|
COMMON EQUITIES: 99.6%
|
|
|
|
|
Shares
|
Value
|
|
Consumer Discretionary: 25.6%
|
||
|
Broadline Retail: 15.9%
|
||
|
Alibaba Group Holding, Ltd.
|
2,040,500
|
$45,633,980
|
|
JD.com, Inc. Class A
|
905,213
|
15,859,795
|
|
PDD Holdings, Inc. ADRb
|
105,530
|
13,947,900
|
|
|
|
75,441,675
|
|
Hotels, Restaurants & Leisure: 5.0%
|
||
|
Meituan Class Bb,c,d
|
779,880
|
10,418,236
|
|
Galaxy Entertainment Group, Ltd.
|
1,407,000
|
7,736,191
|
|
Trip.com Group, Ltd. ADR
|
56,889
|
4,278,053
|
|
Luckin Coffee, Inc. ADRb
|
31,594
|
1,200,888
|
|
|
|
23,633,368
|
|
Household Durables: 3.1%
|
||
|
Midea Group Co., Ltd. A Shares
|
559,852
|
5,717,328
|
|
Man Wah Holdings, Ltd.
|
9,535,600
|
5,270,927
|
|
Hisense Home Appliances Group Co., Ltd. H
Shares
|
1,186,000
|
3,706,074
|
|
|
|
14,694,329
|
|
Automobiles: 1.6%
|
||
|
BYD Co., Ltd. H Shares
|
543,000
|
7,675,130
|
|
Total Consumer Discretionary
|
|
121,444,502
|
|
|
||
|
Financials: 20.0%
|
||
|
Banks: 7.2%
|
||
|
China Construction Bank Corp. H Shares
|
17,914,000
|
17,182,504
|
|
China Merchants Bank Co., Ltd. H Shares
|
1,511,000
|
9,043,299
|
|
China Merchants Bank Co., Ltd. A Shares
|
1,392,723
|
7,908,946
|
|
|
|
34,134,749
|
|
Capital Markets: 7.0%
|
||
|
China Merchants Securities Co., Ltd. H
Sharesc,d
|
4,813,200
|
10,677,101
|
|
China International Capital Corp., Ltd. H
Sharesc,d
|
3,850,800
|
10,536,688
|
|
East Money Information Co., Ltd. A Shares
|
1,568,720
|
5,988,056
|
|
Hong Kong Exchanges & Clearing, Ltd.
|
75,000
|
4,257,792
|
|
Hithink RoyalFlush Information Network Co.,
Ltd. A Shares
|
32,600
|
1,708,504
|
|
|
|
33,168,141
|
|
Insurance: 5.1%
|
||
|
Ping An Insurance Group Co. of China, Ltd.
H Shares
|
2,332,500
|
15,868,206
|
|
New China Life Insurance Co., Ltd. H Shares
|
732,000
|
4,335,366
|
|
China Life Insurance Co., Ltd. H Shares
|
1,404,000
|
3,975,988
|
|
|
|
24,179,560
|
|
Consumer Finance: 0.7%
|
||
|
Qfin Holdings, Inc. ADR
|
116,132
|
3,342,279
|
|
Total Financials
|
|
94,824,729
|
|
|
||
|
Communication Services: 17.3%
|
||
|
Interactive Media & Services: 13.9%
|
||
|
Tencent Holdings, Ltd.
|
601,300
|
51,236,534
|
|
Kuaishou Technologyc,d
|
944,800
|
10,218,824
|
|
|
|
|
|
|
Shares
|
Value
|
|
Baidu, Inc. Class Ab
|
269,400
|
$4,454,381
|
|
|
|
65,909,739
|
|
Entertainment: 1.9%
|
||
|
NetEase, Inc.
|
168,200
|
5,108,631
|
|
Tencent Music Entertainment Group ADR
|
88,931
|
2,075,650
|
|
Maoyan Entertainmentc,d
|
1,943,400
|
1,990,920
|
|
|
|
9,175,201
|
|
Diversified Telecommunication Services: 0.9%
|
||
|
China Tower Corp., Ltd. H Sharesc,d
|
2,850,000
|
4,201,296
|
|
Media: 0.6%
|
||
|
Focus Media Information Technology Co.,
Ltd. A Shares
|
2,479,887
|
2,811,253
|
|
Total Communication Services
|
|
82,097,489
|
|
|
||
|
Industrials: 11.5%
|
||
|
Electrical Equipment: 5.1%
|
||
|
Contemporary Amperex Technology Co.,
Ltd. A Shares
|
188,560
|
10,679,333
|
|
Sungrow Power Supply Co., Ltd. A Shares
|
292,103
|
6,658,771
|
|
Hongfa Technology Co., Ltd. A Shares
|
1,241,716
|
4,600,196
|
|
Xuji Electric Co., Ltd. A Shares
|
672,200
|
2,506,227
|
|
|
|
24,444,527
|
|
Ground Transportation: 2.8%
|
||
|
DiDi Global, Inc. ADRb
|
2,184,620
|
13,588,337
|
|
Machinery: 1.7%
|
||
|
Neway Valve Suzhou Co., Ltd. A Shares
|
691,697
|
4,357,388
|
|
Yutong Bus Co., Ltd. A Shares
|
944,600
|
3,605,783
|
|
|
|
7,963,171
|
|
Air Freight & Logistics: 1.0%
|
||
|
JD Logistics, Inc.b,c,d
|
2,727,700
|
4,582,697
|
|
Professional Services: 0.9%
|
||
|
Kanzhun, Ltd. ADRb
|
185,801
|
4,340,311
|
|
Total Industrials
|
|
54,919,043
|
|
|
||
|
Information Technology: 9.7%
|
||
|
Semiconductors & Semiconductor Equipment: 3.2%
|
||
|
OmniVision Integrated Circuits Group, Inc. A
Shares
|
332,300
|
7,076,078
|
|
Cambricon Technologies Corp., Ltd. A
Sharesb
|
28,038
|
5,238,090
|
|
Xinyi Solar Holdings, Ltd.
