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1
+ -----BEGIN PRIVACY-ENHANCED MESSAGE-----
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+ Proc-Type: 2001,MIC-CLEAR
3
+ Originator-Name: webmaster@www.sec.gov
4
+ Originator-Key-Asymmetric:
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+
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+ <SEC-DOCUMENT>0000950154-01-500048.txt : 20010129
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+ <SEC-HEADER>0000950154-01-500048.hdr.sgml : 20010129
13
+ ACCESSION NUMBER: 0000950154-01-500048
14
+ CONFORMED SUBMISSION TYPE: 10-K
15
+ PUBLIC DOCUMENT COUNT: 1
16
+ CONFORMED PERIOD OF REPORT: 20001031
17
+ FILED AS OF DATE: 20010125
18
+
19
+ FILER:
20
+
21
+ COMPANY DATA:
22
+ COMPANY CONFORMED NAME: COMMONWEALTH INTERNATIONAL SERIES TRUST
23
+ CENTRAL INDEX KEY: 0000793601
24
+ STANDARD INDUSTRIAL CLASSIFICATION: []
25
+ IRS NUMBER: 760342141
26
+ STATE OF INCORPORATION: MA
27
+ FISCAL YEAR END: 1031
28
+
29
+ FILING VALUES:
30
+ FORM TYPE: 10-K
31
+ SEC ACT:
32
+ SEC FILE NUMBER: 811-04665
33
+ FILM NUMBER: 1515092
34
+
35
+ BUSINESS ADDRESS:
36
+ STREET 1: 5847 SAN FELIPE
37
+ STREET 2: STE 4100
38
+ CITY: HOUSTON
39
+ STATE: TX
40
+ ZIP: 77057
41
+ BUSINESS PHONE: 7132609000
42
+
43
+ MAIL ADDRESS:
44
+ STREET 1: 5847 SAN FELIPE
45
+ STREET 2: SUITE 4100
46
+ CITY: HOUSTON
47
+ STATE: TX
48
+ ZIP: 77057
49
+
50
+ FORMER COMPANY:
51
+ FORMER CONFORMED NAME: CAPSTONE INTERNATIONAL SERIES TRUST
52
+ DATE OF NAME CHANGE: 19920703
53
+
54
+ FORMER COMPANY:
55
+ FORMER CONFORMED NAME: INVESTORS INTERNATIONAL SERIES TRUST
56
+ DATE OF NAME CHANGE: 19890301
57
+
58
+ FORMER COMPANY:
59
+ FORMER CONFORMED NAME: FRAMLINGTON COMMON CAPITAL FUND
60
+ DATE OF NAME CHANGE: 19861102
61
+ </SEC-HEADER>
62
+ <DOCUMENT>
63
+ <TYPE>10-K
64
+ <SEQUENCE>1
65
+ <FILENAME>japan.txt
66
+ <DESCRIPTION>ANNUAL REPORT
67
+ <TEXT>
68
+
69
+ THE COMMONWEALTH INTERNATIONAL
70
+ SERIES TRUST
71
+ JAPAN FUND
72
+
73
+
74
+ [COMMONWEALTH INTERNATIONAL SERIES TRUST LOGO]
75
+
76
+
77
+ ANNUAL REPORT
78
+
79
+
80
+ OCTOBER 31, 2000
81
+
82
+ <PAGE>
83
+
84
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
85
+ COMMONWEALTH JAPAN FUND
86
+
87
+ Dear Shareholder,
88
+
89
+ We are pleased to present this annual report on the Commonwealth Japan Fund for
90
+ the period ended October 31, 2000. The Fund's net asset value ("NAV") on October
91
+ 31, 2000 was US$5.64 per share compared to US$6.88 at the end of our October 31,
92
+ 1999 fiscal year.
93
+
94
+ FUND'S COMPARATIVE PERFORMANCE
95
+
96
+ The fund's advisor continues its strategy to seek a diversified portfolio of
97
+ stocks of companies with strong fundamentals and clean balance sheets that
98
+ provide current income through dividends, trade at comparatively low
99
+ price/earnings multiples, have a below average price-to-book ratio, and/or have
100
+ potential for long term capital appreciation. This includes a focus on American
101
+ Depository Receipts* because they can provide an efficient currency exchange
102
+ management for a US dollar fund and greater liquidity.
103
+
104
+ The most relevant index against which to compare the Fund's performance is the
105
+ TOPIX, that comprises all the stocks currently listed on the first section of
106
+ the Tokyo Stock Exchange. During the 12 months ended October 31, 2000, the TOPIX
107
+ decreased by (-11.7%) in Japanese yen or by (-16.4%) in US dollar terms. For the
108
+ same period, the Fund's total US dollar return was (-18%). In analyzing
109
+ comparisons of performance to the TOPIX, the reader should remember an index
110
+ does not reflect any cash positions, brokerage costs or administrative or
111
+ management fees incurred by the Fund or individual investor.
112
+
113
+ JAPAN MARKET OVERVIEW
114
+
115
+ ECONOMIC AND MARKET COMMENTS: In the summer of 2000, the Japanese equity market
116
+ was hit by a stream of bad news with Kyoei and Chiyoda, both large insurers,
117
+ filing for bankruptcy. Macroeconomics indicators (housing starts and public
118
+ spending) are still pointing to a forecast economic growth of 0.6% in 2001. Over
119
+ the past two years, technology and communications stocks were behind the market
120
+ strength. However, the technology stocks alone will not bring about an economic
121
+ recovery. The financial sector remains a serious problem for the Japanese
122
+ government, as new injection of public funds was again necessary to stabilize
123
+ the sector.
