The Commonwealth International Series Trust consists of four mutual funds:

• Commonwealth Japan Fund
• Commonwealth Australia/New Zealand Fund
• Commonwealth Global Fund
• Commonwealth Real Estate Securities Fund

Over fifty percent (50%) of the world's population is concentrated in the Pacific Rim. This region is positioned as one of the world's most promising investment opportunities. By diversifying into international markets, investors may reduce their exposure from dramatic fluctuations in any single region.

About 50% of the world's public equity market capitalization lies in corporations outside the U.S.