S11881109</cusip>
        <identifiers>
          <isin value="ZAE000216537"/>
        </identifiers>
        <balance>3167.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="ZAR" exchangeRt="18.53810000"/>
        <valUSD>41282.85000000</valUSD>
        <pctVal>2.427956025882</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ZA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-26</ncom:dateSigned>
      <ncom:nameOfApplicant>Commonwealth International Series Trust</ncom:nameOfApplicant>
      <ncom:signature>Gregory Knoth</ncom:signature>
      <ncom:signerName>Gregory Knoth</ncom:signerName>
      <ncom:title>SVP, Mutual Fund Controller</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