124
+
125
+ |------------|----------|--------|-------------|---------|---------|-----------|
126
+ | 2001 | GDP | CPI | CURRENCY | EPS | MARKET | GROSS |
127
+ | FORECASTS | GROWTH | RATE | RATE RANGE | GROWTH | PER | YIELD |
128
+ |------------|----------|--------|-------------|---------|---------|-----------|
129
+ | JAPAN | 0.6% | -0.5% | 110 - 124 | 8.9% | 36.9 | 1.8% |
130
+ |------------|----------|--------|-------------|---------|---------|-----------|
131
+
132
+ Source: Merrill Lynch Global Analysis report, Nomura Research.
133
+
134
+ - ----------
135
+ *There are over 150 Japanese ADR stocks that are estimated to be about 23%
136
+ of the Japanese market capitalization. An ADR (American Depository Receipt)
137
+ share is a certificate representing ownership of foreign stocks, which are
138
+ traded on stock exchanges in the United States.
139
+
140
+ <PAGE>
141
+
142
+ STRATEGY: Although the market corrected sharply (-16.4% in US dollar terms),
143
+ some old economy companies (non-IT related) had a positive performance in Japan.
144
+ These are companies with solid management teams that have been restructuring.
145
+ The current market valuations offer good bargain hunting opportunities. Japanese
146
+ companies remain very competitive in the world economy as evidenced by the
147
+ country's trade surplus. Going forward, we believe the outlook for the market is
148
+ good as firms such as Merrill Lynch are revising upward many large companies
149
+ earnings estimates for 2001 and as the market remains attractive in terms of
150
+ valuations. The weaker yen (-4.71% November 1999 to October 2000) has also
151
+ increased the competitiveness of Japanese exporters. These exporters record a
152
+ currency gain (thereby boosting revenues) when they convert their foreign
153
+ currencies in yen; therefore benefiting from the weak Japanese yen. We see a
154
+ continual weakening of the yen in 2001 as it climbs to around 120 yen to the US
155
+ dollar.
156
+
157
+ |--------------------------------------------------------------------------|
158
+ | JAPANESE YEN VS US DOLLAR |
159
+ |--------------------|-------------------------|---------------------------|
160
+ | October 31, 1999 | October 31, 2000 | Change over the period |
161
+ |--------------------|-------------------------|---------------------------|
162
+ | 104.10 | 109.0 | -4.71 |
163
+ |--------------------|-------------------------|---------------------------|
164
+
165
+ Stock picking is the best strategy in the absence of a major investment theme.
166
+ We would focus on growth stocks with solid fundamentals, visible earnings growth
167
+ and moderate valuations. We predicted in our October 31, 1999 shareholder report
168
+ that the Topix index would reach 1,700, and that the yen will trade in the
169
+ 100-110 range. We were right on both predictions. However, our forecast that
170
+ there would be an increased Japanese equity demand by individual investors as
171
+ postal savings deposits matured has not fully materialized.
172
+
173
+ We are pleased to announce that Cheikh B. Mbaye has joined our management team
174
+ as Vice President and Investment Officer. He holds a Master of Science in
175
+ finance from Drexel University. His previous job was with the United Nations
176
+ Joint Staff Pension as Assistant Investment Manager where he helped in the
177
+ management of European and Asian equities (including Australia, New Zealand and
178
+ Japan). His current duties involve the day-to-day management of the Japan Fund
179
+ and the New Zealand Fund.
180
+
181
+ If you have any questions please feel free to contact us. We thank you for your
182
+ continued support.
183
+
184
+ Sincerely,
185
+
186
+
187
+ - ------------------------ ------------------------ ---------------------
188
+ Robert W. Scharar Cheikh B. Mbaye Kate Yan
189
+ President, Vice President, Assistant
190
+ Fund Manager Assistant Fund Manager Fund Manager
191
+
192
+
193
+ This publication must be accompanied or preceded by a current prospectus for
194
+ Commonwealth Japan Fund.
195
+
196
+
197
+ <PAGE>
198
+
199
+ THE PORTFOLIO
200
+ (provided by Commonwealth)
201
+
202
+
203
+ [GRAPHIC]
204
+ - --------------------------------------------------------------------------------
205
+ | PORTFOLIO WEIGHTINGS VS BENCHMARK |
206
+ | 30.00% |
207
+ | 25.00% |
208
+ | 20.00% |
209
+ | 15.00% |
210
+ | 10.00% |
211
+ | 5.00% |
212
+ | 0.00% |
213
+ |------------------------------------------------------------------------------|
214
+ |OTHERS CONS. CONS. ENERGY FINAN- HEALTH INDUS- INFOR- MATER- TELECOM UTIL-|
215
+ | DISCRE- STAPLES CIALS CARE TRIALS MATION IALS ITIES|
216
+ | TIONARY TECH. |
217
+ | |
218
+ | *PORTFOLIO **BENCHMK |
219
+ |------------------------------------------------------------------------------|
220
+
221
+
222
+ [Graphic]
223
+ |------------------------------------------------------------------------------|
224
+ | SECTOR ALLOCATION - OCTOBER 31, 2000 |
225
+ | |
226
+ | PHARMACEUTICALS |
227
+ | OTHER SECTORS (10.42%) (10.91%) |
228
+ | |
229
+ | MISCELLANEOUS FOOD & BEVERAGE |
230
+ | FINANCE (2.96%) (8.68%) |
231
+ | |
232
+ | MACHINERY (3.04%) |
233
+ | |
234
+ | TRANSPORT |
235
+ | EQUIPMENT (3.21%) |
236
+ | ELECTRONIC |
237
+ | TELECOMS (3.85%) EQUIPMENT (7.95%) |
238
+ | |
239
+ | INDICES (4.19%) |
240
+ | COMMUNICATIONS |
241
+ | RETAIL (5.08%) EQUIPMENT (6.87%) |
242
+ - --------------------------------------------------------------------------------
243
+
244
+
245
+ <PAGE>
246
+
247
+
248
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
249
+ COMMONWEALTH JAPAN FUND
250
+
251
+
252
+ REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
253
+
254
+ TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
255
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
256
+
257
+ We have audited the accompanying statement of assets and liabilities, including
258
+ the portfolio of investments of Commonwealth (formerly Capstone) Japan Fund (a
259
+ series of Commonwealth (formerly Capstone) International Series Trust), as of
260
+ October 31, 2000, the related statement of operations for the year then ended,
261
+ the statement of changes in net assets for each of the two years in the period
262
+ then ended, and the financial highlights for each of the four years in the
263
+ period then ended. These financial statements and financial highlights are the
264
+ responsibility of the Trust's management. Our responsibility is to express an
265
+ opinion on these financial statements and financial highlights based on our
266
+ audits. The financial highlights for the year ended October 31, 1996 were
267
+ audited by other auditors whose report dated November 18, 1996, expressed an
268
+ unqualified opinion on the financial highlights.
