| | | Shares | | | Value | |
| COMMON STOCKS — 95.8% | | | | | | | | |
| | | | | | | | | |
| CHINA — 95.8% | | | | | | | | |
| Alibaba Group Holding Ltd. * | | | 13,800 | | | $ | 149,622 | |
| Asymchem Laboratories Tianjin Co., Ltd., Class A | | | 1,260 | | | | 26,253 | |
| BeiGene Ltd. * | | | 3,391 | | | | 46,785 | |
| Beijing United Information Technology Co., Ltd., Class A | | | 3,488 | | | | 15,902 | |
| Brilliance China Automotive Holdings Ltd. | | | 38,000 | | | | 18,721 | |
| BYD Co., Ltd., Class H | | | 500 | | | | 15,405 | |
| Centre Testing International Group Co., Ltd., Class A | | | 11,500 | | | | 29,465 | |
| China Merchants Bank Co., Ltd., Class H | | | 15,000 | | | | 62,274 | |
| Contemporary Amperex Technology Co., Ltd., Class A | | | 1,900 | | | | 53,072 | |
| Dongguan Yiheda Automation Co., Ltd., Class A | | | 2,360 | | | | 11,538 | |
| ENN Energy Holdings Ltd. | | | 2,400 | | | | 19,776 | |
| Estun Automation Co., Ltd., Class A | | | 10,100 | | | | 30,574 | |
| Fuyao Glass Industry Group Co., Ltd., Class H | | | 6,800 | | | | 31,105 | |
| Geely Automobile Holdings Ltd. | | | 22,000 | | | | 25,800 | |
| Glodon Co., Ltd., Class A | | | 5,040 | | | | 16,143 | |
| Guangdong Kinlong Hardware Products Co., Ltd., Class A | | | 1,200 | | | | 8,560 | |
| Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | | | 4,200 | | | | 35,989 | |
| Haier Smart Home Co., Ltd., Class H | | | 10,800 | | | | 33,756 | |
| Hangzhou Robam Appliances Co., Ltd., Class A | | | 5,300 | | | | 19,657 | |
| Huayu Automotive Systems Co., Ltd., Class A | | | 12,300 | | | | 31,699 | |
| JD.com, Inc., Class A | | | 4,019 | | | | 58,472 | |
| Jiangsu Azure Corp., Class A | | | 9,700 | | | | 12,117 | |
| KE Holdings, Inc. ADR | | | 325 | | | | 5,044 | |
| KE Holdings, Inc., Class A | | | 2,867 | | | | 14,979 | |
| Kingdee International Software Group Co., Ltd. * | | | 17,000 | | | | 20,806 | |
| Kingsoft Corp., Ltd. | | | 4,200 | | | | 15,134 | |
| Kuaishou Technology * | | | 2,300 | | | | 18,298 | |
| Kweichow Moutai Co., Ltd., Class A | | | 400 | | | | 99,205 | |
| Li Ning Co., Ltd. | | | 9,000 | | | | 37,581 | |
| LONGi Green Energy Technology Co., Ltd., Class A | | | 4,500 | | | | 16,883 | |
| Medlive Technology Co., Ltd. | | | 10,500 | | | | 10,557 | |
| Meituan, Class B * | | | 5,590 | | | | 80,922 | |
| Midea Group Co., Ltd., Class A | | | 5,800 | | | | 44,245 | |
| Minth Group Ltd. | | | 8,000 | | | | 20,562 | |
| NetEase, Inc. | | | 2,300 | | | | 46,118 | |
| PDD Holdings, Inc. ADR * | | | 554 | | | | 54,331 | |
| Ping An Bank Co., Ltd., Class A | | | 18,600 | | | | 28,673 | |
| Ping An Insurance Group Co. of China Ltd., Class H | | | 14,000 | | | | 79,403 | |
| Pop Mart International Group Ltd. | | | 5,000 | | | | 14,707 | |
| Proya Cosmetics Co., Ltd., Class A | | | 2,296 | | | | 32,006 | |
| SG Micro Corp., Class A | | | 1,877 | | | | 19,983 | |
| Shandong Sinocera Functional Material Co., Ltd., Class A | | | 12,600 | | | | 47,235 | |
| Shenzhen Inovance Technology Co., Ltd., Class A | | | 4,300 | | | | 39,294 | |
| Shenzhen Megmeet Electrical Co., Ltd., Class A | | | 8,725 | | | | 36,788 | |
| Shenzhou International Group Holdings Ltd. | | | 4,200 | | | | 39,940 | |
| Silergy Corp. | | | 3,000 | | | | 28,437 | |
| Sinocare, Inc., Class A | | | 4,800 | | | | 16,905 | |
| Sungrow Power Supply Co., Ltd., Class A | | | 1,300 | | | | 15,935 | |
| Sunny Optical Technology Group Co., Ltd. | | | 2,000 | | | | 13,861 | |
| Tencent Holdings Ltd. | | | 4,900 | | | | 189,943 | |
| Topchoice Medical Corp., Class A * | | | 1,200 | | | | 14,552 | |
| Weichai Power Co., Ltd., Class H | | | 17,000 | | | | 23,042 | |
| WuXi AppTec Co., Ltd., Class H | | | 1,700 | | | | 20,273 | |
| Yifeng Pharmacy Chain Co., Ltd., Class A | | | 3,200 | | | | 15,413 | |
| Yonyou Network Technology Co., Ltd., Class A | | | 10,100 | | | | 23,075 | |
| Yunnan Energy New Material Co., Ltd., Class A | | | 1,100 | | | | 9,060 | |
| Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | | | 13,400 | | | | 54,675 | |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2023.
This report classifies issuers geographically by their country of risk. For compliance monitoring purposes, the Manager retains discretion to consider a number of factors in determining where a particular issuer is located, as described in further detail in each Fund’s prospectus.
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2023.
| Fair Value Measurement |
| |
| GAAP provides guidance on fair value measurements and defines fair value as the price that a Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. It establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund’s investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below: |
| |
| Level 1 - unadjusted quoted prices in active markets for identical investments that the Fund has the ability to access. |
| Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 - significant unobservable inputs (including the Trust’s own assumptions in determining the fair value of investments) |
| |
| For Level 1 inputs, the Fund uses unadjusted quoted prices in active markets for assets or liabilities with sufficient frequency and volume to provide pricing information as the most reliable evidence of fair value. |
| |
| The Fund's Level 2 valuation techniques include inputs other than quoted prices within Level 1 that are observable for an asset or liability, either directly or indirectly. This includes when a fair value adjustment is applied which seeks to reflect changes in foreign securities’ market prices since the close of the market on which they are traded. Level 2 observable inputs may include quoted prices for similar assets and liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active in which there are few transactions, the prices are not current, or price quotations vary substantially over time or among market participants. Inputs that are observable for the asset or liability in Level 2 include such factors as interest rates, yield curves, prepayment speeds, credit risk, and default rates for similar liabilities. |
| |
| For Level 3 valuation techniques, the Fund uses unobservable inputs that reflect assumptions market participants would be expected to use in pricing the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available and are developed based on the best information available under the circumstances. In developing unobservable inputs, market participant assumptions are used if they are reasonably available without undue cost and effort. |
| |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| |
| The following is a summary of the inputs used as of September 30, 2023 in valuing the Fund’s investments carried at fair value: |
See previously submitted notes to the financial statements for the semi-annual period ended June 30, 2023.