|
6,634,000
|
2,927,477
|
|
|
|
15,241,645
|
|
Communications Equipment: 2.9%
|
||
|
Suzhou TFC Optical Communication Co.,
Ltd. A Shares
|
365,516
|
8,648,900
|
|
BYD Electronic International Co., Ltd.
|
921,000
|
4,882,366
|
|
|
|
13,531,266
|
|
Electronic Equipment, Instruments & Components: 2.7%
|
||
|
Foxconn Industrial Internet Co., Ltd. A
Shares
|
791,675
|
7,382,183
|
|
COMMON EQUITIES (continued)
|
|
|
|
|
Shares
|
Value
|
|
WUS Printed Circuit Kunshan Co., Ltd. A
Shares
|
269,600
|
$2,792,431
|
|
Wingtech Technology Co., Ltd. A Sharesb
|
391,800
|
2,561,041
|
|
|
|
12,735,655
|
|
Technology Hardware, Storage & Peripherals: 0.9%
|
||
|
Lenovo Group, Ltd.
|
2,982,000
|
4,418,697
|
|
Total Information Technology
|
|
45,927,263
|
|
|
||
|
Real Estate: 4.0%
|
||
|
Real Estate Management & Development: 4.0%
|
||
|
KE Holdings, Inc. ADR
|
176,686
|
3,357,034
|
|
CIFI Holdings Group Co., Ltd.b
|
104,961,520
|
3,289,153
|
|
Longfor Group Holdings, Ltd.c,d
|
1,948,000
|
2,967,537
|
|
China Resources Land, Ltd.
|
708,000
|
2,759,426
|
|
China Overseas Property Holdings, Ltd.
|
3,870,000
|
2,506,670
|
|
Yuexiu Property Co., Ltd.
|
3,079,000
|
2,059,630
|
|
Times China Holdings, Ltd.b
|
42,755,000
|
1,060,366
|
|
China Overseas Grand Oceans Group, Ltd.
|
3,122,000
|
998,305
|
|
Total Real Estate
|
|
18,998,121
|
|
|
||
|
Materials: 4.0%
|
||
|
Metals & Mining: 3.4%
|
||
|
CMOC Group, Ltd. H Shares
|
3,120,000
|
6,289,197
|
|
CMOC Group, Ltd. A Shares
|
2,807,100
|
6,210,148
|
|
MMG, Ltd.b
|
4,300,000
|
3,724,248
|
|
|
|
16,223,593
|
|
Chemicals: 0.6%
|
||
|
Shanghai Putailai New Energy Technology
Co., Ltd. A Shares
|
609,150
|
2,648,869
|
|
Total Materials
|
|
18,872,462
|
|
|
||
|
Health Care: 3.3%
|
||
|
Biotechnology: 1.8%
|
||
|
Innovent Biologics, Inc.b,c,d
|
681,000
|
8,479,220
|
|
Life Sciences Tools & Services: 1.0%
|
||
|
WuXi AppTec Co., Ltd. A Shares
|
319,000
|
5,043,472
|
|
Pharmaceuticals: 0.4%
|
||
|
China Resources Sanjiu Medical &
Pharmaceutical Co., Ltd. A Shares
|
457,210
|
1,804,381
|
|
|
|
|
|
|
Shares
|
Value
|
|
Health Care Providers & Services: 0.1%
|
||
|
Aier Eye Hospital Group Co., Ltd. A Shares
|
225,706
|
$391,545
|
|
Total Health Care
|
|
15,718,618
|
|
|
||
|
Consumer Staples: 2.4%
|
||
|
Beverages: 2.4%
|
||
|
Wuliangye Yibin Co., Ltd. A Shares
|
495,379
|
8,458,892
|
|
Shanxi Xinghuacun Fen Wine Factory Co.,
Ltd. A Shares
|
116,022
|
3,164,972
|
|
Total Consumer Staples
|
|
11,623,864
|
|
|
||
|
Energy: 1.8%
|
||
|
Oil, Gas & Consumable Fuels: 1.0%
|
||
|
PetroChina Co., Ltd. H Shares
|
5,092,000
|
4,616,233
|
|
Energy Equipment & Services: 0.8%
|
||
|
China Oilfield Services, Ltd. H Shares
|
4,658,000
|
3,989,551
|
|
Total Energy
|
|
8,605,784
|
|
|
||
|
Total Investments: 99.6%
|
|
473,031,875
|
|
(Cost $404,589,636)
|
|
|
|
CASH AND OTHER ASSETS,
LESS LIABILITIES: 0.4%
|
|
1,748,683
|
|
Net Assets: 100.0%
|
|
$474,780,558
|
|
a
|
Certain securities were fair valued under the valuation policies approved by the
Board of Trustees.
|
|
b
|
Non-income producing security.
|
|
c
|
Security exempt from registration under Rule 144A of the Securities Act of 1933, as
amended. The security may be resold in transactions exempt from registration
normally to qualified institutional buyers. The security has been determined to be
liquid in accordance with procedures adopted by the Funds’ Board of Trustees. At
September 30, 2025, the aggregate value is $64,072,519, which is 13.50% of net
assets.
|
|
d
|
The securities may be resold to qualified foreign investors and foreign institutional
buyers under Regulation S of the Securities Act of 1933.
|
|
ADR
|
American Depositary Receipt
|