269
+
270
+ We conducted our audits in accordance with generally accepted auditing
271
+ standards. Those standards require that we plan and perform the audit to obtain
272
+ reasonable assurance about whether the financial statements and financial
273
+ highlights are free of material misstatement. An audit includes examining, on a
274
+ test basis, evidence supporting the amounts and disclosures in the financial
275
+ statements. Our procedures included confirmation of securities owned as of
276
+ October 31, 2000, by correspondence with the custodian. An audit also includes
277
+ assessing the accounting principles used and significant estimates made by
278
+ management, as well as evaluating the overall financial statement presentation.
279
+ We believe that our audits provide a reasonable basis for our opinion.
280
+
281
+ In our opinion, the financial statements and financial highlights referred to
282
+ above present fairly, in all material respects, the financial position of
283
+ Commonwealth Japan Fund as of October 31, 2000, the results of its operations
284
+ for the year then ended, the changes in its net assets for each of the two years
285
+ in the period then ended, and the financial highlights for each of the four
286
+ years in the period then ended in conformity with generally accepted accounting
287
+ principles.
288
+
289
+
290
+
291
+
292
+
293
+ BRIGGS, BUNTING & DOUGHERTY, LLP
294
+
295
+
296
+ PHILADELPHIA, PENNSYLVANIA
297
+ DECEMBER 1, 2000
298
+
299
+
300
+ <PAGE>
301
+
302
+ [GRAPHIC]
303
+
304
+ |------------------------------------------------------------------------------|
305
+ | COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT IN COMMONWEALTH |
306
+ | JAPAN FUND+, AND THE TOPIX |
307
+ | |
308
+ | |
309
+ | AVERAGE ANNUAL TOTAL RETURN |
310
+ | AS OF 10/31/00 |
311
+ | ----------------|------------|------------- |
312
+ | 1 Year | 5 Years | 10 Years |
313
+ | ----------------|------------|------------- |
314
+ | -18.02% | -3.41% | -3.31% |
315
+ | ----------------|------------|------------- |
316
+ | |
317
+ |$12,000 |
318
+ | |
319
+ |$10,000 |
320
+ | **$8,035 |
321
+ |$ 8,000 |
322
+ | ***$7,139 |
323
+ |$ 6,000 |
324
+ | Past performance is not predictive of future results. |
325
+ | 8/25/97* |
326
+ |$ 4,000 |
327
+ | |
328
+ | 10/31/ 10/31/ 10/31/ 10/31/ 10/31/ 10/31/ 10/31/ 10/31 10/31 10/31 10/31|
329
+ | 90 91 92 93 94 95 96 97 98 99 00 |
330
+ | |
331
+ | ***JAPAN FUND **TOPIX |
332
+ | |
333
+ | +The Fund's performance assumes the reinvestment of all income dividends |
334
+ | and capital gains distributions. |
335
+ | *The date FCA took over as advisor. |
336
+ |------------------------------------------------------------------------------|
337
+
338
+ <PAGE>
339
+
340
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
341
+ COMMONWEALTH JAPAN FUND
342
+
343
+ SCHEDULE OF INVESTMENTS - OCTOBER 31, 2000
344
+ - --------------------------------------------------------------------------------
345
+
346
+ SHARES VALUE
347
+ ------ -----
348
+ COMMON STOCK (67.16%)
349
+
350
+ AUTOMOTIVE (2.17%)
351
+ Bridgestone Corp. ADR ................................ 550 $ 54,503
352
+ Honda Motor Corp. ADR # .............................. 600 41,512
353
+ Toyota Motor Corp. ADR ............................... 500 40,065
354
+ ----------
355
+ 136,080
356
+ ----------
357
+ AUDIO/VIDEO EQUIPMENT (0.53%)
358
+ SONY Corp. ADR ....................................... 400 33,200
359
+ ----------
360
+
361
+ CONSTRUCTION (1.60%)
362
+ Daiwa House Industry Co., Ltd. ADR.................... 1,600 100,379
363
+ ----------
364
+
365
+ COMMUNICATIONS EQUIPMENT (6.87%)
366
+ Fujitsu, Ltd. ADR..................................... 1,600 142,436
367
+ NEC Corp. ADR......................................... 2,850 288,919
368
+ ----------
369
+ 431,355
370
+ ----------
371
+ CONSUMER ELECTRONICS (2.07%)
372
+ Matsushita Electric Industrial Co., Ltd. ............. 2,000 58,066
373
+ Softbank Corp. ....................................... 1,200 71,987
374
+ ----------
375
+ 130,053
376
+ ----------
377
+ COSMETICS (0.03%)
378
+ Fancl Corp. .......................................... 30 1,896
379
+ ----------
380
+
381
+ DISTRIBUTION / WHOLESALE (0.27%)
382
+ Itochu Corp. ......................................... 4,000 17,035
383
+ ----------
384
+
385
+ <PAGE>
386
+
387
+
388
+
389
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
390
+ COMMONWEALTH JAPAN FUND
391
+
392
+ SCHEDULE OF INVESTMENTS - OCTOBER 31, 2000
393
+ - --------------------------------------------------------------------------------
394
+
395
+ SHARES VALUE
396
+ ------ -----
397
+ ELECTRONIC EQUIPMENT (7.95%)
398
+ Canon, Inc. ADR ...................................... 6,500 $ 263,656
399
+ Fanuc, Ltd. .......................................... 500 44,877
400
+ Hitachi, Ltd. ........................................ 3,000 32,147
401
+ Kyocera Corp. ........................................ 300 39,016
402
+ Murata Manufacturing Co., Ltd. ....................... 1,000 119,612
403
+ ----------
404
+ 499,308
405
+ ----------
406
+ FINANCIAL SERVICES (0.60%)
407
+ Orix Corp. ........................................... 360 37,752
408
+ ----------
409
+
410
+ FOOD & BEVERAGE (8.68%)
411
+ Ajinomoto, Inc. ADR................................... 1,200 134,083
412
+ Coca-Cola West Japan Co., Ltd. ....................... 7,072 240,945
413
+ Kirin Brewery Co., Ltd. .............................. 900 91,800
414
+ Mikuni Coca-Cola Bottling Co., Ltd. .................. 1,000 10,981
415
+ Q. P. Corp. .......................................... 8,000 67,408
416
+ ----------
417
+ 545,217
418
+ ----------
419
+ INDICES (4.19%)
420
+ Salomon Nikkei 225 Index.............................. 10,000 90,625
421
+ World Equity Benchmark Series - Japan Index Series.... 13,600 172,550
422
+ ----------
423
+ 263,175
424
+ ----------
425
+
426
+ MACHINERY (3.04%)
427
+ Kurita Water Industries, Ltd. ........................ 5,000 81,283
428
+ Minebea Co., Ltd. ADR................................. 5,500 109,812
429
+ ----------
430
+ 191,095
431
+ ----------
432
+
433
+ <PAGE>
434
+
435
+
436
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
437
+ COMMONWEALTH JAPAN FUND
438
+
439
+ SCHEDULE OF INVESTMENTS - OCTOBER 31, 2000
440
+ - --------------------------------------------------------------------------------
441
+
442
+ SHARES VALUE
443
+ ------ -----
444
+ MISCELLANEOUS FINANCING (2.96%)
445
+ Nomura Securities Co. Ltd. ........................... 3,000 $ 63,607
446
+ Tokio Marine & Fire Insurance Co., Ltd. .............. 8,000 88,363
447
+ Tokio Marine & Fire Insurance Co., Ltd. ADR .......... 600 33,600
448
+ ----------
449
+ 185,570
450
+ ----------
451
+
452
+ PHARMACEUTICALS (10.91%)
453
+ Banyu Pharmaceuticals Co., Ltd. ADR .................. 300 128,588
454
+ Eisai Co., Ltd. ADR................................... 7,400 227,721
455
+ Kyorin Pharmaceutical Co., Ltd. ...................... 2,000 65,759
456
+ Takeda Chemical Industries, Ltd. ..................... 4,000 263,403
457
+ ----------
458
+ 685,471
459
+ ----------
460
+ PRODUCER MANUFACTURING (2.38%)
461
+ Nippon Steel Corp. ................................... 63,000 102,128
462
+ Sumitomo Rubber Industries, Ltd. ..................... 10,000 47,625
463
+ ----------
464
+ 149,753
465
+ ----------
466
+ RETAIL (5.08%)
467
+ Fast Retailing Co., Ltd. ............................. 400 98,364
468
+ Seven-Eleven Japan Co., Ltd. ADR...................... 3,400 221,090
469
+ ----------
470
+ 319,454
471
+ ----------
472
+ TELECOMMUNICATIONS (3.85%)
473
+ Nippon Telegraph & Telephone Corp. ADR................ 2,600 118,787
474
+ NTT DoCoMo, Inc. ..................................... 5 123,184
475
+ ----------
476
+ 241,971
477
+ ----------
478
+ TRANSPORT EQUIPMENT (3.21%)
479
+ Yamato Transport Co., Ltd. ........................... 10,000 201,948
480
+ ----------
481
+
482
+ <PAGE>
483
+
484
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
485
+ COMMONWEALTH JAPAN FUND
486
+
487
+ SCHEDULE OF INVESTMENTS - OCTOBER 31, 2000
488
+ - --------------------------------------------------------------------------------
489
+
490
+ SHARES VALUE
491
+ ------ -----
492
+ UTILITIES (0.77%)
493
+ Tokyo Electric Power Co., Inc. ....................... 2,000 $ 48,541
494
+ ----------
495
+ TOTAL COMMON STOCK (COST $3,610,983) ........... 4,219,253
496
+ ----------
497
+ MISCELLANEOUS ASSETS (1.84%)
498
+ Japan O.T.C. Equity Fund (Cost $152,819)........ 15,000 115,313
499
+ ----------
500
+
501
+ TOTAL INVESTMENTS (COST $3,763,802) (69.00%) ... 4,334,566
502
+ OTHER ASSETS & LIABILITIES, NET (31.00%) ....... 1,947,823
503
+ ----------
504
+ NET ASSETS -- (100%) ........................... $6,282,389
505
+ ==========
506
+
507
+
508
+ #Call options have been written by the Fund against these positions. (Note 5)
509
+
510
+
511
+ SEE NOTES TO FINANCIAL STATEMENTS.
512
+
513
+
514
+ <PAGE>
515
+
516
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
517
+ COMMONWEALTH JAPAN FUND
518
+ <TABLE>
519
+ <CAPTION>
520
+
521
+ STATEMENT OF ASSETS AND LIABILITIES - OCTOBER 31, 2000
522
+ - ------------------------------------------------------------------------------------
523
+ <S> <C>
524
+ ASSETS:
525
+
526
+ Investments, at market (identified cost $3,763,802) ............. $ 4,334,566
527
+ Foreign currency, at value (identified cost $4,268) (Note 1B) ... 4,182
528
+ Receivables:
529
+ Dividends and interest ...................................... 2,849
530
+ Fund shares sold ............................................ 2,031,922
531
+ Prepaid expenses ................................................ 9,946
532
+ -----------
533
+ Total assets ............................................ 6,383,465
534
+ -----------
535
+ LIABILITIES:
536
+
537
+ Payables:
538
+ Cash overdraft .............................................. 48,271
539
+ Accrued distribution fees ................................... 806
540
+ Due to advisor .............................................. 8,171
541
+ Accrued expenses ............................................ 40,078
542
+ Covered call options written, at value (premiums received $3,085) 3,750
543
+ -----------
544
+ Total liabilities ....................................... 101,076
545
+ -----------
546
+
547
+ NET ASSETS ............................................................ $ 6,282,389
548
+ ===========
549
+
550
+ NET ASSET VALUE,($6,282,389 A/D REDEMPTION PRICE PER SHARE
551
+ ($6,282,389/1,113,402 shares of beneficial interest outstanding). $ 5.64
552
+ ===========
553
+
554
+ SOURCE OF NET ASSETS:
555
+
556
+ Paid-in capital ................................................. 7,886,773
557
+ Accumulated net realized loss on investments .................... (2,174,358)
558
+ Net unrealized appreciation on investments and foreign currency . 569,974
559
+ -----------
560
+ $ 6,282,389
561
+ ===========
562
+
563
+ </TABLE>
564
+ SEE NOTES TO FINANCIAL STATEMENTS.
565
+
566
+ <PAGE>
567
+
568
+
569
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
570
+ COMMONWEALTH JAPAN FUND
571
+
572
+
573
+
574
+ STATEMENT OF OPERATIONS FOR THE YEAR ENDED OCTOBER 31, 2000
575
+ - --------------------------------------------------------------------------------
576
+
577
+ INVESTMENT INCOME:
578
+
579
+ Interest...................................................... $ 9,770
580
+ Dividends (net of foreign taxes withheld of $2,077)........... 29,071
581
+ ---------
582
+ Total investment income................................. 38,841
583
+ ---------
584
+
585
+ EXPENSES: (Note 2)
586
+
587
+ Investment advisory fees...................................... 38,777
588
+ Administration fees........................................... 11,580
589
+ Accounting fees............................................... 45,329
590
+ Custodian fees................................................ 5,848
591
+ Transfer agency fees.......................................... 31,845
592
+ Distribution fees............................................. 12,926
593
+ Trustee expense............................................... 2,717
594
+ Audit fees.................................................... 10,493
595
+ Legal fees.................................................... 6,665
596
+ Registration fees............................................. 16,555
597
+ Reports to shareholders....................................... 11,372
598
+ Miscellaneous expense....................... ................. 4,043
599
+ ---------
600
+ Total expenses.......................................... 198,150
601
+ ---------
602
+ Net investment loss............................... (159,309)
603
+ ---------
604
+
605
+ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
606
+
607
+ Net realized gain (loss) on:
608
+ Investments............................................. 198,979
609
+ Option contracts written................................ 2,375
610
+ Foreign currency transactions........................... (2,669)
611
+ Net unrealized depreciation during the year on investments
612
+ and foreign currency........................................ (936,291)
613
+ ---------
614
+ (737,606)
615
+ ---------
616
+ Net decrease in net assets resulting from
617
+ operations..................................... $(896,915)
618
+ =========
619
+
620
+
621
+ SEE NOTES TO FINANCIAL STATEMENTS.
622
+
623
+ <PAGE>
624
+
625
+
626
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
627
+ COMMONWEALTH JAPAN FUND
628
+
629
+ STATEMENT OF CHANGES IN NET ASSETS
630
+ - --------------------------------------------------------------------------------
631
+
632
+ FOR THE FOR THE
633
+ YEAR ENDED YEAR ENDED
634
+ OCTOBER 31, 2000 OCTOBER 31, 1999
635
+ ---------------- ----------------
636
+
637
+ OPERATIONS:
638
+
639
+ Net investment loss..................... $ (159,309) $ (146,688)
640
+ Net realized gain (loss) on:
641
+ Investments......................... 201,354 14,406
642
+ Foreign currency transactions....... (2,669) 16,639
643
+ Net unrealized appreciation
644
+ (depreciation) during the year on
645
+ investments and foreign currency.... (936,291) 1,724,174
646
+ ---------- ----------
647
+ Net increase (decrease) in net assets
648
+ resulting from operations............. (896,915) 1,608,531
649
+ ---------- ----------
650
+
651
+ CAPITAL SHARE TRANSACTIONS:
652
+
653
+ Increase in net assets from Fund share
654
+ transactions.......................... $1,874,617 1,092,263
655
+ ---------- ----------
656
+ Increase in net assets.................. 977,702 2,700,794
657
+
658
+
659
+ NET ASSETS:
660
+
661
+ Beginning of year....................... 5,304,687 2,603,893
662
+ ---------- ----------
663
+ End of year............................. $6,282,389 $5,304,687
664
+ ========== ==========
665
+
666
+
667
+ SEE NOTES TO FINANCIAL STATEMENTS.
668
+
669
+ <PAGE>
670
+
671
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
672
+ COMMONWEALTH JAPAN FUND
673
+
674
+ - --------------------------------------------------------------------------------
675
+ NOTES TO FINANCIAL STATEMENTS - OCTOBER 31, 2000
676
+ - --------------------------------------------------------------------------------
677
+
678
+ NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
679
+
680
+ Commonwealth Japan Fund, formerly Capstone Japan Fund, (the "Fund"), is one
681
+ of two series of beneficial interest of Commonwealth International Series Trust
682
+ (the "Trust"), which changed its name from Capstone International Series Trust
683
+ effective October 10, 2000. The Trust is registered under the Investment Company
684
+ Act of 1940 (the "Act"), as a diversified open-end management investment
685
+ company. The Fund's investment objective is to seek long-term capital
686
+ appreciation and income using a research oriented approach. The following is a
687
+ summary of significant accounting policies consistently followed by the Fund in
688
+ the preparation of its financial statements.
689
+
690
+ A) VALUATION OF SECURITIES - Portfolio securities which are traded on Japanese
691
+ securities exchanges are valued at the last sales price or, if there is no
692
+ recent last sales price available, at the last current bid quotation. A security
693
+ which is listed or traded on more than one exchange is valued at the quotation
694
+ on the exchange determined to be the primary market for such security. All other
695
+ equity securities not so traded are valued at the last current bid quotation. In
696
+ the absence of any applicable price, securities will be valued at a fair value
697
+ as determined in good faith in accordance with procedures established by the
698
+ Board of Trustees.
699
+
700
+ B) CURRENCY TRANSLATION - For purposes of determining the Fund's net asset
701
+ value, all assets and liabilities initially expressed in foreign currency values
702
+ are converted into U.S. dollar values at the prevailing market rate at 14:00 GMT
703
+ on each U.S. business day, as established by the Board of Trustees. The cost of
704
+ securities is determined by using historical exchange rates. Income is
705
+ translated at approximate rates prevailing when accrued. The Fund does not
706
+ isolate that portion of gains and losses on investments which is due to changes
707
+ in foreign exchange rates from that which is due to changes in the market prices
708
+ of the investments. Such fluctuations are included with the net realized and
709
+ unrealized gains and losses from investments.
710
+
711
+ C) ACCOUNTING FOR INVESTMENTS - Security transactions are accounted for on the
712
+ trade date. Realized gains and losses on security transactions are based on the
713
+ identified cost basis for both financial statement and Federal income tax
714
+ purposes. Dividend income and distributions to shareholders are recorded on the
715
+ ex-dividend date. Discounts and premiums on bonds purchased are amortized over
716
+ the life of the bonds. Interest income and estimated expenses are accrued daily.
717
+
718
+ D) OPTION ACCOUNTING PRINCIPLES - When the Fund sells an option, an amount equal
719
+ to the premium received by the Fund is recorded as a liability. The amount of
720
+ the liability is marked-to-market to reflect the current market value of the
721
+ options written. The current market value of a traded option is the last sale
722
+ price and options not traded that day are valued at the prevailing quoted bid
723
+ price. When an option expires on its stipulated expiration date or the Fund
724
+ enters into a closing purchase transaction, the Fund realizes a gain (or loss,
725
+ if the cost of a closing purchase transaction exceeds the premium received when
726
+ the option was sold) without regard to any unrealized
727
+
728
+ <PAGE>
729
+
730
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
731
+ COMMONWEALTH JAPAN FUND
732
+
733
+ gain or loss on the underlying security, and the liability related to such
734
+ option is extinguished. If a call option is exercised, the premium is added to
735
+ the proceeds from the sale of the underlying security in determining whether the
736
+ Fund has a realized gain or loss.
737
+
738
+ E) FORWARD CURRENCY CONTRACTS - Forward currency transactions are undertaken to
739
+ hedge against possible variations in the foreign exchange rates between the
740
+ United States Dollar and the Japanese Yen. A forward currency contract is an
741
+ agreement between two parties to buy or sell a currency at a set price on a
742
+ future date. Forward contracts are marked-to-market daily and the change in the
743
+ market value is recorded by the Fund as an unrealized gain or loss. When a
744
+ contract is closed, the Fund records a realized gain or loss equal to the
745
+ difference between the value of the contract at the time it was opened and the
746
+ value at the time it was closed. The Fund could be exposed to risk if the
747
+ counterparties are unable to meet the terms of the contracts or if the value of
748
+ the currency changes unfavorably.
749
+
750
+ F) FEDERAL INCOME TAXES - No provision has been made for Federal income taxes on
751
+ net income or capital gains, since it is the policy of the Fund to continue to
752
+ comply with the special provisions of the Internal Revenue Code applicable to
753
+ investment companies and to distribute all of its taxable income and realized
754
+ capital gains, in excess of any capital loss carryovers, to relieve it from all,
755
+ or substantially all, such taxes. At October 31, 2000, the Fund had capital loss
756
+ carryovers of $2,174,358 of which $1,494,646 expires in 2001, $434,729 expires
757
+ in 2005 and $244,983 expires in 2006. Under the United States-Japan tax treaty,
758
+ Japan imposes a withholding tax of 15% on the dividends received by the Fund.
759
+ There is currently no Japanese tax on capital gains.
760
+
761
+ G) DISTRIBUTIONS TO SHAREHOLDERS - The Fund distributes its net investment
762
+ income, if any, and net realized gains (net of any capital loss carryovers)
763
+ annually. Income and capital gain distributions are determined in accordance
764
+ with income tax regulations which may differ from generally accepted accounting
765
+ principles. These differences are primarily due to differing treatments for
766
+ foreign currency transactions and net operating losses.
767
+
768
+ H) USE OF ESTIMATES - The preparation of the financial statements in conformity
769
+ with generally accepted accounting principles requires management to make
770
+ estimates and assumptions that affect the reported amounts of assets and
771
+ liabilities at the date of the financial statements and the reported amounts of
772
+ revenue and expense during the reporting period. Actual results could differ
773
+ from those estimates.
774
+
775
+
776
+ NOTE 2 - INVESTMENT ADVISORY FEES, ADMINISTRATIVE FEES AND OTHER
777
+ TRANSACTIONS WITH AFFILIATES
778
+
779
+ The Fund retains FCA Corp, ("FCA") as its Investment Adviser. Under the
780
+ Investment Advisory Agreement (the "Agreement"), the Adviser is paid a monthly
781
+ fee based on the average net assets at the annual rate of .75%.
782
+
783
+ Effective October 7, 2000 Declaration Service Company replaced Capstone
784
+ Asset Management Company as administrator to the Fund.
785
+
786
+
787
+ <PAGE>
788
+
789
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
790
+ COMMONWEALTH JAPAN FUND
791
+
792
+ As of October 7, 2000, Declaration Service Company replaced PFPC Inc. as
793
+ transfer agent.
794
+
795
+ Declaration Distributors, Inc. replaced Capstone Asset Planning Company
796
+ ("CAPCO") as Distributor of the Fund's shares effective October 7, 2000.
797
+
798
+ The Fund has adopted a Service and Distribution Plan (the "Plan") pursuant
799
+ to Rule 12b-1 under the Act whereby Fund assets are used to reimburse CAPCO for
800
+ costs and expenses incurred with the distribution and marketing of shares of the
801
+ Fund and servicing of Fund shareholders. Distribution and marketing expenses
802
+ include, among other things, printing of prospectuses, advertising literature,
803
+ and costs of personnel involved with the promotion and distribution of the
804
+ Fund's shares. Under the Plan, the Fund pays CAPCO an amount computed at an
805
+ annual rate of up to 0.25% of the Fund's average net assets (including
806
+ reinvested dividends paid with respect to those assets). Of this amount, CAPCO
807
+ may reallocate to securities dealers (which may include CAPCO itself) and other
808
+ financial institutions and organizations (collectively, "Service Organizations")
809
+ amounts based on the Fund's average net assets owned by stockholders for whom
810
+ the Service Organizations have a servicing relationship. The Plan permits CAPCO
811
+ to carry forward for a maximum of twelve months distribution expenses covered by
812
+ the Plan for which CAPCO has not yet received reimbursement. For the year ended
813
+ October 31, 2000, the Fund paid $12,926 in 12b-1 fees. Of this amount
814
+ approximately 2% was paid to Service Organizations other than CAPCO. On November
815
+ 13, 2000, the Board of Trustees voted to approve a new Rule 12b-1 Plan for the
816
+ Fund with First Commonwealth Holding Corp., the parent company of FCA, replacing
817
+ CAPCO under the Plan, pending approval at a special meeting of its shareholders
818
+ on December 22, 2000.
819
+
820
+ Certain officers and trustees of the Fund who are also officers and
821
+ directors of the Adviser, the Administrator, Distributor or CFS, received no
822
+ compensation from the Fund. During the year ended October 31, 2000, trustees of
823
+ the Fund who are not "interested persons" received trustees' fees of $2,717.
824
+
825
+
826
+ NOTE 3 - CAPITAL STOCK
827
+
828
+ At October 31, 2000 there were 1,113,402 shares outstanding. Transactions
829
+ in capital stock were as follows:
830
+
831
+ YEAR ENDED YEAR ENDED
832
+ OCTOBER 31, 2000 OCTOBER 31, 1999
833
+ ---------------- ------------------
834
+ SHARES AMOUNT SHARES AMOUNT
835
+ ------ ------ ------ -------
836
+ Shares sold................... 2,645,177 $ 16,708,846 694,202 $ 3,880,475
837
+ Shares redeemed...............(2,303,022) (14,834,229) (495,243) (2,788,212)
838
+ --------- ------------ ------- -----------
839
+
840
+ Net increase.................. 342,155 $ 1,874,617 198,959 1,092,263
841
+ ========= ============ ======= ===========
842
+
843
+ <PAGE>
844
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
845
+ COMMONWEALTH JAPAN FUND
846
+
847
+ NOTE 4 - PURCHASES AND SALES OF SECURITIES
848
+
849
+ Purchases and sales of securities other than U.S. Government obligations
850
+ aggregated $720,894 and $742,804 respectively. At October 31, 2000, the cost of
851
+ investments for Federal income tax purposes was $3,763,802. Accumulated net
852
+ unrealized appreciation on investments was $570,764 consisting of $886,325 gross
853
+ unrealized appreciation and $315,561 gross unrealized depreciation.
854
+
855
+
856
+ NOTE 5 - OPTIONS WRITTEN BY THE FUND
857
+
858
+ A call option gives the holder the right to buy the underlying stock from
859
+ the writer (the Fund) at a specified price within a fixed period of time.
860
+ Therefore, the securities held by the Fund against which options are written may
861
+ not be traded and are held in escrow by the custodian.
862
+
863
+ The following table sets forth the outstanding call options written by the Fund
864
+ as of October 31, 2000.
865
+
866
+ PREMIUM MARKET UNREALIZED
867
+ CALL OPTIONS ON RECEIVED VALUE DEPRECIATION
868
+ --------------- -------- ------ -------------
869
+ 600 shs Honda Motor Ltd. ADR @ 75 exp Apr 2001 $3,085 $3,750 $665
870
+ ====== ====== ====
871
+
872
+
873
+ The aggregate market value at October 31, 2000 of securities subject to
874
+ call options is $41,512 or approximately 1% of net assets. Written option
875
+ activity for the year ended October 31, 2000 was as follows:
876
+
877
+
878
+ NUMBER OF AMOUNT OF
879
+ OPTIONS PREMIUM
880
+ ------- -------
881
+
882
+ Options outstanding at October 31, 1999 11 $14,270
883
+ Stock splits 2 --
884
+ Options written 6 3,085
885
+ Options expired (9) (9,190)
886
+ Options covered (4) (5,080)
887
+ -- -------
888
+ Options outstanding at October 31, 2000 6 $ 3,085
889
+ == =======
890
+
891
+
892
+ <PAGE>
893
+
894
+
895
+
896
+ COMMONWEALTH INTERNATIONAL SERIES TRUST
897
+ COMMONWEALTH JAPAN FUND
898
+
899
+ FINANCIAL HIGHLIGHTS
900
+ - --------------------------------------------------------------------------------
901
+
902
+ The following table sets forth the per share operating performance data for a
903
+ share of capital stock outstanding, total return ratios to average net assets
904
+ and other supplemental data for each year indicated.
905
+
906
+ YEARS ENDED OCTOBER 31,
907
+ --------------------------------------------
908
+ 2000 1999 1998 1997 1996
909
+ ---- ---- ---- ---- ----
910
+ NET ASSET VALUE, BEGINNING OF PERIOD $6.88 $4.55 $5.21 $6.76 $6.76
911
+ ----- ----- ----- ----- -----
912
+
913
+ INVESTMENT OPERATIONS:
914
+ Net investment income (loss)..... (0.14) (0.21) (0.07) (0.28) (0.19)
915
+ Net realized and unrealized gain
916
+ on investments............./... (1.10) 2.54 (0.59) (1.27) 0.25
917
+ ----- ----- ----- ----- -----
918
+ Total from investment
919
+ operations............... (1.24) 2.33 (0.66) (1.55) 0.06
920
+ ----- ----- ----- ----- -----
921
+ DISTRIBUTIONS FROM:
922
+ Net investment income............ -- -- -- -- (0.06)
923
+ ----- ----- ----- ----- -----
924
+ NET ASSET VALUE, END OF PERIOD .... $5.64 $6.88 $4.55 $5.21 $6.76
925
+ ===== ===== ===== ===== =====
926
+
927
+ TOTAL RETURN ...................... (18.02)% 51.21% (12.67)% (22.93)% 0.75%
928
+
929
+ RATIOS/SUPPLEMENTAL DATA
930
+ Net assets, end of period
931
+ (in 000's)..................... $6,282 $5,305 $2,604 $1,902 $2,975
932
+ Ratio of expenses to average
933
+ net assets
934
+ before reimbursements and
935
+ waivers of expenses....... 3.84% 4.61% 6.32% 5.46% 3.90%
936
+ after reimbursements and
937
+ waivers of expenses....... 3.84% 4.61% 2.50% 4.55% 3.30%
938
+ Ratio of net investment loss
939
+ before reimbursements and
940
+ waivers of expenses....... (3.08)% (3.94)% (5.67)% (4.78)% (3.19)%
941
+ after reimbursements and
942
+ waivers of expenses....... (3.08)% (3.94)% (1.87)% (3.87)% (2.59)%
943
+ Portfolio turnover rate........ 14% 17% 35% 73% 47%
944
+
945
+ SEE NOTES TO FINANCIAL STATEMENTS.
946
+
947
+
948
+ <PAGE>
949
+
950
+
951
+
952
+
953
+
954
+
955
+
956
+
957
+ [THIS PAGE INTENTIONALLY LEFT BLANK]
958
+
959
+
960
+
961
+
962
+ <PAGE>
963
+
964
+ COMMONWEALTH INTERNATIONAL
965
+ SERIES TRUST
966
+ JAPAN FUND
967
+ 5847 San Felipe, Suite 850
968
+ Houston, Texas 77057
969
+ 1-888-345-1898
970
+
971
+
972
+ INVESTMENT ADVISoR
973
+
974
+ FCA Corp.
975
+ 5847 San Felipe, Suite 850
976
+ Houston, TX 77057
977
+ 1-713-781-2856
978
+ www.fcacorp.com
979
+
980
+
981
+ ADMINISTRATOR & TRANSFER AGENT
982
+
983
+ Declaration Service Company
984
+ P.O. Box 844
985
+ Conshohocken, PA 19428
986
+
987
+
988
+ DISTRIBUTOR
989
+
990
+ Declaration Distributors
991
+ P.O. Box 844
992
+ Conshohocken, PA 19428
993
+
994
+
995
+ CUSTODIAN BANK
996
+
997
+ Fifth Third Bank
998
+ Fifth Third Center
999
+ 38 Fountain Square Plaza
1000
+ Cincinnati, OH 45263
1001
+
1002
+
1003
+ INDEPENDENT AUDITORS
1004
+
1005
+ Briggs, Bunting & Dougherty, LLP
1006
+ Two Logan Square, Suite 2121
1007
+ Philadelphia, PA 19103-4901
1008
+
1009
+
1010
+ </TEXT>
1011
+ </DOCUMENT>
1012
+ </SEC-DOCUMENT>
1013
+ -----END PRIVACY-ENHANCED MESSAGE-----